Florida Property Tax Reform

I went to a meeting recently about the proposed Florida constitutional amendment on January 28, 2008.





What were going to be voting on isn't as good as it was once thought but it is a start. According to the representative who did the presentation the Florida Real Estate Association supports it as a first step and if it doesn't pass would mean tax reform could not be implemented until 2009 tax bills are issued.






There are 5 points:







Portability of accumulated Save Our Home benefits.







An additional $25,000 in Homestead Exemption.







Creates a 10% annual assessment cap for ALL non-homestead properties.







Creates a new Tangible Property Exemption of $25,000 for business properties.







Requires an annual appropriation to fiscally constrained counties to offset revenue reduction that results from the constitutional amendment.





For more detail check Whip Policy Brief - Property Tax Reform



Hope you have all your shopping done.



Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Positive Real Estate News

Some positive Real Estate news from the Association of Realtors:

NAR: Worst is over – existing-home sales to trend up in 2008 WASHINGTON – Dec. 11, 2007 – Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors® (NAR). However, a recovery for new-home sales is unlikely before 2009.

Lawrence Yun, NAR chief economist, says the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he says. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”

30 year Mortgage Rates can be obtained under 6%, couple this with a large inventory of homes for sale and its a great time to buy in the Florida Keys.

As always when you decide to come down to buy or look around, please let me know and I will do my best to find the property your seeking.

I'll have information for you on the Florida Property Tax Reform initative on my next Blog.

Hope your all getting ready for the holidays, they'll be here before you know it.

Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

Chriistmas Season in the Florida Keys

The Christmas decorations are starting to appear all around the Upper Keys and by December 25th the whole area will be lite up.



While this is going on the fishing reports from "Skippy" keep coming in telling of good Yellowtail fishing but not much in the way of Sailfish yet. The charter boats need some customers and the captains are trying to bring in customers with a variety of offers.



We had a cold front come through and the temperatures are in the high 70's or low 80's so its quite pleasant.



With the weak dollar this is a great time for you foreign buyers to consider property in the Keys. The valuation of the Euro and Canadian dollar make purchasing a home or second home here very attractive considering the large inventory of property available.



As always I'm here to assist you in your search so please let me know when your coming to visit and exactly what kind of property your seeking and I will do my best to find it for you.



Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/



http://robskeel.com/homes_for_sale.shtml



BLOG http://floridakeysrealestatebyrob.blogspot.com/

Thanksgiving Update

Thanksgiving in the Keys is great. The weather is nice and not a lot of snowbirds in town yet.
There is so many things to do if you have family in for the holiday. We went out on the boat on a gorgeous day with almost no wind and the best visibility I can remember. Visited "Theatre of the Sea" and hung out for a day at the Islander Resort. Went to dinner at Lazy Days and sunset at Lorelli. We did all this and found time to have a wonderful Thanksgiving at our house for family and friends.

The Keys have so much to offer and are located close to major airports so coming and going is easy.

Property sales have started to increase and prices are stabilizing. So if your in the market for a home or a get away now is a good time to come down and take advantage of the large inventory of homes/condos on the market.

Please contact me when your in town and I will assist you in finding the property your seeking.

Rob Skeel Realtor

Century 21 Prestige Realty Group
305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Things to do in the Keys

I went down to Key West last Friday for the Off Shore Boat Races. Its an easy drive down from Key Largo, less than 2 hours.

It was a beautiful fall day with low humidity and light breezes.

You can watch the races from Mallory Square. Its quite the sight seeing these high powered boats roaring past at 100+MPH.

There wasn't too many people in town because this is traditionally the slow season which will pick up around Thanksgiving.

Real Estate is still slow but the buyers are starting to show up. Hopefully things will pick up. As I've said before there is plenty of inventory and the asking prices have come down. So if your serious about buying a piece of paradise this is a good time to do it!

Rob Skeel

Realtor

Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Home Selling Tip "SELLING PRICES"

If your planning to sell your home the following bit of information may be helpful to you.

