Facebook Vs Real Estate

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Like a lots of people, I had an eye on Facebook regarding the IPO. Even if I’m not into investing on Wall Street, having no knowledge, I was just curious what could be the outcome of it. It was definitely the talk of the town, if not the talk of the planet in this case :-) .

I put these 2 widgets side by side, so I can compare how is reacting the Facebook share and the Cape Coral Real Estate. The future will tell if it was better to invest in Real Estate or in facebook :-)
Maybe this can be useful for other investors as it is for me.

Those values are updated live, so you get the real picture here.

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Comments (0) May 23 2012

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

Life of a Real Estate agent

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I know that the career of a true Real Estate professional is hard. Even though the public appears to assume we make a lot of money for incredibly little effort, WE know what our jobs entail, specifically if we produce a lot more than the average agent.

I, personally, have found that the far more effort I put into a listing the greater the chances it will promote more rapidly than one that comes on the market and sits there waiting for agents to develop and to show it…just like the saying: “The squeaky wheel gets the oil”, a home will market swifter if the listing agent does the subsequent with out fail:

1. Price tag it as close to your real promoting selling price as achievable.
2. maintain the property in the public eye as a result of open houses, advertising, Web exposure.
3. Make the local agents mindful in the property as typically as possible as a result of agent open houses.
4. Make certain your photographs are top notch quality and also professionally shot in many instances.

So, what’s the major deal you say? Why should we not knock ourselves out for our clients and customers?

We Really should! I am saying that we DO knock ourselves out and we still get to hear how the public makes the assumption that, via a fast calculation of taking 6% of a sale price “anyone can see that the legitimate estate agent makes a fortune!”.!..never realizing that we only get a portion with the whole point, or that 6% is becoming an issue of past as well!

I believe it is time that our task description becomes public knowledge; most people want to know what it can be that we do for our clientele! I’m willing to pull from my own personal experiences what our task description definitely is. I feel it may well do a real service for the individuals who’re perched on the edge of joining the ranks of true estate professionals—it might be the distinction between a massive disappointment for an individual looking for a new career along with a nicely prepared professional who KNOWS from the begin, just how significantly function is THE AGENTS Job DESCRIPTION truly involved in this profession.

* Prepare to live without an income when you initial begin out.
* Cold calls on interesting properties for any buyer
* Preparation for your day of showings
* organizing showings–phone calls to set up appointment’s
* Pricing research–comparable sales
* planning for at least 6 months of carrying the listing and all associated cost.
* Photograph new listing–email files to marketing
* Advertising proposals–presentations that are polished and competitive to the other agencies.
* Investigation zoning and setback restrictions.
* Create a collection of service people including builders, carpenters, plumbers, electricians, painters, who’re accessible for consumers to use at the drop of a hat.
* Take the time to generate confident that new listings are clean and staged correctly for showings.
* Develop relationships with lawyers for the benefit of clients/customers.
* Travel to other cities for closings.
* Attend meetings on-sight for new construction sale.
* Attend informational seminars for much better preparation when working with clients/customers

Then you can find the EXTRAS.!.these are essential for one to develop into a top producer:

* Have been known to paint a fence, a bare, peeling wall, as well as to weed a side yard boarder garden.
* Prepare to speak to clients/customers at all times of day or night.
* Have added a de-humidifier to a wet basement.
* Have replaced a gasket in a leaky faucet.
* Have called an exterminator for your vacant residence and cleared out the mice that had moved in.
* Have taken photos, printed them up, labeled them and bound them for distribution for an Architectural Review Board meeting.
* Have waited in line at the Town Hall Creating Department for an hour to get survey/building envelope.
* Have made embarrassing cell phone call to someone telling them that the smells inside the home are overwhelming along with a a result I have had potential buyers leave the premises.
* Have had the late night cellphone call, in near hysterical tones asking,…no, begging me to go to the residence and turn off a faucet, or an oven in someones kitchen.
* Have had to endure verbal abuse and criticisms from a sellers wife after not closing the blinds in 1 of the bedrooms–when it was the housekeeper who forgot to complete it.
* Counsel owners when they’re losing their properties.
* Counsel new customers when they produce “Buyers Remorse”
* Turn out to be the middle man (woman) for your couple going by means of a divorce–keeping the peace.
* Needed to council a homeowner in an episode with his neighbor who laid claim to part with the owners land (adverse possession).

IT’S Hard Work!

Very well, as I am writing this I’m realizing that much more than half of what we do as legitimate estate agents has to complete with the “psychology” of purchasing and selling real property.It is vital to understand this simply because we can not market houses to human beings with out an emotional connection; we Must relate to our following–Seth Godin calls our subsequent TRIBES. The connection we have with our TRIBE outcomes in how successful we are…or not. To be able to make funds in this profession, we have to operate harder than we have ever worked in any other job!…and we ought to be as involved with our clients/customers as civility permits!

