The Ellis Team at RE/MAX Realty Group is hosting another free SW Florida real estate short sale seminar on Monday, November 26, 2007 at 7 PM We will teach buyers how to effectively purchase properties in Fort Myers, Cape Coral, and all of Southwest Florida at or below fair market value.
Registration is FREE, and you must call our office at 239-489-4042 as seating is limited.
Recently WINK TV interviewed the Ellis Team at RE/MAX Realty Group and Denny Grimes & Co. and reported that a local expert says Lee County real estate market has bottomed. We really said we see 2008 as a year where the SW Florida real estate market bounces along the bottom. We did not officially call a bottom to this market, although we are seeing signs of downward pricing pressure abating. 2008 should be a year with some ups and downs but mostly a bump along the bottom, and these ups and downs shouldn’t be confused with a full-blown recovery, nor a full blown pending crash. The market can go both ways along the bottom.
As we’ve said throughout 2007, we cannot officially call a bottom to the SW Florida real estate market until we see a continued pickup in transaction volume, and exisiting home sale inventory declines. Prices have come down substantially, and buyer interest has definitely picked up. Some buyers are moving ahead as inventory is high, negotiating leverage is great, and interest rates have recently come down again. Property insurance rates are on the decline, and so is property taxes, although we believe we will see even greater property tax declines next year.
Stay tuned for a future article on what is happening today and why we see signs of downward pricing pressure easing.
The Ellis Team SW Florida Current Market Index stabilized this past month, which is a good sign heading into season. Listing inventory increases in both single family homes and condos in southwest florida, and so did pending sales. In fact, pending sales climbed at an equal to or greater rate than what we’ve been seeing in past months.
Buyer activity has increased, and demand for our Southwest Florida short sale seminar is growing as well. If you’d like to attend our next free SW Florida short sale seminar, please call our office to register. We teach first time home buyers. move-up buyers, and investors how to consistently buy properties at or below today’s fair market value, and educate consumers about the local SW Florida real estate market.
The higher the CMI Index, the more supply we have relative to demand.
| November 14, 2007 | Active | Pending | CMI |
| Single Family | 15,710 | 797 | 19.71 |
| Condo | 8,361 | 388 | 21.55 |
| October 16, 2007 | Active | Pending | CMI |
| Single Family | 15,438 | 783 | 19.72 |
| Condo | 8,212 | 354 | 23.20 |
| September 15, 2007 | Active | Pending | CMI |
| Single Family | 15,215 | 809 | 18.81 |
| Condo | 8,141 | 369 | 22.06 |
| August 15, 2007 | Active | Pending | CMI |
| Single Family | 14,919 | 955 | 15.62 |
| Condo | 8,190 | 417 | 19.64 |
| July 12, 2007 | Active | Pending | CMI |
| Single Family | 15,095 | 975 | 15.48 |
| Condo | 8,380 | 443 | 18.91 |
| June 14, 2007 | Active | Pending | CMI |
| Single Family | 15,164 | 1,014 | 14.95 |
| Condo | 8,761 | 485 | 18.06 |
| May 17, 2007 | Active | Pending | CMI |
| Single Family | 15,607 | 1,107 | 14.10 |
| Condo | 9,205 | 560 | 16.44 |
| April 15, 2007 | Active | Pending | CMI |
| Single Family | 15,896 | 1,152 | 13.80 |
| Condo | 9,660 | 569 | 16.98 |
| January 23, 2007 | Active | Pending | CMI |
| Single Family | 13,769 | 1,016 | 13.55 |
| Condo | 9,002 | 529 | 17.02 |
| November 27, 2006 | Active | Pending | CMI |
| Single Family | 13,186 | 1,031 | 12.79 |
| Condo | 8,344 | 535 |
15.60 |
The weakening dollar has created many issues for US consumers, but could it be help our housing economy with foreign investors looking for an investment or even a second home?
"European investment is likely to pick up," said Mark Vitner, chief economist for Charlotte, N.C.-based Wachovia Corp. "Now is the time to come over and take advantage."
This winter we are foreseeing that foreign investors will step in and replace first-time home buyers who have been squeezed out of the housing market during the recent downturn. This surge of foreign investors in turn will enable current homeowners to sell and trade up to larger homes, a process that has been crucial in our economic growth.
