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Paige Wajsman's Blog

By Paige Wajsman | Agent in Jacksonville, FL
  • BACK ON THE MARKET WITH $80,000 BANK APPROVED PRICE!

    Posted Under: General Area in Jacksonville, Home Buying in Jacksonville, Investment Properties in Jacksonville  |  June 11, 2014 11:11 AM  |  170 views  |  No comments

    BANK APPROVED PRICE: $80,000! NORTH SIDE 3/1 ON 1.15 ACRES HAS GREAT POTENTIAL! LONG DRIVEWAY REDUCES ROAD NOISE. BIG CONCRETE PARKING/TURNING AROUND AREA BY 2 CAR DETACHED GARAGE. HUGE PARTIALLY WOODED LOT WITH MATURE TREES IS A GREAT PLACE TO PARK YOUR BOAT, CAMPER, ETC. DON'T MISS SEEING THIS ONE!

    Thank you to Atlantic Trust Mortgage & Ryan and Marks Attorneys for your support!

     

    "Paige SOLD 52 homes last year, shouldn’t yours be next?"

  • JUST LISTED: CLOSE TO 2 ACRES ON THE ST. JOHNS RIVER IN BEAUTIFUL MANDARIN!

    Posted Under: Agent2Agent in Jacksonville, Investment Properties in Jacksonville  |  August 28, 2013 12:48 PM  |  625 views  |  No comments


    CLOSE TO 2 ACRES ON THE ST. JOHNS RIVER IN BEAUTIFUL MANDARIN! THIS LOT IS READY FOR YOU TO BUILD YOUR DREAM HOME ON. PRIVATE & LUSH WITH MATURE TREES, A GREAT VIEW OF THE RIVER, 152 FEET OF RIVERFRONT, AND A DOCK. DON'T MISS SEEING THIS ONE!

    CLICK ON THIS LINK FOR MORE DETAILS:

    http://cbv.announcemymove.com/announcement.php?id=4649&code=yNMdgfrgoM

  • JUST LISTED: CLOSE TO 2 ACRES ON THE ST. JOHNS RIVER IN BEAUTIFUL MANDARIN!

    Posted Under: Agent2Agent in Jacksonville, Investment Properties in Jacksonville  |  August 28, 2013 7:03 AM  |  645 views  |  No comments


    CLOSE TO 2 ACRES ON THE ST. JOHNS RIVER IN BEAUTIFUL MANDARIN! THIS LOT IS READY FOR YOU TO BUILD YOUR DREAM HOME ON. PRIVATE & LUSH WITH MATURE TREES, A GREAT VIEW OF THE RIVER, 152 FEET OF RIVERFRONT, AND A DOCK. DON'T MISS SEEING THIS ONE!

    CLICK ON THIS LINK FOR MORE DETAILS:

    http://cbv.announcemymove.com/announcement.php?id=4649&code=yNMdgfrgoM

  • 6 tips for buying a fixer-upper

    Posted Under: Home Buying in Jacksonville, Home Selling in Jacksonville, Investment Properties in Jacksonville  |  January 8, 2013 7:28 AM  |  549 views  |  2 comments

    Several years ago, when the housing market was mired in the worst recession since the Great Depression, buyers shied away from houses that needed work. The buyers who weren't put off from buying completely were interested only in turnkey homes that were in move-in condition.

    It was too risky for most buyers to buy a house that needed work. But, now that the housing market appears to be recovering, buying a home to fix up seems more reasonable, but is not without risk.

    There are basically two types of "fixer" buyers. One is the flipper who buys a home, spruces it up quickly and sells it at a profit. The goal is not to hold the property as an investment, but to find a buyer as soon as possible after the redo is complete.

    Flippers should avoid buying homes that have major problems to remedy, which will eat into profits. A way to maximize profit and minimize carrying costs during the rehab period is to buy at a low price with all cash. Buy in areas where employment and transportation are good so that you will have a pool of buyers for your product when it's ready to sell.

