OMG, the news paper is positive for sometime, then negative for a week here and there, when will the roller-coaster ride end? Hopefully soon right! According to the Case-Shiller index, the Cape Coral - Fort Myers real estate market is going to drop another 11% through Q3 2012. THAT is not good news, and that is just one of the reasons now is the time to sell! OK, lets go through each one at a time.
1. The short term market has stabalized.
-Currently we have seen a decrease with Inventory Levels, this has allowed for prices to stabalize with the help or amazing credit rates we have seen "positive" numbers for sales. How ever this will not last. As the world starts to focus on the upcoming elections in 2012 they will soon forget about purchasing a second home, or moving up to the nice neighborhood, and as interest rates climb the would be first time home buyer is chased out of the market place. When the current "shadow inventory" hits the market place the pressures will continue to drive prices down so again the SHORT TERM values are stable and if you are considering selling, NOW is the time.
2. The impending End of Mortgage Debt Foregiveness Act.
-This is still 17 months away but do you really want to push that limit? That is like playing chicken with a freight train, YOU gonna lose that one. 1 out of 3 homes in Lee County if sold in 2011 or 2012 it will be via a short sale. Furthermore CNN wrote an article, "Home Prices depressed for Decades" January 7, 2011,....it will be till 2038 that Naples Florida sees property values recover. If you are going to try to sell your house in the next 5 years, it still might be a short sale for many in Cape Coral, Fort Myers, Lehigh Acres, Bonita Springs, Estero, Ft Myers Beach, and Naples as well. NOW, is your best time to sell.
3. Case Shiller Index shows that most markets will have a drop in property values through 2012.
-For Lee County Florida which includes; Cape Coral, Ft Myers, Bonita Springs, Estero, Lehigh Acres, and Fort Myers FL this is not good news. However it is the most credible data out that and who's track record for thier projections remains to be challenged. If property values are going to continue to fall through 2012, and you are going to have to short sale your home, it is still important to get the Highest Possible Sales Price. NOW is the time to Sell.
4. Banks are winding down thier short sale deparments.
-The banks are looking forward to foreclosing and holding these properties as rentals through a new FHA program so there will be no reason to keep approving short sales as quickly and as easily as they seem to be doing now. The banks are numbers driven, if they can foreclose, rent the property back to the homeowner for the next 2-3 years and wait out this decline in property values while creating an income stream, THEY WILL, and THEY ARE. This means NOW is the time to sell.
5. Robo Signing Problems are in the past.
-The banks have gone through much of the problems they had with Robo signing, or not having the actual note of the mortgage they were foreclosing on and now can get back to foreclosuers as usual. We will see a spike in foreclosures hitting the court house steps again and they will Purge thier bad portfolios quickly, especially since they are now looking to hold and rent them out. If you want to sell for the HIGHEST POSSIBLE SALES PRICE in the NEXT decade, NOW is the time to sell.
Right now is the "calm before the storm" for residential real estate for most of America not just Lee County where I do business. The storm that economist and math maticians, and other genius see coming is going to rock our market worse than a Catagory 5 Hurricane mixed with a Earth Quake on the same day. Devastation will be a word that does not give clear meaning to reality. We will run out of "first-time-home-buyers," and interest rates will be over 10%, a gallon of milk will be $8(and that's not for organic either), gas will be $5. We are on a path of destruction that we CAN get off, but if we do not, things will be tough. If you are planing on selling, NOW is the BEST time to do it.
If you are planing on selling in Lee County, Hire The House-Guy, Justin Ruzicka. He is an expert at Short Sales, He is an excellent negotiator, he is here to be a resource to his community in this difficult time.
Justin Ruzicka
P: 239-699-0517
E: Justin@jrrc1.com
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