Real Estate Information

Can I Find A Home I would Live In

& Still Afford The Payments + Closing Costs?

     The one constant in real estate is financing questions... affordability! The standard still is "How much down and how much per month?" Many times people do not ask until it is too late and they may have missed out on some great opportunities!

     Let me share an example. For several months this nice couple and I would look at homes in Merritt Island. Most were built in 1950's, with small rooms and would not qualify for FHA financing without extensive repairs. When there was a great one, there were multiple offers almost before we could even get in to see it. I enjoyed meeting with them but we were all feeling frustrated at what was available.

     We decided to expand the areas we were looking in and moved to the mainland. After a couple of weeks we discovered a foreclosed home that was just  "Back on the Market". I check them daily with my real estate Tool Box! The prior contract did not close so they also reduced the asking price which was now in our price range!

     This was the one! Another agent came by to show it while we were still inside. Professional courtesy suggests the agent should have waited...but didn't.

     We closed on their new home in Cocoa this week. They bought a great home at a terrific price in a nice area: 3 Bedrooms, 2 baths, a BIG 2 car garage, utilityroom, workshop & screen porch on a lovely wooded acre.

     Here are the  money facts:We entered into a contract on a foreclosed property for $95,900. in mid-February. We were able to get locked in at 5% 30 year FHA with a deposit of $1000. (Great lender, by the way!)

     They brought a check to closing for $1824. Total Settlement charges were $6848. with Seller paying appx. $5000 of this. The Buyers paid for their Home Inspection, Septic Inspection & WDO Report out of closing. Their total payment with Insurance and Taxes (without homestead) is $810. per month! With less than $4000 total invested! Now they will be able to take advantage of the Tax Credit which will reduce their out of pocket even more. They rented for more than their new payment! The payment may go down with homestead exemption!

     Affordable? I think so! They got an excellent buy! What do you think?

Consider Going Green & Gardening in Pots

My Mother's family name is Greene. Her Dad was a preacher and my Grandma was a gardener. Momma was one of 7 kids. My Dad also loved to garden and friends always enjoyed taking produce home and even some of his Hot Pepper Sauce. (Sonny worked in our restaurant as a teen!) So I really grew up with gardens but did very little real gardening due to time constraints until recent years as I raised my family and worked.

In the Spring, many homeowner’s thoughts turn to the garden. Given the beauty and convenience of a container garden, it’ should be no surprise that an estimated 90% of America's 67 million gardeners grow plants in containers. Here are a few tips for creating a cheerful container garden of your own.

Plants: Expand your imagination beyond flowers: a wide variety of plants and evergreen shrubs do very well in containers. Some vegetables do quite well in containers. Be sure to buy your plants at a dependable nursery or specialty store, selecting only high quality plants that are free of disease and pests. For more visual interest in each pot, use 3 or 4 plant varieties that harmonize with one another.

Sun & Soil: When growing plants in containers, rotate them a quarter turn each day to help them grow straight and full. Potted plants usually require a bit more water and fertilizer than plants growing in the ground> Using the proper kind of soil is very important. I keep a compost container for fruit and veggie scraps, coffee grounds, trimming materials, etc. I also add earthworms to my beds and pots. 

Containers: Your imagination is the limit when it comes to containers for your garden. Most plant containers are made out of wood, plastic, ceramics or clay. But you might try non-traditional containers, such as buckets, wooden crates, or an old watering can. An unusual container can make for a striking garden arrangement.

Get your kids or Grands involved! I noticed a label on a frozen food entree I cooked this week that indicates the paper based tray in recyclable and suggests using it for planting seeds! I am all for this. It cleaned up nicely. I will put it to the test this weekend!

Your container garden will make your home appear more welcoming and even more attractive to potential buyers. And whatever type of garden you create, remember to take time to enjoy it. They can also move with you if you are not going far!

I planted a late Fall Garden in a couple of raised beds I have last year. We enjoyed a wonderful harvest of assorted tomatoes for several months. Later I picked all the green ones ( 2 trays full!) right before the first big frost before Christmas. Then I removed another half dozen of ripe Grape Tomatoes last week as I was getting the beds ready for spring! The fresh green beans, parsley, basil and lettuce starts I got from Lowe's really made my Fall season and also some great meals! Please feel free to share some of your own tips!

Who Says Open Houses are Time Wasters??? 

     A great event will be taking place across the state and nation in just 2 weeks! For the First Time that I can remember since I began my career in 1973, Realtor's across the state are having a weekend of Open Houses simultaneously across our great state of Florida! This will be the weekend after Easter.

