Treasure Coast
Real Estate News & Market Trends

Discover the pitfalls of renting and the advantages of homeownership.

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Today, we're going to delve into the age-old question of whether it's better to rent or buy a home. While opinions may vary depending on who you ask, we firmly believe that renting is a pure waste of money. We will debunk the notion that renting is a sound financial decision and highlight the benefits of homeownership.

1. Renting: Paying 100% Interest

When you choose to rent a property, every penny you spend goes towards paying someone else's mortgage. Unlike owning a home, where a portion of your monthly payment contributes to building equity, renting offers no long-term financial benefits. Essentially, you are helping your landlord build their wealth while missing out on the opportunity to invest in your own future.

"We firmly believe that renting is a pure waste of money."

2. The Case for Homeownership

a. Financial Readiness: If you are financially stable, have a steady income, and have saved up for a down payment, buying a home becomes a viable option. Owning a home allows you to allocate your monthly payments towards building equity rather than paying someone else's mortgage.

b. Long-Term Commitment: Buying a home makes sense when you plan to stay in the area for at least five years or envision yourself living in the same house for a considerable period. This long-term commitment allows you to reap the benefits of your investment and potentially accumulate wealth over time.

c. Finding the Right Home: It's crucial to find a house that meets your needs, whether it's size, location, or amenities. Taking the time to search for the perfect home ensures that you make a wise investment and create a living space that suits your lifestyle.

Renting may seem like an appealing short-term solution, but in the long run, it can be a drain on your finances. By buying a home, you have the opportunity to build equity, invest in your future, and enjoy the benefits of homeownership. If you are financially prepared, plan for the long term, and find the right property, owning a home becomes a wise decision. Don't let renting be a waste of your hard-earned money—consider the advantages of homeownership and take control of your financial future.

Remember, owning a home is not just a place to live but also an investment that can provide stability and financial growth. Take the leap into homeownership and enjoy the many rewards it offers. If you have any questions about this topic or real estate in general, please reach out by phone or email. I would be happy to help you.

Here’s the truth about financing your dream new-construction home.

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Are you considering building your dream home on a piece of land you've had your eye on for years? If so, you may be wondering how to finance your new-construction home. One question we hear often is whether it's possible to get financing with a low down payment for both the land and construction costs.

The short answer is no, unfortunately. You'll need to apply for a lot loan or a construction-to-permanent loan, which typically requires a larger down payment (usually around 10% to 30% depending on your credit). However, there are a few options available to you that may make financing your new home a little easier.

"There are options that will make the process of buying a new-construction home more manageable."

One option is to have your builder purchase the lot on your behalf and then build the home for you. This means that the builder will own the lot during the construction process, and you'll purchase the home from them when it's completed. You can typically finance this purchase with a low down payment using an FHA or conventional loan.

Another option is to purchase a spec home from a builder who already owns the land. These homes are usually ready in just a few months and can often be purchased with a small deposit of around $1,000 to $3,000. Some builders may even cover your closing costs, making this an attractive option for those who want to move into their new home quickly.

While financing a new-construction home may seem daunting, there are options available to make the process more manageable. If you have questions about financing your new home, don't hesitate to call or email me for guidance.

These are the steps you can take to strengthen your pre-approval letter.

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How do you ensure pre-approval success for your home loan? Even with a pre-approval letter from your lender, it's crucial to remember that it does not guarantee the loan. To improve the chances of getting a stronger and better pre-approval, I’m sharing a few steps you need to take.

When meeting with your lender, ask if they have run your Desktop Underwriter (DU) or Loan Prospector (LP) approvals for the loan. For a USDA loan, inquire about the Guaranteed Underwriting System (GUS) approval. These automated systems analyze your data and provide a pre-approval based on the guidelines for various loans. The result will indicate "approved eligible," "denial," or "refer." Aim for an approved eligible status to increase your likelihood of securing the loan.

