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 Single Family Homes. Show all posts
Showing posts with label Single Family Homes. 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, June 18, 2007
Summer Time is Almost Here! Is this a good time to buy?
Well here we are getting ready to take the turn into The Summer of 2007. This will be an interesting summer to say the least. We keep hearing of all this doom and gloom, but we really aren't seeing it that way. Yes, foreclosures are up and will continue to rise. This is very unfortunate as many of these people were sold a bill of goods from mortgage companies by doing the easy to qualify for adjustable rate mortgages...with 100% financing. Those 4% intro rates are now coming in at 7%, 8%, and 9% or more. The problem of course is that the home values have dropped 20% or more and therefore we can't refinance these homes and the owners are stuck. Many of the homes going into foreclosure were from investors who came in and took advantage of some of the financing options. Those homes remain vacant and the owners are having trouble carrying several mortgages.
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
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