MOUNT DORA HOMES BY PIERCE REALTY : Buyer Information

Buyers: It's Time..."Buy Low, Sell High"

Pierce Realty in Mount Dora — Sat, 21 Apr 2012 00:13:00 GMT

Buyers: It’s time to commit

WASHINGTON – April 20, 2012 – It’s an old investment adage that remains true: “Buy low, sell high.”

National Association of Realtors® (NAR) President Moe Veissi, who served as Florida Realtors president in 2002, explains why conditions have never been better to buy a home in an online radio interview.

The Real Estate Today interview can also be forwarded through Facebook and Twitter to friends, family and clients.

Veissi, broker-owner of Veissi & Associates Inc. in Miami, says today’s real estate market has “less folks looking, less inventory and more contracts working. … We’re just now seeing appreciation in real estate prices in some areas of the country. … This is a wonderful time to take advantage of interest rates that are lower than they’ve ever been.”

Veissi quotes investor Warren Buffet’s outlook on the current real estate market: “Warren Buffet appeared on CNBC about two weeks ago, and the young lady that was interviewing him asked where you should invest your money. Warren said, ‘If I had the capabilities, I’d buy 200,000 homes across this county … I think that housing in America today will outstrip the investment capabilities of the Wall Street blue chips over the longer term.”

To hear the five-minute radio interview and forward to friends and clients, visit the Real Estate Today website at: http://retradio.com/?p=4916.

© 2012 Florida Realtors®

Today's market once-in-lifetime opportunity!

Pierce Realty in Mount Dora — Wed, 30 Nov 2011 21:40:00 GMT

– Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.

Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.

In 12 out of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.

In Atlanta, owning was the most favorable compared to renting. The monthly payment on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.

Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)

TOP 10 REASONS TO OWN RATHER THAN RENT

Pierce Realty in Mount Dora — Mon, 17 Oct 2011 19:21:00 GMT

1. You own it: With no landlord, you make the decisions.

2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.

3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.

4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.

5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.

6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.

7. You pick it: Choose from different neighborhoods, styles and price ranges.

8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.

9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.

10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

Baby boomers delay selling, but desire second homes

Pierce Realty in Mount Dora — Fri, 14 Oct 2011 16:23:00 GMT

CHICAGO – Oct. 13, 2011 – The fragile economy is causing more baby boomers to delay selling their homes, even though they want to, according to a new survey from Coldwell Banker Real Estate, which surveyed about 1,300 agents to gauge home selling and buying behavior among the baby boomer generation.

However, there is still a strong desire for investment properties and second homes among this generation.

“The baby boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real estate decision,” Jim Gillespie, CEO of Coldwell Banker Real Estate, said in a statement. “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that boomers who are financially secure are actively seeking to buy their retirement home, or a second home.”

Among the survey’s findings:

• More than one-third (34 percent) of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.

• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home, while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers looking to downsize, their primary reason is for a simpler lifestyle.

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

© 2011 Florida Realtors®

5 REASONS TO BUY NOW!

Pierce Realty in Mount Dora — Thu, 05 Aug 2010 01:12:00 GMT

The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy:

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.

5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.

Pierce Realty and our Experienced Staff of Licensed Real Estate Agents can guide you through the Home Buying process!

$8000 REASONS TO BUY YOUR 1ST HOME NOW!

Pierce Realty in Mount Dora — Tue, 15 Dec 2009 10:27:00 GMT

HURRY! IF YOU HAVE'NT OWNED A HOME IN THE LAST 3 YEARS YOU ARE ELIGIBLE TO RECEIVE THIS $8000 TAX CREDIT!

YOU MUST ACT NOW AS THE HOME MUST BE UNDER CONTRACT BY APRIL 30, 2010

Thinking about buying your first home? Act today and the government will give you FREE money in the form of a tax credit or downpayment. No, you’re

not dreaming!

And those who qualify for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance through the

state of Florida or the Federal Housing Administration (FHA) before they close on the purchase of their home; then repay the amount

borrowed when they get their tax credit.

Please call PIERCE REALTY for more details about this home buying opportunity. Larry or Denise Pierce of Pierce Realty in Mount Dora,

352-735-4040

Mount Dora Home Sales

Pierce Realty in Mount Dora — Thu, 26 Nov 2009 00:03:00 GMT

MOUNT DORA REAL ESTATE

CONDO SALES IN MOUNT DORA

701 Helen Street, Mount Dora, Fl 32757, The Summit

Denise Pierce of Pierce Realty in Mount Dora has sold this 3 bedroom, 3 bathroom condo in Downtown Mount Dora. This Bank Owned Condo sold for $165,000...a real bargain even in this current buyers market. It features a two car garage, soaring cathedral ceilings, a large screened balcony and wonderful sunset views of Lake Dora. If you are interested in buying a home or condo in Mount Dora, please contact us. We specialize in finding the perfect Mount Dora homes for our customers!

Mount Dora Realtors

Mortgage Interest Rates for week ending November 13, 2009

Pierce Realty in Mount Dora — Sun, 15 Nov 2009 12:27:00 GMT

Rates for the week ending November 13, 2009 for 30-year home loans stayed below 5 percent for the second week in a row.

The average rate fell to 4.91 percent from 4.98 percent a week earlier, mortgage company Freddie Mac said Thursday.

Rates hit a record low of 4.78 percent in the spring, but are still attractive for people looking to buy a home or refinance

1st Time Homebuyes Tax Credit Extended

Pierce Realty in Mount Dora — Sun, 15 Nov 2009 11:41:00 GMT

On November 7th, 2009, Congress passed a bill extending and expanding a key federal tax credit that has helped to boost sales.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.

First-time homebuyers – or anyone who hasn’t owned a home in the last three years – would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010 and close by June 30.

Please contact Larry or Denise Pierce at Pierce Realty for detailed information.

$8,000 Tax Credit

Pierce Realty in Mount Dora — Thu, 06 Aug 2009 22:36:00 GMT

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.