Tuesday, May 24, 2016

Let's Talk... Summer Events on 5th Avenue in Naples!

Music along the Avenue.

Starting this summer, Wednesday through Sunday, from 5PM to 8PM, live music will be scheduled in the courtyard at 780 5^th adjacent to Gallery One; and in the courtyard at 365 5^th, adjacent to Mary Martin Gallery. This music is graciously being provided by Hoffman Commercial Properties.

Naples Jazz Master Dixieland Concert Band

Norris Center – Saturdays, 1 to 3PM- June through August

Memorial Day Weekend Sidewalk Sales

May 28-30, 10AM to 9PM.

July 4^th Sidewalk Sales

July 1-4, 10AM to 9PM

July 4^th Parade

Monday, July 4, 10AM to 12noon

July 4^th Fireworks

July 4^th, 9PM to 9:30PM, Naples Pier

Labor Day Weekend Sidewalk Sales

September 2-5, 10AM to 9PM

Be sure to visit www.FifthAvenueSouth.com for more information or feel free to contact me by e-mail or by calling 239.404.7787.

Let's Talk...

Judge rules on Zillow exec evidence destruction

SEATTLE – May 20, 2016 – A Seattle judge issued a ruling on one element of the Move Inc. versus Zillow lawsuit. Move Inc. – the oversight company of realtor.com – alleged that Zillow execs destroyed important evidence when they left Move Inc. to work for Zillow.

On Wednesday, Seattle Judge Sean O'Donnell agreed with Move, which filed the suit along with the National Association of Realtors®, and said that the Zillow execs, Curt Beardsley and Errol Samuelson, acted with "willfulness and bad faith" when they destroyed evidence. As a result, jurors in the trial will be told that evidence is missing or was destroyed.

The ruling moves the case forward and possibly helps Move's case. The judge will issue an "adverse instruction" to the jurors about the missing evidence. While jurors will ultimately decide if that missing evidence is important, it's more likely that it will hurt Zillow's case in their eyes.

"Beardsley's conduct does more than prejudice plaintiffs' ability to prosecute their case," Donnell said, calling Beardsley's behavior "an undermining of the tenants which make our system of justice work."

However the judge did not decide the behavior warranted sanctions or an automatic default of the case.

Source: New York Post, Richard Morgan

Let's Talk...

Millennials So Unique They're Changing America, and Homeownership

RISMEDIA, Tuesday, May 24, 2016— Millennials are bucking trends, changing the landscape of America and sharply different from previous generations in many different ways. One of the most visible and consequential ways is through millennial homeownership numbers, according to experts on generational trends and homeownership presenting at the 2016 REALTORS® Legislative Meetings & Trade Expo.

While all generations have their own hardships, opportunities and defining features, millennials are coming of age in a time of deep demographic transformation, experts say. In a session titled “The Minds of Millennials—Motivation, Mobility and Making Home,” moderated by National Association of REALTORS® Chief Economist Lawrence Yun, panelists discussed what the shift means for the American way of life.

“America in the near future will look nothing like the America of the past,” said Paul Taylor, executive vice president of the Pew Research Center and author of the book “The Next America: Boomers, Millennials, and the Looming Generational Showdown.” “These shifts are creating big generation gaps that will put stress on our families, our politics, our pocketbooks, our entitlements programs and perhaps our social cohesion.”

Millennials, Taylor said, are different from their parents and grandparents in ways that are already impacting all aspects of life. For example, he noted that millennials (those born after 1980) are less religiously affiliated and slow to marry and have kids. They grew up with cell phones and on social networking sites while also obtaining a high level of education, but are still struggling financially because of the economy. Politically, half of the generation identifies as independent, more than ever have before. While seemingly small differences, these characteristics have very real effects on homeownership. After all, he noted, 39 percent of millennials are still living with a parent or relative, citing the record share of young households holding student debt.

Jessica Lautz, managing director of survey research at NAR, agreed that homeownership among millennials is taking a hit. Student loan debt, flat wages, rising home prices (making it harder to get into the homeownership game) and rising rents (complicating the saving process), are delaying milestones such as marrying and having children - major events in life that often cause young people to buy a home.

