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ERA
Beach Ball Realty |
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Real Estate
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| July 2009 |
| Update by |
| Chris Reid |
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Take Advantage of the Current Buyer's Market!
Rates are at historic lows Prices have not been this good since 2003 |
Housing Rebounds
Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc. Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January. Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters. In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year. And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said. That probably won't happen until next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.
Nevertheless, prices have risen for three straight months in about half of the 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday.
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Interest Rates
as of July 24, 2009:
30 yr. Conv: 5.42
15 yr. Conv: 4.90
5/1 yr. adj: 4.51 |
Source: BankRate.com
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Selling? Before you set a price…
- Check out the number of homes for sale within one or two miles of your home. The fewer there are, the higher and firmer your price can be, especially if you're in a top school district.
- Visit all homes for sale within this radius. Take copies of the listing sheets and note how the homes' sizes and features compare to yours. Ask your agent for the listing sheets of homes that sold within the past six months so you can do similar assessments.
- Ask your agent for a quarterly breakdown of "days on the market" (DOM) for your neighborhood or Zip Code. If the numbers are declining, that supports a higher price.
Consider having your home professionally appraised before you put it on the market. It will give you a disinterested opinion, and could be helpful in negotiations with buyers who want to lowball you.
Simple Ways to Lower Your Electric BillEven with oil and other commodity prices dropping because of the recession, average residential electricity prices are expected to rise 4.7% this year compared to last year, and another 3.3% next year, according to the Energy Information Administration's Short-Term Energy Outlook. Here's how to prevent your electricity bills from escalating even as prices climb.
Arrange an HVAC inspection. Hire a certified technician to check that your heating, ventilation and air-conditioning system is operating at peak efficiency. An inspection will usually set you back $50 to $100, but that could be offset by the energy savings you'll reap over time.
Keep it clean. Whether you have central air or an individual window or wall unit, be sure to clean the air filters every month. Dirt and dust hinder air flow, reducing efficiency. Program your thermostat. Programming your thermostat to give your air conditioner a break for the eight hours you're at work could save you about $180 a year, according to EnergyStar.gov1 guidelines.
Seal up your home. Pricey cooled air can leak through cracks along window and door frames. Invest in some caulk and weather-stripping to plug up these drafts as you notice them. Stopping those leaks and making sure your home is properly insulated could save you up to 20%, Kweller says. Insulation materials are also eligible for the 30% energy efficiency federal tax credit, up to $1,500 for all improvements combined.
Change your light bulbs. If you haven't swapped your incandescent bulbs for compact fluorescents yet, get to it, Kweller says. Switching four 75-watt incandescent for 19-watt CFLs can save almost $30 a year. Close your blinds. Rooms get hotter without shades or curtains to block the sunlight. You can put this idea to work more effectively by getting insulated window treatments. Use fans. A breeze makes the room feel a few degrees cooler. Just be sure to turn it off when you leave. Unplug. Gadgets like your cell phone chargers and microwaves suck energy, and generate heat as long as they're attached to a power source. Standby power for appliances not in use is typically 5% to 10% of residential electricity use, according to the Lawrence Berkeley National Laboratory. Plug those devices into a power strip that can be turned off when not in use.
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See my Newsleter Archive
for past articles
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It's a buyer's market!
Now is the best time we have seen to invest in the Emerald Coast for nearly five years. This market condition does not come along often. Contact Me
to find out how you can take advantage of this great investment opportunity.
Take the hassle out of finding your next home, use my Free Home Search
.
I get the job done and done right ! Foreclosures and Short Sales
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Wondering What Your Home Is Worth
in the Current Real Estate Market?
Let me show you
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Current Real Estate Market Conditions for Destin, Pensacola, Perdido Key,
Gulf Breeze and Pensacola Beach, FL ?
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Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in real estate, updated each weekday.
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This Month's Featured Articles:
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| Pensacola Area Active Listing On The Decline |
 Click To Enlarge |
| | The number Active residential listings that are availble throught the Pensacola Association of Realtors are continuing to decline. A neutral level of active listing for our market is generally around 4000 to 5000 listings (A neutral market is defined as neither a buyers or sellers market). As of June 2009 the number of active listings was 5423 units. This is the lowest level since 2005 and we anticipate active listing to reach the neutral range within the next few months.
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ERA Beach Ball Realty
5508-D North W Street
Pensacola Fl 32505
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Equal Housing Opportunity
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