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Seller Buydown – A Win-Win for Buyer and Seller
Seller Buydown- A Temporary Mortgage Rate Reduction Option
Could it be right for you?
Here we are in the middle of 2023 and home prices are still high, mortgage rates are still fluctuating and we still need an increase in inventory of homes for sale. This had led to widespread issues with housing affordability. Fortunately, there are many financing options when you’re buying a home, like ARMs, down-payment assistance programs and paying down points. Another option is a Rate Reduce Temporary Buydown program.
TEMPORARY BUYDOWN DEFINITION
A Temporary Buydown reduces your interest rate on your mortgage for the first year or two of your loan. The seller can contribute to your loan to lower the rate during the initial period, and then payments go back up after that initial period is over. The most common is called a 2-1 buydown.
HOW RATE REDUCE WORKS
In order to get a Temporary Buydown through Rate Reduce, the seller of the home has to offer to fund it (this is where the REALTORS can work magic and help negotiate this option). In the case of new construction, the builder can offer to fund the buydown. It needs to be included in the purchase contract as a seller concession. The amount of money that the seller or builder is pre-paying for the buydown, normally called the concession, is paid during closing and kept in an escrow account.
I can work with you to negotiate the details between all the parties. The amount paid by the seller or builder depends on the price of the home and the length of the program and is usually calculated as a percentage of the purchase price.
Here is an example of the breakdown on a Win-Win Scenario:
Temporary Buydown pros and cons
You’re probably asking yourself, why would a seller offer to pay to help you get charged less on your mortgage? Well, it depends on the conditions in the local housing market. If a seller needs to sell, but there aren’t enough buyers able to afford the monthly payments on the house due to current mortgage rates, a Temporary Buydown can help close the deal.
In addition, it’s a great alternative to cutting the asking price of the home. This way, a seller can help make the buyer’s monthly budget work while still getting a full price offer. Funding a buydown contribution could potentially be less costly than what they would have taken off the price of the home.
The benefits to a buyer are pretty apparent:
- Ease into homeownership and the monthly payment knowing they’ll likely be able to afford a bit more each year
- A low-rate bridge to the future, when rates may be lower and it makes sense to refinance
- More money to handle the initial expenses that come with moving into a new home
It’s important to remember that a Temporary Buydown is just that—temporary. After a year, the monthly expenses go up, and again the year after that for homeowners with a buydown option.
There are multiple Temporary Buydown options. Contact me today for more information. I can also connect you to one of the top mortgage lending professionals in Florida, Tony Gemmell, VP of Mortgage Lending, Guaranteed Rate Affinity, for additional information and qualifications on your mortgage options.
Let’s get that property SOLD! I am here to help every step of the way.
Annette Dammeyer, REALTOR®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Fort Lauderdale June Area Report
June 2023 real estate statistics have been released!
Fort Lauderdale Area Reports
Single Family Homes
Condominium & Townhouses
Commonly asked questions while reviewing the reports:
What is the difference between “Median Sales Price” and “Average Sales Price”?
Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.
Average Sales Price | Average sales price for all properties sold.
What does “Absorption Rate” mean?
Absorption Rate | Looks at the past year’s monthly supply of inventory. In a normal market there should be a 6 month supply. The higher the rate above 6 the more aggressive a seller has to be with the competition; price and having a picture perfect property.
Single Family Home Area Report listed first, Condo/Townhouses listed second:
Please contact me if you would like to be automatically sent updated area market reports for Fort Lauderdale or another SE Florida city. I am here to help.
Let’s start working together!
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
4th of July Events in SE Florida and Safety Tips for the Entire Family
Celebrate 4th of July 2023 in SE Florida
4th of July Spectacular on Fort Lauderdale Beach
July 4th on Hollywood Beach
City of Sunrise Celebrates July 4th with Parade, Concert & Fireworks
City of Deerfield Beach July 4th Celebration
****As always, I like to gently remind everyone about taking safety precautions on the 4th of July****
Top 10 Pet Summer Safety Tips from Petfinder
1. Keep Your Cat Safe on the Fourth of July
- Be sure your cat is wearing an up-to-date and visible ID tag on their collar at all times.
- Take a current photo of your cat.
- Give your cat a good play session before people come over for any celebrations.
- Ask guests to keep an eye out for your cat, to be sure they don’t escape.
- Keep charcoal, fireworks, sparklers and glow sticks far from curious cats.
- Put your cat in a safe, escape-proof room during parties and fireworks.
- If your cat is afraid of loud noises, leave gentle music playing to cover the fireworks.
2. Keep Your Dog Safe on the Fourth of July
- Be sure your dog is wearing an up-to-date and visible ID tag on their collar at all times.
- Take a current photo of your dog.
- Exercise your dog early in the day before parties begin.
- During cookouts, ask guests to play with your dog away from the flames.
- Keep charcoal, fireworks, sparklers and glow sticks far from curious canines.
- Keep dog treats on hand for those who want to give your dog food.
- Leave your dog at home with a frozen stuffed treat during the fireworks.
- If your dog is afraid of loud noises, leave gentle music playing to cover the fireworks.
3. 5 Tips to Prevent Lost Pups
- Be sure your dog wears their collar with a clearly visible ID tag at all times
- Update your dog’s microchip information or get them microchipped if they haven’t already been.
- During parties, be sure to inform guests that all gates and doors need to be securely latched to prevent your dog from wandering.
- If your dog is stressed by parties, consider keeping them in a safe room with their favorite toys away from your guests.
- Leave your dog at home during Independence Day fireworks to avoid a stressed and scared pup running away in the dark.
4. Keep Your Cat from Becoming Lost
- Check that your cat’s collar fits securely and that their tag is easy to read with your current information.
- Update your microchip information! If your cat doesn’t already have a microchip, make an appointment with your veterinarian or call your local shelter about microchip clinics.
- Put your kitty with their food, water and a litter box in an enclosed area with a visible sign declaring that the cat is inside and must not be allowed out.
- Prepare in advance. Make sure that you have current, clear photos of your cat ready for lost flyers.
- Ask your guests to keep an eye out for your cat during the festivities.
5. Keep Your Dog Safe at a Cookout
- Be sure your dog is wearing a visible and up-to-date ID tag on their collar before the party begins.
- Keep charcoal, matches and lighter fluid away from your dog.
- Consider keeping your pup on a leash so they don’t explore hot grills or tables of food.
- Do NOT feed dogs: Onions, garlic and chives. The onion family, whether dry, raw or cooked, is particularly toxic to dogs and can cause gastrointestinal irritation and red blood cell damage, Chocolate, Macadamia nuts, Corn on the cob, Avocado, Artificial sweetener (Xylitol), Alcohol, Cooked bones. These are TOXIC to our canine family!
- While grilling, ask guests to play with your dog far from the flames.
- Place citronella and other insect-repellants where your dog can’t reach them.
- Never leave alcohol unattended around your dogs.
- Check that all sunscreen or insect repellant you apply to your dog is labeled for use on pets.
- Don’t let guests give your pup people food. Consider having a bag of treats on hand.
- Be sure all children are supervised when near your dog to avoid any roughhousing.
- If your pup seems overwhelmed, bring them inside and put them in a quiet area away from guests.
6. Heatstroke is deadly for dogs
The signs of heatstroke include:
- Excessive or exaggerated panting
- Lethargy
- Weakness
- Drooling
- High fever
- Dark red gums
- Rapid heartbeat
- Unresponsiveness to commands and surroundings
- Vomiting
- Collapse
- Staring/anxious expression
- Warm/dry skin
If you think your dog may have heatstroke, head straight to your vet’s office. It could save their life!
7. Learn the Signs of Heatstroke in Cats
The signs of heatstroke include:
- Restlessness as your cat searches for a cooler spot
- Excessive grooming
- Panting
- Sweaty paws
- Drooling
- Redness of the tongue and mouth
- Rapid breathing
- Vomiting
- Stumbling
- Extreme lethargy
- Unresponsiveness
- High fever
If you think your cat may have heatstroke, head straight to your vet’s office. It could save their life!
8. How You Can Help Dogs in Hot Cars
- Call your local animal control or police department to report a pet in a car. Inform them if the pet appears to be in distress. Endangering a dog by leaving them in a car is against the law in many places.
- Try to find the pet parent. Note the license plate number, color, make and model of the car. Go to the nearest store or mall security office and ask them to make an announcement over the loudspeaker that a dog has been left in a car and needs help.
- Keep an eye on the car until the guardian or animal control arrive.
- Consider leaving our Never Leave a Dog in a Car infographic on the car to educate the guardian.
9. 4 Steps to Help Pets in Cars
- Call your local animal control or police department to report a pet in a car. Inform them if the pet appears to be in distress. Endangering a pet by leaving them in a car is against the law in many places.
- Try to find the cat’s parent. Note the license plate number, color, make and model of the car. Go to the nearest store or mall security office and ask them to make an announcement over the loudspeaker that a cat has been left in a car and needs help.
- Keep an eye on the car until the guardian or animal control arrive.
- Consider leaving our Never Leave a Pet in a Car infographic on the car to educate the guardian.
10. Tell Me!
Tell me about your hot weather and summer safety tips for your pet! We can share YOUR ideas to help others in our community.
Alternatives to Using Fireworks While Celebrating
I wish you a safe and wonderful 4th of July!!
Please contact me for any questions or assistance you may need, I am here to help.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
4th of July Events & Safety Tips Copy
Celebrate 4th of July in SE Florida
4th of July Spectacular on Fort Lauderdale Beach
July 4th on Hollywood Beach
City of Sunrise Celebrates July 4th with Parade, Concert & Fireworks
City of Deerfield Beach July 4th Celebration
As always, I like to gently remind everyone about taking safety precautions on the 4th of July
Top 10 Pet Summer Safety Tips from Petfinder
1. Keep Your Cat Safe on the Fourth of July
- Be sure your cat is wearing an up-to-date and visible ID tag on their collar at all times.
