The Ramage Team Blog

Better news each month

Filed under: Real Estate in the Cape — Judy Ramage @ 6:23 pm

Our numbers of homes sold for June, July, and August reminds me of the numbers we had for 2005. The very height of our market. We sold 388, 420, and 378 respectively. We are still hovering at 4304 houses on the market in the Cape. Nine hundred less than at the beginning of the year. Interest rates are rumored to be going down with the takeover of FANNIE MAE and FREDDIE MAC. Finally, the average sale price in the Cape is HALF of what it was in 2005. It is a great time to buy. We are also seeing for the first time in years multiple offers on hot properties especially those under $200,000.

Judy Ramage, ReMax Realty Team, Broker Associate

Comments Off

The Trend Continues

Filed under: Real Estate in the Cape — Judy Ramage @ 1:25 am

We are now into July and we have dropped from 5200 houses for sale in the Cape in January to just under 4000 at the end of June. Also, the month of June saw more buyers than May 361 to 388. Just remember in Janurary of 2008 we only sold 149 total! But, along with the good trends we are still experiencing an average sale price drop. Due to both the many foreclosures on the market and the number of short sales as well. Interest rates are creeping up so, if you have any desire to buy you might want to do so now. The time you wait to find the bottom of the market will cost you more in interest rates and you could be worse off than buying now. We still have interest from people in moving to the Cape. We will continue to recover. We have gone from 32 months of house inventory down to 13 and that is significant.

Judy Ramage, Broker Associate ReMax Realty Team Cape Coral, FL

Comments (0)

We are close but, not at the bottom.

Filed under: Uncategorized — Judy Ramage @ 7:50 pm

It was announced in the News-Press that while Ft Myers had only a 2.5% drop in property values, Cape Coral was the worst in Lee County with over a 26% drop in property values for 2007. This is not surprising to the agents that work here. We have seen this train coming for some time. Getting our sellers to believe it and act on it has been another problem all together! In addition, the Cape has lost almost 3% a month for the 2008 year. This trend is going to continue in the months to come as well.

The good news is that each month this year more buyer’s have bought property here. April’s sales transaction numbers were more than double January’s.

The problem for most “Fence sitter’s” (buyer’s who try to wait until the very bottom) is that we will know it is the bottom when prices start going up! They will have missed it by that time. Also, you take the risk of paying higher interest rates if you wait to buy. Your small savings you made on the sale price is eaten up by the higher interest rate over the life of the loan. Lender’s are also making it more difficult for people to borrow money..again wait too long and you may not be able to buy.

Most if not all buyer’s benefit from buying sooner versus later. A first time buyer is currently tossing money away on rent. A move-up buyer will make less on the property they own when they sell BUT, are also paying less to buy their “dream home”. An investor buying today can get “cheap money” and may not be able to do as well in the future. Lastly, how long do you want to wait to own your ideal property?

Judy Ramage, Broker Associate, ReMax Realty Team (239) 242-2005

Comments (0)

Let’s look at a few trends

Filed under: Real Estate in the Cape — Judy Ramage @ 11:19 pm

Ok, this is a good news/bad news post. The good news is for 2008 thus far, we have increased the number of single family homes SOLD each month. January was 149, February was 179, March was 271, and April was 332. Each month was better than the last month. More buyers are realizing what great deals there are out there and deciding to buy.

The bad news is that each of these months we have lost $$$ in the average sale price. Why? Well, it is really quite simple. We have had more and more bank owned foreclosures hitting the market and generally it is their goal to sell within 30 days so, they price at the bottom of the market–or up to 10% below.

Judy Ramage, Broker Associate, ReMax Realty Team

Comments (0)

Wow, I can’t believe what I am hearing!

Filed under: Uncategorized, Real Estate in the Cape — Judy Ramage @ 7:51 am

A fellow poster commented not to believe what you are hearing. I was not quite certain what they meant. But, I think it had to do with “don’t believe things are improving in the Real Estate Market”.

Back after 911, just after the stock market took a dive, everyone was selling. On behalf of my son, I bought stocks and just a few years later his account was more than double what I paid. I can relate the real estate market to this. When everyone is selling–BUY! When everyone is buying, SELL!

We currently have over 5200 houses for sale in Cape Coral, and close to 50% are “short sales” or foreclosures. We have rolled prices back to 2001/2002. Are times tough, YES! Many of the Real Estate Agent ranks now work in other businesses, some have given up their licenses completely, and many are now “just part-time”. It is not a bad thing that our ranks have thinned. Many agents got into the business with little or no experience. Would you hire a part-time Doctor? How about a part-time Attorney? But, despite the turmoil in the industry, there are real estate bargains out there! We STILL have great weather, are close to beaches, and are a great place to buy a second home and/or retire.

DON’T sit on the fence until prices start going up. Oh, by the way…any numbers or statistics I have quoted in this BLOG are factual and I will be happy to provide written evidence to support what I have said. My goal here is to keep you informed of what is going on.

Finally, to further “rile” the naysayers, PENDING sales have increased for the last two months in the Cape. That means more BUYER’S are committing to buy… is it a sign things are improving, albeit slowly….YES!

Judy Ramage, ReMax Realty Team, Broker Associate

Comments (2)

Are we starting up?

