New Site Design at lynnbyrne.com

New Mobile Ready Site at lynnbyrne.com

My new site is up at www.lynnbyrne.com.

We’ve freshened the appearance, but most importantly the site is now mobile friendly for smart phones and tablets. Many of our customers search with their iPhone or other smart phone.  Over the past year, we’ve had many request for a better mobile experience. Check it out on your phone or tablet and see what we mean.

The new site is also pulling up to the minute information rather than the 2-3 day old information. Most sites are still using data dumps, so information can be a little stale.

We will continue to do everything we can to improve customer experience on our site. We don’t and we never will require registration to search. When you’re ready, you contact us.

Search Daytona Beach area homes and condos at our new easy search page.

Pent-Up Demand or Mini Housing Bubble

Homes Sales Up Nationally – What’s Going On?

House and Money ImageHome sales and prices are up nationally. The increase is taking up back to 2005 pricing levels. I’ve seen some news where the issue of a new bubble in home sales and prices is being talked about, but I don’t think this is what’s happening.

The bubble that burst in 2006 was fueled by speculators with access to easy money. Lenders were giving stated income mortgages to people who were simply not going to be able to pay them back. These speculative buyers could only survive if prices continued to rise. They didn’t and the wave of mortgage delinquencies, foreclosures and falling prices began.

We know that the latest price and volume increases are not fueled by easy money. Mortgage money is tight. Many of the REO to Rent investors are using cash, not borrowed money. Further getting back to 2005 prices is about where we should be without the crazing price increases during the bubble.

I just read an article over at AG Beat that gives the latest housing numbers and projections. These numbers are from pent-up demand that we’ve been expecting might happen for some time. Many buyers were waiting to see price increases before they bought. Now they’re seeing price increases accelerating and they’re jumping in. It’s normal market behavior. Be careful of news reports and current numbers. Watch the market over quarters and years and you’ll get a better idea of what is really happening.

Prices are rising in Daytona Beach and surrounding areas. You can check all area listings without registration at search Daytona Beach homes.

Roller Coaster Coming to Boardwalk on Daytona Beach

 

Boardwalk Gets Roller Coaster

Within a few weeks, the Daytona Beach Boardwalk will get a roller coaster to go along with the ferris wheel and other attractions. This is more good news after the announcements of a coming Hard Rock Cafe and a new resort complex.

WFTV Channel 9, ran a story yesterday with a video news report. You can go that that link here.

Anything that brings and keeps tourist coming helps because bed tax revenue increases. This helps all around with jobs and more revenue to further improve the area and bring in more tourist. It also helps stabilize the housing market and real estate prices.

 

The Florida Do Not Call Phone List is Free

Florida Do Not Call List is Now Free

Subscribing to the Florida Do Not Call List is now free and easy. The $10 sign up fee and $5 annual maintenance fee have been dropped. The change also gives the Florida Department of Agriculture the ability to fine violators up to $10,000.

Signing up online is easy. Just click here.

Have Daytona Beach Real Estate Prices Hit Bottom?

Have Daytona Beach Home and Condo Prices Seen the Bottom?

I’ve been looking at the Case-Shiller home price data today and the data seems to be showing that the two Florida areas included in the index are at or near bottom. The index includes Miami and Tampa metro areas. There is no specific listing for Daytona Beach home sales, but I think we are pretty much in line with Miami since we are on the east coast while Tampa sits on the west coast.

During the past twelve months, prices in Miami are up 1.8% while prices in Tampa are down 2.0%. If we average them, we’re pretty much flat. That’s a pretty good indication of where we are in Daytona Beach, Ormond Beach, Port Orange and the surrounding areas.

The Pundits Speak

The National Association of Realtors Chief Economist, Dr. Lawrence Yun, and Zillow chief economist Dr. Stan Humphries, have spoken recently on the market. While they’re not in complete agreement, their message is that home prices will bottom or rise slighly in 2012.

Dr. Yun says, “The housing market has clearly turned the corner… Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”

Dr. Humphries said recently, “For people who have been waiting to time their home purchase close to market bottom, it’s time to start shopping… When the bottom will hit will vary by market, and it’s nearly impossible to time a purchase exactly right. But home prices are not the only part of the equation. Buyers also should take into account the possibility that rising mortgage rates could offset any further home value declines that may occur.”

