Every New Year, people start thinking of new ways that they can make their resolutions stick in the long term. However, instead of setting yourself up for failure with goals that you simply know that you won’t commit to, consider putting your time and efforts into something rewarding enough to hold your interest: refinancing your mortgage.

On the fence? Check out MSN Money’s top five reasons to refinance in 2014:

Lower your Interest Rates – Take a minute to compare this year’s mortgage rates to the one you already have. Even if the numbers don’t seem big, refinancing could save you a lot of money in the long term when it comes to interest payments.

Shorten your Loan Term - Check out what your loan payments would look like if you chose to refinance into a 15- or 10-year loan. Shortening your loan term may end up saving you thousands on interest, and could possibly help you become mortgage-free much faster.

Combine your Current Mortgage Loans – If you find that your home-equity loan or line of credit has a higher interest rate than your current mortgage, you may want to look into refinancing both loans to see if your overall monthly payment can be reduced.

Take Cash Out – If you have any other high-interest debt, such as with a credit card, and your home has increased in value since purchasing it, you may want to consider refinancing to pay off that credit debt. You want to be sure that you can comfortably afford your new mortgage payment.

Reduce your Loan Balance – “Cash In” refinancing and paying down your mortgage balance may be your best option when it comes to eliminating private mortgage insurance payments or qualifying for a lower mortgage rate. The combination of refinancing and prepaying may help you become debt-free faster.

Before we begin to see rates rise throughout 2014, now is the perfect time to start thinking about refinancing. Get started today to see how you can save yourself a bit of money during the New Year.

(Source: MSN Real Estate)

(Posted by: Miki Leibowitz of Leibowitz Realty)

WASHINGTON (December 30, 2013) – Pending home sales stabilized in November with a slight gain, according to the National Association of Realtors®. Monthly increases in the South and West offset declines in the Northeast and Midwest.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

Yun said the market still favors buyers in most of the country, but higher mortgage interest rates in combination with strong price gains mean a more modest growth in values is expected in 2014.

The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago. In the Midwest the index fell 3.1 percent to 100.6 in November, but is 0.4 percent higher than November 2012. Pending home sales in the South rose 2.3 percent to an index of 116.1 in November, and are 0.1 percent above a year ago. The index in the West increased 1.8 percent in November to 95.0, but is 8.7 percent below November 2012, in part from inventory constraints.

Total existing-home sales this year are expected to reach 5.1 million, a gain of almost 10 percent over 2012, but should stay at that level in 2014, and then rise to 5.3 million in 2015. The national median existing-home price for all of this year will be close to $197,300, up nearly 12 percent from 2012, but is projected to rise at a more moderate pace of 5 to 5.5 percent in 2014, and grow another 4 percent in 2015.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.

(Source: Realtor.com)

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

The housing market took a positive turn during the year, making it one of the major economy boosters. After a minor lapse, the housing recovery allowed for an increase in sellers' asking prices, more manageable costs for homeowners and confidence from potential builders. Experts predict that for the most part, these positive outcomes will continue to flourish as we enter the New Year. Here are a few things that have been predicted for 2014:

Mortgage Rates Will Rise – An online real estate database predicts that mortgage rates will stay within normal levels but hit about five percent by the end of 2014, which is an increase from the more current rates of about three to four percent.

Mortgages Can Be Acquired With Ease – Due to the minor increase in interest rates, mortgages will be easier to acquire. Lenders will be forced to lower their standards when it comes to lending. This is mainly in part due to the dwindling refinance business that will cause them to begin competing for buyers - which is a benefit for you.

More Home Availability – Due to rising prices and construction, the amount of homes, new and old, will be on the rise in 2014. This will help the housing inventory or the homes that are available to be purchased, return to normal levels.

Decrease in Foreclosures – At one point, the amount of foreclosures in the housing market were at an all-time high but since, have been on the decline and are expected to stay at that rate.

Overall, 2014 should be a great year for the housing market, and now is a great time to begin the buying process. Contact us today to begin your search.

(Source: Forbes)

A couple of weeks ago, we touched on the number of professional golfers who have taken up residence in the Southern Florida region. Each of these athletes gave their own reasons for relocating to the area and singing the praises of a number of different towns, from Palm Beach Gardens to Jupiter. However, is isn’t just PGA Champions who are choosing to settle here; in fact, Palm Beach Gardens is home to one of the most dominating athletes in sports today.

