Real Estate Information

I'm very proud to be associated with the #1 real estate company, RE/MAX Realty Plus, in Highlands County.  Below is the market share report for Avon Park, Sebring and Lake Placid.

All closed real estate transactions between January 1, 2011 through August 31, 2011.

Data provided by Real Data Strategies, Inc., an independent consulting company.  The above representation is based in whole or in part on data supplied by the referenced Multiple Listing Service and it’s member associations of REALTORS®.  Neither RE/MAX, the Multiple Listing Service, nor the member associations of REALTORS® guarantee or are in any way responsible for data accuracy.  The data includes all reported listings sold and closed for the referenced area, county or city.  The data may not reflect all real estate activity in the marketplace. This is not intended to solicit property currently listed with any other broker.  This chart cannot be altered in any way; it must be shown in its original format. Any changes are strictly prohibited. Each RE/MAX office is independently owned and operated.

The Avon Park Community Redevelopment Agency (CRA) has a great incentive to invest in Avon Park. 

After purchasing a business or residential home, a buyer may qualify for free money or matching funds to improve the exterior of the property. I cannot say enough about this fantastic opportunity offered by the CRA. There are many great deals on commercial building, residential homes and rental/investment properties within the three CRA districts of Avon Park. Speaking from my personal experience, I was able to take advantage of the CRA matching grant for business owners. After purchasing a commercial building Main Street in downtown Avon Park, my husband and I qualified to receive a CRA Matching Grant.

As a past member of the Avon Park City Council and now property owner on Main Street, I believe in Avon Park and take pride in making our city better. For businesses, matching grants are available for the improvement of storefronts. This is the grant my husband and I applied for. Total allowable funds per business are 50% of costs up to a maximum of $5,000. Last year, after purchasing a foreclosed office building on Main St., which is now home to Carl Cool Engineering and Main Street Professional Offices, we applied for a grant. This grant paid half the costs for repairing stucco, exterior paint, adding stacked stone to the building front and a new awning. Carl and I are very proud of our office building and have received so many compliments with what we have done with the building.

Also available are Free Home Facade Grants for homeowners who meet very low, low or moderate income requirements. Homeowners who qualify can receive funds up to $2,500 per owner occupied homes every two years. For homeowners who do not qualify for the Free Home Facade Grant, a Matching Facade Grant is available. The total allowable funds for this matching grant are 50% of costs up to a maximum of $2,500 per residence per year. The homes do not have to be owner occupied.

Getting a home loan approved today is not as simple as it used to be.  Just having good credit and a steady job doesn't seem to cut it these days.  You need to make an impression.  I have included some great tips that could help you get your loan for your dream HIghlands County home. These suggestions can help you make the best possible impression on your home mortgage lender.

Just as job hunters may wonder what top employers want to see on a resume, prospective borrowers may be curious about what lenders look for on a loan application.

The four C's

The answer may be summed up with a mnemonic called "The four C's,"

•    Capacity, which refers to the adequacy of the borrower's income to cover the interest and principal due on the loan, plus property taxes and homeowners insurance.
•    Character, which refers to the borrower's track record of paying debts, as evidenced by his or her credit history and credit score.
•    Capital, which refers to the borrower's down payment (or equity) as a percentage of the current value of the home.
•    Collateral, which refers to the safety and soundness of the home and the value of the home as determined by an appraisal relative to the agreed-upon purchase price.
Today’s mortgage broker might use a quadrant with "income," "credit," "assets" and "property" in the four corners, but his point is the same as that of the four C's:  What lenders like to see is strength and stability in all four areas.

Maybe your credit score has some dings or you need a stated-income loan.  Borrowers who are qualified but whose down payment will be less than 20% of the purchase price of the home must withstand a second level of scrutiny. That's because mortgage insurers also have to approve such loans, and they have "completely different qualification ratios”. Borrowers in this situation should discuss their options with a loan officer who is familiar with lenders' and insurers' guidelines.

Have paperwork in order

Be able to back up your word. Lenders rely not on the borrower's say-so but on a pile of paperwork to verify and document the borrower's financial position. At a minimum, most borrowers are required to submit the following:
•    One month of paycheck stubs.
•    Two years of W-2 forms.
•    Three months of bank account statements.