      The clock is ticking on the opportunity for "First Time Buyers" to go to contract before the end of April and still be able to capitalize on the Tax Incentives. All the Realtor's and their Lenders are gearing up to be ready. This will be a great opportunity to see many homes in an area in one or two days. We want to be sure everyone has their chance to participate!

     Barring an Act of God, I plan to hold 2 great Listings in Mims with acreage Open House 11-12:30 & Open House 1-2:30 More info and photos under my Featured Homes

     Out of the Blue, I got a call at home on Tuesday evening. It was an "800" number so I almost didn't answer. Then I remembered that I'd had a discussion with my insurance carrier about a missing delivery... so maybe it was them?

     No... It was a recorded message from Suzanne Kosmos asking me "to participate in an important call on Wednesday evening where I could even ask personal questions about the issues at hand"! You betcha!!! ;-)  I had already been rolling over my disappointment in her changed vote on the Health Care after all the earlier publicity she put out against it, in my mind for several days! I was also upset about a lack of care from some about "our" cuts to the Space Program and semi-forgotten promises made earlier by others. I thought seriously all evening and the next day about what I would ask.

     As promised, I got the call and was connected on Wednesday evening... along with about 7000(?) other people! That's OK. Others points of view and ways of expressing them were very interesting. By the time I had a chance, my question had been answered so I passed. Aren't we blessed to have a system to be able to express ourselves freely about the actions our "representatives take in our behalf? Think of so many other countries that have no real  voice!

     Okay, so I still am not one bit happy with the Health "stuff" or the diminishing space role of our country. I am happy to be living in a country that lets me express my views and where acceptable changes may still come about if we pull together. I have always been so proud to live in this area, where so many fantastic accomplishments have come to pass, where most people are proud of their jobs and careers and so much good has come to all the world from the "discoveries" that developed from this very industry!

     Happy tears well up and I get goose bumps with every successful launch and shuttle return. Some locals have long taken all of this for granted. Not me.

     We all need to speak up and be heard. It is a privilege and a responsibility. Do your part to improve our area and nation. Talk to your neighbors, family and friends. Ask questions when you don't understand. Act like a citizen!

Pat’s Mid-Year Residential Report for North Brevard

Everywhere I go, people are always asking me “Pat, How’s the real estate market doing around here now?”  I decided it’s time for a real report vs. my humble opinion, but of course I will share some of that with you as well!  These stats are gathered from the Brevard MLS system. areas 101-210.  Private & builder non-mls sales are.excluded.

In 2008: 1^st 6 months: 411 closings with average of 125 Days on Market

High $899.000.         Low $32,000.         Average: $150,000    Median: $135,000.

In 2009: 1^st 6 months: 533 closings with  average 119 Days on Market

High: $745,000.        Low:$10,500.         Average: $108,000    Median: $92,000.

So what everyone is saying IS partly right. It is taking longer to sell… the ones that closed and the final prices are even lower. To put this into perspective, I did the numbers by price range as well for the same 6 months.

Under $100K      $100K>     $150K>     200K>     300K>      $400K>     $500K>

2008:     109         142           80             56            14              3                 3

2009:     260         155           56             38              9              1                 1

Inventory today is 902 residences priced from $9,900. to $2.5million, average 193 DOM  

Actually we have 5 Million $+ Listings, all but 1 were on in 2008!

Important in the 2009 numbers is that there were less than 50 closed sales priced at $150,000. or more, about a 50% drop! And those closed under $100,000 were more than doubled!  (2.38 times).

Here’s what that could mean for you! 

If you are able to buy, especially if you qualify for the Tax Incentives, you really need to get serious about looking for the right home while the selection is good.

If you are considering selling vs leasing, weigh your options carefully. It may take longer than you are thinking for market recovery.

If you are an Investor, even a first timer, the choices could be outstanding. Figure out your financing options before you make the offer. Cash talks, particularly in condos and lender owned properties. And be prepared to be a bit more liberal with your new tenant prospects because their credit may be bruised.

If you really want or have to sell now, for whatever reason... remember that curb appeal is still important, but pricing right is absolutely King! Be sure to use "internet price points" to your advantage when you enter the market. Be prepared to help the first time buyers with closing costs since they are prime buyers now.

If you or a family member/friend is a Snowbird, empty nester, or retiring soon, now could be an excellent time to find the next nest before the best ones get picked over. You can even use a reverse mortgage to BUY!

Regardless of all of the above, there is an important fact I learned back in 1973 when I first started in real estate. “UNDER ALL IS THE LAND.”  Buying, selling or leasing, the one thing you cannot change is a property’s location. That’s in Gods hands. You are better off with a smaller place in a nicer area than the best place in a less desirable one. The only thing that “fixes” a poor location is dropped price and owner terms!

