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As a Florida mortgage professional, I see cases where home buyers get great deals on homes all the time.  In some cases, home sellers literally leave money on the table – mainly because they fail to pay attention to some key details.

News headlines often refer to these details as “The Sellers’ Deadly Sins” — and the message is clear.  Home sellers make mistakes that not only cost themselves thousands, but sometimes cost the sale, too.

NBC’s The Today Show lays it out cleanly in this 5-minute video:

1. How to respond to an “insulting offer”
2. How to handle the first purchase offer you receive
3. What do when you can’t leave your home for its Open House
4. What room in the home should be kept the neatest

But, know this.  At the video’s end, there’s a piece of advice that may sound extremely self-serving coming from a real estate professional.  Do not let this put you off.

The video’s overall message is spot-on and the advice is real-world tested.

Selling a home is a process. Make sure you go about it the right way.

Technorati Tags: Common Home Seller Mistakes, Florida home sales, Florida Mortgage, Home Seller Mistakes

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Florida mortgage rate shoppers and home buyers take note – national Housing Starts on single-family homes took a step backwards last month, falling month-over-month for the first time since January.  However, don’t let this lull you into thinking that home prices will remain low as a result.

The future of a recovering housing market still looks bright.  I say this primarily because of the following facts:

• Sales volume is up in most cities
• Home values are up in most places
• Low mortgage rates are making homes affordable

Builders here in Florida and around the nation had to take a construction breather at some point — and this is it.   This is especially true as the window for the First Time Home Buyer Tax Credit comes to a close.

The last thing Florida home builders want in this world is to be loaded back up with excess housing inventory.

Some of the news coverage categorized August’s Housing Starts as a sign of continued housing market decline.  I think such statements were “overstatements.”  One down month after 8 consecutive increases signifies a much healthier outlook in my book.

Bottom line:   Single-family starts are up 34 percent on the year.  The housing market is recovering just fine.

Technorati Tags: Florida Home Loans, Florida housing starts, Florida Mortgage

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Once again, the national foreclosure data shows that Florida foreclosures rank among the top in the nation, just under California, and above Michigan and Nevada.

Per data provided by the foreclosure-tracking company RealtyTrac.com, more than 50 percent of our nation’s foreclosure-related actions in August took place in just four states:

• California : 25.76 percent
• Florida : 17.4 percent
• Michigan :  5.4 percent
• Nevada : 5.0 percent

The remainder of the Top 10 foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.

Compared to July’s numbers, the national foreclosure rate improved in August.  That said, the August data is pretty much terrible when compared to last year — foreclosures have increased bay as much as 18 percent.

OK… We Get it… But is there a silver lining to these high foreclosure numbers?

Absolutely, yes.  See, high foreclosure rates are resulting in awesome home values for today’s buyers.   In fact, those buying distressed properties now account for about one-third of all home sales, and in this area – low Florida mortgage rates are helping sales numbers increase more every day.

Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.

Technorati Tags: florida foreclosures, Florida Mortgage, foreclosures in Florida

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The May 2009 Homes Under Contract numbers are in and we’re seeing a positive trend starting to take shape, though Florida and the rest of the South are remaining a bit flat.

Nationally – we’re at the fourth straight month in which home sales volume increased, corroborating the growing notion that housing is on the mend in most U.S. markets.

Real Estate News is a Regional Gig… National Numbers Often Mean Squat

Of course, as we know – national real estate data often means little – as home sales are a regional issue.  As such, we see that in the southern part of the US, existing-home sales were unchanged at an annual pace of 1.74 million in May but are 8.9 percent below a year ago. The median price in the South was $157,400, down 9.9 percent from May 2008.

That said – static numbers are better than downward ones.  So – we may yet see Florida homes on contract move up in months to come.

Consider these other housing-related stories from the past month:

• Existing Home Sales are rising
• New home supplies are falling
• The Case-Shiller Index is turning positive-like

Add these stories up, and it looks like the housing market is about to reach its bottom.  (Though, we’re not there yet for sure.)