Additional paperwork also may be required:
•    If you're self-employed or earn more than 25% of your income from commissions or bonuses, you'll need to hand over two years of income tax returns.
•    If you're divorced, the lender will want a copy of your settlement to ascertain how much alimony or child support you're obligated to pay or are entitled to receive and the duration of those payments.
•    If you've filed for bankruptcy protection within the past seven years, you'll need to show your bankruptcy papers.
•    If you've deferred repayment of student loans, you should provide your deferral agreement as well.

If you have a student loan that is going to be deferred for at least 12 months, that may help you qualify. So definitely bring in the account numbers for those loans. Student loans are considered debt, but deferral of payment could possibly strengthen your application.

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On Saturday, April 2^nd, Loop the Lake for Literacy is a cycling event benefiting the programs of the Literacy Coalition.This amazing program ensures that adults, children, youth and families gain the literacy skills necessary to succeed in life.

In this fun filled event, cyclists will ride 25, 50, 100 or 200 kilometer routes around the southern shores of Lake Okeechobee to raise funds and awareness for the Coalition and its mission.

For more information about promoting literacy at Okeechobee call 305-385-4010 or email events@excelsportsevents.com.

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As you are preparing to purchase a Highlands County home, your lender is going to look at what is called a debt-to-income ratio.  This is a factor that could make or break your home loan approval. Here are a few reasons why it is important to you and how it effects your financing.

Debt-to-income ratio is the comparison of the money you earn to the money you owe.  The debt included is credit card debt, existing mortgages, auto loans and any other personal debt.

Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. It is a good idea to know what your DTI ratio is before you approach a lender or consider buying a new home.

You ultimately want to achieve a low DTI ratio. A high number means that you have less disposable income and less ability to maintain the home once you purchase it. With foreclosures at an all time high, lenders are not willing to assume any additional risk in lending.

Most lenders seek DTI ratios in the 20-36% range or lower, with no more than 28% of debt dedicated to the mortgage itself. While some lenders will consider higher ratios, DTIs in the upper 30% range are considered high risk.

There are several different calculators available online to help you determine your ratio, and you can always check with your financial institution for guidance on determining your DTI ratio.

Here’s a simple formula:

• Add all your monthly payments (mortgage or rent, car, credit cards, any other debt payments)
• Add your gross income (before taxes), bonuses, alimony, or any other outside income and divide by 12
• Then divide the total number in (1) by the final number in (2)

The result is your DTI ratio. In this difficult economy lenders are tightening lending requirements so learning your DTI is important whether you are purchasing a home or just want to keep up on your financial health. When you know what your numbers are you can learn what to do to get the ratio lower and get closer to becoming debt free.

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Everyone is ready for spring!  So check out the Springtime on the Mall this weekend in Avon Park!

Avon Park Chamber of Commerce is hosting an Arts, Crafts, & Folk Music Festival in Avon Park.  Friday and Saturday, March 25-26^th. 

More than 100 vendors have signed up to participate featuring various arts and crafts items such as woodworking, jewelry, photography, lawn ornaments and handcrafted items.

Folk music artists.will perform 10 a.m.-3 p.m., Saturday at the main stage located underneath the traffic signal at the intersection of Main Street and Lake Avenue.

The scheduled performers are: 10-11 a.m. - A2J; 11 a.m.-noon - Country Grass; noon-1 p.m. – Frank Thomas; 1-2 p.m. – Jerry Mincey and 2-3 p.m. – Blue Harmony.

For more information please call 863-453-3350.

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There are many different types of home loans available and you need to know which one will work best for your individual situation before you actually purchase a home.

I often get many questions often from potential Highlands County buyers who are confused and often overwhelmed by the home mortgage process. Getting a home loan doesn't have to be an ordeal if you do your homework first. A qualified real estate agent can assist with a list of local lenders and information resources to make your life easier. So just ask!

I recommend that you do two things right away, even before you start house hunting for that perfect Highlands County Home:

1) Get your credit reports from the “Big Three” credit reporting agencies. Lenders will review these reports, and you need to know what they contain--and where you stand. Don’t be surprised by “red flags” when negotiating with a lender. Take action beforehand to correct or explain the negatives.

Under Federal law, you’re entitled to one free report from Experian, Equifax and TransUnion each year. Visit here to learn more.

2) Get pre-qualification from one or more lenders on a possible loan amount. That way you’ll have a good “guesstimate” of the loan amount you would qualify for--and how much house you can afford. Once you’ve chosen a lender, you can even get pre-approved for a loan. Knowing your mortgage limit up front will be a tremendous help in your search for the right home.

