Scent marketing is the reason realty professionals bake cookies in homes during showings; but given the steep number of homes currently on the market, experts say it might be more practical to use essential oils to create a pleasant scent in the home. Agents and sellers can concoct fragrances using jojoba, grapeseed, vanilla, lavender and sweet orange essential oils, blending them in a bowl with sea salt.

They also can create a vacuum powder with baking soda and bergamot and ylang-ylang essential oils or a simmer containing apple slices, cinnamon, vanilla bean and whole cloves. These natural scents are better appreciated than synthetic fragrances.

“Using even tiny amounts of familiar, tempting aromas like the oils of cinnamon, clove, vanilla and orange can fill a whole house with pleasant ambient fragrance and make it an attractive purchase for potential buyers,” according to Tom Havran, branded products developer with Aura Cacia.

Source: Lodi News-Sentinel (06/12/11)

© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688

Freddie Mac said Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

The average rate on the 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week. It hit a 40-year low of 4.17 percent in November.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those yields have tumbled as investors sought safer investments.

Low mortgage rates haven’t been enough to jumpstart the housing market. Home construction last month plunged to its lowest level in almost two years, while building permits, an indicator of future housing activity, sank to a five-decade low, the government said this week.

Homebuilders remain pessimistic about the outlook for housing. High unemployment, a record number of foreclosures and tough credit standards have kept many people from buying homes. And most economists don’t expect home values to bottom out until midyear, another factor dissuading potential homebuyers.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage fell to 3.57 percent from 3.73 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on one-year adjustable-rate home loans slipped to 3.17 percent from 3.21 percent. That is the lowest level in a year for the one-year ARM rate.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan and 15-year fixed loan in Freddie Mac’s survey was 0.7 point. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.
Copyright © 2011 The Associated Press, Janna Herron, AP real estate writer. All rights reserved.

Sunday Brunch tomorrow in Hibiscus’ Backyard of Love with Mike Whitty, to benefit Alaqua Animal Refuge!

“Realtors throughout Florida are dedicated to helping improve the quality of life for all Floridians as they promote the benefits of homeownership,” the resolution says, noting that one job is created for every two home sales; and each individual home sale pumps $60,000 into the state economy.

In recognizing March 21-27 as Welcome Home Week, Gov. Scott and the Cabinet acknowledge the important role of Florida Realtors® and its 115,000 members in promoting the benefits of homeownership as they work with existing and future Florida residents on a daily basis, says 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.

“From the Panhandle to the Keys, Realtors across the state are on the front lines of communities, helping people explore homeownership and realize their dreams of owning a home in the Sunshine State,” Fitzgerald says. “Homeownership benefits individuals and families, strengthens our communities, creates jobs and is vital to Florida’s economy.”

Along with economic benefits, homeownership strengthens communities through increased neighborhood stability, greater civic and community involvement, improved childhood education and reduced crime rates.

“With this resolution, the Governor and Cabinet honor the efforts of Florida’s Realtors in their communities,” says John Sebree, vice president of public policy for Florida Realtors. “The Cabinet recognizes the benefits of homeownership and the impact real estate has on our economy.”

Welcome Home Week culminates in Florida Open House Weekend on March 26-27, the largest open house event in the country. Sponsored by Florida Realtors, this year’s statewide event seeks to build on the success of the inaugural Florida Open House Weekend last April, when Realtors across the state worked with sellers to host more than 15,000 open houses. Learn more about Welcome Home Week here. Get all the information about Florida Open House Weekend here.
© 2011 Florida Realtors®

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The number of first-time buyers fell last month to the lowest percentage in nearly two years, while all-cash deals have doubled and now account for one-third of sales.

A record number of foreclosures have forced home prices down in most markets. The median sales price for a home fell last month to its lowest level in nearly nine years, according to the National Association of Realtors.

Lower prices would normally be good for first-time homebuyers. But tighter lending standards have kept many from taking advantage of them. With fewer new buyers shopping, potential repeat buyers are hesitant to put their homes on the market and upgrade.

Cash-only investors are most interested in properties at risk of foreclosure. They can get those at bargain-basement prices.

“The cash-rich investors can come in and get foreclosed properties at incredibly favorable prices,” said Paul Dales, senior U.S. economist for Capital Economics. “The average Joe can’t take advantage because they simply cannot get the credit to buy.”

Sales of previously occupied homes rose slightly in January to a seasonally adjusted annual rate of 5.36 million, the Realtors group said Wednesday. That’s up 2.7 percent from 5.22 million in December.

