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
Wednesday, November 21, 2007
Tuesday, November 20, 2007
Brevard County Properties Sold through the end of October 2007
Hi Everyone!
I have been promising stats for quite a bit but have been so busy I hadn't had a chance to do them. Well I finally got them done. Below are all the homes, condos and townhomes, and land sold for the year. As you can see the numbers are very low. At the bottom of the chart are all the current active properties for each category. The good news of course is that your negotiating power is very strong right now. If a home has been on the market for more than 6 months there is a good chance you can get the home for 10% or more off the listing price.
Month /Residential/ Condo&Townhouse /Land
January /342 /109 /45
Feb /465/ 121/ 43
March/ 519/ 143/ 63
April /510/ 127/ 64
May/ 471/ 131/ 60
June/ 487/ 128/ 53
July/ 447/ 122/ 50
August/ 447 /117 /54
Sept. /297/ 70/ 45
October /356 /83 /47
Currently
Active/ 7563/ 2987/ 4120
As I have said many times, this is a great time to buy. If you are interested in finding out more about the opportunities in Brevard, please don't hesitate to call or email us.
Have a great day!
Mitch
I have been promising stats for quite a bit but have been so busy I hadn't had a chance to do them. Well I finally got them done. Below are all the homes, condos and townhomes, and land sold for the year. As you can see the numbers are very low. At the bottom of the chart are all the current active properties for each category. The good news of course is that your negotiating power is very strong right now. If a home has been on the market for more than 6 months there is a good chance you can get the home for 10% or more off the listing price.
Month /Residential/ Condo&Townhouse /Land
January /342 /109 /45
Feb /465/ 121/ 43
March/ 519/ 143/ 63
April /510/ 127/ 64
May/ 471/ 131/ 60
June/ 487/ 128/ 53
July/ 447/ 122/ 50
August/ 447 /117 /54
Sept. /297/ 70/ 45
October /356 /83 /47
Currently
Active/ 7563/ 2987/ 4120
As I have said many times, this is a great time to buy. If you are interested in finding out more about the opportunities in Brevard, please don't hesitate to call or email us.
Have a great day!
Mitch
Monday, November 12, 2007
Veterans Day
Hi Everyone!
This is just a quick note to remind all of you to take a minute and think about our young adults that volunteer to protect our country. Whether you are for the war or against the war is not relevant. Either way, it is important to support our troops. Those are our kids out there putting their lives in danger every day. So while you are walking around enjoying the beautiful weather, take a moment and say a prayer for our troops. Pray that they all come home safely to continue their roles as husbands, wives, fathers, mothers, sons and daughters. Remember that because of our hero's both the past, the present and the future we will have the freedoms to walk around and enjoy such a beautiful day.
Have a great day today!
Mitch
This is just a quick note to remind all of you to take a minute and think about our young adults that volunteer to protect our country. Whether you are for the war or against the war is not relevant. Either way, it is important to support our troops. Those are our kids out there putting their lives in danger every day. So while you are walking around enjoying the beautiful weather, take a moment and say a prayer for our troops. Pray that they all come home safely to continue their roles as husbands, wives, fathers, mothers, sons and daughters. Remember that because of our hero's both the past, the present and the future we will have the freedoms to walk around and enjoy such a beautiful day.
Have a great day today!
Mitch
Sunday, November 11, 2007
I need your help!
Hi Everyone!
If you have been reading what I've been writing lately you have noticed that I am in the middle of making a bunch of changes to our company. For that reason I am looking for help from you, our customer.
1. We are getting ready to launch a new site - http://www.melbournehomesearch.com/ - Please check it out when you get a chance and send me your feedback. The MLS search function is working but we are still working on the saved listings portion to allow you to continue to save homes into your personal folder. Please email feedback at mitch@mitchrealty.com whether it be good, bad or indifferent. My goal is to create a site that is easy to use and has all the information you need. With your help, I can accomplish this goal!
