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Daytona Beach real estate is a great investment for buyers. Right now this is a buyer's market! Prices for oceanfront Daytona Beach real estate are lower than ever. People are finding that they can now afford to live on the river or the ocean due to great deals on Daytona Beach oceanfront condos and Daytona Beach riverfront homes.  

 

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Browse the latest MLS listings for Daytona Beach real estate and find your dream home. Login to add this to your wishlist and put together a list of your favorite homes. Contact the Dream Homes Team and our Daytona Beach Realtors we will gladly shhow you your Daytona Beach real estate wishlist items and help you find the best investment.

 

Rates have hovered around 5 percent since December due to the Fed's $1.25 trillion program to buy up Freddie Mac and Fannie Mae mortgage securities. When this program ends on March 31st, will mortgage rates rise? And if so, will this weaken the fragile recovery in the housing market? Click Here to learn more...

Seems like it's never been a better time to buy a house, especially if you've got good credit. Hot deals, tax credits and now record mortgage rates are all making this a very attractive market.

According to a recent AP article, rates for 30 and 15 year fixed-rate mortgages continued to drop last week. Average rates for 30-year fixed mortgages matched a record low set last spring and are more than a full percentage point below what they were a year ago while the 15-year rate hasn't been this low since Freddie Mac started tracking it in 1991.

On the downside, most experts polled last week by Bankrate.com expect that rates will rise again shortly. Hopefully buyers will have time to take advantage of this market during this hectic holiday season.

Things are looking good as we head into the holiday season. October sales of both existing homes and condos were up vs. last year, +45% and +82% (!), respectively. Sales were also on the rise vs. September, as savvy buyers continued to take advantage of the 1st time buyers credit and the amazing deals out there.

According to a recent article from the National Association of Realtors, we're seeing early signs of price stabilization in the housing market. A steady supply of qualified buyers would meaningfully bring inventories down and return us to a period of normal, steady price growth. Now that's something to be thankful for!

Aaaah! That's the big sigh of relief coming from all my buyers who feared they might miss the tax credit deadline for 1st time homebuyers. The $8,000 tax credit has officially been extended. To qualify, a purchase must be under contract by April 30, 2010, and a purchase under contract by April 30, 2010 must close no later than June 30, 2010.

Plus, the program has also been expanded to add money for certain move-up buyers. Click here for more details and to see if you qualify.

This credit is a super deal for qualified buyers. It can help with repairs and all those other costs associated with owning a home that can be overwhelming.

Let's hope this continues to stimulate the market. We'll keep you posted.

It's a good life,
Ian

I have several clients sweating right now waiting to see if their short sale contracts will be approved by the banks.I have people that have had contacts on short sales from 4 and 5 month ago and now it is getting down to the wire.The banks don't seem to understand the sense of urgency for these buyers.Everybody is racing trying to purchase a home and close by the November 30 deadline for the first time homebuyer tax credit.

Indications are still leading towards our government doing some kind of extension, they just can't agree on what or how.An article just came out in the Associated Press pointing out some of the options.Read more here.

Top Democrats in the Senate are pushing a plan that will extend the $8,000 tax credit but phase it out over the next year.They are proposing a drop of $2,000 per quarter starting in March of 2010 until it is finally phased out.This plan could face a vote in the Senate this week.

This proposal is aimed as a counter to the more generous bipartisan plan that will extend the existing $8,000 tax credit for one full year but also increasing the income cap for eligibility and opening the tax credit to all buyers.

This tax credit is a big deal to many first time homebuyers.With most of the deals out there being on foreclosure or bank owned properties, many of these homes are in need of repairs and improvements.Many homebuyers are counting on the tax credit to pay for those much needed repairs.

We will keep you posted as things progress.

It's a good life,

Ian

The Florida Association of Realtors just published the sales stats for September and we continue to see sales up year on year compared to 2008.We are seeing some great momentum with 13 months straight of increased home sales and a 34% increase in September home sales alone.

  

Our condo sales were a little slower to improve but are finally starting to pick up and with some huge numbers.September Condos sales were up 77% over last September which blew away the 8.9% increase we saw in August.

  

Many of these sales were stimulated by the $8,000 tax credit offered to first time homebuyers but we are seeing a large number of people taking advantage of these low prices in the investment and second home market.I am hearing people say that if they don't buy their vacation home or retirement home now, they probably won't be able to afford it once prices start to increase.These are historic lows and people are looking ahead to take advantage while they still can.

  

With land and construction prices down we are starting to see some new construction and building take place.There are 3 large multi-million dollar oceanfront homes under construction in Ormond Beach and several large riverfront homes being built in Daytona Beach.

  

I believe that it can only get better from here.Our economy has a long way to go but most of real estate comes down to consumer confidence.I think people are starting to see some stabilization in prices.As the homes priced at the bottom sell off, prices will start to increase.We are already starting to see prices turn in PalmCoast.I have had numerous clients miss out in multiple offers and homes selling over list price in the lower price points.The news doesn't report that but it is happening every day.

  

We are on our way…

  

Ian Anderson

The National Association of Realtors is backing efforts by the The Housing Working Group of Business Roundtable to increase the efforts of our government to extend and increase the incentives to stimulate our economy and the real estate market. See the full article from NAR here.

They have already passed the $8,000 first time home buyer tax credit and recently they approved the ability to use this tax credit as a loan towards your down payment and closing costs. This currently expires sometime this November but they are looking to extend this and also possibly increase the amount to $15,000 and open this up to all buyers looking to purchase their primary residence.

Some additional initiatives they are working on:

Keep our current interest rates at an all time low for the next year.

Review current loan modification and foreclosure mitigation.

Make the increased conforming loan limits permanent.

We are making headway and things are really looking positive. We are seeing sales increase significantly over last year. It can only go up from here.

It's a good life,

Ian Anderson

We hear all the talk about what government is doing to help the housing market and assist homeowners from facing foreclosure but we really haven't seen much of an impact out in the real world. I keep hearing about all these great programs but how do you take advantage of them and who do you talk to and get answers?

The Obama administration just implemented the Making Home Affordable program offering options for homeowners that have Fannie Mae or Freddie Mac owned loans that are having trouble making their mortgage payments. This program is designed to help you qualify for a mortgage refinance or loan modification to reduce your mortgage payments to avoid foreclosure. This is a brand new program and so far it is making great strides helping over 120,000 home owners so far.

The Making Home Affordable is geared towards people that are still current on their payments and are credit worthy but have gone through a hardship or loss of income and struggling to make ends meet.

In the past it seemed that the banks would only talk to you in you were behind on your payments. In essence, it hurt the responsible people that were doing what they could to make their mortgage payment but the system seemed to benefit the people that simply gave up and stopped making payments. It almost seemed that you had to stop making payments to get the banks attention.

Click here to see if you are eligible? I will have more information to follow. Check back for more updates on the Making Home Affordable program.

It's a good life,

Ian Anderson