Now that we are into the fourth quarter of the year and the holiday season is upon us, we can look back and see the trends for South Florida’s third quarter as it has competed. Regardless of the impacts of hurricane Irma which had posed a brief slowdown in sales, single family homes have continued to increase in their values. In fact, in some neighborhoods a double digit appreciation in median sales prices was realized.

The median sales price of existing single family homes for the tri-county area had increased by 7.9% compared to the same quarter last year according to the Florida Realtors board. There was a brief decline in the number of closed sales, but we can attribute much of that to the hurricane which caused a hiccup for the real estate industry for a handful of weeks.

Recently, the Realtors of the Palm Beaches and Greater Fort Lauderdale shared a report of the top 25 zip codes with the fastest growing average home prices as reflected in the change in median sale price.

Two of these Top 25 zip codes had shown gains in median sales price of over 30 percent. Broward County had the most zip codes on the list with 10, followed by Miami-Dade County at 9 and Palm Beach County at six. Most of these zip codes were in more suburban areas or on the edge of city areas without being directly downtown. Interestingly, the list included both wealthy areas and modestly-priced suburbs where buyers were able to find better value. By contrast, few coastal areas made the list.

Here is a look at some of Fort Lauderdale areas in particular with the biggest growth for Q3 that were on the list.

33304 – Sunrise Boulevard, Beaches. This area saw median sale price increases of 21.4% and the number of sales increase by 10.8%.

33301 – Downtown Fort Lauderdale. This areas saw median sale price increases of 26.5%

33068 – North Fort Lauderdale. This area saw median sale price increases of 26.6% and the number of sales increase by 3.8%.

Sometimes picking the best neighborhood to move to is not always so easy. Each area offers different amenities and services, school systems, different pricing and even different housing options. There may be clear reasons why you select one area over another, but sometimes there are other things that play a role in your decision. Here are 7 tips to follow as you decide on your area of choice.

Budget – It may sound obvious, but take a hard look at what you can comfortably afford. Next, do a needs assessment of what is most important to you. How many bathrooms do you need? Do you really need more than two bedrooms? When you have your budget and needs identified I can help you decide which areas are most realistic.

Neighborhood trends – Some areas are clearly more expensive than others. Check neighborhood trends of where the next best area is that people are moving to that is most affordable for you. Depending on your wants and needs, there could be more than one good option to choose from.

Neighborhood amenities – Not all neighborhoods are created equal. Some offer better ease for commuters while others may be closer to the beaches. Some have a strong sense of community while others have a better ranked school system.

Know the pricing – Study pricing in the areas of interest. I can assist by providing you with what properties are currently available as well as comps that have been selling in the local areas.

Check absorption rates – In the Fort Lauderdale real estate market homes have been steadily selling due to the limited housing options and the large pool of buyers. Each price point may vary in terms of sales pace so you may want to check it out for your price bracket so you know what to expect.

Research the details – You should notice these quite a bit when visiting or driving the streets in an area. However, dig deeper and see what plans the local community has. Is there public transit nearby? Are there local enhancements scheduled for the near future? Will there be more residential or commercial development?

Don’t fall for statistics – Simply reading police reports or some articles on an area doesn’t always tell you the real and full story. If you want to get a real flavor for an area, visit it often and try to interact with the locals. Speaking with the residents can be a more valuable litmus test for what an area is really like.

When you own real estate there are always going to be some property enhancements that you will want to make or that you will have to make. Performing some property fixes or additions can oftentimes increase the value of your home while you enjoy them for as long as you live there. Some of the best financial investments for your property include:

Major fixes

The best place to always start is with repairing any major or serious issues. This could be a broken air conditioning system, leaky pipe or old roof. Some issues are better to fix sooner than later as they can lead into other damages that will cost you more in the end. In addition, if you plan on selling soon then these enhancements will add value for prospective buyers.

Exterior Improvements

Putting some money into your home’s exterior can also bring some positive returns. Things like upgrading your windows, replacing front doors, painting and landscaping can all have a large effect. If you don’t want to financially commit to repainting the whole home, sometimes even a good pressure washing can significantly make your home look better.

Entryway Improvements

Your front door will greet your visitors before you even do. Therefore it will play a large part in creating the first impression to all who come over to visit. Replacing your entry door with something both aesthetically pleasing and efficient will help add value while potentially saving you on your energy costs. Furthermore, replacing it with a high impact door is always a good idea as it is a sought after improvement.

Kitchen and Bathrooms

Bathrooms can sometimes be enhanced with the replacement of prominently visible things like toilets, sinks and vanities. If your tile and flooring are in good condition, spending your money on these fixtures may be a better investment.

Kitchens are often considered the heart of every home where much attention is focused for value. Functional items such as cabinetry and appliances are where you should invest your money for quality products. While you don’t necessarily need to always purchase top of the line models, you should keep up with current trends and stay within the parameters of what is expected for the price range of your home. High efficiency appliances are always a good idea where there can be both tax incentives as well as a realized monthly savings in energy costs.

Purchasing a home can sometimes seem like a daunting or overwhelming process unless you know all of the facts. There is a lot of bad information or misconceived ideas out there about the process and even the benefits of buying real estate which can make it seem much more scary than it actually is. Here are a few facts to help clear up any concerns about pursuing homeownership.

Do you need to put 20% down to purchase your own home?

There are several different types of loans and programs for financing your home these days. There are even benefits for first time buyers as well. The thing to consider if you will be putting less than 20% down is that this will mean you will be paying “PMI” or mortgage insurance. This is a small additional monthly amount that will be added to your overall payment for the first handful of years of your loan until you build up to over 20% equity. The reality is that 40% of millennials who purchased homes this year had put less than 10% down on their homes as their down payment.

Is it difficult to get approved for a mortgage?

The answer is not really! Getting pre-qualified is relatively easy. Contact a reputable mortgage broker and provide them with basic, but accurate details of your financial position and they will run your credit. Based on this information they can provide you with a prequalification letter with an amount that you could afford. Once you locate a home of your choice then you will follow up with all of the necessary supporting documents that confirm that the information you initially provided is accurate. This will include things like your pay stubs, bank statements and your tax returns. Statistically more than 75% of loan applications get approved.

Do you need a credit score of nearly 800?

Good credit will help you a lot for qualifying for a mortgage and getting the best rate. However, this does not mean that you need to have a score of 790. It is a good idea to clean up your credit when planning to purchase a home. This means obtaining your credit report and checking for accuracy, making timely payments, avoid making any larger purchases and paying down your outstanding balances. The average score for approved loans at the beginning of fall was 724 which shows that you don’t need to have picture perfect credit to buy a home.

Is buying a home more expensive than renting?

Where rents today are continuously on the rise and mortgage rates are historically low, buying can actually in some cases be cheaper than renting. In fact, in a recent report it was shared that buying a home is 36% less expensive than renting in the United States. Buying a home now will help you build equity soon and over time and it can act like a savings account that you can cash in on the benefits from later when you sell.

Do I have enough equity in my home to move?

Many people think you need to have quite a bit of equity in your home in order for you to sell. In reality more than 80% of homeowners in the United States have significant equity, as in more than 20% in their homes which should be plenty to afford paying your closing costs with additional money left to put towards your next home.

The Fort Lauderdale real estate market has been on the rise and healthy for a while now and studies show it will be even better for 2018. According to a recent report from PriceWaterhouseCoopers and the Urban Land Institute, Fort Lauderdale comes in at #6 in this year’s Emerging Trends in Real Estate. The city has moved up in ranking by 29 spots and is notably the largest increase for the report.

There has been a positive feeling about the industrial, multifamily and single-family markets in Fort Lauderdale. The local economy health, investor demand and available capital are all showing good signs to be at an all-time high for next year.

The report also shared that the population gain for the city is expected to be 29,000 in 2018 ranging in age from 15 to 34. Fort Lauderdale’s booming economy is bearing many new jobs as well with 13.4% of the companies being less than 3 years old. This attraction along with the airport’s close proximity and international investors in nearby Miami have all played a part in its popularity.

The report has indicated positive activity overall for the whole United States. There will be 3 key factors that will all play roles in how the real estate market will be shaped. For one, the housing shortage which is in large part by baby boomers staying in their homes longer while there is a surge in younger buyers looking for properties. Generally speaking the smaller and more energy-efficient homes will be in high demand. Next will be multifamily housing. This market segment will remain positive as homebuyers who have difficulty in finding options to buy may turn to more affordable rental units while they search. Finally, senior housing is predicted to gain popularity. This segment of the population is staying in their homes longer and is also expected to grow by 25 million in the next 15 years.

Here is a quick look at the top city rankings from the report:

1. Seattle
2. Austin, Texas
3. Salt Lake City
4. Raleigh/Durham, North Carolina
5. Dallas/Fort Worth, Texas
6. Fort Lauderdale, Florida
7. Los Angeles
8. San Jose, California
9. Nashville
10. Boston

Purchasing real estate can involve a lot of up front expenses and can often be overwhelming. As a first time buyer there is a lot research to do on top of making sure that you have plenty of money available for each of the necessary steps. Most everyone is aware of the down payment required for your loan, but not everyone knows about all of the other miscellaneous expenses that arise after your offer is accepted. Here are 7 substantial costs to be aware of as you purchase your home.

Mortgage Rate – Make sure you shop around for the best mortgage rate when looking for a home loan. Some may vary by a fraction of a percentage point, but that can mean thousands of dollars over the course of your loan. There are many different loan types, terms and the option to pain points at closing to save you over time.

Appraisal Fee – Every lender will want to be sure that the price you are paying for a home is not more than the market value. Therefore a property appraisal is necessary for confirmation. These can range in cost from anywhere between $300 and $700.

Home Inspection – As a home is one of the largest investments one makes, taking a closer look is most important so there aren’t any surprises down the road. Paying somewhere between $200 and $500 on a home inspection will help you budget for repairs while you identify if any unexpected immediate repairs will need to be made.

Closing Costs – Your lender should be able to give you a “good faith” estimate for what to expect to pay for closing costs. These include things like attorney fees, pre paid items, taxes and the like.

Property Taxes – Property tax is one of the more significant annual costs associated with home ownership. Check to see what property tax rates are like in the area to estimate what you will be paying. These are never guaranteed to be the same each year and are subject to rise. Furthermore, as taxes are paid in arrears, there is nearly always going to be an increase in what you pay versus what the current owner is paying.

Homeowner’s Insurance – If you are financing your home then insurance is a necessity. However, just like mortgages, insurance rates can be shopped for better rates. Depending on your home’s location, additional insurances may be required if in a flood zone or the like.

Escrow Account and Mortgage Insurance – This can also be a sizeable number, but some of these monies are pre-payments. When opening up a mortgage account banks will ask for funds in advance to build up escrow for insurance and taxes. Also, if you are putting less than 20% down then you will be required to pay mortgage insurance. Your mortgage agent will provide you with this number that you will pay monthly on top of your regular payment.