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IF THIS ISN'T THE BOTTOM- WOW!!!!

My last post asked," If we have reached the bottom yet?" Well today we had a young couple come into the office and they wanted to find out if they could afford a home! They spoke to our mortgage representative and they found out they were qualified up to $90,000. Oh well we thought, save some money and we will look again in a year or maybe you can look in another area! Then I said why not take a look on the MLS and see if there is 1 or 2 listings in Cape Coral. I couldn't imagine there would be, let's face it 2 years ago $180,000 was a bargain. So we looked!! 156 listings less than $90,000 and the lowest 3 bedroom, 2 bath home was $58,600!!! You could not buy a lot for that price 2 years ago! This young couple will be able to purchase their first home NOW and so will a lot of others! I spent the afternoon calling prospects, clients, friends and business associates to share with them what I had found! We must spread the good news ourselves! On a funny note, I was only asked 7 times today," If we have hit the bottom yet!!!" I told them," Only you can answer that!"

Mike Kelly Broker/Owner Sellstate Advantage Realty 239-549-9200

Posted by Mike Kelly on 04/28/2008 04:47 PM

Comments (10)

cape coral, real estate, prices

This post has been included in Florida Information Lee County, FL Information Cape Coral, FL Information

10 Comments on IF THIS ISN'T THE BOTTOM- WOW!!!!

You should come up to North Dakota and Minnesota, we are in the best time of Real Estate ever! Crazy how markets vary. Ranked #24 in the nation after Bismarck, located in North Dakota which was #1 for home sale ROI. Amazing huh?

04/28/2008 04:50 PM

by Dave Werth (Kvamme Real Estate)

Mike.

The bottom is coming here and it sort of snuck up on us. One day it took $200K to buy a home and today the same homes can be bought for $150K income. The prices have slipped dramatically. Thanks Goodness.

Folks claim success when "prices are holding". The fact that few are buying doesn't seem to bother them. Keeping prices high and vacant seems to be the goal of some.

04/28/2008 04:51 PM

by Lenn Harley, Homefinders.com, MD & VA Real Estate

I wish I knew when the bottom was or is. I wish I had next years stock page also.

04/28/2008 04:52 PM

by John Walters (Specialized Real Estate)

They say you'll never know the bottom of a market until you've missed it. I sure hope you're at the bottom in Cape Coral.

04/28/2008 04:53 PM

by Diane Bell, Hilton Head Real Estate, Bluffton (Charter 1 Real Estate, Hilton Head, Bluffton, SC)

The good news is that home prices are more affordable. The bad news is that fewer people can qualify for mortgages. I'm struggling to get a couple qualified that have 10% to put down and credit scores over 800.

04/28/2008 04:55 PM

by Katie Graham - Denver Real Estate (Preferred Properties)

Great posts! It is AMAZING what can be found and what deals!!! Not only foreclosures and lender owned grat buys but some serious Sellers are also pricing at some great levels. Of course, we still have those listings that are over priced where the Seller just doesnt want to listen to the truth, reason whatever.

Take Care & Have a Great '08!

04/28/2008 04:55 PM

by Sylvie Dolley, ePRO Realtor (Coldwell Banker Residential Brokerage)

WOW! It looks like the market is very different in Florida than it is here in California. Great job, Mike!

04/28/2008 04:56 PM

by Lachelle Johnson, CSP, RESA, ASPM (Aloha Staging, San Leandro, Alameda County, California)

It's crazy, isn't it. I'm not sure we've hit rock bottom the in the Atlanta area, but homes are selling for less and less every week.

04/28/2008 05:13 PM

by Roswell Georgia Real Estate Agent - Nancy Rivera (RE/MAX Leading Edge in Roswell Ga)

Which bottom the price bottom or the interest rate bottom. It looks like rates are rising and for every 1/4% increase it is like a 5,000 price increase to the buyer. Buy now before the rates go up.

04/28/2008 05:16 PM

by Terry Westbrook ~ Realtor(R) Grand Rapids Mi Ada/Cascade Real Estate (Five Star Real Estate, LLC Grand Rapids , MI)

Congrats on being open-minded enough to look into the MLS! You're right, the market has changed so much these past 18 months that I would have initally thought the same as you...but thank goodness, you've now added one more client to your "happy to refer list" and hopefully, you'll have many more to come! Good luck!

04/28/2008 05:19 PM

by LaShawn Norden (RE/MAX Central Realty)

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