Dee Burnett

REALTOR

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Realestate in Jacksonville Florida -

3/26/2012

Would you like me to let you know the value of your home today?  The market is very busy and it is certainly a good time to put your home on the market.  Interest rates are quite low.

To contact me for this free market analysis click on this link

Market Analysis and Appraisals; How Much is Your Home Worth

10/3/2011
Market Analysis and Appraisals; How Much is Your Home Worth?

JACKSONVILLE, FL, Oct 03, 2011 If youre a seller in this buyers market, determining how much your home is worth can be a frustrating process, as listing prices can bein generaloff by 10 percent or more, says Linda Sherrer&Christy Budnick, President & Executive Vice President of Prudential Network Realty. When demand for housing is low, and the inventory of available homes is high, buyers are able to make more demands, and the difference between your listing price and your actual selling price can be significant. To speed up the selling process, making sure you list your home at an appropriate price is crucial.

There is more than one way to determine how much your home is worth, notes Christy Budnick. A comparative market analysis and an appraisal are two of the most reliable methods, and often it is worth doing both to get a good feel on where your pricing should lie. A comparative market analysis is an informal value estimate based on the selling prices of similar properties in your area, usually sold within the past year, as well as the asking price on sales in your neighborhood that are currently for sale. Taking a look at both of these factorshomes in your demographic currently for sale and homes recently soldis a great way to avoid over or under pricing because, chances are, buyers are going to be looking at those properties, too.

Getting an appraisal by a certified appraiser is another way to get a handle on the value of your home. An appraiser comes to your property to inspect the types of things that will affect your homes worth, such as size and square footage, number of rooms, neighborhood statistics and any work that needs to be done on the property, says Christy Budnick. While the appraised value, the price determined by an appraiser, can be different than the market valueor what the house is worth during a given marketgetting an appraisal can still be a helpful guideline.

The listing price, what you ask for your home, and the sales price, what your home actually sells for in the end, may be very different, but doing research and finding a realistic selling price right from the start can negate disappointment and frustration while you look for a buyer, explains Christy Budnick.


For more information on home pricing, please contact Dee Ramsay Burnett , Realtor, at 904 923 4073

Ready for More Buyers and Sellers.

6/10/2011
Since January 1st a total of 7 waterfront condos have sold in the Riverside/Avondale/Ortega areas and Prudential Network Realty has been involved with all! 6 of the six listings were mine and Im ready to take on more! Click on my link and look at a beautiful current riverfront condo some think resemble The Museum of Contemporary Art!

http://www.dburnett.prudentialnetworkrealty.com/prudentialnr/modules/internet/search/includes/mapsearch/listingpopup.asp?mlsid=987&mlsnumber=567428&l=y

Housing Finance Market Reform Must Ensure Mortgage Affordability

5/28/2011

May 31, 2011Reforms to America's housing finance market must ensure a reliable source of affordable mortgage lending for creditworthy consumers. That's according to REALTORS® and other industry insiders who examined the federal government's future role in the secondary mortgage market at the "Fannie Mae&Freddie Mac: Obama Options and Beyond" session during the National Association of REALTORS® 2011 Midyear Legislative Meetings & Trade Expo.

Panelist Steve Brown, 2011 NAR first vice-president nominee, outlines NAR's position for reforming the government-sponsored enterprises (GSEs). Brown states that reform is required, taxpayers must be protected from losses, and the federal government must continue to play a role in the secondary mortgage market to ensure a steady flow of mortgage liquidity in all markets under all economic conditions.

"As the leading advocate for homeowners, NAR is concerned that eliminating the GSEs without a viable replacement is not a reasonable option and will severely restrict mortgage capital and result in higher fees and costs for qualified borrowers," says Brown. "Reform of the secondary mortgage market needs to be comprehensive and undertaken methodically."

James Parrot, senior advisor for housing at the National Economic Council in Washington, D.C., overviewed the administration's recommendations for reforming the GSEs in the wake of the financial crisis, which included varying levels of government backing. He notes the primary objective of the proposals is twofoldfirst, to lay out an immediate near-term path for reform, with steps that could be taken the next few years to reduce taxpayer risk and move the housing market to more stable footing, and second, to frame the discussion regarding the government's long-term role in housing finance.