The real estate industry is already feeling the impact of these factors on millennials in regards to buying. First-time buyers have in the past accounted for about 40 percent of homebuyers; however, NAR data show that number has trended downward since 2011 and currently sits at 32 percent. And while married couples are the largest group of buyers (currently 67 percent of all buyers), single females make up the second largest group of buyers, and that share has also dropped from 22 percent in 2006 to 15 percent in 2015.

Still, one big thing hasn’t changed, according to Lautz. “Even with all these statistics showing how things have changed for millennials and the fact that they are worse off financially than previous generations had been, the median age of first-time buyers has stayed relatively unchanged at 31,” Lautz said. “This means that they are ready and willing to buy if they can in fact break into the market. It’s getting more difficult to get to that point, but the desire to do so hasn’t changed.”

And while the path to homeownership is harder now for millennials carrying student debt, dealing with rising rents, and experiencing stagnant wages, NAR research shows that millennials still see the value in owning and home and once they are ready, they are looking to a real estate agent in higher numbers than ever before.

“We are seeing that millennials are using agents at much higher rates,” Lautz said. “You might assume that they would prefer to take on a purchase or sell on their own, being raised in the digital age, but instead, we have found that these buyers and sellers want someone to help them through the process, not unlike the way their parents have helped them through their young adult life. Not having been through the process before, they rely on real estate agents to get them through the competitive market and to the finish line.”

Let's Talk Today... about your next move by calling 239.404.7787 or by e-mail at Michelle@NaplesHomeSweetHome.com.

Let's Talk...

Reverse Mortgage: What Is It and How It Works

RISMEDIA, Tuesday, May 24, 2016— (TNS)—Reverse mortgages have become the cash-strapped homeowner’s financial planning tool of choice.

The first Federal Housing Administration-insured reverse mortgage was introduced in 1989. Such loans enable seniors age 62 and older to access a portion of their home equity without having to move.

Reverse Mortgage: What Is It?

A reverse mortgage is a type of home equity loan for older homeowners. It does not require monthly mortgage payments. The loan is repaid after the borrower moves out or dies. It’s also known as a home equity conversion mortgage, or HECM.

Who Would Benefit

Steven Sass, program director at the Center for Retirement Research at Boston College, says a reverse mortgage makes sense for people who:

Don’t plan to move;
Can afford the cost of maintaining their home; or
Want to access the equity in their home to supplement their income or have money available for a rainy day.

Some people even use a reverse mortgage to eliminate their existing mortgage and improve their monthly cash flow, says Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association.

“There are a lot of motivations leading into it,” Bell says. “In some cases, people may have an immediate need to pay off debt, or they may have had some unexpected expenses like a home repair or health care situation.”

The bank makes payments to the borrower throughout his or her lifetime based on a percentage of accumulated home equity. The loan balance does not have to be repaid until the borrower dies, sells the home or permanently moves out.

Reverse Mortgage Basics

How does it work? The bank makes payments to the borrower based on a percentage of accumulated home equity.
When does it need to be repaid? When the borrower dies, sells the home or permanently moves out.
Who is eligible? Seniors age 62 and older who own homes outright or have small mortgages
How can money be used? For any reason. Retirees typically use cash to supplement income, pay for health care expenses, pay off debt or finance home improvement jobs.

Better yet, you can never owe more than the value of your home in a reverse mortgage loan, regardless of how much you borrow. And if the balance is less than the value of your home at the time of repayment, you or your heirs keep the difference.

How Much Can You Get?

According to the National Reverse Mortgage Lenders Association, or NRMLA, several factors determine the amount of funds you are eligible to receive through a reverse mortgage.

Factors That Influence Loan Amount

Age (or the age of the youngest spouse in the case of couples);
Value of home;
Interest rate; and
Lesser of appraised value or the HECM FHA mortgage limit of $625,500.

