Investor Warren Buffett, CEO of Berkshire Hathaway,appeared yesterday on CNBC’s “Squawk Box” saying that buying single-family homes is such a great investment right now, if it were practical, he’d buy a couple hundred thousand of them. Given how low rates are for a 30-year fixed-rate mortgages (3.95 percent, according to the Freddie Mac Mortgage Index), Buffett told CNBC’s Becky Quick that homes, held over the long term, provide a better investment than stocks. If you factor in that prices in some areas are at a 10-year low and inventory levels are high, the conditions are  ideal for buying.

After years of negative media coverage of the US real estate market, and particularly the Florida real estate market, it´s exciting to share two recent articles that finally sing to a different tune.

First, in USA Today, Jami Dimon (the CEO of JP Morgan who heads the USA’s largest bank with $2.2 trillion in assets) declared that the housing market had bottomed.  He gives advice to reader that as we see continued decreases in unemployment, that “you better buy that house you want really soon because it’ll change in price right away.”
Read the full article here.

Second, John R. Talbott, previously a Goldman Sachs investment banker who predicted the housing market collapse 2003, declared that it is now time to buy.  He notes that “it is always better to buy at a discount rather than at a historical peak, and these seem like awfully big discounts. And by my calculations, in most cities across the country, real prices adjusted for inflation have just about come into line with where prices were in 1997, before all this crazy bank lending started, so there should be little additional downside risk by buying today.”
Read the full article here.

The prices in Southwest Florida have never been more attractive, and there are still many opportunities to purchase new homes at below replacement cost.  It’s truly a once in a lifetime purchasing opportunity!

Published: January 20, 2012, Helena Nordstrom, sales associate, Signature Premier Sotheby´s International Realty, Sarasota, FL

Sarasota Association of Realtors reported that the Sarasota real estate property transactions for November 2011 is up by 12.7% compared to the same period last year. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.

In fact, the Today Show’s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.

Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller’s market.

The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October’s level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.

The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8 percent. This month’s figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 – lower than last month’s figure of $143,000 and last November’s figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.

The distressed property market was relatively unchanged, but did drop slightly from 43 percent of the total market to 41.3 percent. At the height of the foreclosure crisis, that figure topped 51 percent in the second quarter of 2010.

Source; Sarasota Association of Realtors
Per Nordstrom, Team Nordstrom, Signature Sothebys International Realty

Two national studies – one from Realtor.com and one from Trulia – suggest that some Florida markets are poised for a real estate rebound, and that the Sarasota Bradenton real estate market is among those.

“This is a positive trend for Florida,” says John Tuccillo, Florida Realtors chief economist. “While Trulia and Realtor.com aren’t completely accurate in home prices and sales – mainly because they base their numbers on only homes listed on their website – it’s useful to look at visitor behavior and note the trends. If Trulia says more visitors are doing a home search in the Miami market, for example, it probably follows that Miami is experiencing an upswing in demand.”

Realtor.com’s Top Ten Turnaround Report

In Realtor.com’s “Top Ten Turnaround Report,” six Florida cities were considered good bets for an upswing in sales. Realtor.com, which is owned by The National Association of Realtors®, says it created a formula to rank a city’s turnaround potential based on recent price appreciation, changes in inventory, median age of inventory, number of Realtor.com searches by visitors and area unemployment.
The studie ranks Sarasota – Bradenton as no 6th in the nation and here is what the studie says:

Sarasota-Bradenton: About one in 10 foreign buyers look in Sarasota-Bradenton for a home, Realtor.com says. Listing prices have increased and inventory has decreased.

Source: Florida Realtor News Nov 17, 2011

November 16, 2011:  Sarasota Association of Realtors (SAR) published today the latest market statistics for the Sarasota area. It shows:

Property sales for October 2011 in the Sarasota real estate market outpaced last October, with

577 this year compared to only 487 at the same time last year. This represents an 18.4 percent

increase, and could be a harbinger for a busy season.

There was also a small increase in transactions compared to September 2011, when 570 sales

were recorded. Overall, sales in 2011 are on pace to exceed last year, a remarkable fact

considering that 2010 sales were at the highest level since 2005.

The inventory of available properties for sale in Sarasota, after dropping precipitously over the

course of 2011, was again up slightly in October to 4,525 from last month’s 4,430 level. The

inventory sunk to a 10-year low of 4,408 in August 2011.

