michael-baran

Starting The Search For Your Dream Home? Here Are 5 Tips!

Thu, 23 May 2019 19:10:34 GMT

In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.

In a realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’ , ‘should-haves’ , or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.

3. Research and Choose a Neighborhood You Want to Live In

Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district , etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.

An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy to document what you love and don’t love about each property you visit.

Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

4 Tips For Making A Competitive Offer

Mon, 20 May 2019 19:27:03 GMT

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.

Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”

Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.

Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection , so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.

Bottom Line

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in his or her market is your best bet in making sure the process goes smoothly. Happy house hunting!

The Benefits Of A 20% Down Payment

Mon, 13 May 2019 19:02:15 GMT

If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage.

The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing a down payment .

These programs have cut the savings time that many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner.

So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it.

1. Your interest rate will be lower.

Putting down a 20% down payment vs. a 3-5% down payment shows your lender/bank that you are more financially stable, thus a good credit risk. The more confident your bank is in your credit score and your ability to pay your loan, the lower the rate they will be willing to give you.

2. You’ll end up paying less for your home.

The bigger your down payment, the lower your loan amount will be for your mortgage. If you are able to pay 20% of the cost of your new home at the start of the transaction, you will only pay interest on the remaining 80%. If you put down a 5% down payment, the extra 15% on your loan will accrue interest and end up costing you more in the long run!

3. Your offer will stand out in a competitive market!

In a market where many buyers are competing for the same home, sellers like to see offers come in with 20% or larger down payments. The seller gains the same confidence that the bank did above. You are seen as a stronger buyer whose financing is more likely to be approved. Therefore, the deal will be more likely to go through!

4. You won’t have to pay Private Mortgage Insurance (PMI)

Simply put, PMI is “an insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.”

As we mentioned earlier, when you put down less than 20% to buy a home, your lender/bank will see your loan as having more risk. PMI helps them recover their investment in you if you are unable to pay your loan. This insurance is not required if you are able to put down 20% or more.

Many times, home sellers looking to move up to a larger or more expensive home are able to take the equity they earn from the sale of their house to put down 20% on their next home.

If you are looking to buy your first home, you will have to weigh the benefits of saving a 20% down payment vs. the time and cost of continuing to rent while you save that amount.

Bottom Line

If your plan for your future includes buying a home and you’re already saving for your down payment, meet with a local real estate professional who can help you decide the down payment size that best fits with your long-term plan!

A Lack Of Inventory Continues To Impact The Housing Market

Mon, 13 May 2019 18:39:54 GMT

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at National Association of Realtors

“Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

Jessica Lautz, Vice President of NAR

“There’s a supply-demand mismatch… More inventory is needed at the lower end and a price reduction may be needed at the upper end.”

Danielle Hale, Chief Economist of Realtor.com

“Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions… A buyer’s experience will vary notably depending on the market and price point they’re targeting.”

Bottom Line

If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price!

Why Access Is One Of The Most Important Factors In Getting Your House Sold!

Fri, 10 May 2019 23:20:24 GMT

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your potential buyers.

There are four elements to a quality listing. At the top of the list is access, followed by condition, financing, and price. There are many levels of access that you can provide to your agent so that he or she can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
Limited Access (example: the home is only available on Mondays or Tuesdays at 2 pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

With more competition coming to the market this spring , access can make or break your ability to get the price you are looking for, or even sell your house at all.

2 Trends Helping Keep Housing Affordable

Wed, 08 May 2019 18:36:40 GMT

Two positive trends have started to emerge that impact the 2019 Spring Housing Market. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American’s Chief Economist , Mark Fleming, explains the impact,

“Ongoing supply shortages remain the main driver of the performance gap as the housing market continues to face an inventory impasse – you can’t buy what’s not for sale.

However, an unexpected affordability surge, driven primarily by lower-than-anticipated mortgage rates, rising wages and favorable demographics, has boosted housing demand.”

Mortgage interest rates had been on the rise for most of 2018 before reaching their peak in November at 4.94%. According to Freddie Mac’s Primary Mortgage Market Survey , interest rates last week came in at 4.20%.

Average hourly earnings grew at an annual rate of 3.2% in March, up substantially from the 2.3% average pace seen over the last 10 years.

These two factors contributed nearly $6,000 worth of additional house-buying power for median households from February to March 2019, according to First American’s research. Fleming is positive about the prolonged impact of lower rates and higher wages.

“We expect rising wages and lower mortgage rates to continue through the spring, boosting housing demand and spurring home sales.”

Bottom Line

Low mortgage interest rates have kept housing affordable throughout the country. If you plan on purchasing a home this year, act now while rates are still low!

What Would Make You Sell Your House?

Mon, 06 May 2019 23:17:35 GMT

There are many reasons why a homeowner decides to sell their house and move. The latest Generational Trends Report from the National Association of Realtors asked recent home sellers to share their reason for moving.

The younger the respondents, the more likely their top response centered around needing a larger home (ages 29 to 53). Relocating for a job was the top reason for those ages 54 to 63 and the second most popular response for those under 53. The chart below shows the breakdown for these two reasons.

For homeowners over the age of 64, wanting to be closer to friends and family served as the top motivator to move. Downsizing to a smaller home or moving due to retirement came in as a close second and third.

Have you outgrown your current house? Are you a homeowner who can relate to wanting to be closer to family and friends? Is your house becoming a burden to clean now that the kids have moved out?

Bottom Line

Contact a local real estate professional who can help set you on the path to selling your current house and finding the home that fits your needs, today!

New Study Reveals One Surprising Reason For The Inventory Shortage

Sat, 04 May 2019 00:01:19 GMT

There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate.

While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends.

Freddie Mac’s Insight Report explored the impact of the Silent and Baby Boomer Generations on the housing market.

If millennials are unable to find a home to buy at a young age like their predecessors, then who is living in those homes?

The answer: Seniors born after 1931 are staying in their homes longer than previous generations, instead choosing to “age in place.”

Freddie Mac found that,

“this trend accounts for about 1.6 million houses held back from the market through 2018, representing about one year’s typical supply of new construction, or more than half of the current shortfall of 2.5 million housing units estimated in December’s Insight.

Older Americans prefer to age in place because they are satisfied with their communities, their homes, and their quality of life.”

According to the National Association of Realtors , inventory of homes for sale is currently at a 3.5-month supply, which means that nationally we are in a seller’s market. A ‘normal’ housing market requires 6-7 months inventory, a level we have not achieved since August 2012.

“The most important fundamental in today’s housing market is the lack of houses for sale. This shortage has been identified as an important barrier to young adults buying their first homes.”

Bottom Line

If you are one of the many seniors who desires to retire in the same area you’ve always lived, you’re not alone. Will your current house fit your needs throughout retirement? If you have any questions about demand for your house, meet with a local real estate professional who can show you the opportunities available today!

Selling Your House: Here’s Why You Need A Pro In Your Corner!

Wed, 01 May 2019 20:12:33 GMT

With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional.

Real estate agents are trained and experienced in negotiation while, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families.

Here is a list of just some of the people with whom the seller must be prepared to negotiate if they decide to For Sale by Owner (FSBO):

The buyer, who wants the best deal possible
The buyer’s agent, who solely represents the best interests of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The termite company, if there are challenges
The buyer’s lender, if the structure of the mortgage requires the sellers’ participation
The appraiser, if there is a question of value
The title company, if there are challenges with certificates of occupancy (CO) or other permits
The town or municipality, if you need to get the CO permits mentioned above
The buyer’s buyer, in case there are challenges with the house your buyer is selling

Bottom Line

The percentage of sellers who have hired real estate agents to sell their homes has increased steadily over the last 20 years. Meet with a professional in your local market to see the difference that he or she can make for you during the selling process.

With Inventory Low: Will Your Dream Home Need Some TLC?

Tue, 30 Apr 2019 19:04:10 GMT

According to a new survey from Move.com, the wave of first-time homebuyers hitting the market this summer has resulted in an interesting statistic. Nearly 60% of buyers searching for a home this spring are willing to consider buying a fixer-upper, with 95% believing that the projects needed will increase their new home’s value!

Realtor.com’s Chief Economist , Danielle Hale, pointed to low-inventory at the entry-level price range for the increase in willingness to renovate.

“The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating.

Replete with inspiration at their fingertips – like Pinterest , Instagram, and various home renovation TV shows – some home shoppers are comfortable tackling home renovation jobs to find a home that balances their needs with their budget.”

Just over half of all respondents who said they would be willing to buy a home in need of some TLC, would also spend more $20,000 to make the home fit their needs.

The most common ‘expected’ renovation is a kitchen remodel which can run anywhere from $22,000 for a minor remodel to $66,000 for a major remodel.

This isn’t a new trend by any means. According to the Joint Center for Housing Studies at Harvard University , home improvement project spending reached a new high in 2018.

“Americans spent $336.9 billion on remodeling projects, up 7.4% from the $313.6 billion a year earlier.”

Home renovation television shows have given many buyers hope that they could renovate a home they can afford into their dream home!

Bottom Line

If you are one of the many Americans considering buying a home this spring, meet with a local real estate professional who can help you find a house with the potential to be your dream home!

Slaying The Largest Homebuying Myths Today

Mon, 22 Apr 2019 18:58:26 GMT

Some Highlights:

The average down payment for first-time homebuyers is only 6%!
Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
88% of property managers raised their rents in the last 12 months!
The average credit score on approved loans continues to fall across many loan types!

Home Buyer Demand Will Be Strong For Years To Come

Fri, 19 Apr 2019 18:55:05 GMT

There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation” .