To be eligible for a reverse mortgage, you must either own your home outright or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan. You must also use the home as your primary residence. Generally, the older you are and the more valuable your home, the more money you can get. There are no restrictions for how the money from a reverse mortgage loan must be used.

Many people in retirement use it to supplement their income, pay for health care expenses, pay off debt or pay for home improvement jobs.

The method of payment collection depends on the type of mortgage. Retirees with an adjustable-rate mortgage can collect their payments on a reverse mortgage as a lump sum, fixed monthly payment, line of credit or some combination.

Holders of fixed-rate mortgages receive a lump sum.

Pros

Does not require monthly payments from the borrower
Proceeds can be used to pay off debt or settle unexpected expenses
The money can pay off the existing mortgage
Funds can improve monthly cash flow

Cons

Fees and other closing costs can be high
Borrower must maintain the house and pay property taxes and homeowners insurance
A reverse mortgage can complicate one’s wish to keep the house in the family

Who Wouldn't Benefit?

A reverse mortgage wouldn’t be the best option if you can’t maintain the costs associated with the home, even without a monthly mortgage payment.

If you die or the home isn’t the primary residence for more than 12 months, the loan comes due, which means either you or the estate has the option to repay the loan or put the home up for sale to settle it.

Homeowners interested in taking out a reverse mortgage are required to receive mandatory (free) counseling by an independent third party, including an agency approved by the Department of Housing and Urban Development or a national counseling agency such as AARP. These organizations help homeowners review alternative options.

“As you get older, it gets harder to grasp some of the terms in these kinds of transactions, so it’s not a bad idea to have someone younger who you trust, like an adult child, involved in the process,” says Phil Cook, a CFP professional in Manhattan Beach, Calif.

About the Costs

If you decide to proceed with the loan, you can expect to pay higher-than-average closing costs based on the value of your home, including origination fees, upfront mortgage insurance and appraisal fees. The interest rate you pay is also generally higher than that for a traditional mortgage.

Anyone who takes out a reverse mortgage remains responsible for paying property taxes, insurance and repairs on their home. If you fail to comply, you may be required to repay your reverse mortgage early.

Spending the equity in your home, of course, also diminishes the value of your estate — leaving you less to pass along to your heirs down the road.

“Always explore all other sources of income first before tapping into your home equity,” advises Cook. “Liquidate your portfolio and cut down on your living expenses. If you still don’t have enough, a reverse mortgage may make sense.”

To locate a Federal Housing Authority-approved lender or HUD-approved counseling agency, you can visit HUD’s online locator or call the Multifamily Housing Clearinghouse at 1 (800) 569-4287.

©2016 Bankrate.com
Distributed by Tribune Content Agency, LLC

Monday, May 23, 2016

Let’s Talk Hot off the Press…

April Report Shows Real Estate Market in a Sweet Spot with

More Choices & Steady Prices!

Naples, Florida. (May 20, 2016) - As predicted by broker analysts in January, declines in home sales activity that appeared in the first quarter of 2016 were not a trend. This was further evidenced in the April 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). In fact, the April report showed several signs that the Collier County residential resale market is a healthy, self-correcting machine that's on a steady course to becoming even more balanced.

"Every market undergoes ups and downs in activity from time to time, and in order to get a true picture of what is happening, you need to work with a professional to drill down into each price range and geo-area," said Tom Bringardner, Jr., President/CEO of Premier Commercial. Coco Waldenmayer, a managing broker at John R. Wood Properties, agreed and added that, "Our statistics need to be looked at hyper locally, as generic statements about activity in the national real estate market don't apply to the Naples area real estate market."

Continuing on this theme, Mike Hughes, Vice President/General Manager of Downing-Frye Realty said, "It's important to keep in mind that we are comparing activity today to what was happening a year ago, and 2015 was an outstanding year in my book. So even though pending sales [homes under contract] in April 2016decreased 10 percent to 1,084 pending sales, this is only 126 fewer than in April 2015. Pending sales were down over 20 percent for each of the first three months of this year. But as inventory continues to become available and buyers continue to have more choices, I'm pretty confident we'll see the number of pending and closed sales improve."

Rick Fioretti, NABOR® President and Broker Associate with Berkshire Hathaway Home said, "Closed sales have eased from April 2015 to April 2016 due to a leveling off of the market."

Overall inventory increased 36 percent in April 2016 to 5,480 homes from 4,040 homes in April 2015. Most surprising was a 171 percent increase in inventory for condominiums in the $2 million and above price category, which resulted in 92 condominiums for sale in April 2016 from 34 condominiums in April 2015. Condominium inventory in the Naples Beach area also increased 73 percent to 683 condominiums in April 2016 from 394 condominiums in April 2015.

"Buyers are also finding values in the high end single family home market," said Waldenmayer. "Inventory rose 23 percent in the $2 million and above price segment. Interestingly, the days on market for this price segment also decreased 30 percent while it increased 37 percent in the condominium market."

According to Jeff Jones, Managing Broker at the Naples-Park Shore office of Coldwell Banker®, the report also revealed a new sweet spot in the market: Condominiums in the $300,000 to $500,000 price category. "There was a 74 percent increase in inventory in this price segment, a 26 percent increase in closed sales [12-months ending], a 20% increase in pending sales [12-months ending] and a 3 percent decrease in median closed price [12-months ending]!"

The NABOR® April 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® April 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

• Overall pending sales decreased 10 percent to 1,084 in April 2016 from 1,210 in April 2015.

• Overall pending sales for homes in the $1 million to $2 million price category increased 4 percent to 93 homes in April 2016 from 89 homes in April 2015.

• Overall closed sales decreased 7 percent to 9,117 homes in the 12-months ending April 2016 from 9,856 homes in the 12-months ending April 2015.

• Closed sales of single-family homes in the $300,000 to $500,000 price category increased 26 percent to 881 single-family homes from 698 single-family homes in April 2015.

• Overall median closed price increased 11 percent to $314,000 in the 12-months ending April 2016 from $283,000 in the 12-months ending April 2015.

• Median closed price for single-family homes in the $300,000 and below price segment increased 25 percent to $227,000 in April 2016 from $182,000 in April 2015.

• Overall inventory increased 36 percent to 5,480 homes in April 2016 from 4,040 homes in April 2015.

• Inventory for condominiums in the $300,000 and below price category increased 33 percent to 1,181 condominiums in 1Q 2016 from 887 condominiums in the 1Q 2015.

• Inventory for condominiums in the Naples Beach area increased 73 percent to 683 condominiums in April 2016 from 394 condominiums in April 2015.

• Average days on market decreased 9 percent to 72 days in April 2016 from 79 days in April 2015.

"Inventory levels have continued to grow for a few months, but we haven't seen any unexpected or dramatic price increases," said Dominic Pallini, Broker at Vanderbilt Realty. "There are many variables that may affect this situation in the future including a big inventory of homes from builders."

Bill Coffey, Broker Manager of Amerivest Realty Naples said, "If you compare our market today, which is at 7.35 months of inventory to 2007 when we had nearly 35 months of inventory, the statistics show that we are in a good position to continue this path of stability."

Beside the Immokalee/Ave Maria area, inventories are the highest in the Naples Beach area, which saw a 47 percent increase in inventory to 1,276 properties in April 2016 from 868 properties in April 2015. The number of condominiums in this geographic area swelled impressively by 73 percent in April making it a buyer's paradise once again. To ensure your next sale or purchase in the Naples area is a success, contact a REALTOR® on Naplesarea.com.

As always if you have any questions please feel free to contact me by e-mail or by calling 239.404.7787.

I hope you have a fantastic week.

Michelle

View April 2016 Market Statistics

Michelle J. DeNomme, REALTOR, GRI

Cellular Phone I 239.404.7787

E-Mail : Michelle@NaplesHomeSweetHome.com

Berkshire Hathaway HomeServices Florida Realty

Office: 239.659.2400

E-Fax Number: 239.236.5550

Website: www.NaplesHomeSweetHome.com

Blog Page: http://michelledenomme.blogspot.com

Twitter Me: DeNommeRealtor

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.