The October 2011 median sale price for single family homes dropped to $149,838 from last

month’s figure of $165,000. But the amount was higher than last October, when it was $147,500.

The condo figure has been fluctuating for several months, and rose slightly in October 2011 to

$143,000 from last month’s figure of $140,000. Last year at this time, the figure stood at

$158,525. The year-to-date median sale price was $155,000 for single family homes and

$162,000 for condos. These figures have remained remarkably steady for the past year,

indicating a more stable market.

“There is no doubt that agents are reporting a very active marketplace, with many showings,

good foot traffic and high interest in Sarasota properties,” said SAR President Michael Bruno.

“The start of the season has been busy and productive, and we hope this trend continues in the

coming months.”

The months of inventory rose slightly to 7.1 months from 6.7 months for single family homes,

and dropped considerably for condos, to 9.7 months from September’s 11.1 months. Both figures

are close to a market in equilibrium between buyers and sellers, and again remained far below

the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late

2008). This statistic represents the time it would take to sell the existing inventory at the current

month’s rate of sales.

Pending sales were up in October 2011 to 772 from 723 last month, approaching last October’s

total of 819. Last month, 585 single family homes and 187 condos went under contract.

For distressed property sales, the market for foreclosures and short sales remained at 43 percent,

the same figure as in September 2011. The figure has stabilized this year, and is much lower than

the rate in the second quarter of 2010 when it rose to over 51 percent.
On the national scene, NAR Chief Economist Lawrence Yun predicted home sales would

increase by 4 percent next year and home prices would inch up 2 percent. He made the

statements during the Economic Issues & Residential Real Estate Business Trends forum at the

NAR annual conference on Nov. 11th. In 2013, he projected sales to pick up another 6 percent

and prices to rise another 3 percent.

Bruno, who attended the NAR conference in California, said he was encouraged by what he

heard regarding the future outlook.

“We remain optimistic for the near and long term due to the strength of our local market in the

midst of continuing national and regional economic weakness,” said Bruno. “We are all hopeful

that the financial health of our feeder markets in the northeast and overseas also starts to

improve. If this happens, it would be logical to assume a stronger late 2011 and early 2012

buying season here.”

by Helena Nordstrom, TEAM NORDSTROM,  realtor, Signature Sothebys International Realty

Daily Real Estate News | Wednesday, November 02, 2011

Which cities are seeing median list prices increase the most? Nationally, median list prices have risen 1.60 percent to $190,000, according to year-over-year listing data from September 2011 by Realtor.com, based on 146 markets.

Yet, in some cities, median list prices in that time frame have risen more than 20 percent. Florida cities, in particular, are continuing to see some of the largest rebounds in list prices.

Here are the 10 cities that have seen the largest percentage increases in median list prices based on year-over-year data from September:

1. Fort Myers-Cape Coral, Fla.

Year-over-year median list price increase: 34.46%

Median list price: $215,000

2. Miami, Fla.

Year-over-year median list price increase: 25.63%

Median list price: $250,000

3. Naples, Fla.

Year-over-year median list price increase: 23.41%

Median list price: $369,000

4. Sarasota-Bradenton, Fla.

Year-over-year median list price increase: 16.53%

Median list price: $233,000

5. Punta Gorda, Fla.

Year-over-year median list price increase: 14.07%

Median list price: $169,000

6. Shreveport-Bossier City, La.

Year-over-year median list price increase: 12.22%

Median list price: $176,750

7. Lakeland-Winter Haven, Fla.

Year-over-year median list price increase: 11.93%

Median list price: $129,500

8. Fort Wayne, Ind.

Year-over-year median list price increase: 11.77%

Median list price: $112,000

9. Daytona Beach, Fla.

Year-over-year median list price increase: 11.32%

Median list price: $178,000

10. Boise City, Idaho

Year-over-year median list price increase: 10.58%

Median list price: $150,000

NOW is a good time to buy! 

By Helena Nordstrom, Team Nordstrom, Realtor  Signature Sothebys International Realty in Sarasota, Florida

The article below is from RIS media and is another proof of the strong rental market we are in right now. The demad for rental housing is huge and investors believe that the strong demand will continue.

NEW YORK – Oct. 27, 2011 – Rental demand and prices continue to soar, and investors are cashing in. Rents are rising at a 5.17 percent annual rate – up from last year’s 4.72 percent rate. If rents continue to grow at their current pace, they won’t be too far behind the record-high reached in 2000 of 6.18 percent, according to Axiometrics Inc.