"The government's large presence in housing finance is unhealthy and needs to be scaled back; however, the steps we take over next few years to reduce the government's role and increase private capital will have a tremendous impact on the housing market and economy as well as the availability and affordability of mortgages," says Parrot. "The objective isn't to turn away from housing, but to make the housing finance market stronger so that families and their most important asset are better protected."

Panelist Susan Wachter, a professor at The Wharton School, University of Pennsylvania, agrees that private capital needs to return to the housing finance market, but that most likely won't happen until the market has stabilized.

"There needs to be more accountability and transparency in the secondary mortgage market so that private investors can best assess their risk and safely get back into the market," she says.

Mark Calabria, director of Financial Regulation Studies at the Cato Institute, argues for a very limited government role in the secondary mortgage market, saying that the private capital market has the funds and capacity to absorb Fannie Mae and Freddie Mac's market share. He says that increased government support in the past few decades has only slightly increased America's homeownership rate and that rates in other countries are higher despite their government's limited involvement. Despite his opposing viewpoint to the level of involvement, Calabria acknowledges that some government backstop was essential in the future, since the housing and finance markets are sensitive to booms and busts.

David Katkov, executive vice president and chief business officer at The PMI Group, counters that it would be nave to move to a purely private market because it's been successful in other countries, adding that the U.S.'s housing finance system dwarfs that of other countries and is far more complex.

Ann Grochala, vice president at the Independent Community Bankers of America, also shares concerns for small lenders and community bankers in a purely private market, where competition from large lenders would be great.

Americans confident in recovery of Real-estate market

3/14/2011
 Americans confident in recovery of real estate market  

New national survey shows belief in real estate as a good investment is unshaken

 

 

Newark, N.J. The majority of Americas potential homebuyers and sellers -- 68 percent -- believe that the real estate market and property values will recover in the next year or two, according to a survey released today by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. [NYSE:PRU] company.  This exceeds the 47 percent of Americans who expected house prices would rise in a similar survey conducted in April 2010, underscoring a more bullish outlook for the real estate market today.   In addition, 86 percent of Americans believe real estate is a good investment despite the market volatility of the past few years. The Prudential Real Estate Outlook Survey of 1,253 Americans between the ages of 25-64 in the market for buying a home was conducted Jan. 20-27, 2011.

The survey reveals that six in 10 respondents are more interested in buying real estate (58%) and are optimistic about buying given the momentum of the economic recovery (59%).  It also shows that although the price of many Americans homes declined during the recession, 89 percent recognize they can also buy a new house at a lower price. 

This survey clearly demonstrates that Americans continue to be optimistic about the real estate market and believe that home prices will rise, said James Mallozzi, chief executive officer of Prudential Real Estate and Relocation Services, Inc.  A key take away from the survey is although consumers recognize that it is a good time to buy, they are concerned about their ability to sell their homes.  This is one of the reasons the market is still struggling to recover.   

For those on the fence about buying, uncertainty about selling an existing home (77 percent), concern about getting a fair price for the home (67 percent) and emotions (58 percent) are holding them back.  For those who have sold homes in the past year, despite the down market 78 percent report that they were satisfied with the sale.  Of these, 32 percent were very satisfied with the final price of their home and 46 percent were grateful they were able to sell given market conditions.  A relatively small number, 22 percent, indicated that they were disappointed or resentful about the price they received for their home.

The survey highlighted Americans interest in trading up their homes.  Of the 45 percent looking to trade up, 64 percent wanted more space or property, 49 percent a nicer house and 41 percent a better neighborhood.  Only 21 percent surveyed said they were looking to scale down, and 34 percent said that they wanted a similar home.            

The survey highlighted the importance of getting the right price in todays market 74 percent of buyers believe that many homes could meet their needs and that price is a significant differentiator, while 26 percent stated that they were willing to pay top of market for a home that specifically suits their needs.  The majority of respondents highlighted the importance of real estate agents in the process of buying or selling their home. 

