What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC]

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC]

What Is the Cost of Waiting Until Next Year to Buy?

 

Some Highlights:

  • The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
  • Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
  • CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
  • If you’re ready and willing to buy your dream home, now is a great time to buy.

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

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

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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SUNNY ISLES REAL ESTATE BIGGEST SALES (09-27-19)

09-27-19 Sunny Isles 2

SUNNY ISLES REAL ESTATE BIGGEST SALES

*as of September 27, 2019

09-27-19 Sunny Isles 1

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

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

#RealEstateMiami #SouthFloridaRealEstate #RealEstateSunnyIsles #SunnyIslesRealEstate
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2019 09-27 Sunny Isles 1

 

Sunny Isles Beach imposes one-year development moratorium west of Collins Avenue

City commissioners approved the moratorium on development orders and permits in the Town Center area

TRD MIAMI / By Mike Seemuth

 

 

Sunny Isles Beach approved a one-year moratorium on real estate development in a low- and mid-rise area west of Collins Avenue across from a row of high-rise oceanfront condos.

City commissioners voted 4-1 Thursday night to impose a 12-month moratorium on development in the Town Center area between Collins Avenue and the Intracoastal Waterway from 163rd Street north to 172nd Street. The commissioners gave preliminary approval to the moratorium on first reading at their Aug. 28 meeting.

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Mayor George “Bud” Scholl, who proposed the moratorium, said it will give the city time to correct flaws in its land-use plan for Town Center, making it consistent with local zoning and compliant with state law.

In 2011, the state government started requiring that the quantitative limits on development in comprehensive land-use plans match limits written into zoning rules for the same land. But the Sunny Isles Beach government has not amended its comprehensive plan for Town Center to match zoning rules for the area.

Commissioner Dana Goldman, who cast the only ‘no’ vote against the moratorium on development orders and permits for Town Center projects, criticized it as “completely useless … It’s not what we really need to fix the zoning code mismatch.”

At their July 18 meeting, city commissioners postponed action on a proposal to amend the land-use plan by adding quantitative limits on Town Center development that match those in the zoning code.

At the city commissioners’ meeting Thursday night and their meetings in July and August, opponents criticized the proposal to amend the comprehensive plan as an effort to up-zone Town Center and allow denser development there.

Opponents including Ranaan Katz, founder of RK Centers, a major retail landlord in the Town Center area, claim Mayor Scholl and his allies on the commission want to approve a mixed-use development in Town Center called Infinity. It would put 120 residential units and 220 hotel rooms just west of the Newport Beachside hotel at 16701 Collins Avenue. In the last 18 months, the sole application for site-plan approval in Town Center has been submitted by the developer of Infinity

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City commissioners voted in December to postpone a decision on whether to approve the Infinity project – which led city officials to discover the errors in the comprehensive plan for Town Center, according to Scholl.

Scholl rejected claims that amending the comprehensive plan would up-zone Town Center and pave the way for approval of the Infinity development. “If it’s genuinely about the Infinity project, we wouldn’t be proposing a moratorium,” he said at the city commission meeting Thursday night.

The Sunny Isles Beach government adopted a comprehensive land-use plan in 2000, three years after the coastal community incorporated as a city less than two square miles in size. In 2004, the city designated Town Center as a zoning district with an allowable density of residential development that ranges from 25 to 85 units per acre. City staff have since interpreted the comprehensive plan to allow for a maximum of 85 units per acre as they reviewed applications for site-plan approval.

Six buildings including condominiums have been completed in Town Center since 2004, and the owners could face financial problems if insurers or lenders determine that their properties fail to comply with a comprehensive plan that conforms to state law.

John Galinos, who owns a condo at one of the six buildings, told commissioners Thursday night that he worries his home at the 400 Sunny Isles condominium is part of “non-conforming” building “that should never have been built.”

Mayor Scholl said that, at the next city commission meeting in October, city staff will present a proposed change to the land-use plan that will address the concerns of the owners of the six buildings, which are clustered along 163rd Street. “The most important issue today is the six buildings,” he said.

Link Source: therealdeal.com

#RealEstateMiami #SouthFloridaRealEstate #RealEstateSunnyIsles #SunnyIslesRealEstate   #RealEstateSouthFlorida

Check out homes for sale in Sunny Isles. 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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The Everything Guide to Buying Your First Home

The Everything Guide to Buying Your First Home

The Everything Guide to Buying Your First Home

How to find exactly what you want, and how to work with the experts who’ll help you get it.

 

So you’re thinking about buying your first home. Your very own house (and mortgage). A place to call — and make — your own.

It’s a big move, literally and figuratively. Buying a house requires a serious amount of money and time. The journey isn’t always easy. It isn’t always intuitive. But when you get the keys to your new home — that, friend, can be one of the most rewarding feelings pretty much ever. 

The key to getting there? Knowing the home-buying journey. Knowing what tools are at your disposal. And most importantly? Creating relationships with experts who can help you get the job done.

