Davie, FL Real Estate News

By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Fees can eat away at your money if you don’t keep on top of your banks enforced regulations. U.S. consumers paid $15 billion in overdraft fees in 2016, according to the Consumer Financial Protection Bureau. Here are a few bank fees you can look out for:Overdraft FeesThese are often charged in response to bounced checks or a debit charge when the customer doesn’t have enough money in their account to cover a transaction. The average amount consumers overdraft by is about $24, according to the CFPB. But most banks charge about $34 in fees for each overdraft.To avoid these fees, don’t sign an opt-in form from your bank, which allows it to cover a transaction that you don’t have enough money for in your account. The CFPB is trying to change the consent forms for overdraft service to make th...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Keeping track of every single dollar you spend can be difficult, no matter how closely you track your spending and monitor your bank accounts. Automatic payments from your checking account to pay for a gym membership, for example, can be forgotten and leave a checkbook unbalanced.But besides accounting for where your money goes, there are some invisible money leaks that you may not be paying attention to that can add up to wasted money. Here are four:Unused memberships and subscriptionsA gym membership is a common example of an automatic payment that gets forgotten and is rarely used. But other things can crop up too.An annual renewal for a magazine you no longer read, a razor subscription and a monthly subscription to a premier cable TV channel that you rarely view are some things that...
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By Teri Arbogast, Davie, Weston, Plantation Real Estate- Top Realtor, Davie Florida Realtor, Weston, Plantation, Miramar
(TOP 1% of Realtors)
3/2 Lakefront Pool Home in Shenandoah SELLS in Davie! A 3/2 lakefront pool home in Shenandoah SELLS in Davie for $640,000!  The new homeowners are going to enjoy lake breezes and stunning water views on this huge corner lot with big sparkling pool. Shenandoah area has terrific walking paths for exercise and a community park that features a splash pad, revamped playground, tennis & basketball courts.  This home is also close to great entertainment, dining and shopping options including, Sawgrass Mills Mall, Ikea, FLA Live Arena, golfing and more.The top rated Broward County schools that children living in this home will attend are Flamingo Elementary School, Indian Ridge Middle School and Western High School.If you are interested in a home similar to this 3/2 lakefront pool home in Shena...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
3 Graphs To Show This Isn’t a Housing Bubble With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time. There’s a Shortage of Homes on the Market Today, Not a Surplus The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation. For historical context, there were too many homes for sale dur...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
A Window of Opportunity for Homebuyers Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales. But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong. Higher Mortgage Rates Are Moderating the Housing Market  The ShowingTime Showing Index tracks the traffic of home showings accor...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Homeownership Is Full of Financial Benefits A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents: 88% - a better chance of saving for retirement 87% - the best investment plan 85% - the chance to be better off financially 85% - the chance to build up wealth Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget. Does homeownership actually give you a better chance to build wealth? No one can question a person’s unique feelings about the importance of homeownership. However, it’s fair ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Rising mortgage rates are causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down.  While it may be possible, the probability is that prices are going to continue to increase.On December 23, 2021, the 30-year fixed-rate, according to Freddie Mac, was 3.05% and is at 6.29% as of September 22, 2022, a 3.24% increase. On a $360,000 mortgage, the principal and interest payment went from $1,528 to $2,226.  The $698 difference represents a 46% increase in the payment.It seems understandable to pause and see if rates will come down again, especially since they went up so fast, but it probably isn't going to happen anytime soon based on the Fed's position on controlling inflation.The fact that inventories are growing slightly, and mar...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
The limit for tax free gifts for 2022 is $16,000 and no tax is due to the donor or the donee.  There are provisions that would allow gifts higher than this amount providing the total lifetime gifts above the annual exclusion of $12.06 million for 2022 has not be met.The donor and done can be separate persons so that the aggregate tax-free gift for one-year amounts to more money.  For instance, a father and mother can gift $16,000 each to their married son in 2022 and an additional $16,000 each to the daughter-in-law for a total $64,000.If the son and daughter-in-law used the money as a down payment to purchase a home, depending on how recent the gift occurred, the mortgage company might require a gift letter from the parents stating the amount was a gift and is not expected to be repaid...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Housing Affordability is negatively affected by both rising home prices and mortgage rates.  A 20% increase in nominal home prices and a 2% increase in the 30-year fixed rate mortgage since January have contributed to a 46 point drop in the NAR Housing Affordability Index.The Index was 143 in June 2021 and is 98.5 in June of 2022. The Housing Affordability Index indicates whether a median income family can qualify for a mortgage loan with a 20% down payment and 25% qualifying ratio for monthly housing expenses to gross monthly income.100 points is considered the tipping point.  As the Index rises above that point, housing is considered more affordable and as it declines, it is considered less affordable.With affordability threatening to limit buyer's ability to purchase, more borrowers ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Married couples who own a home as joint tenants with rights of survivorship, the surviving spouse inherits the home, along with their basis, and it does not trigger a taxable event.  Unfortunately, the capital gain exclusion is reduced to a single person's share unless the survivor disposes of the property in the granted time.Married couples, filing jointly, have up to $500,000 of capital gain exclusion on qualifying sales.  As a single taxpayer, the survivor is only entitled up to $250,000 exclusion of capital gain.  For instance, if the home at the time of death is worth $900,000 with a basis of $400,000, the gain is $500,000.  If the surviving spouse sells the home, their exclusion is only a maximum of $250,000 which would make the other $250,000 subject to long-term capital gains ta...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