Still, the pace remains far below the 6 million homes a year that economists say represents a healthy market. And the number of first-time homebuyers fell to 29 percent of the market – the lowest percentage of the market in nearly two years. A more healthy level of first-time homebuyers is about 40 percent, according to the trade group.

Foreclosures represented 37 percent of sales in January. All-cash transactions accounted for 32 percent of home sales – twice the rate from two years ago, when the trade group began tracking these deals on a monthly basis. In places like Las Vegas and Miami, cash deals represent about half of sales.

In the three states where foreclosures are highest, at-risk homes make up at least two-thirds of all sales. In Florida, 63 percent of sales in January involved homes that were at risk of foreclosure, according to a Campbell/Inside Mortgage Finance survey. And in Arizona and Nevada, a combined 72 percent of sales involved those homes at risk of foreclosure.

A major barrier for first-time homebuyers is tighter lending standards adopted since the housing bubble burst. These have made mortgage loans tougher to acquire. Banks are also requiring buyers put down a larger downpayment. During the housing boom, buyers could purchase a home with little or no money down.

The median downpayment rose to 22 percent last year in at least nine major U.S. cities, according to a survey by Zillow.com, a real estate data firm. That’s up from 4 percent in late 2006 – as the housing bubble began to burst. The cities included some of the nation’s hardest hit markets – Las Vegas, Phoenix and Tampa, Fla. – as well as areas that are rebounding, including San Diego and San Francisco.

That has prevented many from buying, even when the median price of a home fell in January to $158,800. That’s a decline of 3.7 percent from a year ago and the lowest point since April 2002.

“If you can get the financing, it’s a great time to buy a home with prices this low,” said Patrick Newport, U.S. economist with IHS Global Insight.

Many potential buyers who could qualify for loans are hesitant to enter the market, worried that prices will fall further. High unemployment is also deterring buyers. Job growth, while expected to pick up this year, will not likely raise home sales to healthier levels.

With mortgage rates rising, mortgage applications have been volatile. They’re now near their lowest levels in 15 years. Economists say it could take years for home sales to return to healthy levels.

“Home prices continue to languish,” said Steven Wood, chief economist for Insight Economics. “Any recovery will be difficult to sustain given the still-large supplies of homes for sale and distressed properties.”

One obstacle to a housing recovery is the glut of unsold homes on the market. Those numbers fell to 3.38 million units in January. It would take 7.6 months to clear them off the market at the January sales pace. Most analysts say a six-month supply represents a healthy supply of homes.

Analysts said the situation is much worse when the “shadow inventory” of homes is taken into account. These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale.

For January, sales were up in three of the four regions of the country led by a 7.9 percent rise in the West. Sales rose 3.6 percent in the South, 1.8 percent in the Midwest and down 4.6 percent in the Northeast.

The January increase was driven by a 2.4 percent rise in sales of single-family homes. It pushed activity in this area to an annual rate of 4.69 million units. Sales of condominiums rose 4.7 percent to a rate of 670,000 units.
Copyright © 2011 The Associated Press, Derek Kravitz, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the fourth quarter, according to Florida Realtors. The statewide existing-condo median sales price was $86,400 for the three-month period; in 4Q 2009, it was $105,600 for a decrease of 18 percent. The statewide existing-condo median price in the fourth quarter was nearly 2.9 percent higher than it was in 3Q 2010.

Looking at Florida’s housing sector in the fourth quarter, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the jobs outlook has a major impact. “Persistently high unemployment constrains demand and feeds into the ongoing foreclosure problem,” Snaith said. “Given the state of the labor market, a continuing decline of home and condo prices in the fourth quarter is not surprising or unexpected. However, it’s important to note the rate of price decline is decelerating.

“As the labor market recovery takes hold in 2011, it will help put a floor beneath price declines and ultimately will provide the basis of housing’s recovery.”

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 39,338 homes sold statewide for the quarter compared to 43,494 homes in 4Q 2009 for a 10 percent decrease. The statewide existing-home median sales price was $134,100 in 4Q 2010; a year earlier, it was $140,500 for a decrease of 5 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, according to the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends. The report surveys economists, industry executives, real estate scholars, researchers and other experts.

Center Director Timothy Becker noted improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability. Respondents’ expectations for occupancy and rent increased across every property type, while the investment outlook rose in a majority of the property types. The statewide outlook was the highest since the survey’s inception in 2006, he said.

“Overall, the market appears to be improving and will continue to improve at a slow pace over the next year,” Becker said.

Low mortgage rates continued to be available during the fourth quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.41 percent in 4Q 2010; one year earlier, it averaged 4.92 percent.

© 2011 Florida Realtors®