The rental market has added about 1.4 million new renters this year, some of whom were former homeowners who faced foreclosure or a short sale. Renters are increasingly showing an appetite for single-family homes owned by investors.

As such, the number of investors in the market is growing. Investors make up anywhere between 20 and 40 percent of monthly existing home sales, according to home-sale data. With home prices and interest rates low, more aspiring investors are jumping in. Nearly 60 percent of investors in a recent survey by Realtor.com considered themselves newcomers to real estate investing.

“This is a long-term investment,” says Greg Rand, CEO of OwnAmerica. “Rents are a steady return on your investment through the years, leaving you with an attractive asset when prices improve. And they will. The best profits in real estate accrue to long-term investors who take a long-term view.”

Source: “Rising Rents Improve Investors’ Return,” RISMedia (Oct. 20, 2011)
Per Nordstrom, Team Nordstrom, Realtor in Sarasota

WASHINGTON – Oct. 21, 2011 – Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) have proposed a new type of resident visa for foreigners who spend at least $500,000 to purchase real estate in the United States. The proposal calls for at least $250,000 to be spent on a residence, while the other $250,000 could be invested in other real estate. However, the entire amount must be a cash investment.

The provision, part of a larger package of immigration measures, would complement existing visa programs that permit foreigners to enter the country if they invest in new businesses that create jobs.

Supporters believe the initiative would help absorb a glut of housing supply – especially in markets like Arizona and South Florida, where foreign buyers have represented a rising share of home buying activity.
Source: Wall Street Journal (10/20/11) P. A7; Timiraos, Nick

By Per Nordstrom, TeamNordstrom, Realtor with Signature Sothebys International Realty in Sarasota, Florida

In a time of global communications and global markets, Signature Sotheby’s International Realty is the only truly International Real Estate brand.  With a worldwide presence of 500 offices in 40 countries. Combined with our local area expertise, sellers receive several compelling benefits from us and the Sotheby’s International Realty network.

We, Team Nordstrom market all our listings internationally! Per & Helena Nordstrom, Realtors are truly International Real Estate Agents and we offer not only a local marketing plan, but also a truly unique internaional one. For example programs for global print, internet advertising, partnerships with overseas real estate brokers etc. We are specially trained and educated as International Property Specialists, with CIPS and TRC designations/certifications.

Through our broad-based marketing opportunities and international presence, we provide maximum exposure for our listings, reaching qualified buyers regardless of where they are based. This positions our listings in a heightened competitive environment, allowing our sellers to achieve the most favorable price.  From Los Angeles ot Stockholm Sweden, our company’s unique attributes and advantages are the same:

• Preeminent expertise and branding in local markets
• Proven ability to sell properties in all price ranges
• Strong relationships, marketing opportunities and brand recognition in key markets around the world
• Access to extraordinary properties and assistance in all of the areas we serve
• The finest proprietary marketing materials
• An easy-to-use website with current details about our listings in all areas, and over 35 “top 10” organic search engine rankings
• A comprehensive online listing distribution strategy featuring websites such as sothebysrealty.com, sothebys.com, WSJ.com, NYT.com, IHT.com, Openhouse.com, Trulia.com, Frontdoor.com and others in addition to sothebyshomes.com
• An association and marketing relationship with Sotheby’s auction house, an internationally recognized expert in the valuation and sale of precious objects
• A history of exceeding the expectations of the world’s most discerning buyers and sellers

INTERNET MARKETING

• Wall Street Journal Real Estate – RealEstateJournal.com
• Trulia.com
• Yahoo! Real estate
• Google
• NYTimes.com/RealEstate
• GreatHomesandDestinations.com
• IHT.com  / International Herald Tribune
• FrontDoor.com
• Openhouse.com
• Cyberhomes.com
• AOL Real Estate
• Sothebys.com / Sotheby’s Auction House
• TeamNordstrom.com
• Bovision.se
• Blocket.se
• Immobel.com

Visit the following link to gain a better understanding why your property should be listed by Premier Sotheby’s International Realty:
Premier Sotheby’s International Realty

Home sales in the Sarasota-Bradenton area rose by 7 percent compared to the same period last year reports Herald Tribune on Friday October 21 2011.
The local trends show that Southwest Florida’s real estate market is ahead of the rest of the country in terms of its recovery from the Great Recession. Sales nationally fell 3 percent in September, matching last year’s figure — the worst in 13 years. The nation is on pace to sell about 4.9 million homes this year, well below the 6 million economists say is consistent with a healthy housing market. The Sunshine State has seen 143,883 sales year to date, about 10 percent ahead of last year’s pace.