One of the most talked about questions in the real estate market has to do with "Will prices continue to rise now that interest rates have increased dramatically this year?"It is understandable to think that if the Federal Reserve is using interest rate increases to slow consumer demand, that it would also slow homebuyer demand to moderate prices.  Unfortunately for would-be homebuyers, it isn't the case.  High inflation, strong economic growth, low unemployment, and increased wage growth have been associated with high home price appreciation.In a recent newsletter from First American, Chief Economist, Mark Fleming stated that historically, 90% of total inventory is from existing homes and homeowners are not moving as often as in the past.  Prior to 2007, the average tenure was five yea...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
With all that is going on in the world, a global pandemic, supply chain issues, highest inflation in 40 years, the economic effects of a war in Ukraine, it can be overwhelming to think about when the right time is to buy a home.On a local level, there is a pent-up demand for homes that have been being built for years.  Builders haven't kept up with demand for new housing for almost 15 years.  Low inventory, especially in the past three years, has driven up prices nationally in 2021 by 20% and even though the rapid appreciation seems to be moderating, in June, NAR reported that the median price home was up 13.4% from one year ago.Then, of course, there are mortgage rates that have gone up by 2% since the beginning of 2022.  Appreciation and rising interest rates are a double whammy for p...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Regardless of whether you're entitled to $250,000 or $500,000 of exclusion when you sell your home, prices have gone up so much in the past two years, you may be approaching the limit where you might have to pay tax on the excess when you sell.Any improvements you have made to the home during your ownership can be used to raise your basis in the home which will reduce your gain.  It is worth the effort to start reconstructing the list, both big ticket items and lower priced items that qualify.While repairs to your home do not count as improvements, other money which either materially adds value, appreciably prolongs the useful life of the property, or adapts a portion of the property to a new use will qualify.  Hopefully, you have contracts and agreements on the major items and receipts...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Selling and buying a lower priced home in an "Up" market can be to your advantage.  The advantage is to maximize the sales price on your existing home and replace it with a less expensive one.Moving down in an "up" market may be to your advantage in multiple ways.  It is possible that your present home doesn't meet your current needs like it once did.  Making a move can allow you to "re-balance" the equity in your home to better reach your future goals.The "up" market maximizes the sales price you can expect to receive, and it will free the equity in your home. A lower priced home will result in reducing your housing costs with lower property taxes, insurance, utilities, and maintenance...while improving your liquidity position.It is not required to reinvest the proceeds of the sale.  Y...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why Are People Moving Today? Buying a home is a major life decision. That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you. While mortgage rates are higher than they were at the start of the year and home prices are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today. A Need for More Space Moving.com looked at migration patterns to determine why people moved to specific areas. One trend that emerged was the need for add...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Three Reasons To Buy a Home in Today’s Shifting Market Some Highlights The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home. Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price. If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
What’s Causing Ongoing Home Price Appreciation? If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand. While Growing, Housing Supply Is Still Low Even though inventory is increasing this year as the market moderates, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses data from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s. The blue bar...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
As 2022 enters the final few months, you may be wondering about making your move now to sell a home. "Can I still sell my home?" "Should I sell in 2022 or wait until the spring market of 2023?"In every situation, this is a personal decision. If now is the right time for you and your family to move, there's no reason not to enter the market by listing. Some sellers, though, have flexibility and want to ensure they are selling at the ideal time when they can get the best price for their home or the fastest offer.Let's take a closer look at the market and overall conditions to get a better idea if now is the right time to sell.What’s to Come in the Mortgage MarketThere is no doubt we are entering a bit of a period of the unknown in real estate. For the last few years, most areas have seen ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Think Home Prices Are Going To Fall? Think Again Over the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners, it’s also caused some buyers to wonder if home prices will fall. It’s important to know the housing market isn’t a bubble about to burst, and home price growth is supported by strong market fundamentals. To understand why price declines are unlikely, it’s important to explore what caused home prices to rise so much recently, and where experts say home prices are headed. Here’s what you need to know. Home Prices Rose Significantly in Recent Years The graph below uses the latest data from CoreLogic to illustrate the rise in home prices over the past year and a half. The gray bars represent the dramatic i...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Wondering Where You’ll Move if You Sell Your House Today? If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider. Buying an Existing Home Can Give You That Lived-in Charm According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto...
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