N.J. appraiser finds ‘test pricing’ doesn’t workNEW JERSEY – Nov. 2, 2007 –

Home sellers who list at a high price to “test” the market do themselves a disservice, according to research by a New Jersey appraiser – their homes spend more days on the market and eventually sell for less than similar homes priced realistically from the start.New Jersey-based appraiser Jeffrey Otteau of Otteau Valuation Group Inc. conducted the research of sales in a declining market in the first six months of 2007. In his analysis of 4,500 home sales mainly in North and Central Jersey in the $500,000-to-$700,000 range, Otteau first looked at homes that sold within one month of listing. He found that the median asking price was $599,900 and the median sales price was only slightly less at $599,000. However, the disparity was greater for homes on the market longer than one month. In that group, the median asking price was $634,900, and the median sales price was $585,000. Otteau believes the higher price immediately turns off many buyers and, if prices are falling, becomes even more overpriced three months later if the house languishes on the market.According to Otteau, many buyers fear that home prices will continue to decline and are afraid to make a commitment. But if a home is priced slightly below the competition, it not only attracts immediate attention, it also assures buyers that they won’t have to worry about local median prices falling a bit more.

“Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market,” says Otteau.

Source: Philadelphia Daily News (11/02/07) Lynn, Kathleen© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

Even though there is plenty of inventory currently in the Keys there are buyers looking and purchasing property. The key is to get them to see your home! Having a realistic sales price is one thing that must be done to get people to want to see yours.

If I can be of service to you, please let me know how I can help.

Thanks

Rob Skeel
Realtor Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Keys News

There is always fun things to do in the Florida Keys. Right now there is a Corvette Show going on at Holiday Isle Resort and in Key West --Off Shore Power Boat Races. Last weekend was Fantasy Fest.

Come on down, enjoy the great weather, do some boating, fishing, diving or just get a suntan and help me out by buying a place for you to come back to every year or better yet to move to.

The real estate market continues to be slow but in a few weeks things will begin to pick up so don't miss your chance to own a piece of the Keys.

My thought for the day:

“Many optimists have become very wealthy by purchasing property from pessimists”


Rob SkeelRealtor Century 21 Prestige Realty Group
305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Fantasy Fest Report

Went to Fantasy Fest for the day on Saturday. It was a blast as usual. The people in various states of dress or undress all having a good time was worth the trip. It seemed more crowded this year especially when you got down close to the end of Duval St near Sloppy Joe's Bar. The weather was excellent not too hot and it didn't rain. All in all a good day. If you've never experienced it you should try it some time. I've been told its like Marti Gras but on a smaller scale.

If you went and want to let others know what you did or saw please respond with a comment.

Rob Skeel RealtorCentury 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Jumbo Mortgage Money Availability Improves 10/26/07

Things are looking up as the problems with the mortgage money situation are being resolved. This should help if your considering buying a home in the wonderful Florida Keys.

Jumbo rates down

A significant rise in jumbo loan rates resulting in a high number of postponed or cancelled sales was a particularly strong disruption to August home sales, according to NAR senior economist Lawrence Yun. On Aug. 15 the 30-year fixed jumbo mortgage rate hit 7.43 percent, according to data from Bankrate.com.But now those “temporary” mortgage problems may have subsided. As of today, Bankrate.com reports that the jumbo mortgage rate is down to 6.59 percent. “Mortgage problems were peaking back in August when many September closings were being negotiated, and that slowed sales notably in higher-priced areas that rely more on jumbo loans,” said Yun in a release. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products.

Rob Skeel

RealtorCentury 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/
__________________________________________________

Keys Happenings

The "Fantasy Fest Festival" began last Saturday and is now in full swing in Key West or Key Weird, whichever you prefer. This Saturday is the grand finale with the parade at 7PM up Duval Street. Its quite a sight. I'll be there to check it all out.

The fishing reports are good with Tuna, Mahi Mahi and Yellowtail being caught in plentiful numbers with an occasional Sailfish boated. There also has been some Swordfish success reported. The weather has been great with no storms to report.

The real estate market is sluggish but this is traditionally the slow season in the Keys for visitors and real estate sales. There has been total residential sales of $471,608,557 in the Keys through the first 9 months of this year.

Good news is that the company I work for Century 21 Prestige Realty is number One in the Keys with 17.74% of the market share.

