Archive for December, 2007

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Boomers Need to Prepare For Retirement

December 30, 2007

As I sit here in my North Carolina vacation home, I was thinking about retirement and then I thought…heck, I’m never going to retire. But it doesn’t mean that I won’t still try to get away to my NC retreat whenever possible.

However, it did start me thinking about where will people move when they retire? According to RisMedia, more than half (53%) plan to move from the current home when they retire. Only 10% plan to remain in their current home with the balance undecided. I found this to be an amazing statistic especially when you take into account that by 2011 most of the baby boomers will start to retire. It could be a real estate windfall as people buy and sell in record numbers.

In a recent survey, Fulton Research Consulting asked boomers where they plan to move with 24% remaining within a half hour drive, 22% within 30-60 minutes, 17% within one to to two hours, 22% within one day and 16% two or more days. The surprising thing is where they are moving and the fact that most are not downsizing. Luxury real estate should reap the benefits of this progressive move by boomers in the near future!

Be ready…Florida is a logical choice for a lot of retirees with great weather, cultural events and sporting activities.

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Let’s All SLOW Down…

December 20, 2007

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by Linda Hutchinson

‘Tis the season and good news is here. There is a definite slow down in construction starts for new homes and that is GOOD NEWS for the real estate industry. As reported in the following article, builders are pulling back on new construction and that means that there will be less competition for resale property, fewer incentives for new homes buyers and the at best, a start to the recovery of the market. When the market is saturated with homes, it makes selling existing inventory very difficult. On the plus side, we are also seeing a return of buyers and the luxury home market continues to to be strong with 43 recent sales in he month of November according to the Orlando Regional MLS. The highest listing sold in November was for $4.5 million and was a waterfront home in Winter Park. Luxury home buyers know what the rest of the buying public should realize…NOW IS A GOOD TIME!

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Buy One Home, Get One Free… Today’s Seller Incentives

December 7, 2007

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This isn’t a trick. This is a real picture and a real deal. However, even with tough times, this sales concept takes the prize. Yes there is a buy one get one free but it is not what you think. The builder for this property is located near the Denver area and if you buy one home they will give you a week time share in Florida for free. Good idea and great “buzz” for this community. I think builders are pulling out all the tricks to get buyers into their existing inventory. Builder and buyer incentives should make 2008 a very interesting year!

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Till Death Do Us Part… Divorce & Mortgages

December 3, 2007

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One of the newest changes to the fluctuating mortgage market that may trip up unwary homebuyers is the difficulty in removing a divorced partner from a mortgage loan. In times past, if one spouse chose to remain in the home and assume the mortgage payments, their partner would refinance their debt, effectively placing the mortgage solely in the hands of the resident spouse. But since it is more difficult for people to obtain loans under today’s guidelines, and homes may not appraise at former high values, divorced parties may have to think this option through. Accordingly, debtors beware…a Quit Claim Deed will not release you from the obligation to repay your mortgage loan and the debt remains a part of your credit record. Getting a new loan will be problematic. With today’s current loan and market conditions…it may be “till death do you part” when it comes time to mortgage debt.