Real Estate Agent with United Realty Group Florida SL 3088608
May Update
Good news travels fast.
Recently a prominent real estate Broker in Fort Myers had a wonderful few weeks. Selling dozens of homes and townhomes in Coral Lakes, a new gated community in north Cape Coral, at what were unheard of prices. Lines of anxious buyers formed outside the sales center waiting to buy now.
It made the national news as our national housing crisis looks for good news and signs of recovery. A seller of mine was in North Carolina at the time and he heard about the Coral Lakes sale from someone who was thinking of getting in on a good thing.
We lost one of our buyers to this sale. Tired of waiting to hear whether an unresponsive lender would accept his offer on a short sale property, he got in line and was one of the lucky ones who bought a townhome. Although it's a potential sale we missed, this buyer was always extremely cooperative and cordial and we are genuinely happy for him. And for the lucky few who got the deal of a lifetime.
So like spring flowers starting to bloom, signs of a recovery are slowly starting to show.
The record drop in new housing starts is helping to make inroads in our huge resale inventory. Finally sellers are becoming more realistic in pricing their homes properly. Once our inventory of resale's slowly shrink then our local builders can get back to work building new homes. I don't think we can expect the new home builders to continue marking down their inventory much more though.
Because of this historic financial tremor, lending rules for mortgages are quite strict. Most buyers will need at least 5% down now with a decent credit score but there is still help for low-income first time buyers. Located in our building, for example, is the local office of the USDA. They offer many opportunities for our lower income population to buy or build homes in unincorporated areas. I would suggest a call to see if you qualify. You might be surprised. This is just one example of several programs available with one of several sources.
Since all the foreclosures have not hit the market our recovery will be slow. But we are starting to see more buyer activity recently and anyone who is trying to time the absolute bottom of the market is foolish. Mortgage rates are under 6% for a 30 year fixed rate and the selection of homes has probably peaked.
Like a few years ago when we would hear from old timers who would say I could have bought that gulf access lot for $5000. Buyers don't miss this moment in history.
You will never have to say Shoulda, Coulda, Woulda........
May Update 
Comments(0)