[CITY] Real Estate News

Prices everywhere as well as in the Lower Keys are low.  Investors are coming back into our market looking to put their money back into real estate.  Foreign investors are coming in as well from Central and South America as well as Europeans. They see the Lower Keys as one of the first places that will rebound in Florida due to our limited development capabilities.

Selling?  If you are a potential seller looking to sell and buy somewhere else what you need to forget is what your home USED to be worth.  Unfortunately none of our homes are worth what they used to be.  But as it is true here it is true wherever you are looking to buy. While at one time a homeowner may have sold their home for more, likewise they would have paid more for the replacement home.  It balances out. Of course this applies to those who have plenty of equity in their home.

To sell in this market for a higher price the home must be impeccable and have many amenities others in the same area do not. The price still should be kept competitive.

The average home needs to be priced low to attract buyers.  There are just too many average homes on the market so it will take the price plus the amenities to attract the buyers.  I have seen many homes that were priced low and they often times got full price or more right away. 

This doesn't help those who bought at a time when prices were high and have little or no equity in their home.  Then it is important why you are selling.  If you are not upside down on a mortgage and are not ready to drop the price to a real competitive one then maybe now is not the time to sell.

If you are struggling to make your house payments, upside down or close and don't want to sell there are several government programs out there that may help you.  A new FHA program is trying to reduce the amount you owe along with your payments.  No one really wants to take your home at this point you just need to be persistent with your bank and what you need.

If you are totally upside down and unable to make your payments then you will seriously need to look into a short sale or a deed in lieu.  These are less destructive on your credit and in most cases the banks will forgive the debt but you will be issued a 1099 for amount you have been forgiven.  It is wise to check with your accountant to see how this might affect you as there are some government breaks for this as well.

There are always options people!  If you need help or have questions please give me a call before you make the wrong move.