Buyer’s market or seller’s market in Cape Coral Real estate

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The number of foreclosure has hit the its lowest level. Today, when I checked those bank owned properties for Cape Coral, there were only 214 units. For your information, there were 1085 in December 2010. And that’s most likely why we see more interest in the non distressed market, often with multiple offers.

All is all, there are 1774 properties for sale in Cape Coral and we have experienced 451 sales in the last 30 days. That’s mean we have about 3 months inventory out there, making it a seller’s market now. And if you add the fact that multiple offers occur more often now, buyers have a harder time to have their dream home under contract. That is exactly what my french speaking buyers from France experienced. They use to make a search online for ” maisons a vendre a Cape Coral “, find me there, give me a call to begin the search and get very frustrated after looking around for a few weeks, seeing nothing good is available anymore.

Cape Coral luxury foreclosure

Cape Coral luxury foreclosure

The thing is, today, if you plan to buy a property here, be prepared. Get your financing handy, bank letter, pre-approval. And once you see a property you like, make that offers good enough to have the seller put his signature on your contract. Unfortunately, if you don’t act quickly, chances are the property will be pending before you realize it. Prices are still the lowest in the nation here, especially if you compare the amenities that Cape Coral is offering with cities in the middle of Tennessee for example. Not only the weather is more attractive, let’s face it, but also the proximity of the water, with the gulf of Mexico and the beaches.

So, in my opinion, 2012 shows the switch from a buyer’s market where sellers were waiting for a single offer to show how low was the price offered to a seller’s market where the buyers are competing so ferociously to have a chance to buy that property at often a price above the asking price.

If you are entering the market for selling or buying a property in the Cape, give me a call or send me an email. There is still time to find your dream house at an excellent price, but don’t delay.

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Comments (0) Mar 25 2012

Are you looking to buy a property in Cape Coral, Florida?

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So, you have been looking to buy a home in Cape Coral for over 6 months now. There is something important for you to know.  Stop looking to buy a home right now.  You are wasting your time and energy. Cape Coral properties prices have been increasing for the last 6 months in a row. So, if you’re still looking, it’s not for finding the best deal of the century, it’s already too late. It has to be because you’re searching for the best floor plan or curb appeal possible, but then, the inventory is so wide, if you didn’t find it already, it’s because it doesn’t exist.

Not to mention all the time that is being wasted by professional lending and real estate brokers. They are not your taxi driver even if it’s my second job. They are not the ones to fix your poor credit scores.  They are not the ones to hold your hand every step of the way even if I do it on a daily basis.  They are there to help you not be taken advantage of by someone who is not committed to the home buying process.

Buying a home is a process and it doesn’t take over 6 months to complete.  A Realtor can help you with the home buying process, however, you the buyer must take action to make it become a reality.  Seeing every home that comes on the market for a year is insane!  It’s not that big of a deal to find the house you will come to know as home.  If you see a house you like and it’s within your means, then buy it.  Otherwise, go home and leave everyone alone.

You can read more at 1capecoral.com or in my blog. The time to buy a home was in the last 6 month, with a rock bottom price reached last December 2010/January 2011  or today…not in 6 months. Quit trying to out think the other guy or the sellers. Find what you like and buy it.  If there isn’t anything out there that you like then you probably are not going to find it.

Go home.  Stop wasting your time. Watch some football or NASCAR or a movie anything but get out of the home buying process as you are not a buyer.  You are a looker and you are frustrating people around you that can actually and willingly help you.

The time is ripe to buy a home today.  Interest rates are low.  Prices are still low. In most markets inventory is high.  Sellers want to negotiate on their homes. It’s easy and time for action. And if you think that a home priced below a car’s price is too high, you’ll never buy anything. So, do something else.

If you are angry right now…good.  Here is a way which may help.  Revisit why you wanted to buy a home in the first place and re-motivate or inspire yourself.  If that doesn’t work then forget about it.  You will never achieve your American Dream without concise methodical action on your part.  Now go out there and become a buyer and call me to seriously get started!

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Comments (0) Oct 25 2011

Buy a house today? Proof that it’s the best time in history!

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I got an article from my broker regarding purchasing a property these days see on the daily wealth website. It was kind of incredible to compare the time we are are living these days with the past.

Right now, is the most effective time in history to purchase a house in America.

These days, I’ll show you why… based on a few cold, challenging facts.

First, mortgage rates are lower than they’ve ever been in American history…

Most investors have only seen a couple decades of mortgages rates on a chart. But my buddies at Global Financial Data have databases – which includes real estate data – that literally go back centuries.