And while this might be true for some millennials, more and more research has surfaced that shows for the vast majority, owning a home is a major part of their American Dream!

New research shows that 66% of millennials who currently rent are determined to buy a home ! Seventy-three percent of those surveyed by Pulsenomics plan to buy a home in the next five years, with 40% planning to do so within the next two years!

“Millennials want to own a home as much as prior generations,” Ali Wolf, Director of Economic Research at Meyers Research says. “We saw millennial shoppers scooping up homes in 2018—and 2019 will be no different.”

Bottom Line

Are you one of the millions of renters who are ready and willing to buy a home? Meet with a local real estate professional who can help determine your ability to buy now!

Why Pet-Friendly Homes Are In High Demand

Wed, 17 Apr 2019 18:47:20 GMT

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers, rather than alienating the 68% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream home?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

A study by the National Association of Realtors (NAR) revealed that there are many aspects of the home buying, selling and owning experience that have been greatly impacted by our love for our pets.

This should come as no surprise, as $72 billion was spent on pets in the U.S in 2018. NAR’s President William E. Brown shed some light on the impact of pet owners and their home search.

“It is important to understand the unique needs and wants of animal owners when it comes to homeownership. REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family.”

The Power of Pets When Choosing the Right Home

89% of pet owners say they would not give up their pet due to a housing restriction
81% of Americans say their pets play a role in their housing situation
31% of animal owners have refused to put in an offer on a home because it wasn’t a good fit for their animals
19% of Americans say they would consider moving for their pet
12% percent have moved for their pet

New home builders have actually begun installing retractable pet gates that tuck away neatly inside door jams as a highly requested feature in new homes to attract pet-parents.

So, if you are a homeowner looking to sell in today’s pet-friendly environment, point out the features of your home that will attract pet owners:

Fully fenced in backyard – (91% of pet owners ranked this as the most important feature of a home to accommodate their pet)
Locations of dog parks/walking paths/pet-friendly beaches in the area (71% ranked this as the top feature of any neighborhood they would consider)
Proximity to veterinarians/groomers/pet supply stores (31%)

Bottom Line

Americans love their pets and will look for pet-friendly features in the home they wish to buy, so take advantage of this knowledge by pointing out your home’s ability to meet their needs.

10 Steps To Buying A Home

Mon, 01 Apr 2019 22:52:02 GMT

Some Highlights:

If you are thinking of buying a home, you may not know where to start.
Here is a simple list of 10 steps that you will go through to purchase a home.
Make sure to ask your agent for details about each step and what else may be required in your area!

Data Says April Is The Best Month To List Your Home For Sale

Mon, 01 Apr 2019 22:10:26 GMT

The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.

New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.

Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!

Below is a graph indicating the average score for each month of the year.

It should come as no surprise that April and May dominate as the top months to sell. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.

However, there is one caveat worth mentioning. When broken down by metro, realtor.com noticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors , 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!

Bottom Line

Contact a local real estate professional who can show you the market conditions in your area to get the most exposure to the buyers ready and willing to make a move!

20 Tips For Preparing Your House For Sale This Spring

Wed, 27 Mar 2019 22:48:27 GMT

Some Highlights:

When listing your house for sale, your top goal will be to get the home sold for the best price possible!
There are many small projects that you can do to ensure this happens!
Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Is Your House Priced To Sell Immediately (PTSI)?

Mon, 25 Mar 2019 21:53:49 GMT

In today’s real estate market, with more houses coming to market every day and eager buyers searching for their dream home, 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 4.4% over the last 12 months. By this time next year, CoreLogic predicts that home values will be 4.6% 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)

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that 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 key to selling your house in 2019 is making sure your house is Priced To Sell Immediately (PTSI) ! That way, your home will be seen by the most buyers and will sell at a great price before more competition comes to market!

Bottom Line

If you are debating listing your house for sale, meet with a local real estate professional who can help price your home appropriately for your area and maximize your exposure this Spring Market!

7 Things To Avoid After Applying For A Mortgage!

Fri, 22 Mar 2019 18:37:48 GMT

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

Below is a list of 7 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.

2. 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.

3. Don’t make any large purchases like a new car or new 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.

4. 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 payment against you.

5. 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 money between accounts, talk to your loan officer.

6. 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.

7. Don’t close any credit accounts. Many clients have erroneously believed 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 those determinants of 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.

What’s Going On With Bidding Wars?

Wed, 20 Mar 2019 18:32:35 GMT

In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.

According to the Cambridge English Dictionary , bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.

In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.

With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a seller’s market. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012.

Good News for Buyers

A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.

One reason for the decline is an influx of homes being listed for sale. Even though the month’s supply number is not increasing, the number of homes for sale is. The chart below shows the year-over- year change in inventory over the last 12 months.

As you can see, the number of homes for sale has started to build over the last eight months. Prior to this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.

Danielle Hale, realtor.com’s Chief Economist , gave some insight into why bidding wars are less common on a local level this year,

“[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.

It’s going to depend on what neighborhood you’re in, but we expect it to be more common this year that you won’t be the only listing.”

Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a greater rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.

Bottom Line

If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise.

2 Reports That Say Now Is A Great Time To Sell

Fri, 15 Mar 2019 21:50:16 GMT

Heading into the spring buying market, there are strong trends starting to emerge.

The inventory of homes for sale has increased on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way!

Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season!

1. National Association of Realtor’s Existing Home Sales Report

Sales of existing homes were down for the third consecutive month in January. Some of this can be explained by the natural seasonality that the real estate market experiences every year, and some can be explained even further by a lack of homes available for sale on the market.

Inventory

For the last eight months, the inventory of homes for sale has been higher when compared to the same month the year before. The challenge in the market is the mismatch of the type of home that is available for sale. First-time homebuyers looking for a starter home are often competing with other buyers to stand out, often outbidding each other.

Lawrence Yun, NAR’s Chief Economist, agrees that the market is still experiencing an inventory shortage.

“In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed.”

Home Prices

The median home price for homes sold in January was $247,500. This is up 2.8% from January 2018 and marks the 83rd consecutive month of year-over-year gains. The 2.8% growth in home prices represents the smallest year-over-year change since February 2012 but is a welcome change for buyers who had feared being priced out of the market.

Days on the Market

Properties that sold in January were on the market for an average of 49 days with 38% of homes on the market for less than a month.

Yun is positive about how today’s market conditions will help buyers this spring,

“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

2. NAR’s Pending Home Sales Report

The national Pending Home Sales Index (PHSI) rose 4.6% to 103.2 in January from 98.7 in December. An index score of 100 is considered normal. All four major regions of the country experienced gains in January, with the largest increase coming in the South.

“The PHSI is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.”

Increases in the PHSI often predict increases in the level of home sales in the coming months, which is great news for the housing market leading in to spring! Yun had this to say,

“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”

Bottom Line

The housing market in 2019 will require homeowners to list their house at the right price to attract buyers. If interest rates continue to stay low while wages increase, and more inventory comes to market, 2019 could be one of the best years for home sales in recent history.

How To Have A Unique Open House

Mon, 11 Mar 2019 21:45:43 GMT

According to the National Association of Realtors, total inventory has been growing for six months straight, as has the number of buyers looking to find their dream home. In a market where inventory is increasing, you want to stand out in the crowd!

This quote from Grandscope puts it well:

“You can differentiate from competition by WOWing or exciting customers, not just trying to compete on price.”

What better way than to be creative with your Open House!

Here are a few ideas for how to do this in this era of technology.

1) Facebook Live Virtual Open House

This can also work as a ‘preview’ before an official Open House. Let your agent walk potential buyers through your home using a webcam or cell phone, highlighting the unique features of your house and taking questions. This can be of great benefit, especially for those out-of-state buyers looking to relocate to your area.

2) Youtube Live Virtual Open House

YouTube is forecasted to have 187.8 million video users in 2019 in the United States alone! One of those users might be the buyer you’re looking for! Like Facebook Live, allowing your agent to have a virtual open house will make it available, especially for all those first-time homebuyers house hunting on their phones! This allows access to your home from the comfort of their own. Broadcasting at peak time (during lunch between 12 and 2 P.M.) also prevents buyers from having to leave work.

What if you do not want to show your house online?

3) Have a Garage Sale at The Same Time

This serves two purposes. First, you can start getting rid of some of the clutter inside your home. This will help it to show better and make packing a little easier. Second, people will come to a garage sale. Whether it’s the neighbors or bargain-hunters, each garage sale attendee is a potential “salesperson for your home”. They could be looking for themselves or talking to someone else in the market. The more people who are aware that your house is for sale, the better.

4) Go With Off-Peak Times

Why not host an Open House during the week when people are on their way home? This works especially well if the home is convenient for commuters. Add a little wine & cheese as a transition to going home for dinner! Or, why not have an Open House at 9:00 in the morning? After parents drop their kids at school, they can stop by your Open House for coffee & cake. Promote the Open House in community chats. Maybe one of the neighbors has a family member that wants to move to the area.

Bottom Line

With new inventory coming to market, you need your house to stand out from the crowd! Contact a local real estate professional to see what alternatives will work best in your area.

Home Prices Up 5.73% Across The Country!

Mon, 11 Mar 2019 20:16:07 GMT

Some Highlights:

The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

Why A Normal Market Is Just What We Need

Wed, 27 Feb 2019 18:11:28 GMT

The housing market has been hot for a while now. Homes have been flying off the shelves as fast as they have been listed. Buyers have been competing in bidding wars just to find a home to buy, let alone find their dream home.

This ‘seller’s market’ has driven home prices to new heights. Home price appreciation averaged over 6% across the country.