I'm here to help you find the property your looking for so please contact me and I'll help you find what your seeking.

Rob Skeel Realtor Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Waterfront properties are selling in the Keys

An article in the Keys Sunday section of the Miami Herald indicates that there has been strong sales of waterfront homes between July 1 and Sept. 30Th. Another point made is that the overall inventory of homes for sale is declining.

Condos and non waterfront homes sales are still slow but it won't be long before the winter buying season begins which should start a resurgence of sales in these segments too.

If someone wants to own in the Keys, the time is right to start buying. The people waiting for the bottom should get down here and start buying before they may miss good opportunities.

If your not sure about what kind of property you want, why not tie a house hunting trip in with a nice vacation. The Upper Keys is located less than a two hour car ride from Ft. Lauderdale International and even closer to Miami. There is always something to do even during the slow season. Its nice and warm and the restaurants aren't crowded. The chart boat's aren't busy and you can make a deal to get out and catch some fish. The same holds true for the dive boats.

As always, I'm here to help you find the property your looking for so give me a call or send an e mail.

Rob Skeel RealtorCentury 21 Prestige Realty Group
305-393-6300
http://www.robskeel.com/
http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

Keys Update

There hasn't been any noticeable change in the real estate market in the Keys since my last posting and vehicle traffic has dropped off because it is our slow season.



The good news is there are plenty of fish out in the Ocean with excellent reports of Tuna, Maui Maui, Snapper from Islamorada to Key Largo and Sailfish starting to reappear. The weather is good so if your looking for something to do come on down.



If your interested in Festivals: Fantasy Fest in Key West starts around Oct 20th and ends with the big parade Oct 27th.The parade is really something to see. If you have an open mind its a lot of fun and the people watching is great.



If you need information on the Festival check the Key West web site for details. If you need help with real estate, please



305-393-6300



http://www.robskeel.com/



http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml



BLOG http://floridakeysrealestatebyrob.blogspot.com/

Mortgage Market--HEALTHY

All the doom and gloom regarding sub prime mortgage by the Talking Heads is making folks think that they can't get a mortgage or will have difficulty obtaining one at a decent rate, if their considering buying a home. I've talked with a number of Mortgage Brokers and its not true, mortgages are available. There was an article in Sunday's Miami Herald and the one below, dispelling the myth.





MORTGAGE MARKET HEALTHY FOR MOST The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country. The majority of mortgage products have been unaffected by troubles in the sub prime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according to Kenneth R. Harney, managing director of the National Real Estate Development Center and a syndicated columnist. While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals – one by an appraiser selected by the lender and the other by one working for the investor. Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive “layering of risk” – combining low downpayments with marginal credit scores and high debt-to-income ratios – in markets where prices are trending lower.Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/2007)© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688


There is plenty of inventory in the Keys just waiting for the right buyer. If your considering a purchase, I can assist you!

Check out the links below

http://www.robskeel.com/



http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Good reason to carry Flood & Windstorm Insurance

Thought this was an interesting article regarding the need to have Flood Insurance on your property. It doesn't cost that much and with it and Windstorm coverage on the property your better protected if a storm hits.

Supreme Court limits insurance company liabilityTALLAHASSEE, Fla. (AP) – Sept. 21, 2007 –

Insurance companies can be required to pay only for actual damages and just those resulting from covered perils such as wind storms or fires – not other causes – the Florida Supreme Court said Thursday in two rulings affecting homeowner policies.The opinions, both unanimous, rejected prior appellate court decisions that let hurricane victims whose homes were a total loss collect up to their windstorm policy limits even though flooding was at least partly to blame.One ruling could affect an undetermined number of people who lost homes to hurricanes in 2004. Nearly all are victims of Hurricane Ivan and did not have federal flood insurance or their damages exceeded flood policy limits.Most are customers of the state-created Citizens Property Insurance Corp., which stands to save nearly $150 million as a result of the ruling, said Citizens spokesman Rocky Scott. Citizens general counsel Perry Cone said the decision affects about 200 lawsuits pending against the company including class actions with multiple plaintiffs.The Legislature in 2005, though, changed state law to clarify that wind policies provide coverage only for wind damage – not flooding.“The Legislature only fixed something the courts should have gotten right in the first place,” said William Stander, a spokesman for the Property Casualty Association of America.

