Housing Forecast 2018; Ease in Inventory constraints and sharp rise in prices!

According to Realtor.com's 2018 National Housing Forecast, U.S. housing inventory constraints have fueled a sharp rise in prices and made it difficult for buyers to gain a foothold in the market. But that is expected to change next year as part of broader and continued housing market improvements.

The easing of the inventory shortage, which is expected to result in more manageable increases in home prices and a modest acceleration of home sales, is based on an inventory growth trend that began in August 2017, according to Realtor.com. The annual forecast, which is among the industry's bellwethers in tracking and analyzing major trends in the housing market, also expects an increase in millennial mortgage share and strong sales growth in Southern markets. The wildcard in 2018 will be the impact of the tax reform legislation currently being debated in Congress. 

"We are forecasting next year to set the stage for a significant inflection point in the housing shortage," said Javier Vivas, director of economic research for Realtor.com. "Inventory increases will be felt in higher priced segments after home buying season, which limits their impact on total sales for the year. As we head into 2019 and beyond, we expect to see these inventory increases take hold and provide relief for first-time home buyers and drive sales growth."



Top Five U.S. Housing Trends for 2018 Include:

1. Inventory begins to increase - Beginning in August 2017, the U.S. housing market started to see a higher than normal month-over-month increase in the number of homes on the market. Based on this trend, realtor.com projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in the early fall, after the peak home-buying months. Boston, Detroit, Kansas City, Nashville and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Starter homes are expected to take longer to recover because their levels have become so depleted by first time buyers.

2. Slowing price appreciation - Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.

3. Millennials gain market share in all home price segments - Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase.

4. Southern markets will lead in sales growth - Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C.; leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come.

5. Tax reform is a major wildcard - At the time of this forecast, both the House and Senate had bills up for consideration, because neither had passed at the time they were not included in the forecast. Both proposed tax changes had provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see a tax cut. While more disposable income for buyers is positive for housing, the loss of tax benefits for ownership could lead to fewer sales and lower prices with the largest impact on markets with higher prices and incomes.

Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017's 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead.

2018 Top U.S. Housing Markets (based largest sales and prices gains)

1.   Las Vegas-Henderson-Paradise, Nev.
2.   Dallas-Fort Worth-Arlington, Texas
3.   Deltona-Daytona Beach-Ormond Beach, Fla.
4.   Stockton-Lodi, Calif.
5.   Lakeland-Winter Haven, Fla.
6.   Salt Lake City, Utah
7.   Charlotte-Concord-Gastonia, N.C.-S.C.
8.   Colorado Springs, Colo.
9.   Nashville-Davidson--Murfreesboro--Franklin, Tenn.
10. Tulsa, Okla.

How to Find a Mentor - Young Hustlers Live at 12PM EST #10X #REALDEAL

How to Choose a Real Estate Agent to Sell Your House?

When you decide to buy a home for yourself, you make sure to have a real estate agent to do the job for you. When you’re out there shopping for an estate agent you make sure that you get the best one in the town. There are many home sellers and some top realtor that can get your attention through ads, banners, and so much advertising stuff. This advertising stuff makes you know that there are many real estate agents out there, waiting for your one call or visit at their office.
There are some key points that you should always follow while hiring a real estate agent for getting you the best house deal;

Recent clientele:

Before making a deal with a real estate agent, always check his or her client history. You don’t have to be a spy for that. You should just simply ask the agent to provide you the list of clients and the list of sales in the past years.
These lists can tell you whether your time is worthy of making a deal with the specific real estate agent.
If you are selling your house, then ask the estate agent that what were the rates for the previous clients with the same house like yours? This will make you decide easily whether want that estate agent or not.

License:

This is the most important thing that you should keep in mind while hiring a real estate agents. The home seller should be a license holder under the rules of the state.
Choose a winner:
Always choose a person as your real estate agent, who is famous for the work and is efficient also. The fame in public of an estate agent attracts more clients than an ordinary one.
The estate agents, who are judged by their efficient skills in peers, should be your preference.

Specialized:

If you say that doctors are specialized, so are the real estate agents. The specialization of any real estate agent is mostly determined by the number of certifications linked to the agent. The real estate agents get certified on the basis of their vast experience and best skills in work.
To get the certifications takes much struggle than anything in a career. But it is the signification of hard work throughout life.

