Curious about the median values of home sales, I did some data mining on our home sales in Cape Coral. I used March as the month to compare. Starting in 2002 I measured how many SINGLE FAMILY homes sold, the median price, the days on market & the average LP/SP. Since I'm not a chart expert, here's the data:
Attention Banks with Real Estate in Cape Coral, Florida
I'm not for sure what your process is for hiring a real estate agent to market & sell these foreclosed homes but I can tell you a few things about my experience.
Let's start off by saying that we have closed many short sale listings & that is a huge part of the current market.
We work with A LOT of buyers that are looking for homes right now. Many are looking for waterfront or homes with pools (seems to be the best sellers here in Cape Coral, FL).
Well I had a short sale listing, submitted a GREAT offer to the bank along with the entire seller's package, comparables, market info, etc. And it was DENIED (well actually countered with a VERY unrealistic price). Why? Well the bank hired some inexperienced or maybe just lazy real estate agent to perform the BPO. Even though I met with the agent to give her some guidance, she still pulled BAD comps. How bad you ask? Get this; she went out 8 miles, yes EIGHT miles to pull one comparable. Not only that but it was a brand new unit near the beach while my listing was older and in the middle of town miles from the beach. The next comp she used? Was 3 miles away, not as bad but get this - this one was ON A GOLF COURSE - and a nice one at that. The unit I had for sale, not even close to a golf course. WHEW. I attempted to explain this to the bank using other comps & such to no avail.
My seller became frustrated & after many more collection calls from this bank was threatened into signing a deed in lieu unbeknownst to myself.
Now, get this, the new listing agent to-be has someone come out & access MY lockbox to open the door & CHANGE the locks. Yep, they did that. According to our local board of REALTORS this is not allowed.
Now he officially has the listing & guess what he did to make sure the property was shown in the best light? He took NO interior photos. Yep, the place is nice but he's too lazy to take photos I guess. And get this....he used MY exterior photo to market the property.
And the bank told him to list it $20,000 more than the price they said they'd take previously (which remember was still completely over priced?). By the way, the new price is about 200% more than the current market value. Yeah & the agent went with it. Why? Maybe he thinks the bank knows more about the real estate market than the agent does. If I were a bank, or any seller, for that matter, I'd want to know the truth about market value.
So there you have it. One example of many more to come.
Buyers if you are considering making a purchase in the Cape Coral or Fort Myers, FL areas please interview your real estate agents carefully. Our real estate agents at Florida Future Realty, Inc are trained to help buyers find the best value for their current needs. Whether you want to buy a bank owned foreclosure, a short sale or a property that only requires negotiations only from the seller, we'll assist you & make sure that you do not over pay or waste your time.
Yours in Success,
Susan Milner, Broker
Florida Future Realty, Inc.
(239) 218-2229
Search Cape Coral & other area listings: http://www.florida-future-realty.com/
I just finished reading an article put out by The Associated Press over at MSNBC about the amount of FORECLOSURES. Looks like our area - Cape Coral / Fort Myers - ranks #1 according to data supplied by RealtyTrac. You can click to read that article here.
Why all the foreclosures? I was asked just that last week by a woman who found me on my Cape Coral Real Estate website. She wanted to know why there were so many SHORT SALES and FORECLOSURES in our area.
There are a few reasons for it.
One reason is that real estate is cyclical. That's right. Real Estate goes up & it goes down. Check the historical data, it is true.
Another reason in our area specifically I suppose, everyone got greedy. Investors & just average people all wanted to make A LOT of $$$$ in real estate. They heard that their friends bought some land or a house in Cape Coral & doubled their money in 2 years. Heck, many of these same people made a lot of money in the previous few years here as well. Yes, that is also TRUE - check the records. But what goes up must come down?