Nota Bene: Just because homes are going under contract to sell doesn’t mean that they actually will sell.  As you know – and as I’ve seen first hand – even down to the closing table… a  “deal” can fall apart for all sorts of reasons including failed home inspections, buyer-seller disputes, and mortgage-related problems.  (But I NEVER have mortgage related problems of any sort… HVCC… Cough, Cough)

All in all, as the number of homes under contract increases, Existing Home Sales will rise as well – though it may not happen for up to 45-60 days into the future.  And so long as buyers’ demand for homes remains strong, we would expect that home prices edge higher.

It’s too soon to say that housing has turned the corner for certain, but there’s an awful lot of data lately that suggests that we MAY be seeing the beginning of good things to come.

Technorati Tags: Florida Homes Under Contract, Florida Housing Sales, Florida Mortgage, florida real estate

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Tampa and Miami home owners had something to feel good about as the latest Case-Shiller Home Price Index Report showed improvement in their, and 17 other measured markets for April 2009.   The national press was unusually upbeat about the report as well. Despite some of the headlines issued from sites like Business Week and Bloomberg.

Here are some of the headlines about the story:

• Case-Shiller Home Prices Decline Only 18% (Business Week)
• Case-Shiller Less Bad (Seeking Alpha)
• Home Prices In 20 Cities Drop Less Than Expected (Bloomberg)

Though the headlines feel negative, they really do show some of the upside for April’s housing value figures.  For example, nearly half of the Case-Shiller markets posted gains in April and all but one showed month-over-month improvement.

Does This Report Mean We’re Out of the Woods?

Well, no – but it’s a step in the right direction. Remember – stats can tell multiple stories – depending how much we’re willing to read into them.

With reports like the Case-Shiller, we need to be careful with our interpretation because it’s an imperfect housing gauge.  The most obvious Case-Shiller flaw is that it only measures home values in 20 cities nationwide and they’re not even the 20 biggest cities.

For example: Houston, Philadelphia, San Antonio and San Jose are excluded from the report and each ranks among the country’s 10 largest housing markets based on population.

The Case-Shiller Index is valuable mainly because it identifies broader housing trends and that helps to shape economic policy.

What we see in this report that is verifiable is this:  The pace at which home values are falling appears to be slowing – marking the 3rd straight month Case-Shiller has reported as such.

Now, three months makes a trend, but the data has to stay strong through the summer months to mark a bona fide turnaround.  Keep an eye out.  If we see similar metrics for May and June, it could be the signal for which the markets have been waiting.

Technorati Tags: Case-Shiller, Miami Home Prices, Tampa Home Prices

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Florida homeowners are often forced to choose between making home repairs right away, and putting them off until money is available to get them done.  Thing is, aside from the big ones – like oh,  your front door falling off – how the heck to you know which repairs can be held off until your cash situation improves?

Prioritizing Florida Home Repairs

The home repairs you really want to nip in the bud are the ones that can really bite you in the keester if you leave them unattended.  They may cost you some money up front – maybe even more than you think you can pull together at first – but trust me when I tell you:  No mater how much they cost you right now – these repairs will absolutely be more expensive if you don’t tackle them now.

I know.  The challenge lies in determining which homeowner headaches need your immediate attention.

The 5-Minute Home Repair Update

In this 5-minute video clip from NBC’s The Today Show, a Consumer Reports editor talks about some of the most important, must-fix-now home repairs, including:

• Re-sloping soil for runaway rainwater
• Replacing curled and cracked roofing shingles
• Sealing damaged vinyl siding
• Replacing soft wood
• Treating mold issues — both major and minor

Keeping your Florida home in good repair helps to hold its long-term integrity.  It will also support your home’s resale value.  Though you don’t have to tackle every home repair today, it is important to know which minor fixes can turn into major ones.  Miss those, and that’s when costs can pile up.