Experience counts:

The experience of a real estate agent really counts in the market. People are more attracted to the services of a person who has more experience in his field. A person holding the experience of 5 to 10 years as a real estate agent, with great success record, should be your first preference.
You can also keep an eye on the estate agents who are currently active in a particular area or locality of your interest. If the agents are doing well in that particular area, they can also be a better option for you.

You should always keep in mind that finding a real estate agent to sell your home is an easy job. But the difficult part is to find the right person to do the job in a right way. A home seller with all these qualities can be the best choice for you. So, make sure that the estate agent you’re hiring can provide you with facts so that you get your hands on the best deals for your house.
(http://www.fastexpert.com/choose-real-estate-agent-sell-house/).

EL ERROR MÁS COMÚN DE LOS EXTRANJEROS AL COMPRAR INMUEBLES EN MIAMI

Ningún extranjero debe comprar una propiedad sin primero considerar las implicaciones de la ley "FIRPTA"

El Sur de la Florida experimenta un período de alta inversión de capital extranjero en propiedades residenciales y comerciales. Por eso es oportuno desglosar algunos conceptos claves para los extranjeros que están contemplando una inversión en ese sector en EEUU. Es importante tener en cuenta, que inversores extranjeros e inversores residentes están sujetos a distintas normas fiscales. No reconocer este concepto es la causa de los mayores errores en la planificación de los inversionistas extranjeros. La mayoría de estos errores corresponden a la manera en que un extranjero toma título de una propiedad en EEUU.

Ningún extranjero debe comprar una propiedad sin primero considerar las implicaciones de la ley "FIRPTA" (Foreign Investment in Real Property Tax Act of 1980), que aplica un impuesto sobre la ganancia derivada por un extranjero que vende una propiedad en EEUU. FIRPTA retiene del 10% al 15% del valor de la venta en el momento del cierre (el monto de la ganancia "real" del vendedor es irrelevante). Esta retención es como un pago adelantado del impuesto aplicable a la venta. La consecuencia es quitarle al extranjero un monto antes de que tenga la eventual obligación de pagar el actual impuesto sobre su ganancia.

Por ejemplo, un extranjero no residente compró un apartamento en Miami a título personal en 2009 por $250,000. Ahora lo vende por $450,000. A consecuencia de FIRPTA, el comprador del apartamento tiene la obligación de retener del monto de venta la suma de hasta $67,500 (15% de valor de venta) como un pago adelantado de las obligaciones impositivas con respecto a la venta del apartamento. El extranjero luego al finalizar el año impositivo tendrá el derecho de solicitar al IRS un reembolso de la retención o parte de la misma. Siguiendo el ejemplo, el impuesto que tiene que pagar el extranjero sobre la venta es de $30,000 (asumiendo un tasa impositiva de 15%, por ser "long-term capital gains" de $200,000).

En su declaración anual indicará que el IRS le adeuda una devolución de impuestos por el monto de $10,000 (le retuvieron $40,000 y el impuesto aplicable era $30,000). Con planificación adecuada, el extranjero podría haber evitado la retención de sus $40,000 y la demora en esperar una devolución de parte del IRS. Probablemente, el extranjero podría haber hecho mucho con sus $40,000 antes de tener que eventualmente pagar el impuesto aplicable. Esto obviamente tiene mayor impacto cuando se incrementan los valores de venta por el concepto del "valor temporal del dinero."

Aunque hay excepciones de la ley FIRPTA, la mejor manera de evitar una retención es con una planificación adecuada para que el vendedor bajo la ley no sea considerado como un extranjero. Esto se logra consultando con abogados y contadores capacitados para proponer soluciones adecuadas, dado que una planificación debe ser algo a "la medida." Lamentablemente, muchos extranjeros compran propiedades a título personal o a través de una "limited liability company (LLC)" y ambas situaciones exponen al inversor extranjero a FIRPTA. El uso de LLCs por extranjeros para la compra de una propiedad en EEUU es problemático, ya que la LLC no sirve para solucionar temas fiscales.

Fuente: Miami Diario, “El error más común de los extranjeros al comprar inmuebles en Miami”, 1/11/2017.

Los Bienes Raíces Rurales

 Cuando nos piden asesoría sobre la conveniencia de hacer inversiones inmobiliarias urbanas versus en las zonas rurales, la respuesta no es sencilla. Hay que tomar en cuenta muchos factores que pueden determinar la plusvalía y la rentabilidad anual de las mismas.

