Oh, I know it's just another Realtor telling you now's the time to buy! Well the truth is, many others including highly rated experts are saying the same thing. Is now really the time to buy?
The simple answer is; YES!!
Here's why. First of all, we must emphasize that Real Estate is Local in Nature! This simply means that one market may be very different than the other. That's why I laugh when you see National Statistics on the news programs and in the newsrags that are so general that they really mean nothing. Savvy people already know this. In fact, they love it. It limits their competition when they go to buy. Getting a good buy is not just for investors you know. People that wish to own, live, enjoy their homes and grow a family or have memories know that there's nothing like owning your own home. It makes good sense emotionally but also financially.
I don't know about you but a Stock is nothing but a piece of paper to me any more. It is not only very volatile but gives me nothing in return as far as enjoyment or any tangible benefit. I can't grow a garden on it, I can't walk on it, build on it, and all of the Real things you get with Real Estate. A home is where your heart is and let's face it; what are your fondest memories? My guess is that it's your childhood growing up in a home and the surrounding areas or perhaps the lake home where you and your friends fished, swam, water-skied or the like. Maybe it's the wooded settings or hills, sandy beaches near by, friends you had or love of family. These are the most important things in life and the last things most of us will probably reflect on when we're in our last moments here on earth.
I'm speaking of SW Florida and the market here where I saw prices drop in half. The homes are now more affordable than ever and with interest rates being low, it is the best time to jump in before rates go higher. (They're being held down artificially right now in my opinion.) There is approx. 9.3 months supply of homes on the market right now in this general area. This means that in a normal market, approx. 6 months supply would be available. So with a 9.3 months supply, it would take 9 months to sell off most of the current inventory of homes on the market. What does this mean? It means there are some good choices and options for most home buyers.
Then there's the Tax Credit that is available to many home buyers. You can learn more about that on the website at: http://www.homespuntagorda.com (See the video)
Now let me see; good choices, low interest rates, prices very, very attractive............
There are many buyers in our marketplace currently that have figured this out. If you're thinking about it, the time to get moving is now! Seriously! No Bull, No Bias, No Kidding! Snooze-You-Lose! Spaek Now or Forever Hold Your Peace!
New Golf Course TownHouse
• 1,200 sq. ft., 2 bath, 2 bdrm townhouse "Newly Rebuilt" - $99,900 - New Low Price!! Hurry!
Deep Creek, Punta Gorda - Check out this newly constructed from the ground up townhouse on Deep Creek Golf Course! Features a screened lanai on lower level with storage room, a balcony off the owner's suite up (Fabulous Golf Course Views!) and 2 full and 1 half baths. All new appliances included: Washer,Dryer, Ref, smooth-top range, microwave and completely (Very Nicely!) Turn-Key Furnished! Overlooks the 13 hole. This is a championship 18 hole golf course (Membership Optional/Open to Public) with driving range, putting green, clubhouse and activities! Located close to I 75 with quick access to shopping, fitness center, banks, medical facilities, boating/fishing in Charlotte Harbor and the Islands/Gulf of Mexico, houses of worship and everything you'd ever want such as restauarants, specialty shops, cultural events and activities/art fairs etc. (New Community Pool Now Complete!) Only 45 minutes to Ft. Myers Airport!! Great getaway for snowbirds or owner occupy. See it today. (Hurricane Code-Wind-Load Windows)
This is a nice home! See it! Now being offered Completely Furnished-Turn-Key. VERY NICELY FURNISHED! Outstanding view-location!
Property information
We've been hearing good news and bad news regarding how lenders are working with homeowners to stay in their homes. Whether they have been working on doing a short-sale or in foreclosure; how well did the lender facilitate the process of a Loan Modification, a short-sale or did the lender file a foreclosure?
Was the lender helpful, did they follow proper protocol, were they organized and was it easy to communicate with the right people that could help.
Are you one of the savvy buyers taking advantage of the best real estate opportunity that will happen in our lifetime? Where are you currently living and what is going on in your market?
We want to hear from you! Are you employed, laid off, changed jobs, retiring or in the market for a second home, your first home and do you know about the special programs available now?
We are gathering information regarding certain lenders that received bail-out money and how that is being put to use. We want to praise the good ones while exposing the greed and abuse from the lenders that your tax dollars will pay for in the years to come.
Do you think this is a good time to buy? Where are you looking to buy. We want everyone to share their views and comments with Real-Life Experiences so we all can benefit. This is your outlet to say what's happening in your life and what your opinions are. Get on board and make a comment.
Please-No Profanity! Keep it concise yet informative. Do not abuse the privilege and stay professional and courteous. This is for everyone's benefit! Enjoy! Share your Experiences both good and bad.
Thanks!
