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Five biggest mistakes homebuyers make

Some homebuyers fall for common pitfalls when purchasing a home. How can you help make sure you don't fall for one?
Credit.com recently featured some of the biggest mistakes homebuyers often make. The list included:
1. Trying to fix credit scores before buying a home.
Homebuyers may do more harm than good if they don't consult a financial expert first.
"Even paying down credit card balances, which is a good thing as far as your credit scores and debt ratios are concerned, could be a problem if it leaves you short the cash you need to qualify to get the loan," says Gerri Detweiler, Credit.com's personal finance expert.
2. Not considering the future enough in their purchase.
Buyers should consider what they want out of a house not just for today but also five or 10 years down the road. Do they plan to expand their family? If so, they may need a bigger home and want a different location. Also, how long do they plan on staying at the home? That can help determine the type of mortgage that makes the most sense for them too.
3. Failing to research financing enough. First comes the home and then the financing? Not in today's market. Home shoppers should get prequalified for a mortgage before they start shopping for a home so they know what they can afford.
"The time to make decisions about your mortgage needs is not during this 10-day window [after you sign a contract]; at most, this is time to shop for rates and fees and such," said Keith Gumbinger, vice president of HSH.com. "Evaluating your credit, deciding on a product you prefer, how much down payment you feel comfortable making, whether you want to pay fees or points [and, if so, how much] and even shopping for a lender [getting preapproved] should happen well in advance of even wandering through the market looking at houses."
4. Making the assumption that the Good Faith Estimate is always what you pay at closing.
The form lenders provide that estimates closing costs is not set in stone. Closing costs may actually be more, so buyers need to be prepared. Closing costs generally are about 3 percent to 5 percent of the loan amount.
"Shop around and compare the Good Faith Estimate provided by the lender with that of two or three other lenders," saidRyan Himmel, a CPA and founder of BIDaWIZ, a tax advice resource. "If there is a significant disparity in estimates, then request an explanation from the lender to determine if you would like to move forward."
5. Failing to budget for home expenses. Budgeting to purchase the home isn't all new homeowners should be squeezing in their budget. They'd be wise to not forget to budget for maintaining the home too. New homeowners should budget for an increase in utility bills as well as for future maintenance and repair costs, such as repairing a furnace or roof.
Source: Tom Kelly: Real Estate Today

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Are Banks ‘Hoarding Foreclosures��?

Are Banks ‘Hoarding Foreclosures’?
Daily Real Estate News | Wednesday, June 27, 2012

Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”
Some real estate professionals allege that the “synthetically pumped prices” are being caused by “banks stockpiling foreclosed properties and purposely keeping them off the market until area prices truly soar.” For example, in Phoenix, in the “sand state” of Arizona, home prices have been soaring the past six months.
But real estate professional Michelle Tremblay, with West USA Realty in Phoenix, tells MSNBC: “We can see on the street what’s vacant and what’s not. We’re watching these [foreclosed and non-listed] houses just sit and rot. The banks are letting these houses just deteriorate. They’re holding them and releasing them slowly to drive the value up.”
Some markets are seeing a decrease in inventory of for-sale homes, which has helped lift home prices in some areas due to an increase in demand but limited supply. But real estate professionals say they’re concerned what will be temporary when banks start releasing more foreclosures to the market. Some have accused banks of purposely holding onto foreclosures to wait for home prices to recover so that they can get higher returns for the homes, but real estate experts are concerned that could stall the housing recovery. However, Mark Vitner, Wells Fargo senior economist, asserts that large banks are not hoarding foreclosures and waiting for prices to perk up. "I don't think there's any concerted effort to hold properties back from the market," Vitner told MSNBC.com. "The process to [work through and re-sell] foreclosure inventory is lengthy and there just seems to be a lot of hurdles out there to getting these properties to market. A lot of the best properties have been in foreclosure and have already sold."
Backing up that assertion, CoreLogic, a market analytics service, reports that residential shadow inventory -- which includes foreclosures -- fell to 1.5 million units in April, a 14.8 percent drop from the same month one year earlier. Source: “Home Prices Higher for Third Straight Month as ‘Sand States’ Drift Away From Crisis,” MSNBC.com (June 26, 2012)

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Tax break for short-sellers expires at end of year

By Kimberly Miller

Palm Beach Post Staff Writer
Struggling Floridians have saved untold fortunes with a nearly five-year-old federal tax break that is about to go away.

