Category Archives: Cape Coral

Cape Coral Florida news and information.

Is There a Real Estate Bubble?

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When prices rise for a period of time everyone begins to ask the question “Is there a real estate bubble?  The answer is yes, but perhaps not for the reason you might think.

Is there a real estate bubble
Is There a Real Estate Bubble?

Buyers and sellers worry about prices and supply and demand.  Realtors worry about marketing and finding buyers for their listings.  The real estate industry has changed in the past several years and newer agents relied on real estate portals like Zillow and Trulia to provide leads, for a fee.

This worked for agents who didn’t have a lot of listings or only worked with buyers as they were able to essentially purchase leads and hopefully go out and sell.  Agents didn’t count on sites like this diluting inventory by selling to many more agents leads in their zip code, and raising prices.

Agents who relied on this model complain how a certain zip code now is bought up by many more agents, and the cost per impression has skyrocketed.  Agents are beginning to say enough is enough, so we say there may be a real estate bubble for these large portals.

Our team purchases a certain amount of advertising on each to attain Premiere status.  Almost daily we’re getting calls that more inventory has opened up in key zip codes.  This either means they’re selling more impressions in that zip code or other agents are cancelling.  Rates have also fallen.  This tells me agents may be cancelling.

Furthermore the National Association of Realtors recently voted in some changes that will level the playing field, making agent websites more attractive against the likes of the big players mentioned above.

MLS’s will now be required to send out more data in its data feed for use by brokers. Section 7.79 of MLS policy did not spell out whether MLS’s must provide this extra data so brokers and agents could use AVM’s (Automated Valuation Models) in their own websites.

Zillow came to fame because of their Zestimate, which was an online AVM.  Never mind the fact the estimate was so far off in the beginning it didn’t resemble reality. It has gotten better, but consumers still complain about outdated and inaccurate data on their website.

Brokers on the other hand have access to today’s data, because it is the brokers who maintain the data to begin with.  Instead of going through a 3rd party who doesn’t always get it right, why not use a broker direct and get the accurate data?  So goes the argument at NAR, and this year they followed through.

The Ellis Team was one of the first brokers nationwide to put the MLS on our website, and we were one of the first to utilize an AVM on our website.  That’s right, at Topagent.com you can search the MLS and get an estimate of value for your home.  In the future, more agents and brokers will do the same, which brings me back to the point of this article.

We believe agents will either go back to traditional marketing to find buyers and sellers, or spend money promoting their own websites. Newspapers now have digital media divisions designed to manage an agent’s or broker’s online presence.  You don’t have to be an Internet expert like we are, you can hire it done.  In fact, even though we know what we’re doing, it makes sense to let someone else manage the online ads so we can do what we do best, which is sell real estate.

Instead of paying money to promote Zillow, why not pay money to promote your own site?  If you search anything real estate related you’ll notice they show up.  That’s because agents advertising dollars are promoting the portals. When agents stop advertising with them, their ability to buy up positions on Google, Yahoo, and Bing will dry up too. This is what we call an online Real Estate Bubble.

The big guys won’t go out of business, but their lofty valuations on Wall Street may take a hit. There is no way Zillow/Trulia is worth $3.5 Billion dollars when neither makes a profit. And if their revenue falls, they may not be worth anything.

Good luck, and Happy House Hunting!

Search the SW Florida MLS for Free

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To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

 

Check out our New Fort Myers Downtown River District Blog

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

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Legal Ramifications of Online Reviews

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This holiday season you’ll probably be checking online reviews for restaurants, stores, products, and much more.  I know I look to online reviews when making purchasing decisions.  I’ve bought items and shied away from certain products based upon the review of others.  Beware of legal ramifications of online reviews.

Legal Ramifications of Online Reviews
Rate us on Google+

I was astounded to watch a newscast from KSHB in Kansas City about a woman who left a mediocre review on an orthodontist. She left him a 3 star review because she felt the service was OK. .