The declining inventories are the most important market indicator at the moment. In 2004, there was a 2.4-month supply of homes under $500,000 on the market. That supply grew to more than 24 months in 2007 before dropping back to under six months today — the point at which supply and demand are in equilibrium and prices can rise. But be aware that inventories of homes in the $500,000 and above range are still high.  Looking at $1 million-plus homes, the supply is now around 28 to 30 months.  Read more at http://www.heraldtribune.com/article/20111020/ARTICLE/111029981/0/FRONTPAGE?p=3&tc=pg

By Per Nordstrom, Team Nordstrom

A staged home will look better than competing homes for sale in your market, allowing you to sell faster and/or for more money!

Some staging tips to help you start:
Follow these general tips and your home will look better than the competition.  Get ready to move… Start packing!

INSIDE

• Clear all unnecessary objects from furniture throughout the house. Keep decorative objects on the furniture restricted to groups of 1, 3, or 5 items. In general; a sparsely decorated home helps the buyer mentally ‘move in’ with their own things.
• Rearrange or remove some of the furniture in your home, if necessary. Many times home owners have too much furniture in a room. When it comes to selling your home, thin out overcrowded rooms to make the rooms appear larger.
• Clear all unnecessary objects from the kitchen countertops. If it hasn’t been used for three months… put it away!
  Clear refrigerator fronts of messages, magnets, pictures, etc.
• In the bathroom, remove any unnecessary items from the countertops, tub, shower stall and commode top. Keep only the most necessary cosmetics, brushes, perfumes, etc., in one small group on the counter. Coordinate towels in one or two colors only.
• Take down, reduce, or rearrange pictures and objects on walls. Patch and paint all walls, if necessary.
• Review the house interior, room by room, and:
  1. Paint any room needing paint.
  2. Clean carpet and draperies that need it.
  3. Clean windows.
• If you need room to store extra possessions use the garage or rent a storage unit.
• Leave on certain lights during the day (your agent will show you which ones). During showings turn on ALL lights and lamps.
•  Play light FM music every day in the house, for all viewings.

OUTSIDE

• Go around the perimeter of the house and move all garbage cans, discarded wood scraps, extra building materials, etc., to the garage or, if applicable, take them to the dump.
• Check gutters and roof for dry rot and moss. Make sure they are swept & cleaned.
• Look at all plants. Plants are like children…they grow so fast. Prune bushes and trees. Keep plants from blocking windows: “You can’t sell a house if you can’t see it!”
  
• Remove any dead plants, weed all planting areas and put down fresh mulching material.
• Keep your lawn freshly cut, edged and fertilized during the growing season.
• Clear patios or decks of all small items, such as little planters, flower pots, charcoal, barbeques, toys, etc.
• Check the condition of the paint on your home, especially the trim and the front door. The first impression, or ‘curb appeal,’ is very important. You will never get a second chance to make a first impression! 

IN GENERAL

Try to look at your house “through a buyer’s eyes,” as though you’ve never seen it before. This exercise will help you see what needs to be done. Any time and money invested on these items will usually bring you the return of more money and a quicker sale.

  Staging Works … it really works!

by Helena Nordstrom, Team Nordstrom, Signature Sotheby’s International Realty; Accredited Staging Professional

What is Home Staging?

Staging is the process of preparing any home for sale, regardless of price and location, by transforming it from a beloved home into a product to be sold on a market. Once you decide to put your home up for sale, it becomes a product and to compete with all other products out there, your product (your house) must be priced right and be more attractive to a buyer than all the other products out there. It is not about decorating; decorating means personalizing your home. Staging is depersonalizing it!

Why offer your house “as is” instead of “the best it can be”?

Your house is one of many houses for sale and you must present your house to the potential buyers in the best possible light by depersonalizing it and make it possible for a potential buyer to imagine himself living there. Staging is a marketing tool to show your home to buyers, agents, and appraisers in its best possible way. People only know what they see, not the way it’s going to be.
The way you live in your home and the way you sell your house are two very different things! Less is more; you are selling your space not your furniture or things.

