Is It More Prudent to Buy or Rent?
Buying a home has many advantages, however, renting comes with few strings attached
By Vanessa Wong – Bloomberg Businessweek
June 3, 2010
To rent or to buy? For millions of Americans, that is the question. The recent housing boom and subsequent bust seem to provide a clear answer—that given an affordable mortgage, we would all rather be buyers.
With the piercing clarity that is 20-20 hindsight, many people burned by the mortgage market may now think differently. After all, you can’t be foreclosed on if you don’t own in the first place. For them, renting has become not only the smart move, but the only sensible one
“Many Americans are questioning if home ownership is an inherent element of their dream,” says Tara-Nicholle Nelson, real estate consumer advocate for real estate website Trulia. Part of that dream is also based on economic common sense.
Besides stability and status, owning a home can help build equity, improve credit ratings, and be a tax deduction. Given these benefits, the dream of home ownership is hard to give up, though. Much as sales of gas-guzzling pickups and SUVs are rebounding, Americans seem to need only the slightest nudge to jump back into the housing market.
In April, sales of existing homes rose 7.6 percent nationwide, according to the National Association of Realtors. For new homes, sales surged 14.8 percent, according to the National Association of Home Builders.
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Memorial Day Weekend – Beach Day
The Saturday of Memorial Day weekend means everyone hits the beach. The weather was perfect, the water was refreshing and the beverages were cold. The brats were already steaming in the beer and onions and the pork butt was cooking slowly in the convection smoker. Thanks to Greg and Mark Selvidge, who helped out with the tents (and brought us an additional tent). It’s always nice to sit on the beach (in the shade of course) with friends.
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Friday Night Fish Fry At The Badcock’s
The Memorial Day weekend continued (on Friday night) at the Anna Maria Home of Ben and Alyce Badcock. Ben (along with friends Dan Gaa, Charlie Weathers, Robert Faneca and Colton Williams) spent the afternoon on the high seas. The result was a large haul of beautiful Mangrove Snapper. Mr. Gaa and Mr. Badcock handled the cleaning and cooking of the fish. The end result was a fabulous evening of great food and wonderful friendship. Many thanks to the fisherman and a special thank you to Ben and Alyce Badcock for opening their wonderful home to yet another event.
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Memorial Weekend Kickoff Dinner
The Memorial Day weekend got off to an early start (on Thursday) with dinner at Read & Linda Heath’s beautiful home in Bradenton. Everyone brought a side dish, however the big hit of the night was Read’s fish entrée, which included a very unusual yet succulent mango sauce. Thanks to everyone who brought a dish…it was all delicious. And a special thanks to our hosts Read and Linda Heath for their exceptional hospitality. It was a great way to start the weekend.
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Sunsets – An Anna Maria Island Ritual
Sun Setting Through the Pine Trees Just South of the Sandbar Restaurant
It only takes about three minutes for the sun to disappear after it touches the horizon, but perhaps nowhere on the planet is that time celebrated with more passion than Anna Maria Island.
Watching the sunset is a cherished ritual on this sleepy barrier island, about 20 miles west of Bradenton in Manatee County. Visitors and locals alike gather on the beaches to savor the dimming of the day, an ordinary event extraordinary enough to inspire spontaneous applause.
“In Anna Maria, the sunset is a celebration,” says Kathy Wooten, manager of the Queen’s Gate Resort, one of the many mom-and-pop hotels that dot the three towns — Bradenton Beach, Holmes Beach and Anna Maria — on the seven-mile slip of island. “If you come here, it’s the one thing you have to do.”
Clapping is optional, of course.
It always seems to happen, though, whether on a secluded stretch of sand or at the iconic Sandbar restaurant on the north end of Anna Maria. In this spot, diners have gathered to watch the ritual since 1913, when a restaurant known as “The Pavilion” entertained guests who could only reach the island by boat.
Nowadays, the Sandbar features dining either indoors or on an outdoor deck with some of the tables perched on the sand itself. Employees and patrons alike stop to watch the show on the horizon, which is acknowledged by the ringing of a bell — and applause, of course.
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Statewide Existing Single-Family Home Sales Up 24%
ORLANDO, Fla. – May 11, 2010 — Sales of existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.
A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.
Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year.
Single-Family Homes; Condo Sales Continue Upward Trend
This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
“The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness.
“Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply.
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Spring Fling, 80’s Extravaganza Fundraiser
The Spring Fling, 80’s Extravaganza Fundraiser was held on Saturday, May 1 for the benefit of Anna Maria Island Elementary School.
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Tarpon Cruising Waters Around Anna Maria Island
Tarpon Fishing off the Coast of Anna Maria Island
By Captain Mark Howard – SumoTime Fishing Charters
With the onset of Summer ,fishing is turning hot just like the weather. The legendary Silver King Tarpon will be off the beaches and in the passes.
Fish from 30 pounds to 200 pounds will be cruising the waters around Anna Maria Island.
Pass Crabs, Jumbo Shrimp, Pinfish, Threadfins, Pilchards, and Mullet are some of the baits of choice to catch this majestic Linesider.
Redfish are heating up with schools in the potholes and up in the Mangroves of Tampa Bay.
Greenbacks and Pinfish will entice these crimson beauties to chew. Speckled trout are on the flats and will eagerly take a greenback or artificial bait.
Early mornings and afternoon trips are best to beat the heat.
Capt. Mark Howard
SumoTime Fishing Charters
www.sumotimefishing.com
941-704-6763 cell
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Mortgage Rates Retreat To 6-Week Low
McLEAN, Va. – May 7, 2010 – Rates for 30-year fixed mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday.
The average rate for 30-year fixed-rate mortgages was 5 percent this week, down from last week when it averaged 5.06 percent. A year ago, 30-year fixed rate mortgages averaged 4.84 percent, Freddie Mac said.
The average rate for 30-year fixed-rate mortgages was 5 percent this week
Rates dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers.
The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.
The last time rates for 30-year fixed mortgages averaged less than 5 percent was the week of March 25, when they were 4.99 percent.
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Pending Sales of Existing Homes Rise 5.3%
By Shobhana Chandra – Bloomberg BusinessWeek – May 4, 2010
More Americans signed contracts in March to buy previously owned homes before the expiration of a tax credit that has helped support the housing market.
The housing market, which triggered the worst recession since the 1930s, has received a boost from a tax incentive of as much as $8,000 for buyers who signed the contracts by the end of April. Job gains are needed to help sustain demand and limit foreclosures in the absence of government aid, broadening the economic recovery.
“More people came in to beat the rush,” Stephen Gallagher, chief U.S. economist at Societe Generale SA in New York, said before the report. “Sales are rising at a pretty healthy clip. There’s growing confidence that the job market has bottomed out and is crawling up again.”
Sales were projected to rise in March after an originally reported gain of 8.2 percent in February, according to the median of 39 forecasts in the Bloomberg survey. Estimates ranged from gains of 0.9 percent to 9 percent.
Orders placed with U.S. factories unexpectedly rose in March, propelled by demand for business equipment and petroleum, signaling the economic expansion gained speed at the end of the first quarter.
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