However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.

Many buyers and sellers planning to enter the housing market this year have started to wonder if we are headed towards another housing crash. Ralph McLaughlin, Deputy Chief Economist at CoreLogic , recently stated in an interview ,

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.

The real elephant in the room here is housing supply.”

The simple answer is we are returning to a ‘normal’ market. The inventory of homes for sale more closely matches the demand in the market. The added supply means fewer buyers are outbidding each other. Therefore, prices are experiencing less upward pressure. McLaughlin went on to explain,

“If there are a lot of homes on the market and suddenly no one wants to buy them, you’ll get into a downward spiral of price competition. Right now, however, we’re in the opposite situation, there isn’t an over-abundance of homes on the market.”

As more renters looking for their piece of the American Dream enter the housing market, demand for housing will continue to grow. The Joint Center for Housing Studies at Harvard University estimates over 30 million new households will enter the market from now through 2040.

“There’s the natural life cycle of young people getting older and starting to do adult life things which include … buying a house and that’s a lot of potential inertia that could last indefinitely.”

Bottom Line

Home prices will start to appreciate by historical norms as we continue to head towards a more ‘normal’ market, rather than the over 6% seen over the course of the last couple of years. This is great news! Homeowners looking to sell their home will have buyers, as more buyers will be able to afford them!

How To Get A Better Perspective On Affordability

Mon, 18 Feb 2019 23:41:36 GMT

Headlines spotlight the fact that buying a home is less affordable today than it was at any other time in more than a decade. Those headlines are accurate.

Understandably, buying a home is more expensive now than immediately following one of the worst housing crashes in American history. Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) selling at 10-50% discounts. There were so many that this lowered the prices of non-distressed homes in the same neighborhoods. As a result, mortgage rates were kept low to help the economy.

Prices have since recovered. Mortgage rates have increased as the economy has gained strength. This has impacted housing affordability. However, it’s necessary to give historical context to the subject of affordability.

Two weeks ago, CoreLogic reported on what they call the “typical mortgage payment”. As they explain:

“One way to measure the impact of inflation, mortgage rates and home prices on affordability over time is to use what we call the ‘typical mortgage payment.’ It’s a mortgage-rate-adjusted monthly payment based on each month’s U.S. median home sale price. It is calculated using Freddie Mac’s average rate on a 30-year fixed-rate mortgage with a 20 percent down payment…

The typical mortgage payment is a good proxy for affordability because it shows the monthly amount that a borrower would have to qualify for to get a mortgage to buy the median-priced U.S. home…

When adjusted for inflation, the typical mortgage payment puts homebuyers’ current costs in the proper historical context.”

Here is a graph showing the results of CoreLogic’s research:

As the graph indicates, the most recent calculation remained 28% below the all-time peak of $1,275 in June 2006. That’s because the average mortgage rate at that time was 6.68%. As seen in the graph, both today’s typical payment and CoreLogic’s projection for the end of the year are less than it was in January 2000.

Bottom Line

Even though home prices are appreciating at a slower rate, home affordability will likely continue to slide. However, this does not mean that buying a house is an unattainable goal in most markets. It is still less expensive today than it was prior to the housing bubble and crash.

Do You Know How Much Your Home Has Increased In Value?

Wed, 13 Feb 2019 23:37:23 GMT

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report .

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed , homeowners revealed the top four reasons why they felt their homes had increased in value.

Desirable Location
Improved National Economy
Improved Local Economy
Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, contact a local real estate professional who can help you to discover the hidden opportunities in your home!

Want To Get The Most Money From The Sale Of Your Home? Use These 2 Tips!

Thu, 31 Jan 2019 01:45:15 GMT

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

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

HGTV gives this advice:

“First impressions are everything when selling your home. Studies have shown that the first two weeks on the market are the most crucial to your success. During these initial days, your home will be exposed to all active buyers.

If your price is perceived as too high, you will quickly lose this initial audience and find yourself relying only on the trickle of new buyers entering the market each day. Markets are dynamic, and your price has an expiration date. You have one chance to grab attention. Make sure your pricing helps you stand out on the shelf — in a positive way.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may believe that he or she will make more money without having to pay a real estate commission, but studies have shown that homes typically sell for more money when handled by a real estate professional.

Research by the National Association of Realtors in their 2018 Profile of Home Buyers and Sellers revealed that,

“the median selling price for all FSBO homes was $200,000 last year. However, homes that were sold with the assistance of an agent had a median selling price of $264,900 – nearly $65,000 more for the typical home sale.”

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the money you get for your house.

Is The Recent Dip In Interest Rates Here To Stay?

Wed, 30 Jan 2019 23:32:01 GMT

Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey .

After the first week of 2019, rates have continued their downward trend. As Freddie Mac’s Chief Economist Sam Khater notes, this is great news for homebuyers. He states,

“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”

In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!

Will This Trend Continue?

According to the latest forecasts from Fannie Mae , the Mortgage Bankers Association , and the National Association of Realtors , mortgage rates will increase over the course of 2019, but not at the same pace they did in 2018. You can see the forecasts broken down by quarter below.

Bottom Line

Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, meet with a local real estate professional who can help prepare you to take action.

Top Renovations To Complete Before You Sell Your House

Tue, 29 Jan 2019 01:21:04 GMT

Some Highlights:

If you are planning on listing your house for sale this year, here are the top four home improvement projects that will net you the most Return on Investment (ROI).
Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers.
Upgrading your landscaping or curb appeal helps get buyers in the door. These upgrades rank as the 2nd and 4th best renovations for returns on investment.

Why You Should Not For Sale By Owner

Wed, 09 Jan 2019 20:35:42 GMT

In today’s market, as home prices rise and a lack of inventory continues, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for most sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

According to NAR’s 2018 Profile of Home Buyers and Sellers , 95% of buyers searched online for a home last year. That is in comparison to only 13% of buyers looking at print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home, do you?

2. Results Come from the Internet

Where did buyers find the homes they actually purchased?

50% on the Internet
28% from a real estate agent
7% from a yard sign
1% from newspapers

The days of selling your house by putting out a lawn sign or putting an ad in the paper are long gone. Having a strong Internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale by Owner:

The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interests of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe that they can save on the real estate commission by selling on their own, but they don’t realize that the main reason buyers look at FSBOs is because they also believe that they can save on the real estate agent’s commission. The seller and buyer can’t both save the commission.

A study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is that,

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.

Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

24 Hours That Suddenly Improved The Market

Mon, 07 Jan 2019 21:08:54 GMT

This year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row.

To many, the outlook heading into 2019 appeared dim… at best.

Then, in a 24-hour window last week, things seemed to change. On Wednesday, the National Association of Realtors’ (NAR) revealed in their Existing Homes Sales Report that home sales had INCREASED for the second consecutive month. The next day, NAR’s economic research team announced that the percentage of first-time buyers in the market was higher than last month and even higher than a year ago.

What happened to turn around the downward momentum in the market?

You only needed to wait a few hours to find out. On the heels of NAR’s revelations, Zillow released their November Real Estate Market Report that explained:

“After nearly four years of annual declines in inventory, the number of homes for sale has now increased year-over-year for three straight months…”

Ending 2018, we now know two things:

Listing inventory increased over the last three months
Home sales increased over the last two months

Maybe a lack of inventory was the major challenge all along.

But, what about those pesky interest rates?

Last Thursday (the day after all of the above news), Freddie Mac announced that mortgage rates did not increase but instead decreased…again. From their release:

“The response to the recent decline in mortgage rates is already being felt in the housing market. After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months.

This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes – and given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well.”

Bottom Line

Will 2019 start out better than many have predicted? Perhaps, but we’ll have to wait and see. Things do look much better today, though, than they did just a month ago.

No Bubble Here! How New Mortgage Standards Are Helping

Thu, 03 Jan 2019 20:24:01 GMT

Real estate is shifting to a more normal market; the days of national home appreciation topping 6% annually are over and inventories are increasing which is causing bidding wars to almost disappear. Some see these as signs that the market will soon come tumbling down as it did in 2008.

As it becomes easier for buyers to obtain mortgages, many are suggesting that this is definite proof that banks are repeating the same mistakes they made a decade ago. Today, we want to assure everyone that we are not heading to another housing “bubble & bust.”

Each month, the Mortgage Bankers’ Association (MBA) releases a measurement which indicates the availability of mortgage credit known as the Mortgage Credit Availability Index (MCAI). According to the MBA:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.).” *

The higher the measurement, the easier it is to get a mortgage. During the buildup to the last housing bubble, the measurement sat at around 400. In 2005 and 2006, the measurement more than doubled to over 800 and was still at almost 600 in 2007. When the market crashed in 2008, the index fell to just over 100.

Over the last decade, as credit began to ease, the index increased to where it is today at 186.7 – still less than half of what it was prior to the buildup of last decade and less than one-quarter of where it was during the bubble.

Here is a graph depicting this information (remember, the higher the index, the easier it was to get a mortgage):

Bottom Line

Though mortgage standards have loosened somewhat during the last few years, we are nowhere near the standards that helped create the housing crisis ten years ago.

*For more information on the MCAI, including methodology, FAQs, and other helpful resources, please click here .

Census Bureau: Fla. Tops For ‘Net Domestic Migration’

Fri, 28 Dec 2018 22:56:25 GMT

*This blog post is compliments of 2018 Florida Realtors®

The U.S. population grew by 0.6 percent over the past year, according to the U.S. Census Bureau.

