The Ramage Team Blog

Part Time Agents

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

We live in an area that is a tropical environment. As a result, there are many agents that “dabble” in selling real estate. At the height of our market we had just under 8000 agents with our Greater Fort Myers Board of Realtors. We currently have about 5000 which is 3000 too many STILL.

The average agent in our MLS sells just 2 houses a year! Many of the agents have “other” careers. They are part time and work elsewhere full time. If your agent returns your calls in the evening you may be working with a part time Realtor. It is not a crime to be part time but, do you want someone that “dabbles” in real estate or an agent that has made this their full time career?

It is true the top 20% of the agents sell 80% of the properties. I average between 40-50 properties a year personally and have other agents that work for me that also sell a good number of homes.

I cannot begin to tell you the stories I have heard from buyers and sellers regarding their agents. Agents that had to call off showing appointments because they were called into their other careers, and agents that listed someone’s house but, did nothing to market and sell it.

So, my advice to those of you that want to buy or sell–ask your prospective agent how long they have been in the business and whether they are full time or not. It could save you some frustration in the future.

Judy Ramage, Broker Associate Re/Max Realty Team 239 242-2005, judy@capecoralwaterfront.net

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The Most MONEY I Ever Made

Filed under: Real Estate in the Cape, Uncategorized — Judy Ramage @ 9:49 pm

Since it is nearly Christmas, I thought I would write about something very positive. The most money I ever made was selling my OWN real estate. I am talking both personal residences and investment properties. I am not alone. In fact, the average American’s biggest asset is their home.

As unstable as the stock market has been, it may be time to look elsewhere for investments. May I suggest real estate. At this point nationally, real estate is still in a battered state. It is the perfect opportunity to pick up some VERY good deals. In fact, I have had some very WISE clients over the last year that have done just that!

In our area (Cape Coral) you can pick up property for way less than it costs to build it. This is why our construction is down so much. The nice thing about owning real estate is that it is a tangible asset. You can see it and feel it versus stocks and bonds which are considered intangible. There are properties here that are generating a positive cash flow and others that are at a break even but, that have huge potential for future appreciation (think gulf access).

If you have been sitting on the fence, now is the time to get off. We had a 3.8% INCREASE in the average sale price from October to November and this trend has been occuring for the last several months. Purchase now before it is too late! If I suddenly won a million dollars in the lottery, I would invest it in this area’s real estate.

Judy Ramage, Broker Associate, ReMax Realty Team, Cape Coral FL, 239 242-2005

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Why some agents do not return your call

Filed under: Real Estate in the Cape — Judy Ramage @ 1:06 am

There are some agents that are simply unprofessional and usually their actions remove them from the business over time. But, that’s not the agent I want to talk about today. I want to talk about the agent that is generally hard working but, still does not return your call.

Recently, a fellow agent of mine received a call from a cash buyer that could spend a maximum of $20,000. The buyer compained that he had called several other agents and they were not returning his calls! Now I don’t know about your market but, in ours a purchase in that price range is one of two things. Either it is in an area “most people” would not want to live or it is in a remote part of the county where there is nothing around.

The agent took the time to set him up to receive new listings as they came on the market. So far so good. Well, all of a sudden my fellow agent is receiving 3-4 calls a day from him asking such questions as; “How far is this house from xyz intersection?” Will they take a contingency on me refinancing my house? (This was were he was getting the “cash” to make his purchase, although originally the agent was told he had the cash in hand), and Can you go and take lot’s of photos for me?

Frankly, this is what is called, a low end NEEDY buyer and my fellow agent simply did not have the time to deal with this. You may not be aware but, the average agent spends upwards of 33 hours working with a buyer up until the closing table and it is about 3 times that amount when a property is a short sale. So, basically the agent would have made below minimum wage to continue working with this needy buyer. Now my fellow agent is a professional and he did not abandon the needy buyer. He simply referred him to another agent new in the business that would accept the referral. BUT, many agents would have simply STOPPED returning his calls.

There is one other type of agent that does not return your calls or stops calling you. This agent is the one that has presented several LOWBALL offers on your behalf despite the fact that he has advised you that your offer is too low and will not be accepted in his area or market. If you are not listening to the agent as to what is an acceptable offer or what the “average” offer is when compared to offer price and list price, then he feels he is wasting his time working with you and simply moves on.

There are wonderful deals out there that are yours for the taking but, you must do some of your own research. With the internet, we have so many tools at our disposal. Also, if your agent gives you advice do a little “checking” to make sure the advice is valid and then if it is: TAKE IT!

I do return my calls so, if you have questions about this post, please feel free to call or e-mail me.

Judy Ramage, Broker Associate ReMax Realty Team 239 242-2005, judy@capecoralwaterfront.net

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New Construction is Down Down Down!