2. Consumer Forum - I would like to get two different groups of customer together. The first group would be our customers who have already bought homes through Tropical Realty. The second group would be from customers who have not bought anything yet.
The purpose of these to forum's is to learn from you what we need to do to be a better company. I work very hard, as do all my Agents, to insure that our customers are getting the service that they desire. I will be taking you to dinner and discussing what we need to do on our end to make everything the best experience for you.
This past year has been a great year for us here at Tropical Realty. While most companies are struggling, we have been hitting our goals almost every month. Of course I only have you to thank for that. I appreciate your busines and your trust that you have in our company. I think I have the best Agents in the county ( I may be a little bias) if not the state. Every person on my staff from the admin (Pat and Krystal) to my Agents, to the Mortgage Dept of Pedro (my partner), Carolyn, Jeff and Greta cares about our customers as much as I do. I have always instilled in my staff that if you work hard and create the best customer service experience for your customer, you will always succeed. I can honestly say I know that they value our customer more than the buck! We all go out of our way to be the best we can be for you.
With that said, I know we have to improve in certain areas and I would like help finding out exactly what we need to improve. Please take a few minutes and write me a review of our new website at http://www.melbournehomesearch.com/ and let me know your thoughts. They do matter. Also, if you would like to be involved in my customer forum, please email me at mitch@mitchrealty.com and let me know. I will be taking everyone out to dinner to discuss how I can make Tropical Realty a better company and a great experience for our customers.
I look forward to hearing from you. Have a great night!
Mitch
If you have been reading what I've been writing lately you have noticed that I am in the middle of making a bunch of changes to our company. For that reason I am looking for help from you, our customer.
1. We are getting ready to launch a new site - http://www.melbournehomesearch.com/ - Please check it out when you get a chance and send me your feedback. The MLS search function is working but we are still working on the saved listings portion to allow you to continue to save homes into your personal folder. Please email feedback at mitch@mitchrealty.com whether it be good, bad or indifferent. My goal is to create a site that is easy to use and has all the information you need. With your help, I can accomplish this goal!
2. Consumer Forum - I would like to get two different groups of customer together. The first group would be our customers who have already bought homes through Tropical Realty. The second group would be from customers who have not bought anything yet.
The purpose of these to forum's is to learn from you what we need to do to be a better company. I work very hard, as do all my Agents, to insure that our customers are getting the service that they desire. I will be taking you to dinner and discussing what we need to do on our end to make everything the best experience for you.
This past year has been a great year for us here at Tropical Realty. While most companies are struggling, we have been hitting our goals almost every month. Of course I only have you to thank for that. I appreciate your busines and your trust that you have in our company. I think I have the best Agents in the county ( I may be a little bias) if not the state. Every person on my staff from the admin (Pat and Krystal) to my Agents, to the Mortgage Dept of Pedro (my partner), Carolyn, Jeff and Greta cares about our customers as much as I do. I have always instilled in my staff that if you work hard and create the best customer service experience for your customer, you will always succeed. I can honestly say I know that they value our customer more than the buck! We all go out of our way to be the best we can be for you.
With that said, I know we have to improve in certain areas and I would like help finding out exactly what we need to improve. Please take a few minutes and write me a review of our new website at http://www.melbournehomesearch.com/ and let me know your thoughts. They do matter. Also, if you would like to be involved in my customer forum, please email me at mitch@mitchrealty.com and let me know. I will be taking everyone out to dinner to discuss how I can make Tropical Realty a better company and a great experience for our customers.
I look forward to hearing from you. Have a great night!
Mitch
Saturday, October 27, 2007
Media and the Real Estate Market
Hi Everyone!
So I am sitting here getting ready to watch my Boston Red Sox try to make it three wins straight against the Rockies. I'm very excited. Of course nothing will compare to the Sox World Series of 2004. It's amazing how long it took!
