Wow October continues to roll!
posted by WeKnowBrevard Blog @ 1:50pm, Friday 17 October 2008.
Let's get back to the real estate market for a minute.
There have been 27 homes sells so far in the Suntree/Viera area. (10/15/08)
Sold Available Mthly Supply
Below $100,000 1 15 7
$100,000-$250,000 15 224 7.5
$250,000-$500,000 9 187 10
$500,000-$750,000 1 49 24.5
$750,000-$1,000,000 1 23 11
There is a glut of homes in the $100K-$500K range but the $500K-750K range has the highest monthly supply at 24 months.There are some nice deals out there right now but do your homework. Keep both hands on your checkbook until you let us do some research for you.
Rounding 3rd and heading home. Go Rays!
Down Payment Bond Assistance Programs
posted by WeKnowBrevard Blog @ 2:44am, Thursday 16 October 2008.
Florida Bond Program Information: For those of us who have embraced Florida Bond . . . one of the last down payment assistance programs is now in jeopardy of running out of funds once the Series 3 is depleted. We know that the bond programs are the only source of down payment assistance in many areas. None of the new bond programs have been able to begin because there are no buyers for these bonds.
For most of the 2000's, Fannie Mae and Freddie Mac were the major or only buyers of mortgage revenue bonds. That is no longer true. They arent buying and there are no other investors.
The effects of the finanical market turmoil is starting to show. Stay Tuned.
A new day with a new plan for that $700 Billion
posted by WeKnowBrevard Blog @ 2:34am, Thursday 16 October 2008.
Wow, things are changing faster than most can comprehend, including myself. Last week after my blog article, we saw the worst 2 single day drops in the Dow Jones history. Fell below 10,000, fell below 9,000....... Headlines read Dow Jones, worst week ever.
This week it started to climb again. Maniac Monday...Dow climbs 936 points. Biggest rally since 1933. In Europe, money is pumped into the banking industry to stablize the financial industry. In Finland, the banks close. Tuesday it's back down 370 points. Today it starts off by 10:30 am, down another 300 points. 2/3 of maniac Monday lost in 10 hours of trading.
What's this doing to the Real Estate market? Seizing it by the strings and tightening an already tight credit situation. We have witnessed a huge difference in what the lenders are requiring now. The days of 100% financing are gone. The days of having 20% down with a lousy credit score are done. If you are planning on buying soon, you need to have both your credit score and your downpayment in order.
There are some tremendous deals out there right now but be vary wary. Last week I worked with a young lady that had put an offer on a foreclosure, negotiated several counter offers, was turned down by the bank only to find out that the gentleman she was working with didn't even have a real estate license.
We are standing by ready to assist you with your real estate needs and help guide you through these trying times. We are only a phone call away and that's the one thing you can be assured that isn't changing like the markets.