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Davie, FL Real Estate News

By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Saving for a Down Payment? Here’s What You Need To Know.If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”And a recent Freddie Mac survey finds:“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of t...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
How Owning a Home Grows Your Wealth with TimeSome Highlights If you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long term when you own a home. Let’s connect so you can start your homebuying journey today.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Why Buying or Selling a Home Helps the Economy and Your CommunityIf you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community: “The economic impact means housing is a significant job creator. In fact, for every singl...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
A Drop in Equity Doesn’t Mean Low EquityYou may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines reportin...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Real Estate Is Still Considered the Best Long-Term InvestmentWith all the headlines circulating about home prices and rising mortgage rates, you may wonder if it still makes sense to invest in homeownership right now. A recent poll from Gallup shows the answer is yes. In fact, real estate was voted the best long-term investment for the 11th consecutive year, consistently beating other investment types like gold, stocks, and bonds (see graph below):If you’re thinking about purchasing a home, let this poll reassure you. Even with everything happening today, Americans recognize owning a home is a powerful financial decision.Why Do Americans Still Feel So Positive About the Value of Investing in a Home?Purchasing real estate has typically been a solid long-term strategy for building wealth ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Reasons To Own Your HomeSome Highlights June is National Homeownership Month, and it’s a perfect time to think about all the benefits that come with owning your home. Owning a home not only makes you feel proud and accomplished, but it’s also a big step toward having a secure and stable financial future. Are you ready to enjoy all the amazing advantages that come with owning a home? Let’s get in touch to start the process today.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Keys to Success for First-Time HomebuyersBuying your first home is an exciting decision and a major milestone that has the power to change your life for the better. As a first-time homebuyer, it’s a vision you can bring to life, but, as the National Association of Realtors (NAR) shares, you’ll have to overcome some factors that have made it more challenging in recent years: “Since 2011, the share of first-time home buyers has been under the historical norm of 40% as buyers face tight inventory, rising home prices, rising rents and high student debt loads.”That said, if you’re looking to purchase your first home, here are two things you can consider to help make your dreams a reality.Save Money with First-Time Homebuyer ProgramsBeing able to pay for the initial costs and fees associated ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Today’s Real Estate Market: The ‘Unicorns’ Have Galloped OffComparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word: “Something that is greatly desired but difficult or impossible to find.” The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard.  Waves of first-time and second-home...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Moving Now Can Give Your House Its Day in the SunSome Highlights If you want to sell your house, consider doing it this summer. The days are longer, the weather is warmer, and it’s a great time for sellers. If your needs have changed, now’s the time to capitalize on the low inventory and multiple offers in today’s sellers’ market. Let’s connect today if you’re ready to sell your house and move to a home that meets your changing needs.
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Owning a Home Helps Protect Against InflationYou’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise. Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why. Homeownership actually shields you from the rising costs inflation brings.Freddie Mac explains how:  “Not only will buying today help you begin to build equity, a fixed-rate mortgage can stabilize your monthly housing costs for the long-term even while other life expenses continue to rise – as has been the case the past few years.” Unlike rents, which tend ...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Tips To Help You Buy a Home in Today’s MarketUse these tips to make your best offer in today’s sellers’ market. Let’s connect so I can help you buy that home you’ve been wanting.Watch Now
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By Teri Arbogast, Davie, Weston, Plantation Real Estate- Top Realtor, Davie Florida Realtor, Weston, Plantation, Miramar
(TOP 1% of Realtors)
A 4/2.5 Pool Home on Lake in Shenandoah SELLS for $805,000!A 4/2.5 pool home on lake in Shenandoah SELLS for $805,000!  The new owners of this beautiful home will get to experience day after day, breathtaking sunsets, tropical breezes from the wide lake that you can fish or canoe on, right from your own yard, a sparkling pool with a big patio and built in BBQ, and a side yard with plenty of room for a boat or garden.The top rated Broward County schools that children living in this home will attend are Flamingo Elementary School, Indian Ridge Middle School and Western High School.The Shenandoah community offers walking trails and a brand new park within walking distance for you to enjoy with your family and sidewalks to stroll in the morning or evening.  This home is also close to great ...
