Cape Coral foreclosures at the lowest now

Posted: under Real Estate.
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In the field, we all agree, it’s a seller’s market now. Several major cities in the country show a solid level of activity that increase Real Estate prices slowly but steadily. And Cape Coral is no exception. I see we are headed to a much more normal market now, and the fact that we just got below the 200 foreclosures mark for Lee County is a good sign.

As I often say to my clients over the phone or email, we had a peak of 1,085 foreclosure at any given day in December 2010. Today, we had 196 foreclosures. And that number is decreasing on a daily basis. So we are inexorably entering a much more normal market.

Congratulations to all buyers who bought a property ion Cape Coral or around last year or even in 2010. They officially bought at bottom. And I predict that if they hold for another 3 to 5 years, they will build some great equity in their properties.

And for those who were on the fence, waiting for the best deal to appear to them, that boat has sailed away. We are in a seller’s market and purchase prices at asking prices or higher are not uncommon. I even see multiple offers on a majority of the deal I come across.

Knowing that Lee County in general and Cape Coral in particular have the lowest single family priced in the country, I have a lots of demand for properties under $100,000. But those buyers have a hard time to get in now, hardly finding anything just decent.

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Comments (0) Apr 21 2012

Pricing it right in a Buyer’s market

Posted: under Realtor® Tools.
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You don’t have to be a Real Estate agent to know that market values have been, and probably still are, dropping nationwide. And still, some are creating an upside-down effect whereby the remaining mortgage proves higher than appraisal itself.

But when it’s time for you to go for a listing presentation, when the time comes to pricing out a property, sellers often have an ego when it comes to their own home. Make sure to be prepared and show all evidence you can get about market pricing. Try to let them know to leave their ego at the door. You must present your homework and go from there or leave. Yes, you got that right, l-e-a-v-e. An overpriced property in today’s market has no chance to compete with the foreclosure and short sales environment. Leaving will be the best advice you can give to yourself at that point.

The price is right could not be a truer analogy. A homes market value will be primarily based upon those homes most comparable to yours in square footage, style and age that have sold within the past six months in a 2-5 mile radius of your location. This is what the bank underwriters base their determination on. It’s not that a Realtor® is a moron, it’s not that John Doe down the road sold his house for a heck of a lot more a year ago, it’s an industry standard that makes absolutely no exceptions. Realtors know the industry and this is what you need to teach.

Let sellers understand that buyers today are savvy. They’re on the web, tuned into the news, reading articles. They want to be seduced and their looking for enticements. If a duplicate house is selling on your road for $200,000, then price yours at $195,000 and throw in a cleaning service to sweeten the deal. Many buyers are strapped for cash and offering to pay part, or all of their closing costs will definitely prompt a quicker sale. That another option for sellers that can be the little je-ne-sais-quoi which can bring the signature at the bottom of the purchase contract.

Remember, when the Price Is Right, all parties walk away with a smile on their face. When the price is not right, you’ll get the sellers on your shoulders blaming you for your failures…

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Comments (2) Dec 12 2009

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