On the court, powerhouse tennis player, Serena Williams dominates the competition with an unmistakable level of fierceness. However, when the cameras are off and the rackets return to their carrying cases, Serena heads back home to Palm Beach County where she shares a home with her sister, Venus. Now while other athletes, like Tiger Woods, may have only recently relocated to South Florida, the Williams sisters have actually made a home here for over a decade.

Purchasing their Ballenisles County Club property for $525,000 in December 1998, the home was finally completed in 2000. With a total of six bedrooms, seven full baths, two half baths and 1,100 square feet of porches, the value of this 6,544 square foot home has since increase to $1.77 million, according to a 2012 assessment. According to a recent Rolling Stones article in which Williams was labeled “The Great One,” Serena enjoys the peace and quiet of the gated community and likes that it “keeps out the riffraff.”

Serena Williams is currently the number one tennis player in the world and is ranked as #5 on Business Insider’s list of the most dominant athletes in sports right now. With the fastest serve in women’s tennis and earning a total of 47 titles over the span of her career, 31-year-old Williams is the highest ranking female on this list and we’re proud to have her as one of our Palm Beach County neighbors!

(Source: South Florida Business Journal)

Posted by: Miki Leibowitz of Leibowitz Realty

If you are entering into the luxury real estate market as a potential buyer, it’s likely that you are someone who enjoys a few of the finer things in life. That being said, it can be pretty easy to get caught up in a number of aspects that have made Forbes’ list of frivolous things that luxury home buyers should ignore. Things such as whether a home has an outdoor shower or a Zen garden are unimportant; they can always be added later on down the road. Instead, buyers are encouraged to shift their focus to the quality and all of the attributes that a luxury property can’t be without.

Aside from location, here are a few key qualities that all luxury home buyers should be on the lookout for when house hunting:

Unobstructed Views and Light – Not only does the quality of natural light that the interior of a home gets help to improve your overall mood, but it has been known to improve resale value as well. Then once you’ve assessed the indoors, take a look outside and tell us what you see. A park? Golf course? Ocean view? It’s important to love what you see when you look outside each day, so be sure that you aren’t surrounded by anything that you would consider an obstruction of your view.

Practical Layout – One of the great things about a luxury home is getting to invite friends and family members over to enjoy it with you. If you plan on entertaining in your home often, it’s important to choose a home that has enough space to maintain a clear separation between your social and private areas.

Architectural Uniqueness – No matter what, good architecture will retain value over time. Instead of focusing on how the home looks today, consider how it may look in thirty years.  Does the home have a solid foundation, unusual details, top-quality materials and/or an artistic component? These are the types of things you want to be on the lookout for.

Avoid the Fixer-Uppers – While you can always add to or reconstruct certain elements of a home, quality, high-end renovations can not only be time-consuming and frustrating, but costly as well. If the home seems like too much of a fixer-upper, it may be more worth it to simply move on and find a home that is already move-in ready.

When shopping in the luxury real estate market, it is extremely important to choose a home that you not only love, but that has lasting value. Don’t compromise when it comes to these points. As long as you have these key framework elements, all of the extra amenities can always come later.

(Source: Forbes.com)

Posted by: Miki Leibowitz of Leibowitz Realty

While the PGA of America did in fact choose Palm Beach County as the perfect location for its headquarters back in 1965, its seems as though they were not the first to call this area “home”.  Jack Nicklaus, who has often been regarded as one of the sport’s most accomplished players, actually made the decision to relocate here with his wife, Barbara two years earlier in 1963. To this very day, North Palm Beach remains the perfect fit for the professional golfer, and he’s been spreading the word.

Nicklaus may have paved the way, but as we see more and more of the pros flock to this region we have to wonder – what is it about Palm Beach County?

Convenient for Work – Many pros, like 2010 Honda Classic champion Camilo Villegas have more than one home, but their Palm Beach home is often considered their work home. Not only is the weather great most of the year, allowing them to get as much practice in as possible during both the on and off season, but there are also plenty of major airports and private jet centers nearby for them to easily travel during tours. Plus with a few tour stops being held right in the area, it’s nice for players to know that they can sleep in their own bed at least one week out of the tour.

An Abundance of Golf Courses – Playing off our last point a bit, Palm Beach County has no shortage of low-traffic golf courses and practice facilities for players to utilize. One of the great things that a lot of players like is the fact that as more pros to move down to Southern Florida, there’s always someone around. According to Keegan Bradley, “The new trend is for everybody to more to Jupiter. I think the secret’s kind of out. I mostly play at the Bear’s Club, [Nicklaus’ family club] but if you show up anywhere, you’re going to have a bunch of guys to play with. It’s a good deal.”

