Aug. 18, 2017

Cocoa Beach Surf Festival Benefits National Kidney Foundation

Time to put on your best flip-flops, grab the sunscreen, and go support the local surf community and National Kidney Foundation! Taking place on September 1st through the 4th, the 32nd Annual NKF Rich Salick Pro-Am Surf Festival at the Cocoa Beach Pier is the largest charitable surfing tournament in the world. A three-day event chock-full of activities, the schedule includes professional and amateur surfing competitions, stand-up paddleboard and tandem competitions, and a variety of food and entertainment. 

The festival begins with a Registration Party on Friday at Keith's Oyster Bar, and ends with the final heats and award ceremony on Monday. Festivities include a Hawaiian Luau performance and dinner, and surf movie on Saturday, and the "Taste of Brevard and Silent Auction" at the Radisson Resort at the Port on Sunday. All proceeds go to the NKF of Florida to increase awareness of kidney disease, and support programs in patient services, research, public and professional education, and organ donation.

The NKF Surf Festival was originally created by Richard K. Salick. Richard was a 23-year-old, world-class professional surfer when his kidneys failed. Fortunately, he had a very willing donor for a kidney transplant—his identical twin brother, Phil. Only two years out from his kidney transplant, he began focusing attention on the plights of other kidney patients. That year, he and his brother put together their first surfing competition at Cocoa Beach. The first event raised $125 and a year later they raised $1,600, which they personally hand-delivered to dialysis centers.

In 1985, at the urging of Craig Tisher, Region 2 Vice-President of the National Kidney Foundation, the event took on national sponsorship and became the NKF Florida Team Invitational Pro-Am Surfing Tournament. The first sponsored event grossed more than $60,000, seeding the NKF Research Endowment Fund. To date, this event has raised over $4 million, and every year, thousands of people attend the tournament and enjoy the festivities.

On July 2nd, 2012, hundreds of people around the world mourned Richard K. Salick, who passed away during emergency surgery. The 27th annual event was renamed in his honor to the NKF Rich Salick Pro-Am Surfing Festival. The legacy and memory will live on in each and every person that Richard inspired during his lifetime.

For more information, please visit www.nkfsurf.com or call 1-800-927-9659.

 

Posted in Around Brevard
Aug. 17, 2017

Our Home is So Beautiful, It's Art.

Come celebrate and appreciate the beauty of the place we lucky Floridians call home! The Studios of Cocoa Beach presents "Just Florida" art exhibit with a catered reception on August 25th from 6 pm to 9 pm. The Green Turtle Market will provide delicious gourmet bites for guests to enjoy while viewing the artwork on display, listening to music, and meeting the artists. A Best of Show Award will be presented during the reception.

The exhibit, which includes a variety of media including oil and acrylic painting, watercolor, photography and jewelry, will run until October 20th. Featured artists from Brevard include Richard Barone, Bill McCoy, Richard Seguso, Patty Corapi, Deborah Mores, Lani Mucha, Kathie Benson, and David McQuinn. It doesn't get any better than a night of food, music and art!

The Studios of Cocoa Beach is a non-profit organization featuring more than 25 local artists, and they also offer workshops for all ages. They are located at 165 Minuteman Causeway in downtown Cocoa Beach. For more information, visit: www.studiosofcocoabeach.org or call 321-613-3480.

Posted in Around Brevard
Aug. 17, 2017

In This Market Your Home is an Oasis

 

First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!

According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.

Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.

But there is good news! If you are thinking of moving up to a luxury or premium home, there is more inventory available in these markets and you may even get a great deal on a home that has been on the market for a while.

If you are the owner of a starter home and you are looking to move into a trade-up home, or if you are just looking to relocate to a new area in a home of the same size, there is still hope!

In many markets, homeowners are building contingency plans into their contracts. This means that the homeowner builds in extra time before they close in order to find their dream home and they are upfront about the contingency with any buyers who come to see the house.

Your home is an oasis to buyers who are searching for homes in today’s market. The right buyers will sympathize and wait for you and your family to find your next home.

Bottom Line

Don’t let the fear of not finding a home to move in to stop you from moving on with your life. Let’s get together to discuss ways to set expectations with potential buyers from the start.

Posted in Sellers
Aug. 15, 2017

The New Face of Homeownership

Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.

This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials.

Millennials are the most educated generation in the U.S.

Why does that matter? First American explains:

“Our model shows that, all other factors being equal, the likelihood of homeownership increases by 3 percent for those that earn a bachelor’s degree over those with a high school degree. The likelihood of homeownership jumps another 3 percent for those that earn a graduate degree.”

The more educated, the better the likelihood for homeownership. And, as we mentioned: Millennials are the most educated generation in the U.S.

Homes & marriage go together

Marriage is a key determinate in homeownership. According to an analysis by First American, the homeownership rate is 30% higher among married couples compared to non-married households.

Millennials have put off marriage in the pursuit of higher education. As this group ages, more and more will marry and purchase a home.

Parents buy houses

According to the study:

“The homeownership rate is 1.7% higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.”