A staged home will look better than competing homes for sale in your market, allowing you to sell faster and/or for more money!

 by Helena Nordstrom, Team Nordstrom, Signature Sotheby’s International Realty; Accredited Staging Professional

The Sarasota Association of Realtors just reported that September 2011 property sales in the Sarasota real estate market were ahead of last September. A total number of 570 units sold this year compared to only 547 at the same time last year. A small drop in transactions compared to August 2011, when 601 sales were recorded. But this is very normal as the early fall is one of the slower sales seasons in Sarasota.

The inventory of “properties for sale” in Sarasota has been dropping for the past nine months, and was 4,430 units at the end of the month.

The median price in September was $165,000 for single family homes, the same as August, and $140,000 for condos. The condo figure has been fluctuating for several months, hitting $185,000 in June, then dropping to $145,000 in July before climbing back up to $165,000 in August. These variations can be explained by the fact that certain months have seen the buying public focusing on smaller, bargain priced units, while other months have seen a higher concentration of luxury condo sales.

“The September market is normally a slower time of the year, so there were no real surprises this year,” said Michael Bruno, Chairman of the Sarasota Association of Realtors.  “The word of mouth among agents and brokers has been very positive, and I’m expecting a good season surge as we welcome back our winter residents and visitors. When it cools off up north, the market usually heats up in Sarasota.”

by Per Nordstrom, Team Nordstrom, Signature Sotheby’s International Realty

Sarasota is rich of attributes that contribute to its quality of life. We have good schools, and active arts and cultural community. Sarasota is home to the renowned FloridaWest Coast Symphony, the Sarasota Ballet, and the Asolo Theater for the Performing Arts as well as many more theater venues and art galleries. Close to downtown, you will find museums, a botanical garden, and numerous art galleries and festivals.  Sports training and
academies, upscale shopping in areas such as St. Armands Circle, and great restaurants. Great golfing, fishing and boating opportunities.  The area is well known for its philanthropy and quality of life.

Here are some facts about Sarasota gathered from the Sarasota Trends Magazine , January 2011

Median age in Sarasota: 51 years
Taxes: ranks 22nd in total taxes levied per capita
Crime: ranks the state’s 14th most populous
Schools: 76% meet high standards in reading, 82% in math, and 89% in writing. The district has received an “A” grade from the state every
year since 2004. Pine View School for gifted children (grade 2-12) ranks among the 10 best public schools in the nation.
Economy: mainly small business, self-employed; 13.2% in leisure/hospitality
Industry: retail trade, healthcare, construction, administrative/waste services, hospitality/food services
Hospitals: Sarasota Memorial Health Care System, Venice Regional Medical Center, Doctors Hospital, and Englewood Community Hospital
Tourism/Arts/Leisure: Sarasota in known for its beautiful beaches. Siesta Key beach was ranked as the best beach in the US 2011. http://www.drbeach.org/top10beaches.htm.  But Sarasota is also know as the cultural capital of Florida. Examples are  the
John and Mable Ringling Museum of Art, Van Wezel Performing Arts Hall, Sarasota Film Festival, Mote Marine Laboratory, Marie Selby Botanical Gardens, The Ringling International Arts Festival, and new home for the Baltimore Orioles spring training

Home prices mostly held flat in August, increasing a modest 0.1 percent from July to August, according to Zillow’s latest Home Value Index.

Two of the nation’s hardest-hit housing markets, Detroit and Fort Myers, Fla., posted slight price gains in August, now marking several consecutive months of appreciation. But 74 real estate markets experienced slight depreciation in August in home values while 15 housing markets stayed flat, including Los Angeles, Dallas, Chicago, and Miami-Fort Lauderdale, Fla.

Sarasota is one of the cities in the US with the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Sarasota ranks as  number 6 of the top 10 places for highest year-over-year list price spikes. The average Sarasota list price was $466,785. Year-over-year increase is 15.86%

Meanwhile, the foreclosure liquidation rate — the number of homes lost to the bank — has continued to slow. In the latest survey, it continued to hold steady at about 9.2 out of every 10,000 homes foreclosed.

“Due to the robo-signing controversy, the pace of foreclosure liquidations has been slower than it would be otherwise, which is impacting home value trends positively,” Humphries says. “Eventually the pace will pick up again, putting more bank-owned homes into local markets and putting additional downward pressure on prices.”