Larger states such as Florida aren’t usually in the running for “highest percentage growth” since their base populations are so large going in, however, and the Census Bureau reports that Nevada and Idaho were the nation’s fastest-growing between July 1, 2017, and July 1, 2018. Both states’ populations increased by about 2.1 percent in the last year.

Florida still made the top 5 list for percentage growth, however: Following Nevada and Idaho for the largest percentage increases in population were Utah (1.9 percent), Arizona (1.7 percent), and Florida and Washington (1.5 percent each).

States that lost population

Population declines were also common over the year, with a population decrease in nine states and Puerto Rico. The states that lost population last year were:

New York (down 48,510)
llinois (45,116)
West Virginia (11,216)
Louisiana (10,840)
Hawaii (3,712)
Mississippi (3,133)
Alaska (2,348)
Connecticut (1,215)
Wyoming (1,197)

“Many states have seen fewer births and more deaths in recent years,” says Sandra Johnson, a demographer/statistician in the Population Division of the Census Bureau. “If those states are not gaining from either domestic or international migration, they will experience either low population growth or outright decline.”

Nationally, natural increase (the excess of births over deaths) was 1.04 million last year, reflecting 3,855,500 births and 2,814,013 deaths. With fewer births in recent years and the number of deaths increasing, natural increase has declined steadily over the past decade. In 2008, natural increase was nearly 1.8 million.

Puerto Rico

New estimates show that Puerto Rico’s population continued to decline, with an estimated loss of 129,848 people (3.9 percent) between July 1, 2017, and July 1, 2018.

“Puerto Rico has seen a steady decline in population over the last decade,” says Johnson. “Hurricane Maria in September of 2017 further impacted that loss, both before and during the recovery period.”

Puerto Rico had a total population of 3,195,153 in 2018, a decrease from 3,726,157 in 2010. The decrease in Puerto Rico’s population is primarily due to higher rates of out-migration over in-migration and natural increase.

July 1, 2017 to July 1, 2018 Census Bureau study highlights

As a whole, the U.S. population continues to grow due to both natural increase and international migration. Though international migration was slightly higher last year (978,826 compared to 953,233 the year before), natural increase was slightly lower (1,041,487 compared to 1,122,546 the year before).
Texas had the largest numeric growth over the last year, with an increase of 379,128 people. Texas grew both from having more births than deaths and from net gains in movers from within and outside the United States.
Florida had the highest level of net domestic migration in the last year, at 132,602. Since 2010, Florida has gained a total of 1,160,387 people from net domestic migration.
The voting age population, those 18 years and over, increased by 0.9 percent to 253,768,092 people in 2018.
The estimates do not reflect the effects of Hurricane Florence in September 2018, Hurricane Michael in October 2018, and the California wildfires.

4 Quick Reasons NOT To Fear A Housing Crash

Thu, 27 Dec 2018 18:59:10 GMT

There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago.

Here are four reasons why today’s market is much different:

1. There are fewer foreclosures now than there were in 2006

A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in many cases, lowered the values of adjacent homes. We are ending 2018 with foreclosures at historic pre-crash numbers – much fewer foreclosures than we ended 2006 with.

2. Most homeowners have tremendous equity in their homes

Ten years ago, many homeowners irrationally converted much, if not all, of their equity into cash with a cash-out refinance. When foreclosures rose and prices fell, they found themselves in a negative equity situation where their homes were worth less than their mortgage amounts. Many just walked away from their houses which led to even more foreclosures entering the market. Today is different. Over forty-eight percent of homeowners have at least 50% equity in their homes and they are not extracting their equity at the same rates they did in 2006.

3. Lending standards are much tougher

One of the causes of the crash ten years ago was that lending standards were almost non-existent. NINJA loans (no income, no job, and no assets) no longer exist. ARMs (adjustable rate mortgages) still exist but only as a fraction of the number from a decade ago. Though mortgage standards have loosened somewhat during the last few years, we are nowhere near the standards that helped create the housing crisis ten years ago.

4. Affordability is better now than in 2006

Though it is difficult to afford a home for many Americans, data shows that it is more affordable to purchase a home now than it was from 1985 to 2000. And, it requires much less of a percentage of your income today than it did in 2006.

Bottom Line

The housing industry is facing some rough waters heading into 2019. However, the graphs above show that the market is much healthier than it was prior to the crash ten years ago.

Wage Increases Make Home Buying More Affordable

Sat, 01 Dec 2018 00:54:23 GMT

Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages.

How much a family earns obviously impacts how easy or difficult it is for them to afford to own a home. Because of an improving economy, wages are finally beginning to increase – and that dramatically affects home affordability.

According to the National Association of Realtors’ (NAR) September 2018 Housing Affordability Index , wages have increased in every region of the country:

After applying current salaries, home prices, and mortgage rates to their Home Affordability Index equation, the index, though still lower than this time last year (160.1 to 146.7), increased over the last month (141.2 to 146.7). For the complete methodology used by NAR, click here .

The percentage of income needed to own a home has also decreased each of the last three months. It currently sits at 17% which is substantially lower than historic numbers .

Bottom Line

If you are a first-time buyer or a move-up buyer who believes that purchasing a home is not within your budget, check with a local real estate professional to find out if that is still true.

75% Of Renters Have Been Misinformed

Thu, 29 Nov 2018 22:22:49 GMT

Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.

In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.

For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.

Affordability skyrocketed.

Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.

However, what is not being reported is that it is M ORE AFFORDABLE to own a home tod ay than at any other time since 1985 (when data was first collected on this point).

If you take out the years after the crash, affordability today is greater than it has been at almost any time in American history.

This has not been adequately reported which has led to many Americans believing that they cannot currently afford a home.

As an example, the latest edition of Freddie Mac’s Research: Profile of Today’s Renter reveals that 75% of renters now believe it is more affordable to rent than to own their own homes. This percentage is the highest ever recorded. The challenge is that this belief is incorrect. Study after study has proven that in today’s market, it is less expensive to own a home than it is to rent a home in the United States.

Thankfully, some are starting to see this situation and accurately report on it. The National Association of Realtors, in their 2019 Housing Forecast , mentions this concern:

“While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.”

Bottom Line

If you are one of the many renters who would like to own their own homes, talk to a local real estate professional to find out if homeownership is affordable for you right now.

Are Lending Standards Too Loose… Or Too Tight?

Wed, 20 Jun 2018 19:46:58 GMT

With home values appreciating at record rates, some are concerned that we may be heading for another housing bubble like the one we experienced a decade ago. One of the major culprits of that housing boom and bust was the loosening of standards for mortgage credit.

In a study done at the University of North Carolina immediately after the crisis, it was revealed that:

“Lenders began originating large numbers of high risk mortgages from around 2004 to 2007, and loans from those vintage years exhibited higher default rates than loans made either before or after.”

A study by John V Duca, John Muellbauer, and Anthony Murphy concluded that those risky mortgages caused the housing crisis:

“Our findings indicate that swings in credit standards played a major, if not the major, role in driving the recent boom and bust in US house prices.”

How do today’s mortgage standards compare to those from 2004 to 2007?

The Mortgage Bankers’ Association tracts mortgage standards in their Mortgage Credit Availability Index (MCAI). A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. While the chart below shows the index going back to that period between 2004 and 2007 when loose standards caused the housing bubble, we can see that, though the index has risen slightly over the last several years, we are nowhere near the standards that precipitated the housing crisis.

Bottom Line

If anything, standards today are too tight and are preventing some qualified buyers from getting the mortgage credit they deserve.

Will Home Prices Fall As Mortgage Rates Rise?

Tue, 05 Jun 2018 19:38:20 GMT

Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate.

However, some prominent experts in the housing industry doubt that home values will be negatively impacted by the rise in rates.

Mark Fleming , First American’s Chief Economist:

“Understanding the resiliency of the housing market in a rising mortgage rate environment puts the likely rise in mortgage rates into perspective – they are unlikely to materially impact the housing market…

The driving force behind the increase are healthy economic conditions…The healthy economy encourages more homeownership demand and spurs household income growth, which increases consumer house-buying power. Mortgage rates are on the rise because of a stronger economy and our housing market is well positioned to adapt.”

Terry Loebs , Founder of Pulsenomics:

“Constrained home supply, persistent demand, very low unemployment, and steady economic growth have given a jolt to the near-term outlook for U.S. home prices. These conditions are overshadowing concerns that mortgage rate increases expected this year might quash the appetite of prospective home buyers.”

Laurie Goodman , Codirector of the Housing Finance Policy Center at the Urban Institute:

“Higher interest rates are generally positive for home prices, despite decreasing affordability…There were only three periods of prolonged higher rates in 1994, 2000, and the ‘taper tantrum’ in 2013. In each period, home price appreciation was robust.”

Industry reports are also calling for substantial home price appreciation this year. Here are three examples:

The Home Price Expectation Survey says that prices will appreciate by 5.8% this year.
The Freddie Mac Outlook Report is looking for home prices to appreciate by around 7% in 2018.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.2% on a year-over-year basis.

Bottom Line

As Freddie Mac reported earlier this year in their Insights Report, “Nowhere to go but up? How increasing mortgage rates could affect housing ,”

“As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

Buyer’s Market Helps Premium Home Sales Soar

Wed, 19 Jul 2017 00:16:35 GMT

We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the premium home market, an over-abundance of inventory has started to see prices come down and put buyers in the driver’s seat, creating the beginning of a buyer’s market.

Last week, the National Association of Realtors released their Existing Home Sales Report which shed some additional light on the impact of inventory levels on sales in each price range.

The chart below shows the year-over-year difference in sales at each price range.