Bill Hoyle
The According To Hoyle Group
Sun Realty
AARE CAI
Your Real Estate Connection
NW Port Charlotte, Port Charlotte - Announcing a New Saltwater Listing on 2199 Fernwood St., a 1,550 sq. ft., 2 bath, 3 bdrm single story "Harbor-Gulf Access". Now 
MLS® $174,500 - Affordable Gulf Access.
Property information
Deep Creek, Punta Gorda - Announcing a price reduction on 25397 Panache, a 2,010 sq. ft., 2 bath, 3 bdrm single story "Contemporary Spli Plan/Solid Suface/Pool". Now MLS® $179,500 - Bring All Offers!.
Property information
Deep Creek, Punta Gorda - Announcing a price reduction on C 103-25100 Sandhill Blvd C 103, a 868 sq. ft., 2 bath, 2 bdrm multiplex. Now MLS® $48,000 - Affordable SW FL Living!.
Property information
NE Port Charlotte, Port Charlotte - Announcing a New Listing at 20176 Susan Ave. Port Charlotte, FL 33952, a 1,432 sq. ft. Under-Air, 2 bath, 3 bdrm single story "Nice Size Pool with Lanai". Now MLS® $79,900 - Great Buy Pool Home.
Property information
Punta Gorda Isles, Punta Gorda - Announcing a price reduction on 9332-9332 Vivante, a 2,344 sq. ft., 3 bath, 3 bdrm multiplex. Now MLS® $299,900 - Far Below Cost!.
Property information
SE Port Charlotte, Port Charlotte - Announcing a Short-Sale Listing at 21040 Delake Ave. Port Charlotte, FL, a 1,188 sq. ft., 1 bath, 3 bdrm single story "Wood-Laminate Floors". Now $49,900 - Short-Sale 3 Bedroom Home.
Property information
Housing Stimulus Plan Forecasts
How and Who will it Help?
The Housing Stimulus Plan, also known as “The Homeowner Affordability & Stability Plan” is going through final examination and tweaking. More information is set to be released on March 4th, 2009. How and who will it help? Here is some preliminary information on how the plan is expected to work.
It is expected to help mitigate the amount of foreclosures that are driving the prices down in our neighborhoods and to help stabilize the housing market. The amount of foreclosures is said be 1 out of every 10 in many areas, with some areas being affected more than others. Make no mistake though, it is a Nation-wide problem and affects us all.
The plan is not expected to help everyone, especially investors and non-owner occupied homeowners. The plan is aimed mainly at owners that are currently “under-water” or “up-side-down”. Plainly stated, this means you owe more on your home to your lender than your property is worth in the current market. Markets have declined dramatically since 2006 until present. In some cases, homes have declined in value by as much as 40-50%.
This is especially true in what were known as “Hot Markets” such as SW Florida. After Charlie (Hurricane of 2004) in Charlotte County, there was a home shortage and even rentals were in high demand if even available. This is a phenomenon that historically happened in nearly every US City that experienced disasters. In the post-storm period after Charlie, home builders stepped up building to unprecedented levels and buyers (Investors Primarily) took note of the rapid sales and appreciating prices. Many investors and even end-users/owner occupied buyers took out mortgages with easy terms. The money was flowing and readily available to all buyers that had even questionable credit scores. There was a race to buy homes before prices escalated even higher since they were increasing almost daily. For people that lived and worked here, they were caught up in it as well. The question was; do I stay here where I work, live and wish to raise my family or do I leave this hot market since the prices have gone beyond my reach? Most stayed since employment was booming with construction and for various other reasons.
Then came the slow-down. We could examine why and how it all happened including unscrupulous investors on Wall Street, Investment Banks and Insurance Companies but that’s another article. (Most do not understand the complexities of the whys, hows and who did it.)
The Plan is expected to give Incentives to Lenders to help solve the Over-Supply of Foreclosures. It is rumored that the Fed has recently leased approx. 300,000 sq. ft. in IL to house the departments that will implement this process.
The plan will work in 3 categories. It is limited to 105% of the estimated current value of the home and the payments may not exceed 31% of the homeowner’s gross income. Fannie Mae and Freddie Mac will be the primary players in the beginning that currently service and/or insure approx. 60% of all home mortgages.
The final plans have not been unveiled. This information was taken from detailed comments from what is believed to be reliable sources. Parts of the plan may be altered and/or changed. Much of the process will follow FHA Guidelines. These Loan Modifications or Loan-Mods as they will come to be known as are not available to high loan amounts sometimes known as Jumbo Loans.
The plan calls for lowering interest rates to somewhere around 4% +/-, possible re-amortizing of loans to as long as 40 years in some cases and possibly lowering of principle amounts owed, although the lowering of principle amounts were sketchy at best.
Some combinations of the aforementioned were mentioned as possibilities as well.
Beware of some unscrupulous service providers that offer these services. While most will be legitimate, some may not be so enormous up-front fees should be questioned.