Fannie Mae to Help Struggling Homeowners with WaysHome Interactive Video Tool

1/10/2011
 January 10, 2011Fannie Mae recently launched WaysHome, a free, interactive multi-media tool designed to educate homeowners about their options to avoid foreclosure, empower them to make informed decisions and motivate them to take action and seek help in 2011. As part of Fannie Maes Know Your Options initiative to help struggling homeowners, the WaysHome video uses innovative technology to allow homeowners to put themselves in real-life situations, make informed choices and immediately see the outcomes of those actions.

In 2011, millions of homes will be at imminent risk of foreclosure. As we enter a new year, the company is expanding its efforts to help struggling homeowners avoid foreclosureWaysHome is an innovative tool to help achieve this goal, said Jeff Hayward, Fannie Mae senior vice president. Since the beginning of 2009, Fannie Mae has helped more than half a million families stay in their homes through modification or other solutions. With initiatives like WaysHome, we are determined to do everything possible to help homeowners.

Unique to the other industry-wide foreclosure prevention efforts, WaysHome was developed by Fannie Mae to educate distressed homeowners on the short- and long-term impact of their decisions. Through video reenactment, WaysHome allows homeowners to experience scenarios that address a range of options for avoiding foreclosure that include repayment plans, forbearances, modifications, deeds-in-lieu and short sales.

The WaysHome video is set in a neighborhood that has been hurt by the foreclosure crisis. Real actors play three residents of the neighborhoodeach in financial distress. Homeowners select to play one of the residents and, as their stories unfold, make important financial decisions for them and see how the consequences of these decisions play out. Fannie Mae provides helpful tips, tools and links during the process and users have the ability to go back and revise their decisions should their choices lead to a negative outcome. Most choices lead to an immediate consequence followed by a related teaching point.

With a variety of financial hardships and other circumstances affecting homeowners across the country, making educated decisions is more important than ever, added Hayward. Its a travesty when people lose their homes because they dont know or understand their options. Homeowners who are proactive about working with their mortgage company, housing counselors, or using consumer tools like WaysHome have a significantly better chance of finding a solution that allows them to avoid foreclosure.

In an effort to connect with homeowners who have not yet reached out for help, Fannie Mae will be promoting WaysHome on www.FannieMae.com, through its comprehensive new consumer website, www.KnowYourOptions.com, and a series of events in partnership with local faith-based organizations, non-profits and industry leaders that include: Safeway Eastern Division; Progressive National Baptist Convention, Inc.; Capital Area Foreclosure Network; Collective Empowerment Group; NeighborWorks America; and National Community Reinvestment Coalition. Collateral materials and website content will be made available at no cost through Fannie Maes mortgage servicing and community partners.

Fannie Mae continues to conduct homeowner outreach across the country, which includes the opening of Mortgage Help Centers in Miami, Chicago, Atlanta, Los Angeles, Phoenix and Dallas/Fort Worth with other locations to be announced in the coming weeks. The company also uses direct mail and phone calls to encourage homeowners to pursue foreclosure alternatives.

For more information, visit www.KnowYourOptions.com and www.fanniemae.com

Mortgage interest Deduction Vital to Homeownership & Economy

12/6/2010

The following is a statement by National Association of REALTORS® President Ron Phipps..

As the leading advocate for housing and homeownership issues, NAR firmly believes that the mortgage interest deduction (MID) is vital to the stability of the American housing market and economy.

The MID must not be targeted for change. NAR is actively engaged on behalf of the nations 75 million homeowners and 1.1 million REALTORS® to ensure that the current deduction is not modified as was recommended in the Deficit Reduction Commission report recently released.

The tax deductibility of interest paid on mortgages is a powerful incentive for homeownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by NAR and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.

Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent, according to our research. This would negatively impact homeownership for millions of Americans, including those who own their homes outright and have no mortgage.

Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.

NAR will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.

November Housing Scorecard Shows Continued Signs of Stabilization in House Prices and High Home Affordability

11/29/2010

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the November 2010 edition of the Obama Administrations Housing Scorecard (www.hud.gov/scorecard). The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low mortgage interest rates. The housing scorecard is a comprehensive report on the nations housing market.

The Administration has made significant strides in promoting stability for the housing market and the nations homeowners. Through a range of swift actions since we took office, weve seen millions more families able to stay in their homes and a steady rise in responsible borrowers refinancing their loans or becoming homeowners, said HUD Assistant Secretary Raphael Bostic. But, while we cannot stop every foreclosure, we know that more has to be done to reach homeowners in distress and to help unemployed borrowers. Thats why were continuing to focus on successfully implementing the programs weve put in placesuch as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeownersand ensuring that help is available to homeowners as early as possible.

