Lately, all the real estate articles you read in our local papers are negative. We definitely have a slower market than we did 2 years ago. However, we do have a market here in Lee County, FL.

Every day, 60-90 homes go under contract. Some of the homes have been on the market several months.  Most that I see going under contact are newer listings. The new listings are selling because the seller prices them at the current market price.

Being a Realtor for almost 20 years in Lee County, I’ve seen the market go up/down and flat. In the early 90’s I had a buyer look at the same vacant condo 3 years in a row. The fourth year he wanted to look again, but it sold. That finally made him make the decision to buy.

The past 18 months has seen a slow down. Several things have contributed to our market changes.

Two bad hurricanes hit our area in 2004 & 2005 but more important were the hurricanes that hit other parts of Florida. The media coverage made in sound like Florida was wiped out.  Hurricane damage throughout Florida caused insurance cost to substantially increase.

The state & local governments have changed building codes to lower damage,but these changes added several thousand dollars to the cost on new homes.

The potential of all the baby boomers coming caused the large builders to move to our market & overbuild. The media reports hyped it up so investors from all over the world showed up and thus, we had an artificial demand.

All these changes in a couple of years have caused the investors to be sitting with many empty homes that they paid more for than they were worth. In many cases they are competing with large home builders that are willing to take write offs to move inventory.  The small individual investor is unable to compete. This caused the bottom to drop out of the rental market and resulted in many over priced listings.

Now you read about Realtors getting out of the business. In good times, everyone got into real estate and bought one or two properties. This was great if they bought in 2002 or 2003 and then flipped the properties in 2004 or 2005. Many of these Realtors now have lost many investment friends and money over lack of sales.

Our current inventory of over 18,000 homes and condos will not be reduced any time soon at our current absorbation rate of 500-600 a month.

It is still a good time to sell IF you price it right!  And, it is an excellent time to buy because of the huge selection and reasonable prices.

Bob Lewis Does Real Estate Right!

Call Bob!  239-565-0330

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The listings in this MLS Report include properties in Lee County, FL only.

You can read the report here.

Listings

• Homes - 12,844
• Condos - 8,227

Pending Sales

• Homes - 678
• Condos - 208

Sold In The Past 12 Months

• Homes - 8,796
• Condos - 3,110

Closed In The Last 30 Days

• Homes - 503
• Condos - 132

Questions concerning this data should be directed to Bob Lewis

Phone: 239-565-0330

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Bob Lewis 

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Owning a house is a great investment, but requires regular maintenance to help keep the home’s value.  To protect your investment, here are some home maintenance items that you shouldn’t ignore. 

Mark your calendar each year to do an annual check on the following items.  Remember to keep your receipts on any repairs that you have done.

Water Leaks

Florida homes probably have more damage from water leaks than anything else in the house.  Stains on ceilings can be from a roof problem or air conditioner handler located in the attic.  Check them immediately and get them repaired.  Early detection may be as simple as patching a leak.

Check and repair or replace leaky faucets and running toilet bowls. 

Rodent Infestation

If you hear any noises in the attic, don’t turn up the TV, check out what is going on up there.  You may have some critters living in your attic.  Use traps or bait or call an exterminator.

Energy Cost

If your electric bill is going up and your home is not cool, make sure your air filter is clean.  It is a good idea to have your air conditioner system regularly serviced by a licensed technician.

Peeling Or Chalking Paint

Paint is the home’s skin.  It is your first line of defense against incursions by water and pests.  Scrape off the old paint or pressure wash the home.  Apply a coat or two of fresh paint.  If your home was built before 1978, it may have lead based paint and will require special handling.

Garage Door Opener

Garage door openers should have an electric eye that looks for obstructions and an automatic reverse to prevent someone from accidentally getting hit by the door.  Test your door occasionally to make sure it works correctly.

Dryer Vents

Clothes dryers cause more than 15,000 fires every year.  These fires are often as a result of lint build-up in the vents.  Check the dryer ducts regularly and clean when necessary.

Ground Fault Circuit Interrupters

Ground fault circuit interrupters are electrical outlets with distinctive red and black buttons that are required to prevent deadly shocks.  Check them regularly to ensure they are working.  It could save your life.

Smoke Alarms

Most building codes require smoke alarms in homes.  These are usually equipped with a 9 volt battery.  The batteries should be replaced annually.  Fire prevention week in October is a good time to change batteries.

Windows, Doors and Screens

Make sure all of your windows and doors work properly.  Repair or replace any broken screens.

Landscaping And Lawn Care

Keep bushes and trees trimmed around your home.  A well manicured lawn is often a sign of a well maintained home and adds to curb appeal for potential buyers.

Stay on top of home maintenance  If you repair items quickly, your overall maintenance costs will ultimately be less.

A well maintained home sells more quickly than one that is in need of repair.  When a home buyer sees obvious things that need repair, they are wary of what they don’t see and will often back away from a possible deal.

Look at your home from a buyer’s perspective.  What would you think of the house if you were buying it today?

