When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property.
The earnest money check is normally made out to the listing company. What happens to this check? The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs.
Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent. If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask us for advice.
Bradley E. Arnowitz, P.A. & Associates
ClientCare@ArnowitzProperties.com
(305) 776-6113
HONESTY * INTEGRITY * RESULTS
Tuesday, October 16, 2007
Saturday, October 13, 2007
The Cause and the Effect
The serious decline in housing sales is well documented. This downturn was preceded by several years of rising home prices in our area. The driving force fueling the rise in home prices was the availability of low interest money. Easy availability of home mortgage money, plus historically low interest rates, allowed the demand side of the market to build.
When buyers could expect 15 percent to 30 percent appreciation and get 6 percent interest rates, who would not be motivated to buy? It was a no-brainer! Of course, high demand leads to higher prices. And, high demand leads to more new homes, as builders respond to the demand.
The underlying expectation was that the market value of the home would increase quickly, and the buyers would be covered, if they needed to sell. Home ownership became speculative.
Sub-prime, alternative, no-doc and other high risk loans are not limited to low income or poor credit buyers and are not always predatory. Often, very sophisticated borrowers chose to keep their cash and leverage the purchase. In all price ranges, the easy availability of low interest money fueled the demand for home ownership, as well as investment in rental property. Inevitably, the demand for homes led to price increases and elevated inventories. Then, the cycle was broken.
What caused the break? Foreclosures. Investors soon realized mortgage-backed securities contained more risk than expected, and they stopped buying them. Suddenly, lenders did not have this new market for selling many of their loans. Without the flow of funds for easy mortgages, demand for homes slowed down. Prices began to fall and oversupply conditions prevailed. This has created challenging conditions for many home sellers.
Of course, real estate markets are local and some localities will fare better than others. But, in nearly all areas, the effects of the new tighter requirements for home mortgages will slow the market.
For the next year, sellers will have to consider the fundamentals to attract a buyer. They will need competitive pricing, excellent presentation and top-level marketing. Buyers will have to have a down payment, good credit and proper income for their loan.
We are your local experts, we provide excellent, honest representation, and hold honesty and integrity above all else. Please allow Bradley E. Arnowitz, P.A. & Associates the honor of marketing your home to qualified buyers.
Visit us on the web: www.ArnowitzProperties.com
Contact us at (305) 776-6113 or @ ClientCare@ArnowitzProperties.com
BRADLEY E. ARNOWITZ, P.A. & ASSOCIATIES
HONESTY * INTEGRITY * RESULTS
When buyers could expect 15 percent to 30 percent appreciation and get 6 percent interest rates, who would not be motivated to buy? It was a no-brainer! Of course, high demand leads to higher prices. And, high demand leads to more new homes, as builders respond to the demand.
The underlying expectation was that the market value of the home would increase quickly, and the buyers would be covered, if they needed to sell. Home ownership became speculative.
Sub-prime, alternative, no-doc and other high risk loans are not limited to low income or poor credit buyers and are not always predatory. Often, very sophisticated borrowers chose to keep their cash and leverage the purchase. In all price ranges, the easy availability of low interest money fueled the demand for home ownership, as well as investment in rental property. Inevitably, the demand for homes led to price increases and elevated inventories. Then, the cycle was broken.
What caused the break? Foreclosures. Investors soon realized mortgage-backed securities contained more risk than expected, and they stopped buying them. Suddenly, lenders did not have this new market for selling many of their loans. Without the flow of funds for easy mortgages, demand for homes slowed down. Prices began to fall and oversupply conditions prevailed. This has created challenging conditions for many home sellers.
Of course, real estate markets are local and some localities will fare better than others. But, in nearly all areas, the effects of the new tighter requirements for home mortgages will slow the market.
For the next year, sellers will have to consider the fundamentals to attract a buyer. They will need competitive pricing, excellent presentation and top-level marketing. Buyers will have to have a down payment, good credit and proper income for their loan.
We are your local experts, we provide excellent, honest representation, and hold honesty and integrity above all else. Please allow Bradley E. Arnowitz, P.A. & Associates the honor of marketing your home to qualified buyers.
Visit us on the web: www.ArnowitzProperties.com
Contact us at (305) 776-6113 or @ ClientCare@ArnowitzProperties.com
BRADLEY E. ARNOWITZ, P.A. & ASSOCIATIES
HONESTY * INTEGRITY * RESULTS
Wednesday, October 10, 2007
OPEN HOUSE - FREE LUNCH TODAY!
- Open House - Wednesday, October 10th
- 11:30 AM - 3:00 PM
- FREEE LUNCH WILL BE SERVED
- BRING YOUR APPETITE, YOUR FRIENDS & CLIENTS!
- NO REASONABLE OFFER SHALL BE REFUSED!
