REO's going strong.

The market is strong, buyers are out there, and things are looking up. Yes, the majority of the sales are the REO's, and short sales. Not a good sign of the times of course, but the good news is that people are out there just buying them up at a rapid pace. The majority of our properties that are priced correctly are getting multiple offers which will help improve the sale prices and slowly drive prices back up in right direction. I do not see prices declining like they were just six months ago. Our market seems to be stabalizing.

End of Summer

Well, it is officially the end of summer although it is still mighty hot here in Florida. The summer season has been a busy one. We found ourselves with a lack of inventory over the last several weeks which meant what we had was usually getting multiple offers. Very interesting market right now. Half of the buyers if not more are paying cash. Many are pulling their funds out of IRA's, money markets, etc.. and investing in real estate.

REO SLOW DOWN?

Inventory is down... what does that mean? I'm not sure I know. Over the last several months, inventory of the REO's has been dwindling. Buyers are competitivly bidding on them driving the prices up well over asking price in some circumstances.

The only explanation I was given from one of the banks I work closely with is that they are trying to work more with the homeowners as far as loan modification etc... I hope that is a good thing and not just putting off the foreclosure into the future.

Recent changes have also prolonged the eviction process which could be why homes are taking longer to hit the market. Whatever the reason, I think it is all just a temporary lull in the market. The deals are out there, I felt we had hit rock bottom a while ago however certain markets are just now feeling the brunt of it including the one million plus luxury home market. Lack of buyers for this type of home have driven the prices down. We are also starting to see the effects on the commercial market, due to the difficulties in finding tenants.

Record home sales in 2008!

Our company has experienced record home sales in 2008. Many people may find this surprising considering the media. However, we specialize in the sale of bank owned properties, in fact over 95% of our sales this year were owned by banks. Does that give you a good idea of what people are buying? Everyone is looking for the deal and for now, most folks just cannot compete with the prices of foreclosed homes. If you are an individual looking to sell your property, my best advice is if there is any way to sit tight for another year or two, try and do so. The only market that does not seem greatly affected is the luxury home sales 2,000,000 and up. All others are still seeing declining prices. My feeling however is that we are at the bottom. Darin and I just purchased a single family home for 29,900 as an investment. When you start seeing prices like that, you know you are close to the bottom of the cycle. If you are an investor looking for rentals, it's time to jump back into the game. The potential for rental income is actually increasing due to the difficulties first time home buyers are now experiencing getting financing. Get out there and buy some real estate folks, and lets all boost the economy a bit while investing in our future.

Did we mention...?

That the market is back? Oh, yeah, I think we did way back in January. Let me tell you this is the year of the comeback. Granted the things that are selling are the lowest priced of the low. We have seen multiple offers on many properties this year. It is becoming the normal. Do not believe all the gloom and doom you read about in the press. The buyers are out there, and they are serious. Price realistically and your property will sell. If you can't afford to sell at todays prices, hold onto it for a year or two. Looks to me like things will be bouncing back slowly but surely.

Wooooo... Hooooooo! Our Market is Back!

Investors... if you have been waiting on the sidelines wondering exactly when to jump back in the real estate market, the time may be right NOW. In the last couple weeks we have had 10 of our listings go into contract. Might not sound like much, but compared to the one or two contracts coming together every month for the last year, 10 contracts is reason to celebrate! We take this as a very positive sign not only for our local market but our local economy as well. The buyers seem to be not only investors, but vacation home buyers, and 1st tiime homebuyers taking advantage of the low prices. 2008 is starting to look real good for Charlotte and Sarasota counties!

Is our market starting to change?

Judging from the last couple of weeks, I think we may be starting a turn around. Suddenly our listings are getting loads of activity. In several cases, we have been getting multiple bids on homes for sale. We have not been seeing multiple bids for about a year. Of course, the properties that are getting the activity are the ones that are priced most aggressively. Our phones have been ringing off the hook. Lets all hope and pray this is a sign of the future for real estate, and the economy in general... There are many folks out there who still think it is all "gloom and doom" for the real estate market. Personally, I am quite optimistic for our future.