I am a full time Realtor....not a mortgage broker. Things economically look bad and may get worse. Having attended a meeting at our local Board of Realtors today my eyes are wide open. The current President of our local Southwest Florida Mortgage Brokers Association gave an overview today and it was so very educational. How did we get in this mess and what we need to do get out of it? Instead of typing for an hour - feel free to call me and in layman's terms I think I can explain it. As you can imagine it is complex but so very important that we know.
The good news. Naples, Florida and area was one of the first areas to get hit in this downturn. We call it a canary in the mine. Well, our canary died about 2 years ago. However, as a full time Realtor in Naples, I have watched the pendings and solds all summer. Historically, summer is our slow month. Not so! We have averaged 20-30 listings go to pending all summer and likewise for the solds. The thought is that since we were the first area of the US to go into the toilet, we will be the first out. We do have an extraordinary amount of condos for sale but single family home sales are doing very well. They are at the low end of the market pricing wise but that's OK - it's inventory that is going away. Homes prices have dropped, not OK for the seller but OK for the buyer. The sooner we get this glut of homes sold the better our chances are of returning to a reasonable market and stabilized prices.
In ending, VOTE on November 4th. Find out who created this mess a decade ago and make sure they don't get back into power.
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