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It is always recommended by Real Estate professionals that Fort Myers and Cape Coral home buyers, budget $300-$400 for a home inspection.  There are several different types of home inspections you can ask for.  In Fort Myers and Cape Coral, we have seen quite a few abandoned homes left to foreclosure specialists or homes that are tenant occupied.  It would be important to have a mold inspection in our tropical climate as mold can trigger health concerns and issues.

Types of Home Inspections

If you’re considering buying a Fort Myers Home or a piece of Cape Coral Real Estate, you need to be familiar with these types of home inspections.

• Pest and Wood Destroying Organism – Wood destroying pests are found throughout the United States, however in tropical climates like Fort Myers, FL it is a good idea to ask for this type of inspection.
• Mold Inspection – As discussed earlier, tropical climates can be a breeding ground for mold.  One of the biggest reasons people move to Cape Coral or Fort Myers, FL is for the weather, the weather is also a reason to invest in a mold inspection.
• Chinese Drywall – In the Fort Myers and Cape Coral Real Estate Market we are seeing homes built between 2004-2008 contain Chinese Drywall.  Chinese Drywall is toxic, and a traditional home inspection is not necessarily looking for Chinese Drywall.  Typically it is an additional expense for this type of professional inspection.
• Roof Inspection -  If you have a traditional home inspection, it is not necessarily true that the home inspector will check the roof.  Ask the home inspector if he does roof inspections.  Sometimes there will be an additional cost involved or you will need to hire a professional specifically for this type of inspection.
• Lead Based Paint -  Homes built prior to 1978 were built using lead based paint.  It is your right as a buyer in Fort Myers or Cape Coral to have a Lead Based Paint Inspection.  There are still some home post 1978 that still contain lead based paint.  You can ask a professional how to re-mediate your house should it be discovered you have a home with lead based paint in it. 
• Foundation - A home inspector cannot tell you if the foundation of your home is faulty or sliding, only what type of foundation your home is built on.  You would want to hire a Foundation Engineer to conduct a foundation inspection.
• Pool & Spa - If you are buying a home that has a pool or spa, you may want to consider hiring a professional to conduct a pool or spa inspection.  This professional can test to ensure that it is functioning properly and if not, provide estimates on cost of repairs.

Ask your Fort Myers or Cape Coral Home Inspector for information about the following as well:

• Square Footage
• Easements and Encroachments
• Heating & Air Conditioning
• Lot Size & Boundaries
• Radon or Methane Gas
• Well and Septic
• Permits & Zoning

As your Fort Myers and Cape Coral Real Estate Professionals, the Goushaw Team is here to help!

As you can see there are many, many home inspections to choose from!  Always ask the professional inspector that you speak with what types of inspections they recommend for the type of home or condo you are going to invest in.

Stay tuned as I will have a follow-up blog to share more reasons Fort Myers and Cape Coral Buyers would want to consider a home inspection.  As your Realtors, we cannot recommend any particular home inspector.  However,  we do recommend highly that you do purchase a Home Inspection and can assist you in finding a qualified home inspection professional.

We are available to help you in your home buying journey each step of the way!  We hope that you have found this information helpful.  If there is anything we can do to help further in your Fort Myers or Cape Coral, Florida home buying quest, please contact us at (239)-823-5280

Technorati Tags: Cape Coral Home Inspection, Cape Coral Real Estate, Fort Myers Home Inspection, Fort Myers Real Estate, Joy Goushaw, Shane Goushaw

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Buying a home in the Fort Myers area can be a very emotional process.  Home buyers have most likely spent many hours of their lives searching the Fort Myers or Cape Coral MLS for the perfect home.

A statistic by Herbert Research for HouseValues, INC revealed that home buyers typically spend 4 months actively searching for a home before actually signing on the dotted line.

60% of home buyers are finding their homes and their agents on the Internet.  Home Buyers in Fort Myers have done their homework and have thoroughly researched the areas they could see themselves living in.

Why do well prepared home buyers have a hard time buying a Fort Myers home?