- MOTIVATED SELLER
- 2000 ISLAND BL #610 "Williams Island"
- Click for map
VALUE PRICED AT $267.OO PER Sq.Ft.
LEAST EXPENSIVE OF COMPARABLE SIZE IN BUILDING!
Presenting this fully updated two bedrooms, two baths, residence. Fresh paint, cherry wood floors, new carpet in bedrooms, chef style kitchen, stainless appliances, and granite counter tops, marble baths, and tasteful window treatments. PET FRIENDLY. Enjoy all that Williams Island has to offer. World Class Health Spa, Tennis, Boating, Island Club, Social Events, Restaurants, and Security.
HOSTED BY: Bradley E. Arnowitz, P.A. & Associates
ClientCare@ArnowitzProperties.com - http://www.arnowitzproperties.com/
HONESTY * INTEGRITY * RESULTS
Sunday, September 23, 2007
New Web Site Statistics
Bradley E. Arnowitz, P.A. & Associates is pleased to announce that begining shortly we will be adding Community Statistics to our web site. http://www.arnowitzproperties.com/
Bradley E. Arnowitz, P.A. & Associates have an “open-book policy” and believes that our clientele should have access to any and all information with regards to the marketplace.
It pleases us to share this “factual” overview of your community. In today’s ever-changing real estate market we are of the firm belief that our clients should have entrée to all relevant information and we are delighted to present it. This update shall provide you with the opportunity to view the following applicable statistics and will be updated on a monthly basis.
Criteria as follows:
1. Current Available Residences [Active – For Sale, on the Market]
2. Closed Sales [All sales are from January 01, 2007 Forward]
3. Pending Sales
Our Community Updates will include, but are not limited to the following:
>Acqualina
www.AcqualinaListings.com
>Aventura Lakes
www.AventuraLakesListings.com
>Aventura Condo’s
www.AventuraCondoListings.com
>Bal Harbour
www.BalHarbourListings.com
>Canyon Ranch
www.CanyonRanchListings.com
>Diplomat
www.DiplomatListings.com
>Eastern Shores
www.EasternShoresListings.com
>Golden Beach
www.GoldenBeachListings.com
>Porto Vita
www.PortoVitaListings.com
>Ritz Carlton
www.RitzCarltonListings.com
>Turnberry Ocean Colony
www.TurnberryListings.com
>Trump Buildings
www.TrumpListings.com
>Williams Island
www.WilliamsIslandListings.com
Please feel free to contact us with any questions or comments. We are available 24/7, as we are for all of our clients. (305) 776.6113 or ClientCare@ArnowitzProperties.com
Very truly yours,
Bradley E. Arnowitz, P.A.
Re/Max Hall of Fame
HONESTY * INTEGRITY * RESULTS
Bradley E. Arnowitz, P.A. & Associates have an “open-book policy” and believes that our clientele should have access to any and all information with regards to the marketplace.
It pleases us to share this “factual” overview of your community. In today’s ever-changing real estate market we are of the firm belief that our clients should have entrée to all relevant information and we are delighted to present it. This update shall provide you with the opportunity to view the following applicable statistics and will be updated on a monthly basis.
Criteria as follows:
1. Current Available Residences [Active – For Sale, on the Market]
2. Closed Sales [All sales are from January 01, 2007 Forward]
3. Pending Sales
Our Community Updates will include, but are not limited to the following:
>Acqualina
www.AcqualinaListings.com
>Aventura Lakes
www.AventuraLakesListings.com
>Aventura Condo’s
www.AventuraCondoListings.com
>Bal Harbour
www.BalHarbourListings.com
>Canyon Ranch
www.CanyonRanchListings.com
>Diplomat
www.DiplomatListings.com
>Eastern Shores
www.EasternShoresListings.com
>Golden Beach
www.GoldenBeachListings.com
>Porto Vita
www.PortoVitaListings.com
>Ritz Carlton
www.RitzCarltonListings.com
>Turnberry Ocean Colony
www.TurnberryListings.com
>Trump Buildings
www.TrumpListings.com
>Williams Island
www.WilliamsIslandListings.com
Please feel free to contact us with any questions or comments. We are available 24/7, as we are for all of our clients. (305) 776.6113 or ClientCare@ArnowitzProperties.com
Very truly yours,
Bradley E. Arnowitz, P.A.
Re/Max Hall of Fame
HONESTY * INTEGRITY * RESULTS
Tuesday, September 18, 2007
The Moment Everyone Is Waiting For
According to much expert opinion, the Fed's action and statement, due for release early in the afternoon, will enhance or diminish public confidence in the global financial system and the Fed as the primary institution of that system.
The Fed's principal weapon in fighting recessions, on the one hand, and inflation, on the other, is its ability to set short-term interest rates. The current rate of 5.25 percent has been in place since June 2006. The last time the Fed reduced its target rate was June 2003, when it was cut to 1 percent.
