Page 7 - Martin Downs Bulletin - June '20

Martin Downs, Page 7

rEal EstatE

Treasure Coast Real Estate existing homes for sale, sellers over $510,200) product is greatly restricted. Some Jumbo
Report are finding that now is a good lenders are suspended (no longer taking applications) and
time to put their homes on the
those that remain have added a lot of additional restrictions to
market. their product … requiring larger down-payments, higher credit
No, The Sky Is Not Falling And Real Estate Is Mortgage rates are also scores, etc.”
Not Collapsing at record lows, but lending Sargent added: “I say the sky is not falling because the
has tightened up. Lenders are basic products we use day in and day out are still available. We
By Jim Weix taking measures to make sure are still doing FHA with 3.5 percent down, VA at 100 percent
During March and April, the COVID-19 and the stay-at- that mortgage foreclosures financing and conventional loans with as little as 3 percent down
home order definitely had an effect on real estate. The Fannie and short sales are kept to a for first time homeowners and 5 percent for others. 92 percent
Mae Home Purchase Sentiment Index (HPSI) fell in March minimum. This will help keep of all residential loans fall into these categories.” If you need
®
to its lowest reading since Dec. 2016. The number of homes home prices stable. more information, Kevin can be reached at (772) 214-5500 or
being put on the market also dropped and the existing supply According to Kevin Sargent, sales manager at SWBC ksargent@swbc.com.
of homes for sale is at near record lows. Mortgage Corporation, “Yes, the mortgage industry is in a I personally have seen a significant increase of showings for
But then May came and things started busting loose. I sold financial crisis, but the sky is not falling.” my listings, so I can only assume others have also. As one buyer
two homes in three days and other agents reported being very According to Sargent, “Here is what we know: Non-qualified told me: “I’m watching the number of homes for sale drop, but
busy. The best part is that there wasn’t any noticeable drop in mortgage (QM) product is virtually gone. Think of the bank not the asking prices. Then a week later I see that a home that
real estate prices. With high buyer demand, and low inventory of statement program, interest/only loans, etc. Jumbo (all loans I liked is under contract. I don’t want to wait any longer.”
So although I am optimistic, I do see some homeowners
and tenants making what I feel is a mistake: not making their
monthly mortgage or rent payment. Even though at this time,
they may be protected from foreclosure, eviction, and negative
credit bureau reports, they still owe the money. It may not be
fun for them when the reality of this debt hits home. My advice
is to make your payments if you can. If you can’t, talk to your
lender or landlord now.
Jim Weix is a broker associate with The Keyes Company. Jim
has 24 years of experience selling real estate full time. If you
have questions or want the services of an experienced expert,
you can reach Jim at (772) 341-2941 or jimweix@jimweix.com.

Virtual Happy Hours …

The New Normal?

By Laura Barrio,
Freelance Writer/
Blogger
Exceptional Lifestyle weeks our world has
In a matter of a few
become very different.
Our social norms have all
changed! Social gatherings
with friends and family
are on pause and we are
left searching for ways to
reinvent our methods of
connecting. We need this connection now more than ever.
Since we can’t go out to mingle, virtual happy hours have
been born!
Join the Charter Club and be one of the first to meet your What is a virtual happy hour, you may ask … a designated
future neighbors and pick your new apartment home. host, chooses a platform such as Zoom, Facebook, Google
Hangout, Skype etc. … and creates an invitee list.
Attend exclusive social events and experience for yourself All that is left is to pick a time and send out invitations to
how we truly celebrate senior living each and every day! the group to instruct them on
how and when to log in.
Since our vibe is wine,
I am creating a happy hour
Save thousands by joining our exclusive with a red wine theme.
I am asking everyone
Charter Club! Call today! (772) 763-5746 to bring their favorite red
and some hors d’oeuvre
to the happy hour. During
the event, I will have each
person tell us about their
wine and give us the tasting
notes.
To keep the group
manageable I recommend no more than 8 to 10 people so
that everyone can interact. Larger groups can make it difficult
to follow conversations.
To make the process smoother, send an email with
instructions on how to log into the meeting along with some
basic guidelines. Have everyone keep their microphone on
mute until they wish to talk. Have the host guide the event
so that everyone feels included.
Stuart Physical distancing does not need to mean we have to
forego some of our favorite activities. We are creating new
norms!
We are all in this together! Let’s hang out, drink wine and
650 NW Fork Road | Stuart, FL 34994 connect … in a new way.
~Keep the conversation going and the wine flowing
www.HarborChase.com
ALF# pending Find us on ~Cheers