Unfortunately, once the Fort Myers and Cape Coral home buyer finds the perfect home and have become emotionally attached to it, 20 other home buyers have also discovered that very same home and are ready to place an offer on it.

Note: The Fort Myers News-Press reported yesterday that in some cases Fort Myers listing agents are seeing 20-30 bids on one home!

Yes, you read that correctly!  20 -30 offers on one home!

Most of the homes getting multiple offers are in the $50,000 – $70,000 price range and are located in Cape Coral.  It is becoming more and more challenging for home buyers to actually purchase the first home they place an offer on.

The article also stated that bids on Fort Myers real estate and Cape Coral homes are beginning to exceed the listing price.  Many listing agents have adopted the strategy to list the home below market value for a “quick sale”.  This strategy is working as much of the inventory from 2008 has been absorbed.  This means that there is a high demand for homes in this price range and less of a supply.

Adopt a GREAT strategy when buying your home!

• Find a Fort Myers Realtor you can trust and depend – one who answers their phone and understands the current market conditions.
• Have your “proof of funds” or mortgage pre-approval letter in hand.
• Be ready, willing and able to sign on the dotted line when you find the perfect home. Chances are, if it is the perfect home for you, it is the perfect home for someone else as well.
• Get to the house FIRST. Be ready when your Fort Myers Realtor rings your phone and tells you that a house just went on the market and you need to see it “NOW”. As a buyer, time is your enemy in the Fort Myers and Cape Coral Real Estate Market.

Fort Myers and Cape Coral home prices are still low, however the inventory is clearing out fast.  On the financing side – mortgage interest rates are slowly creeping up, and the $8,000 first time home buyer tax credit is set to expire in November.

If you’re looking for Fort Myers Real Estate or the perfect Cape Coral, Florida home -  give me a call at 239-823-5280 or email me today.  The sooner we connect, the sooner you can have first pick of  some of the most special real estate deals on the market!

This guest post appears courtesy of Fort Myers, Florida Realtor Joy Goushaw. If you’re looking for a home in the Fort Myers, Sanibel Island, or Cape Coral areas – be sure to contact Joy and her husband Shane to check out the latest Fort Myers area real estate listings.

Technorati Tags: Cape Coral Home Listings, Cape Coral Real Estate, Fort Myers Home Listings, Fort Myers Real Estate, Joy Goushaw, Shane Goushaw

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A Fort Myers News-Press article on Pending Home Sales being up 6.7 percent nationwide grabbed my attention today!  The National Association of Realtors said that it was the highest surge in pending home sales since October 2001 when pending sales rose 9.2 percent.

Lawerence Yun, the Realtor’s chief adviser attributes the surge to the $8,000 tax credit that first time home buyers can anticipate receiving if they purchase their new home by the end of the year.  Specifically, first time home buyers have until November 30th to close in order to receive the tax credit.

As interest rates rise and the deadline looms ahead for the $8,000 First Time Home Buyers tax credit we can expect to see more pending sales in Fort Myers as First Time Home Buyers in the Lee County Real Estate Market rush to buy a home.

Today’s article so interested me that I spent time this evening researching pending home sales in Fort Myers.  There are currently 995 Pending Sales in the Lee County Real Estate Market, well as of 8:05 pm this evening. The Lee County areas I have included in the search are:  Fort Myers, Fort Myers Beach, Cape Coral, North Fort Myers, Lehigh Acres, Estero, parts of Bonita, Matlacha, St. James City, Pine Island, Sanibel Island and Captiva Island.