Peace and Quiet – While Palm Beach County has its fair share of pro golfing residents, Orlando is up there on the list as well. However for players like Mark Calcavecchia, Palm Beach County has much more to offer for anyone looking to live a calm life. After doing to the whole Orlando thing in the past, Calcavecchia liked the fact that he could drive around without running right into Disney World traffic. With the beautiful ocean scenery and a ton of great restaurants and courses to choose from, what else could you need?

The People are Friendly – One of the great things about living in an area that is a popular living choice for celebrities and professional athletes is the fact that the rest of the community becomes desensitized. At least that was one of Tiger Woods’ favorite parts when he made the move. According to him, “One of the things that I really like about this area is how friendly everyone is. People are really nice, and you’re not treated like you’re special, which is great. When I’m out on the boat or in town with my children, everyone says hi. We’re very happy.”

Simply checking the list of local names in the Honda Classic field will astonish you, and that list is only expected to keep growing as the years go by. As more and more players settle down in Palm Beach County with their own set of reasons for the move, what will be your own reasons?

(Source: Palm Beach Post)

Posted by: Miki Leibowitz of Leibowitz Realty

Over the past few years, we’ve seen the real estate market exhibit a few changes, one of which being the decline in interest rates. While we witnessed a low of 3.3 percent interest for a 30-year mortgage last year in 2012, the percentage has since increased by more than a point – recently reported to be at 4.35 percent. Now regardless of whether you’re looking to buy, sell or refinance, it’s important to prepare yourself for how to adjust to these recent changes.

CNN Money provides us with a list of 5 things we should know about these increased interest rates when looking to delve into the real estate market this year:

1.    Rates aren’t as low as they were, but they’re still cheap – As our economy continues to improve, interest rates are only going to increase. The Federal Home Loan Mortgage Corporation, better known as Freddie Mac, is said to expect 30-year mortgages to reach 4.7 percent by the end of next year, 2014. However, according to HIS Global Insight, rates aren’t expected to reach 6 percent until 2017.

2.     The refinancing window is starting to close – Those who believe they don’t have enough equity to qualify for refinancing are encouraged to check again. Rising prices have pushed 850,000 homes into the black for the first quarter alone and the recovery has led an increased number of lenders to loosen up. According to the National Association of Realtors, the average credit score for an approved mortgage is up from the normal 720 to the current 761.

3.    Higher rates won’t destroy the housing recovery – It’s a healthier economy that is boosting prices in the first place, Rates would have to rise severely to really make a mark. According to HIS U.S. economist, Patrick Newport, this turnaround will only dampen the pace of growth, at worst.

4.    When you’re ready to buy, lock in – Most lenders won’t charge you for a 45-60 day rate lock. Typically you’ll find that the cost falls to around a quarter of a point per 30 days, and with a float-down option, you’ll pay less when rates fall to that point.

5.    Fixed loans usually beat adjustables – This is considered to be a better option only if you are planning to own your home for a short period of time. If you are looking to stay at this new home for about five or six years, you’ll likely save with an adjustable, but it’s extremely important that you get a loan that matches your time frame.

These five points will help when it comes to knowing the right questions to ask when the time comes to make some serious decisions. Your real estate Broker and lender can both help you to understand what options are best for you and your family.

Staging a home is a great option for a seller when it comes to attempting to grab the attention of a potential buyer. When a space is impeccably styled with beautiful furniture and amazing decorative pieces, it seduces buyers into wanting to experience that feeling again. Statistically, homes are known to sell much easier and at a quicker rate when they are staged.

The staging of a home consists of dressing each room with personality and flare, giving the buyer a view of the possibilities of what the home could be. It becomes a totally unique experience when a potential buyer goes from seeing a home that is filled with the previous owner’s stained furniture, their daughter’s messy bedroom, and their 1970’s-style family room, to viewing a newly updated, freshly painted, modern-style, home.

All buyers are affected by what they see, feel, and experience when viewing a home. Even though they know that they will still need to make the home their own, staging makes them fall in love with the home, and brings the potential buyer closer to a making an offer.

The longer a home stays on the market, the more options buyers have. The last thing a realtor wants is to have a property lingering on the market for too long. Therefore, sellers need to put more effort into making their property stand out – and staging is one of the best investments the seller and the realtor can make to be certain that this happens. Many studies show that staged properties sell faster and also tend to receive multiple offers, which means that more often than not, the seller and the realtor make their money back from the initial investment.

Here are some important, but simple tips for perfect staging:

1. Remember that you are trying to sell the home and appeal to the buyer. This is not about your personal decorating style – it is about what the stager thinks is going to attract a positive response.

