Cape Coral Real Estate Brokerage | SW FL Property

 Cape Coral residents could possibly get another property tax decrease this year, if the proposed budget is adopted.  The city council has promised along with the decrease in taxes no services will be eliminated, or no layoffs expected.  Cape Coral experienced a 15% decrease last year because of falling home prices.  The home values have continued to drop this year so we are expecting once again, another decrease in taxes. The millage rate could be changed accordingly though.

The Cape Coral city council will set a maximum tax rate on July 26^th 2010 further tax cuts may be adopted before the final budget decision in September 2010, and become effective October 1, 2010.  We are hopeful that this new budget will help our Cape Coral residents in an unstable economy.

This new budget comes as relief to home owners who can not afford higher monthly payouts, or prospective home buyers needing to stay within a specific budget.

Cape Coral is a wonderful and affordable place to live and work, we hope that the low taxes and beautiful surroundings will continue to attract people to our area. 

Yours in Success,

The Florida Future Realty Team

Florida Future Realty, Inc

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Here in Cape Coral FL, we have many homes for sale, whether it is a traditional sale due to relocation, upgrading, or downsizing, or the many being sold due to foreclosure, or short sale.   Has the economy influenced the rate at which homes are selling, as portrayed by the media? Or, are more people buying because home prices continue to be discounted, and offered much more economically than in past years?  Here are the statists below:

Homes priced from $0 to $150,000

1^st and 2^nd quarter of 09' combined, the number of sold properties were 3,159.

1^st and 2^nd quarter of 10' combined, the number of sold properties were 2,778.

Homes priced from $150,000 and above

1^st and 2^nd quarter of 09' combined, the number of sold properties were 868.

1^st and 2^nd quarter of 10' combined, the number of sold properties were 806.

What we can gather from this information, is that home sales have remained virtually unchanged from this year to last.  The media likes to negatively portray our areas real estate market as being on a downward cycle, but the reality is that we are selling homes.  The very slight decrease from last year's is most likely due to the slightly longer than normal negotiation times associated with bank owned properties and short sales.

It is certainly a great time to buy, homes are offered at huge discounts from the preceding years, interest rates continue to be at some of the lowest levels ever offered, and financial institutions are loaning money more freely again. 

If you thought living in Florida was just a pipe dream, it could be your reality.  If you are interested in searching for a new home take advantage of our user-friendly home search. http://www.florida-future-realty.com/real-estate-home-search or call us to speak with one of our knowledgeable agents.  We look forward to helping you with your real estate needs.

Yours in Success,                                                 

The Florida Future Realty Team

Florida Real Estate Assistance, LLC

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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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