The under $100K range has shown declines in recent years due to the shortage of distressed homes available for sale (just 5% of sales this past month, compared to 35% in January 2012). Sales in the next two price ranges are no doubt being hindered by low inventory as buyers compete for the same home.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

NAR’s Chief Economist, Lawrence Yun, explained:

“Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”

The biggest surprise? This is the first time in years where the $1M and up price range had the highest jump in sales when compared to last year and to all other price ranges (29.1%)! The two price ranges right underneath the $1M range were a close second and third. As the price went up, so did the sales!

With additional inventory available in the higher price ranges, and the economy improving, many luxury buyers are finding it easier to find their dream homes. Yun commented,

“The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level.”

Bottom Line

If you are one of the many homeowners who is looking to sell your starter or trade up home and move up to a luxury home, now is the time!

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

If Your Home Hasn’t Sold Yet… Definitely Check the Price!

Wed, 07 Jun 2017 00:11:42 GMT

The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

If your house hasn’t sold, it could be the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Bottom Line

The housing market is hot. If you are not seeing the results you want, sit down with your agent and revisit the pricing conversation.

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

How’s the Real Estate Market? Find Out What the Experts Are Saying

Fri, 26 May 2017 00:04:22 GMT

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying:

Doug Duncan, Fannie Mae Chief Economist

“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”

Diana Olick, CNBC

“Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.”

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Daren Blomquist, Senior VP at Attom

“I am guessing we will see it get even better… If you are considering moving, it could be a really good time to sell.”

Lawrence Yun, NAR Chief Economist

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings…for sales to muster a strong gain. Sales will go up as long as inventory does.”

Mark Fleming, First American Chief Economist

“Despite higher mortgage rates, the potential for home sales increased on an annual basis driven by steady income and job growth, along with a surge in building permits. While it may be a little late for this spring, the increase in building permits is a welcome sign that some relief may be in sight for the inventory shortages that are holding back many markets from realizing their full potential this spring.”

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

4 Tips for Effectively Making an Offer

Wed, 17 May 2017 23:59:40 GMT

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective.Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

As we’ve mentioned before , getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

According to the latest Existing Home Sales Report , the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market . Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Bottom Line

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

What You Need to Know About Qualifying for a Mortgage [INFOGRAPHIC]

Mon, 15 May 2017 23:37:14 GMT

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Some Highlights:

Many buyers are purchasing a home with a down payment as little as 3%.
You may already qualify for a loan, even if you don’t have perfect credit.
Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

Buying a Home? Do You Know the Lingo?

Wed, 03 May 2017 23:09:12 GMT

Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.

Freddie Mac has compiled a more exhaustive glossary of terms in their “ My Home ” section of their website.

Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.

Appraisal – A professional analysis used to estimate the value of the property . This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.

Closing Costs – The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing . They include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs. Ask your lender for a complete list of closing cost items.

Credit Score – A number ranging from 300-850, that is based on an analysis of your credit history. Your credit score plays a significant role when securing a mortgage as it helps lenders determine the likelihood that you’ll repay future debts. The higher your score, the better, but many buyers believe they need at least a 780 score to qualify when, in actuality, over 55% of approved loans had a score below 750 .

Discount Points – A point equals 1% of your loan (1 point on a $200,000 loan = $2,000). You can pay points to buy down your mortgage interest rate. It’s essentially an upfront interest payment to lock in a lower rate for your mortgage.

Down Payment – This is a portion of the cost of your home that you pay upfront to secure the purchase of the property. Down payments are typically 3 to 20% of the purchase price of the home. There are zero-down programs available through VA loans for Veterans, as well as USDA loans for rural areas of the country. Eighty percent of first-time buyers put less than 20% down last month.

Escrow – The holding of money or documents by a neutral third party before closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-Rate Mortgages – A mortgage with an interest rate that does not change for the entire term of the loan. Fixed-rate mortgages are typically 15 or 30 years.

Home Inspection – A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.

Mortgage Rate – The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Interest rates for a 30-year fixed rate mortgage have hovered between 4 and 4.25% for most of 2017.

Pre-Approval Letter – A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Having a pre-approval letter in hand while shopping for homes can help you move faster, and with greater confidence, in competitive markets.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Primary Mortgage Insurance (PMI) – If you make a down payment lower than 20% on your conventional loan, your lender will require PMI, typically at a rate of .51%. PMI serves as an added insurance policy that protects the lender if you are unable to pay your mortgage and can be cancelled from your payment once you reach 20% equity in your home. For more information on how PMI can impact your monthly housing cost, click here .

Real Estate Professional – An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, to help you find your dream home, to negotiate any of the details that come up, and to help make sure that you know exactly what’s going on in the housing market. Real estate professionals can refer you to local lenders or mortgage brokers along with other specialists that you will need throughout the home-buying process.

The best way to ensure that your home-buying process is a confident one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher,’ and who puts your family’s needs first.

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

Is the Current Pace of Home Sales Maintainable?

Tue, 02 May 2017 22:39:43 GMT

There are some experts questioning whether the current pace of residential home sales is maintainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.

Why the concern?

Some are looking at the last four years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking.

However, if we go further back in history, we can see the real picture. After taking out the “boom & bust” years, the pace of sales is growing at quite a natural pace.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

And new home sales are way below historic numbers. Dave Liniger, Re/Max CEO explains :

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation. We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

Bottom Line

The current pace of residential home sales definitely seems maintainable.

Real Estate Mogul: Here’s Why You Should Buy

Wed, 26 Apr 2017 23:00:29 GMT

Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC , was recently asked the question, should you buy? Or should you rent a house?

Conlon responded:

“I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.”

Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment.

Who is Sean Conlon, and why should you listen to his advice?

Within a few years of working in the real estate industry, Conlon had established himself as one of the leading agents in the United States and has founded 3 billion-dollar brokerages dealing in residential, commercial and investment sales. Since immigrating to America from the United Kingdom in 1990, he believes very strongly in the American Dream and the role that homeownership plays in achieving it. Conlon is quoted on his website as saying:

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

“I treat people the way I would like to be treated if I went in to buy a house and I work harder than anybody I know. I think if you do that in America, you will always succeed.”

Bottom Line

Homeownership is an investment you can leverage against in the future, that not only provides shelter and safety but also helps you build your family’s wealth. If you are debating whether or not to purchase a home this year, meet with a local real estate professional who can assist you, today!

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

Tax Return Depressing? Owning a Home Could Help

Mon, 24 Apr 2017 22:56:54 GMT

Many Americans got some depressing news last week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or State government or both. One way to save on taxes is to own your own home.

According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.

<SEARCH SOUTH FLORIDA HOMES FOR SALE>

Here are four items, and a quote on each, from the Briefing Book:

1. Mortgage Interest Deduction

“Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $1 million of debt incurred to purchase or substantially rehabilitate a home. Homeowners also may deduct interest paid on up to $100,000 of home equity debt, regardless of how they use the borrowed funds. Taxpayers who do not own their home have no comparable ability to deduct interest paid on debt incurred to purchase goods and services.”

2. Property Tax Deduction

“Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.”

3. Imputed Rent

“Buying a home is an investment, part of the returns from which is the opportunity to live in the home rent-free. Unlike returns from other investments, the return on homeownership—what economists call “imputed rent”—is excluded from taxable income. In contrast, landlords must count as income the rent they receive, and renters may not deduct the rent they pay. A homeowner is effectively both landlord and renter, but the tax code treats homeowners the same as renters while ignoring their simultaneous role as their own landlords.”

4. Profits from Home Sales

“Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale. But homeowners may exclude from taxable income up to $250,000 ($500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years.”

Bottom Line

We are not suggesting that you purchase a house just to save on your taxes. However, if you have been on the fence as to whether 2017 is the year you should become a homeowner, this information might help with that decision.

Disclaimer: Always check with your accountant to find out what tax advantages apply to you in your area.

Contact Michael Baran, Founder, with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

Measuring Your Ability to Achieve the American Dream

Wed, 19 Apr 2017 19:16:48 GMT

Forbes.com recently released the results of their new American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”

The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.

The national index score was rounded out to 100 in January and saw a modest jump to 100.5 in February.

Alaska represented the lowest score on the index at 80.7, due mostly to the recent collapse in oil prices. Nevada came in with the highest score at 108.8, boosted by big gains in goods-producing jobs and new construction activity. The full results can be seen in the map below.

Forbes Senior Editor Kurt Badenhausen explained why many states saw a boost in the index last month:

“[B]usinesses are hiring in part in anticipation of tax cuts and less regulation… Many areas of the country have experienced strong upticks in employment and construction, as well as declines in unemployment claims since the start of the year.”

Bottom Line

The American Dream, for many, includes being able to own a home of his or her own. With the economy improving in many areas of the country, that dream can finally become a reality.

Addison Reserve Country Club, Delray Beach, FL, Approves a New $25M Esplanade Complex

Tue, 17 Jan 2017 02:05:55 GMT

DELRAY BEACH, FL (PRWEB) JANUARY 16, 2017

ADDISON RESERVE COUNTRY CLUB ANNOUNCES THE APPROVAL OF THE CONSTRUCTION OF A NEW $25M ESPLANADE COMPLEX

The membership of ADDISON RESERVE COUNTRY CLUB in Delray Beach, FL recently approved the construction of a new 40,000 square foot Esplanade Complex that will include a 15,433 sq. ft. state-of-the-art Fitness Center; Spa; Tennis Complex; Aquatic Center; Game Room addition and the Bistro casual dining restaurant.

Construction is anticipated to begin in September 2017 with completion slated for November 2018.