Since 2007, homeowners whose banks have forgiven unpaid mortgage debt after a short sale, principal reduction or foreclosure have not had to count that money as income on their tax returns.

It’s meant savings of tens of thousands of dollars on the so-called “phantom income” depending on the amount of debt canceled and a person’s tax bracket.

But the Mortgage Forgiveness Debt Relief Act of 2007 will sunset Dec. 31.

With just six months before the scheduled expiration, accountants and Realtors are urging homeowners considering a short sale to put their properties on the market now so they can sell before year’s end.

A short sale is where the lender agrees to sell a property for less than what the homeowner owes on the mortgage. Although banks are getting better at processing short sales, finalizing a contract can still take months.

“People are unaware that they could get a huge whack from this,” said real estate attorney Clifford Hertz of Broad and Cassel in West Pam Beach about the tax break expiration. “If they know what’s coming, they can make the right business decision.”

That’s just what Palm Beach Gardens homeowner Jeff Shingledecker did.

He put his home up for a short sale in April after researching the best exit strategy from his underwater mortgage. Within 24 hours of listing the home, he had a full price offer of $105,000 and is currently under contract.

Still, a successful sale will leave him with $118,000 in unpaid loan debt. If the bank forgives that balance, the money is taxable income. Considering Shingledecker’s tax bracket, he would owe about $29,500 in taxes on that canceled debt. Under the debt relief act, he won’t owe anything.

“This made the most sense,” Shingledecker said about his short sale decision. “I looked at all the angles and assuming everything goes as planned this is the best route.”

During the first quarter of this year, 6,649 short sales were completed in Palm Beach, Broward and Miami-Dade counties, according to the market research firm RealtyTrac. That was a nearly 55 percent increase from the same time in 2011.

Statewide, 15,949 short sales were conducted in the first quarter of the year, an 18 percent increase from the same time in 2011.

But not everyone can benefit from the debt relief act. It only covers forgiven debt on principal residences and up to $2 million, or $1 million if married but filing separately. The act also does not apply to second mortgages where the money was used for non-household expenses.

If a debt of $600 or more is forgiven, the lender is required to send homeowners a tax form 1099-C by Feb. 2 of each year. The form must state the amount of debt forgiven as well as the fair market value of any property given up through foreclosure or a short sale. Homeowners must report the forgiven debt on tax form 982.

There are other tax rules that can affect how homeowners benefit from the debt forgiveness act, but any relief for a homeowner right now is helpful, said Realtor Jared Dalto.

“Let’s face it, they did not have the money to pay the mortgage in the first place so what makes the IRS think a homeowner can pay taxes on $200,000?” said Dalto, a short sale specialist with the Palm Beach Group at Seawinds Realty.

Josh Angell, an investment adviser with Moore Ellrich & Neal P.A. in Palm Beach Gardens, said depending on how much debt is forgiven, a homeowner could be pushed into a higher tax bracket. That means they’d not only owe on the forgiven debt but also at a higher rate.

“It’s a very scary thing to think about when people are financially destitute,” said Jon Maddux, CEO of YouWalkAway.com, a company that advises homeowners on short sales and strategic defaults. “It can put people in a situation where they will most likely have to file bankruptcy. They’d be insolvent.”

In March, a bill was introduced in the U.S. House of Representatives to extend the Mortgage Debt Relief Act through the end of 2015.

Sponsored by Rep. Jim McDermott, D-Wash., the “Homeowners Tax Fairness Act,” would also exclude from taxable income money received for wrongful foreclosure through the $25 billion attorneys general settlement.

The settlement is expected to give homeowners between $1,500 and $2,000 if they had a wrongful foreclosure.

Jupiter resident Michael Schoenewolff, who hopes to benefit from the debt relief act this year, said he believes Congress will vote to extend the tax break.

