Cape Coral Real Estate Brokerage | SW FL Property

Congress just passed yet again another extension to the first time and repeat home buyer tax credits.  The tax credits allow up to 8,000 to new home buyers and up to 6,500 to repeat home buyers.  The former bill stated that a valid contract must be entered into by April 30, 2010 and closed on or before June30, 2010. 

The new bill allows for a little breathing room to buyers who are involved with the arduous process of short sales and banked owned foreclosures, there are many of these properties available in today's market and are offered at a discounted rates which makes them a desirable.  These types of transactions are known to take quite a bit longer than traditional real estate sales transactions to complete. 

This new bill allows for all contracts entered into by April 30, 2010 can now be closed on or before September 30, 2010 and still be eligible for the tax credits.  The new bill doesn't grant any new tax credits it only extends the deadline in which the transaction can be closed.    Home buyers and investors that have been involved in long bank negotiations can still reap the benefits of these generous tax incentives.  This extension will allow buyers the opportunity to purchase a home or investment property they may have not been able to otherwise.

If you would like more information about the first time and repeat home buyers tax incentives please follow this link : http://www.florida-future-realty.com/tax-credit-guidelines-for-new-and-repeat-cape-coral-home-buyers

If we can help in anyway please don't hesitate to call.

Yours in Success,

The Florida Future Realty Team

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Cape Coral's real estate market has been less than predictable in recent years; we have had our share of ups and downs.  As real estate professionals there are ways to track the markets progress and predict the changes to come.  This prediction comes in the form of absorption rate.   The absorption rate is the rate in which the market absorbs and eliminates inventory. We have broken down Cape Coral price brackets and what it means to buyers and sellers.

Homes in Cape Coral with a price ranging from $0 to $150,000 have turned over 4.5 times in the past 12 months and currently, we have 2.6 months of inventory available in that specific price range.

Homes in the price range of $150,000 to $200,000 have turned over 2.3 times in the last year and the current inventory is 8.5 months.

Gulf access homes in Cape Coral at no specific price point, in the last year have turned over 1.4 times with an inventory of 8.5 months.

What do months of inventory indicate? Typically 1-4 months of inventory indicate a seller's market, 5-6 months is generally a balanced market and 7 months or more points toward a buyer's market.

How does this information specifically relate to buyers and sellers of Cape Coral real estate?

Sellers

The absorption rate is very important to know. Since it tells something about how long it might take to sell the home.  A higher number of inventory typically means more competition from other sellers.  A lower number may indicate that we are in a seller's market, so the need to make sure your marketing strategies are "spot on" is detrimental to a quick sale.  Good marketing will insure your home will be displaying a sold sign before you neighbors.

Buyers

Buyers also need to be aware of the absorption rate.  If the market is shifting into a time of low inventory, it isn't the time to be throwing out "low ball" offers hoping to get a good deal.    When inventory is low and buyers have increased, chances are the buyers will be introduced to a situation where the home has multiple offers.  When inventory is high your chances of getting a "steal" have increased significantly.

Buyers and sellers who pay attention to the changes in the market will be more informed and can make decisions accordingly.  Most important whether buying or selling real estate in Cape Coral it is important to work with an experienced agent to help you calculate the absorption rates for the homes that you are interested in.  

*This blog was written 6-22-10 all calculations are subject to change, for accurate information please call a speak with our knowledgeable team members.

Yours in Success,

The Florida Future Realty Team

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Government Guidelines For The Remediation Of Chinese Drywall

Many Cape Coral homes have been deemed "Chinese Drywall homes" and unfortunately that comes with a stigma.  Most buyers are scared away from the thought of purchasing a home affected with this mainly because of the unknown.  We have learned a lot about them in recent months and there continues to be more information on how and what is necessary to correct the problems and make the home just like new.

Fortunately, the government has also stepped in and created a task force that studied the effects Chinese drywall has on each individual component of the home.  It is now mandated and guidelines were created for removal and remediation.  This allows home owner the security of knowing the job was done correctly.