The existing Esplanade complex, containing the same amenities, will remain open during the construction period of the new complex which will be located at another site on the property. Members of the Club will experience limited disruption to services and amenities during the construction time.

Addison Reserve Country Club, a Platinum Club of America award recipient since 2009, is ranked as the number 7 country club in the top 150 country clubs in America, and is a Distinguished Emerald Club.

The sought-after country club community of Addison Reserve in Delray Beach, FL offers just 717 magnificent single family homes. The residences are situated around lakes and three 9-hole championship golf courses, originally designed by Arthur Hills. Amenities include six dining outlets and golf, in addition to the Esplanade.

There are 565 Golf Memberships at the Club with the remaining 152 memberships being Sports Memberships. Please contact the Club Membership office at 561-637-4004, ext. 101 for more details and for information about annual membership dues and fees. The Club is located on Jog Road in Delray Beach, Florida just south of Linton Blvd and just north of the Morikami Museum in Boca Raton.

Click below for full article

http://www.prweb.com/releases/2017/01/prweb13985375.htm

NOT YOUR GRANDFATHER’S CLUB: THE POLO CLUB OF BOCA RATON

Wed, 11 Jan 2017 02:02:13 GMT

Brett Morris brings a modern touch to the Polo Club of Boca Raton

By Martin Lenkowsky | Photography by Larry Wood

When Brett Morris was hired as general manager and chief operating officer at the Polo Club of Boca Raton as 2012, he recognized major changes in philosophy and leadership were needed—immediately.

He noticed a plethora of problems needing to be fixed. “There were governance issues, employee morale issues, financial and sales issues, and member morale issues,” he says.

The country club industry in South Florida is highly competitive, says Morris, with every club trying to become more desirable and attract more members. He says there are 45 clubs in Palm Beach County alone employing 10,000 people, representing 70,000 residents and 36,000 households.

<<CLICK HERE TO LEARN MORE ABOUT POLO CLUB OF BOCA RATON>>

Last year, country clubs in South Florida spent $150 million in construction projects, Morris says.

“We’re all trying to make ourselves the club of choice,” he says. “It’s all amenity-driven. You want to make sure the member experience is the best for the customers.”

From the time Morris came to the Polo Club, it has invested more than $25 million in renovations, including its 145,000-square-foot clubhouse with five different dining venues, two 18-hole championship golf courses, clay tennis courts, a family-resort pool complex and children’s activity center, as well as a 35,000-square-foot spa and fitness center.

And the feedback has been positive, says the 49-year-old Morris, a New Jersey native and a 1988 graduate of the Culinary Institute of America in New Hyde Park, New York. “I’m extremely happy,” he says. “In 2012, I think it had an identity crisis. Home sales were not what we wanted them to be. We need home sales, to continue with the capital improvements.”

<<SEARCH HOMES FOR SALE IN BOCA RATON NEAR THE POLO CLUB>>

Morris says members were looking for a plan that would make the club an extension of their homes. They obviously shared his plans and vision. He proudly says the renovation projects not only were completed a year early, but under budget as well.

He’s pleased with the Polo Club’s new direction under his leadership.

“It’s about being able to redirect an organization and put it back on the map as one of the premier clubs in South Florida,” he says, “and also to create a culture where the member and guest experience comes first. We’re also building a first-class management team.”

A cruise ship that never leaves port

Chris Tompkins, director of the Polo Club’s new-member sales and marketing, was hired by Morris five years ago. He notices the difference.

“It’s no longer a country club,” he says. “It’s now a true destination lifestyle resort. He [Morris] focused on a member-centric environment. It’s a world-class resort. It would rival any resort hotel.”

Morris says the club is “like a cruise ship that never leaves port.”

Adds Tompkins: “I sell it as a landlocked cruise ship. I sell the dream, and he delivers.”

Tompkins says there are 1,709 homes in the club, and about 3,500 members. “Brett’s job is to keep them happy, engaged and smiling,” he says. “We have 24 communities ranging from condos to estates. If you like the lifestyle, we’ll find you the home.”

Morris says there’s a changing demographic in today’s country club market, and he’s appealing to this change. “We’re trying to get the club younger,” he says. “The average home buyer is 63. Our sweet spot is for ages 55 to 60.”

This trend toward younger buyers is not unique to South Florida. Morris says the same changing demographics holds true in Chicago, New York, Boston and Canada. As a result, country clubs are broadening their appeal to young families with children by adding amenities for kids as well as their parents.

“Our goal is to keep the club sustainable,” he says. “Golf is declining. That used to be the No. 1 activity. We’re creating a lifestyle for people. You have to be creative. You have to make things fresh.

“When I came, all the restaurants had the same [employee] uniform. We rebranded the restaurants and gave each its own identity. We have five restaurants from casual poolside to high-end seafood. For kids, we have a whole plethora of activities—a teen center, summer camps, holiday and spring camps, a tennis club and even a fishing club.”

Before his arrival at the Polo Club, he says the governing board used to micromanage. Then things changed. “They let me run the operation,” he says. “We’re a club, but we’re also a $50 million business. If the club fails, home values go down.”

Morris, a Palm Beach Gardens resident, emphasizes his top priority is giving people the best experience possible. Tompkins wants residents to see the club and its amenities as an extension of their homes.

Of course, once in a while, things might happen that are not up to par.

“If you have a bad experience, we want to know about it,” Morris says. “I want to know what people are saying. Some feedback is good; some not so good. You have to address it head on. You need to overcome the challenges. It’s all about soliciting feedback.”

Starting out as a dishwasher

Morris started his career in the service industry working as a dishwasher while in his teens. “I loved the action in the kitchen,” he says. “I loved working at night in the kitchen.”

After graduating from culinary school, he got a job as a sous chef at a French restaurant in New York. He went on to become an executive sous chef in a restaurant at New York’s Rockefeller Center—“where the ice skating is,” he says. He later became an executive chef at a country club in Greenwich, Connecticut.

He decided he wanted to move to Florida while doing an externship at Disney World while in culinary school.

“I always had a dream to live and work in Florida,” he says. Before arriving at the Polo Club, he was general manager and chief operating officer at a country club on Long Island’s North Shore.

And where does he see his career 10 years in the future? “I want to keep on building on my successes here at the club,” he says. “I just want to keep making this community the best I can.”

Plus, he wants to give back to the business he loves.

“I like mentoring future leaders in the business,” he says. “I’m doing all I can to help grow the industry.” ↵

Source: http://sfbwmag.com/2016/12/not-your-grandfathers-club/

GL Homes insists Boca should accept its golf course bid

Wed, 21 Dec 2016 01:56:24 GMT

GL Homes says selecting a buyer for the Boca Raton municipal golf course should be as easy as a six-inch putt for par.

GL’s bid of $73 million for the 194-acre course was the highest among 10 offers received by the city’s Oct. 21 deadline. And the Sunrise-based company, the dominant homebuilder in Palm Beach County , was the only bidder not to include contingencies, said Alan Fant, senior vice president of GL.

“We never understood from day one why there was a debate,” he said.

But Boca Raton City Council members have named two other developers as finalists to buy the course on Glades Road west of Florida’s Turnpike, outside the city limits.

Lennar Homes and Compson Boca Argent LLC also are in the mix. The council has asked city staff to research the proposals, and a decision on a buyer could come in January.

<<SEARCH BOCA RATON HOMES FOR SALE>>

Miami-based Lennar bid $51 million as part of a proposal to buy the course and give the city title to Ocean Breeze Golf Club, at 5801 NW Second Ave. within the Boca Teeca subdivision. That course closed July 1, and Lennar is under contract to buy it from Wells Fargo.

To build on that land, Lennar would need approval from Boca Teeca residents, who have indicated they want to keep the property as a golf course.

Some residents have lobbied the city to acquire Ocean Breeze because it would put a municipal course inside the city limits.

“There are not that many options for public golf in the area,” Boca Raton resident Lesley Sanatan said. “We think [a public course at Ocean Breeze] would be a real asset for visitors and residents.”

In November, council members passed a resolution that supports “reasonable efforts” to maintain Ocean Breeze as a golf course, though officials have said that doesn’t obligate the city to accept Lennar’s offer for the municipal course on Glades Road.

Under Lennar’s proposal, the builder would receive a $10 million credit for Ocean Breeze when it completes the purchase of the municipal course, netting the city $41 million. Lennar officials did not return calls for comment.

Meanwhile, GL attended Tuesday’s City Council meeting, insisting that council members don’t have to take less money from Lennar just because the builder would give the city title to Ocean Breeze.

GL says the city should accept its $73 million offer for the municipal course and separately acquire Ocean Breeze through eminent domain.

While Mayor Susan Haynie previously has questioned whether it was permissable to acquire a golf course through eminent domain, David Smolker, a lawyer for GL, told council members it would be allowed under the law because it’s clearly intended for a public purpose.

Smolker and another GL attorney spoke during the public comment portion of the meeting. Council members did not discuss the golf course sale Tuesday night.

The third offer for the course is from Compson Boca Argent LLC, which originally bid $47.5 million. After the Oct. 21 deadline, Compson increased its offer to $73.2 million.

GL’s Fant said Compson should not have been allowed to increase its bid because the city previously said in writing that no offers after Oct. 21 would be considered.

Even though the city solicited bids for the golf course, it was not through a formal request for proposals and therefore remains a “fluid” process, Haynie said.

The mayor said she still wants to hear from city staff about the eminent domain matter and other issues regarding the proposals.

“I’m waiting for the additional information before I make my decision,” she said.

Boca Lago Country Club Membership Discount

Tue, 25 Oct 2016 00:51:39 GMT

Boca Lago Country Club

Follow your Dream… Play it! Live it!