Schoenewolff has a short sale contract on his home that would leave him with $95,000 in forgiven debt.

“The average person can’t handle another $100,000 in income to be taxed,” he said. “I think they have to vote to extend it in order to allow the housing market and economy to recover.”

--------------------------------------------------------------------------------

Who’s affected?

People selling their homes through a short sale or who are in foreclosure may have the unpaid balance of their loan forgiven by the bank. If so, that debt would be considered taxable income. The Mortgage Forgiveness Debt Relief Act excludes that income from being taxed through Dec. 31, 2012.

What’s happening?

The debt relief act is scheduled to sunset at the end of this year. If no extension is granted, homeowners will have to pay taxes on any unpaid balance forgiven by a lender after a short sale, modification or foreclosure.

How does it change your sale?

If you are considering a short sale, you may want to put your home on the market now so a sale can close before the end of the year and qualify you to take advantage of the debt relief act before it expires.

What’s next?

A bill called the “Homeowners Tax Fairness Act” was filed in March that would extend the tax debt forgiveness program through 2015. It requires congressional approval.

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Mistakes homebuyers make as seller��s market looms

Mistakes homebuyers make as seller’s market looms
June 14, 2012, 7:09 a.m. CDT
McClatchy/Tribune - MCT Information Services

FORT LAUDERDALE, Fla. — Homebuyers have had the advantage for six years, especially in hard-hit real estate markets. But now sellers are enjoying a resurgence.
Some buyers don’t realize or can’t accept that the market has changed, real estate agents and analysts say.
“People come in, and they think the market is 2008 or 2009, when sellers were desperate,” said Jennifer Sommers, an agent with Nestler Poletto Sotheby’s International Realty in Boca Raton, Fla. “They’re not desperate. Not at all.”
As a result, some buyers aren’t getting the homes they want. Here are common errors that agents and experts say buyers are making:
STICKING WITH LOWBALL OFFERS: Ridiculously low offers were the norm during the housing bust, but buyers can’t get away with them anymore, agents say.
Stephanie Chen is closing next month on her Weston, Fla., home after previously rejecting an offer for $400,000 less than her $1.1 million asking price.
“The mistake some buyers make is going so low it’s not even reasonable,” said Chen, 32. “We just walked away from the table.”
Buyers and sellers have different definitions of a lowball offer, said Randy Bianchi, co-owner of Paradise Properties of Florida in West Palm Beach, Fla. Sellers think they’ve been lowballed on offers less than 90 percent of their asking prices, while some buyers say bids of 80 percent to 85 percent of the list price are reasonable, Bianchi said.
Jackie Smith, an agent in Florida’s Broward and Palm Beach counties, said a client recently went against her advice and offered $55,000 less than the $194,000 asking price on a two-bedroom waterfront condominium. The bid was rejected.
“Right off the bat, buyers say, ‘I want a steal,’ and I tell them they have to wipe that word out of their vocabulary,” Smith said.
TAKING TOO LONG TO “SLEEP ON IT”: Agents who tell buyers not to dilly-dally often are accused of being self-serving. But with so few houses available for sale, agents say buyers don’t understand how the market has changed.
According to the National Association of Realtors, the number of homes listed for sale has fallen by more than one-third since the peak in July 2007.
Inventories will swell as more bank-owned homes hit the market in the months ahead, experts say. For now, though, new listings are coveted by house hunters frustrated by the lack of choices.
Not all homes sell quickly because some sellers are asking for higher than market value. But properties priced appropriately in desirable neighborhoods tend to go under contract within days or weeks — or sometimes hours.
A home in Jupiter, Fla., that was listed at 7:30 a.m. had eight requests for showings by 10:30 and a contract by noon, agent Susan Bennett said.
Her client, Eric Wagnon, missed out on that property but found a three-bedroom home nearby. Not wanting to be outbid, he offered the full asking price: $330,000.
“For the right home that’s priced right, you don’t want to mess around or you’ll end up without the house you want,” said Wagnon, 42, a television producer.
LITTERING THE CONTRACT WITH CONTINGENCIES: The standard real estate contract includes stipulations, such as the buyer qualifying for a mortgage.
But some buyers also insist on unnecessarily long inspection periods — 30 days instead of 10, for instance. Or they want the sale to be contingent on a family member touring the property.
“That’s ridiculous,” said Mike Pappas, president of the Keyes Co. “You have to have a clean contract.”
FAILING TO MAKE A PERSONAL IMPRESSION ON THE SELLER: With some homes getting two or more bids, it’s not enough to offer a competitive price. Owners will look at other factors to decide which offer to take.
“It’s not just about the money,” said Jim Heidisch, a broker in Pompano Beach, Fla.
For example, a seller looking at two $600,000 offers on a Parkland Isles, Fla., home took the one in which the buyer agreed to pay cash and allowed the seller to take the washer and dryer, said Michael Citron, the listing agent.
Take the time to meet the seller’s agent. Strike up a conversation. Ultimately, it’s the seller’s call on which offer to select, but the listing agent will have input, and it doesn’t hurt if the agent likes the potential buyer.
Also, consider submitting a personal letter with the contract, describing features you like about the home and why buying it is important to you.
“It warms the seller up,” Citron said. “It shows you’re not just a number.”
WAITING TO GET PREAPPROVED FOR A MORTGAGE BEFORE STARTING THE SEARCH: During the boom years, buyers didn’t worry about arranging their financing up front because mortgages were easy to get. Not so anymore.
Getting preapproved for a loan can take two weeks or longer because banks have tightened underwriting standards in the wake of the housing bust, mortgage brokers say.
A head start is now essential in South Florida, where cash buyers represent roughly half the market. Some sellers even require buyers to be preapproved before making an offer, Bennett said.
A preapproved buyer has submitted pay stubs, bank statements and other paperwork and received a commitment for a specific mortgage amount from a lender.
“Buyers can really jeopardize their transactions if they don’t do the work up front,” Bianchi said.

