fort myers florida Housing sales

First of all, it is a quiet week in the markets as we approach the end of 2010. Mortgage Rates will finish the year on an upward trend, almost a full 1% higher then the lows of the year. With that said, rates are still very good, trending between 4.875% to 5.125% depending on whether it is an FHA or Conventional Loan. Any bad news in the markets might bring rates back down slightly, which today brought news that might be the start of such a trend. 
 
U.S. consumer confidence unexpectedly deteriorated in December, while prices of U.S. single-family homes fell almost double the expected pace in October, tempering growing optimism on the economy's recovery. The latest data was at odds with other signs suggesting the economic recovery is accelerating and a separate report last week showing consumer sentiment at its highest level since June this month. The Conference Board, an industry group, said its index of consumer attitudes slipped to 52.5 in December from an upwardly revised 54.3 in November. The reading was expected to be 56.0. Since trading is light this week, the true impact of this information might not be seen until the coming weeks. 
 
How many of us enter a new year with goals to save more money?
 
Well, I think many of our potential clients will start the year with the goal of buying their first home, planning for their "Florida Vacation Home", or looking for ways to invest in real estate. Regardless of the type of client, virtually anyone looking to make the step into buying a home will inspect their finances to make sure they are making a sound decision. That decision may come easier for some, so for those looking for a little assistance on getting on the right path, I have put together a summary from a combination of articles and information into a short read for your use. 
 
  • December 29 2010 - Fort Myers
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Answers (4)

Great info!
  • January 03 2011
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Profile picture for jal74
My responses are in Bold

Well, I think many of our potential clients will start the year with the goal of buying their first home, planning for their "Florida Vacation Home", or looking for ways to invest in real estate.

The number of remaining first time homebuyers who did not get pulled forward by the $8000 tax credit from last year is an incredibly small pool, as can be seen in the current MBA applications.  New household formation has completely stalled and will not be restarting until 12-18 months after the unemployment rate has dropped into the 7-7.5% range.  That is still years away.  All reports from the boomers indicate that to fund their retirements the first thing to go will be that second home.  There are currently 18 m housing units vacant in the US (includes unused 2nd homes) which is more than at any time in the past.  Thus, there is already an overabundance of supply with no demand in sight.  Can you say falling prices?  I know I can.  Why catch a falling knife?
 

Regardless of the type of client, virtually anyone looking to make the step into buying a home will inspect their finances to make sure they are making a sound decision.

Many financial planners/advisors have started telling their clients the "truth" about residential real estate.  Unless you want to make a job out it, there are better vehicles for investing in this asset class than outright ownership.  In addition, those same advisors are telling their clients to not expect more than historical appreciation rates for their own properties for the coming DECADES - ie between 0.5 and 0.7% more than inflation.  Sorry, but any financial planner/advisor can tell you that a riskless treasury coupon compensates you more than that.

That decision may come easier for some, so for those looking for a little assistance on getting on the right path, I have put together a summary from a combination of articles and information into a short read for your use. 

Proferring investment advice or indicating that you will provide as such in states in which you are not licensed could result in criminal prosecution.  I would suggest you re-write your article and leave out reference to any type of "investment" or "return" or anything like that.  I know that since you are not registered in the state of illinois, the state I reside in, the AG of Illinois could take a dim attitude toward you proferring investment advice to people in Illinois without a license.
  • January 03 2011
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According to Zillow's Home Value Index, Fort Myers is not only in decline, but experiencing an accelerating downtrend:

-2.2% m-o-m
-5.5% q-o-q
-5.9% y-o-y
  • January 04 2011
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wow, Ft. Meyers being crushed as we speak! must be hard to get those silly buyers to "make the right decision" i.e. buy  a home, when it so resembles stepping off the curb in front of a speeding truck!
  • January 04 2011
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