JetBlue Lands in Daytona Beach

The first Jetblue flight from New York’s JFK Airport landed at Daytona Beach International Airport on January 7th. This is a big boost to our area. Personally, I love going to New York, so this will make the trip a lot easier. We won’t need to drive to Orlando or stop in Atlanta. New we have a direct flight to The Big Apple.

See more here –> http://airwaysnews.com/blog/2016/01/07/b6-lands-in-dab/

Are Foreclosures on the Rise Again in Florida?

Foreclosures Rise Since August 2013

REO ImageWe went through a period of foreclosures and short sales that bottomed out in August of 2013. Now, CoreLogic is reporting that REO or real estate owned properties are on the rise again. (Note: you can get an explanation of REO and see the local properties of sale at my Daytona Beach REO page.)

Florida is not leading the country this time. We are not even in the top 10, at 12th. Idaho leads the list (who would of thought that?) followed by Maryland and Nevada. REO or bank owned properties are up about 25% in Florida from August of 2013 to March of this year.

The CoreLogic article (link above) goes into some of the reasons for the rise, but I believe the primary reason is that the debt forgiveness act of 2007 was not extended. Homes that would have been offered as a short sale are going into foreclosure because owners are afraid of the income tax they might owe. Since sellers don’t receive any money from a short sale, they see no reason to risk a big tax payment and let the property go back to the bank.

What’s the Affect of Rising Foreclosures on Daytona Beach Real Estate?

It’s important to realize that the increase since August of 2013 puts us nowhere near the levels of early 2011. In January 2011, almost 700,000 homes went into foreclosure in the US. In March of 2014, the number of foreclosures was 430,000.

In the Daytona Beach MLS, 3689 properties are listed for sale as of today. Of those, 637 properties are distressed (Bank Owned, In Foreclosure, Potential Short Sale). So, 17.3% of properties are distressed. This is much lower than the 7000 homes that were on the market in January of 2008. I don’t have the exact numbers for distressed property at the time, but I can tell you that my short sale activity is way down. 2-3 years ago, about 80% of my sales were short sales or REO. Today that number is about 20%.

The affect on Daytona Beach real estate is that price increases will be moderated by more properties on the market. Banks are now pricing close to or at market in many cases, but it depends on location and condition. The best values will generally require repair and remodeling. On the beach, oceanfront and ocean side condos are rising in price and I see that continuing with few new condos being built.

My best advice if you’re interested in distressed properties is to talk to me or David. Please call Lynn at 386-566-7503 or David at 386-566-4169 to discuss you options.

 

 

 

Lewis Homes for Sale | Daytona Beach Real Estate

Daytona Beach Distressed Image

Lewis Homes for Sale in Daytona Beach Page Added

Lewis Homes for Sale Daytona Beach Real Estate

We just added a real estate listings page at lynnbyrne.com for Lewis homes for sale in Daytona Beach. The Lewis neighborhood subdivision is located in Daytona Beach north of Mason Avenue and west of Nova Road in the Derbyshire area. This community features mostly older lower priced houses. The area is convenient to shopping, restaurants and schools and universities.

Lewis Homes for Sale

There are many neighborhoods and subdivisions in Daytona Beach. Prices vary from well under $100,000 into the millions. Price is mostly determined by location, but is also based on size and whether the homes are up to date.

Click on the link to view all listings in the Lewis neighborhood. You can also view all homes for sale in Daytona Beach and select homes by price range.

We are in the process of adding all the subdivisions in Daytona Beach to this site. Each neighborhood and subdivision will have a listings page where all the available listings for the Daytona Beach MLS will be displayed.

We will be adding all the subdivisions. Some of these areas upscale including golf courses, security, gated access and high-end homes. Others are in the lower price ranges and the neighborhoods are not the most popular. We serve the entire community, both sellers and buyers and sell homes from well under $100,000 to into the million dollar range. Lewis is a lower priced neighborhood, but is suited to the needs of some buyers. If you’re interested in the Lewis neighborhood or any neighborhood in the Daytona Beach area, give Lynn a call at 386-566-7503.

Over 80% of Condos Bought in Florida Are For Cash

Cash Buyers Dominate Florida Condo Purchases

Cash PhotoI just read a report over at the CoreLogic blog. Florida leads the country in cash purchases with 81.2% in January with Nevada close behind at 80.5%. See the full report here.

This report matches our experience in the Daytona Beach area. We see some investors, but we see more people are buying for retirement or as a second or vacation condo. Some people are buying for retirement a few years out and are renting the units in the meantime.

There’s a good selection of condos available in Daytona Beach at all price ranges. Check out our Daytona Beach Condos page to view available units by price.

 

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.