When you are ready to buy or sell a home, call Bob Lewis!

Phone:  239-565-0330

Bob Lewis Does Real Estate Right!

Home Maintenance

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Now is the time to take advantage of the low home prices.  Home sellers are anxious and have dropped their prices to a realistic level.  It is a “buyer’s market.”  Home inventory is high.  You have a great selection from which to make your choice.

Give yourself and your family a gift this Christmas.  Buy a new home in Fort Myers, FL.  Have the happiest, sunniest holiday season! Many homes are available now and ready for you to move right in. 

Don’t wait.  Call Bob at 239-565-0330.  He will help you find your holiday dream home in the Fort Myers area.

Bob Lewis Does Real Estate Right!

PS:  Be sure to read the following article to find out why it truly is the “Best Time Of The Year To Be A Home Buyer.”  Your new home is waiting for you.

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Best Time Of The Year To Be A Home Buyer

–by Robert J. Bruss - Inman News

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Holiday season is the greatest gift for home shopping.
During the slow home sales holiday season between Thanksgiving and New Year’s Day, even extending through Super Bowl Sunday in many communities, few people think of buying a house or condominium. However, if you want to purchase a home and can drag yourself away from holiday festivities, this is the absolute best time of the entire year to be a home buyer.

Why is that, you ask? The answer has two parts: (a) only serious motivated sellers have their houses and condominiums listed for sale during this slowest season of the year for home sales, and (b) competition from other prospective home buyers is at its lowest now so your purchase offer will be extremely welcome and seriously considered by a motivated home seller.

Purchase Bob Bruss reports online.

There is an additional reason 2006 year-end is an especially good time to be a home buyer. That reason is it is a “buyer’s market” in most cities, meaning there are more homes listed for sale today than there are qualified buyers in the market so sellers (and their listing agents) are extremely anxious.

It’s a great time to be a home buyer. But not such a good time to be a home seller.

BEFORE SHOPPING FOR A HOME, SHOP FOR A MORTGAGE. However, before rushing out to buy a house or condo, smart home buyers first get approved in writing for a home mortgage. This is a slow time of year for mortgage lenders so they welcome your loan application.

Although mortgage brokers can arrange mortgage pre-approvals, the letter or certificate must come from an actual lender, such as a bank or mortgage banker. Most home mortgage pre-approvals are valid for 60 to 90 days.

Don’t even consider a mortgage “pre-qualification,” which means only, “We looked at your loan application and you appear to qualify but we haven’t actually verified your credit and income.” In other words, a mortgage pre-qualification is worthless.

However, home buyers should understand a lender’s mortgage pre-approval is subject to (a) the lender’s appraisal of the home you decide to buy, and (b) reverification of your credit and income (don’t apply for additional credit or go out and buy a new car before you complete your home purchase).

WORK WITH AN EXPERIENCED BUYER’S AGENT. After obtaining a written mortgage pre-approval from a lender, the next step to buying a home during this best time of the year to purchase is to work with an experienced buyer’s agent who understands the market in the vicinity where you want to buy.

Ask friends, relatives and business associates for recommendations of buyer’s agents. Although any licensed agent can be your buyer’s agent, many agents prefer to list homes for sale rather than working with home buyers who are often “time wasters.”

A buyer’s agent costs nothing extra. The reason is the listing agent of the house or condo you purchase will split the sales commission with your buyer’s agent. Only in the rare event you buy a “for sale by owner” (FSBO) home and the seller refuses to compensate your buyer’s agent would you owe any sales commission.

EXPECT YOUR BUYER’S AGENT TO PREPARE A “CMA” BEFORE MAKING YOUR PURCHASE OFFER. When you find “the house” or “the condo” you want to buy, before making a purchase offer ask your buyer’s agent to prepare a written CMA (comparative market analysis). This CMA is the same form the listing agent prepared for the seller when the house or condo was listed for sale.

However, your CMA will be up to date, whereas the seller’s CMA might be several months old. The CMA shows (a) recent sales prices of comparable nearby residences within the last few months (never older than six months); (b) current asking prices of similar neighborhood homes now on the market for sale; and (c) asking prices of recently expired comparable listings (usually overpriced).

As a savvy home buyer, you probably will have inspected many of the homes on your CMA. With the help of your buyer’s agent, you can use the CMA information to arrive at a fair purchase-price offer.

Many buyer’s agents recommend making a purchase offer based on a per-square-foot basis. For example, if nearby homes of comparable quality construction recently sold for $150 per square foot, you might want to make your purchase offer based on $150 per square foot.

Be sure to attach a reasonable good faith deposit check to your purchase offer. If you are making an especially low offer far under the seller’s asking price, a substantial deposit accompanying your offer will often convince the seller you are a serious buyer.

You can be sure your buyer’s agent will use the CMA prepared for your use to show to the home seller and the listing agent to justify your purchase offer as being reasonable.

However, if the seller doesn’t accept your purchase offer, a luxury of buying during this slow season is there are few other home buyers in the market. The result is you usually need not be in a rush to respond to a counteroffer or make a new purchase offer.

