Are we beginning to see the beginnings of a recovery in our local Real Estate Market?
I think it's too soon to tell but these numbers look encouraging.
Within the last 30 days, 813 homes have sold with the assistance of a Realtor. Of those 813 properties sold, 103 were short sales and 111 were bank owned foreclosed properties. The area of this MLS covers the area from Naples to Port Charlotte but mainly concentrates on LEE County. Cape Coral, Fort Myers, North Fort Myers, Fort Myers Beach, Lehigh Acres, Bonita and Estero are the main communities covered.
What it means I think is despite all the bad news we hear, it seems almost daily, that the average homeowner is still selling the majority of homes. Yes, the short sales and bank owned properties are a factor. But the average Joe still has a chance to sell his or her home. Priced correctly, they can compete with some of the bargain priced short or foreclosed homes. It can take 4 months or longer sometimes to buy a short sale home and the bank can always say no right up until the very end. Although foreclosed homes can be purchased in a similar period as an average home, some of these homes are not the best deals. Missing appliances, A/C, plumbing, windows and more these home should only be bought by the experienced.
Now I'm not saying last month's sales made much of a dent in our bulging inventory of homes, condos, townhomes, duplexes and other types of multi-family homes. It hasn't. I am saying that Mr. and Mrs. Homeowner have a chance to sell in this market now.
Priced right and you have a chance.
Are you pricing your home to anticipate negotiations?
That is a costly mistake.
Most of your competition is priced correctly so your $10,000+ cushion for negotiations makes your home invisible to a potential buyer. They have too many correctly priced homes to view. Bite the bullet and forget that tactic. It only works in a sellers market.
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Consider that some in the mortgage industry were writing 2 year adjustable rate mortgages for the sub prime market until August 2007. Those mortgage rates will adjust up until August of 2009. I don't have the numbers on how many sub primes with a 2 year arm were written in 2007 but it was still common. If you had good credit you probable chose a fixed rate or even a 5 year ARM . Those that have the 2 year arm will probably need to pay special attention to the new recovery bill just passed by the President this week. Although a voluntary program for the banks, this bill can be helpful to a small portion of our neighbors. Have a home equity loan or second mortgage? You don't qualify until those notes have been satisfied. Our contacts in the mortgage industry are still trying to digest this 600+-page law but early reviews say it's too little, too late. Check with your bank for any news of their joining other lenders to offer some home owner assistance.
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Buyers, the fixed rates today for a 30 year mortgage with someone with a 720 credit score is right around 6.25%.
Great, I think.
The VA and USDA Loans offer low down payments and fixed rates.
Give us a call and we will be happy to recommend some mortgage professionals that will qualify you for a mortgage, if possible. If you don't qualify today don't worry. They will also provide the tools to turn your credit around in months. Also some home sellers are offering lease to own deals for the right person. So you can and should take advantage of today's market.
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