As we are approaching Labor day it's not only the heat that has been hot this summer. Sales have been on the upswing for the past 5 consectutive months. Sold homes and pending sales have been increasing and the available inventory is on the decline. Foreclosures, first time homebuyers and buyers trying to take advantage of the $8000 tax credit along with historically low rates have fueled this summers frenzied pace. We are steadily moving towards recovery.
Well for everyone out there I wanted to wish you all a Happy Mothers Day. My mom passed away about 4 years ago but we still celebrate her memory and gather together with our small and sometimes dysfunctional family. It is a great way to remember what we have in life and what to be thankful for. It is funny how hard it is for people to talk about their loved ones and even harder once they have passed on. Emotions and feelings that have been bottled up for so long sometimes just need to be let out. It is healing and can even put a smile on your face. So mom I miss you and love you.
Althought the options for mortgage have shrunk I think many people should consider FHA financing. They have more stringent guidelines than traditional loans. However you can move into a home with as little as 3.5% down and can ask for the Seller to pay for closing costs.
Contact me if you want to learn more about FHA loans for homes in Fort Lauderdale.
I hope you all have a great 2009. What is in store for Fort Lauderdale Real Estate in 2009? Well we are seeing loads of foreclosures but we are also seeing many homes have multiple offers on them. Prices are beginning to stablize as we are seeing neighborhoods find their bottom for the average home.
Interest rates came down over a point in the last quarter and the 30 year fixed rate loan ranges from 5- 5 1/2 %. This combined with the sharp drop in prices should make for a lot of opportunity for Buyers and investors alike.
Well as we enter into the new year many speculators are talking about how the second round of adjustable rate mortgages are going to come due. How will this affect us in Fort Lauderdale. Well as more of the mortages adjust you will see many people again fall behind and ultimately go into foreclosure. I think for many of the Buyers sitting on the sidelines 2009 might be the year to pick things up at the bottom of the market.
As many of you know that many "steals" in Fort Lauderdale are arriving in the form of Foreclosures. There are homes being sold to 60-70% from there 2005 highs. Dealing with the banks can be a challenge but patience, being qualified and having an attorney follow up for you is essential to having a smooth transaction and hopefully a great investment.
In North East Fort Lauderdale the Foreclosures on average are selling within 30 days because of the aggressive prices the banks are setting and wanting them of their books quickly.
Feel free to search my site for listings in your area.
For many who have held onto some cash over the past few years real estate is again looking like a great investment. With interest rates down to 5.5 % on a 30 year fixed and the abundance of foreclosures buying property is again looking like a valid option to add to your portfolio.
We have seen prices drop anywhere from 30-70% depending on area and condition of homes in the Fort Lauderdale area. So if your thinking about cashing in the next few months could be a great time to step back into the market.
I am excited knowing that we will be going into a New Year with a new leader stepping in. With all the ups and downs we have had in the stock market, real estate market it will be nice to have a fresh spin on things. I do not think things will turn quickly but having someone who actually cares about the working class reform will take place.
Well as everyone knows the scare the banks have had due to them being over leveraged is now causing banks to tighten there loans to other banks, to small businesses, credit cards and you the counsumer. What can you do? Well this is the time that you want to have cash on hand just in case you are one of the people the banks deem unfit for a loan or a HELOC. As with all downward spins in the economy things will change. However with government intervening you can expect loans to be much more regulated in the future and only those with income, credit, and a job will be getting loans.
With prices falling and the banks tightening the lending requirements for borrowers what is a Buyer to do. These days cash is king but FHA loans are back and stronger than ever. Obiviously there are challenges to FHA loans but if you have good credit, work history and some cash on hand getting a loand in Fort Lauderdale is still very possible.
GordonAndToddSell.com
Gordon Bernstein, 954-614-7976 Todd Greeninger, 954-294-1569
2700 East Oakland Park Blvd, Fort Lauderdale, FL 33334 Fax 866-491-3986