The recent reports of problems in the foreclosure process underscore the importance of helping responsible homeowners avoid the pain of foreclosure, said acting Assistant Secretary for Financial Stability Timothy Massad. As we implement additional program enhancements to reach more homeowners, we continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners in HAMP and provide meaningful alternatives to avoidable foreclosures.

The November Housing Scorecard features key data on the health of the housing market including:

-An additional one million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages. Since April 2009, record low interest rates have helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

-More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010more than double the number of foreclosure completions during that time. These modification arrangements included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.6 million).

Data in the scorecard also show that the recovery in the housing market continues to remain fragile. While the recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

For more information, visit www.hud.gov.

RISMEDIA, November 29, 2010The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the November 2010 edition of the Obama Administrations Housing Scorecard (www.hud.gov/scorecard). The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low mortgage interest rates. The housing scorecard is a comprehensive report on the nations housing market.

The Administration has made significant strides in promoting stability for the housing market and the nations homeowners. Through a range of swift actions since we took office, weve seen millions more families able to stay in their homes and a steady rise in responsible borrowers refinancing their loans or becoming homeowners, said HUD Assistant Secretary Raphael Bostic. But, while we cannot stop every foreclosure, we know that more has to be done to reach homeowners in distress and to help unemployed borrowers. Thats why were continuing to focus on successfully implementing the programs weve put in placesuch as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeownersand ensuring that help is available to homeowners as early as possible.

The recent reports of problems in the foreclosure process underscore the importance of helping responsible homeowners avoid the pain of foreclosure, said acting Assistant Secretary for Financial Stability Timothy Massad. As we implement additional program enhancements to reach more homeowners, we continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners in HAMP and provide meaningful alternatives to avoidable foreclosures.

The November Housing Scorecard features key data on the health of the housing market including:

-An additional one million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages. Since April 2009, record low interest rates have helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

-More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010more than double the number of foreclosure completions during that time. These modification arrangements included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.6 million).

Data in the scorecard also show that the recovery in the housing market continues to remain fragile. While the recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

For more information, visit www.hud.gov.

FHA Insurance Fund shows signs of increased stability

11/26/2010
The latest independent audit of the Federal Housing Administration shows the agencys financial condition has improved from last year, when it announced its capital reserve fund had fallen below the 2 percent level mandated by Congress. The annual audit shows that the capital ratio for the single-family portfolio rose from 0.42% to 0.79% over the past year.

The audit, which calculates the financial condition of the agencys insurance fund, also showed the mortgage insurance fund grew more than $1 billion in 2010 and reserves are expected to remain above $9.9 billion even if home prices were to fall further. The audit indicates that FHA will most likely not require a bailout now or in the future.

As the leading advocate for homeownership, the National Association of REALTORS® strongly supports FHAs mortgage insurance programs, NAR President Ron Phipps said. FHA announced major changes earlier this year and took critical steps to strengthen and ensure its long-term financial soundness, and those efforts have paid off.

FHAs audit reflected a change in home values, and was not tied to excessive increases in defaults or unsound underwriting practices. In fact, the credit quality of FHA borrowers has increased significantly in the last several years; the average credit score for FHA customers has grown to 693, and less than 8% of the agencys purchase borrowers this year had FICO scores below 620. The capital reserves are not FHAs only reserve fund; FHA also has a cash reserve account separate from the capital reserveand actual total reserves have grown to $33 billion.

The future health of FHAs reserve funds depends heavily on the direction of home values in the coming years. Home values have shown patterns of stabilization over the past 18 months, and in a recent independent survey, most economists expect modest home price gains over the next 3 years, so FHAs reserves should steadily improve, Phipps said.

FHA has played a key role in providing mortgage liquidity to qualified home buyers in recent years and has greatly increased its market share; according to the agency, FHA guaranteed nearly 40% of home purchases in the past year.

NAR is working closely with FHA to reassess and amend their lending policies so even more qualified home buyers can become home owners.

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