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Home Buyers Find Market Isn't What They Expected
Daily Real Estate News | Tuesday, June 12, 2012

A shortage of “move-in ready” homes and bidding wars over houses in good condition are leaving potential buyers scrambling to find a home to buy, according to media reports.
Housing inventories have sunk nationwide, leaving home shoppers with fewer options. Bidding wars are back, and in some markets the shortage is prompting buyers to try to bid on homes even before they are listed, reports The Los Angeles Times.
In April, the number of for-sale homes was 2.5 million, which marks the lowest number for an April since 2006, according to National Association of REALTORS®’ housing data.
“The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami,” The Los Angeles Times reports. “Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales.”
While buyers are suddenly feeling a sense of urgency, sellers are feeling they can wait, says Glenn Kelman, chief executive of Redfin.
Meanwhile, investors are snatching up bank-owned properties at bargains, new construction remains at historic lows, and home owners are taking a “wait-and-see-approach” before they list their homes. That’s left many buyers scrambling to find a property.
Some home owners are hesitant to sell, held back by negative equity and waiting for more of a bounce-back in home prices before they list.
"With the downturn, it seems like there are a lot of people who have been waiting in the wings to pounce, and because the rates are low, there is just a lot more competition," says one LA-area home shopper, Eddie David, who says he and his wife have been outbid on three different properties recently. "We tried to get in on a couple other homes, and even though it had been just a week or two weeks, it was just too late."
Source: “Shortage of Homes for Sale Creates Fierce Competition,” The Los Angeles Times (June 10, 2012)
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Realtors® Offer Support for Bill to Help Responsible Homeowners Refinance

According to the National Association of Realtors:

WASHINGTON (May 24, 2012) - A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates.
NAR President Moe Veissi testified today before the Senate Banking, Housing and Urban Affairs Committee in support of the "The Responsible Homeowner Refinancing Act of 2012," introduced in Congress earlier this month by Sens. Barbara Boxer, D-Calif., and Robert Menendez, D-N.J.
"As the leading advocate for homeownership, Realtors® knows that helping consumers remain in their homes must be a priority if we are going to move the housing market and our nation from a fragile recovery to long-term prosperity," said Veissi, broker-owner of Veissi & Associates Inc., in Miami. "Eliminating the refinancing barriers homeowners face with Fannie Mae and Freddie Mac loans will help bring them relief by lowering monthly payments and reducing the risk of default."
NAR supports the "Responsible Homeowner Refinancing Act" because it offers relief to responsible homeowners who have good credit and consistently meet their mortgage obligations, but who have been unable to refinance into lower interest rates because of constraints in Fannie Mae's and Freddie Mac's mortgage refinance guidelines.
Veissi testified that streamlining the process and improving access to simple, low-cost refinancings will help put thousands of dollars back into the pockets of hardworking families who have stayed current on their mortgage payments and help boost the nation's economy. Refinancing into more affordable mortgages will also go a long way to helping homeowners avoid foreclosure and aid in the recovery of Fannie Mae and Freddie Mac, he said.
Veissi said that while Fannie Mae and Freddie Mac have recently made improvements to their refinancing guidelines, the legislation will help codify many of those improvements and remove additional barriers that are preventing borrowers from currently refinancing their loans.
The proposed legislation would extend streamlined refinancings; waive loan-to-value ratios for existing, well-performing loans; make refinancings more affordable by eliminating up-front fees and appraisal costs; improve competition for lenders looking to compete with the existing mortgage servicer; and establish penalties for second lien holders and mortgage insurers who block the refinance process.
Veissi said the changes would extend refinancing opportunities to many underwater borrowers and help alleviate existing housing cost pressures and stimulate the economy.
"Realtors® thank Sens. Boxer and Menendez for their efforts to bring relief to millions of homeowners who continue to struggle through lower home values and lost equity, yet remain current on their mortgage obligations," Veissi said. "We believe this new legislation is good for homeowners and taxpayers and will go a long way toward kick-starting the housing market and economy."
In his testimony, Veissi also called on Congress to eliminate the use of Fannie Mae and Freddie Mac guarantee fees, or g-fees, as a means to pay for non-housing programs. He said Realtors® were strongly opposed to the use of a 10-basis point increase last year to pay for a two-month extension of payroll tax benefits, which will impact borrowers for the next 10 years who are looking to refinance their mortgages.
"We applaud Sens. Menendez and Boxer for not utilizing the guarantee fee as a pay-for to support the proposed legislation, which makes refinances more attractive by removing costs barriers associated with the process. Increasing the g-fee, which is passed on to consumers through higher interest rates, is counter-productive and effectively adds additional cost barriers," said Veissi.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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Broward County home sales prices and sales improved this April from last year, according to the Miami Association of Realtors. Median single-family home prices grew 17 percent to $205,000 and condo sales prices jumped 17.4 percent to $84,300. When distressed homes were excluded the median sales price rose to $264,000 for single-family homes and $99,750 for condominiums.

Broward County’s inventory has dropped 30 percent from 15,781 to 11,086 from April 2011 and the number of single-family homes sold increased 6 percent to 1,190. However, condo sales decreased 4.4 percent on a yearly basis to 1,572 April 2012.

“Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign,” said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors. “Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area.” – Christopher Cameron

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Market Stabilizing? Home Inventories Fall by Nearly 20%
Daily Real Estate News | Friday, May 25, 2012

Home inventories of for-sale listings continue to fall, which may help raise overall housing prices as demand picks up.
Inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped by 18.85 percent in April compared to a year ago, according to housing data of 146 metro markets tracked by REALTOR.com. “These key indicators continue to suggest the housing market may be at a turning point and headed towards a broad-based recovery,” REALTOR.com notes in a release on its April housing data. “Lower inventories, combined with faster moving markets and relatively stable median listing prices are indicative of the kind of balanced housing market that has not been seen in many years.”
On a national basis, the median age of inventory dropped nearly 12 percent year-over-year. The median age of inventory dropped by the highest percentages in the following metro areas: 1. Oakland, Calif.
Median age of inventory: 20
Year-over-year drop: 54.54%
2. Miami
Median age of inventory: 41.08%
Year-over-year drop: 76
3. Fort Lauderdale, Fla.
Median age of inventory: 36.19%
Year-over-year drop: 67
4. Seattle-Bellevue-Everett, Wash.
Median age of inventory: 34.28%
Year-over-year drop: 46
5. Pensacola, Fla.
Median age of inventory: 33.33%
Year-over-year drop: 106
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