Filed under: Real Estate in the Cape — Judy Ramage @ 9:28 pm

First, I am sorry I have not gotten to this BLOG as frequently as I said I would. On February 5, 2008, I fell and broke my ankle simply by stepping out of the shower onto a wet floor. I now have a plate and 5 screws in my ankle. At this time I am walking with crutches.

In February Cape Coral set a two year record for the number of pending sales (over 400). This means there are more buyers coming into the market and committing to buy. We still have a 3 year single family home inventory but, if we continue to have months like this, those numbers will improve. Still the greatest moving price category is the under $200,000 range. However, we are also seeing “life’ come into the other price ranges as well.

If you have ever thought about living on the water, this may be your time to buy. 225 of our 400 miles of canals have access to the gulf. You can pick up “fixer uppers” in the $200,000-$300,000 range. There is only so much waterfront! Also, did you know we are 30 minutes away from Sanibel Beaches, and Ft Myers Beaches, including LOVERS KEY which is a world famous beach? My advice is to give this area a look see!

Judy Ramage, ReMax Realty Team, Broker Associate

Comments (1)

The Newspaper Agrees

Filed under: Uncategorized, Real Estate in the Cape — Judy Ramage @ 12:39 am

Just a quick note to share a recent News-Press article. According to the News-Press, Lee County should start “turning around” in 2009 real estate wise. This means that 2008 is our “bottom”. With the low interest rates, the change in the taxes for real estate, and our “low, low, prices” now is the time to buy. As I have said before we will know when it is the bottom when prices go up! Don’t miss out!

Judy Ramage, Broker Associate, ReMax Realty Team

Comments (0)

Things are improving

Filed under: Uncategorized, Real Estate in the Cape — Judy Ramage @ 9:02 pm

Just a quick note to share the positive change we have seen in the market. First, we are receiving more calls, our office is reporting a big increase in property showings, and more properties are being put under contract (pending). It will still be awhile before the market becomes a seller’s market (years) but, at least properties are starting to move.

Judy Ramage, Broker Associate Re/Max Realty Team

Comments (1)

Small Improvements Noted

Filed under: Real Estate in the Cape — Judy Ramage @ 8:03 pm

Hello readers. I just wanted to let you know we are seeing improvements in the real estate market. First, my fellow collegues and I have noticed in increase in sign and ad calls. Secondly, we are hearing from our potential buyers who have been hesitant to buy in the recent past. They are beginning to “resurface”. Many have used the statement, ”Prices are really low and interest rates have come down.”

What this means is that over time things will start to improve. By time, I am referring to years not months. It will still take that long for our market to come into balance. In the mean time, we are still bumping along near the bottom and this will not change for awhile. It is a great time to buy, and if you want to sell price accordingly. Only those properties at the bottom of a price category get action!

Judy Ramage, Broker Associate, Re/Max Realty Team

Comments (0)

The future

Filed under: Real Estate in the Cape — Judy Ramage @ 4:16 am

Cape Coral finished the 2007 year approximately 25% below where we started. The average sale price dropped about 2% each month for the 12 months….where will it go now? Unfortunately, we still have a little more to drop in the 2008 year. “Lee housing woes will last up to four years” according to a January 8, 2008 front page News-Press article. In this article Lee County was the weakest county for housing sales in Florida according to Orlando-based economist Hank Fishkind–and will continue to be so.

As I have mentioned in previous posts. We will have a slew of Bank Foreclosures in 2008. These properties are currently listed as “short sales” and most have unrealistically low list prices because desparate listing agents are hoping to receive “an offer”–which is what it takes to even get the short sale process started. Many banks are not biting on short sales. In fact, for 2007 in ALL of Cape Coral only 68 short sales closed. There are approximately 1400 short sales listed in the MLS in Cape Coral. Less than 5% of short sales actually closed last year. The banks would rather foreclose and go after the seller. Once that happens these same properties will land back in the MLS as a “Bank Foreclosure”.

Clearly, having a “bank foreclosure” in your neighborhood does not help property values. Many of them are in rough shape and sell 10% or more below comparable houses. So, yes things will get a little worse, HOWEVER, there are many sellers that NEED to SELL and are selling at what will still be bargain prices in 6 months time.

If I suddenly inherited a million (or more) dollars. I would buy real estate in Cape Coral. Specifically, Gulf Access WATERFRONT real estate. It is a wonderful time to buy in the Cape. As a buyer, if you continue to wait for “rock bottom” you may be overlooking some very good deals right now. Additionally, you will know when we have hit bottom when the prices start to rise and then you will have “missed out”.

Judy Ramage, Broker Associate, Re/Max Realty Team

Comments (0)

The Ramage Team Blog

September 13, 2008

Better news each month

July 23, 2008

The Trend Continues

June 4, 2008

We are close but, not at the bottom.

May 5, 2008

Let’s look at a few trends

April 19, 2008

Wow, I can’t believe what I am hearing!

March 17, 2008

Are we starting up?

February 26, 2008

The Newspaper Agrees

February 12, 2008

Things are improving

February 2, 2008

Small Improvements Noted

January 10, 2008

The future

Categories:

Archives:

Design:

Meta: