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July 2016

Found 8 blog entries for July 2016.

So you're looking for a house in a neighborhood that's zoned for a great high school? Did you know that depending on your child's future goals and interests, where you live may not matter at all?

It just might be one of the area's best kept secrets that Volusia County is home to a unique district-wide program that allows students to attend high school based on what they want to learn, rather than where they live.

Here's how it got started and how it works:

Some of the nation's top employers have been saying for decades that high school education in America needs an overhaul. A few (like Ford Motor) even put their money where their mouths were and offered to help fund the task of education reform and track its outcomes. When the concept emerged in

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Credit got hard to come by for a while there during the recession. But, the widespread myth that perfect credit and large down payments are necessary to buy a home now are holding many potential home buyers on the sidelines that might not need to be. According to Ellie Mae’s latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe to be true. In fact, here's a a graph of the distribution of FICO scores of approved loans in May:

As you can see, not only do you not need a 750+ credit score to buy a home with credit, but 54.9% of approved loans actually had a score between 600 and 749.

More and more experts are speaking up about the fact that if potential buyers

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(Daytona Beach, FL) –June home sales dropped by double digit percentage points, year over year, as median prices soared skyward. In fact, median prices rose year-over-year by more than 26 percent as buyers continued to shop in a market with 28 percent fewer available homes. 

According to the Daytona Beach Multiple Listing Service (MLS), for the month ending on June 30, 2016, 467 existing single-family homes (detached) were sold in the Daytona Beach area with a median home sales price of $201,000.

The figures represent a 10 percent drop in the number of homes sold and a 26 percent increase in median sales price, year over year. Year-to-date comparisons show sales are down by 5 percent and median sales prices are up by 22 percent. 

Comparisons to

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Despite record high summer temps, the Daytona area condo market cooled a bit in June. An analysis by The Wyse Home Team at Keller-Williams Realty in Port Orange, FL, showed that both condo sales and median sales prices around the greater Daytona Beach area dropped year over year in June.

According to the Daytona Beach Multiple Listing Service (MLS), there were 132 condo sales in June, which is a slight increase in sales over May, but is about a 7.5 percent drop in sales compared to June 2015.  Median sales prices, meanwhile, fell both month over month and year over year. The median sales price fell nearly 8 percent from the previous month and dipped approximately $2,500 year over year.   

“I think we’re going to see the market softening and cooling

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It's been a good run. A really good run. Condo prices have been climbing steadily throughout the recession's recovery. Locally, the prices have mostly returned to their pre-recession values. And in some high demand parts of the country and Florida, condo prices have climbed higher than ever. Places like New York, California and South Florida have seen a real boom in condo prices.

But the ski lift for condo prices is about to reach the top of the mountain, and experts say we can expect the market to begin settling down. In fact, it appears the LUXURY condo market has started that ball rolling.

"There is definitely a sobering up that is taking place at the top end of the market," a New York real estate broker told CBS News this week. However, he noted

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Ugh. Student loans. 

If you have them, or know someone who does, then that's probably how you feel about them. Just... UGH.

For many young adults, college is the best thing one can do to secure a bright future. But these days, it can come with a HUGE cost.

According to the Wall Street Journal, the average college student left school in 2015 with more than $35,000 in student loan debt. And that's just an average. Far too many young students are bearing more than six figures worth of education debt. 

The study found that largest share of people postponing buying a home was the older Millennials ages 26 to 35. Worse, many of them said they're loaded down with somewhere between $70,000 and $100,000 in college debt.

That's quite a burden to bear

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If you've been tossing around the idea of a For Sale By Owner (FSBO) approach to selling your home, you may want to reconsider. If you like money and want to get more of it for your home, that is. 

No, we're not just saying that because we sell homes. We say it because... well.... it's fact. 

According to NAR's Profile of Home Buyers & Sellers:

  • 88% of buyers look for their new home online.
  • Using a real estate agent can net you $39,000 more than doing it yourself as a For Sale By Owner
  • There is a long list of people that you will have to negotiate with when you decide to sell your home, using an experienced professional can help ease the process and prevent problems arising at or before the closing table meeting. 

Bottom line...

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The housing market is hot, with prices rising as demand far outpaces supply in almost every region- in some price categories, that is. However, when it comes to luxury real estate, things are quite different.   They usually are. In the upper-end price range of the market, inventory is plentiful in most locations, including ours. And expensive luxury homes aren't flying off the market like homes under $200,000 are. It means that luxury homes are hanging around on the market longer than others. And while luxury home prices have risen, they've not kept pace with the serious price gains we've seen on the low side of the pricing spectrum.    These facts, coupled with the currently sensational mortgage rates, indicate that this may be the PERFECT…
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