first time homebuyers | Fort Myers FL Homes

Fort Myers FL Real Estate – Historical Value Right Now

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If you follow my blog with any regularity you know that for the last 6 months that I have been shouting from the roof tops that now is the time to buy Fort Myers FL Real Estate. This area was home to the fastest growing real estate market in the country when the down turn hit. Over zealous investing created supply that just could not be absorbed once the slow down occurred. What has followed is a free fall in values as banks are forced to liquidate assets at 30 day prices. A November 11th article in the Fort Myers News Press outlines facts and trends that confirm my claims that the downward trend in values has bottomed. The following are a few bullet points from that article.
• In the past year alone the median price in Lee County has plunged 40% to just $98,000.00
• The nationwide median price is $177,900.00
• Veteran Real Estate expert says “Statistically, we are probably done with price drops”
• Buyers from the north know that this is the last year for bargain prices so they are motivated
• 64% of sales in Lee county in the past year have been cash sales
o Investors recognize this unique opportunity
• Passage of tax credits gives both first time buyers and current owners $6,500.00 to $8,000.00 incentive
What it doesn’t say is that Southwest Florida is one of the most desirable destinations in the country for its sun, beaches, and life style. We are watching a historical opportunity unfold. If you have any intentions of buying or investing in Florida real estate, I encourage you to jump off the fence and act now.

Clock is Ticking for First Time Home Buyers

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First time homebuyers need to act in order to claim “First Time Home Buyer Tax Credit”.  The market is governed these days by either foreclosures or short sales.  With prices being influenced by these stressed properties few if any homes are available on traditional listings.  What results is the necessity to negotiate with banks for approvals.  This process is riddled with problems and leads to frustrated buyers.  It is not uncommon to bid above asking price, wait a month for a response then find out that they have lost to a cash buyer offering less money.  The first time buyer is even more susceptible since their financing is leveraged and generally less secure.  For those still looking for the perfect Fort Myers FL home and a tax credit, perseverance and a little luck are going to be needed.  If you fall into this category I encourage you to act without delay.  This tax credit is unprecedented and I am convinced that many people that are counting on it will be disappointed when time runs out before the purchase is completed.

Tax Credit Extension

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Rarely will you see comments here regarding politics but this is one instance that I must speak out.  Today marks the day that the “first time home buyer tax credit” was extended and indeed expanded to include current home owners and our politicians deserve thanks.  It is no secret that this area has been pummeled by the melt down of the housing market.  I saw the previous credit give the industry a shot in the arm and watched in fear as the end of it approached.  Fort Myers FL homes have never been more affordable and combined with this credit, first time home buyers are foolish not to act.  Indeed, as a result they have not just been a part of the market; they have been the entire market.  Current home owners have seen their equity dry up and very few are bold enough to take on more debt in such uncertainty.  The extension of this credit is going to give retirees the incentive they need to act.  The credit is obviously not something that can go on forever but truly what is needed here and now.  I commend them.

Clock is Ticking

By | Market Report | No Comments

First time home buyers are finding that time is running out for them to claim their “First Time Home Buyer Tax Credit”.  The market is governed these days by either foreclosures or short sales.  With prices being influenced by these stressed properties few if any homes are available on traditional listings.  What results is the necessity to negotiate with banks for approvals.  This process is riddled with problems and leads to frustrated buyers.  It is not uncommon to bid above asking price, wait a month for a response then find out that they have lost to a cash buyer offering less money.  The first time buyer is even more susceptible since their financing is leveraged and generally less secure.

clock

For those still looking for the perfect Fort Myers FL home and a tax credit, perseverance and a little luck are going to be needed.  If you fall into this category I encourage you to act without delay.  This tax credit is unprecedented and I am convinced that many people that are counting on it will be disappointed when time runs out before the purchase is completed.

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