Friday, October 7, 2011

Alta Mar 2/2 rental, Fort Myers $1000/mo available now

This is an amazing RIVERFRONT unit with spectacular views. TILE on the diagonal in all living spaces with new carpet in the bedrooms. California closets in both master closets!BRAND NEW STAINLESS STEEL APPLIANCES INCLUDING NEW WASHER DRIER!Amenities include fitness center, waterfront pool with spa, 2 community rooms. Walking distance to downtown. VACANT/Easy to show and wonderful landlord. MUST HAVE A 680 CREDIT SCORE OR BETTER TO APPLY!

Thursday, October 6, 2011

Mortgage Rates fall below 4%, the buying opportunity of a lifetime

WASHINGTON — The average rate on the 30-year fixed mortgage fell to 3.94 percent this week, the lowest rate ever. For those who can qualify, it's an extraordinary opportunity to buy or refinance.

Mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates.

On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a record.

Still, rates have been near historic lows for more than a year and have done little to boost home sales. Many people don't have enough cash or home equity to get a loan, or they are reluctant to take the risk in this market.

This year is shaping up to be among the worst for sales of previously occupied homes in 14 years. High unemployment, scant wage gains and heavy debt loads have kept many people from buying. Others can't qualify. Banks are insisting on higher credit scores and 20 percent down payments for first-time buyers.

A drop in mortgage rates could provide some help to the economy if more people could refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.

Consider a homeowner who owes $250,000 and is paying 5.09 percent on a 30-year fixed mortgage. That was the average rate being offered in January 2010. Refinancing the loan at 3.94 percent could save him or her more than $2,000 a year.

But many homeowners with good jobs and stable finances have already refinanced over the past year. Most experts say rates would need to fall at least a full percentage point before it makes sense to refinance again.

The reason is homeowners typically pay a few thousand dollars in closing costs when they refinance. And the low rates being offered don't include extra fees, which many borrowers must pay to get the rates. Those fees are known as points; one point equals 1 percent of the loan amount.

The average fee for the 30-year and 15-year rose to 0.8. The average fees for both the five-year and one-year adjustable-rate loans were 0.6 and 0.5, respectively.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage fell to 2.96 percent. The average for the one-year adjustable-rate mortgage ticked up to 2.95 percent.

Wednesday, May 25, 2011

Both sides of a short sale

Last fall a buyer came to me and was interested in purchasing an abandoned home. I checked and there had been two foreclosure motions filed but no action. Checking public records I found the owners name. I used this information to do an internet search with Intelus to find a current number for him. I contacted him and he agreed to attempt a short sale. The seller needs a hardship for the bank to act and they had one. The first offer from the buyers wasn't enough for the banks negotiator so it had to be increased. We finally reached an agreeable price and the sale progressed. The bank then cut my commission 1% for my efforts. In the mean while two years of HOA fees had piled up and then the HOA ordered a lot clean up right before the transaction could occur, over $1400 billed for rather shoddy work and vegetation left behind. It finally closed after 6 months. Three times the work for less pay. I'll be glad to see the short sale market shrink. Until then I'll be glad to help with your short sale!

Thursday, March 10, 2011

Monday, March 7, 2011

Bonita Springs and Estero Homes January and February sales results

January sales info
180 homes sold at an average price of $256,576 at 91% of asking price
$146 sq/ft after an average of 356 Days on the market
345 homes went under contract
Febrary sales numbers
215 homes sold at an averageprice of $414,681 at 90% of asking price
$194 sq/ft after an average of 433 days on the market
415 homes went under contract

Naples Homes January and February sales info

January sales info
534 Homes sold at an average price of $623,222 or 91% of asking price
$267 sq/ft after an average of 502 days on the market
1161 homes went under contract

February sales numbers

620 homes sold at an average price of $602,221 at 91% of asking price
$278 sq/ft after an average of 574 days on the market
1281 homes went under contract
VROOM! VROOM! homes that have been on the market for years are starting to sell !
Could prices actually start to rise as this inventory get worked out?