    Select the neighborhood carefully. Is it conveniently located? Are homes selling quickly? What is the average "days on market" from list date to sale date? This information is critical to knowing how fast you can turn the property over to a new buyer.

    For the last couple of years, institutional investors bought hundreds of devalued properties at a time, many of them foreclosures. First-time buyers who needed to qualify for a mortgage in order to buy were muscled out. A sole-practitioner flipper should look for buying opportunities in smaller neighborhoods in good locations, near jobs and transportation.

    The other type of fixer buyers are those who buy for their own use. They do not intend to flip the property, but want to increase the value of the property over time while providing a roof over their heads. This type of buyer may be able to pay more for a property than the flipper, but the price paid and the amount spent on improvements should always be well researched before making a purchase.

    HOUSE HUNTING TIP: Don't pay a Cadillac price for a home that needs a lot of work if you want to make a profit on a fixer-upper. Find out the sale price of recently sold homes in the neighborhood that were similar to the one you're considering, but in much better condition. Be sure to overestimate how much the renovations will cost. There will always be unanticipated costs, so there's no point in skimping on your estimate to make the numbers work.

    Keep a close eye on the costs of your renovations while you're working on the project. There's always the temptation to improve more than you had intended once you see how good the improvements you have made look. Even though you're improving the house for yourself, remember that you will be selling someday and you want to make a profit on the time and money you invested.

    It's a great time to buy at prices that were not possible at the peak of the market. Just make sure you know values for the neighborhood and don't overpay for a property that needs work. Fixer buyers who paid high prices at the peak of the last market cycle not only didn't make a profit, but some lost the homes in foreclosure.

    The housing market picked up in 2012 and will hopefully continue to move in a positive direction. However, the home sale market is continually changing and varies from one location to the next.

    THE CLOSING: A well-informed, level-headed approach is the best bet.

  • Dimon: ‘Every Single Thing About Housing Is Flashing Green’.

    Posted Under: Home Buying in Jacksonville, Home Selling in Jacksonville, Investment Properties in Jacksonville  |  November 14, 2012 7:47 AM  |  379 views  |  No comments
    J.P. Morgan Chief Executive James Dimon likes what he sees right now in the U.S. housing market.

    Mr. Dimon has a pretty good forecasting track record this year, at least as far as housing goes. Consider that in January, Mr. Dimon said he thought that housing was nearing a bottom, and the bulk of the data out so far this year have supported that call.

    “Every single thing about housing is flashing green,” he said in an interview with CNBC-TV on Friday. “There’s not one thing that’s flashing red.” Household formation is up, housing inventory is down, and housing affordability is at an all-time high, he said.

    Mr. Dimon also noted that while the much-ballyhooed “shadow inventory” of properties that could one day become foreclosures is high, that shadow inventory is declining at a time that banks are getting smarter about foreclosure alternatives such as short sales, where a homeowner is allowed to sell his or her home for less than the amount owed.

    Housing isn’t going to recover in the absence of a strong economy, he said. “But if we get the economy going, housing has clearly turned,” he said. If housing construction moved back to a more normal level of around 1.4 million new units being built every year—something he said would have to happen “soon” given demographic trends—then housing could begin creating many more jobs.

    Mr. Dimon did have one concern: mortgage credit is still too tight. Getting regulators, lawmakers, and industry officials to hash out a bevy of new regulations would help provide clarity for the market.

    “Fix what are the new rules around mortgages because I think it is too tight,” he said. “[Property] appraisal is too tight, income appraisal is too tight, underwriting is too tight, and we don’t know the new rules on capital requirements,” he said. “If we get that finalized, it will help housing not hurt it.”

    By Nick Timiraos

  • New home sales jump to near 2-1/2 year high in September

    Posted Under: Home Buying in Jacksonville, Home Selling in Jacksonville, Investment Properties in Jacksonville  |  October 25, 2012 7:28 AM  |  345 views  |  No comments

    (Reuters) - New single-family home sales surged in September to their highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.