If there is anything I’ve said that you would like to discuss, please fel free to contact me. I am always pleased to be able to share my knowledge and experiences as well to help you understand the market or explore your next move.  

 Pat Argo, CRS, SRES  321-267-5025

     This morning as I sat on my patio early with my coffee, enjoying the breezes, the birds, bees and butterflies and waiting to see if the Shuttle would be able to land here at home, I was thnking about how lucky I am to live in this country and community, to own my own home free and clear and to be able to take this time to reflect.

     I am grateful for all my many blessings. My life has been charmed in so many ways.  There has been a lot of drama ( Some people suggest I should write a book!), as well as adventures, and happy endings

     I am especially grateful for my wonderful late husband Dick. Growing up on an Illinois farm, he joined the Marines after college and proudly served his country in Japan and Korea. He worked at the Space Center and downrange for RCA/GE for 32 years as the Space Center developed, and spending his last 3 years before retirement on a classified project out of Virginia Beach with GE aboard the SURTASS, which is mentioned in the book "The Hunt for Red October". Once retired we planned to travel for fun, but his hardest battles were just beginning! Shingles, RA, then Esophageal Cancer with drastic treatments at Shands, beating the 92% fatality rate!  Later the final 4 year battle with a deadly blood cancer that took him from me/us 18 months ago.

     He bravely helped me raise my 4 little girls into beautiful, strong women without complaint. His strength, intelligence and integrity in all things as well as his friendly smile, twinkling blue eyes and acceptance of everyone have left their mark on us all.

     Growing up in the early 40's in Gainesville myself, I remember my uncles serving in the military. Many of the guys at our restaurant were GI's.  My oldest grandson, Luke. is in Italy now with the Air Force. My 2 neices, Sunshine and Lucy are also military trained. I am grateful for them, for all those who serve and protect us today as well as through out our history.

     I watched the PBS tribute special tonight as I always do with pride in my country.  Thanks to God and all of them for the peace in my life and heart.

     Weather can sure be fickle, especially here on the Space Coast! After record extended dry periods this winter and spring, many folks have been praying fervantly for rain!  There were terrible fires threatening the local areas the past 4 weeks. The Federal FEMA head was visiting this week to address those problems, when all the prayers seemed to be suddenly answered... and then some!

     NOW the east coast is suffering from passive flooding the past few days. Parts of Volusia and Daytona Beach have received over 24 inches in 3 days. North Brevard has received over 8 inches. They are now declaring historic flooding for non-tropical storms. People in the beach communities are navigating in boats and rafts as streets are all flooded. Over 1000 homes are flooded in Volusia. Yet even living on the coast, most property owners do not have flood insurance. A State of Emergency has been declared.

     I was invited to attend an early gathering of real estate related business people for a special meeting at the Titusville Chamber of Commerce. Along with other Realtors, there were people from mortgage, title, development and other business firms. We were discussing the local real estate market and how we felt buyers and sellers were feeling about all that was going on.

     We had an exchange of some lively and informative commentary. I was impressed with Suzanne Kosmos insightful comments and questions.  When it was all over, I was asked to be interviewed by the reporter for Florida Today. Not known for being bashful, I of course answered her questions frankly and to the best of my knowledge. 

     Wow, was I surprised when I started getting calls early the next morning from people who had seen the article at the top of the front Business Page! Even my adult kids were impressed. I never thought about the publicity when I started out that day! Take a look for yourself! 

     It is in all the news. It was mentioned on almost all the weekend TV programs, even a lengthy prayer on Hour of Power Sunday morning.. There is quite a lot of talk about the Presidential Inaugeration happening on Tuesday. Have you decided if you are going to be one of those watching this history making telecast yet? I guess I am assuming that if you are reading this, you did not make travel arrangements...

     I watched President George Bush as he gave his final address this week. You know the man really had a lot on his shoulders the past eight years. Things like 9/11 and the oil crisis and the financial ruin wrought by many who bought and or sold real estate and investments for the wrong reasons. I saw people buying and now selling from FEAR. Not a good word!  I saw them doing so from GREED. Even worse!  It is time for a shift.

     Many things have changed. It is not just politics. A nd I believe a lot of things needed changing! We will see how it all works out. I hope it will go smoothly regardless of how you feel about the political parties.  Pay attention and take responsibility for your own part in what happens and what we leave for those who will follow. Let's pull together and offer a helping hand when we can. Let's try to make it a Stress Less 2009.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.