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South Florida’s real estate market looks hot again

Demand is up, inventory is low and prices are rising. The battle for South Florida’s residential real estate is back on even though there may still be many more foreclosures to come. By Ina Paiva Cordle
icordle@MiamiHerald.com
Bidding wars are erupting from Homestead to Weston, as home sales and prices take off, further reinforcing the end of a prolonged market slump.

A two-bedroom, two-bathroom, bank-owned condominium in Coral Springs sparked 64 offers within 10 days — selling for $71,000 on Tuesday, or 34 percent over its $53,000 listing price.

“It was a feeding frenzy. I’ve never seen anything like it,” said Marta DuPree, broker associate and vice president of the Keyes Company in Coral Springs. “It was a rentable building, so all the investors were out.” In Broward County, the median sales price of single-family homes rose 17 percent in April to $205,000, and condominiums jumped 17.4 percent to $84,300, compared to prices in April 2011. And in Miami-Dade, home prices continued a five-month ascent — up 30 percent for condos, to $150,000, and 8.2 percent for single-family homes, to $183,000, compared to a year ago, according to figures released Tuesday by the Miami Association of Realtors.

Across South Florida, higher demand is leading to multiple bids and, in turn, elevating prices — as the real estate market keeps turning around.

“We have a very limited amount of inventory at this point and there are a lot less foreclosures on the market,” said Tony Garcia, district sales manager for the Keyes Company in Homestead. “What we are seeing is that people are going again to bidding wars ... We’re in a situation where for 80 percent of contracts there are at least three or four offers for the same property.”

Realtors say the inventory of residential listings is way down. It has decreased 34 percent in the past year in Miami-Dade, from 17,897 to 11,878, and down 4 percent since March, the Realtors’ Association said.

Similarly, in Broward, the inventory of residential listings has dropped 30 percent in the past year, from 15,781 to 11,086, also down 4 percent from March.

With a housing stock of 16,000 homes and condos in Weston, only 254 single family homes and 91 condos are currently for sale, said Chip Rowand, assistant district sales manager for the Keyes Company’s Weston office.

Neighboring areas of Southwest Ranches, Pembroke Pines, Davie and Cooper City are all experiencing a similar dearth of inventory, said Fritz Hawkins, general manager for the Keyes Company.

“We can put a property on the market and we can have multiple offers in one day,” he said.

Investors with cash — predominantly foreign buyers — continue to fuel the market.

In both Miami-Dade and Broward, 64 percent of closed sales in March were all-cash sales, with the vast majority to international buyers, the Miami Association of Realtors said.

“We’re at a point where builder inventories are low, and in fact, for some builders, sales are proceeding faster than they can build,” said Brad Hunter, South Florida director for Metrostudy, a housing market advisory firm headquartered in Houston.

“For those who are waiting four or five or more years for home prices to stabilize and start edging back upwards, we are essentially there,” he said.

Meanwhile, distressed properties still make up a large number of sales.

In April, 47 percent of all closed residential sales in Miami-Dade were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.

In April, 38 percent of all closed residential sales in Broward were distressed, compared to 50 percent in April 2011 and 41 percent the previous month.

Even more distressed properties are sure to hit the market, which could still dampen prices, analysts say.

“We still have 52,000 foreclosures that haven’t been sold, and it is still taking 809 days to process a foreclosure in Florida,” said Jack McCabe, chief executive of McCabe Research & Consulting, based in Deerfield Beach.

When those distressed properties become available, they may be sold online, rather than through Realtors, he said.

“Things are better, but they are still not great, and there is still a flood of distressed property yet to be sold,” McCabe said. “And that will have an impact on the marketplace.”

Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condos, according to the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011. Robert Tolkan
Broker Associate
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