The Interim Remediation Guidelines for Homes with Corrosion form Problem Drywall are as follows

They state that you must replace:

• All possible problem drywall
• All fire safety alarm devices(including smoke alarms and carbon monoxide alarms)
• All electrical component and wiring (including outlets, switches, and circuit breakers);and
• All gas service piping and fire suppression sprinkler systems

According to the guidelines, once these repairs have been made your home or potential home is ready and safe to occupy.  People have once thought that it could spread to surfaces such as wood, tile, carpet, and furniture.  The task force stated that they do not have any scientific basis to believe that to be true. 

The material in the effected drywall is high levels of sulfur, which emits a corrosive gas that attaches itself to anything metal (copper pipes, electrical wiring, HVAC, systems, appliances and so on) we know that the removal process can be time consuming and added expense is involved, but people should not steer clear of these properties anymore.  There are many of these homes in inventory that are priced well below market value giving the consumer the potential of instant equity once the repairs have been made. 

We have been in contact with a local contractor that states they are able to repair these homes for approximately $21.00 a square foot (just to give you an estimate of the repair costs). This contractor will guarantee the complete removal of the drywall and all directly affected components.

We also have been made aware of a lender that has allocated funds for rehabs, including Chinese Drywall.

We hope this information help open doors for buyers that just haven't found the "right" place.

All information above was gathered from www.dryallresponse.gov  Information is subject to change as investigations continue.

Yours in Success,

The Florida Future Realty Team

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Online Foreclosure Auctions Hit Lee County

Lee County became the 14^th county in Florida to begin foreclosure auctions online.  It was put in place to cut the county's cost associated in traditional court house auctions. They have eliminated the need for extra manpower freeing up much needed county funds.

With so many foreclosures in the Cape Coral and Fort Myers area this method just makes sense.  By holding the online auctions they are able to reach more potential buyers and investors hopefully resulting in a greater sales price and maximum exposure for each property.  The website is user-friendly and lists all pertinent information regarding each property.  Times, and dates of upcoming auctions are featured on an interactive calendar.  When you have selected a property all information including case details, are easily accessible. 

A proxy bidding system is set in place.  Proxy bidding is much like EBay in the fact that you set the maximum amount you are willing to pay and the computer automatically increase you bid at $100.00 increments each time your current bid has been surpassed.

This online auction was created by the Realauctions.com a Fort-Lauderdale based company.Realauctions.com is privately owed company that specializes in the advertising and sale of delinquent tax certificates for County and municipal governments.

To sign up for this service visit:

www.lee.realforeclose.com

It is easy and free to sign up.  They have made available a tutorial that will help you understand the process and easily navigate through their site.

If you would like more information please follow the link above.

If we can help you any way please doesn't hesitate to call. While visiting our site please feel free to use our MLS search engine.

http://www.forida-future-realty.com/real-estate-home-search

Yours in Success,

The Florida Future Realty Team

239-542-8521

Are we still selling homes in Cape Coral? The answer is yes, and in record numbers.  We have been getting so much negative national media attention, that our ideas are clouded with misinformation.

The National Association of Realtors published their polls and it shows that in 2009 with the assistance of realtors, 16,260 homes were sold.  In 2005 when the housing boom began, the record was 12,123

However one significant change is the declining home prices. In 2005 the median home price was 278,200, now in 2009 we were at 90,400. This decline is due to the record number of short sales and foreclosures now flooding the real estate listings.  Sellers are now coming to their senses and listing their homes more realistically, their homes are worth significantly less from what they were selling for 5 years ago.  The fact of the matter is that homes are STILL selling.  We may have to navigate through a few detours, from bank negotiations to new lending laws, but properties are moving.

Buyers also need to understand that there are great deals to be had, but when a property is under market value as many of them are, they may sell very quickly and most likely there will be multiple offers.

So when searching for real estate in Cape Coral, we suggest you secure your financing and act quickly when you find the right home at just the right price.  Call one of our agents at Florida Future Realty to assist you in your home buying experience.

Yours in Success,

Florida Future Realty Team

(239)542-8521

www.floridafutureagents.com 

www.florida-future-realty.com