Real Estate Blog - Has the market changed in your area? It sure has in mine!

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Has the market changed in your area? It sure has in mine!

Happy to say, my market has been going crazy...I'm working 16 hour days.... Not complaining, however, it seems to me that the bottom is gone and we're moving forward! GOOD NEWS!

I have not slept much in the last two weeks...My customer's are seeing the end of good lending...the end of the good FHA loans ending October 15, 2008 (so I'm told).

The foreign nationals...well I have 3...who are happy and telling their friends...there are great deals out there now...and they are not even short sales or foreclosures...just some great deals.

Katerina Gasset was quoted in the local Sun Sentinal today...great article Katerina and good info...great that you could help your customers...the market is down significantly...in certain area's...

Please read the Sun Sentinal's article from today's paper...Katerina said it best!

However, the point of my post is...foreign nationals are taking advantage of the current market...and I love it!

How is it going for you?

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Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 08/21/2008 09:55 PM

Comments (25)

foreign nationals, katerina gasset, sun sentinal, karen monsour, realtor, real estate, market, good news

Originally posted at: Karen@ www.KarenMonsour.com: Has the market changed in your area? It sure has in mine!

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25 Comments on Has the market changed in your area? It sure has in mine!

AUG

2008

Hey, what are you doing here? You need to be working!! LOL

Say hello to those foreign Long Islanders!

I heard things were picking up in some areas. It is still pretty sluggish here. A lot of lookies but not buying much. Fall is usually pretty busy so we will see. I hope so, even though I have had a pretty good year, overall the market in our area has not been good. Too much on the market and not enough buyers to go around. Oh well, glad to hear it is doing better somewhere.

I'm relaxing for a few minutes...I'm talking France and Austria...the Long Islander is a glitch...LOL...tomorrow all afternoon...LOL!

Jim,

I'm exhausted...with Fay and all...one scary woman...she raped the whole state...no sleep...and many customers... LOL!

Sandra,

Mostly foreign buyers...they are great, then again, there are also some of my repeater's who are also buying up some new stuff...a few investor's as well...You know when the investor's start wanting to buy...the bottom is about there.

The market on staten island is so hard right now! the sellers would like to much for the house and the buyers cant get loans

Here in Naples were seeing increased activity as well Karen, I was reading Regina Brassil's blog in Sarasota and her statement mirrored your comments above.

Values in many communities are have been driven so far below replacement cost and true value that even the most hesitant buyers are seeing value that is hard to deny.

Keep up with the hard work and long hours!

I think the market has changed in many areas especially in states (generically speaking) that had big runs (California, Florida, Arizona, Nevada). Thanks to such high inventory levels, the price points on some deals have become so attractive that savvy move-up or new home buyers and investors are taking advantage of these great deals resulting in a noticeable pickup in activity.

I don't believe these markets have completely bottomed but we are getting closer. As a result, we are sporadically starting to see better months, better numbers, and some good runs.

Karen - I'm a few miles south of you in Miami and I totally agree. It is crazy out there and it has been for the past 2 or 3 months... There are some great buys and the buyers are realizing it. p.s. just sold something in your back yard (Parkland). Cheers!

Karen, $$$$$. Nough said! Go get 'em!

Johnathan,

The Staten Islander's are taking advantage of the market in south Florida...they are so my customers.

If they have decent credit, I can get them loans.

Garren group,

Working my butt off...trying to relax tonight...

Not complaining.

Roger,

Exactly, when the investor's are buying the properties up...the bottom is very, very close.

Monica,

Working on a deal in Parkland (Heron Bay) as we speak...who wouldn't want to live there?

Congrats!

Call me, I need someone to help me on a deal in your area...like a co-broke.

Jim,

Thanks, I am trying...it's crazy now...just working 24/7...took a few moments to relax and hang here on Ar for a few..glad to see, I'm not the only one.

We were just talking about exchange rates in our office today and the great opportunities that presents for foreign investment in Las Vegas. Our market feels like it's going a little sideways right now, and I'm not expecting it to really turn the corner for at least another 6-9 months.

LOL Karen... absolutely... Laughing becasue I'm not a group... my name is Garren Grup. It happens all the time, but I guess it works either way!

Prononced as UP! ... Hope you're kicking back!

YOU GO GIRL! My area in northern PB County is also picking up with CASH buyers. I personally don't work in the short sale/foreclosure market (a personal preference), but the general market is getting a little stronger and the deals for buyers are out there!

AUG

2008

The market is good for me and several in my office. Seems that the overall is slow. At some point the buyers do come in...

As we end summer and go into Fall, we tend to slow a little... that said I am off to show properties today and all weekend...

Karen - Well, I closed on a home about 2 weeks ago, I listed a home this week, and I have a couple of buyers. So, I think things are looking great. I'm glad you're so busy! :)

My market is picking up. I'm encouraged by the amount of "lookers" that have been out since spring. There are also many buyers as well.

If you can send the foreign nationals to Arizona, all of us Zonies will be happy. But in all seriousness, the producers here are starting to get busy, which shouldn't surprise us. Now if we can get 10 agents in every state to re-blog your post, but change the localities, we might get this thing really going again.

That sounds like a great thing! The dollars is cheap and so are the bargains!

Unfortunately in my area the market is not improving and they don't think it will really for a few more years. While many areas are only hit by the subprime crisis and high fuel costs, we also have one of (if not the) highest unemployment rates in the nation which only adds fuel to the fire. I haven't heard any talks of foreign nationals picking up properties here either, but there may be a few in surrounding areas. There are a few homes I have thought about trying to find a way to pick up... 989k sales price in 05 or 06 when it was built... just sheriff saled for 250k (and its in move in condition) and another similar one in the same sub, needs minor repair for about 23% of original sales price, and another one that is only framed that I have heard the bank would accept 70k for and I can finish it my way... Oh did I mention I have been thinking about getting my builders/ general contractors license too lol

AUG

2008

Karen- Thank you so much for the mention. And thanks to the SunSentinal we got a lot of emails that people read the article. It was also posted on RISMedia. Our market is very strong, with such great deals, we are getting multiple offers on our short sales and even our non shorts are selling.

The Bill that was supposed to help homeowners and the lenders, a bail out bill- is going to really hurt the first time homebuyers. The down payment assistant program ( which as you know is huge here in south Florida) is no longer going to be allowed for FHA. FHA is also raising their down payment to 3.5% and it can not come from the seller. The seller can still pay closing costs but bye bye to down payment assistance. Almost all the FHA deals have been with down payment assistance. Big mistake made by congress.

Wachovia says they are not going to reset rates. They are telling their customers to sell as shorts.

Thanks again for your mention!

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