Before purchasing a home, request that your lender run the DU, LPA, or GUS, and provide you with the approval letter, which is typically a 6- or 7-page document. This will help ensure your success in obtaining financing.

For any questions, feel free to contact me. You can call or email me anytime. I look forward to hearing from you!

You need to do these three essential tasks after closing on your new home.

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If you just closed on your new property, congratulations! Now that the excitement of moving in has settled, it's time to focus on a few key things to ensure that you're properly prepared for what's to come. Here are three important tasks you should complete right away:

1. Set up automatic payments with your bank. You likely received paperwork at closing regarding your mortgage payments, but you may not be sure where, when, and how to make them. It's best to reach out to your lender and get your payments set up on autopay. Then, consider applying extra payments toward your principal or making an extra payment throughout the year to reduce your overall interest.

"This is how you set yourself up for success."

2. Gather all of your documents. While you did receive paperwork at closing, it's important to gather all of your documents in one place, including your survey, closing statement, deed, and any other relevant documents. Keep them in a safe and easily accessible location.

3. File your homestead exemption. If you're in Florida, make sure to file your homestead exemption as soon as possible. Don't wait until the next year—get your driver's license switched over and file your homestead exemption right away.

By taking care of these three tasks immediately after closing, you'll be setting yourself up for success in the future. Congratulations again on your new property! If you have any questions or need further guidance, feel free to reach out to me by phone call or email. I look forward to hearing from you.

Two things you need to consider before choosing a lender and a home loan.

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Today, I'm here to talk about interest rates, the fees lenders charge, and why they're both important. If you are a prospective homebuyer, it is essential to keep in mind that in addition to the interest rate, lenders also charge upfront fees, which is how they make their money. Therefore, it is crucial to consider both before you make any decisions. 

For instance, one lender may offer you an interest rate that is 0.25% less than another lender’s, but they might also charge you thousands of dollars more in upfront fees. If you plan to refinance your home in the next three to four years, it may not be wise to opt for a slightly lower interest rate with significantly higher upfront fees. 

My recommendation is to check with at least two or three lenders to get their rates and the upfront costs associated with the loan, such as loan origination fees. This way, you can compare all of the data to make a well-informed decision that balances both factors. Also, don't hesitate to get pre-approved by a few different lenders; it won’t affect your credit score. 

If you have any questions about how to do this, feel free to contact me at (772) 370-8631. I would be happy to hear from you, so reach out anytime.

Here are the main differences between investor buyers and retail buyers.

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What’s the difference between a retail buyer and an investor buyer? Many of my clients have been asking me this question, so I am here today with the answer.

Typically, retail buyers offer the most money for your home since they purchase it at market value. They want to buy a property to live in and may pay cash or take out a loan. Their primary goal is to use and enjoy the home as a primary or vacation residence. While renting it out is possible, personal use is usually the priority.

Homes in good condition, insurable, and qualifying for most types of financing are usually marketed to retail buyers. When a real estate agent assesses your property, they generally provide a market value. However, homes that require significant repairs or are in poor condition may require an investor or iBuyer. There are some slight differences between the two, but in general, these types of buyers often offer cash and buy the property "as is" with few or no inspections.

The investor buyer considers the current condition of the property, the estimated cost to bring it up to retail value, and then subtracts an amount to make a profit on the property. In general, these parties don’t offer market value for your home.

If you want the most value for your house, approach a retail buyer and have a broker or Realtor assess its value. However, if your property requires significant repairs, an investor buyer may be the better option.

If you're considering selling your property and are concerned about its condition, please do not hesitate to call or email me. I will be happy to assist you.

If you’re thinking about buying in this area, consider these things first.

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Buying a home is one of the most significant investments most people make in their lifetime. Therefore, it's crucial to ensure you make an informed decision when purchasing a property on the Treasure Coast of Florida. Here are the four most important things to consider when buying a home in this region:

1. The age of the roof. The Treasure Coast region is prone to hurricanes, which can cause severe damage to roofs. Therefore, it's essential to ensure that the roof is as new as possible or has been replaced in the last several years. A new roof can prevent leaks and keep your home protected during hurricane season.