She was contacted by the orthodontist and asked what they could have done better and she told him.  She was impressed that he cared enough to call.  About a month later she received a nasty letter from an attorney that she was being sued if she didn’t take the 3 star review down.  It created quite a stir in that community. People even came up to her in the grocery store and said things to her over that issue.

While we have free speech laws a business still has the right to sue you if they feel they have been slandered. Some states have enacted an anti-slapp (Strategic Lawsuit Against public Participation) law that protects consumers from businesses or governments for voicing their honest opinion.  I’m no lawyer, but it appears Florida does have a law like this that protects against governments suing you. I read of a case where it was applied to protect against a business as well.

If a business must bully consumers into writing 5 star reviews or nothing at all I would suggest that business may take a beating in the court of public opinion. The Kansas City lady isn’t backing down and now it’s made national news.  How great is that for the orthodontist? I have no idea if he’s good or bad, and if I was in Kansas City I wouldn’t have judged him harshly for a mediocre review.  I think people weigh all the reviews before making an opinion.

I think this could have been handled much better. If a customer is unhappy with us I would hope they’d respect us enough to give us a chance to correct whatever issue was bothering them.  Most people will before writing a bad review.

We encourage reviews.  If  you’ve had a great experience with our team, or just enjoy reading our newspaper article, we’d love for you to review us at google.com/+Topagent  If  you’ve had a mediocre or negative experience, send us an email at brett@topagent.com and we’d welcome the chance to address it.

We think this is a much better way to handle positive, mediocre, and negative reviews.  Hiring an attorney to threaten legal action over mediocre reviews just seems kind of old school and not in the spirit of how business is transacted today.  Sure, there are always goofballs that can hide behind an online identity and say whatever they want about your business, but this case in Kansas City doesn’t seem anything like that.

If you’d like to search the MLS like a pro, go to our website Topagent.com and you can see homes currently on the market throughout SW Florida.  If you have a property to sell, check out our reviews, then call the Ellis Team at RE/MAX Realty Group 239-489-4042 We’re easy to talk to and we love to help people.

We look forward to hearing from you and reading your reviews. And be careful when writing negative things about businesses unless it’s all true. While Florida may have some protections for you in can be costly to defend something like this.  It pays top check them out beforehand so you never have to write a bad review.

Good luck, and Happy House Hunting!

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Tune in to The Future of Real Estate

 

Good luck and Happy House Hunting!

Search the SW Florida MLS for Free

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To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Check out our New Fort Myers Downtown River District Blog

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

Beware of Property Scams in SW Florida

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Beware of Property Scams in SW Florida. 2 weeks ago our office began receiving phone calls from confused customers calling in on one of our listings.  The problem is they were under the assumption the property was for rent when it is actually listed for sale.

 

Beware of Property Scams in SW Florida
Beware of Property Scams in SW Florida

Upon further investigation we found a Trulia listings advertising the property for rent.  Our listing is also on Trulia for sale.  Rental customers were interested in renting but were confused with it being for sale, so many called us.

We assured each one of them it was not for rent.  They were being told the family had a change of heart and decided to rent it.  We called the family to verify and they said it is not for rent and knew nothing about it.  We had the ad taken off Trulia after a phone call to them.

A few days later we received more calls.  One person mentioned that seller was expecting a money gram for $1,000 deposit and $800 1st month’s rent and then seller would send the keys.  No lease mentioned, just keys would be Fed Ex’d when money arrived.

The prospective tenant questioned him about the For Sale sign in the yard.  She was told that he was very unhappy with the team selling the home.  He said the real estate company let someone move into the home and they trashed the place, so as soon as she sent the money he would take the For Sale Signs down. Luckily for her she called our office before she lost the money.

We reached out to the Lee County Sheriff’s office who is investigating.  We spoke with several detectives and they say this is a growing epidemic here in SW Florida.  They’ve seen many complaints from ads on Craig’s List and all over the Internet.  It’s a real shame because these scam artists are virtually assuring that you must go through a reputable company to rent anything.