Las tendencias de emigración del campo a la ciudad es una consecuencia del desarrollo económico de los países. En México, en 1910, el 80 por ciento de la población vivía en zonas rurales; un siglo después, en el año 2010, el 80 por ciento ahora vive en las zonas urbanas. Cuando nos piden asesoría sobre la conveniencia de hacer inversiones inmobiliarias urbanas versus en las zonas rurales, la respuesta no es sencilla. Hay que tomar en cuenta muchos factores que pueden determinar la plusvalía y la rentabilidad anual de las mismas. En general, podemos decir que hay Ranchos Agrícolas y Ranchos Ganaderos.

En los Ranchos Agrícolas de Temporal se conocen las épocas de las temporadas de lluvias y la cantidad de agua que en promedio anual recibe el suelo. Con lo anterior y la calidad de la tierra se sabe qué tipo de cultivo se puede sembrar como los granos como el maíz, sorgo, frijol, etcétera, lo que determina las toneladas por hectárea de cosecha que se puede proyectar producir. El retorno sobre la inversión se obtiene conociendo el valor de la tierra, de la maquinaria y equipo, la semilla y el costo de la producción, con ello nos da la rentabilidad y nos determina el valor de estas propiedades.

En cambio, en los Ranchos Agrícolas de Riego, ya existe habilitado un sistema de riego que puede provenir de ríos, presas o de pozos profundos que dependiendo de las zonas se puede determinar el tipo de cultivo que puede ser de granos que requieren menos costo de inversión por hectárea, pero también pueden ser de hortalizas, de papas o de caña de azúcar que requieren inversiones cuantiosas por hectárea. Los huertos de manzana, de nogal y los cultivos de la vid requieren sistemas de riego, equipos y cuidados especiales que determinan un costo de producción más elevado por hectárea y en consecuencia un elevado valor de estas propiedades.

En el caso de los Ranchos Ganaderos el valor por hectárea va depender del coeficiente de agostadero, que es la superficie de hectáreas requeridas para mantener una unidad animal mayor. Si el coeficiente es más alto, la tierra es más pobre y dispone de menos agua; en cambio si el coeficiente es mas bajo, la tierra es mas fértil y dispone de más agua. Por lo tanto, el precio por hectárea es más barato en altos coeficientes de agostaderos. También existen ranchos ganaderos cinegéticos que se utilizan para la cacería, los cuales algunos producen atractivos ingresos a sus propietarios.

Como vemos, los diferentes tipos de ranchos pueden tener una rentabilidad anual mayor o menor dependiendo de la explotación y eso determina el valor por hectárea. Pero también hay ranchos que no tienen ningún tipo de explotación y que les cuesta a sus propietarios anualmente mantener sus cercas y vigilar que no sean invadidos, que son los que más nos ofrecen frecuentemente ponerlos en promoción para su venta. 

También sucede que éstos se mantienen solo por plusvalía o por recreación que resulta al acudir a disfrutar los bosques, la montaña, las casas, las albercas y paseos en caballo o sus pequeñas superficies sembradas.

Las propiedades rurales que observamos tienen mayor plusvalía son las que se acercan a las zonas urbanas, las que se acercan a las ciudades y pueden tener factibilidad de incorporación de los servicios públicos necesarios para establecer los desarrollos habitacionales o parques industriales.

El autor es experto del sector inmobiliario en México. Es presidente de la firma de bienes raíces líder en el país, Realty World México, y presidió la Federación Internacional de Profesiones Inmobiliarias (FIABCI) en 2014, 2015 y 2016.Capítulo México.

Sales Pro Shows Celebrity Real Estate Agents How to Negotiate Price

Foreign Investments in Real Estate Surge.

International home buyers are eager to invest in the United States and may be willing to pay top dollar for your property. Foreign investment in US residential real estate hit a new high this year, driven by an increase in sales dollar volume from Canadian buyers, according to a new survey by The National Association of Realtors. Foreign buyers and recent immigrants bought $153 billion of residential property, which represents a 49% jump from last year.

International buyers who live outside the United States invested more than$153 billion of residential property, which represents a 49% jump from last year.  A recent survey reveals that China is still No. 1 in terms of sales dollar volume, but the overall boost in activity came from Canadian buyers. Transactions from Canadians this year more than doubled from last year, reaching $19 billion – a new high for Canada. Canadians are finding that US markets though expensive are actually more affordable than in their home country. Though home prices have been steadily rising, gains across Canada have been steeper, especially in Vancouver and Toronto.