The report goes on to say that as Millennials grow older there may be an increase in not just marriage but also in married couples with children. That will probably also create a “corresponding” increase in homeownership demand.

Wages and the economy

The study goes on to explain that recent gains in income growth and a strengthening economy will also help all generations (including Millennials) be more willing and able to purchase a new home.

Bottom Line

We guess the time has come to announce – Here come the Millennials!!

 

Posted in Market Reports
Aug. 9, 2017

Brevard County Market Report for Q2 2017

A quick recap of the Brevard County Residential Report for Q2 2017:

Closed Sales are down -1.6% for Q2 2017 in which the number of units closed was 2,825 compared to 2,872 in Q2 2016, with a decrease in cash sales of -20.6% compared to Q2 2016.
  • New Pending Sales are up 8.7% and New Listings are up 5%.
  • The Median Sales Price for Brevard Single Family homes is up 14.1% to $211,000 compared to a year ago, which was $185,000.
  • Months Supply of Inventory stayed the same at 2.7 months.
  • Traditonal Sales are up 2.4%, with a median sales price of $215,000
  • Foreclosure/REO Sales are down -46.9%, with a median sales price of $123,000.
  • Short Sale Closings are down -26.3%, with a median sales price of $132,500. 
A quick recap of the Brevard County Townhouses/Condos for Q2 2017:
  • Closed Sales are down -3.1% for Q2 2017 in which the number of units closed was 762 compared to 786 in Q2 2016, with a decrease in cash sales of -6.9% compared to Q2 2016.
  • New Pending Sales are up 9.4% and New Listings are up 2.5%.
  • Median Sales Price for Townhomes/Condos is up 9.6% to $160,000 compared to a year ago, which was $146,000.
  • Months Supply of Inventory is down -10.5% to 3.4 months compared to 3.8 months in Q2 2016.
  • Traditional Sales are up 0.1%, with a median sales price of $160,000.
  • Foreclosure/REO Sales are down -51.4% with a median sales price of $127,000. 
  • Short Sale Closings are down -85.7%, with a median sales price of 39,000 for Q2 2017.
To see these and previous reports on Brevard MLS Statistics, please click here.
Produced by Florida REALTORS® with data provided by Florida's multiple listing services.
Posted in Market Reports
Aug. 9, 2017

Why you Should use an Appraisal Contingency Addendum Especially for Conventional Loans

Why you Should use an Appraisal Contingency Addendum  Especially for Conventional Loans

When making an offer on a property on behalf of your buyer, how they are paying is a very important piece of the puzzle.  If they are doing a VA or FHA loan you should include an FHA/VA Addendum and that addendum includes an appraisal contingency.  In that case you should NOT also include an appraisal contingency addendum as it is already covered in the FHA/VA addendum and it is redundant and may even be conflicting.  Your buyer is covered with the FHA/VA addendum with an appraisal contingency. 

However, in the case of a conventional loan you will want to include the appraisal addendum and this is why.  If the buyer is putting more than the required loan to value down, then even if the home does not appraise, their loan will not be denied and the seller can keep the buyers escrow if the buyer wants to cancel due to the appraisal if you do not have the contingency in place.  It is only in the case that the buyer does not have any more cash in the bank to cover the difference that the actual loan will be denied and the lender will issue a loan denial letter thereby getting the buyer their escrow back.

Here is what  Bobbie Dyer, of Dyer Mortgage  has to say....

“WHY IS THE APPRAISAL CONTINGENCY IMPORTANT? WHAT HAPPENS IF THE LOAN APPROVAL LETTER IS NOT PROVIDED WITHIN 30 DAYS?

 

We have had the new FAR/BAR contract for a little over 3 months and have already seen issues come up over a number of items. One of the most important contract contingencies you can make to protect your buyer is the “appraisal contingency”. Typically this is worded “Home to appraise at or above sales price”. Here is an example of what can happen to you and your clients if they DO NOT have this verbiage in the contract:

1) Buyer signs contract for $400,000 home; they have a financing contingency to finance $250,000 and put $150,000 down (conventional loan).

2) Appraisal comes in lower than the sales price at $380,000. Since the buyers’ loan is still going to be approved (the loan to value is still under 80% LTV so it doesn’t add mortgage insurance which could be a deal changer) the buyer doesn’t have much chance of getting the seller to lower the price to appraised value. As far as the seller is concerned they still get their financing so the fact that the appraisal came in below sales price is irrelevant to them.

3) Buyer is approved for a $250,000 loan (the loan to value is now 65.79%), however they are now under contract to purchase a home that they know they are overpaying for by $20,000. 

I always advise making the contract subject to both loan approval and appraised value at sales price or higher. Even if the loan can still be made and it is the loan to value that changed you will not have a satisfied client and they will blame someone for not protecting them from this happening.