How is a buyer or renter to know if they’re actually dealing with the owner?  Detectives tell us quite often the scam artists opens up phone numbers in the US using a service like Magic Jack, but really many are from overseas like Egypt.

According to the sheriff’s office scam artists in Lehigh Acres are selling properties they don’t own to unsuspecting buyers who think they’re getting a good deal.  If the deal seems too be good to be true and there are not licensed professionals involved in the deal, you might want to investigate the deal further.

If you see a home listed for sale and for rent with different owners or companies, it bears asking further questions.  Never give out personal information or fill out detailed application forms until you’re sure who you’re dealing with.

In the above case the scam artists are looking for money, but we could see unscrupulous people using your private data from a rental application for identity fraud to obtain credit in your name.

Use MLS search sites like Topagent.com to search the MLS.  Using sites like VRBO, Craig’s List or Ebay is risky if you’re not dealing with the legitimate owner.  If you have concerns or feel you’ve been a victim of a property scam, contact the local Sheriff’s Department and they will assist you.  More importantly, take the steps beforehand to protect yourself so you don’t end up a victim.

Good luck and Happy House Hunting!

 

Tune in to The Future of Real Estate

 

Good luck and Happy House Hunting!

 

Search the SW Florida MLS for Free

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To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Check out our New Fort Myers Downtown River District Blog

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

SW Florida Home Buyer Seminars

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The Ellis Team at RE/MAX Realty Group is hosting two SW Florida home buyer seminars this week.  We’re naming it “Why Feed the Rent Monster?”

 

SW Florida Home Buyer Seminars
Why Feed the Rent Monster?

Call our office at 239-489-4042 to reserve your spot.  We’ll have lenders on hand to answer financial questions and offer credit advice.  Our team will show you how much more it costs to rent versus purchasing a home and how much buying a home can save you on taxes.

We’ll share with you how to build equity.  A fixed interest rate locks in your monthly principal and interest payment.  Renting typically has yearly rent increases, and when you’re done renting you have nothing to show for it.  We’ll show you how to lock in your payment, build equity, and save on your taxes.

Studies prove children do better in school when the parent sown their own home, and divorce rates are lower too.  Most people don’t buy because they have fear about the process.  We’ll take the fear out of the picture as we walk you through the entire process.  We’ll hold your hand and explain what comes next every step of the way.

We can help you find an existing home, and we know the builder inventory of new homes too.  Consider the Ellis Team your partner in success.  In a few years you’ll be thanking us for helping you find your dream home and building equity.

 

Feel free to search the MLS.

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To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Feel free to view our Virtual Tours

Check out our New Fort Myers Downtown River District Blog

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

Appraisals Hurting Home Buyers in SW Florida

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New appraisal rules are limiting the way appraisers can show value for a home which is frustrating sellers, buyers, appraisers, and lenders alike.

Appraisals Hurting Homebuyers in SW Florida

The appraisal industry has become increasingly frustrating over the years.  Mortgage rules dictated adding a middle man to the process in the way of appraisal management companies.  Now the lender submits orders to the management companies who in turn hire out appraisers.  The appraiser is given the order and must return the appraisal within a short amount of time, in many cases two days.  The appraiser doesn’t get to keep all the money either as the management takes a large cut.

The management company then reviews the appraisal and can kick it back and reject the value.  All this happens before the lender even sees the appraisal.  And if this isn’t bad enough, there are recent rules that prohibit appraisers from going outside of an area unless they show all actives and sales within an area first, regardless of whether they’re good comps for the subject property.

It’s kind of ironic because they will reject comps that are not good, but if you are forced to use comparables outside of an area, they’re suddenly judged as valid comps and must be considered.

This year we’ve sold several homes higher than the appraised value of the home.  Many times we have multiple offers on a property. If the winning buyer is obtaining a mortgage, you never know what that bank’s appraiser will appraise it for.  Sometimes we blame the appraiser for doing a bad appraisal, but many times it’s not their fault.  They’re just working under new rules with unrealistic conditions that do not bear what’s really happening in the market.  Isn’t that what an appraisal is supposed to do?