Tuesday's meeting, the sixth of eight scheduled for 2007, is the first since a global credit crunch erupted in August. On Aug. 17, the Fed, after an unscheduled meeting, responded to the crisis by trimming a special rate, called the discount rate, it charges banks for emergency loans to 5.75 percent from 6.25 percent. But the rate on overnight loans between banks, called the federal funds rate, stayed at 5.25 percent.
Prospects for a recession or worsening inflation are uncertain and debatable. Nonetheless, at least three opportunities for additional action confront Fed policymakers Tuesday: the fed funds rate, the discount rate and the statement typically issued after Fed policy meetings.
With the uncertain housing market looming, foreclosures steadily rising, and durable goods increasing, the balancing act is a tough one. It's wait and see. Perhaps to avoid a recession, the Fed just may do the same. Keep in mind, the Feds decision to lower the key rate is by no means clear whether your ability to obtain a mortgage, even with a large down payment and excellent credit record, will improve anytime soon. So perhaps, the Fed should do the same. Wait and see......
Bradley E. Arnowitz, P.A. & Associates
ClientCare@ArnowitzProperties.com
(305) 776.6113
HONESTY * INTEGRITY * RESULTS
The Fed's principal weapon in fighting recessions, on the one hand, and inflation, on the other, is its ability to set short-term interest rates. The current rate of 5.25 percent has been in place since June 2006. The last time the Fed reduced its target rate was June 2003, when it was cut to 1 percent.
Tuesday's meeting, the sixth of eight scheduled for 2007, is the first since a global credit crunch erupted in August. On Aug. 17, the Fed, after an unscheduled meeting, responded to the crisis by trimming a special rate, called the discount rate, it charges banks for emergency loans to 5.75 percent from 6.25 percent. But the rate on overnight loans between banks, called the federal funds rate, stayed at 5.25 percent.
Prospects for a recession or worsening inflation are uncertain and debatable. Nonetheless, at least three opportunities for additional action confront Fed policymakers Tuesday: the fed funds rate, the discount rate and the statement typically issued after Fed policy meetings.
With the uncertain housing market looming, foreclosures steadily rising, and durable goods increasing, the balancing act is a tough one. It's wait and see. Perhaps to avoid a recession, the Fed just may do the same. Keep in mind, the Feds decision to lower the key rate is by no means clear whether your ability to obtain a mortgage, even with a large down payment and excellent credit record, will improve anytime soon. So perhaps, the Fed should do the same. Wait and see......
Bradley E. Arnowitz, P.A. & Associates
ClientCare@ArnowitzProperties.com
(305) 776.6113
HONESTY * INTEGRITY * RESULTS
Sunday, September 16, 2007
Reduce Your Property Taxes. A Friendly Reminder
Act Now Before It's Too Late!
Reduce Your Property Taxes
The Deadline to File a petition for an adjustment of property value is on September 20th. We will help you every step of the way. NO reduction, NO fee... call (305) 776.6113 or email us @ ClientCare@ArnowitzProperties.com for information.
WHAT'S YOUR HOME REALLY WORTH?
Don't rely on anonymous websites claiming to provide instant home evaluations. In today's complex market, you need a seasoned real estate professional who understands the local market. To schedule a FREE in-home consultation with Bradley E. Arnowitz, P.A. for an accurate and straight forward evaluation and comparative market analysis, with no obligation, call (305) 776-6113 or email us @ ClientCare@ArnowitzProperties.com.
Bradley E. Arnowitz, P.A. & Associates
www.ArnowitzProperties.com
HONESTY * INTEGRITY * RESULTS
Reduce Your Property Taxes
The Deadline to File a petition for an adjustment of property value is on September 20th. We will help you every step of the way. NO reduction, NO fee... call (305) 776.6113 or email us @ ClientCare@ArnowitzProperties.com for information.
WHAT'S YOUR HOME REALLY WORTH?
Don't rely on anonymous websites claiming to provide instant home evaluations. In today's complex market, you need a seasoned real estate professional who understands the local market. To schedule a FREE in-home consultation with Bradley E. Arnowitz, P.A. for an accurate and straight forward evaluation and comparative market analysis, with no obligation, call (305) 776-6113 or email us @ ClientCare@ArnowitzProperties.com.
Bradley E. Arnowitz, P.A. & Associates
www.ArnowitzProperties.com
HONESTY * INTEGRITY * RESULTS
Saturday, September 15, 2007
Your Apartment Search Begins With Us!
Why You Should Let Bradley E. Arnowitz, P.A. & Associates Find Your Apartment.
