SW Florida Investments

Did they mean “hassle” rather than “haggle” for SW FL houses?

Posted on 09/10/2009. Filed under: Getting Ready to Buy?, SW Florida Investments | Tags: , , , , , , |

pulling-out-hairI also thought this was important enough to post on my ActiveRain blog also!

In a recently released article, CNNMoney.com used research supplied from Zillow.com saying the best place to “haggle for home prices” was Florida.  While this is true in a few markets (they named four areas), us in SW Florida aren’t seeing it this way.  The areas where this is working have an abundance of luxury homes that are still over-priced, even in this market.

I have spent countless hours educating customers that this is definitely a buyers’ market, but an “intelligent” buyer’s market.  Why would a buyer think they are the only ones looking for a great deal.  If their agent is really watching the market for them, they are aware of a new listing that is a good deal.  But are they naive enough to believe they are the only ones spotting that house today?  Some don’t even believe it when we are sitting in the van, in line, waiting for our turn to look at the house.

In my experience, these deals only last a few days and due to current practices by some banks and listing agents, the agent will take offers for several days to find the “highest and best price” for this listing.  If I got paid every time I had a listing agent tell me there were multiple offers, I could have retired this year a wealthy man.

In the Fort Myers/Cape Coral market, our customers need to be aggressive with offers.  “Low balling” to start a conversation is a waste of time here.  Many of the listings in the botton half of the listing prices are selling for listing price or even higher than listing price.  Giving a low offer just frustrates the customer and the agents.  Even if it is against our advice, customers still hear about all the “great deals” the media throws out there.  Yes, as the media reported, we did have a three bedroom, 2 bathroom house sell for $25,000.  What they forgot to tell you,  it was a marijuana grow house that was completely gutted inside and is in a very unsafe neighborhood.  More importantly, it was the ONLY one and it’s GONE!  All of the houses in SW Florida are not priced this way.

Buyers need to be realistic.  Haggling gets you no where in the mid to low price range houses.  Come in strong, with financing in place or cash in hand.  You are not the only “smart” investor to be working this market!  Remember, the media makes money selling news, not selling houses.

Mike Cathell         Florida Future Realty, Inc          Email:  MikeCathell@FloridaFutureAgents.com

Cell:  (239) 770-6250                                                    Web site:  FLCoastRealtor.homestaed.com

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First Time Home Buyers Credit!

Posted on 02/19/2009. Filed under: Getting Ready to Buy?, SW Florida Investments | Tags: , , |

First time Buyers - take advantage!

First time Buyers - take advantage!

Another reason it’s a great time to buy in Florida – first time home owner tax credit!  A first time home buyer can receive up to $8000 tax credit if they purchase now.

Some of the details:

  • New definition of 1st time home buyer is anyone who has not owned a home in the past three years.
  • This is a credit which means it does not need to be repaid.
  • The credit is based 10% of the purchase price of the house up to $8000.
  • The house needs to be purchased between January 1, 2009 and December 1, 2009 (need to hurry!).
  • Can be claimed on 2008 taxes if not filed yet (another hurry to get on this!).
  • Based on single income of up to $75,000 or married, combined income up to $150,000.

Combined with the large inventory of available homes, special mortgage programs for first time buyers and the rock-bottom house prices, what’s stopping new home owners?  I think it needs repeating that the new definition of a first time buyer is anyone who has not owned a house in the last three years.  If the economy, a transfer or change of  family has turned you into a renter for the past three years, now is a great time to buy a house again.

To see the great prices on houses in Lee County, Florida the way Realtors do, check out this great site:  http://fortmyersrealestate.listingbook.com.

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Great Time to Buy Property in SW Florida!

Posted on 02/18/2009. Filed under: SW Florida Investments | Tags: , , |

Can this be my Realtor?

Can this be my Realtor?

When you talk to the average person about buying Real Estate right now, they look at you as if you must be visiting from another planet.  Buy savvy investors know now is a Great Time to Buy Property in SW Florida!

Along the Gulf Coast of Florida, the “Real Estate Boom” of 2001 to 2004 brought tons of speculators to purchase properties in this explosive land of paradise.  Unfortunately, “free mortgage money”, unrealistic price increases and predators have left SW Florida with one of the highest foreclosure rates in the US.  So much so, that recently President Obama flew to Ft. Myers to discuss his recovery plans and meet with local business and political leaders.

So what does this mean for savvy investors?  There is a large inventory of homes available at investment quality prices.  Mortgage rates are still at great rates.  Banks do not want to take possession of these houses.  Many of these homes have never been lived in since they are builder spec houses.

Commercial properties have been developed since housing market declined.  City Development Councils are working hard to attract businesses to SW Florida.  Need for rental properties growing.  Baby Boomers are getting ready for a mass exodus to Florida.. (All of these will be addressed in blogs the next few weeks.)

Investors have become wealthy for decades by buying when the rest of the world stopped buying.  Recessions have created more personal wealth than any other economic atmosphere.  Who has not heard the saying “Buy Low, Sell High”?

So, I say it again – Now is a Great Time to Buy Property in SW Florida!

Seats still available in SW Florida!

Seats still available in SW Florida!

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