This is expected to be a booming business for the next year to 24 months so you can expect the words “Loan Mods” to be Buzz Words very shortly.
The 3 plans offered are expected to go something like this:
(1) Owner is up-side-down in the property yet they are current in their loan payments yet struggling and wish to Re-Finance. This can be true whether they have an adjustable rate loan with an adjustment coming due or they are in excess of the 31% of their household gross income. It can also work if they are in a fixed loan.
(2) Loan-Mod situation is where the owner is up-side-down, is showing signs of going behind in payments or behind in their current mortgage payments and wish to remain in the home. Remember, these services will only be available to homeowners that reside in the home as their primary residence. The Loan-Mod is expected to take from 30-90 days to complete and allows for interest rate reductions, loan terms being lengthened and possible principle amount reductions. (Most lenders will be very reluctant to lower principle amounts owed.) Not all homeowners will qualify for this assistance and some may not have ample income to do a Loan-Mod. In this case, most sellers will move to what is known as a Short-Sale candidate. A Short-Sale is a sale on the open market where the selling price may not be sufficient to satisfy the mortgage balance and closing expenses yet the lender will work with the seller in order to expedite this sale. It is in the Lender’s best interest to sell the property since the foreclosure process can be cumbersome and expensive. It is also in the lender’s best interest in most cases since REO (Real Estate Owned) lender foreclosures usually result in a lower sales price.
(3) New Loans to First-Time Buyers. The plan, which is in effect, will aid a buyer of a home a Tax Credit of $8,000 or 10% of the purchase amount, whichever is less. This is a huge incentive for buyers that can afford a home, possibly for the first time ever since prices have come down. They better hurry on this one however. They must purchase no later than December 1st, 2009 in order to take advantage of this huge incentive.
The main lenders that will participate will be those that took TARP money. Some groups and individuals are questioning the fairness of the plan. The Appraisers are suggesting they will contest it for various reasons including the fact that with many of these re-structured loans, there is not a formal appraisal and that it skews the process for determining Market Value.
Many who have paid their loans on time and played by the rules argue that it is unfair to them since they do not benefit from the program. The administration’s viewpoint is that the entire market has suffered from foreclosures and the housing crisis. Vacant, vandalized and foreclosed homes in neighborhoods hurts everyone in that area and reaches out with negative effects as far as a five mile radius according to several studies.
The effects are clear to Realtors that are active in the market. The values and sales prices have declined dramatically and the effects are readily apparent. If you drive through a neighborhood with foreclosures you’ll notice the impact and in many cases, see theft and vandalized properties. It is much like our schools, crime statistics and services offered in our areas. They all have an effect on the value of your home and your quality of life.
Stay tuned for the latest details said to be announced on March 4th.
Author: Bill Hoyle-The According To Hoyle Group-Realtors-Auctioneers-SW Florida-Sun Realty
941-235-3528
e-mail: info@accordingtohoyle.com
website: www.accordingtohoyle.com
All rights reserved
Information Deemed to be Reliable but not Guaranteed
Deep Creek, Punta Gorda - Waterfront Condo New Listing in Deep Creek Gardens: E 204-25100 Sandhill Blvd., a 868 sq. ft., 2 bath, 2 bdrm single story "2nd Level View-Security". Now $58,900 - Great Price-Lake-Front.
Property information
Punta Gorda Isles, Punta Gorda - Announcing a price reduction on 9332-9332 Vivante, a 2,344 sq. ft., 3 bath, 3 bdrm multiplex. Now MLS® $299,900 - Motivated Seller.
Property information
Deep Creek, Punta Gorda - Announcing C-1186 Rio De Janeiro, an 1,100 sq. ft., 2 bath, 2 bdrm townhouse "Newly Rebuilt". Now MLS® $99,900 - Newly Furnished and Turn-Key, Ready to Move right in! Just bring your suitcase! 941-235-3528
Property information
Punta Gorda Isles, Punta Gorda - Announcing a price reduction on 9332-9332 Vivante, a 2,344 sq. ft., 3 bath, 3 bdrm multiplex. Now MLS® $449,900 - Motivated Seller.
Property information
Double Side-By-Side Lots One Price!
• lot / land "Double Lot With Public Water" - MLS® $16,000 - Price is for Both Lots
NW Port Charlotte, Port Charlotte - Double Lot in Port Charlotte near beach complex/parks, boat ramps, shopping and every amenity you could ever want in SW Tropical Forida! Public Water at street. Build your dream home on a setting with no restrictions for the RV, Boat and Toys. There's room for that large garage you've always wanted too! (Taxes shown are per lot.)
Price Shown $16,000 is for both lots!! Great investment in a growing and popular area.
Enjoy golfing, the Harbor and fishing/boating year-round. You can't find them any better than this! Call today for a showing and more info!
Property information