This is cool idea no matter who the President is!

FHA has waived its 3 and 2 year waiting requirements of BK when buying a new home!

This means a new realm of people can get back into home buying, albeit with a few safeguards, but this is still great news. My home in Murray Hill is FHA approved for this great program. Come one come all!

July 2013 NEFAR stats are in....

It won't be long before the housing recovery is simply referred to as housing.
Institutional and cash buyers have effectively priced themselves out of the
market. During the downturn, much inventory was purchased by these groups.
Now that prices are rising, there's less incentive for these kinds of buyers, yet
affordability for consumers remains attractive.

New Listings in the Northeast Florida region increased 41.8 percent to 3,045.
Pending Sales were up 51.9 percent to 2,342. Inventory levels shrank 25.3
percent to 8,305 units.

Prices got a lift. The Median Sales Price increased 25.7 percent to $170,875.
Days on Market was down 29.1 percent to 83 days. Absorption rates improved
as Months Supply of Inventory was down 42.1 percent to 4.4 months.

With mortgage rates slightly up but relatively low by historic standards, the Fed
has indicated no change in monetary policy based on a moderately-paced
economic expansion. Although the unemployment rate remains a factor to
watch, the housing recovery continues to plug along, helping the greater
economy with flourishing activity in sales and prices. Housing has made a
positive contribution to real GDP growth for 11 consecutive quarters.

Northeast Florida July 2013 Statistics

How much is my house worth? Call Liz Bobeck for a free report on your house and the comparables in the neighborhood, call her at (904) 210-6399

Well, there you have it, prices in Real Estate are going up....

More than 100 economists, real estate experts, and investment and market strategists predict home values will rise an average 6.7 percent year over year in 2013, according to Zillow’s latest home price expectations survey conducted by Pulsenomics.

Survey panelists said they expected median U.S. home values to rise to $167,490 by the end the year, up from $156,900 at the end of 2012 and $161,100 currently, Pulsenomics said. On average, panelists projected U.S. home values could near record highs by the end of 2017, coming close to the previous peak of $194,600 in May 2007. Nonetheless, panelists anticipate appreciation rates to slow to about 4.4 percent in 2014, 3.6 percent in 2015, 3.5 percent in 2016, and 3.4 percent in 2017 for a cumulative 23.7 percent rise through 2017.

The vast majority of panelists, 88 percent, said rising mortgage rates did not represent a significant threat to the ongoing housing recovery. Most opined that the interest rate on a 30-year fixed-rate mortgage would have to jump to at least 6 percent to be a significant threat.

Nice to know what we already know! But still if you hear something enough, you will believe it, right? I mean, we all believe what we see on Zillow, right?

The Number One Home Improvement Project for Return on Investment

Seeking ways to boost your home’s value? According to Remodeling Magazine, the number one home improvement for recouping your return on investment is the addition of an attic bedroom.The nationwide average cost of this project is a bit over $50,000, however you can expect to recoup 72.5% of the cost once it comes time to sell the home.

According to This Old House, you should consider the following building-code basics for turning attic space into living space:

1. Access and egress: code generally requires a full-size staircase and two ways out of the room in case of fire.
2. Ceiling height: there must be 7 feet of headroom of a floor of at least 70 square feet.
3. Floor support: joists and a sub-floor are most likely needed.
4. Ventilation and insulation:very important for heating and cooling costs

Why is this important Jack? Because people buying homes today want to buy a home they can live in, not needing to repair, and ready to live. Millenials and Generation Y families have been saving, lived through the Great Recession and are ready to move into a finished house. Yes a steel front door will return 93% of its purchase price, but it also only costs a few hundred bucks, compared to a new bedroom. This may be a deal breaker for you!

Jack

NAR recently released the 2013 National Housing Pulse Survey. The findings show that a strong majority (78%) of renters say that homeownership is a priority for them in the future, with 51% calling it one of their highest priorities.

That is an impressive statistic, but it is not surprising. There is a reason homeownership is called the American Dream. Home is where we make memories, build our futures, and feel comfortable and secure. It’s no wonder that most renters want to own a home. So where are these renters and how can REALTORS® help them along the path toward homeownership?

REALTORS® need not look far to find renters. In communities across the country, the people who provide vital services – teachers, firefighters, bank tellers, and retail and restaurant workers – often are renters who cannot afford to buy a home in the areas where they work. This challenge leads to employees having to “drive until they qualify”, which means that workers who cannot afford to live near the workplace must travel outward until they find a neighborhood they can afford. The result is long commutes, traffic congestion, and less time spent with family and friends. One way REALTORS® can address this challenge is to become involved in creating workforce housing solutions.