Make your home or condo appealing to foreign buyers, you have to do a little more than hire the average real estate agent. Align yourself with a broker who has ties with foreign buyers. Ask brokers if they have the ability to place advertising in other countries and if they will have a website dedicated to the property with a virtual tour. Agents who specialize in working with foreign buyers normally list the property on websites that market homes for sale globally and nationally. Even if the property is listed only on Realtor.com, make sure there’s enough information and pictures on the listing to attract international buyers. Foreign buyers are looking for great pictures and videos of the property because most of the time they’re not here to physically see them. It is crucial to have your property listed for sale online with multiple photos and videos of the home and the neighborhood and or the complex. Prepare your home or condo for selling. First impressions count for everything. Pay attention to details, complete maintenance on your property, and declutter as much as possible.

There is a myth that foreign buyers will just come in with cash and pay more than what the property is worth, but that’s not true. They look for a bargain, like everyone else, and they look for properties that are easily rentable, in desirable areas, with high rates of return.  If you’re after a quick sale, be prepared to get engaged and be proactive.

Existing-home sales rose in October to their strongest pace since earlier this summer, but supply shortages continued.

U.S. Home Sales Uptick 2.0 Percent in October 

According to the National Association of Realtors, existing-home sales in the U.S. increased in October 2017 to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.

Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home," he said. 

"While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

Added Yun, "The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms."

The median existing-home price for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October's price increase marks the 68th straight month of year-over-year gains.

Total housing inventory at the end of October decreased 3.2 percent to 1.80 million existing homes available for sale, and is now 10.4 percent lower than a year ago (2.01 million) and has fallen year-over-year for 29 consecutive months. Unsold inventory is at a 3.9-month supply at the current sales pace, which is down from 4.4 months a year ago.

Properties typically stayed on the market for 34 days in October, which is unchanged from last month and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.

Realtor.com's Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in October were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Boston-Cambridge-Newton, Mass.

"Listings - especially those in the affordable price range - continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter."

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90 percent in October (matches highest rate since June) from 3.81 percent in September. The average commitment rate for all of 2016 was 3.65 percent.

First-time buyers were 32 percent of sales in October, which is up from 29 percent in September but down from 33 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers released last month - revealed that the annual share of first-time buyers was 34 percent.

NAR President Elizabeth Mendenhall says the pending tax reform legislation in both the House and Senate is a direct attack on homeowners and homeownership, with the result being a tax increase on millions of middle-class homeowners in both large and small communities throughout the U.S.

"Making changes to the mortgage interest deduction, eliminating or capping the deduction for state and local taxes and modifying the rules on capital gains exemptions poses serious harm to millions of homeowners and future buyers," said Mendenhall. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home. Furthermore, adding $1.5 trillion to the national debt will raise future borrowing costs for our children and grandchildren."

All-cash sales were 20 percent of transactions in October, unchanged from September and down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in October, down from 15 percent last month and unchanged from a year ago.

Distressed sales - foreclosures and short sales - were 4 percent of sales in October, unchanged from last month and down from 5 percent year ago. Three percent of October sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales

Single-family home sales climbed 2.1 percent to a seasonally adjusted annual rate of 4.87 million in October from 4.77 million in September, but are still 1.0 percent under the 4.92 million pace a year ago. The median existing single-family home price was $248,300 in October, up 5.4 percent from October 2016.

Existing condominium and co-op sales increased 1.7 percent to a seasonally adjusted annual rate of 610,000 units in October (unchanged from a year ago). The median existing condo price was $236,800 in October, which is 6.9 percent above a year ago.

Regional Breakdown

• October existing-home sales in the Northeast rose 4.2 percent to an annual rate of 740,000, (unchanged from a year ago). The median price in the Northeast was $272,800, which is 6.6 percent above October 2016.

• In the Midwest, existing-home sales inched forward 0.8 percent to an annual rate of 1.31 million in October, but are still 1.5 percent below a year ago. The median price in the Midwest was $194,700, up 7.1 percent from a year ago.

• Existing-home sales in the South increased 1.9 percent to an annual rate of 2.16 million in October, but are still 1.8 percent lower than a year ago. The median price in the South was $214,900, up 4.6 percent from a year ago.

• Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016.

(https://www.nar.realtor/newsroom/existing-home-sales-grow-20-percent-in-october)

Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) 2017.

The Housing Trends eNewsletter contains the latest information from the National Association of real estate professionals, Florida Realtors Association and the Miami Realtors Association.

Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) ending in September 2017.

In the Miami-Dade County area, Inventory of Single Family Homes Active Listings, of Non-Distressed properties through the month of September 2017: 5,769

The Dollar Volume of Sales in Miami-Dade Cunty (Non-Distressed properties) through September 2017: 307,404,675

The Cash Sales of Single Family Homes, Non distressed through September 2017: 139

Cash Sales As a Percentage of Closed Sales (September 2017): 22.6 %.

Median Days between Orig. List Date and Contract Date for Closed Sales through
September 2017: 41

Median Days between Orig. List Date and Closing Date for Closed Sales September 2017: 91 (DOM).

New Single Family Home Listings in the Third quarter: 868

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:
<a target="blank" href="http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm">http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm</a>;

Please click on this link to view the Housing Trends November 2017 Newsletter:
<a target="blank" href="http://Lazaro.housingtrendsenewsletter.com">http://Lazaro.housingtrendsenewsletter.com
</a>
The Housing Trends eNewsletter contains the latest information from the National Association of real estate professional, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is also filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, consumer articles, community reports that map shopping, schools, recreation and more.

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your real estate professional in the future.

Sincerely yours,

Lazaro Lopez, PA
Fortune International Realty
1390 Brickell Avenue Suite 104 Miami FL 33133
305-400-6393 | 786-525-9430
Lazaro@fir.com

Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month!

Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month!

Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.

MIAMI — Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017. Colombia registered 11.4 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in September 2017. Colombia has led the MIAMI property search rankings for seven consecutive months and 17 of the last 22 months. 

“Miami real estate continues to be a top destination for consumers in Latin America but all over the world,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Canada, Ukraine, Spain, Italy, India and the Philippines rank among the top-10 foreign countries searching for Miami real estate.” Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month.

Top-10 countries visiting MiamiRealtors.com in September 2017:

Country, Share of International Searches

Colombia, 11.4%

Canada, 10.4%

Ukraine, 5.5%

Venezuela, 5.2%

Spain, 4.7%

Brazil, 4.3%

Italy, 4.3%

India, 4.3%

Argentina, 3.8%

Philippines, 3.0%

Colombia: A Top Market for South Florida Real Estate

Colombian home buyers tied with Brazil in making the third-most international purchases in South Florida, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia had a 10 percent share of all international purchases in South Florida. Venezuela (15 percent) and Argentina (11 percent) finished first and second, respectively.

MIAMI again promoted its members, South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, on Aug. 24-27, 2017 in Bogotá, Colombia. MIAMI made a South Florida market presentation at the 12th annual expo, which attracted 30,000 visitors and 200 exhibitors.

Top-10 International Cities Visiting MiamiRealtors.com in September 2017

Ontario, Canada

Bogotá, Colombia

Kyiv City, Ukraine

Capital District, Venezuela

Buenos Aires, Argentina

Sao Paolo, Brazil

Antioquia, Colombia

Quebec, Canada

Madrid, Spain

Milan

South Florida is Second-Most Searched U.S. Market by International Clients 

Miami-Fort Lauderdale-West Palm Beach is the second-most searched U.S. market by international consumers, according to Realtor.com September 2017 data. South Florida has ranked among the top-two U.S. markets for global demand for years.

Top-10 U.S. markets for international real estate demand: September 2017

Los Angeles-Long Beach-Anaheim, CA

Miami-Fort Lauderdale-West Palm Beach

Bellingham, WA

New York-Newark-Jersey City, NY-NJ-PA

Orlando-Kissimmee-Sanford, FL

Urban Honolulu, HI

Tampa-St. Petersburg-Clearwater, FL

Kahului-Wailuku-Lahaina, HI

Phoenix-Mesa-Scottsdale, AZ

Las Vegas-Henderson-Paradise, NV

Top-10 countries driving international demand in South Florida: September 2017

Canada

Brazil

Argentina

United Kingdom

Colombia

Germany

France

Spain

Italy

Mexico

(http://www.miamirealtors.com/news/news/releases/2017/11/13/colombia-tops-miami-real-estate-searches-for-seventh-consecutive-month).