Something’s not working, and the rules should be written by those that understand properly evaluating real estate.  These rules should work in all conditions; up, down, and sideways markets.

In one subdivision we work in the last 3 homes did not appraise for selling price.  This forced the buyers to pay more cash out of pocket, because if they didn’t, someone else would have bought the home and done so.

Appraisals Hurting Home Buyers in SW Florida

We sold a home in San Carlos Park earlier this year and the home appraised for more than $20,000 less than what we sold it for.  The bank wouldn’t adjust their appraisal.  We said you’re not hurting our seller but rather just your borrower.  The buyer came up with $7,500 extra cash on top of their down payment but couldn’t come up with over $20,000.  The seller declined and the deal fell through.

A cash buyer came in the next day and it closed 3 weeks later back up to where we sold it the first time.  Was the first buyer protected by the appraisal?  No.  In fact, the appraisal cost them the home they truly wanted.

We can’t say it was the appraisers fault.  We can say it was the new guidelines fault.  This story is playing out across SW Florida over and over again.  Ask any Realtor that’s selling homes if appraisals are affecting their sales and many will tell you they are.

There are things you can do.  We’ve been meeting with the appraiser when they inspect the home and offering up any comparables they may not have seen.  Most appraisers will listen if you’re trying to help them.  If you think you’re going to bully a higher value out of them or trick them, you can forget that.  If they respect you as an agent most will listen because in the end we’re all just looking for the best information possible to make the best appraised value possible, under the conditions we’re given.

It helps to hire an agent who understands appraisals, and one that can talk with and assist the appraiser upfront if need be.  It does no good to argue with an appraiser if you don’t understand the process or have facts in hand.

If you’re thinking of selling, hire experienced agents like the Ellis Team who can guide you through the selling maze.  You’ll be glad you did!

 

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

 

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

Low Inventory Leads to Quick Home Sales in SW Florida

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Low Inventory Leads to Quick Home Sales in SW Florida

If you price it right, they will come.  We’ve been saying this for years, and it’s true.  Perhaps you’ve read recent headlines that shows home sales are down.  This would also be true but not for the negative reason the headline implies.

Simply put, home sales are down only because we don’t have much to sell.  We have greater demand than supply.

Low Inventory Leads to Quick Home Sales in SW Florida

If you look at the inventory chart for single family homes in SW Florida you’ll find that inventory levels are at their lowest level in years.  Inventory levels usually begin to rise in October through season, so we’ll have to keep our eye on that.

Buyers aren’t really prepared for the competition for new listings.  Their agent tells them it’s a good market and multiple offers are more often the rule rather than the exception, but it doesn’t sink in until they experience it for themselves.  There’s nothing quite like losing out on your first and second choice home.  It begins a powerful soul search and buyers have to ask themselves a hard question.  How bad do I want a home?

Most want one.  Some think about it and fear takes over so they do nothing.  They try again next year after feeding the rent monster and can’t believe how much waiting has cost them.  And the process begins all over, until the fear of remaining the same is greater than the fear of change and they take action.

New SW Florida Pending Sales October 2014

Look at the new pending sales chart.  This chart measures only new pending sales during the month.  It is not cumulative pending sales.  You’ll see new pending sales are rising over previous years at a time when inventory is falling.

This is why average sale prices are up 14.8% while median prices are up 3.9% from last year.  Combine that with a temporary drop in interest rates and you can see why we have a buying frenzy in SW Florida.  Other parts of the country aren’t experiencing what we’re seeing here, but then again they didn’t go through the tough times we did for 6-7 years either.

Builders didn’t build here for years.  Now that companies are hiring and moving here, we have a shortage, but thank goodness inventory is coming online.  It’s hard for a buyer to know where the inventory is, however an experienced agent who is active in the market knows and can help you.