2. If any room has special features, i.e. a magnificent textured wall, a fireplace or an antique mantle, be sure to highlight those features. Each room should shine in its own way, by using artwork, accessories or lighting.

3. Neatness is key; make sure that all clutter is removed from every room. Clutter is the very last thing a potential buyer wants to see, and the first thing that will kill a potential sale.

If you are unable to hire a professional stager, a fresh coat of paint inside and outside, fresh modern new lighting in each room, and a very clean and well organized house, is a great start. Preparing your house for the buyer is what staging is all about. Now it is the buyer’s opportunity to see that they can make the space uniquely their own, and well-staged home is a great way for buyers to get that experience.

After all the negative news and challenging forecasts reported about the housing industry in the last few years, overall, homebuilders believe that the housing recovery is real and are keeping a watchful and hopeful eye on the industry.

June in particular was a good month for the National Association of Home Builders with the index reaching 52, the highest it’s been in seven years. In fact, any reading above 50 indicates a profitable sales period ahead, making this an impressive fete so far. Many experts in the industry report that the good news of the recovery has been felt in the air for the past six months, and Chief Economist for the trade group, David Crowe, says that it promises to get even better. Since the month of June is usually a much slower month for the housing industry, seeing so much promise of upcoming sales is extremely encouraging news.

With sales conditions improving particularly after the month of May, which is normally the spring peak, those who were naysayers a year ago have now changed their tune. Ironically though, since the signs of the housing recovery have begun, there appears to be a shortage of workers because the home builder’s industry is struggling to find labor. Though the number of foreclosures is decreasing and housing prices are rising still, even the rise in mortgage rates hasn’t affected the recent surge in the industry. On that note, the industry definitely has its concerns about a lack of workers they trust that laborers will find their way into the industry.

In speaking about what has held many potential buyers from purchasing homes in the recent years, David Crowe says, in his opinion, that it has not been housing costs or mortgage rates, but the ability of most potential buyers to qualify for credit. In spite of the credit challenges that many buyers face, economists still forecast continued improvement for the home building industry as a whole.         

Experts like David Crowe, see all the positivity of latest reports as simply confirmation of the rise in the industry that everyone has been feeling since the beginning of this year.

(Source: CNN Money)

Now well into 2013, we’ve seen a noticeable comeback for the real estate market thus far, which includes an 11 percent increase in home prices all across the country. While this is undoubtedly good news for sellers nationwide, the question remains whether it is too late for potential buyers to get a great deal this year.

According to an article from The Wall Street Journal, there are actually three prominent reasons why a buyer can still benefit from the real estate market during 2013:

Too Few Homes – Data provided by the National Association of Realtors shows that out of 150 major metro areas, 133 existing home prices rose during the first quarter of this year. While this is a great sign for the overall recovery of the housing market, there is still plenty of room to grow – which is good for future home buyers.

As per Real Estate Executive, Wendy Forsythe, pent-up demand can happen in many different markets. In relation to real estate in particular, “population growths, household formations and purchasers wanting to return to the market all suggest more real estate interest.” While the U.S. population grew by over 14 million between 2006 and 2012, construction of new homes was depleting, causing 17 million adult children to move in with their parents. Now all those individuals are eager to find homes and get out on their own.

Additionally, as more and more immigrants make the move to the States, demand for houses will also increase. A recent report from the Urban Land Institute and PwC sums it up by stating that “housing markets appear primed to hold relative values, and population inflows from overseas almost guarantee steady future demand for new homes.

Foreclosures and Distressed Properties – It’s no secret that our country saw its fair share of housing foreclosures over the past few years – 5.1 million between 2006 and April of 2013, to be exact.

According to Forsythe, “The foreclosure meltdown clearly impacted home values nationwide. As we reduce the distressed property inventory, it means home values are more likely to rise. This is because fewer homes sold at discount will show up in local comps.”

Luckily, the number of foreclosures nationwide has begun to decline, which in turn has brought about the “boomerang” buyers who experienced financial issues in the past few years, but are now back on track and can qualify for mortgage loans again.

Mortgage Rates – Having seen record lows in 2012, mortgage rates are on the rise once again. Logically speaking, it would be more beneficial for potential buyers to take advantage of this now before interest rates reach a point again where real estate becomes unattractive.

To sum it up, Forsythe closes by saying, “Higher rates impact affordability, but affordability remains attractive in many areas. Even after a year of rising home prices, housing today is still less expensive than at the 2007 peak. Many opportunities to buy and lock-in low rates remain, opportunities which may evaporate over time."