#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #Colombia

Foreigners are getting serious about "Buying American" real estate.

The National Association of Realtors released a report Tuesday that said foreign buyers and recent immigrants spent an estimated $153 billion on American properties in the year ending March 2017. That was a 49% increase over the previous year and the highest level since record-keeping began in 2009.

The purchases accounted for 10% of the total value of existing home sales in the U.S. The report did not include new homes.

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The breakdown of sales between foreigners and recent immigrants was about 50:50.

Blame Canada

America's neighbors to the north were one big factor behind the surge.

Canadian real estate investors nearly doubled their purchases of American homes over the period because of the relative affordability of properties in the States. Many Canadians have been squeezed out of property markets in cities like Toronto and Vancouver that have experienced rapid price gains.

Canadians were the second biggest foreign purchasers of homes after the Chinese. Buyers from China shelled out nearly $32 billion over the period, while Canadians spent $19 billion.

Related: London's economy is starting to 'wobble'

Trump turmoil?

Foreign buyers had to brush off U.S. political turmoil in order to make their purchases.

"The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year," said Lawrence Yun, chief economist at the National Association of Realtors.

"While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest," he said.

Location, location, location

Nearly half of all foreign sales were in three states: Florida, California and Texas.

Canadians gravitated to Florida. Chinese buyers focused on California. And Texas was the preferred state for Mexican buyers.

New Jersey and Arizona were the fourth and fifth most popular states.

Related: Yes, student debt is delaying homeownership

The report estimated foreign buyers typically paid just over $302,000 per property, up 9% from the previous year.

About 10% of foreign buyers paid over $1 million.

(http://money.cnn.com/2017/07/18/real_estate/real-estate-property-fo...).

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Miami condo price reductions in sales just 1.1% from list

Miami has seen a recent boom in not only condominium construction and sales but also resales.

While many buildings are still in the pre-construction or construction stages, there is always a demand for units in existing buildings, observers say. Of the 50 most expensive, prices range from $13.9 million for a 6,120-square-foot unit on Fisher Island to $55 million for a penthouse at Faena at 3315 Collins Ave. on Miami Beach. The five-bedroom, five-bath unit features 8,273 square feet of living space.

Though sellers of single-family homes priced at more than $1.5 million have had to drop their prices an average of 3.8%, condo prices were reduced by only 1.1%, according to the Multiple Listing Service.

“The top of the market is stable,” said Alicia Cervera, managing partner and principal of Cervera Real Estate. “It’s not a raging market – which everybody prefers – but it’s not in freefall, either.”

There’s no shortage of buyers, but different factors motivate them to buy, she said. “The reality is, you’re selling to a very small pond, maybe 5% of the population. People at this level have the cash; it just depends on when they want to pull the trigger.”

Cervera Real Estate advertises both locally and in targeted luxury publications. “The big shift is that you don’t market geographically, but to other demographic factors: where they go, what luxury items they consume. What appeals to them? Is it the boat show, is it Art Basel, is it the Miami 500 races? We advertise in our own backyard, too, because we know wealthy people from around the world come here.”

In Miami, luxury condo buyers want to be on the water, near upscale restaurants and luxury shopping, Ms. Cervera said. Edgewater, where Cervera Real Estate is marketing Elysee Miami and Biscayne Beach, is near the Design District, as is Aria on the Bay; Aston Martin Residences is downtown, close to Zuma and DB Moderne restaurants, she added.

Other properties the group represents are The Grove at Grand Bay and The Markers in Coconut Grove and The Bond and Smart Brickell in Brickell.

Demand for the buildings is driven by high occupancy overall (97%) and “rents going through the roof,” Ms. Cervera said. “It takes two or three years for a building to deliver, so it’s good that we have all of these units coming on the market. Otherwise, it would have stifled the city.”

It’s also fortunate that the buildings are proceeding at different schedules, to accommodate those who want to move in right away, as well as those who can wait, she added.

“It’s good to have some that are close to finishing; Aria on the Bay will be finished in January. We sold it out, and people want to move in. Biscayne Beach is finished. Life changes quickly, and it’s hard to know where you’ll be in four years.”