Workforce housing focuses on expanding housing opportunities for America’s working families. REALTORS® are in a unique position to become partners in workforce housing solutions. They, together with business partners – chambers of commerce, homebuilders, economic development groups, lenders, and individual employers – can work alongside local officials and housing nonprofits to help increase housing opportunities for working families unable to afford to live in the communities where they work.

NAR’s Social Benefits of Homeownership and Stable Housing white paper showed that homeowners move far less frequently than renters and therefore are embedded in the same neighborhood and community for a longer period. Further, the study showed that homeowners have a greater financial stake in their neighborhoods and are more likely to volunteer in their community. It makes sense that people who give their time and talents working in and serving a community would have a vested interest in living there as well. When teachers, police officers, young professionals, and others leave work they take their talents, social connections, and patronage with them. Workforce housing solutions can help keep these vital employees and their social investments in the communities they serve.

People who are able and willing to assume the responsibilities of owning a home should have the opportunity to purse the dream of homeownership, in their desired community, and REALTORS® can help. NAR has a variety of resources including grants, classes, technical assistance, and publications that REALTORS® and REALTOR® associations can use to address workforce housing issues.

What does this mean Jack? This shows that people who are renting, still have a desire to get back into home ownership. Rates are rising, values are rising, but there are many parts and places where homes are affordable and people can get in with better financing from banks. We are still 30-40% below the bubble valuations and if you are concerned, look at California or Arizona, states where the values have come roaring back, look and see what is happening there to get an idea of what may happen in your area. 

Best of luck investing

#JackBobeck

Open Houses

My wife, Liz Bobeck, recently had an open house at one of her upscale listings, and we had the unit open and available for people to come and view. While it was not a total disappointment, I think she could have done more to build more of a following for the event. I am a technology person and I think we could have had more of a presence with some of the people who would have seen this location as perfect.

Who would it have been perfect for? Boaters for one, it has a large number of docks right on the Ortega River. It features a nice clubhouse with pool and other amenities, such as an area above for throwing parties. The condo they featured was a huge 3 bedroom 3 bath property and it had a dock slip thrown in. Did we invite any of the people who owned the boats in the docks? I don't believe I saw anyone from the docks in the condo.

Our marketing consisted of contacting other local, older buildings and having the grandson of one of the agents place invitations in people's mailboxes or hand delivering them to the door after knocking. Cute, effective, and thinking outside the box. We shall see if it means sales and movement of product. Who knew a child would be that effective, all for the sale of an ice cream cone?

I like technology and I like to post what we are doing onto Facebook, Twitter, Open House (the app) and other sources where I can bring in people who are looking for a place to live and connect with them at my level. I am technology person and I have been using it and building businesses with it all my life, I will always keep learning and growing and building with technology. I would encourage others to do the same, the Open House app is a great one to use and deploy. Try it sometime. Now, I need to get my wife to get me her schedule for open houses.

Jack Bobeck

camera work in real estate

I love to make pictures look better. I used to help people's pictures look better when I took them for the City of Jacksonville and Public Library. So it is no big deal for me to learn of new ways to take better photographs and here are some good ideas:

Photos and videos are grabbing everyone’s attention whether it’s on Facebook, printed marketing materials or your blog/website. There are more than enough bad MLS photos out there to last a lifetime. Nate Ellis, director of education and training at the Contra Costa Association of Realtors, suggests framing the shot correctly before you snap the photo.

The iPhone has done wonders to help people frame better photos. Remember the rule of thirds. If you brake the image into nine sections, how do your subjects fit in those spaces? You don’t always want them in the middle.

You want to create depth with your photos. Subjects should not be in a single-file line all the way across the frame. Putting objects between you and your subject make for more interesting pics. Linda Aaron, training director/operations coordinator at Coldwell Banker Bain, offers a few more pointers.

• Use a tripod — this will allow you to take a longer exposure and give you crisp, clear photographs with available light. 
• Use all of the available lighting in the home, being careful not to shoot directly at bright light coming from windows unless you are using multiple exposures or exposure adjustments. 
• When the camera sees the bright light coming from the window, it thinks there is enough light for a proper exposure; what will actually happen is the room will be underexposed and detail will be lost.

Wide-angle lenses are best for photographing rooms, as they will show more of the room, which will enhance the space.

Why is this important Jack? Because we all have seen crummy real estate photos, best not to use ANY photos if you have crummy ones, because none or a Google Earth shot is better than garbage from a junky camera. Do it right, practice, practice, practice, and get better. It is simple to do, who knows, maybe you will be teaching us soon on how to create better photographs.

#JackBobeck