Foreclosures remain highest in Las Vegas and Phoenix, in which more than 30 out of every 10,000 homes were liquidated in August, according to Zillow.

This article is written by Christopher Reale,an expert on the short sale process. He is  Director of Short Sale Operations at Lepizzera and Laprocina Title and Escrow Services.

Today’s ever changing real estateindustry has brought upon some very challenging questions from our clients. We as counselors, want to put forth the best, non-emotional advice that we can, in hopes that we can help our clients and their families navigate the rough waters of the short sale process.

The most prevalent question and one that continues to permeate the industry is:

“Why should a seller go through the
short sale process rather than letting their house be foreclosed upon?”

While we cannot speak to every client circumstance, we can say one thing with complete conviction. In almost
all instances in which a potential seller is contemplating whether they should short sell their house or let it go through the foreclosure process, a short sale is the better option. The following are examples to consider:

Example
A- Short Sale

Mr. Smith owns a home in which he has a mortgage balance of $220,000 and a current market value of $150,000. Mr.
Smith has elected to short sell his property. His Realtor successfully obtains a buyer who puts forth an offer price of $120,000 (80% current market value according to Realty Trac Foreclosure Report 5/26/2011). After reviewing the buyers offer and the financial hardship information from Mr. Smith, Mr Smith’s bank agrees to accept the short payoff of $120,000 which would leave a deficiency balance of $100,000.

The transaction closes and is final.
Mr. Smith then pulls his credit report 30 days after the transaction takes place. On the report he notices that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0. Mr. Smith is now on the road to financial recovery.

Example
B- Foreclosure

For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Smith has elected to forgo the short sale process and let the bank foreclose on the property. The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly. Mr. Smith is notified and his property foreclosed upon of which is taken back by the bank to sell as an REO.

Six months later, the bank finally sells Mr. Smith’s home only they sell it for $90,000 (60% of current market value according to Realty Trac Foreclosure report dated 5/26/2011). Remember, as a short sale, the home would have sold for $120,000 keeping the deficiency to $100,000. In addition to the deficiency now being $130,000, the bank has elected to add on legal costs of $15,000 and asset preservation costs of another $5000 for a total deficiency liability of $150,000. Mr. Smith pulls his credit report 30 days after being notified that the bank has sold his property and of his liability.

On the report he notices that the mortgage trade line states “Foreclosure” and the balance is $150,000. Because of Mr Smith’s choice to choose foreclosure vs. short sale his road to financial recovery has taken a major detour. He not only has a foreclosure on his credit report but now has a much larger deficiency balance in which the bank, in most cases, will report on his credit report as a balance owed.

The
Best Option is Clear

While the financial and credit advantages are clear when choosing a short sale over a foreclosure, other
advantages are sometimes overlooked. The most important of all of them is maintaining the seller’s dignity and peace of mind. We have heard too many stories of families having to leave their homes because of a Sheriff’s order or some other type of legal action. The short sale process alleviates this negative social impact. The process puts the control back in the seller’s hands so that they can get back on the road to financial recovery and start providing for their families. In the battle of the two evils, a short sale always wins!!!

We are overly excited about our new condo, that our Realtor Helena Nordstrom, TeamNordstrom with Signature Sotheby’s in Sarasota helped us find! Being overseas we had no possibility come over ourselves to check out the property we found online, Helena did everything for us to make sure we had found our perfect condo! Even though this property was located way outside her regular serving areas, she went there & checked it out for us, sent us many pictures, initiated contacts with banks, attorneys, and building inspectors. She helped us through the extensive paperwork and helped us with translations, everything with us being absent. We have now spent three weeks in our new condo and are more than pleased. It met all our expectations, so did the area thanks to Helena’s many pictures and truthful descriptions. We can highly recommend Helena & TEAM NORDSTROM! They truly go further & beyond what you would normally expect from your realtor!
– Leif & Anitha Brorson, buyers  (Sept. 2011)

“Per & Helena Nordstrom, TeamNordstrom with Signature Sothebys in Sarasota provided stability and a positive attitude which eventually helped me find my dream home close to Siesta Key in Sarasota, Florida. As far as real estate professionals are concerned, I would rank them at the very top. Based on my experience, Per & Helena Nordstrom know the business and all the problems and difficulties that might be involved with a purchase of a home in a foreign country. Their knowledge streamlined the deal and eliminated the potential for complications. I would highly recommend TEAM NORDSTROM to anyone buying a home!”
– Par Nylander, buyer (June 2011)

