Joseph Santini's Real Estate Blog

Here are the current statistics for Palm Beach County.  The buyers have everything going for them with alot of inventory, low interest rates and flexible sellers.

There are currently 33,681 properties on the market in Palm Beach County.

There are 46 months of inventory available at this time.

734 properties closed in the month of December.

725 properties went under contract in December.

The average time it takes to sell a property is 153 days.

    On January 29 we all have a chance to make the tax situation better in the great state of Florida by voting yes on Amendment 1. Now this may not be the relief we were expecting but it certainly is a nice first step.  After this passes we can then move toward more of what we want. 

    The politicians have certainly found a way to do absolutely nothing but again, lets take what we can get and then push for more.  These tax issues are difficult and will only be solved over time because there are so many different agendas involved.  I certainly hope the politicians keep working before more people decide to leave Florida for other destinations.  Below are the benefits we will receive if Amendment 1 passes.

1. The Homestead Exemption will go up to $50,000.  The second $25,000 will not apply to school taxes.

2.  Portability will go into effect and will allow people to move and not have a drastic change on their tax bill.  This will also be retroactive to January 1, 2007.

3.  Non-Homesteaded property will receive a 10% assessment cap for the next 10 years.

4.  Businesses will get to exempt $25,000 in taxes for tangible property such as office equipment.

Vote yes for Amendment One. 

For more information visit the link below.

www.co.palm-beach.fl.us/papa/index.htm

      The buyers that are out there now are walking around confused, uneasy and very unsure of what to do.  The main reason for this is the many conflicting reports that they are reading and hearing.  One day they will read the paper and be all excited about their home search and the next day they will see a negative story on the news and stop their home hunting until they hear something positive again. This ends up being very stressful and tiresome for the buyers in this market.

       Who is right?  Who should I listen too? Well, like most issues in life the truth probably lies somewhere in the middle.  It's not all doom and gloom as some people are reporting and its not all bright and rosy like some other people would have you believe.

         I try to educate my buyers on the facts and when they have the correct information they make the best decision for them.  There are great opportunities in every market.  They just benefit different people at different times.  The amount of inventory out there right now is a huge buyer advantage.  Most sellers are really willing to listen and negotiate.  Some of my customers are making offers on properties they could only dream about a couple of years ago.  Mortgage requirements have tightened up but banks are in the business of lending money and they will every chance they get. Loans are being written everyday. Now is the time to take advantage of some really low rates.

         The bottom line is if you are going to stay in your property for at-least 4 or 5 years or if you are an investor and you can live with the fact that anything you buy now you will be holding and renting for four or five years, how can you not buy now?  The problem is we don't know when the market has hit bottom until its on its way back up and if you wait until that time, when you feel totally comfortable, you have waited to late.  The golden opportunity has passed you by. Do the opposite of whatever everyone else is doing and down the road you will be very happy.  You have to be a pioneer, a trailblazer, not a follower.

          We have such beautiful condos here in Boca Raton so naturally we get alot of people who come from other parts of the country who are looking for a winter home.  Many of these customers are not used to buying a condo and may not be aware of some very important issues regarding condo associations.  It is very important to check the financial health of the building you are considering.

         Always check the buildings assets and liabilities to see if they are easily paying all the bills.  The building should also have a nice reserve fund.  If it is not sufficient and the building is hit with an emergency, you could be dealing with a large assessment.  Make sure that the building is being repaired and upgraded on a consistent basis.  All the little things add up if they have to be done all at the same time down the road.  This is a great indicator of how well the building is being managed.  And another good thing to do is to read through the last years condo board minutes to see if anything big is brewing like a potential lawsuit. 

         Always remember that the financial health of the building is just as important as the condition of the apartment.

Almost 700 properties closed in Palm Beach County in the month of November.  An additional 804 more homes were placed under contract.  We still have approximately 50 months of inventory at this time with the average days on market at 145.  This remains a great time to buy! 

Now that the banks are really tightening up their lending requirements, your credit score is more important than ever.  The national average score is around 680.  If you have a score above 720, banks will really like to do business with you. A score in the 500's will make it very hard to get financing and if you do get it you will certainly pay alot for that money over the life of the loan.

Your credit score is based 35% on your past payment history. 30% on the ratio of your balances to your credit limit.  15% on your past credit history.  10% on the number of requests for your credit score and 10% on the types of credit you carry.  Below are some ways to make your score better.

Always pay on time no matter what.

Always keep your balance under 33% of your total credit limit.

Keep your credit inquiries as low as possible.

Keep some accounts open even if you don't use them alot.  A long history is important.

Have different kinds of accounts in good standing such as a home loan, a credit card and a car loan.

Check your credit report for free once  a year to make sure it is accurate.

Here is the site where you are entitled to a free credit report once a year.  This site was set up by the three major credit reporting agencies.

www.AnnualCreditReport.com

    Boca Raton has it all. I can't think of a better place to raise a family and enjoy a great life.  After coming down from New York some years ago the only thing that comes to mind now and then is why did I wait so long.  Anybody from the Northeast or anywhere else for that matter contemplating a move, now is a great time to do it. Take advantage of the low interest rates and the high inventory while you still can. Who needs cold weather and more stress than necessary? 

    There are so many pluses here in Boca I don't know where to begin. My kids are involved everyday with softball, gymnastics, cheer-leading, soccer etc.  The quality of the activities is excellent and when we are not enjoying those things we are enjoying all the beautiful parks and beaches Boca has to offer. My kids go to a great school and we have lots of friends, many from New York.  My kids are young but even older kids would have no problem adjusting right away. How could you not?  There is a pool everywhere you look.

     I guess the best thing about Boca and all of South Florida is the ability to recreate and be healthy all year long.  You will eat better, exercise more, enjoy the nice clean, tropical air and live longer!  Get some family members together and come on down.  You will be glad you did.  The ones that don't join you will eventually find their way down after they visit you a few times!

Just because the market is a little challenging doesn't mean we can't get out there and make deals happen.  Here in Palm Beach County there are approximately 90 customers for every Realtor.  Everyone should be working with customers!  Another nice statistic I came across is that Nationally 1 of every 12 homeowners will make a move in the next year. Wow!  I'm getting on the phone and hitting the streets to get my piece of the action.  Deals are being done everyday, the trick is to get your name on them.