It came down. Many investors speculators were just getting into the market here, building a new home hoping to make a fortune (because others did). Unfortunately, hundreds of other investors speculators were doing the exact same thing. The builders were delayed because of the influx, the city's permit department was behind too, - - you get the picture. Many investors speculators had to WAIT. While they waited many other homes finished & were sold to end users. But by the time their homes were near completion the supply was HUGE. We still had a demand for Cape Coral homes but the supply was just too large.
Unfortunately, most of these investors speculators did not have a plan B. They assumed they would sell & make a fortune. Many, at this point, hoped that they could at least sell and break even or take a small loss just to move on. But we weren't able to tell the buyers to pay for the other's misfortune. They wanted a deal and were going to get a deal because of the excess inventory. Homes were, and still are, selling but they must be priced right.
The next reason is the lending. Yes, I said it. The lenders were giving loans to anyone with a pulse it seemed. How was it that an average person earning $50,000 a year was able to afford 2-5 brand new homes (around $250,000 each) with 0% down? HMMM. But they were given the loans. Did someone misstate the truth? Not sure but I do know that many were stated or even no doc loans so they weren't even checked on. The banks were making their money, so were the mortgage brokers. Heck, the real estate agents, appraisers, title companies, builders, etc were all making money as well. Home investor speculator was expecting to make theirs too.
The same banks that so generously handed out financing the previous few years were tightening up their guidelines. Many would be buyers could not qualify. Uh oh - that just shrunk our buyer pool.
Prices continued to decline, financing options changed, option arms reset, economy slowed as a whole....
So what can we do now? Read more about the Cape Coral Foreclosure problem....
Susan Milner
Broker/Owner
http://www.florida-future-realty.com/
copyright 2008
(239) 542-8521
There is a lot of confusion out there about short sales in our current market - and I'm sure many other markets as well.
To clear things up some, I'm going to share a personal experience. In the past week, I've had 3 of our short sale listings close. All three of these short sales were single family homes in Cape Coral, Florida.
Yes, they all took just over 100 dom (days on market) start to finish but that is not bad considering how long a short sale can take. Many 'normal' sales take longer than that.
Two of the listings actually would have closed much sooner, but one previous cash buyer, ended up not having cash when it came down to closing day - that wasted some time. And another listing was a similar situation, previous cash buyer *disappeared* - yep their agent couldn't find them anywhere. Strange.
But even with those issues we were still able to close 3 of these listings in the past week. The sellers are relieved & can move on with their lives. The buyers were able to purchase homes at great prices. 1 cash buyer & 2 with financing, one buyer even got closing cost assistance from the seller's lender - not a bad deal.
The waiting game wasn't the most fun but our office has an excellent system in place for short sales that works quite well if I do say so myself.
The biggest lesson I could teach anyone is communication. And that goes for all parties involved. Most agents, buyers, and banks are easier to work with when you communicate with them. Everyone wants to know what is going on.
The few offers I've helped buyers put in on other people's listings have not been easy. Agents don't always return calls or seem to know where they may be in the process.
Agents: The banks are easier to work with now as well. If you submit a complete package & keep on top of things, you too can close short sales.
Buyers: Don't be fooled by what others are saying & if your real estate agent is refusing to show you short sales, please ASK THEM WHY OR FIND AN AGENT WHO WILL SHOW YOU SHORT SALES.
Now, I do hope that your agent understands the process and can intelligently speak with the listing agent to determine if the transaction is in fact being handled properly. But if they know at least SOMETHING about short sales they should know what questions to ask. And if they don't know anything about them or tell you they are a bad deal, you may want to move on. If you have a little extra time to wait to purchase a house, deals can be found by buying a short sale.
If you are looking to buy or sell a short sale our office is here to work for you.
We look forward to hearing from you.
Yours in Success,
Susan Milner, Real Estate Broker
Florida Future Realty, Inc.
(239) 218-2229
Yes, I know I have not been blogging as often as I typically do or perhaps should be lately.
So, what have I been up to? Well, other than assisting buyers & sellers each day?
I opened up my own real estate brokerage.
Our new brokerage is Florida Future Realty, Inc.