When you are looking for a mortgage loan, you need to know there are many resources available for you to learn more about the basics and the best way to work with lenders. 

There are many resources available out there for you to learn more about mortgage loan basics and the best way to work with lenders. One resource I like is Looking for the Best Mortgage, it is a free, easy-to-understand booklet you can download from the U.S. Department of Housing and Urban Development. You’ll get a “shop, compare, negotiate” strategy:

* How to get loan information from more than one lender
* How to get rate and fee information that you can compare
* How to get your “best deal”

This publication also includes a glossary of common mortgage loan terms and a handy worksheet you can use when talking with lenders. The worksheet is great. You’ll find yourself saying, “I didn't even think of that!” And that’s why it’s such a valuable resource: It keeps you organized and on point.

The first step in buying your dream home is getting the home loan. So it is very important you do the legwork ahead of time.  Learn what you need to know to start with and make the process of getting approved for your home loan a lot smoother.

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Enjoy race day at the Sebring International Raceway at 113 Midway Drive in Sebring and watch some of the world's best sports car drivers. The 59^th Annual Mobil 1 Twelve Hours of Sebring is presented by “Fresh from Florida” takes the green flag at 10:00 am Saturday, March 19th. Gates open Wednesday, March 16, and remain open 24 hours a day through Saturday.

Sebring International Raceway is America's premier sports car racing facility. Nestled among the orange groves and cattle ranches of central Florida, it is the oldest permanent road racing track in North America, evolving from a World War II air base.

Click here for tickets and for a copy of the schedule click here.

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When beginning the home loan process, good credit and a steady job doesn’t seem to be enough these days.  You need to make an impression. Today’s lenders have to be picky when it comes to getting your loan approved. Even well-qualified borrowers are expected to jump through hoop after hoop to qualify for financing.

These tips and suggestions can help you make the best possible impression on any lender so that you can purchase your dream home in Highlands County.

Below are some of the top things that lenders are looking for.

The four C's

The answer may be summed up with a mnemonic called "The four C's,"

•    Capacity, which refers to the adequacy of the borrower's income to cover the interest and principal due on the loan, plus property taxes and homeowners insurance.
•    Character, which refers to the borrower's track record of paying debts, as evidenced by his or her credit history and credit score.
•    Capital, which refers to the borrower's down payment (or equity) as a percentage of the current value of the home.
•    Collateral, which refers to the safety and soundness of the home and the value of the home as determined by an appraisal relative to the agreed-upon purchase price.

Today’s mortgage broker might use a quadrant with "income," "credit," "assets" and "property" in the four corners, but his point is the same as that of the four C's:  What lenders like to see is strength and stability in all four areas.

Maybe your credit score has some dings or you need a stated-income loan.  Borrowers who are qualified but whose down payment will be less than 20% of the purchase price of the home must withstand a second level of scrutiny. That's because mortgage insurers also have to approve such loans, and they have "completely different qualification ratios”. Borrowers in this situation should discuss their options with a loan officer who is familiar with lenders' and insurers' guidelines.

Have paperwork in order

Lenders rely not on the borrower's say-so but on a pile of paperwork to verify and document the borrower's financial position. At a minimum, most borrowers are required to submit the following:
•    One month of paycheck stubs.
•    Two years of W-2 forms.
•    Three months of bank account statements.

Additional paperwork also may be required:
•    If you're self-employed or earn more than 25% of your income from commissions or bonuses, you'll need to hand over two years of income tax returns.
•    If you're divorced, the lender will want a copy of your settlement to ascertain how much alimony or child support you're obligated to pay or are entitled to receive and the duration of those payments.
•    If you've filed for bankruptcy protection within the past seven years, you'll need to show your bankruptcy papers.
•    If you've deferred repayment of student loans, you should provide your deferral agreement as well.

If you, the borrower, have a student loan that is going to be deferred for at least 12 months, that may hel you to qualify. So you will want to bring that information as well, to your lender.  Student loans are considered debt, but the deferment of the repayment could possibly strengthen your application.

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The weather will be perfect this weekend and on Sunday, March 13^th  join South Florida’s Annual Seaplane Fly-in.  It all starts at 10:00 AM and goes until 4:00 PM. 

This event draws lake pilots and enthusiasts from around the world. This event takes place on Lake Jackson behind the Sunset Grill Restaurant in Sebring.

 Bring the whole family for an exciting time! Food will be served all day.

For more information contact Bill Schmalz at 954-427-7158.

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