I had dinner with the Global Financial Data team over the weekend. And they told me about their “Winans International” real estate indexes, with housing costs back to the 1800s and mortgage rates going back over a century. I had to share it with you…

Take a look at this chart of mortgage interest rates since 1900:

historically low mortgage rates

In U.S. history, you can see that the current mortgage rates are the lowest.
The last time that the mortgage rates were so low was just after World War II.
And what happened, just after World War II, when mortgage rates were this low?
The greatest postwar boom in housing prices – by far.

Adjusted Home Prices

Take a look. Mortgage rates bottomed in the mid-1950s, and house prices bottomed about the same time. Then the greatest boom in home prices in our lifetimes started.

Today we have record-low mortgage rates. And we have another thing in our favor…

Homes are more affordable than ever.

Based on the 40-year history of the Housing Affordability Index… houses are more affordable than they’ve ever been. Take a look…

housing affordability

“Affordability” takes three factors into account: home prices, your income, and mortgage rates.

Home prices have crashed. And mortgage rates are at record lows. But incomes (nationwide) haven’t fallen nearly as much… So homes are now more affordable than ever.

“Most people” out there will only tell you the bad news about housing… That’s the way it goes in a bear market. People drive looking in the rearview mirror.

Meanwhile, we have some darn compelling facts out there…

Home prices have fallen by a third… and mortgage rates are the lowest in history. Therefore, U.S. homes are more affordable than they’ve ever been.

You can listen to “most people.” Or you can choose to ignore them and stick to these facts.

Based on these facts alone, now may be one of the best times in American history – even the very best time – to buy a house.

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Comments (2) Jan 30 2011

Must do for first-time homebuyers

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As you may know, the first-time homebuyers’ $8,000 credit has been extended. I think it’s time to let you know what you should do before purchasing your first home.

1. Check the selling prices‘ of comparable homes in your area. Web sites like Zillow, Trulia or Homegain are not giving you an acccurate idea of what you should expect to pay. You can also do a quick search of actual multiple listing service, or MLS, listings in your area on a number of Web sites. The best will be to ask a Realtor® of course. Choose one that work in the area you are looking to buy.

2. Use a mortgage calculator to get an idea of what your monthly mortgage payments would be if you bought today. They are plenty of them online, just google it.

3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment. Make sure you can afford that

To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you do buy. Just remember that exemptions and the intricacies of local tax law (like Florida’s Save Our Homes value cap) can create differences between what a homeowner is currently paying and what you can expect to pay as a new homeowner.

4. Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners’ association fees. You can see what closing costs average here.

5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28 percent of their income on housing costs. Go much past 30 percent and you risk becoming house poor.

6. Talk to a reputable Realtor® in your area about the real estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?

7. Remember to look at the big picture. While a buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs and can quickly drain your bank account.

So consider whether you’re ready for the expense and effort of homeownership before pulling the trigger.

Then, prepare yourself for the hunting!

If the numbers make sense for you, taking a few steps at the beginning of the homebuying process can save you time, money and aggravation.1. Examine your credit. Right now, blemished credit or the inability to make substantial down payment can put the kibosh on your homeownership plans. That’s why it pays to look at your creditworthiness early in the home-buying process. Get a credit report and comb through it for errors and unresolved issues. If you find mistakes, contact the credit reporting bureau to make sure they are corrected. It’s also a good idea to get your FICO score, which will cost you a small fee.

2. Get your docs in a row. Collect pay stubs, bank account statements, W-2s, tax returns for the last two years, statements from current loans and credit lines, and names and addresses of your landlords for the past two years. Have them ready to show to the lender. This may seem like a lot, but in this age of tight credit, don’t be surprised if your lender needs a lot in the way of documentation.

3. Find lenders and get preapproved. Getting preapproved for a mortgage helps you bargain from a position of strength when you are house hunting. The institution where you bank and a local credit union are good places to start your search. Applying to multiple lenders in the same month helps increase your chances of getting a loan approved at the best rate possible without dinging your credit score too much.

4. If at first you don’t succeed, try, try … the government? If you can’t find a bank willing to lend to you — and in the current tight credit market, it’s possible you won’t — consider getting an FHA loan. The Federal Housing Administration has a program that insures the mortgages of many first-time homebuyers. As a result of this guarantee, lenders who might otherwise feel queasy about your qualifications will be more inclined to lend to you. As a bonus, the FHA only requires a 3 percent to 3.5 percent down payment from first-time homebuyers.

5. Finally, don’t forget about the first-time homebuyer’s credit. Get your hands on Form 5405 ahead of time and send it in with your tax return immediately after your home purchase to ensure you receive the $8,000 credit as soon as possible, especially since the credit is set to expire April 30, 2010 and you must close by July 31.

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Comments (0) Dec 07 2009

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