We are located right on Del Prado Blvd. in Cape Coral, Florida, USA.
If you are in the area, feel free to stop by. The office is just about completed.
I'll tell you one thing - opening up a new business takes a lot of time & money. I had no idea it would take this long but alas we are near the homestretch. Everyone is very excited about this new venture & we look forward to assisting current & new customers under our new brokerage.
We are also looking for exceptional real estate agents to join this new & exciting brokerage. We have a plan for agents to take their new or existing business to the next level, yes EVEN in this market :)
Oh, by the way, a potential customer called me yesterday after finding my real estate blog here on ActiveRain. His comments went something like this when I originally asked how he found me. "On ActiveRain.com - you had the highest points in the area. Why? Well because you've been blogging a bunch - now get to work & find me a house..." Isn't that great? Bill, if you are reading this I found you a ton of GREAT homes to look through - let me know what you think - I look forward to meeting you & finding you your new home in Cape Coral, Florida!
Until next time,
Susan Milner, Licensed Real Estate Broker - e-PRO GRI REALTOR®
http://www.susanmilner.com/ - search the entire MLS from my site!
http://www.the-extreme-team.com/ - short sales, preforeclosures & more!
http://www.CapeCoral-LuxuryHomes.com - luxury homes for sale
239.218.ABCZ (2229) DIRECT
Email: Susan@SusanMilner.com
http://www.freecapecoralhomevalue.com/
http://www.freefortmyershomevalue.com/
(239) 542-8521
Florida Future Realty, Inc.
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Toll Free 888-764-6665 Cape Coral, FL Ft. Myers, FL Lee County FL - Your Future in Florida Awaits - 239.542.8521 From vacant land, to condo to luxury home....we handle it all!
* Please note: The information found here is my opinion and is not to be construed in any other manner. All information here belongs to me & cannot be copied without written permission from myself, the author. *
Hi & thanks for stopping in. (Hola y bienvenido) Let me give you a little background on myself. I am a licensed real estate broker (REALTOR® too) in the state of Florida. I have been investing in real estate here locally for the past several years. My previous occupation was actually working at a firm that teaches people how to invest in real estate. After having success myself I decided it would be great to assist others as well. I work with mostly investors but also love working with those who are true sellers. I say this because in our current buyer's market if you want to sell you have to be ready to make adjustments to your property & price it correctly. Buyers, there are many opportunities here for you. The prices are now lower than they've been in over 3 years in many neighborhoods!
I am constantly continuing to educate myself on new trends, the market, investment options & of course those required hours as well. I have my GRI designation. About 20% of REALTORS do so this isn't huge but it did take over 3 full weeks with tests at the end of each week section to obtain. I learned some new things while I was there of course. I also have my e-PRO designation. I think about 8% of REALTORS currently hold this one. It shows that I am competent in technology. I know that our buyers & sellers are more tech-savvy & stay up to date on technology to better service my clients. With over 60% of our buyers coming from out of state or out of country you have to be online.
I hold a Florida real estate Broker license. I am the broker for Florida Future Realty, Inc located in Cape Coral, Florida. I have many agents at my office ready to assist you with your buying or selling needs. I have agents that specialize in ALL areas of SW Florida including Fort Myers, Lehigh Acres, Bonita Springs, Naples, Punta Gorda, Pine Island & Cape Coral.
In conclusion, if you are looking for Cape Coral Homes or Ft. Myers Homes search no longer.
Our team consists of seller & buyer's agents to make sure you have the right fit for your needs.
Our buyer's agents are focused on bringing you the best buys in our current market place. They have the experience & knowledge to assist you from initial contract, through offer negotiations, inspections, financing options through to closing.
Our seller's agents are focused on listing & marketing your home or property to bring you the most exposure to net you the most possible amount within your preferred time frame. Selling a home in today's market is not like it was the past couple of years. We will assist you to make this as stressless as possible for you.