A major change in this building boom is that more people will occupy their units, even if on a part-time basis, she said. “Someone has to call it home, even if it’s one week or one month a year, so it’s not idle. In Miami, that hasn’t been an issue. In fact, we have buildings being occupied very quickly.”

“It’s the definition of luxury,” said Chad Carroll of Douglas Elliman, describing the $39 million penthouse on which the company has an exclusive listing in the Regalia in Sunny Isles Beach. With nearly 17,000 square feet, it is the second most expensive condominium unit for sale in Miami-Dade County.

The two-story penthouse at Regalia comprises 10,700 square feet (at $3,600 per square foot) with a 7,000-square-foot rooftop terrace and private pool reached by glass elevator, dual master bedrooms, a great room, movie theater, game and family rooms, private spa, wine cellar and guest room with its own living space.

Finishes include Nikzad wood and Blanco Sevilla stone flooring, Kreon designer lighting, custom speakers and millwork, Falma Italian closets, and programmable controls for lighting, shades, temperature and music. “No expense was spared,” Mr. Carroll said.

Designed by Arquitectonica’s Bernardo Fort-Brescia, the building itself offers only 39 units, he said, with unit prices starting from $8 million. They have 360-degree wrap-around terraces that offer unobstructed views of the Atlantic Ocean, Golden Beach, the Intracoastal Waterway and the skylines of Miami, Miami Beach and Fort Lauderdale.

Another listing in the Regalia is a six-bedroom, six-bath “beach house” comprising 10,515 square feet, with a private pool, sauna, steam room and spa. It is listed for $29 million, he said.

“We have had interest from hedge fund managers, European families, Brazilians. It’s a very diverse group,” Mr. Carroll said. “The ultra-wealthy just love the building because it makes them feel at home. We’ve been very active.”

Voice for Real Estate 77: Conference, Tax Reform, Mortgage Market

Real Estate 101: Your Buyer Checklist

Purchasing real estate may be overwhelming at first, considering all the things you need to study and learn to ensure that you make the right investment. But if you are equipped with the right tools and knowledge, it can save you from making seriously costly mistakes. For buyers looking to purchase a home, whether it’s your first, second or third, knowledge will be your best friend. And with some perseverance, buying your ideal property will be easier than you think.

To make it simple for you, we’ve created a buyer’s checklist to guide you on this endeavor.

First, think about what it is you’re looking for in real estate. Separate your wants from your needs. Crucial factors for good real estate include location, size, style, and occupants. If you are still single, you can look at lofts, condominiums, and studios. If you are planning to have a family, you can look at homes and townhouses of different sizes.

As real estate involves money, you will also need to consider is how much you can afford. When assessing your financial capacity to purchase real estate, it’s recommended that you analyze your debt (if any), monthly income, and credit status. You should also inquire about various down payment plans that will allow you to buy property but still be able to live a comfortable life.

Real estate is primarily about location. An ideal location for others may not be an ideal location for you. So when deciding on buying a home, check your lifestyle, personal preferences, and the prospective home’s distance from your work. Meanwhile, location’s security is also a must-think. The internet is a good place to research about local crime rates, safety, commuting options, and traffic in the neighborhood of your choice. Other factors you should consider in a location include the proximity of a hospital or clinic, school, and other local recreational amenities such as parks, movie theaters, restaurants, and shops.

The next step is to choose a type of mortgage and obtain pre-approval. Before you choose a mortgage broker, it’s crucial to do your homework and shop around before deciding. Brokers offer a range of interest rates, and it’s best to go with one that is well-suited to your needs as well as financial capabilities. It is highly recommended you deal with a mortgage broker when deciding on this aspect.
Work with highly recommended realtors, and if you are new to real estate, asking for referrals especially in the neighborhood of your choice will be helpful. Good realtors will take the stress out of buying real estate as they can help you find property that suits your individual preferences and will also help you with payment options.

Finally, avoid the mistake of purchasing right away. Here’s another often overlooked tip: narrow down your options to five, visit them all to get a feel for the whole property. Many buyers experience having “cold feet” when purchasing a home because they have not looked at enough options before deciding. So remember, even if you are decided on a property, you should still try to negotiate with your broker to increase your chances of getting a good deal.

These are some of the most basic points you should consider when buying real estate. Remember that going into the industry without this checklist in mind may be a pricey mistake. Why risk that when finding your dream home can be ease-free?

(http://www.globalrealtynews.com/real-estate-101-your-buyer-checklist/)

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