Positive thoughts for Florida Real Estate

I recently came across this article and thought I should share excerpts from it.



Real Estate is a long term investment and there are plenty of good buys in the Keys right now if your looking for a second home or a vacation property. If you wait too long you may miss a chance to own a piece of Paradise.



I went out his weekend and the tuna were hitting and sailfish should be showing up soon. Of course it was nice and warm and the dip in the pool after fishing was great. You can't beat the Upper Keys your only 2 hours away, at the most from to two world class airports and the great city of Miami and at the same time close to a funky place like Key West.




Article:


National Association of Realtors senior economist Lawrence Yun said: there has been a negative flow of news – like foreclosures, hurricanes, property taxes and insurance increases – that has left buyers with the impression that the bottom is far from being hit, Yun said.“They have jobs, their income is rising but they are saying, ‘I’m going to step back,’ “ Yun said.So, what does Yun say real estate agents can do to help matters?Tell Florida’s story, he said.Yes, foreclosures have risen fast but they are now just at the national level, Yun said.As for hurricanes that scare some buyers, only six Category 3 or greater storms have landed on Florida’s mainland from 1950 to 2003, although eight touched down in between 2004 and 2005, Yun said.“The chances of that happening again are low,” Yun said of the disastrous two-year period. “I would not be surprised to see insurance companies coming in to grab profits.”Yun predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010, once people again realize that Florida’s assets are unique.Yun said it’s the perfect time to buy while buyers are sleeping.



© Copyright 2007 Florida Association of Realtors®



Check out my web site for information about the Keys and property listings.



http://www.robskeel.com/



http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Foreclosurer Information

I have had a number of buyers tell me they are interested in foreclosed properties. You have to be very careful when your looking to purchase foreclosures as the following article explains.



To date there hasn't been too many foreclosures in the Upper Keys but I have heard of a few. Educate yourself before you try to find a deal or you could get burned.



tal Association of REALTORS® 2007 Outstanding Design Winner

Be careful when considering purchasing foreclosed properties, official saysSHALIMAR, Fla. – Sept. 11, 2007 – Foreclosures are at a record high across the county, and you’re looking to snag a deal.The first step? Proceed slowly and carefully, says Okaloosa County Clerk of Courts Don Howard.“Anytime you’re buying foreclosed property ... there is some risk involved,” Howard said. “It takes some effort and legwork.”Only basic facts such as the judgment amount and the names of the defendant and plaintiff are listed in a foreclosure filing. Third parties looking to invest must research the properties on their own.“What the general public needs to understand is they’re buying this property as is,” Howard said. “They need to do their homework.”That means visiting the courthouse, looking through records, checking with the tax collector’s office and possibly driving by the property to check it out.“The buyer also needs to make sure the mortgage being foreclosed upon is the first mortgage,” Howard said. “It’s truly a buyer beware type of market.”Although he has no official numbers, Howard suspects more people may be tempted to see what the foreclosure basket has to offer.“The availability of foreclosures is much more simply because the filings are up,” he said. “Considering the falling prices, it might not be a bad time to look.”But some real estate agents say it makes more sense to concentrate on the current market, which has started to correct itself.“I’d much rather be buying today than two or three years ago,” said Jim Gilliland, a veteran Realtor on the Emerald Coast. “Prices are much lower.”In a foreclosure situation, there are many unknowns, such as title issues and repairs, he added.“As a buyer, I don’t think it would be wise to look only at a small percentage of houses on the market,” Gilliland said. “I would prudently look at all the homes.”After a foreclosure is filed at the county courthouse, it is advertised in the local newspaper and a public auction is scheduled.“We, as the administrative arm of the courthouse, hold the sale on the courthouse steps,” Howard said. “The defending party can resolve the foreclosure at any time before the sale.” By law, auctions are held on the courthouse steps – in Crestview and at the annex in Shalimar – at 11 a.m. any weekday. A successful bidder must post a deposit of 5 percent of the sale price.The remaining balance must be paid at the clerk’s office with certifiable funds by 4 p.m. that same day

.Copyright © 2007 Northwest Florida Daily News, Fort Walton Beach, Kari C. Barlow.
Distributed by McClatchy-Tribune Information Services.

