Numbers Don’t Lie – It’s Still a Great Time To Sell in Miami Dade and Broward Florida

Numbers Don’t Lie – It’s Still a Great Time To Sell in Miami Dade and Broward Florida

Some Highlights

  • Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.
  • Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
  • Feeling motivated? If you’re ready to sell and capitalize on today’s market, partner with a local real estate professional.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Why a Wave of Foreclosures Is Not on the Way in Miami Dade and Broward Florida

Why a Wave of Foreclosures Is Not on the Way in Miami Dade and Broward Florida

With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen.

There are fewer homeowners in trouble this time

After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.

As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.

As of last Friday, the total number of mortgages still in forbearance stood at 1,221,000. That’s far fewer than the 9.3 million households that lost their homes just over a decade ago.

Most of the mortgages in forbearance have enough equity to sell their homes

Due to rapidly rising home prices over the last two years, of the 1.22 million homeowners currently in forbearance, 93% have at least 10% equity in their homes. This 10% equity is important because it enables homeowners to sell their homes and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create.

The remaining 7% might not have the option to sell, but if the entire 7% of those 1.22 million homes went into foreclosure, that would total about 85,400 mortgages. To give that number context, here are the annual foreclosure numbers for the three years leading up to the pandemic:

  • 2017: 314,220
  • 2018: 279,040
  • 2019: 277,520

The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures that impacted the housing crash 15 years ago. It’s actually less than one-third of any of the three years prior to the pandemic.

The current market can absorb listings coming to the market

When foreclosures hit the market back in 2008, there was an oversupply of houses for sale. It’s exactly the opposite today. In 2008, there was over a nine-month supply of listings on the market. Today, that number is less than a three-month supply. Here’s a graph showing the difference between the two markets.

Bottom Line

The data indicates why Ivy Zelman, founder of the major housing market analytical firm Zelman and Associates, was on point when she stated:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Experts Project Mortgage Rates Will Continue To Rise in 2022 in Miami Dade and Broward Florida

Experts Project Mortgage Rates Will Continue To Rise in 2022 in Miami Dade and Broward Florida

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

Freddie Mac:

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”

Doug Duncan, Senior VP & Chief Economist, Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” 

First American:

“Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.”

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:

Whether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach

Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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NORTH MIAMI KEYSTONE SANS SOUCI MIAMI DADE FLORIDA REAL ESTATE BIGGEST SALES (11-19-2021)

NORTH MIAMI KEYSTONE SANS SOUCI MIAMI DADE FLORIDA REAL ESTATE BIGGEST SALES

*as of November 19, 2021

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN NORTH MIAMI KEYSTONE.

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiKeystoneMiami #NorthMiamiKeystoneRealEstate #MiamiRealEstate #RealEstate #Realtor #houseexpert #househunting #home #RealEstateAgent #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami #HomeForSaleSouthFlorida #HomeForSaleSouthFlorida

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

Sellers Have Incredible Leverage in Today’s Market in Miami Dade and Broward Florida

With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:

“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest Existing Home Sales Report from NAR:

“From one year ago, the inventory of unsold homes decreased 13%. . . .”

What Does This Mean for Sellers Today?

With buyers eager to purchase but so few homes available, sellers who list their houses this fall have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:

  • To be the winning bid on their dream home.
  • To buy before rates rise
  • To buy before prices go even higher.

Your Leverage Can Help You Negotiate Your Best Terms

These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.

And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.

If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.

Bottom Line

Today’s buyers are motivated to purchase a home this year, and that’s great news if you’re thinking of selling. Connect with a real estate professional today to discuss how much leverage you have as a seller in today’s market.

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiKeystoneMiami #NorthMiamiKeystoneRealEstate

#MiamiRealEstate #RealEstate #Realtor #houseexpert #househunting #home #RealEstateAgent #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami #HomeForSaleSouthFlorida 

Check out homes for sale in Midtown Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Renters Missed Out on $51,500 This Past Year in Miami Dade and Broward Florida

Renters Missed Out on $51,500 This Past Year in Miami Dade and Broward Florida

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:

“Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.”Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below):

If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting.

The Money Renters Stand To Lose This Year

A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional boost from home price appreciation, which is at near-record levels this year.

The latest Homeowner Equity Insights report from CoreLogic found homeowners gained significant wealth through their home equity this past year. The research shows:

“. . . the average homeowner gained approximately $51,500 in equity during the past year.”

As a renter, you don’t get the same benefit. Your rent payment only covers the cost of shelter and any included amenities. None of your monthly rent payments come back to you as an investment. That means, by renting this year, you likely paid more in rent than you did in the previous year, and you also missed out on the potential wealth gain of $51,500 you could have had by owning your own home.

