This is the first opportunity I've had in nearly a week to sit down and compose my thoughts. We have been showing property every day this week. I could have sworn that someone said real estate was a bad business to be in right now.
To be completely honest, I've never enjoyed it more! There are no gimmicks. Lenders are working with realistic rates and terms, not ridiculous meltdown mortgages. People can actually afford to buy a home as sales are up and prices are down.
The median price of an existing single-family home in Lee County fell to $94,900 in January - a 59 percent drop from a year ago, according to a release today by the Florida Association of Realtors.
Meanwhile, the number of sales was 758, which is 124 percent more than the 338 recorded a year earlier, said the release, which measures sales assisted by a Realtor.
I had 9 sales this week. Of those 9, 6 were 3 bed 2 bath with 2 car garages. They were all 1400 sq ft of living space or bigger and were all built in 2006 or newer. Each of these 6 received an accepted contract LESS thn $50,000. Some examples are pictured below
And here is why primary home buyers and investors alike are buying.
| Loan Rate National [5.500%] |
Purchase Price |
$45,000 |
| |
| Purchase Data |
97% LTV @ 5.5% |
95% LTV @ 5.5% |
80% LTV @ 5.5% |
| Purchase Price |
$45,000 |
$45,000 |
$45,000 |
|
| Downpayment |
$1,300 |
$2,200 |
$9,000 |
|
| |
|
|
|
|
| Loan Amount |
$43,700 |
$42,800 |
$36,000 |
|
| Monthly Payments |
|
|
|
|
| Principal & Interest (360 Mos.) |
$248 |
$243 |
$204 |
|
| Estimated Mortgage Insurance |
$35 |
$28 |
None |
|
| Home Owner's Association Fees |
$0 |
$0 |
$0 |
|
| |
|
|
|
|
| Estimated Housing Expense (PI) |
$283 |
$271 |
$204 |
|
Do you see those house payments? Makes a lot of sense for a homeowner doesn't it? And for the investor? Well there are a lot of people out there who are victims of this economic mess who now need ot rent somewhere to live. If a savvy investor can rent one of these homes at a reasonable market rate then he/she can create a positive cash flow and feel good about giving a family a nice place to live.
SO you see, southwest Florida real estate is still a great opportunity.
Learn more about the homes for sale by visiting http://www.hope4homebuyers.org
In Faith,
Neil G. Blair-Bennett
Broker-Associate
Alliance Realty Group
14090 Metropolis Avenue, Suite 206
Ft. Myers, FL 33912
Direct Line: (239) 645-3798
NeilBlairBennett@Gmail.com
www.Hope4HomeBuyers.org
;)
;)