“We have used Per & Helena Nordstrom as both sellers and buyers, and we have nothing but good to say about them! They know to give you all the extra help you need as an out of state – seller/buyer; they know the market, they are good communicators and realize you need a lot of help being far away from your property. The uncertainty you might feel as a seller or buyer being far away is very well taken care of by Per & Helena, and you can relieve a lot of stress knowing they take care of everything in your best interest. We can highly recommend Per & Helena Nordstrom!”  -Einar & Linda Thodal-Ness, sellers & buyers (2010 &2011)

“Their number one priority was my interest and the service I got was exceptional. They really took a personal interest and went far beyond in actions what you would normally expect from your realtors. Incredibly hardworking, honest and forthright people. They finally sold my home for 97% of the listing price in a very tough market! I would highly recommend Per & Helena to anyone selling a home!” – Donna Soper, seller (June 2011)

“Per & Helena made our home selling process go as smooth and easy as possible. Our Osprey home sold after just 4 days on the market and for 98,6% of our asking price! We appreciated all the”special” treatment they gave us during this time. Bravo!”  – James & Audre Sowle, sellers (May 2011)

“The personal attention, showing feedbacks & phone calls I received from you during the time my home was listed for sale, was outstanding. You took a personal interest in selling my home and it sold for 97,7% of the listing price in only two weeks! I would not hesitate to recommend Helena & Per Nordstrom to my friends or anyone! They are the best!”  – Dora Jean Judge, seller (March 2011)

The international buyer, defined as an individual with a permanent residence outside the United States, accounted for approximately 4.6 percent of the total U.S. residential market in the twelve months ending March 2010, according to the report June 2010 report from NAR (National Association of Realtors). When one includes recent immigrants the percentage increases to 7.3 percent. Fifty percent of international buyers came from four countries: Canada, Mexico, United Kingdom, and China. International buyers were active throughout the U.S., but seven states (Florida, California, Arizona, Texas, Georgia, New York, and Nevada) accounted for 65 percent of the volume.

On the buyer side transactions tend to be somewhat concentrated with a small percentage of Realtors®, possibly due to language and cultural facility. The median price of international transactions was somewhat higher than was the case for residential transactions overall.

It appears that the value of the dollar relative to other currencies is an important factor in influencing the purchasing decision. In addition, some buyers see U.S. real estate as being relatively less expensive than comparable real estate in the home country. Finally, foreign buyers are more likely to pay cash than is the case for domestic purchasers, possibly due to imperfections in banking markets.

Sarasota is one of the cities in the US with the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Sarasota ranks as  number 6 of the top 10 places for highest year-over-year list price spikes. The average Sarasota list price was $466,785. Year-over-year increase is 15.86%
Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

Florida’s governor is considering taking the courts out of the foreclosure process which supporters say will  speed up  the foreclosure process and get houses back onto the real estate market in a quicker phase.  The new concept is already used in 30 other states. For example, court action isn’t needed in Michigan, Arizona, California and Nevada – other states with high foreclosure rates. On average, foreclosure proceedings in those states take from 392 days in Arizona to 511 in California. In Florida it takes 638 days!

The theory is that if you can move more quickly, properties can get back on the market, and it will stimulate the economy. It will also help to faster clean up the “foreclosure mess” and bring the market back to more normal circumstances.  This will help stabilize prices.

While the United States places few restrictions on foreign ownership of real estate, as a foreign buyer you do face restrictions on your use of and access to your property. As a foreign visitor from countries participating in the Visa Waiver Program (VWP), like Sweden and most European and many Asian nations, you can stay in the U.S. for 90 days. During this time you can purchase residential or business property, but to conduct business here you must apply for a visa.

There are many different types of visas, each presenting different restrictions. To learn more about the most common ones, visit www.travel.state.gov/visa.

One pathway to staying in the U.S. indefinitely and perhaps later becoming a citizen is to buy commercial property and establish a small business.
The E-2 Treaty Investor Visa is an example of that and allows foreign nationals to do this. To get the right information for your specific situation, contact an immigration lawyer who can guide you through the process. We are working with local immigration lawyers and would be happy to refer you to someone who best suits your needs.