Homes going up or Down in Price? (Iona, Lee: property, area)

[equalrightsforeveryone]

Originally Posted by monikac21

I was thinking the same thing.

In regards of "local people can not get any financing" - where did you get this information from? Of course - local people can get financing, why shouldn't they? If your credit is bad, you had a bank foreclosure within the last few years, if you don't have a job, if you are spending more money than you make - you will not get financing regardless if you are local or not. and that has nothing to do with the local market, but rather with your own personal, financial situation. Banks are lending locally.

If they had jobs and they qualified for the mortgage they could.
Fact is that nearly all home buyers have been from out of the area and state.
Since the new regs on mortgages it is a lot harder to qualify to get one and the local people that rent homes are doing it because they can not get a mortgage.
That's all there is to it.

[monikac21]

Originally Posted by equalrightsforeveryone

If they had jobs and they qualified for the mortgage they could.
Fact is that nearly all home buyers have been from out of the area and state.
Since the new regs on mortgages it is a lot harder to qualify to get one and the local people that rent homes are doing it because they can not get a mortgage.
That's all there is to it.

You can not say "all" because that is just not true. Yes it is harder to qualify for a mortgage right now because the banks want to make sure that you are able to make your monthly payments. What is acutally protecting the home buyer as well. They are going from one extrem (like back in 2005, when everybody got a mortgage who was able to sign his name) to the other extrem - today - where they have a lot of requirements. Hopefully banks will find the "golden middle" in near future.

And no - we have a lot of local people or relocation people purchasing homes in our area right now. - Not only foreigners our out of state people.

[hiknapster]

This is some sort of news flash, that there are a lot of people from out of state and country that purchase in Lee County? It's been that way since after the Calusa Indians left town.

And what the heck does that have to do with appreciation? It's the way it's always been. It's an enclave for retirees and/or snowbirds.

Maybe a someone should have realized this before he dragged his cargo trailer into town.

[CDusr]

There seem to be multiple issues here. The market appears to be driven by more turn over, which does generally lead to higher prices. The idea that prices didn't appreciate for the longest time and yet they have been more recently seem to conflict with the more recent patterns or just highlight the volatility more.

Essentially though whether the prices are "real" or not doesn't matter if there are buyers who can buy and will pay on the demand side. To me still a type of artificiality, which is volatile. So depends on what your situation is and long term plans I would say. For "normal" individuals needing a mtg and ins in FL, particularly SWFL, it isn't really a good deal. Very different from most of the country. (poor economy aside)

For someone paying cash, particularly from high cost Europe, it is a whole other situation.

On the rental side same things apply just more variables.

As far as foreclosures, I do think there are new ones coming. Those in limbo. However, I wouldn't count on volume. The rocket docket, AG's desire to immunize banks and govt talking about becoming landlords isn't showing a pattern of favoring homeowners.

[faithfulFrank]

Folks, just a friendly warning.
When posting a link and commenting on it, your comments need to reflect what the link actually said.
We had a person here once famous for posting links that said nothing close to what she was posting......she was banned and the forum is better now for it.

Carry on....

Frank

[equalrightsforeveryone]

"New-home sales fell 1 percent in June"
New-home sales fell 1 percent in June - Yahoo! News

[rikoshaprl]

Another national report in a local forum. Plus it is info from Realty Trac

[monikac21]

Originally Posted by equalrightsforeveryone

"New-home sales fell 1 percent in June"
New-home sales fell 1 percent in June - Yahoo! News

first of all, they are talking here about NEW home sales (= new constructions) and it is reported for the whole nation and NOT the market in SW Florida.

[equalrightsforeveryone]

Originally Posted by monikac21

first of all, they are talking here about NEW home sales (= new constructions) and it is reported for the whole nation and NOT the market in SW Florida.

I am aware of that, I can read.
What happens in the real estate market nation wide affects SWFL.
You as a "Realtor" should know this, me thinks.

[Izmack]

You've been called out on this many times in this forum. SWFL is ahead of the nation since we were among the first to crash. It's the law of FIFO.

Folks, anyone reading for the first time: This goes without saying since the internet is a bastion of free speech, but before taking anyone's opinion seriously, do a little research by performing a quick search on poster commentary. You'll then be able to sift the wheat from the chaff quite reliably.

Originally Posted by equalrightsforeveryone

I am aware of that, I can read.
What happens in the real estate market nation wide affects SWFL.
You as a "Realtor" should know this, me thinks.