The Ellis Team will be conducting home buyer seminars in November to help buyers.  We’ll educate you on how to get the best financing and what the lenders are looking for when you apply.  We’ll teach you how we get our offers accepted by sellers.  You have a limit to what you can afford, so we structure your offer to stand out.  We’ll show you where the new and existing inventory is that other buyers might not know about.

We teach you about flood insurance, homeowners insurance, the inspection process, and more.  You’re not in competition with the seller.  You’re in competition with other buyers who want the same homes you do.  We’ll educate you so you’re more informed.  Knowledge is power, and you can use that power to get in your home now before rates and prices price you out of the market.

Call our office to signup for one of our November seminars. 239-489-4042  Or you can email me at Brett@topagent.com  Feel free to search the MLS on our website www.Topagent.com If you can’t wait for our seminars this month, call us and one of our buyer specialists can meet with you one on one and get you a head start.

The market is Hot.  Sellers are doing well.  We’d like to help buyers take advantage and get in now before it goes higher.

Good luck and Happy House Hunting!

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

 

Mortgage Rates Hit New Lows in October 2014

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Mortgage rates hit new lows for the year this past week as 30 year fixed rates averaged 3.97% The 15 year rate fell to 3.18%, and the 5-1 ARM sits at 2.92%

Mortgage Rates Hit New Lows

 

Mortgage Rates Hit New Lows

Forecasters have been prognosticating mortgage rates would begin to rise going into 2015 as the Fed tapers its bond buying program and most believe this is true.  However, we’ve heard fears of deflation and 10 year bond yields have fallen below 2%.  This is due to several factors including an economic slowdown in China, Europe, as well as fears of Ebola.  Ebola is one of those wildcards we’re thrown every once in awhile that makes it difficult to predict what will happen to the world economy.

Buyers are taking advantage of the dip in rates too as we listed and sold several homes this past week that sold in a day.  Buyers who have been shopping for any length of time are tired of getting beat out by other buyers for hot new properties that enter the market.

They’re also watching the interest rate market as a dip in rates means they can afford a larger mortgage with the same monthly payment with the new lower rates.  This is important in a rising price market like we have here in SW Florida.

When prices rise, it raises the monthly payment for a buyer if nothing else changes, or it drops them into a lower tier home if they cannot afford the higher payments.  Lower rates are a nice surprise, especially in a rising market.  Because home prices are expected to be higher next year than this year, and because rates are expected to be higher next year as well, it really pays to jump on that house when it hits the market and go after it hard.  Even if you overpay a little bit now, it can save you thousands in a few months when rates rise and prices rise.

At our team meeting this week our buyer specialists were talking about helping buyers in the $100,000-$120,000 range and how difficult it was for them as each home they were interested in had multiple offers.  Basically it’s come down to setting up alerts on the MLS and notifying our buyers instantly when a new home enters the market and writing an offer within hours.  Multiple offers are still a possibility, but it’s the only way these buyers are going to have a chance at landing a home.  They just can’t go higher and there is limited inventory.

This is happening in several price ranges.  We just had a home come on the market in the $450,000-$500,000 range and it went pending in one day and we have several more buyers begging for a call if anything happens on this transaction.  It’s good news for sellers and terribly frustrating for buyers.

Our advice is work with an agent who will study the market for you and guide you.  If what you’re looking for has limited inventory, jump on a new listing that fits your needs and will work for you, and is priced fairly in the market.  If it’s well overpriced you may not have to worry.  Some sellers are delusional even in a seller’s market and you just have to let those go.

However, the seller may not be as delusional as you might think in some cases.  If the property is unique or has something drawing you to it, chances are it may be drawing other buyers as well.  Views, extended lanais, or remodeled kitchens and baths might bring extra value.  You can’t just look at dollar per square foot.  Appraisers don’t work solely off that and neither should you.  Rather it’s best to make specific adjustments for certain items based on market conditions.

It pays to work with a Realtor that knows the market.  This is true buying or selling.  To search the MLS for free check  www.TopAgent.com  If we can help, please call us at 239-489-4042  Good luck and enjoy the interest rate break!