Filed under: Uncategorized — Judy Ramage @ 2:36 am

We have been averaging about 15 new construction building permits per month here in Cape Coral. At the height of the market (July 2005) 945 building permits were pulled. Why the change? Well, it is cheaper to buy a resale here than to build a house. We have houses selling for $30,000! Current construction costs are in the $80-100 per square foot of living area. Therefore, a 1200 sq ft house would cost between $96,000 and $120,000 to build. Whoa! It does not take a rocket scientist to see that it is still a wonderful time to buy.

BUT WAIT! Inventory is being snapped up so quickly that, if you have a nice house to sell, it is a good time to SELL as well. Buyer demand is pushing up house prices and with under a 3 month inventory to sell it is now become a SELLER’s market. If you have been waiting to sell, now may be the time!

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

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Update on the Cape

Filed under: Real Estate in the Cape, Uncategorized — Judy Ramage @ 9:23 pm

Cape Coral has set sales records for 2009. In June 2009 we sold over 700 houses. September and October sales were over 500 houses a month. We now have just a 3 month inventory in single family houses. Hey folks, that means it is becoming a SELLER’S market. No longer does the buyer control the situation. A well priced house will have multiple offers and in many cases, the offers are well above asking price.

Over the long run, this is going to push up the average sale price. In fact, in some price categories it already has. If you don’t have cash then you may be forced to offer on a SHORT SALE and plan on a 4 month wait to close. Cape Coral was one of the first and the hardest hit. Therefore, it is only logical that we are one of the areas to come out of the poor sales cycle first. Lee Countys unemployment is at 13.9% as of November 2009 but, this has not affected single family home sales. Many of our buyers are “young” retirees, and then there are the first time buyers who have jobs despite the unemployment rate.

If you haven’t bought here, and you don’t soon, you may miss the boat. Single family houses are selling BELOW the cost to build them but, this will not last forever.

Judy Ramage, Broker Associate, ReMax Realty Team, judy@capecoralwaterfront.net

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State of the Cape Coral Market

Filed under: Uncategorized — Judy Ramage @ 9:50 pm

It has been awhile since I have posted. We had major spam issues and until it was resolved, I was not posting.

We are now selling an average of close to 700 houses a month here. We have an 2082 active house inventory. Therefore, you can see we are down to just a three month inventory. The low end houses (under 100K) are being bid up about 20-25% over asking price by cash buyers. If you are a first time buyer trying to go with an FHA loan, you will face a very tough market. Most of the foreclosures are going to the cash buyers. The banks will take a slightly lower offer over a financed one.

At this time a foreclosure lasts about 48 hours before there are multiple offers at and above asking price. I have heard of one agent letting the foreclosure property “ride” for the two weeks it took the bank to accept an offer. He had 53 offers. Personally, I do not think it is fair to tie up 53 buyer’s that “hope” to get the house. One was my buyer and when I found out how the property was being handled, I told them to move on and we found something else. They are now happy homeowner’s.

Judy Ramage, Broker Associate, ReMax Realty Team, Cape Coral FL 239 242-2005

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THE CAPE CORAL MARKET HAS CHANGED!

Filed under: Real Estate in the Cape — Judy Ramage @ 7:22 pm

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Just about missing the boat

Filed under: Real Estate in the Cape — Judy Ramage @ 8:01 am

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The tide has changed!

Filed under: Real Estate in the Cape — Judy Ramage @ 8:42 pm

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Why you need to watch the Cape Coral market.

Filed under: Real Estate in the Cape, Uncategorized — Judy Ramage @ 7:55 pm

Although, the average sale price in Cape Coral is STILL declining, the very bottom of the market is moving up.Â As most of you recall, the Cape took one of the worst hits in the nation when the Real Estate markets across the country started to decline.Â Well, at this time the market is starting to improve.Â

The low end real estate market is not only improving but, it is doing so rapidly.Â It is not unusual for a house priced under $100,000 to receive multiple offers and experience a “bidding” war.Â Specifically, these are the houses that are NOT short sales.Â Â They are the “regular” sales and the “foreclosures”.Â The typical buyer still does not want to wait around for 60-90 days from a bank to have an answer.Â We are also seeing monthly sales numbers on an increase every month this year and recent months rival our numbers in 2005!Â Therefore, some of the inventory is clearing out because we are selling more and some of it is moving because of buyer demand at certain price points.

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

Â

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The Ramage Team Blog

January 9, 2010

Part Time Agents

December 23, 2009

The Most MONEY I Ever Made

December 9, 2009

Why some agents do not return your call

November 19, 2009

New Construction is Down Down Down!

November 9, 2009

Update on the Cape

September 11, 2009

State of the Cape Coral Market

April 23, 2009

THE CAPE CORAL MARKET HAS CHANGED!

January 7, 2009

Just about missing the boat

January 2, 2009

The tide has changed!

December 3, 2008

Why you need to watch the Cape Coral market.

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