Bottom Line 

When deciding whether you should rent or buy in the future, keep in mind how much renting can cost you. Another year of renting is another year you’ll pay rising rents and miss out on building your wealth through home equity. Connect with a trusted real estate advisor today to talk more about the benefits of buying over renting.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Does Your House Have What Buyers Want in Miami Dade and Broward Florida?

Does Your House Have What Buyers Want in Miami Dade and Broward Florida?

The rise in remote work is changing what many Americans want in their homes. Many companies are choosing to delay reopening or go remote full-time, and today’s buyers are looking for homes with more space to support their work needs.

As a seller, if you no longer need the extra room you have in your home, rest assured there are buyers who do.

Remote Work Is Here To Stay

Remote work remains a reality for many Americans. A recent poll from Garter, Inc. shows many organizations have not yet returned their offices:

“. . . 66% of organizations are delaying reopening their offices due to new COVID-19 variants.”

And it’s not just companies that are choosing to remain remote for the time being – workers are seeking more flexibility. According to research from PricewaterhouseCoopers, nearly one-fifth of employees want to be fully remote in the future. The study also finds that many people are leaving jobs to seek out remote work opportunities:

“Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”

More Remote Work Means a Greater Need for Home Offices

That’s leading today’s buyers to prioritize finding homes with more space so they can comfortably work from home. The 2021 Home Design Trends Survey from the American Institute of Architects finds that 69% of surveyed individuals still want at least one office at home. However, it also shows that more people are looking for multiplespaces in their home for remote work and virtual meetings (see graph below):

What Does This Mean for You?

If your house has extra space that you no longer need, buyers are interested, and now may be the perfect time to sell.

Your trusted real estate advisor can help you highlight many of the most sought-after features in your listing, including home offices. On the other hand, if you have extra room without a purpose, consider staging it as an area where remote work can happen. Your agent can help you with this as well by evaluating and preparing your space for potential buyers. They’ll make recommendations for how to stage the room, where to draw the eye, and what other sellers are doing to make their houses stand out.

Bottom Line

With the continued rise in remote work, more buyers are looking for homes that can support multiple home offices. If you have extra room you’re no longer using, consider selling. Connect with a trusted real estate advisor to discuss the unique features in your house and how you can capitalize on any extra space to appeal to today’s buyers.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Housing Challenge or Housing Opportunity in Miami Dade and Broward Florida? It Depends.

Housing Challenge or Housing Opportunity in Miami Dade and Broward Florida? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.

The Opportunity 

This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize.

According to Dr. Frank Nothaft, Chief Economist at CoreLogic:

“The average homeowner with a mortgage has more than $200,000 in home equity as of mid-2021.”

Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.

Bottom Line

The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If you’re thinking about selling your house, now is the right time to connect with a local professional.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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There Are More Homes Available Now than There Were This Spring in Miami Dade and Broward Florida

There Are More Homes Available Now than There Were This Spring in Miami Dade and Broward Florida

There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale as we move into the end of the year.

The Number of Homes for Sale Usually Peaks in the Fall

In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year?If we look at the active monthly listings for 2021 (shown in the chart below), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The realtor.comdata shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month (see August to Septemberin the chart), September numbers are still up from the month prior.

The important takeaway here is the latest monthly numbers show growth. At the end of September, buyers had more options to pick from than they did this spring. That’s encouraging for buyers who may have paused their search months ago because they had trouble finding a home. Danielle Hale, Chief Economist at realtor.com, sums this up nicely:

“Put simply, this September buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020. Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.” 

As Hale says, a fall peak in inventory is in line with typical seasonal trends. While it’s impossible to say for certain what the future holds for housing inventory, we do know both buyers and sellers have opportunities this season based on the latest data.

What Does That Mean for You?

If you’re thinking of buying a home, rest assured you do have more options now than you did earlier this year – and that’s a welcome relief. That said, today’s market is still highly competitive. This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared for ongoing competition from other buyers.

If you’re considering selling your house, realize that while growing, inventory is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line. Eager buyers will likely be motivated to act before the holidays, giving you the benefit of a fast sale.

Bottom Line

Whether you’re buying or selling, there’s still a chance to make your goals a reality this season. Partner with a real estate professional who knows the local market and current trends and can help you understand what they mean for you.