If 995 Pending Lee County Home Sales seems too large to grasp, let me see if I can break it down some for you:

826 Single Family Lee County Fort Myers Homes are currently Pending

The lowest priced is currently an auction property in East Fort Myers at $9,900 The highest priced pending is located on N. Yachtsman Dr. in Sanibel Island at $1,495,00

7 High Rise Condos with 8 (+) stories are Pending in the Fort Myers area

Lowest Priced – $145,500 located on Palm Beach Blvd in the business district of Fort Myers in Alta Mar Highest Priced – $549,000 located on Bay Beach Ln in Fort Myers Beach

10 Manufactured Homes are Pending in the Fort Myers area

Lowest Priced – $13,900 located in East Fort Myers Highest Priced – $245,000 in St. James City – Gulf Access

98 Low Rise Condos with 1-3 Stories are currently Pending in the Lee County Real Estate Market

Lowest Priced – $7,000 which is a condemned condo located in the Renaissance.  The bank is in the process of mold remediation. Highest Priced – $999,000 on Gulf Dr. in Sanibel Island

16 Attached Villas or Duplex Units are currently Pending Sales in Lee County

Lowest Priced – $34,900 in Lehigh Acres Highest Priced – $269,000 in the Legends Golfing Community located in Fort Myers

24 Townehomes in Fort Myers and Lee County Florida are currently Pending Sales

Lowest Priced – $39,900 located in Pine Groves Fort Myers Highest Priced – $139,900 in Timber Ridge also in Fort Myers

1 Detached Villa in the Fort Myers area is currently Pending

$29,900 in Lehigh Acres

13 Mid-Rise Condos (4-7 stories) are currently Pending in the Fort Myers Real Estate Market

Lowest Priced – $64,000 located in Osprey Cove in Estero Highest Priced – $519,000 in Loggerhead on Sanibel Island I love doing research and putting the facts together because the numbers speak volumes!  The proof is in the pudding, so to speak and our pudding in Fort Myers are the Pending Sales.

If you would like your own account to search for homes in Fort Myers you can request a ListingBook account and watch as new homes are listed, homes go Pending and then are Sold.  Keep track of the Fort Myers Real Estate Market like a Realtor!

• Request ListingBook Account Here
• Fort Myers Real Estate Blog
• Fort Myers Real Estate Information

This guest post appears courtesy of Fort Myers, Florida Realtor Joy Goushaw.   If you’re looking for a home in the Fort Myers, Sanibel Island, or Cape Coral areas – be sure to contact Joy and her husband Shane to check out the latest Fort Myers area real estate listings.

Technorati Tags: Fort Myers Home Sales, Fort Myers Real Estate, Joy and Shane Goushaw, Pending Home Sales in Fort Myers

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Florida home buyers are returning to the market – a fact evidenced by both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.

On the national front – the  NAR reported that existing home sales totals increased by 130,000 units in April, with new home sales moving up by a meager  -  yet  positive 1,000 units in April.

As a twist in the story, however, though housing sales are increasing – inventory totals are moving up even more rapidly! (Boo!)

When compared with the March 2009 hosing inventory figures, there were 300,000 more homes for sale nationally  in April — an increase of 9 percent.  In addition, the national absorption rate rose to 10.2 months, its highest level since October.

Of course, the increased home inventory number does mean more good news for home buyers, because home prices are a product of Supply and Demand.  More inventory means buyers remain in the position of being able to demand lower home prices.

The housing market has not fully rebounded by any means -  but it continues to show signs of strength.  With a few more months like March and April, it’s reasonable to assume that home buyers will lose some of their leverage for contract negotiation.  When that happens, expect home prices to rise.

A Look at Florida’s Housing Numbers in More Detail

Existing home sales for Florida increased by18 percent last month with a total of 13,111 homes sold statewide compared to 11,133 homes sold in April 2008.

Florida Realtors also experienced a 21 percent rise in statewide sales of existing condos in April – an uptick of 6.2 percent over the total units sold in March of 2009.

Fourteen of Florida’s metro statistical areas (MSAs) reported increased existing-home sales in April and 11 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 10 consecutive months.

More detail, including an extensive statistical analysis of Florida’s April 2009 Housing Sales may be found over at Chris Myers’ Orlando Property Group Blog.

Technorati Tags: April 2009, Chris Myers, Florida Housing Totals, Housing Report for Florida, Orlando Property Group

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