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By Teri Arbogast, Davie, Weston, Plantation Real Estate- Top Realtor, Davie Florida Realtor, Weston, Plantation, Miramar
(TOP 1% of Realtors)
Arboretum 4/2 Single Family Home in Davie SELLS for $595,000! An Arboretum 4/2 single family home in Davie SELLS for $595,000!  This upgraded and spacious 4 bedroom home with nicely updated bathrooms, BIG kitchen, large master bedroom and HUGE covered patio with private yard has a new family! Arboretum is lovely, friendly and established community in Davie that is conveniently located near great schools, shopping, dining and major highways that will get you to beautiful Florida beaches or Fort Lauderdale International Airport.  This community is also close to great parks to enjoy with the family including, Robbins Park, Tree Tops Park and Flamingo Gardens.  Children living in this Arboretum home will attend these Broward County schools: Flamingo Elementary School, Indian Ridge Middle Sc...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
There are four basic stages of residential construction including: The foundation stage begins with excavation, footings, foundation walls or slab, waterproofing, backfill, compaction and underground rough plumbing and electricity.  Municipal inspections are done prior to pouring the foundation while items are visible. The framing stage includes the wood or steel framing, exterior walls and roof sheathing, exterior trim and siding, windows, doors, and roofing.  Depending on the municipality, there could be inspections of the rough framing separate from the roofing. Next in this stage comes rough plumbing including water, waste, and vent piping, rough electrical, rough mechanical, ductwork, wiring, and electrical panel installation.  Municipalities will usually inspect plumbing and elect...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
An appraisal gap describes the difference between the sales price and the lower amount of the appraisal required by the mortgage being obtained by the buyer.  It becomes an issue if the seller is not willing to lower the price or the buyer is not willing to pay the difference in cash.Looking at the issue from the seller's perspective, "if the buyer wants my home and he can't get the loan he wants, he'll have to make up the difference in cash."  The buyer might have a different view like "If an independent appraiser can't justify the price, I'm not going to pay more than appraised value." Pay the difference in the appraised value and the purchase price in cash. Solution - Assuming the buyer has adequate cash reserves and is willing to pay above appraised value, this will satisfy the lend...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Opening and closing a faucet increases and decreases the water flow, lowering interest rates increases home sales and raising interest rates decreases home sales.When home sales increase during periods of limited inventory, demand increases and prices go up.  Contrarily, when home sales decrease, demand could lessen and prices moderate. There is opportunity with higher rates because it affects sales and demand, which in turn keeps prices in check.  By waiting for rates to come down, and no one knows by how much but certainly not to the 3-4% range, buyers' pent-up demand will affect the already low supply and cause prices to increase.Let's look at a scenario where you could buy a home today for $400,000 with a 90% loan at 6.5% for 30-years with P&I payments of $2,275.44.  If interest rat...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Nobel Prize recipient, Richard Thaler, in his research into seemingly irrational economic behaviors, "found that consumers generally search too little, get confused while evaluating complex alternatives, and are slow to switch from past choices, even if it costs them." "Why are consumers leaving money on the table?"Based on this behavior, a borrower securing a mortgage might depend on their existing banking relationship or a single referral from a friend or agent rather than shopping multiple lenders.When shopping for a lower mortgage rate, consider that not all lenders share the same business practices.  Some may lure unsuspecting borrowers to a rate, knowing full well that they cannot deliver on it.  After making a loan application and supplying information necessary for approval, the...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Doing nothing may be a lot more costly than doing something.  With rates twice what they were in 2021 and the first half of 2022, many buyers are sitting on the sideline.  For some, it has to do with not being able to afford the home they want at today's mortgage rates and for others, it is not willing to accept that the low rates that were available are not only gone, but may never be available again.In the late 70's, rates were around 10% and in the early 80's went up to 18%.  Interestingly, many buyers went ahead and purchased at those record level highs and refinanced a few years later when rates came down.  By the end of the decade, prices had continued to increase so that buyers had a significant equity in their home.Tenants who waited for the rates to go down didn't see savings b...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment.  These amounts can vary according to the type of loan, mortgage company, customary practices of the area, and the terms of the contact.According to Freddie Mac, the amounts could vary between 2-5% which is considerable.  Most buyers want a more specific number and that can depend on the conditions mentioned previously.For buyers, the largest amounts are loan origination fees which is usually one percent of the amount borrower, points paid by buyer which are one percent or more of the mortgage amount, owner's title policy if paid by the buyer, and the pre-paid items mentioned above.Certain types of mortgages allow the seller t...
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By Michael Peron, Michael Peron, Dave Florida Real Estate
(South Florida Home Solutions)
Sales in February 2023 were up 14.5% month over month and still down 22.6% year over year according to the NAR Housing Snapshot.  The median sales price dipped 0.2% to $363,000 and there are 2.6 month's supply of homes on the market compared to 1.7 months a year ago."Inventory levels are still at historic lows, and consequently, multiple offers are returning on a good number of properties." According to Lawrence Yun, Chief Economist for the National Association of REALTORS�.It is still important to have a strategy for potentially competing with other buyers on the house you want to buy.  The plan should include several available provisions and options, so that at the time of drafting the sales offer, you can consider exactly what to include based on the situation.Unless a person is payi...
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