We were having a discussion this week about the media and its affect on the public. We all know that the media spins its stories in whatever direction it wants to go. When something is "hot" they are all over it. Of course "hot" in their opinion is bad. You don't hear to many good things on the news...the truth of the matter is that good news doesn't sell. Bad news creates viewers which creates sales. It's all about the buck!
Right now we are in a changing Real Estate market and we have been for one and a half years now. Nobody really knows when the market is going to hit bottom, or if it already has hit bottom. Depending upon who you ask, you might get a different answer. My take is that this is probably the best time we have had to buy Real Estate in the past 4 years. Prices are pre 2004 and I tend to doubt they will go any lower. With that said, there are some great deals out there too. People who bought their homes prior to 2003 are willing to take a modest profit instead of the monster profits we were seeing in 2004 and the first half of 2005.
Anyway, back to our discussion about the media. I believe that the media (being on the left side of the isle) were motivated to insure a Democratic Congress. Unfortunately for them at the time, things were not going to badly in this country. Of course this is all relative, but as far as the economy, things are, were, pretty strong. The media knew if they were going to affect the election they were going to have to put the breaks on our economy. The only way to do that at the time was to destroy the housing market. The housing market affects many other markets then just buying and selling houses. It affects construction workers, appliance sales people, the banking industry, rug manufacturers and so on. I think you understand. By putting the breaks on the Real Estate market they pretty much shut down a major part of our economy. Let's face it, at the time, May of 2005 was the peak, house prices were starting to level off and interest rates were still at 6%. Houses were selling in 30 days or so and the economy was strong.
In May 2005 the media made their run to alter politics. They started with the simple, "the housing bubble is going to burst". Within a few months as they hammered this home to our country, the market did start to slow. From there they took it and ran. Once they created enough data to show the market was slowing, they made it the most talked about headlines in the country. Within a year, by May of 2006 they completely destroyed the Real Estate market. Anyone trying to sell their home over the past year knows what I am talking about here.
Ok, let's fast forward to October 2007. The market is still hurting badly and there is talk of thousands of foreclosures. Many of the sales we do are "short sales". Short Sales are sales in which the seller will sell their home for less than they owe on it. They can only do this with the permission of the bank. It is much easier and less expensive for the bank to do a short sale than to go into foreclosure. Believe me, the bank does not what all those homes.
This month is supposed to be the peak of the "resets" of the adjustable rate mortgages. It will be interesting to see what is going to happen. Although with that said, Countrywide mortgage has decided to help out about 82,000 of its customers by not adjusting the mortgage at this time. This should help. I have been saying for quite a while now that if the banks don't want to go into foreclosure on these homes, they are going to have to do something about the resets. Finally someone is listening. Many more lenders are going to have to follow suit if they don't want to be handed a ton of homes.
So what am I really talking about here. The reality is if you are looking to buy a home, this is a great time to buy. If you are thinking about buying a condo, this is an excellent time to buy. There are a ton of condos on the market and they are not moving. If you are thinking about buying a piece of land, this is an awesome time to buy. I think last month out of the approximately 4100 lots for sale, only 47 sold. Lots in Palm Bay have come down from a peak of $70k to around $30k or a little more and sometimes a little less. The point is, if you need a place to live or are looking for a home you are going to stay in for a long time, then you should be very excited about the quantity of homes on the market. Think of all the choices you have to find that home you have always wanted.
As always, we are here to guide you in the process of buying a home. Since we have switched to a Single Agency (we represent you) the response has been overwhelming. Our clients love the fact that we have a legal responsibility in the transaction. It gives them a more secure feeling knowing that we are going to go the extra mile for them...you.
Have a great Saturday Night and Sunda. Go Red Sox and we can't forget to say Go Pats! It's a good time to be a Boston fan these days!
Mitch
So I am sitting here getting ready to watch my Boston Red Sox try to make it three wins straight against the Rockies. I'm very excited. Of course nothing will compare to the Sox World Series of 2004. It's amazing how long it took!