Wednesday, May 11, 2016

Let's Talk...

What makes a smart home smart?

NEW YORK – May 10, 2016 – More consumers than ever see the benefits of buying a home with smart technology. A 2016 Coldwell Banker survey found that owners believe smart home technology makes their home safer, saves them money and saves them time.

The same survey also found that 54 percent of homeowners would buy or install smart home products if they were selling their home because they believe it would make the home sell faster.

In order to help agents and consumers understand the common smart home benefits and buzzwords, CRT Labs put together a guide. Here are some highlights:

Smart home terms and facts

What are the benefits of smart home technology?

Smart home technology automates household tasks like adjusting a home's temperature, unlocking the front door or opening the garage door using voice-activation devices. Smart devices can work together to offer owners safety by alerting them if something in their home seems amiss, and it can save owners money by automatically controlling the temperature and energy of a home. Insurance companies and utility companies may offer reduced rates and rebates for homes with smart devices.

Who owns the data, how is it used and

are there security risks?

A home's smart home data can be used in a variety of ways, according to CRT Labs. Data is "generally used by smart device companies to improve product development and provide additional services to their customers," but: "You should also read the vendor's privacy policy to see what they are legally allowed to do with the data. They may allow themselves to sell your data to third parties, so read carefully."

What's the impact on selling prices?

On a large scale, the financial impact is yet to be seen since the technology is so new, but survey results showed that 72 percent of millennial owners would spend $1,500 or more to add smart home technology. Fifty-nine percent of parents with children would also pay more for a smart home, according to Coldwell Banker's survey.

3 smart home phrases to know:

IoT (Internet of Things): This buzzword describes automated devices like lights, thermostats and locks that work together and are connected by the Internet. IoT products use data to simplify things that previously weren't automated.
Hub: In the world of smart homes, a hub is almost like a universal remote, according to CRTLabs. A hub is the main device that connects all of the different smart home products together so they're all automated.
SmartMeter: These electric and gas meters help owners monitor their utility usage by sending real time meter readings.

Source: "Smart Home Glossary," and "Smart Home and Internet of Things FAQ," CRT Labs (May 2016)

Let's Talk... Hot off the Press!

Late HOA payments may soon affect credit scores

NEW YORK – May 10, 2016 – A major credit reporting agency says it will soon take into account homeowner association fees. Homeowners who are late on payments may see it affect their credit score.

Sperlonga, a credit data aggregator, is the first company to provide homeowner association (HOA) payment and account status data to Equifax, which is one of the three major credit-reporting agencies. A full rollout of the new HOA reporting to Equifax will go live in October.

Homeowner associations and property management companies collect about $70 billion in HOA payments yearly among at least 333,000 community associations, according to the Community Association Institute.

"Until now, HOA payments have gone largely unreported to the national credit-reporting agencies," says Matt Martin, chairman and founder of Sperlonga. "Our service will help elevate association payments to the same level of importance as the consumer's other financial obligations like residential mortgages, auto loans and credit card payments. Property owners that pay HOA fees on time should begin to see the similar impact [on] their credit reports as they would with other payment obligations traditionally found in a credit report."

Property owners who are late or delinquent on HOA payments will likely see a negative effect on their credit score, just as if they had missed a mortgage payment.

"Introducing new sources of data beyond what has traditionally been found on credit files can provide additional insight into a consumer's financial behavior and help deliver expanded credit access," says Mike Gardner, senior vice president at Equifax.

Source: Sperlonga and "Your HOA Payments May Now Affect Your Credit Score," Credit.com (May 4, 2016)

Tuesday, May 10, 2016

Let's Talk... Organically Twisted

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Organically Twisted is a mobile delicious food making machine. Only serving the best of the best ingredients and taking extra pride on making each visit to OT better then the last. I look forward to feeding you crazy twisted amazing food.

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We offer a unique alternative for any kind of occasion. I will work with you to personalize a menu that will not just make your mouth water, but all of your guests as well. Imagine the option of having OTFT rolling up to your next event.

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