    The Commerce Department said on Wednesday sales increased 5.7 percent to a seasonally adjusted 389,000-unit annual rate - the highest level since April 2010, when sales were boosted by a tax credit for first-time homebuyers.

    Though August's sales pace was revised down to a 368,000-unit pace from the previously reported 373,000 units, the tenor of the report was relatively strong, with the median home price of a new home rising 11.7 percent from a year ago.

    Economists polled by Reuters had forecast sales rising to a 385,000-unit rate last month.

    While the increase in sales last month added to signs of a broadening housing market recovery, new home sales are just over a quarter of their peak in July 2005. Compared to September last year, new home sales were up 27.1 percent.

    The housing market is on the mend after collapsing in 2006 and dragging the economy through its worst recession since the Great Depression. Home sales are increasing, pushing down the stock of unsold properties, giving a modest lift to house prices and builders' confidence to take on new projects.

    However, the housing market recovery lacks the muscle to take the baton from manufacturing as the main driver of the economic recovery.

    The recovery in the sector is being supported by record-low mortgage rates, which have been held down by the Federal Reserve's ultra-accommodative monetary policy stance.

    The U.S. central bank has targeted housing as a channel to boost growth, announcing last month that it would buy $40 billion in mortgage-backed securities per month until the outlook for employment improved significantly.

    Though the inventory of new homes on the market rose 1.4 percent in September, it remained near record lows.

    At September's sales pace it would take 4.5 months to clear the houses on the market, the lowest since October 2005, down from 4.7 months in August.

    Sales last month were up in three of the four regions. They tumbled 37.3 percent in the Midwest.

    (Reporting By Lucia Mutikani; Editing by Andrea Ricci)

  • Housing Market Is 'On the Mend': Zillow Economist

    Posted Under: Home Buying in Jacksonville, Home Selling in Jacksonville, Investment Properties in Jacksonville  |  October 24, 2012 7:17 AM  |  336 views  |  No comments

    The positive momentum for the U.S. housing market continues Tuesday.

    U.S. home prices rose 1.3% in the third quarter versus the second quarter and jumped 3.2% from the same period in 2011, according to Zillow's latest Real Estate Market Report.The quarterly gain marks the fourth consecutive month of rising home values and the best uptick in prices since the housing slowdown began in March 2006.

    "Nationally, the housing market is on the mend," says Zillow's chief economist Stan Humphries in an interview with The Daily Ticker. "We are actually seeing not only a pretty strong performance in home values but also a consistent performance now."

    While home prices are up 3.2% on the year, Humphries expects growth to moderate next year. The real estate Web site predicts home values will increase 1.7% over the next twelve months because of the high number of homeowners who are underwater on their mortgage.

    Even though home values continue to rise nationally, it will remain an uneven recovery for some time, notes Humphries. It's all dependent on the market. For example, home prices are up in large metros like New York, Los Angeles, Washington D.C. and Miami but are down considerably in areas like Atlanta and Philadelphia.

    "Real estate has always been very local" except during the housing crash when most markets were in decline, says Humphries. "But now I think the local dynamics are really reasserting themselves."

    Related: Housing Recovery Stalled By Banks: Harvard Analyst

    Many political battleground states were also in the red last quarter, including New Hampshire, North Carolina, Ohio, Virginia and Wisconsin.

    "It is stunning to me how little we are talking about housing in the presidential election," says Humphries. "I think part of it is because while we are seeing some good news on the housing front overall."

    Humphries says the housing market is still down 21% from its peak, one reason why the president may not be talking about housing as much as he could be. Moreover, because Obama has pursued centrist housing policies, it makes it difficult for the Republican candidate Mitt Romney to tout policies that very conservative, says Humphries.

    Of the 252 markets that the Zillow Home Value Forecast follows, 183 have already "hit bottom" and 41 more are expected to hit a low point in 2013.

    "[Overall] it's been a long time since we've seen a housing market this good," Humphries adds.



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