That’s where this guide comes in. We’ll show you not only the major steps you’ll take during the home-buying process, but also explain the relationships and experts you’ll need along the way. We’ve even made a handy infographic that outlines the home-buying process from start to finish. 

You ready to live the dream? Here we go. 

Do Your Homework | Start Shopping | Find a Great Agent | Choose a Lender | Pick a Loan (It’s Not So Bad) | Visit Open Houses, and Look Around | Make an Offer | Negotiate, Negotiate, Negotiate | Get the Place Inspected | Ace the Appraisal | Close the Deal

Do Your Homework

Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” This list is an inventory of priorities for your search. And there’s so much to decide: Price, housing type, neighborhood, and school district — just to name a few.

To get yourself grounded, we recommend filling out this brief worksheet.

If you’re planning to buy a home with a partner (in life or in real estate), fill the worksheet out with them. You want to be on the same page while buying a house. If you’re not, you’ll be less able to give agents or lenders the information they need to help you. And you risk wasting time viewing homes you can’t afford — or don’t even want in the first place.

Start Shopping

Once you know what you’re looking for, the next step is to start looking at listings and housing information online. (This part? You’re going to crush it.)

Explore More Topics:

See All Steps to Buying a Home

Buy a Home: Step-by-Step

Find a Great Agent

Your relationship with your real estate agent is the foundation of the home-buying process. (And your agent = your rock.) He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most. That’s why it’s important to interview agents and find the agent who’s right for your specific needs.

Choose a Lender

Once you’ve found your agent (AKA, your new best friend), ask him or her to recommend at least three mortgage lenders that meet your financial needs. This is another big step, as you’ll be working with your lender closely throughout the home-buying process.

Pick a Loan (It’s Not So Bad)

Once you’ve decided on a lender (or mortgage broker), you’ll work with your loan agent to determine which mortgage is right for you. You’ll consider the percentage of your income you want to spend on your new house, and you’ll provide the lender with paperwork showing proof of income, employment status, and other important financials. If all goes well (fingers crossed) you’ll be pre-approved for a loan at a certain amount. (Sweet.)

Visit Open Houses, and Look Around

Now that you have both an agent who knows your housing preferences and a budget — and a lender to finance a house within that budget — it’s time to get serious about viewing homes. Your agent will provide listings you may like based on your parameters (price range, ZIP codes, features), and will also help you determine the quality of listings you find online. Then comes the fun part: Open houses and private showings, which give you the unique opportunity to evaluate properties in a way you can’t online.

Make an Offer

Once you find the home you want to buy, you’ll work with your agent to craft an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.

Negotiate, Negotiate, Negotiate

Making an offer can feel like an emotional precipice, almost like asking someone out on a date. Do they like me? Am I good enough? Will they say yes? It’s stressful! Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.

Get the Place Inspected

If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a licensed or certified home inspector to inspect the home for needed repairs, and then ask the seller to have those repairs made. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation. (No one wants that.) Here’s what to expect.

Ace the Appraisal

When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you’re one step closer to settlement — but a low appraisal can add a wrinkle. Not one you can’t deal with. Here’s how to prepare.

Close the Deal

The last stage of the home-buying process is settlement, or closing. This is when you sign the final ownership and insurance paperwork and make this whole thing official. There’s some prep work you have to take care of first.

When it’s all said and done — break out the rosé. You’ll have the keys to your new home!

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

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

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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Is Your House “Priced to Sell Immediately”?

Is Your House “Priced to Sell Immediately”?

Is Your House “Priced to Sell Immediately”?

In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do.

 

According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher.

 

With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).

 

 Is Your House “Priced to Sell Immediately”?

 

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so demand for the home is maximized. By doing so, the seller will not be negotiating with a buyer over the price, but will instead have multiple buyers competing with each other over the house.

 

The secret is making sure your house is Priced To Sell Immediately (PTSI). That way, your home will be seen by the most potential buyers. It will sell at a great price before more competition comes to the market.

 

Bottom Line

If you’re debating listing your house for sale, reach out to a local real estate professional to discuss how to price your home appropriately and maximize your exposure.

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

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

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 BEACH REAL ESTATE BIGGEST SALES (09-20-19)

09-20-19 North Miami Beach 1

NORTH MIAMI BEACH REAL ESTATE BIGGEST SALES

*as of September 20, 2019

09-20-19 North Miami Beach 2

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

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

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiBeach #NorthMiamiBeachRealEstate

 

Dwyane Wade lists Miami Beach mansion for $32.5 million

Dwyane Wade lists Miami Beach mansion for $32.5 million

 

Miami Heat legend Dwyane Wade has listed his 14,000-square-foot home in Miami Beach for $32.5 million.

 

The two-story gated Mediterranean-style home, on North Bay Road, sits on a 1-acre waterfront lot and has six bedrooms, nine full baths and two half baths. Wade acquired the property for $10.645 million in November 2010, according to public records, and renovated it in 2015.