#SouthFloridaRealEstate #RealEstateExpert #NorthMiamiBeachRealEstate #MiamiRealEstate #HomeForSaleNorthMiamiBeach #NorthMiamiRealEstate #Realtor #houseexpert #househunting #realestate #home #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami#Duplex #HomeForSaleSouthFlorida #MiamiBeachRealEstate #HomeForSaleMiamiBeach #HomeForSaleNorthMiamiBeach


Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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MIDTOWN MIAMI DADE FLORIDA REAL ESTATE BIGGEST SALES (11-12-2021)

MIDTOWN MIAMI DADE FLORIDA REAL ESTATE BIGGEST SALES

*as of  November 12, 2021

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN MIDTOWN MIAMI .

#RealEstateMiami #SouthFloridaRealEstate #RealEstateMidtownMiami #MidtownMiamiRealEstate

#MiamiRealEstate #RealEstate #Realtor #houseexpert #househunting #home #RealEstateAgent #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami #HomeForSaleSouthFlorida #HomeForSaleSouthFlorida

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

VA Loans: Helping Veterans Achieve Their Homeownership Dreams in Miami Dade and Broward Florida

The purpose of Veterans Affairs (VA) home loans is to provide a pathway to homeownership for those who have sacrificed so much by serving our nation. As the Veterans Administration says of the program:

“The objective of the VA Home Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt homes in recognition of their service. . . .”

For over 75 years, VA home loans have provided millions of veterans and their families the opportunity to purchase their own homes.

2020 Data on VA Home Loans

  • 1,246,817 home loans are guaranteed by the Veterans Administration
  • The average VA loan amount totals $301,044
  • 178,171 of those using a VA Loan are first-time homebuyers

Top Benefits of the VA Home Loan Program

As we reflect on their sacrifice and honor our nation’s veterans, it’s important to ensure all veterans know the full extent of benefits VA home loans offer. As Jeff London, Director of the VA Home Loan Program, says:

“VA loans offer an extraordinary opportunity for veterans because of lower interest rates, lower monthly payments, no or low-down payments, and no private mortgage insurance.”

Those who qualify for a VA home loan are eligible for the following:

  • Borrowers can often purchase a home with no down payment. In 2020, 350,094 individuals using a VA Loan were able to purchase their homes without putting money down.
  • Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
  • Finally, VA-Backed Loans often offer the most competitive terms and interest rates.

Bottom Line

One way we can honor and thank our veterans this year is to ensure they have the best information about the benefits of VA home loans. Homeownership is the American Dream. Our veterans sacrifice so much in service to our nation and deserve to achieve their homeownership goals. Thank you for your service.

#RealEstateMiami #SouthFloridaRealEstate #RealEstateMidtownMiami #MidtownMiamiRealEstate #RealEstateSouthFlorida #MiamiShores

#MiamiRealEstate #RealEstate #Realtor #houseexpert #househunting #home #RealEstateAgent #RealEstateBroker #RealEstateExpert #RealEstateForSale #Realty #Broker #HomeForSale #HouseForSale #PropertyForSale #HomeForSaleMiami #HomeForSaleSouthFlorida 

Check out homes for sale in Midtown Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Knowledge Is Power When It Comes to Appraisals and Inspections in Miami Dade and Broward Florida

Knowledge Is Power When It Comes to Appraisals and Inspections in Miami Dade and Broward Florida

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market.

But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road.

Home Appraisal

The home appraisal is a critical step for securing a mortgage on your home. As Home Light explains:

“. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon payments.”

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.When buyers are competing like they are today, bidding wars and market conditions can push prices up. A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Home Inspection

Like the appraisal, the inspection is important because it gives an impartial evaluation of the home. While the appraisal determines the current value of the home, the inspection determines the current condition of the home. As the American Society of Home Inspectors puts it:

“Home inspections are the opportunity to discover major defects that were not apparent at a buyer’s showing. . . . Your home inspection is to help you make an informed decision about the house, including its condition.”

If there are any concerns during the inspection – an aging roof, a malfunctioning HVAC system, or any other questionable items – you have the option to discuss and negotiate any potential issues with the seller. Your real estate advisor can help you navigate this process and negotiate what, if any, repairs need to be made before the sale is finalized.Keep in mind – home inspections are critical because they can shed light on challenges you may face as the new homeowner. Without an inspection, serious, sometimes costly issues could come as a surprise later on.

Bottom Line

Both the appraisal and the inspection are important steps in the homebuying process. They protect your best interests as a buyer by providing unbiased information about the home’s value and condition. Work with your trusted real estate advisor so you have an expert guiding you throughout the entire process.

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Check out homes for sale in Miami Dade and Broward Florida. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit https://ralphmagin.cbintouch.com/  for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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