Waiting a few days to respond, presuming you still want to buy the residence, will often make the seller think, “That was a pretty good offer. Maybe I should have accepted it.”

KEEP YOUR PURCHASE OFFER SIMPLE. As experienced buyer’s agents will tell you, it’s best to keep your purchase offer as simple as possible. “A confused mind usually says no” is a very true motto. For this reason, it is best to include only a few contingency clauses in your purchase offer. Typical contingencies are:

1. LENDER’S APPRAISAL CONTINGENCY. Presuming you need a mortgage to finance your purchase, be sure to include a mortgage lender’s appraisal contingency clause in the purchase offer. If the home doesn’t appraise for at least the amount of your purchase offer that was accepted by the seller, then you don’t have to complete the purchase and can get your good faith deposit fully refunded.

2. PROFESSIONAL HOME INSPECTION CONTINGENCY. Smart buyers make their home-purchase offers contingent on their approval of a professional home inspector’s report to be obtained by the buyer after the seller accepts the purchase offer.

The cost is usually around $300. Buyers should always accompany their inspector for the two- to three-hour inspection because it is a good way to become familiar with the home and to discuss any unexpected material defects that are discovered.

A good source of experienced professional home inspectors is to hire a member of the American Society of Home Inspectors (ASHI). To find local ASHI inspectors, go to www.ashi.org or phone 1-800-743-2744.

If the professional inspection report reveals serious undisclosed home defects, as the buyer you can (a) cancel the purchase and obtain refund of your good faith deposit, (b) reopen negotiations with the seller to obtain a repair credit, or (c) if the seller refuses to renegotiate, go ahead with the purchase anyway (presuming you badly want the home).

3. SALE OF YOUR CURRENT HOME CONTINGENCY. During the last few years of a home “seller’s market” in most cities, this contingency fell out of favor with home sellers and real estate agents. But during a buyer’s market where any purchase offer is very welcome, many home sellers will accept a purchase offer that is contingent on the buyer’s sale of their current home.

However, to be fair to the seller, most sellers will insist on keeping their homes listed on the market for sale while the buyer tries to sell his/her current home. In addition, most realty agents suggest a 48-hour or 72-hour contingency-release clause. That means if another buyer produces an offer acceptable to the seller, the first buyer then has 48 or 72 hours to remove his/her contingency clause for sale of their current residence.

SUMMARY: The season between Thanksgiving and New Year’s Day, even extending to Super Bowl Sunday in many communities, is the slowest time of the year for home sales so it is an especially good time to be a home buyer.

(For more information on Bob Bruss publications, visit his
Real Estate Center).
 

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JUST DO IT! 

I’ve held several open houses in the last couple of months and had several local renters looking to buy.

Because of all our media hype about falling real estate prices, they seem to be on the fence and waiting for the bottom of the market.  Don’t wait too long. 

There are some really great prices and fantastic real estate deals out there, right now.  You really should take advantage of some of them while you can.  The market will change again before you know it.

While showing property last week at two new communities being built by National Builders, the builders were offering unbelievable incentives to buyers.  In one case, the builder offered over $100,000 on a $300,000 condominium.  That’s a terrific deal!

In MLS, almost 20% of the homes and condos currently listed were built in 2006.  Many of these listings are builder products in new communities.  Wouldn’t you love to have your own new home or condo?

Out-of-town buyers seem to be more likely to buy than our local residents.  I believe that if you are currently renting or are ready to make a move, now is a great time to buy a new home or condo.

You will look back in a few years and be very glad you made this buying decision now. 

Call Bob Lewis to discuss what you need.  I will do the searching for you and help you get the dream home you always wanted at the best possible price.

Do it today!  It is a buyer’s market!  Move into your new home or condo in Fort Myers for Christmas!  What a wonderful family gift!

Call Bob Lewis - 239-565-0330

Your Fort Myers RE/MAX REALTOR

http://robertlewis.remax-florida.com

http://fortmyersrealtor4u.com

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When you are relocating to another city for a new job, the first thing you should do is to get professional advice from two important people, a professional realtor and a tax expert.

Your realtor will go to work to market your current home to get it sold in a timely manner and will put you in touch with a realtor in your new city. 

Your tax advisor can tell you what moving expenses you can deduct from your income tax liability and can go over the current capital gains implications. 

(Publication 521 from the Internal Revenue Service can provide you with up-to-date changes in deductions allowed for moving expenses.)

The laws are very complicated and are always changing,  Depending on your individual situation, the tax implications could have an impact on what you can afford to spend on your new home.   

When Congress is at work, it is impossible to know exactly how this will impact home owners.  You don’t need a crystal ball to know that there are bound to be changes.

Stay alert and informed.  Talk to your realtor and your tax advisor before you make your move.

Your Fort Myers REALTOR, 

Bob Lewis

RE/MAX Realty Group II

PS:  It’s also a good idea to get pre-approved for a mortgage so you know how much house you can afford before you start looking. 

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