Our main office website is Cape Coral and Fort Myers Real Estate
If you like listing book go ahead and check out ours:http://cape-coral-homes.listingbook.com/
We also have a site set up for our pre-foreclosures & short sales. Here you can look through our inventory & join our mailing list to be the first to be notified of new listings: http://www.the-extreme-team.com/
Our team members speak fluent English & we have agents who also speak fluent Spanish.
All team members are licensed real estate sales associates in the state of Florida & members of the National Association of REALTORS®, Florida Associations of REALTORS® & members of our local (Greater Fort Myers & the Beach) Association of REALTORS®. REALTORS® hold the highest level of ethical duties to our customers.
Call us toll free at 1-888-764-6665 anytime to learn more about our team & real estate services.
Florida Future Realty, Inc is also a member of the Cape Coral Chamber of Commerce.
© Susan Milner, Florida Future Realty, Inc.
"I was worried to enter into a selling process, since I was living outside of the USA. You made it easy, quick & safe, even when we never met personally. Thanks a lot for being there representing me!"
- Roberto Gutierrez, Guatemala City, Guatemala
"Susan was an absolute God-send for me while trying to locate a home in Cape Coral. Her dedication to finding me JUST what I was looking for and not whatever was thrown out there made my job of house hunting from afar an absolute breeze. She really knows her job and clientele and will go the distance to make sure you are satisfied. I have enthusiastically referred her to many people already without hesitation."
- Staci Cottone, Lynn, MA
"Hard working, conscientious, the best we have met."
- Kevin & Cynthia String, Pepper Pike, OH / Ft. Myers, FL
"I won't bore you with details, but Susan's quick action enabled me to grab a piece of property and make a profit of $8,000 before I even paid for it! Amazing service. If you are looking for a Florida real estate agent who will look out for your best interest, your search is over. Call Susan!"
- Lee Simonson, Lewiston, NY
"Susan carefully evaluated and priced our properties to bring the highest selling price. We cleared MUCH more than we had initially anticipated."
- Julie Hockersmith, Cape Coral, FL
"This warm, genuine and charming young lady not only delivers everything she promises - she performed above and beyond my expectations. None of my questions were too trivial for her, and it amazed me how quickly she responded. Susan's expertise will put you at ease and make selling your property a pleasant experience."
- Cynthia Walker, Troy, IL
"She (Susan Milner, Realtor) was the most wonderful Realtor. She always went out of her way to help you out.I wish her all the luck in the world."
- Helen & Tom Gulcynski, now in Buffalo, NY (formerly Ft. Myers, FL)
"Susan was wonderful! I will work wtih her again and will refer others to her!!"
- Laura Guild, Depere, WI
"Susan was great, as always. She handled this deal, just as good or better than the first deal. I say that because this deal was harder than the first one, but, Susan made it happen start to finish. Thank you again."
- Pasquale Rayano & Carmen Martinez, W. Hempstead, NY
"...Susan possesses more professionalism than people in her field twice her age. I will use Susan for any of my future real estate investments in the Cape Coral area!"
- Brian Zarb, West Islip, NY
"Susan made the overall transaction very easy & very quick! I would definitely recommend Susan to a friend or to anyone who is looking for an agent."
- Pam Foust, Cape Coral, FL / Lady Lake, FL
"Susan is quick & prompt with her replies. I often ask her for information and receive it in hours, not days!! I have referred Susan to many colleagues. I have used many realtors & am very happy with Susan."
- Melissa Jones, Holly Springs, NC
"Susan is great, excellent follow-up & extra effort."
- Terry & Pam Rogers, West Lake, OH / Lehigh Acres, FL
"She (Susan) outperforms any realtor that I know. She is very professional and very easy to contact. I will recommend her to anyone who needs a realtor."
- Diego Gonzalez, Cape Coral, FL
"Very helpful & has a great response time"
- Thomas Senatore, Cape Coral, FL
"Susan was Great! A+. She was so very helpful to me, a keeper for sure."
- Harry & Joan Prentice, Louisville, KY
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