You may be thinking there’s some conflict of interest with these organization predicting a bottoming of prices, but I think it’s important to note that they haven’t made predictions of this sort previously. They are very careful because their predictions will be well publicized and they’ll lose credibility. They err on the side of caution. So when these two chief economists speak and agree, it’s a pretty big deal.

What Now For The Daytona Beach Real Estate Market?

As Dr. Humphries says above, no one can predict the exact bottom. Further, just because we’ve hit bottom doesn’t mean prices are going to leap upward. From the Miami Case-Shiller data, we see that the area hit bottom about six months ago, but there hasn’t been a big jump in prices since then.

Buyers of Daytona Beach homes and Daytona Beach condos who have been on the fence about prices, may want to start looking now. We believe there are plenty of bargains out there and there will be for the short term. Remember all price data reflects averages. Some buyers will get much better deals than others. That’s where we can help. We know the market and what’s selling and can help you get the best price for a property. We also are still working a lot of short sales and that’s where many of the best bargains can be found.

Please give Lynn a call at 386-566-7503 to discuss your options. Check here to –> search all homes and condos for sale in the Daytona Beach area.

Daytona Beach Mortgage News

Mortgage rates are very low right now, but it can be very difficult to qualify for a conventional mortgage. A stellar credit score and 20% down payment is needed for many conventional loans. Government guaranteed mortgages, such as a VA, FHA or USDA mortgage are a better option for many people.

The major advantages of the government guaranteed loans are low to no down payment and a lower credit score won’t automatically disqualify a borrower.

USDA loans can be made with no down payment and a credit score as low as 620. Not only that, but the loan can be for 103.5% of the appraised value. Up until now, there’s been no mortgage insurance, but that’s going to change as of October 1st. There is a funding fee with government loans and the new USDA funding fee will be 2.0%. The funding fee is down from 3.5% to help cover the new annual 0.3% mortgage insurance premium (MIP).

Another change to USDA loans will be changes to the eligibility maps. Since the last changes, suburban areas have creeped into the program and it’s expected that many of these areas will loose their eligibility. However, that doesn’t mean that a lot of towns around larger cities won’t be eligible. Towns of about 25,000 have been eligible in the past. We suspect that will remain with the new changes.

It’s a good idea to check out your eligibility for government guaranteed loans. They can keep money in your pocket by reducing your down payment and rolling closing costs into the loan. We suspect that much of Flagler county and Palm Coast homes will be eligible with the new changes.

It’s probably a really good time to consider buying a home if you’re going to finance. These loan rates will not hold. We suspect that when loans are freely available, the rates will explode. It’s interesting to note that rates are incredibly low, but few people qualify. One about 20% of Daytona Beach homes purchases are purchased using conventional mortgages. Case buyers account for about 55% and government loans and other forms of financing account for the rest.

Going Small in Daytona Beach

There seems to be a trend developing where people are choosing smaller houses and condos. There are lots of small houses in Daytona Beach and surrounding areas. In Ormond Beach, Ormond by the Sea and Daytona Beach, there are a lot of bungalow type houses that are ideal for people looking for a great location smaller home.

Mint.com published an article last week talking about the trend to smaller homes. See – The Tiny House – Save Big By Living Small. In the article, they give four reasons for people moving to smaller or tiny houses:

  • Building or purchase cost reductions
  • Energy Efficiency
  • Less Hoarding
  • Maintenance economy

These are all great reasons, but I think one is missing – the chance to live in the area of your dreams. Do you see yourself waking up in the morning and walking on a beautiful beach? You can do that for under $125,000 in the Daytona Beach area. That’s pretty amazing when compared to other areas of the country.

Prices on the mainland are even lower and it’s still just a short drive to the beach. This area is great for boating and golf, tennis and other sports. It really is sun and fun. Buying small is economical. It conserves capital and retirement funds and allows you to live better on less. Maybe it’s worth thinking about.

You can view homes in the area by clicking on one of the following links. Each of the links will allow you to search by price:

Daytona Beach Homes for Sale
Daytona Beach Condos for Sale
Ormond Beach Homes for Sale
Ormond Beach Condos for Sale
Port Orange Homes for Sale
Port Orange Condos for Sale

Search Port Orange Homes for Sale

Port Orange is a beautiful vibrant community on the Atlantic coast of central Florida. Many Port Orange Homes for sale will allow you to live in an upscale neighborhood without the upscale price. Located just south of Daytona Beach, many people in the area choose to live in Port Orange. It’s home to a beautiful City Center, golf courses, the Halifax River, Spruce Creek and much more. The schools are some of the best in Florida.