The Members and Staff invite you to experience our relaxed Private Club lifestyle and pristine facilities at an affordable cost. We have a magnificent 27 hole championship golf course, a 20 court tennis complex, wonderful cuisine and a beautiful Clubhouse with all the amenities you look for at a private club. If you’re a golfer, tennis player or looking for a social network, Boca Lago offers the best Private Country Club Membership in South Florida. Our staff is committed to providing the members and guests the finest service and memorable experiences every day.
Click HERE for more details:

<<SEARCH HOMES FOR SALE AND CHECK OUT MY REVIEW OF BOCA LAGO>>

Golf pros bring lessons and cheer to kids at St. Mary’s Medical Center

Wed, 24 Aug 2016 00:09:09 GMT

WEST PALM BEACH — There were lots of strokes at Palm Beach Children’s Hospital on Wednesday — golf strokes.

Part of St. Mary’s Medical Center, the children’s hospital is one of five in South Florida that PGA teaching pros visit each week, to give the young patients lessons and break the monotony of stays that can last days or months.

Leukemia patient Tristin Calkins, 8, for example, was perfecting his putting and driving with oversized clubs and tennis balls. A smile crossed his lips when one shot hit a photographer.

He’s been coming to the hospital on and off since 2013 and is about a month away from a bone marrow transplant from his six-year-old brother, said his mother, Lindsay Patterson. He looks forward to playing golf “every time we’re here,” she said.

Hospital CEO Gabrielle Finley-Hazle said the golf sessions serve a larger purpose. “Part of their healing is to play, to have fun, to laugh,” she said.

PGA teaching professional David Pesakov helps patient Brandon Redding, 5, of West Palm Beach, with his golf skills at Palm Beach … Read More

Brittany Williams, clinical coordinator for Child Life, said the hospital provides daily activities for children who are in bed and those able to get around, to prepare them emotionally for medical procedures. “We work with the kids on their level and do a lot through play, because kids communicate through play,” she said.

Dave Pesacov, the local PGA pro giving lessons Wednesday, said he’s been helping out through PGA’s “Smiles for Life” program for nearly three years, at the hospital and at Quantum House, a residence for patients’ families, next to the hospital.

“I spend every Wednesday, from 1:30 to 3:30 at St. Mary’s and 3:30 to 4:30 at Quantum House, he said.

RICHARD GRAULICH

Tristin Calkins, 8, of Boca Raton, practices chipping at a target inside the Palm Beach Children’s Hospital at St. Mary’s. (Richard … Read More

“It’s just giving what I can be good at to someone who’s going through a tough time and getting them to have their own good feeling. I get my food feeling when I see they’re having a good time, when they get that one shot that’s perfect, whatever it is that makes them happy, when a kid hits the bulls-eye and his face lights up….”

A girl came Wednesday in a wheelchair, who just wanted to throw the ball, Pesacov said. “She was throwing and she was laughing and joking. You’e got a kid who can’t get out of a wheelchair and she’s laughing and joking. It’s using golf to create a good feeling for kids going through a tough time. …They’re not having having much fun otherwise.”

To read the latest headlines from West Palm Beach, go to: palmbeachpost.com/westpalm .

Wycliffe Golf & Country Club earns Distinguished Gold Club of the World

Sat, 20 Aug 2016 00:01:56 GMT

Wycliffe Golf & Country Club has been awarded the Distinguished Gold Club of the World award, as determined by the annual Distinguished Clubs of the World award program conducted by BoardRoom magazine, one of the most respected trade publications serving private clubs.

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“We’d like to congratulate Wycliffe Golf & Country Club for earning Distinguished Gold Club status,” said John Fornaro, publisher of BoardRoom magazine, “Special recognition also goes out to Wycliffe’s general manager and COO, Darrell Wilde, as well as the club’s board of directors, its department heads, and entire staff for their efforts in providing an excellent member experience.”

As defined by Distinguished Clubs, “member experience” is a special combination of qualities that a private club provides its members. It is not just the quality of service, or of the facilities, or of the product provided, it is also the quality of the staff and of the management, as well as the overall club governance they deliver. The most important quality, however, is the quality of the intangible. While difficult to measure, the latter is composed of those magic moments experienced, the members befriended, the memorable events and famous tournaments attended, as well as the club traditions, history, and heritage proudly recognized, according to the award program.

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Whether you are thinking of Buying or Selling a Home contact a professional realtor who cares about you and your time.

Contact Michael Baran Real Estate Consultant with Keller Williams Realty at 954.593.7467 and schedule a FREE Real Estate Consultation Today!

Old Palm Golf Club: Night golf gets glowing reviews

Fri, 29 Jul 2016 23:57:22 GMT

Old Palm Golf Club recently held an inaugural Glow Ball golf event at the Golf Studio, and it drew an unexpectedly large crowd, especially for summer. Nearly 80 members played in the nighttime tournament, using glowing golf balls that could easily be seen in the dark.

It was pure fun from the get-go, starting with cocktails and hors d’oeuvres. The novel, scramble- format event also served to officially welcome Old Palm’s new Director of Golf, Dan Terlescki.

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A nine-hole short course of Par 3s was set up for the event. The holes ranged in length from 49 yards to 131 yards, a true test for even the most experienced golfers because they were playing in the dark.

Even so, two foursomes came in at 3 under par. The champions were determined after a fiercely competitive, but incredibly fun chip-off.

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Looking to Buy or Sell a home in South Florida? Contact Michael Baran Real Estate Consultant with Keller Williams Realty at 954.593.7467.

Five new models going up in the Golf Estates at Old Palm Golf Club

Mon, 25 Jul 2016 23:53:11 GMT

Five models by two builders are now in different phases of construction in the Golf Estates at Old Palm Golf Club. Courchene Development Corporation is building three of the models; Mustapick Estate Homes is building the other two.

Courchene is also offering the neighborhood’s only completed model that is now ready for move in—the Royal Poinciana. This 4,022-square-feet under-air residence is beautifully situated on a preserve home site that offers the ultimate in privacy.

The home is spectacularly designed, beginning with its entry courtyard, which is graced by a fountain that sets a tone of serenity. Inside are four bedrooms, five full baths and one half bath, a den, and a spacious Great Room that opens onto a covered loggia. Other desirable features include high ceilings, beautiful woodwork and a light-infused interior.

This Royal Poinciana is priced from $1,825,000 unfurnished. Another Royal Poinciana is under construction across the street, a confirmation of this model’s popularity.

Courchene is also building a Carlisle and Poinciana II in the Golf Estates. The 4,062-square-feet under-air Carlisle features four bedrooms, four full baths and one half bath, a formal living room and study. It overlooks a private water feature and is priced from $1,985,000 unfurnished.

<<LEARN MORE ABOUT OLD PALM GOLF CLUB AND HOMES FOR SALE THERE>>

The Poinciana II offers a Great Room design for its 3,485 square feet under air. There are also three bedrooms, three full baths and one half bath and a study. The Poinciana II overlooks a private water feature and is priced from $1,845,000 unfurnished.

Mustapick’s two models are among its most desirable designs. There is the 3,892-square-feet under-air Marseilles, which features three bedrooms, three full baths and one half bath, and a den in a Great Room design. The Marseilles is priced from $1,975,000 unfurnished.

Mustapick’s larger model in the Golf Estates is the Monaco. This spectacular 4,098-square-feet under-air residence offers four bedrooms, four full baths and one half bath, a family room and den. Like all of Mustapick’s models, it overlooks a private water feature. The Monaco is priced from $1,975,000.

To Learn more information about this project please contact Michael Baran Real Estate Consultant at 954.593.7467!

High-end homes to replace closed Fort Lauderdale golf course

Thu, 07 Jul 2016 20:51:45 GMT

Sun Sentinel Posted an article the other day about the Enclave new constract project in Coral Ridge Country Club featuring 36 homes on 22 acres. Check out the article and if you need any Real Estate help in South Florida Contact me, Michael Baran Real Estate consultant at 954.593.7467

High-end homes to replace closed Fort Lauderdale golf course

By Paul Owers

An investment group that includes developer Terry Stiles and auto dealership franchisee Phil Smith is moving forward with plans for a gated community of high-end homes in Fort Lauderdale.

The Enclave at Coral Ridge Country Club will feature 36 homes on 22 acres off Federal Highway and Northeast 38th Street. The development will replace the former American Golfers Club golf course that has been closed since it was damaged during Hurricane Wilma in 2005.

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J.J. Sehlke, managing partner for the Enclave, said the vacant lots are priced from $785,000 to $1.35 million. Three have sold so far, and eight more are under contract, he said.

Buyers can choose to work with either of the project’s two featured builders, Bomar Builders and Grey Door Luxury Homes, or choose their own builder, Sehlke said. Homes must meet design standards and can’t be smaller than 3,700 square feet.

He said construction should start by the end of the summer, and he expects the first residents to move in eight to 14 months later.

“People want new homes with all the bells and whistles,” Sehlke said. “Demand has been tremendous.”

The group headed by Smith and Stiles owns the American Golfers Club site and the adjacent Coral Ridge Country Club.

Smith and Stiles recently completed The Enclave Shops at Coral Ridge, a 27,300-square-foot center at the entrance to the new development. The Fresh Market, a gourmet supermarket chain, is the center’s anchor tenant.

Aside from the new homes and the shopping center, the ownership group built a nine-hole golf course and a park on the 75-acre American Golfers Club site. The group donated the park to the city, Sehlke said.

