Page 10 - Stuart Exposure - June '20

Page 10, Stuart Exposure

reAl estAte

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

legAl tAlk

Is A Trust Right For Me?

By Ryan Abernethy
The word “trust” brings
several images to mind.
One is the “trust fund
kid” stereotype portrayed
in movies or TV.
Another is seeing
words like “revocable”
or “irrevocable” while Exceptional Lifestyle
doing research or hearing
discussions involving
probate avoidance.
Since a huge amount of information exists on this
subject (not all of it relevant), many people feel confused
when trying to determine if a trust is “right” for them.
When we meet with our clients, we often hear some
version of the following: “I’m not wealthy – why would I
need a trust?” This presumes that a “level of wealth” must
be reached before this type of planning is appropriate. Join the Charter Club and be one of the first to meet your
On the contrary, one shouldn’t look at wealth solely in
terms of “dollars and cents”; for estate planning purposes, future neighbors and pick your new apartment home.
an individual should see his or her wealth – whatever the Attend exclusive social events and experience for yourself
level – as a legacy. how we truly celebrate senior living each and every day!
We encourage clients to implement an estate plan
that ensures that their legacy passes to their heirs and
beneficiaries in a “smart way” – a time- and cost-efficient
way that offers protection from life’s “bumps in the road.”
Trust planning is critically important for “blended Save thousands by joining our exclusive
families” when one or both spouses have children from Charter Club! Call today! (772) 763-5746
prior relationships. Here, a typical goal is to allow a
surviving spouse the ability to use the deceased spouse’s
assets upon that first spouse’s death (usually subject
to restrictions), while simultaneously ensuring that the
surviving spouse cannot direct that these assets pass to
their children upon his or her death at the expense of the
deceased spouse’s children. In this way, a trust can be
used to provide insurance that a client’s spouse and their
children are both provided for upon their death.
Trust planning is important when a client’s child isn’t
mature enough to manage an inheritance should that client
pass away in the immediate future, or if a client wishes to
have a child’s inheritance pass to them in way that protects
that inheritance from that child’s potential “creditors and
predators” (for example, a creditor resulting from a car
accident or debts from an ex-spouse).
Trusts also serve as a means to avoid opening a probate Stuart
proceeding upon an individual’s death.
These are a few examples of instances in which trust
planning is advantageous. Because individual goals vary, 650 NW Fork Road | Stuart, FL 34994
you should discuss your personal estate planning goals
and needs with a qualified trust attorney to determine how ALF# pending www.HarborChase.com Find us on
this type of planning may benefit you.