- Take a current photo of your cat.
- Give your cat a good play session before people come over for any celebrations.
- Ask guests to keep an eye out for your cat, to be sure they don’t escape.
- Keep charcoal, fireworks, sparklers and glow sticks far from curious cats.
- Put your cat in a safe, escape-proof room during parties and fireworks.
- If your cat is afraid of loud noises, leave gentle music playing to cover the fireworks.
2. Keep Your Dog Safe on the Fourth of July
- Be sure your dog is wearing an up-to-date and visible ID tag on their collar at all times.
- Take a current photo of your dog.
- Exercise your dog early in the day before parties begin.
- During cookouts, ask guests to play with your dog away from the flames.
- Keep charcoal, fireworks, sparklers and glow sticks far from curious canines.
- Keep dog treats on hand for those who want to give your dog food.
- Leave your dog at home with a frozen stuffed treat during the fireworks.
- If your dog is afraid of loud noises, leave gentle music playing to cover the fireworks.
3. 5 Tips to Prevent Lost Pups
- Be sure your dog wears their collar with a clearly visible ID tag at all times
- Update your dog’s microchip information or get them microchipped if they haven’t already been.
- During parties, be sure to inform guests that all gates and doors need to be securely latched to prevent your dog from wandering.
- If your dog is stressed by parties, consider keeping them in a safe room with their favorite toys away from your guests.
- Leave your dog at home during Independence Day fireworks to avoid a stressed and scared pup running away in the dark.
4. Keep Your Cat from Becoming Lost
- Check that your cat’s collar fits securely and that their tag is easy to read with your current information.
- Update your microchip information! If your cat doesn’t already have a microchip, make an appointment with your veterinarian or call your local shelter about microchip clinics.
- Put your kitty with their food, water and a litter box in an enclosed area with a visible sign declaring that the cat is inside and must not be allowed out.
- Prepare in advance. Make sure that you have current, clear photos of your cat ready for lost flyers.
- Ask your guests to keep an eye out for your cat during the festivities.
5. Keep Your Dog Safe at a Cookout
- Be sure your dog is wearing a visible and up-to-date ID tag on their collar before the party begins.
- Keep charcoal, matches and lighter fluid away from your dog.
- Consider keeping your pup on a leash so they don’t explore hot grills or tables of food.
- While grilling, ask guests to play with your dog far from the flames.
- Place citronella and other insect-repellants where your dog can’t reach them.
- Never leave alcohol unattended around your dogs.
- Check that all sunscreen or insect repellant you apply to your dog is labeled for use on pets.
- Don’t let guests give your pup people food. Consider having a bag of treats on hand.
- Be sure all children are supervised when near your dog to avoid any roughhousing.
- If your pup seems overwhelmed, bring them inside and put them in a quiet area away from guests.
6. Heatstroke is deadly for dogs
The signs of heatstroke include:
- Excessive or exaggerated panting
- Lethargy
- Weakness
- Drooling
- High fever
- Dark red gums
- Rapid heartbeat
- Unresponsiveness to commands and surroundings
- Vomiting
- Collapse
- Staring/anxious expression
- Warm/dry skin
If you think your dog may have heatstroke, head straight to your vet’s office. It could save their life!
7. Learn the Signs of Heatstroke in Cats
The signs of heatstroke include:
- Restlessness as your cat searches for a cooler spot
- Excessive grooming
- Panting
- Sweaty paws
- Drooling
- Redness of the tongue and mouth
- Rapid breathing
- Vomiting
- Stumbling
- Extreme lethargy
- Unresponsiveness
- High fever
If you think your cat may have heatstroke, head straight to your vet’s office. It could save their life!
8. How You Can Help Dogs in Hot Cars
- Call your local animal control or police department to report a pet in a car. Inform them if the pet appears to be in distress. Endangering a dog by leaving them in a car is against the law in many places.
- Try to find the pet parent. Note the license plate number, color, make and model of the car. Go to the nearest store or mall security office and ask them to make an announcement over the loudspeaker that a dog has been left in a car and needs help.
- Keep an eye on the car until the guardian or animal control arrive.
- Consider leaving our Never Leave a Dog in a Car infographic on the car to educate the guardian.
9. 4 Steps to Help Pets in Cars
- Call your local animal control or police department to report a pet in a car. Inform them if the pet appears to be in distress. Endangering a pet by leaving them in a car is against the law in many places.
- Try to find the cat’s parent. Note the license plate number, color, make and model of the car. Go to the nearest store or mall security office and ask them to make an announcement over the loudspeaker that a cat has been left in a car and needs help.
- Keep an eye on the car until the guardian or animal control arrive.
- Consider leaving our Never Leave a Pet in a Car infographic on the car to educate the guardian.
10. Tell Me!
Tell me about your hot weather and summer safety tips for your pet!
Alternatives to Using Fireworks While Celebrating
I wish you a safe and wonderful 4th of July!!
Please contact me for any questions or assistance you may need, I am here to help.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
808.747.3686
SL 3535792