Good luck and Happy House Hunting!
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

 

National Pending Home Sales Fall Slightly in August 2014

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National Pending Home Sales Fall Slightly

Nationally pending home sales pulled back slightly in August but are still in positive territory.  The NAR (National Association of Realtors) Pending Home Sales Index stands at 104.7 which is down from 105.8 in July.  Anything over 100 is considered positive territory.

National Pending Home Sales Fall Slightly in August 2014
New Single Family Pending Sales

Lawrence Yun, chief economist for NAR was quoted as saying “With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home. Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month.”

Locally we’re seeing new pending sales declining slightly as well.  This very well could be because of declining inventory levels.  Our market is still hot for the most part.  Inventory levels are down and median time on the market is also down 12.5% from last year.

The 42 days on market includes high priced homes and short sales which tend to skew the number higher.  If you have a home on the market longer than 42 days it could be that you’re not priced at the market.

We are seeing some resistance in the first time home buyer market.  Buyers are being stingier and writing low-ball offers at the lower end of the market. The ironic thing is this is the hottest part of the market in terms of marketing time.  Lower priced homes fly off the shelves the quickest.  The median time it takes to sell a $100-150k home is 27 days.  For a $150-200k home it’s 34 days.

Median days on market SW Florida Single Family Homes For Sale
Median Days on market

We’re seeing buyers with pre-qualification letters for much higher than their offer but not all are stepping up to the plate.  We don’t know if the buyers are fearful and being cautious or getting bad advice from their Realtor as to what the realistic chances are of getting the home.

Most times they lose out on the home to another buyer.  There is limited inventory in the market, so if you miss out on your 1st choice, you may slip down to getting your 2nd, 3rd, or 4th choice, and those choices don’t look as good as when you have more to choose from.

Our buyer agents have been working very hard at identifying properties for buyers and notifying them as soon as one comes on the market.  Sometimes beating out other buyers to hot new listings is a good way to get a new #1 choice, but it is risky as the next homes to come on the market could be at higher prices.

Buyers aren’t really in competition with the sellers.  They’re in competition with other buyers who are looking for the same thing.  Beating them to the punch can be the difference, and having a Realtor with excellent technology systems in place can make the difference.

If you’re tired of losing out to other buyers and want a team working for you, give us at call at 239-489-4042.  Or you can signup at www.Topagent.com and view properties in the MLS.  Our agents have other systems and can contact you and be on the lookout for you and notify you immediately when something pops up that meets your needs.

We also get our buyers pre-approved for a mortgage, so when that property does pop up, you’re ready to go.  It’s frustrating to find a property then lose out to another buyer who was a day or two ahead of you with the pre-qualification process.

Our team makes the process easy.  Most people have fear about the process as much as anything.  We’ll walk you through step by step so you always know what to expect.  With some hard work on our end and a little luck, we’ll have you in your home before rates and prices go up anymore and price you out of the market.

With the Ellis Team at RE/MAX, it’s a family affair.  Always call the Ellis Team, we’ll handle you with care!

 

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

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Feel free to view our Virtual Tours .

Search All SW Florida Real Estate Market Listings

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By Brett Ellis

RE/MAX Realty Group – Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

239-489-4042

 

Benefits of Working with a Team in Real Estate

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Benefits of Working with a Team in Real Estate

