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CITY OF CAPE CORAL 2006 ANNUAL REPORT
(Available March 2007) FAST FACTS:

    Population 163,127 (a 9% increase over 2005 Annual Rpt.)
    Median Age 44 (no change from 2005 AR)
    Median Income $51,344 (4% increase over 2005 AR)

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Tread Carefully When Making a Low-Ball Offer

These days, it’s easier to make a low-ball offer than it used to be, but still it’s important to be smart. Here are some things that a real estate practitioner and would-be buyer should consider when contemplating such an offer:

● Use foreclosures as comps carefully. Look realistically at the prices foreclosures in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
● Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
● Establish realistic time frames. Even in the best of circumstances, foreclosure takes a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market? Is the buyer in a hurry?

If your buyer makes a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you and your buyer won’t know it until the deal is done.

Source: ThinkGlinck, Ilyce R. Glink (03/30/2009)

GROW SMART
Florida will continue to grow, but without adequate planning, what will the state look like? Be part of the solution and discuss new urbanism in Florida with hands-on examples currently under development.
Go to: http://www.floridarealtors.org/LegislativeCenter/SmartGrowth and download the full PDF brochure. Still have questions? Call FAR's Office of Public Policy in Tallahassee at (850) 224-1400.

SPECIAL NOTICE(S)

- BUYER SERVICES (4/2/09)
  These days, it's easier to make a low-ball offer than it used to be, but it's still important to be smart. Use comps carefully, examine details critically and establish timeframes realistically (FAR).
- CHINESE DRYWALL (4/2/09)
  Drywall imported from China continues to make headlines nationwide, and a growing number of lawsuits have been filed in Florida. More than 60,000 homes in 13 states could be affected (FAR).
- ECONOMY (4/2/09)
  Here's the best thing about first quarter 2009: It's over. And there are hopeful signs, according to three market strategists, who note that the overall picture for key economic measures, while still weak, isn't as bad as before. "We're still in the basement, but we may be on the steps out of the basement," says Liz Ann Sonders, Charles Schwab & Co. chief investment strategist (FAR).
- Homebuyer Tax Credit — The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
  
  More details are available below in the Federal Tax Report>
- FHA, Fannie Mae and Freddie Mac Loan Limits — The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
  
  The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and REALTORS®. While these new limits were included in version of the original stimulus bill approved by the House, the bill first approved by the Senate did not. NAR's Call for Action to both the House and the Senate prior to the final vote advocated strongly for the provisions which were then included in the final bill approved by both Chambers. NAR has estimated the new 2009 Loan Limits by county.
- Neighborhood Stabilization — Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, REALTORS® in many communities have been making important contributions to their local communities' neighborhood stabilization programs.
  
  More information on how REALTORS® can contribute to local community NSP efforts>
  
  President Signs the Stimulus Bill -(Continued on Real Estate News in Page)
For More information go to "Real Estate News" on the Side-bar to the right.

BARGAIN HUNTING?

Buyers and sellers are waiting for the other to blink: The housing slowdown isn't giving buyers the big bargains that they might have hoped; and where there are discounts, buyers aren't leaping to grab them, says Karl E. Case, an economics professor at Wellesley College, who specializes in real estate. Case says the most recent survey he and a colleague conducted among homebuyers revealed growing pessimism about buying in a down market. "They're scared they're going to buy something very expensive that's going to fall in value," he says. Sellers, meanwhile, are being "stubborn. They seem to be holding out so far." The result: "People are staring each other down." Case described home prices as having "downward stickiness," meaning they don't fall nearly as much as they rise during the strong periods. In previous down periods, Case points out, the economy has been in a general slump. This time, in most parts of the country, the economy is growing and adding jobs. Case concludes the housing market is in "that flat period, of four to six quarters, where prices don't plummet. They hold on."

TIME TO CLOSE [THE] DOOR ON OPEN HOUSES?

Eighty percent of homebuyers used the Web to search for properties last year but only 42 percent visited open houses, reports NAR. Realty agents have long debated whether open house events are a useful tool as more and more serious buyers view properties online and make appointments to tour those that truly spark their interest. However, some sellers demand open houses because they want to know their agent is working hard to sell the home. Real estate associates who believe in the benefits of open houses say they allow buyers to view properties without making an appointment or commit to working with a real estate agent. In a modern twist, some schedule open houses at non-traditional weekend times, tantalize prospects with refreshments, and work with competitors to organize multi-agency tours. Advocates say this marketing tool also provides a way for associates to develop relationships with prospective buyers, who often go on to work with them to purchase a different home.
Source: RisMedia.com (10/10/08)
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