When most people think about searching for an apartment, they do not even consider enlisting in the services of a broker or realtor. Rather, they look through newspapers, rely upon word of mouth, or use an online apartment locator to assist them in the search. This is unfortunate because Bradley E. Arnowitz, P.A. & Associates can be of great help when it comes to finding an apartment. Many do not realize that our team does so much more than sell real estate. In fact, we can be a key source in finding a great apartment at a cost you can afford.
Putting Our Knowledge to Work for You
One of the best parts about using our team as your personal apartment locator is the fact that Bradley E. Arnowitz, P.A. & Associates are quite knowledgeable about different neighborhoods. In fact, we are able to answer any questions that you might have about the different neighborhoods you are considering moving into. Our team has extensive knowledge about apartment complexes from South Beach to Palm Beach and whether or not any apartments are available and at what prices. In this way, you can better determine if the neighborhood is a good fit for you.
Some factors you might want to consider when searching for an apartment include:
Is the apartment conveniently located?
Is the neighborhood and the apartment complex family-friendly?
How long of a commute will you have to take to get to work?
Are there parks, malls, shopping, or other attractions nearby?
If any of these are importannt to you, our team will quickly determine the neighborhood in which your should concentrate your search.
Save Time and let Bradley E. Arnowitz, P.A. & Associates act as Your Personal Apartment Locator!
Most of us lead very busy lives and, as such, we don't have time to call about every available apartment or to visit every one that is available. After you tell us what you are looking for, we would be happy to narrow down the choices and take you to see only the apartments that are most likely to suit your needs.
If you are getting ready to move into the state or city, this time saving element can be a necessity. After all, you don't have time to travel back and forth to look at many different apartments. Rather, you can higher Bradley E. Arnowitz, P.A. & Associates to narrow down your choices and arrange for you to see all of the potential apartments in just one day. That way, you only have to take one day out of your busy schedule to see what is available. Having our team work as your own personal apartment locator can save you a great deal of time and inconvenience.
If you are moving into the area, contacting us via email @ ClientCare@ArnowitzProperties.com or via phone @ (305) 776.6113 ahead of time can make the move much easier and create for a far smoother transition. Even if you already live in the area, however, getting help from Bradley E. Arnowitz, P.A. & Associates, your qualified real estate professionals will still save precious time and will simplify the entire process.
www.ArnowitzProperties.com
24/7 (305) 776.6113
ClientCare@ArnowitzProperties.com
Honesty * Integrity * Results
When most people think about searching for an apartment, they do not even consider enlisting in the services of a broker or realtor. Rather, they look through newspapers, rely upon word of mouth, or use an online apartment locator to assist them in the search. This is unfortunate because Bradley E. Arnowitz, P.A. & Associates can be of great help when it comes to finding an apartment. Many do not realize that our team does so much more than sell real estate. In fact, we can be a key source in finding a great apartment at a cost you can afford.
Putting Our Knowledge to Work for You
One of the best parts about using our team as your personal apartment locator is the fact that Bradley E. Arnowitz, P.A. & Associates are quite knowledgeable about different neighborhoods. In fact, we are able to answer any questions that you might have about the different neighborhoods you are considering moving into. Our team has extensive knowledge about apartment complexes from South Beach to Palm Beach and whether or not any apartments are available and at what prices. In this way, you can better determine if the neighborhood is a good fit for you.
Some factors you might want to consider when searching for an apartment include:
Is the apartment conveniently located?
Is the neighborhood and the apartment complex family-friendly?
How long of a commute will you have to take to get to work?
Are there parks, malls, shopping, or other attractions nearby?
If any of these are importannt to you, our team will quickly determine the neighborhood in which your should concentrate your search.
Save Time and let Bradley E. Arnowitz, P.A. & Associates act as Your Personal Apartment Locator!
Most of us lead very busy lives and, as such, we don't have time to call about every available apartment or to visit every one that is available. After you tell us what you are looking for, we would be happy to narrow down the choices and take you to see only the apartments that are most likely to suit your needs.
If you are getting ready to move into the state or city, this time saving element can be a necessity. After all, you don't have time to travel back and forth to look at many different apartments. Rather, you can higher Bradley E. Arnowitz, P.A. & Associates to narrow down your choices and arrange for you to see all of the potential apartments in just one day. That way, you only have to take one day out of your busy schedule to see what is available. Having our team work as your own personal apartment locator can save you a great deal of time and inconvenience.
If you are moving into the area, contacting us via email @ ClientCare@ArnowitzProperties.com or via phone @ (305) 776.6113 ahead of time can make the move much easier and create for a far smoother transition. Even if you already live in the area, however, getting help from Bradley E. Arnowitz, P.A. & Associates, your qualified real estate professionals will still save precious time and will simplify the entire process.
www.ArnowitzProperties.com
24/7 (305) 776.6113
ClientCare@ArnowitzProperties.com
Honesty * Integrity * Results
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