by starfish on March 16, 2008
Falcon Trace in Vero Beach features waterfront, cul-de-sac and garden view homes amid 45 acres of lakes and impeccable landscaping. Falcon Trace showcases luxury family home designs, ranging from 2 to 6 bedrooms, with one and two-story floor plans. A great east-of-I-95 location is close to beaches, shopping and more. Falcon Trace boasts impressive recreational facilities onsite including tennis, volleyball, basketball, children’s playground, clubhouse, pool, party pavilion and more.
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by starfish on March 13, 2008
Henry Fishkind, of the consulting firm Fishkind & Associates said Tuesday that “2008 is the consolidation year. 2009 and 2010 will be better. I believe we can see the bottom,” referring to the bottom of the current economic cycle.
Home sales, starts and prices have dropped in the region since late 2006, according to industry data. There are now fewer housing starts than sales, Fishkind said. “That’s the first indication of the bottom of the cycle.”
Fishkind expects the national economy to improve later this year after taxpayers start spending Treasury-issued checks. Fishkind said while the tax rebate checks will spur a recovery, he warned that prices would go up.
“There will be some inflation next year,” he warned. As a result, the Federal Reserve will be forced to raise interest rates to squeeze inflation out of the economy.
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by starfish on March 4, 2008
A rising mortgage rate could nullify future price drops
The Florida Association of Realtors reports that too many buyers are focusing on Vero Beach home prices and waiting to jump into the market, afraid that a property bought today will be worth less tomorrow. But rising mortgage rates should also be a concern, and many potential buyers could find themselves out of luck if they wait much longer.
Jim Svinth, chief economist at mortgage firm Lending Tree, tells buyers to “ignore the headlines.” As the economy recovers, finance costs will rise. Waiting for the perfect time to get into the market may cost prospects, especially renters, more in the long run.
“The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher,” says Svinth. Any savings you might incur by a further drop in prices might be offset by rising financing costs.
Let’s take a home priced at $250,000. With a 20 percent downpayment and 30-year fixed-rate mortgage at 6 percent, monthly payments would be $1,199.10 (principal and interest only).
If the price of this home were to drop 10 percent one year from now to $225,000 – but mortgage rates rise to 7 percent – the monthly payment for a 30-year fixed-rate mortgage with 20 percent down would be $1,197.54 (mortgage and interest only) — a difference of $1.56 a month.
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