We were having a discussion this week about the media and its affect on the public. We all know that the media spins its stories in whatever direction it wants to go. When something is "hot" they are all over it. Of course "hot" in their opinion is bad. You don't hear to many good things on the news...the truth of the matter is that good news doesn't sell. Bad news creates viewers which creates sales. It's all about the buck!
Right now we are in a changing Real Estate market and we have been for one and a half years now. Nobody really knows when the market is going to hit bottom, or if it already has hit bottom. Depending upon who you ask, you might get a different answer. My take is that this is probably the best time we have had to buy Real Estate in the past 4 years. Prices are pre 2004 and I tend to doubt they will go any lower. With that said, there are some great deals out there too. People who bought their homes prior to 2003 are willing to take a modest profit instead of the monster profits we were seeing in 2004 and the first half of 2005.
Anyway, back to our discussion about the media. I believe that the media (being on the left side of the isle) were motivated to insure a Democratic Congress. Unfortunately for them at the time, things were not going to badly in this country. Of course this is all relative, but as far as the economy, things are, were, pretty strong. The media knew if they were going to affect the election they were going to have to put the breaks on our economy. The only way to do that at the time was to destroy the housing market. The housing market affects many other markets then just buying and selling houses. It affects construction workers, appliance sales people, the banking industry, rug manufacturers and so on. I think you understand. By putting the breaks on the Real Estate market they pretty much shut down a major part of our economy. Let's face it, at the time, May of 2005 was the peak, house prices were starting to level off and interest rates were still at 6%. Houses were selling in 30 days or so and the economy was strong.
In May 2005 the media made their run to alter politics. They started with the simple, "the housing bubble is going to burst". Within a few months as they hammered this home to our country, the market did start to slow. From there they took it and ran. Once they created enough data to show the market was slowing, they made it the most talked about headlines in the country. Within a year, by May of 2006 they completely destroyed the Real Estate market. Anyone trying to sell their home over the past year knows what I am talking about here.
Ok, let's fast forward to October 2007. The market is still hurting badly and there is talk of thousands of foreclosures. Many of the sales we do are "short sales". Short Sales are sales in which the seller will sell their home for less than they owe on it. They can only do this with the permission of the bank. It is much easier and less expensive for the bank to do a short sale than to go into foreclosure. Believe me, the bank does not what all those homes.
This month is supposed to be the peak of the "resets" of the adjustable rate mortgages. It will be interesting to see what is going to happen. Although with that said, Countrywide mortgage has decided to help out about 82,000 of its customers by not adjusting the mortgage at this time. This should help. I have been saying for quite a while now that if the banks don't want to go into foreclosure on these homes, they are going to have to do something about the resets. Finally someone is listening. Many more lenders are going to have to follow suit if they don't want to be handed a ton of homes.
So what am I really talking about here. The reality is if you are looking to buy a home, this is a great time to buy. If you are thinking about buying a condo, this is an excellent time to buy. There are a ton of condos on the market and they are not moving. If you are thinking about buying a piece of land, this is an awesome time to buy. I think last month out of the approximately 4100 lots for sale, only 47 sold. Lots in Palm Bay have come down from a peak of $70k to around $30k or a little more and sometimes a little less. The point is, if you need a place to live or are looking for a home you are going to stay in for a long time, then you should be very excited about the quantity of homes on the market. Think of all the choices you have to find that home you have always wanted.
As always, we are here to guide you in the process of buying a home. Since we have switched to a Single Agency (we represent you) the response has been overwhelming. Our clients love the fact that we have a legal responsibility in the transaction. It gives them a more secure feeling knowing that we are going to go the extra mile for them...you.
Have a great Saturday Night and Sunda. Go Red Sox and we can't forget to say Go Pats! It's a good time to be a Boston fan these days!
Mitch
Wednesday, October 3, 2007
The never ending quest to become the best Real Estate company in the World!
Hi Everyone!
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
Friday, September 21, 2007
The Bottom is here!
Hi Everyone!
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
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