IF THIS ISN'T THE BOTTOM- WOW!!!!

By
Real Estate Broker/Owner with Sellstate Advantage Realty

My last post asked," If we have reached the bottom yet?" Well today we had a young couple come into the office and they wanted to find out if they could afford a home! They spoke to our mortgage representative and they found out they were qualified up to $90,000. Oh well we thought, save some money and we will look again in a year or maybe you can look in another area! Then I said why not take a look on the MLS and see if there is 1 or 2 listings in Cape Coral. I couldn't imagine there would be, let's face it 2 years ago $180,000 was a bargain. So we looked!! 156 listings less than $90,000 and the lowest 3 bedroom, 2 bath home was $58,600!!! You could not buy a lot for that price 2 years ago! This young couple will be able to purchase their first home NOW and so will a lot of others! I spent the afternoon calling prospects, clients, friends and business associates to share with them what I had found! We must spread the good news ourselves! On a funny note, I was only asked 7 times today," If we have hit the bottom yet!!!" I told them," Only you can answer that!"

Mike Kelly Broker/Owner Sellstate Advantage Realty 239-549-9200

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Rainmaker
167,368
Dave Werth
WERTH REALTY - Fargo, ND
FULL TIME REALTOR
You should come up to North Dakota and Minnesota, we are in the best time of Real Estate ever!  Crazy how markets vary.  Ranked #24 in the nation after Bismarck, located in North Dakota which was #1 for home sale ROI.  Amazing huh?
Apr 28, 2008 09:50 AM #1
Ambassador
2,752,418
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Mike.

The bottom is coming here and it sort of snuck up on us.  One day it took $200K to buy a home and today the same homes can be bought for $150K income.  The prices have slipped dramatically.  Thanks Goodness.

Folks claim success when "prices are holding".  The fact that few are buying doesn't seem to bother them.  Keeping prices high and vacant seems to be the goal of some.

 

Apr 28, 2008 09:51 AM #2
Rainmaker
388,769
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
I wish I knew when the bottom was or is.  I wish I had next years stock page also.
Apr 28, 2008 09:52 AM #3
Rainer
225,598
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC
They say you'll never know the bottom of a market until you've missed it.  I sure hope you're at the bottom in Cape Coral. 
Apr 28, 2008 09:53 AM #4
Rainer
24,765
Katie Graham
Cherry Creek Properties, LLC - Denver, CO
Denver Real Estate
The good news is that home prices are more affordable. The bad news is that fewer people can qualify for mortgages. I'm struggling to get a couple qualified that have 10% to put down and credit scores over 800.
Apr 28, 2008 09:55 AM #5
Rainmaker
32,193
Sylvie Dolley
My Home Group Real Estate LLC - Litchfield Park, AZ
CHMS, ePRO, SFR Phoenix Arizona Real Estate 602-32

Great posts!  It is AMAZING what can be found and what deals!!!  Not only foreclosures and lender owned grat buys but some serious Sellers are also pricing at some great levels.  Of course, we still have those listings that are over priced where the Seller just doesnt want to listen to the truth, reason whatever.

Take Care & Have a Great '08!

Apr 28, 2008 09:55 AM #6
Rainer
5,471
Lachelle Johnson
Aloha Staging, San Leandro, Alameda County, California - San Leandro, CA
CSP, RESA, ASPM

WOW!  It looks like the market is very different in Florida than it is here in California.  Great job, Mike!

Apr 28, 2008 09:56 AM #7
Rainmaker
111,050
Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent

It's crazy, isn't it.  I'm not sure we've hit rock bottom the in the Atlanta area, but homes are selling for less and less every week.

Apr 28, 2008 10:13 AM #8
Rainmaker
575,658
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re
Which bottom the price bottom or the interest rate bottom. It looks like rates are rising and for every 1/4% increase it is like a 5,000 price increase to the buyer. Buy now before the rates go up.
Apr 28, 2008 10:16 AM #9
Rainmaker
91,655
LaShawn Norden
Keller Williams Heritage Realty - Longwood, FL
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL

Congrats on being open-minded enough to look into the MLS! You're right, the market has changed so much these past 18 months that I would have initally thought the same as you...but thank goodness, you've now added one more client to your "happy to refer list" and hopefully, you'll have many more to come! Good luck!

Apr 28, 2008 10:19 AM #10
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