We’ve made it really easy for you to search homes for sale in Port Orange. Click on one of the links below to view all listings in a price range.

Port Orange Homes Under $100,000

Port Orange Homes $100,000 to $200,000

Port Orange Homes $200,000 to $300,000

Port Orange Homes $300,000 to $400,000

Port Orange Homes $400,000 to $600,000

Port Orange Homes $600,000 to $800,000

Port Orange Homes $800,000 and above

You can also find out more about some of the more popular communities in Port Orange by going to:

Ashton Lakes Homes for Sale

Cypress Head Homes for Sale

Town Park Homes for Sale

Spruce Creek Fly In Homes for Sale

Visit Port Orange Real Estate for more information on the area. If you have any questions, please call Lynn Byrne at 386-566-7503 or David Byrne at 386-566-4169.

We’ve recently set up a new site just on Port Orange. Please visit Port Orange Homes for Sale.

Daytona Beach Real Estate April 2011 Sales Analysis

April 2011 Daytona Beach Real Estate Analysis Published

Are Daytona Beach homes and condo prices finally at the bottom? Are sales holding at their high levels? In what price range are the highest sales?

We’ve just completed our analysis for the month of April and our take on the current market. To get the full report, go here –> Daytona Beach Real Estate April 2011 Sales Report.

The quick take is that sales are up slightly over last year and big-time over 2009. Median and average sales prices have been steady within the current range for about a year. Home inventories are down over 25% since September 2008 and sales are up about 64% since then. Current months of inventory is at 10 months. In September 2008, the months of inventory was at 21.6 months.

While we can’t say that prices have hit bottom, we can say that we are near. That assumes, of course, that there are no catastrophic economic problems.

The numbers are all trending in the right direction and I’m seeing that in the market. Home and condo sales under $200,000 account for 78.7% of all residential sales and sales under $300,000 account for 90.4%. That mean that there is a huge gap in sales between lower priced and higher priced homes. The market might be considered hot for well-priced homes under $200,000 and cold for home above $300,000.

It’s important to keep in mind when thinking about real estate prices, that we remember that every sales is the result of negotiation between a buyer and a seller. The numbers reported in the Daytona Beach MLS are useful for guidance, but your skills in negotiating and choosing an agent to find the best value are important. When working with an agent, make sure to select someone who is active in the market and closing. With short sales and foreclosures, you need someone who is working with lenders every day and knows the complexity of those negotiations.

Please call me to discuss your needs. I’m available at 386-566-7503.

Some Thoughts on the Daytona Beach Real Estate Market

A Few Thoughts About the Current Daytona Beach Market

I was looking through the MLS today at some of the Daytona Beach real estate market numbers. I found a few interesting things – cash is king; 25% of homes and condos sold were on the market for 30 days or less; and August sales will be higher than July.

Cash is King

Well over 50% of home and condo sales in Daytona Beach are bought with cash. With a few days left in August, 58.2% of homes purchased this month so far were paid for with cash. This is very close to the percentage in July. Conventional loans account for only 27%. This tells me two things:

  • There’s a lot of cash investors out there
  • Mortgage loans are still difficult to obtain for many people

Aggressively Priced Homes and Condos Sell Quickly

There are 5188 homes and condos on the market as of this morning, but so far in August 24.8% of properties sold were on the market for 30 days or less and 44% have been on the market for less than 60 days.

These numbers tell me that aggressively price homes and condos are selling quickly meaning that there is a hot market for these properties. Yes, foreclosures are influencing these numbers, but they don’t account for all sales. Short sales are generally not in these numbers either. Although many banks are getting better at turning around short sales offers, most closings are taking over 60 days.

If a home is priced to sell in this market, it will sell.

August Sales Will Surpass July

I am 99.9999% that August sales will surpass July. As of this morning, with two big closing days left in the month, 314 homes and condo sales have been recorded in the Daytona Beach MLS. July sales came in at 330 properties. Many closing take place on that last day of the month, so it’s a slam dunk that August sales will be higher.

I’m involved in selling Daytona Beach, Port and Ormond Beach homes and condos everyday. When I look at numbers like I did today, I see things that can be useful for buyers and sellers. This is a sampling. If you would like to talk about the market, give me a call at 386-566-7503. I’m happy to answer questions about the general market and what’s available.