As the real estate market has slumped the dollar has also sunk to all time lows compared to other foreign currencies, such as the euro. This means that foreign investors can purchase more in the US. This in turn will make the real estate market very appealing this season.
The surge of foreign investors can help set a floor for our market here in SW Florida. Guess where the top places for foreign investors will be??? Florida and California are expected to have a surge in foreign investment which will help in placing a bottom to our market.
Speaking of bottom… Where was the top?
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With the market closed on Monday in observance of Veteran’s Day – the rest of the week will roar into action with a packed economic calendar, including a look at retail sales numbers, consumer and producer inflation, and the manufacturing sector too. Remember that when Bond prices move higher, home loan rates improve! – Bond prices have overall been trending higher over the last few months, meaning home loan rates on conforming loans have improved in general. Any weak or negative economic news arriving this week should help money flow into the safe haven of Bonds, helping Bond pricing move higher and home loan rates move lower. But lingering concerns on the credit quality of Mortgage Bonds could hamper their road higher – so this week could be volatile. |
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With the market closed on Monday in observance of Veteran’s Day – the rest of the week will roar into action with a packed economic calendar, including a look at retail sales numbers, consumer and producer inflation, and the manufacturing sector too. Remember that when Bond prices move higher, home loan rates improve! – Bond prices have overall been trending higher over the last few months, meaning home loan rates on conforming loans have improved in general. Any weak or negative economic news arriving this week should help money flow into the safe haven of Bonds, helping Bond pricing move higher and home loan rates move lower. But lingering concerns on the credit quality of Mortgage Bonds could hamper their road higher – so this week could be volatile. |
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The Ellis Team at RE/MAX is holding a Short Sale Seminar in Fort Myers Monday November 12, 2007. Call 239-489-4042 to signup as seating is limited. In this seminar we will teach buyers what the banks are looking for in the short sale process, and how to close on these properties quickly and circumvent the long approval process.
Selecting the correct properties, and working with agents experienced in the short sale process is critical in having success buying short sales. We’ll show you the inside secrets directly from the Top executives at many of the Loss Mitigation Departments.
Only the experience of RE/MAX and the Ellis Team can bring you these inside secrets as we have nationwide connections with Top industry professionals who share them with us so we can help them sell their properties.
Many investors erroneously believe they can get great deals by making offers designed to trigger a counter-offer from the lender. We will teach you how to discern myth from fictions, and teach you the right way to obtain the home of your dreams at an affordable price in SW Florida, or buy that investment home at today’s lower prices.
We are offering this seminar to end user first or second home buyers, or small investors. There are investment groups who offer tips and strategies to investors who wish to purchase homes in bulk, We are not offering this seminar to bulk investors at this time.
We will be sharing tips and insight you won’t get anywhere else. If you miss this seminar, please call our office to find out when the next when will occur and we’ll get you on the list.
This past week rates on 30 year mortgages dropped to their lowest levels in 5 months! This is a great time to get into the housing market with a fixed 30 year mortgage to give predicatable low payments. Right now more than ever buyers have choices to purchase exactly what they want and get financing at historically low interest rates. There are also several 100% financing programs available for the first time buyer.
Short sales are the new buzz words in real estate for the past year or two, and there are certain things you need to know to be able to accomplish this task. Short sales are an excellent way to purchase a property at or below today’s fair market value, and you need to work with an agent that thoroughly understands this process.
On this past weeks radio show we invited two experts from Countrywide Home Loans to explain the Best way to purchase these properties. Countrywide is the nation’s largest lender, and is being proactive so that they don’t have to foreclose on these properties.
Last year Countrywide foreclosed on 7,000 properties nationwide, and already this year 25,000 are in foreclosure. They don’t want anymore.
If you wish to buy or sell using this process, there are some important things your agent needs to know, so make sure you’re working with an agent who knows the systems and the regulations, otherwise buyer will miss out on a good deal and seller could lose home to foreclosure.
Listen to this week’s show online to hear more about the process. Click on November 3, 2007 Show.
For those interested in consistently buying real estate in SW Florida below market value, call our office to signup for our next short sale seminar next week.