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Comments (0) Oct 14 2010

August showed an increase of 10.5% in the construction field

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Property development increased last month and application submissions for building permits also grew. However the growth were influenced mostly by apartment and condominium construction, not the much larger single-family residences sector.

Development of new households and apartments rose 10.5 p.c in August from a month earlier to a seasonally adjusted yearly rate of 598,000, the Commerce Department explained Tuesday. That’s the highest level given that April.

Pulling the figures up was a 32 % monthly enhance inside the condominium and apartment market place, a small portion from the total industry. Single-family houses, which represent about 80 per-cent with the marketplace, grew far more than 4 per cent.

Housing starts are up 25 p.c from their bottom in April 2009, but are still down 74 percent from their peak in January 2006.

Building permit applications, a sign of future activity, grew by nearly 2 per-cent to an annual rate of 569,000.

Builders are struggling with weak demand for new households caused by high unemployment and a glut of foreclosed properties on the marketplace. They had benefited in the spring from federal tax credits, but those expired in April.

Lennar Corp., a major builder based in Miami, explained Monday the number of buyers signing agreements to buy its homes fell 15 % from a year ago inside the three months ended August 31.

“It’s been a tough summer,” mentioned Stuart Miller, Lennar’s chief executive, on a meeting contact with purchasers Monday. “As we’ve gone into September, we’re seeing just a little bit of pickup in our traffic, but that shouldn’t be cause to heave a sigh of relief at this point.”

Development activity rose 34 percent inside the West and was up 22 % inside the Midwest and 7 per cent inside the South. Nonetheless, building fell by 24 per-cent in the Northeast.

On Monday, the National Association of Home Builders mentioned its monthly index of builders’ sentiment was unchanged in September at 13. The index has now been at the lowest degree because March 2009 for two straight months.

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Comments (0) Sep 21 2010

Cape Coral Real Estate foreclosures rates

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Foreclosures in Florida fell in August for the fifth straight month, but the state still ranks amongst those with the highest foreclosures rates within the united states, RealtyTrac reported Thursday.

Florida ranked second behind Nevada inside proportion of real estate units receiving foreclosures notices in the course of the month, with a single in every 155 properties receiving one – more than twice the national common, according to the Irvine, Calif. company’s monthly survey of your U.S. real estate marketplace.

Two Florida metropolitan regions – Cape Coral/Fort Myers (third) and Miami-Fort Lauderdale-Pompano Beach (fifth) – ranked among the leading 10 metro regions around the country in terms of the frequency of property foreclosures for the month.

Across the country, default notices, auctions and financial institution repossessions dropped 5 % from August 2009 but were 4 percent higher than in July, a figure RealtyTrac CEO James Saccacio attributed to a convergence of elements which includes stepped-up financial institution repossessions and fewer initial default notices.

“On the front finish, seriously past due loans are rolling into foreclosure at an unusually slow rate, while on the back finish, the dammed-up inventory of properties already in foreclosures is moving to (lender ownership) in a steady stream instead of a flood, presumably to prevent further erosion of household costs,” Saccacio said in a statement.

Numerous states, which include Florida, have enacted regulations or made voluntary arrangements with mortgage lenders to expand the time period prior to which mortgage loans become past due in an effort to give home owners as much help as possible to maintain their properties. Sluggish house prices and a glut of supply on the market, however, continues to add pressure on some home loan holders who uncover themselves “upside down,” having to pay home loans on home valued at considerably less than what they paid for it.

Across the country, Nevada continued to guide all states from the proportion of houses in several state of foreclosure proceedings. One in each and every 84 property units in Nevada got a foreclosures discover in August, more than four times the nationwide common. August marked the 44th straight month Nevada held the dubious position, despite a 25 % drop in foreclosure activity compared to August 2009.

Arizona, California and Idaho rounded out the top five states in the proportion of properties in foreclosures. In terms of sheer numbers, California led the nationwide with 69,143 properties getting a discover in August. In Florida, 56,877 properties obtained notices for the duration of the same time period.

In all, five states – California, Florida, Michigan, Illinois and Arizona – accounted for more than half of the 338,836 households inside U.S. to fall into default.

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Comments (2) Sep 17 2010

Cape Coral Real Estate market is moving!

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Well, since 2 or 3 weeks now, I have seen an increase of leads, emails and phone calls from buyers. It seems that they really begin to see an increase of pricing and realize that it’s now or never!

There is no day that I don’t have a couple of showing, and I mean showing properties for 2 different persons in that day. Of course, the main market is the foreclosures and/or properties priced under $120,000. There is a huge demand at the moment. And there are lots of beautiful houses in that price range, sometimes with pool.

However, I experience more difficulties to find what I was finding in the past months. The inventory is shrinking for that $120,000 and less houses. Those buyers will definitely get a nice equity in their purchase soon. I’m guessing 2 – 3 years from now. And those who were waiting will regret what we experiencing now.