Stephen B. McWilliam, president of Florida State Realty Group in Fort Lauderdale, said Enclave at Coral Ridge is in a prime location and reasonably priced compared with other homes near the waterfront.

“You’re not going to pay a premium for Las Olas [Boulevard] or Harbor Beach,” McWilliam said. “This is attainable luxury living.”

In recent years, homebuilders in Broward have been redeveloping golf courses, older shopping centers and other properties because of a shortage of available land.

Homes are being built on former golf courses in Tamarac and Pembroke Pines, and Hollywood city commissioners have approved plans for two separate gated communities, totaling 645 homes, on two courses in Hillcrest.

Last month, residents of Fountains Country Club, west of Lake Worth, approved a deal to sell parts of two courses to Sunrise-based GL Homes, which plans 200 homes and 270 apartments.

Article Courtesy of: http://www.sun-sentinel.com/business/realestate/fl-coral-ridge-home-sites-20160701-story.html

The Southern Moustache Open to Benefit CTF

Mon, 20 Jun 2016 23:43:26 GMT

This is a great charity I have been participating in for the 3rd year now. It is located in Peachtree City, GA, about 30 minutes southwest of Atlanta at the Flatcreek golf club. The same foursome goes up every year for a long weekend, we participate in the event, and then play some of the local courses the remaining time. A few golf friend’s business associates host this as a means to raise awareness and funding for CTF. It is always a great event which is a 4 man scramble, along with a long drive and closest to the hole competition. They also have a long drive and/ or trick shot artist put on a show prior to the shotgun start, and then we are off. As prior defending champions (we did happen to get lucky, hit every possible putt that day, and win a tiebreaker), we did not live up to the past. Though we finished a disappointing 5th place, you really can’t lose when helping a charity that means so much. Here is a link detailing the event, and showing some of the outrageous participates!

Boca Raton lawyer helps golf resorts through tough times

Thu, 17 Mar 2016 23:51:05 GMT

As an avid golfer in South Florida, I like to stay current on everything happening in the area related to golf and homes. Check out this nice read from Sun-Sentinal:

Mike Baran, The Golf Life Agent

Golf resort lawyer Michelle Tanzer stands in the course of one of her clients, The Falls Club of the Palm Beaches.

(Maria Lorenzino / Sun Sentinel)

Article:

Boca Raton lawyer Michelle Tanzer keeps golf courses and resorts out of the rough.

Tanzer, partner and chair of the residential, resort and club legal practice for the Gray Robinson law firm, troubleshoots for golf and other private clubs on legal issues such as membership, employees, landscaping and zoning.

Her work in Florida revolves mostly around golf courses that have residential housing, but she is called upon to do work around the world, with about one-third in the Caribbean and Bahamas, another third in Asia and India, and the remainder in the U.S.

In South Florida, she has worked with golf clubs since the recession to make them more “economically viable.” As golf clubs began to struggle for membership during the recession, more have moved to broaden their membership.

“Today’s membership demographic is younger, more diverse, and clubs are more family-oriented,” Tanzer said.

Golf club documents have to be altered as a club makes changes.

“A club is like a small business,” she said. “It touches so many aspects of business and law.”

Keeping any private club out of court is a priority as privacy is essential to a private club. So Tanzer is an advocate of arbitration. She’s a Florida Supreme Court-qualified arbitrator, certified circuit court civil mediator and one of four professionals selected by the American Arbitration Association for the National Golf Industry Panel.

She may be called if there’s a problem with a member or previous member, an employee or a desire to add new amenities, such as a spa. Or if someone is injured on the golf course in a golf cart or by a flying club.

But usually a golf club is covered legally for such incidents because the courts view golf as a difficult sport, she said.

“When you play the game of golf, you have the reasonable expectation there might be an errant golf ball now and then,” Tanzer said.

To help clubs through tough economic times, she developed the “Hero Program,” in which members who leave relinquish the club’s obligation to refund their initial deposit for membership. The golf club offers a variety of alternative perks to the obligation and hails the departing member as a “hero.”

Edward “E. J.” Ewing Jr., general manager Sailfish Point, a golf course and marina community on Hutchinson Island, said Tanzer was instrumental in updating the property’s documents and bylaws, which spell out the rights and responsibilities of its more than 500 residents. The job took four years but won the membership’s approval in 2014.

“She does a good job not only interpreting, but also working her way through issues,” Ewing said. Tanzer’s approach helped get the required 75 percent vote of the property owners in favor of the changes, he said.

Large hotel and condominium companies also call upon Tanzer for her expertise.

“We look to her as our condominium expert,” said Dottie Ingalls, who is responsible for negotiating transactions for Marriott International in Bethesda, Md. “She really does a remarkable job.”

Ingalls said she once faced a long weekend to finish a task, so she turned to Tanzer for help. By Saturday afternoon, Tanzer had completed her part and was asking, “What else can I do for you?”

Tanzer, 53, knew she wanted to practice law as early as the second grade. She graduated from Emory University School of Law and passed the bar in 1988. She first joined Gunster law firm, then Holland & Knight, and finally was recruited to GrayRobinson to lead the hospitality practice.

A single mother, Tanzer said there has been no time to play golf herself. She has been busy practicing law or parenting her son Alex Fisher, 19, now a freshman at Burnett Honors College at the University of Central Florida.

When asked, Tanzer did find time to write a book on her specialty. The result was “The Club Litigation Book – Keeping Clubs out of Court,” part of the Club Book series published by The Club Tax in 2008.

Ed Rehkopf of Club Resources International writes in his review of the book, “I learned more about club legal issues in the two hours it took to read the summarized material than during a 38-year career in hospitality management.”

Source: http://www.sun-sentinel.com/business/careers/fl-golf-resort-lawyer-boca-raton-20160311-story.html

Breaker West Course Review

Thu, 04 Feb 2016 21:46:16 GMT

Over this weekend, I had my first opportunity to play the Breakers West property. This is a Rees Jones course, which has been lengthened to a maximum of 7100 yards, with a par 72 layout. The front nine is a par 35 layout, with the back nine consisting of 3 par 5’s in a 5 hole stretch, for a backside par 37 format. As South Florida has been getting killed by rain the last week, I was curious as to how the course conditions would hold up. The Breaker’s Ocean Resort guests can also play the course, via a short 15 minute shuttle from the ocean location. Add this to the fact that everyone has been unable to play for the last few days, and we have the making of a possibly long day. Let’s see how the course and playing conditions held up!

Upon arriving at the club, we checked in though the gated entrance and were directed to the clubhouse. We were greeted at the bag drop and offered complimentary valet, though was unnecessary as parking was adjacent to the range. After checking in, the course did seem pretty busy, and tee times were full. There is a nice layout of practice facilities located very near the clubhouse and first tee. With a driving range, separate putting, chipping, and first hole warm-up area, there was plenty of space provided. Warmed up and ready to go, let’s get to the course.

The overall feel of the course is very similar from the first tee on. This course is very playable, providing enough challenge for any golfer, but has enough wiggle room for any level of player to have a good day. Many of the holes are slight doglegs, but the landing areas are pretty forgiving. The bunker layout again does not require too much addtional shot altering, and will mostly effect extremely errant shots. A good number of the greens are accessible, though there are more than a few holes with water on one or multiple sides. A few standout holes were the par-5 6th, which is a slight dogleg right. Unless you really get ahold of your driver, you will have a challenging layup with water down the right, and bunkers on the left. Even with a successful second shot, the green is large and open in the front, but surrounded by water on the other sides. Another standout hole is the short par 4 9th. Direct line tee to green was 315 yards, but this is directly over water. The hole is a big, sweeping dogleg left with water down the left the entire way. You can hit anything from a 6-iron to a driver, depending on how much you want to cut off. A really great risk- reward hole.

As for the overall condition and playability of the course, I was happily surprised. There were some soggy fairway areas as expected, but the course held up extremely well to the weather. The greens were consistently in good shape, rolling really well, and still moving quickly. Even though the course was full, the fact that we were a twosome playing behind a foursome, the round was just around 4 hours, and moved at a very good pace. It was apparent that the members were used to this pace, and everyone seemed to be on the same page. As discussed previously, I was expecting a much slower pace due to all of the factors, but not once did I really feel like we were moving too slowly. It was just a nice enjoyable round, with the beautiful weather we all have come to expect. If you are thinking about the Breakers, it would be a great place to check out for the golf life, and offers all the additional activities that you can experience in South Florida!

Cuscowilla- Georgia Golf at it’s finest!

Fri, 20 Jun 2014 20:24:48 GMT

As we were heading up to participate in an annual tournament that goes to support CTF, the co-host of the event invited up a day early to join him to play Cuscowilla. Perennially ranked as one of the top golf courses in the state of Georgia, it did not disappoint! Our host said that if any of the 4 of us broke 84, he would by the drinks after. Challenge accepted! Even on the drive in, one of the unique features that contributes to the course are the bunkers. Not your normal sand bunkers, they are more along the lines of red clay sand, which gives the course and bunkers a distinctive look. Starting off on the first tee, with no time to warm up, (thanks to the airport car rental station not having the car we RESERVED!), I piped a drive right down the middle! A great start, but may have only served to unjustly convince myself I was going to have a good day. The day had its ups and downs, just too many small errors to score well, and I ended up shooting a 90. The greens were spectacular, very quick, some of the better I have played. The fairways are generous, but there is a reason for this, as I learned quickly. The green complexes are deceivingly slippery. Miss in the wrong spots, and you are looking at a 3 putt, of falling of the green completely. All in all, I was impressed with the course, and would recommend a trip from Atlanta to give it a try!