Florida Real Estate -- Your realty connection in SW Florida, this site contains important information for individuals involved in real estate transactions.

CITY OF CAPE CORAL 2008 ANNUAL REPORT
(Available March 2009) FAST FACTS:

    Population 163,127 (a 4.5% increase over 2007 Annual Rpt.)
    Median Age 44 (no change since 2005 AR)
    Median Income $53,549 (4.1% increase over 2007 AR)
Median Home Value $274,120

South West Florida...
   "Very Affordable and Stunningly
   Beautiful"
    ...Come see what everyone is
    talking about and stay in one of
    our Beautiful Vacation Rentals

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)

Right price helps sell homes (7/29/10)
What matters is what buyers are willing to pay; helping sellers figure out the right pricing in today's market isn't easy (FAR).
Fla. existing home sales rise in June (7/22/10)
Statewide sales up 15% compared to June '09; condo sales up 33%. Fla.'s June home median price higher than May's (FAR).
Economic outlook: Normal enough (7/22/10)
Business isn't great in many areas, but Fed says attitudes today are significantly improved over year-earlier outlooks.
Fed eyes steps to bolster sputtering recovery 7/15/10).
The Fed cut its economic forecast but will use tools in its arsenal to moderate any downturn if things start to look worse.
Foreclosures on track for 1M in 2010 (7/15/10).
Lenders took back almost 528,000 homes in the first six months, but the number of new filings appears to be leveling out.
BP reports progress; Gulf Coast waits (7/14/10).
BP is cautiously optimistic about its latest tactic to plug the leak, and claims it should stem all oil flow into the Gulf.
NAR: Make a home a vacation destination (7/14/10).
HouseLogic, NAR's consumer-oriented website, offers fix-up tips for pools, decks, grills, landscaping, paving, etc.
Well-heeled walk away from $1M+ mortgages (7/9/10).
More than one in seven borrowers with home loans of $1 million+ are seriously delinquent, a research firm says.
Flood Insurance expired at Midnight Monday May 31, 2010 (May 31, 2010).
Congress has a number of bills that would have extended the National Flood Insurance Program (NFIP) beyond it's pre-set deadline of Monday at midnight, but the National Association of REALTORS® (NAR) says that action is unlikely to take place.
Flood insurance expires at midnight Monday (5/28/10)
NAR now considers it likely that it will again lapse. Buyers hoping to close soon should try to secure a policy immediately (FAR).
Mortgage rates sink to lowest level this year (5/28/10)
Mortgage rates dropped to 4.78% as investors poured money into the safe haven of U.S. government securities (FAR).
Judge certifies Chinese drywall class action (5/15/10) .
For the first time in Fla., a judge in Miami-Dade ruled that a lawsuit over faulty drywall can proceed as a class action (FAR).
Post-tax credit buyers may save money (5/14/10)
Buyers who missed the deadline lost $8K but could now save as much as $44K thanks to lower mortgage rates (FAR).
Fla. consumer confidence up in April (4/28/10)
Confidence rose 6 points despite the state's unemployment, with a 14-point surge in buying attitudes about big-ticket items (FAR).

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Fannie sweetens offer to avoid foreclosure

WASHINGTON – April 26, 2010 – Struggling borrowers who give up their homes through a "deed in lieu of foreclosure" or a short sale will be able to obtain a new Fannie Mae loan in two years. Currently, these owners must wait at least four years.
The new policy, which takes effect in July, is designed to make foreclosure alternatives more attractive. The policy applies only to Fannie Mae's willingness to approve a mortgage, however. Homeowners' credit scores will still take a hit following a short sale or deed in lieu of foreclosure.
To qualify for a mortgage after the two year wait, Fannie Mae says borrowers must make a 20 percent downpayment; but those who lost a job or have other extenuating circumstances will be able to make a 10 percent downpayment.
Freddie Mac – which, with Fannie Mae, insures over half the mortgages in the U.S. – currently makes homeowners wait four years after a short sale or deed in lieu of foreclosure before it will back a new mortgage. Owners who go through a foreclosure wait five years. For both Fannie Mae and Freddie Mac, the waits can be shorter in some cases if borrowers show extenuating circumstances. Source: Wall Street Journal (04/26/10) P. A2; Timiraos, Nick © Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

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)
© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

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