TV news also showed a decrease in the foreclosure filing in Lee County, from the 900+ down to 800+

Bottom line, not only there are much more buyers out there but the low priced properties are decreasing in number. That’s the rule of  this time…So hurry before it’s too late :-)

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Comments (0) Jun 04 2010

It’s stupid not to buy now!

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Today, the interest rates are still very low but they will rise soon. It’s cyclic. Some potential buyers may never see a chance to buy so cheap again.

Maybe you are very happy in your actual home, or maybe you don’t see yourself doing something else than renting. But if you have the idea to buy a property, the time is now. And if you don’t, I know you will regret it badly later.

As I write this, the average loan rate for a fixed 30 years is about 5% with no points. And it’s a 40 years lowest!! So this may be a once in a lifetime opportunity.

Historically, in 1970, the rate was about 7.25%, then rose to about 10% in 1973-1974 to then settled at about 8.5%-9% until 1976 to rise again at about 10%, which then, as seen as a OK rate by homebuyers.

But from 1977 to early 80′s, the rate climbed to 18%. Some homebuyers still remember those years today for that fact. Later it was always fluctuating between 11% and 9% until around 2000 when we saw a slow drop of the loan rate down to 6%-7%. That’s why 5% is something rare enough to mention these days…

So, what can we learn from the historical trends and numbers?

In the last 30 years, we saw that 6%-7% was the very low and 18% the very high, with an average of around 9%. So 5% can be seen as a golden digit!

The most important is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home.

Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let’s assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.

Stay with me now. We are at 5%. It is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $48,000.

Let’s put that into perspective. You have a good stable job (yes, unemployment is at 10%, but another way of looking at that figure is that most of us have good stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,500 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is “more stable” and it’s safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $48,000 more per point in interest rate changes between now and the time you decide you are ready to buy.

If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

What I’m trying to tell is that if you are planning on being a homeowner now or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.

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Comments (0) Dec 15 2009

Mastering Short Sales

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If you are a Real Estate agent, you will most likely be confronted to short sales soon or later, especially if you are in Florida. Here are some tips to master those short sales.

First start off listing the property right in the mid range of all the other comps and current listings in the neighborhood. If the comps and current listings range from $150K – $180K for example, then you want to
start off listing your property around $165K.

Secondly, you reduce the list price by about 3% each week until you receive an offer on the property.
So in this example you would drop the list price by about $5K each week until you received a solid offer.

Remember, when you first list the property you will also be submitting a COMPLETED Short Sale packet to the lender (with a lowball offer)… Once you do this the lender will order a BPO which will usually take 3-4 weeks to complete.

So in this example, by the third week of lowering your list price you would be the lowest priced property in the area, which would also be about the same time that the BPO would be completed by the lender.

This means that when you do receive a solid offer on the property, you will be able to get an answer from the lender very quickly, now that the BPO has already been done.

Another possibility in this situation is that you drop the list price from $165K to $160K after the first week and you then get an offer on the property… Now you can leave the list price at $160K while you work on getting this very strong offer approved by the lender…

Remember, if you started listing it to low, you would never have received an offer this high…
When you use this strategy you can also show the lender your activity report on the property. You can show them that you made an attempt to get them the highest possible offer.

Here is why this is important…

The lender knows if they ever had to Foreclose on the property, they would have to pay attorney fees, auctions fees, and the process may take more than 6 months.

And that’s not all…

After all that time and money, they would have to list the property as an REO and do the same thing that you just did! List the property and then keep dropping the price until they get an offer.

Here is the key…

By showing the lender that you have already done exactly what they would have to do, and that you can save them 6 months of expenses, it will make your offer much more likely to get approved. If you can get a dollar number for those expenses, the bank will see you know what you talking about and will most likely follow you advice, and even gives you more listings.

This is the only way to make sure your Short Sales get completed in a timely manner and you don’t waste your valuable time with listings that sit on the market with no activity for months.

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Comments (0) Dec 01 2009

Lehigh Acres offer

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Well, I did it again.

I saw a nice little house for sale in Lehigh Acres. On a bit more than a half-acre, this little house has been a grow house and all dry walls are of Chinese origin. So I could see it as an investment by redoing the place.

I made it as a comfortable offer but it has not been accepted. Too bad. But not a major thing, so let’s just move on.

I already have an eye on another one actually. There are so many properties for sale there these days.

I’ll begin my new job down there by January, no matter what. It’s about time! :-)

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Comments (0) Nov 18 2009

Another turned down offer!

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I get a phone call from a agent located in Ft Myers this morning. He told me that the property I had an eye on received 6 offers. This property is a foreclosure and has been on the market for a little 6 days!
Of course, my offer was not accepted. The winning bid was above the asking price!
I see it amazingly strange that when you turn your TV on, you see how bad is the Real Estate market all over the network, especially in California and Florida. But so far, it seems that South West Florida is a strong seller’s market, with bidding war on properties and bid going above asking prices. Amazing!
Let’s see if I can get more luck in a near future.

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Comments (0) Oct 28 2009

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