Benefits of Working with a Team in Real Estate
The Ellis Team Works as a Team
Years ago we were the first to predict top agents would form teams similar to a baseball team to take better care of their customers. We fielded a team of Realtors because just as the pitcher cannot be expected to catch a high fly ball to center field, a Realtor cannot be at a listing appointment, install a sign, write newspaper ads, take pictures, show property to buyers and present an offer all at the same time.
Brett and Sande concentrate on pricing the homes properly (comparative market analysis) for the listing. We also negotiate the offers. Perhaps this is why our listings sell faster and for more money.  We price them correctly and we negotiate well.
Buyers must see property on their time – days off,  or after work,  golf or boating.  Buyer Specialists are available for the buyer seven days a week. They are experienced, knowledgeable and fun to work with.  Thinking of buying or selling? Interview teams and single agents to see which best fits your particular needs.
We have full-time staff to help as well.  Dale Peck is our marketing manager and he corrects all our photos digitally and makes our homes look good.  We produce videos in-house, as well as our newspaper ads, yellow page ads, and more.  If we want something change, we collaborate in-house and make it happen.
Ashley Johnson is our closing coordinator.  She stays on top of our closings and coordinates with other agents, the banks, title companies, lawyers, appraisers, home inspectors, etc.  We keep our closings on track.  It’s hard enough to sell a home the first time, so we’d just as soon close it the first time too.  We don’t want details slipping through the cracks.  This can easily happen if you’re a single agent doing everything.
Vickie Frierson is our Listings Manager.  She stays on top of your listing and keeps everyone informed.  Communication is Big on the Ellis Team.  Vicki obtains feedback on showings, notifies our sellers when and where they property is advertised, and checks on the properties.  We want to make our homes show well online and in person, and Vicki keeps the process moving right along.
Hopefully after dealing with the Ellis Team you too will realize there are benefits of working with a team in real estate.

To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below

Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907

Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers

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Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers

Headlines the past few years have painted a bleak picture for those attempting to get a mortgage, and for good reason.  After the downturn banks over-reacted and added several layers of verifications and procedures in hopes of insuring they wouldn’t face losses in the future or be forced to buy back loans from regulators.  Mistakes were made by the government and banks.  This held the recovery back, but real estate still found a way to recover.

Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers

Many do not know there are new programs out there and buyers can get financing today.  For instance, persons who lost their home to foreclosure or experienced a short sale 3 or more years ago may qualify now.

There is a program for 1st time home buyers (anyone who has not owned a primary residence in last 3 years) that allows them to purchase a home for essentially $1,000 of their own money.  They need a minimum FICO score of 640 and must not make more than $66,025 for a family of two and $69,600 for a family of three.  A $10,000 2<sup>nd</sup> mortgage can be used at 0% interest for the down payment and closing costs.  The property must be located in a federally designated target area.

Jumbo Loans  Traditionally Jumbo loans in lee County were anything over about $417,000  We have a lender that now has the option of treating your loan as a jumbo loan at $250,000.  They portfolio the loan, so they can use business funds as an eligible asset for reserves and as a down payment source, which is huge.  The lender is able to take a common sense approach to the loan versus a hard and fast rules and regulations placed by the government.

While $250,000 doesn’t sound like a jumbo loan, it’s nice that a lender now has the option to lend their own money with different guidelines.  They can do so with as little as 10% down.

We also know of a program whereby the buyer can pay cash for the home and then refinance and take cash out within 6 months.  This is helpful when the buyer has cash but doesn’t really want to tie it up and is looking at a hot property.  Many homes are selling with multiple offers and the cash offer often times wins because financing and appraisal isn’t an issue.  Many homes are selling above appraised value because appraisers are looking at past sales and the market has been rising.

Credit scores are set to rise and credit agencies are treating medical debt differently than in the past.  Some people will see their scores go up.

The reason many buyers have remained on the sidelines is because of fear.  Fear of the process and fear they won’t qualify for a mortgage.  We will be setting home buyer seminars to explain the process to buyers and have lenders look at your credit and tell you if it’s possible.  Buying a home doesn’t have to be scary when you have someone holding your hand and walking you through the process.

Lastly, we have a way to lease-option a home so you can lock-in your home and move in before you own it.  We have an investor that purchases the home on your behalf and leases it to you and there is an agreement that you can buy it anytime in the next 5 years for set prices.  This is a good program for those with credit issues but know they can purchase in a year or two when their credit is better.  It creates stability for the family, especially those with children looking to get into a school zone.

The bottom line is there are more choices now.  Call us today at 239-489-4042 and see if buying a home is in your future.

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Ellis Team

Fort Myers Real Estate Agent

7910 Summerlin Lakes Dr

Fort Myers, FL 33907