Please be especially aware of the timelines/deadlines in the contract, especially when it relates to financing. I am already aware of a buyer that went to a lender and was told they were approved for weeks, however after 30 days there was still no loan approval letter. The buyer’s agent did not realize that the new contact only gives 3 days for action to be taken. Either the loan approval letter is obtained and sellers are notified, the buyer cancels the contract due to inability to get loan approval and they get their deposit back, or nothing happens during this three day period. In this particular case over 45 days went by and when the lender could not come through for financing the buyer was going to lose their $50K escrow deposit. The buyer immediately threatened to sue his buyer’s agent as they felt it was his responsibility to know this part of the contract and to comply with that deadline. Luckily we were able to help the buyer get financing so it closed but this is a good lesson about the importance of working with a local lender who will help you keep track of these deadlines!

As the new contract evolves and has real life experience (good or bad) we will continue to share information, provide suggestions and best practices so closing is smooth and on time.

 

Please contact

Dyer Mortgage Group for any questions or assistance. Thank you for your business!!!

(By Bobbie Dyer, Dyer Mortgage Group)

 

Posted in Mortgage
Aug. 1, 2017

Miracle Jean's Day - 2017

Join us for our Annual Miracle Jeans Day Event!

Join us for raffles, 50/50 and a fun night out for Miracle Jeans Day to benefit Children's Miracle Network Hospitals! RE/MAX Elite is proud to be a Miracle Office and in 10 years has raised over $200,000. We also participate in the MIX 105.1 radiothon as well as Miracle Jeans Day every year and have done several Hot Air Balloon events throughout the years to help raise money for CMN Hospitals.

DOWNLOAD PDF - PRINT PRIOR TO COMING TO UNO'S AND PRESENT TO YOUR SERVER!

We had a great time at our event last year!

 

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Posted in Around Brevard
July 30, 2017

2017-2018 Brevard County School Calendar

We hope that everyone has enjoyed their summer break and are excited to get back to school!  Here is the quick version of the School Holiday's for this upcoming year!

See Full Version Here.

 

Brevard County Public School Calendar 2017-2018

 

August 10th - First Day Back for Students!

Monday, September 4th - Labor Day

Monday, September 18th - Student Holiday

Friday, November 10th - Veteran's Day

Wednesday, November 22nd - Student Holiday (make up day if needed)

Thursday-Friday, November 23rd-24th - Holiday for all

Tues-Wed-Thurs, December 19th-21st Early Release - Exams

Friday-Friday,  December 22nd - Jan 5th - Winter Break

Monday, January 15th - MLK Jr Day

Monday, February 19th - President's Day

Friday, March 16th - Student Holiday

Mon-Fri, April 2nd - 6th - Spring Break

Mon-Wed, May 21st-23rd - Early Release - Exams

Wednesday, May 23rd - Last Day of School

 

 

 

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Posted in Around Brevard
July 22, 2017

Brevard County Residential Report for June 2017

A quick recap of the Brevard County Residential Report for June 2017:

  • Closed Sales stayed the same for June 2017 in which the number of units closed was 1033 compared to 1033 in June 2016, with a decrease in cash sales of -21.6% compared to June 2016.
  • New Pending Sales are up 1.6% and New Listings are up 4.6%.
  • The Median Sales Price for Brevard Single Family homes is up 15.8% to $220,000 compared to a year ago, which was $189,925.
  • Months Supply of Inventory is stayed the same at 2.7 months compared to 2.7 months in June 2016.
  • Traditonal Sales are up 3.1%, with a median sales price of $222,825.
  • Foreclosure/REO Sales are down -45.2%, with a median sales price of $149,125.
  • Short Sale Closings are down -16.7%, with a median sales price of $135,000.

A quick recap of the Brevard County Townhouses/Condos for June 2017 compared to June 2016:

  • Closed Sales are down -3.0% for June 2017 in which the number of units closed was 256 compared to 264 in June 2016, with a decrease in cash sales of -6.4% compared to June 2016.
  • New Pending Sales are up 7.9% and New Listings are down -9.6%.
  • Median Sales Price for Townhomes/Condos is up 16.1% to $162,500 compared to a year ago, which was $140,000.
  • Months Supply of Inventory is down -10.5% to 3.4 months compared to 3.8 months in June 2016.
  • Traditional Sales are up 0.4%, with a median sales price of $156,000.
  • Foreclosure/REO Sales are down 66.7% and the median sales price was $94,200.
  • Short Sale Closings are down -100%, as there were no short sale closings in June of 2017.
 

DOWNLOAD FULL PDF REPORTS

   
Courtesy of Florida Realtors® Industry Data and Analysis Team  

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Posted in Market Reports
July 14, 2017

July RE/MAX National Housing Report

First Half of 2017 Ends with Record Sales, Prices

Halfway through 2017, the U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016, according to the July 2017 RE/MAX National Housing Report. June home sales were 1.4% higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.

The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87% of the markets.
Other notable numbers:

  • Thirty of the 53 metro areas experienced an increase in transactions.
  • The June 2017 Median Sales Price of $245,000 was the highest in the history of the report.
  • Decreasing 15.2% from June 2016, inventory continued to decline year-over-year. This is the 104th consecutive month of year-over-year declines dating back to October 2008.
  • The June 2017 average Days on Market was 47, the lowest Days on Market in the history of the report.

READ THE FULL PRESS RELEASE HERE

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