 

Interior features include a chef-caliber kitchen, multiple formal and informal living areas, a master suite, wine room, elevator and state-of-the-art professional theater, according to the listing. The property also has a pool, outdoor basketball court, 165 feet of waterfront and a dock.

 

Brett Harris of Douglas Elliman Real Estate, the listing agent, declined to comment about the listing.

Dwyane Wade lists Miami Beach mansion for $32.5 million

North Bay Road is a neighborhood of Miami Beach that is popular with celebrities. Past residents have included Matt Damon, Jennifer Lopez, Alex Rodriguez, Calvin Klein and Ricky Martin.

 

“North Bay Road is a spectacular street and a very prestigious address,” said Katrina Campins, founder of The Campins Co., a brokerage in Miami Beach. “I’m working with a lot of celebrities and high-profile people relocating from California and New York for tax reasons, and North Bay Road is one of the streets they prefer to reside on.”

 

Campins said there have been some “pretty substantial sales” on North Bay Road in the past six months due to the popularity of the neighborhood with people moving to South Florida.

Dwyane Wade lists Miami Beach mansion for $32.5 million

Wade retired from the Heat in April after playing 18 seasons, 15 of them in Miami. He is married to actress Gabrielle Union, who is a judge on “America’s Got Talent.”

Union also stars in “L.A.’s Finest,” a television show that was recently renewed for a second season. It was widely reported last year that the couple purchased an 8,650-square-foot home in Sherman Oaks, California, for $5.995 million, and Wade was quoted in a Sept. 7 Los Angeles Times article as saying that he will be spending most of his time in Los Angeles.

 

Wade, who is a three-time NBC champion with the Heat, appeared in 948 regular season games. He is a 13-time NBA All-Star and the Heat’s all-time leader in points (21,556), assists (5,310) and steals (1,492), according to the NBA.

 

Credits: Source – sun-sentinel.com Image: Sun Sentinel

#RealEstateMiami #SouthFloridaRealEstate #RealEstateNorthMiamiBeach #NorthMiamiBeachRealEstate

Check out homes for sale in North Miami Beach. 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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10 Tips To Save Money and Energy When You Do Laundry

10 Tips To Save Money and Energy When You Do Laundry

10 Tips To Save Money and Energy When You Do Laundry

Most families do more than 400 loads of laundry a year, costing upwards of $600. Trim those costs with these energy-saving tricks.

Here’s a fun laundry room fact: The average American family washes 400 loads of laundry a year, spending as much as $1.52 per load, for a yearly total of $608.

Most laundry room expenses come from heating water for washing and heating air for drying. But these costs aren’t set in stone, and you can save money by following these energy-reducing tips.

Get the Most From Your Washer

Ninety-percent of the cost of running a washer goes to heating water. Only 10% goes to electricity< needed to run the motor. Here’s how to save money while getting your clothes clean.

  1. Use cold water. You can save a bundle by washing your clothes in cold water, which is a perfectly efficient way to clean most clothes. Washing a load in cold water costs only about $1.18, compared to washing in hot/warm water for $1.52.  

  1. Run full loads. It takes as much electricity to wash a small load as it does a full one, so you’ll save money by only washing full loads. 

  1. Update your machine. If you don’t already have an Energy Star-certified washer, it’s time to get one. These energy-efficient machines use 15 gallons of water per load, compared to 23 gallons for a standard machine. 

  1. Buy a front-loading machine. They use two-thirds less water than top-loaders, reducing water and heating costs. 

Get the Most From Your Dryer

  1. Spin faster. The faster you spin clothes in the washer, the less time they’ll need in the dryer. If you have the option, chose a faster spin cycle.

  1. Clean lint filters. Remove lint after every load, and clean ducts annually. Your clothes will dry faster, using less energy.

  1. Warm it up. If possible, locate your dryer in a warm laundry room rather than in a cold basement. The warmer the air coming into the dryer, the less energy your machine will use to heat it up.

  1. Go gas. Drying a load of laundry in a gas dryer generally costs less per load than an electric dryer. 

  1. Keep it full. Dry only full loads, and try not to mix fast and slow-drying clothes — a practice that wastes energy by continuing to dry clothes that are no longer wet.

  1. Let nature help out. When the weather is warm, cut your energy costs by drying clothes outside on a clothesline. If HOA regulations don’t allow you to set up a clothesline outside, then use a stand-alone drying rack inside.

 

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

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

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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Things to Avoid After Applying for a Mortgage

Things to Avoid After Applying for a Mortgage

Things to Avoid After Applying for a Mortgage

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.

Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.

  1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

  1. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

  1. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.

  1. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.

  1. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.

  1. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

  1. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

 

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

#RealEstate #RealEstateAgent #RealEstateMiami #RealEstateSouthFlorida

#SouthFloridaRealEstate #RealEstateExpert #homeselling 

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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