Hi Everyone!
So it's 2:15am and I'm sitting here doing a little bit of work before I go back to bed. I do need to get a life! As I"m sitting here thinking about Thanksgiving, so much goes on in my mind. I get a little misty around the holidays. I guess the older you get the more you realize how precious life is and that we have only one shot. It's definitely not easy some times, but it's the life we have so we might as well have fun. For those of you who know me, you know fun is what I'm all about. I don't take to much to serious when it comes to day to day life. Believe me, in this business if you are to serious you would go crazy!
It's this time of year that I become very thankful for everything I have now and have received in my life time. I was blessed with two great parents that died much younger than they should have been allowed. Were they perfect, no. Did they do everything in their power to guide me through my youth and young adulthood, yes. I learned from them the most important rules that I follow every day. That is to be honest and to really care about people. They taught me even though there are some evil people out there, that most people are good and want to be good. They were very right!
Ok, so here is the rest of my list of what else I am thankful for: My beautiful and loving wife, Jeanette. She makes me smile and she takes the brunt of when I'm not happy. (yes, even I have my days!) My four awesome ,way to old children in Jon, Matt, Amanda and Michael. My precious granddaughter Lola who lights up the room as soon as she walks in...sometimes she strolls in I guess since she is only 19 months old! My very cool, fun, caring, and great staff who makes coming to work every day so much fun! My friend Wayne's two girls who were shot this year are both out of the hospital and doing great! My brothers who have been my friends for my entire life. My friends that I grew up with and that I"m still close with...I'm lucky to have several friends that I could count on if I needed anything...how cool is that! And finally and not least are my customers who have helped me grow a company that is well respected and successful. As we all know, without great customers like you and with my great staff I don't have a company!
On this day, Thanksgiving, give thanks to everything in your life that is good. Remember that sometimes things don't go exactly as we plan but there is always a lesson to be learned. I have gone through some very hard times and come away with many great lessons of life.
Lastly, please take a moment while you are sitting down to eat that yummy turkey to say a prayer for all of our troops scattered around the world in harms way. We are blessed to have such a fine group of men and women who are wiling to be away from their families during the holidays and put their lives on the line on a daily basis all in the name of freedom.
Happy Thanksgiving!
Mitch
Showing posts with label House. Show all posts
Showing posts with label House. Show all posts
Wednesday, November 21, 2007
Monday, August 13, 2007
What's the story with Foreclosures
Happy Monday Everyone!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Monday, July 2, 2007
2nd Quarter Stats!
Hi Everyone!
Well it's that time of the year again where I let you know the current stats going on in our Real Estate market in Brevard County. The market seems to be holding steady. It's not getting any worse and it's not getting much better. At the moment the interest rates are right around 6.875% which are a little down from over 7% last week.
Stats for the 2nd quarter of 2007 (April 1 - June 30) are as follows:
Single Family Homes
Currently on the Market - 7,727
Units Sold - 1,402
Condos and Townhomes
Currently on the Market - 3,183
Units Sold - 368
Lots and Land
Currently on the Market - 4,333
Lots Sold - 168
Average Single Family time on Market - 101 Days
Average Sales Price to Listing Price - 93%
The best deals to be had our in the condo market. As you can see by the stats they just are not selling. Two years ago it was unheard of to find an Oceanfront unit anywhere in the county for under $300k. Now there are close to 50 units in that price range. Of course some of them are small. My favorite is one of our listings at Ocean Club in Melbourne Beach. This is almost 1,300 sq. ft. with two master suites, both with great Ocean views. This condo is currently listed for $299,900. My guess is this will sell fairly quickly because of the bargain price. We also have another condo that just dropped its price to $199,900. This is a riverfront condo on the 7th floor and over 1,500 sq. ft. This 2 bedroom 2 bath condo is located in the center of Merritt Island across the street from the mall. Great location and great price. This unit 2 years ago would have sold for as high as $300k. Such a deal! If you would like more details about either of these properties don't hesitate to call or email us. Our phone number is (321) 259-9115.
With that said, single family homes are down in price over 20% from 2004 with lots of great deals out there. This is the best buyers market we have had in a long time. With over 10,000 single family dwellings on the market, there are a lot of motivated sellers out there. This is great news if you are a buyer.
I have heard from some buyers who are wanting to wait until the market is at the bottom. As you may or may not know, there is no way to tell that we are at the bottom. I can tell you this, housing prices appear to be holding pretty steady right now. Those who told me they wanted to wait are now faced with houses that were the same price a few months ago and the interest rates are up over 1%. So in the long run, they have already missed the lowest price based on both sales price and interest.
One last thing. If you haven't seen it yet, we are holding our first annual customer appreciation night at Space Coast Stadium in Viera this Saturday Night. We will be enjoying a baseball game with the Manatees and fireworks after the game. If you haven't reserved your ticket and would like to go, please contact us immediately so we can get you on the list. The game starts at 6pm.
As always, if there is anything I can do for you, don't hesitate to ask. We are always here for you.
Have a great week and a Happy 4th of July!
Mitch
Well it's that time of the year again where I let you know the current stats going on in our Real Estate market in Brevard County. The market seems to be holding steady. It's not getting any worse and it's not getting much better. At the moment the interest rates are right around 6.875% which are a little down from over 7% last week.
Stats for the 2nd quarter of 2007 (April 1 - June 30) are as follows:
Single Family Homes
Currently on the Market - 7,727
Units Sold - 1,402
Condos and Townhomes
Currently on the Market - 3,183
Units Sold - 368
Lots and Land
Currently on the Market - 4,333
Lots Sold - 168
Average Single Family time on Market - 101 Days
Average Sales Price to Listing Price - 93%
The best deals to be had our in the condo market. As you can see by the stats they just are not selling. Two years ago it was unheard of to find an Oceanfront unit anywhere in the county for under $300k. Now there are close to 50 units in that price range. Of course some of them are small. My favorite is one of our listings at Ocean Club in Melbourne Beach. This is almost 1,300 sq. ft. with two master suites, both with great Ocean views. This condo is currently listed for $299,900. My guess is this will sell fairly quickly because of the bargain price. We also have another condo that just dropped its price to $199,900. This is a riverfront condo on the 7th floor and over 1,500 sq. ft. This 2 bedroom 2 bath condo is located in the center of Merritt Island across the street from the mall. Great location and great price. This unit 2 years ago would have sold for as high as $300k. Such a deal! If you would like more details about either of these properties don't hesitate to call or email us. Our phone number is (321) 259-9115.
With that said, single family homes are down in price over 20% from 2004 with lots of great deals out there. This is the best buyers market we have had in a long time. With over 10,000 single family dwellings on the market, there are a lot of motivated sellers out there. This is great news if you are a buyer.
I have heard from some buyers who are wanting to wait until the market is at the bottom. As you may or may not know, there is no way to tell that we are at the bottom. I can tell you this, housing prices appear to be holding pretty steady right now. Those who told me they wanted to wait are now faced with houses that were the same price a few months ago and the interest rates are up over 1%. So in the long run, they have already missed the lowest price based on both sales price and interest.
One last thing. If you haven't seen it yet, we are holding our first annual customer appreciation night at Space Coast Stadium in Viera this Saturday Night. We will be enjoying a baseball game with the Manatees and fireworks after the game. If you haven't reserved your ticket and would like to go, please contact us immediately so we can get you on the list. The game starts at 6pm.
As always, if there is anything I can do for you, don't hesitate to ask. We are always here for you.
Have a great week and a Happy 4th of July!
Mitch
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