2. Getting a home inspection. An inspection report provides a detailed overview of the property's condition, including any existing issues or necessary repairs. It's advisable to get a home inspection with every property you consider purchasing. Not only will this help you identify potential problems, but it can also help you negotiate discounts.

"Be informed to make sure your investment is protected."

3. Your financing options. It's essential to get pre-approved before you start looking at properties, especially since some properties may not qualify for certain types of financing. Discussing your financing options with your lender and agent is an excellent way to ensure you get the best deal.

4. Insurance. Hurricanes can cause wind and flood damage, making insurance very important. It's advisable to contact your local insurance carrier to get a quote before you proceed with buying a property. Understanding the insurance costs and coverage options can help you make an informed decision when purchasing your home.

If you keep these factors in mind, you can make an informed decision and ensure your investment is protected. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.

Here’s what you need to know about selling waterfront properties now.

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Now may be the perfect time to sell your waterfront property. If you own a property with river-to-ocean access, you could sell for a huge profit right now.

Why is now the perfect time to sell? The truth is that there isn’t a lot of inventory in our market, and this is especially true for waterfront properties. So if you are thinking about selling your waterfront property, especially anything along the Saint Lucie River, you might want to consider speaking to an agent. The market conditions are right.

"The market conditions are right to make a big profit."

Buyers right now are looking for a house with a dock and navigable canal or river access. Fixed bridges are not ideal, but we may be able to find you a buyer who is looking for that. Buyers are also looking for homes in top condition, especially in regard to the roof. If you have a newer roof, that’s a huge plus. 

As always when you sell a house, make sure you declutter and clean things up. That makes it easier for buyers to picture themselves living in your home and will probably increase your profit. 

Right now is a fantastic opportunity for sellers with waterfront properties. As always, call or email me with any questions. I’d love to hear from you.

Why owning a vacation home has many advantages over renting one.

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It's that time of year again—the snowbirds are here in force! During this time, there is one question that I get asked frequently: “Should I purchase a vacation home or rent one?” In short, I believe there is a lot of value in owning instead of renting, and I’m here today to explain it all to you.

One advantage of owning a vacation property is appreciation. Homes have been appreciating by 20% every year in this area, and it could go down slightly, but overall the value of this investment is high. Also, renting a vacation home in this area is expensive—I’ve seen two-bedroom units on the beach rent for $4,000 a month, which is significantly more than what you would be paying for a mortgage.

"There are a lot of benefits to owning instead of renting here on the Treasure Coast."

Another advantage of owning is the tax benefits. Talk to your tax adviser about this, but there are things you can write off by owning a vacation property in Florida that will offset some of the costs. Plus, another way you can offset costs is by leasing it during the time of the year when you're not there. You can use sites like Airbnb and VRBO to do this.

The last benefit to owning that I want to mention is the return on your investment. You’ll get family vacations, the fun of having family and friends around, great memories, and relaxing times by the beach, all in a home where you can do whatever you want to.

Therefore, there are a lot of benefits to owning instead of renting here on the Treasure Coast. If you have any questions or want help finding a property to buy, I am here to help! You can call or email me anytime, and I would be more than happy to help with your real estate needs.

These are three things you should do before you list your home.

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We are moving into the selling season here on the Treasure Coast. Are you thinking about listing your home on the market? If you are, here are the three d's you need to do before selling.

Feel free to watch the full video above or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction

1:18 — Depersonalize your home

2:24 — Declutter your home

3:31 — Deep clean your home

5:09 — Get a pre-inspection

5:41 — Get professional photos

6:37 — Wrapping up

If you need more help prepping your home for the market or have any real estate-related questions, call or email me. I’d love to connect with you.