Please visit my Web Site www.RobSkeel.com & http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

The Bottom has been reached--Florida Association of Realtors

The following is an article supporting that now is the time to buy!

ORLANDO, Fla. – Aug. 30, 2007 – Popular perceptions about the housing market are wrong, says noted economist Hank Fishkind, who believes the market reached bottom a few months ago. Fishkind looks for trends in real estate statistical releases, and says that things may not be great but there’s also no indication that they’re getting worse.In his weekly radio address on WMFE in Orlando, Fishkind said he constantly encounters audiences worried about the housing market and any financial disruptions it could cause. “The variance between the real economic data and people’s perceptions was enormous,” Fishkind said. “While home starts have dropped 36 percent from their peak, starts have stabilized over the last six months with no further erosion. Friday’s report on new home sales confirms that the market has bottomed out. Sales actually increased 2.7 percent to an annual pace … and the inventory of new but unsold homes declined.”Fishkind agrees that sales of existing homes are down, but also looks at the amount of the drop and recent changes. “Importantly, the sales of existing homes were again stable for the seventh month in a row,” he says. “While recovery may be some time off, it is clear that Florida’s housing markets have bottomed out.”Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they’re located in the state.“The more overbuilt markets will take longer to recover,” Fishkind says. “But fears that prices will drop significantly are unfounded. And so is the pervasive panic. The economy is stronger than the reports about it.”© 2007 FLORIDA ASSOCIATION OF REALTORS®

If you need help finding the right property for you, please let me know.

The Right Time to Buy

I've said this before but I'll repeat it, now is a great time to purchase property in the Florida Keys. There is a tremendous amount of inventory and the days on the market has increased so that makes for deals to be had.

The media continues to paint a bleak picture and the stock market is reeling from the sub prime mortgage situation but if your financially secure, this is a great time to find the property of your dreams in the Keys.

If your into waterfront homes there are many available at a reasonable price. Sales of condos and townhouses are suffering but prices have come down and there are some very good opportunties in great complexes.

There is only so much paradise available so if your dream is to own a piece of it, this is a great time to buy! The average appreciation excluding the very hot years is generally 10 to 15%. You can buy now and expect good appreciation in the future on your investment.

If you subscribe to what I've said and need help finding the right property, please let me know and I'll find it for you.

Selling Tips

If your thinking of listing your home the following are a few things to consider.


‘Listing Price’ is driven by what people are willing to pay for your property at any given point in time. This is mostly driven by sales in the immediate area of properties with similar makeup and features. ‘Listing Price’ is extremely important to reaching the goal . . . selling the property. There are pitfalls that many fall into when it comes to the “list price”:

We will just lower the price if it does not sell immediately. Not the best strategic move especially in a highly competitive market with a lot of properties for sale. For one, consumer behavior shows us that people are not coming back to a property they don’t have an interest in. Therefore, if the price is not within their range they will move onto the next. Second, price reductions can create the perception that there is “something wrong” with the property. The thought process with this is that others must have seen it and weren’t willing to buy it, what did they see that’s wrong.

That’s my price and I’m sticking to it. Real Estate is all about offers, and sellers must be open to reasonable offers if they want to sell. I am not suggesting anyone should ever just take what is offered. Offers can be “unreasonable”. The ultimate decision is always the seller’s. But flexibility is very important. We got pretty spoiled, I think, a few years ago when a property would go on the market and sell at the list price a short time later. That was very abnormal, but has never been the norm. Negotiating is back, and we have to be open to it.

This market is totally different than what it was just two years ago. Its a buyers market now, so you need to have a reasonable asking price to attract buyers. If you set your price too high many buyers won't even bother to look at your property. The key to selling your home is getting it shown and be willing to negotiate the final price.

Hope this gives you a few ideas to help you be a succesful seller.

Buy Now

The time to buy is now if you have the financial resources and don't require a low down payment loan or if your a cash buyer.



In the past week a number of properties have closed and there are more buyers in the Upper Keys than there has been for quite some time. The inventory of homes for sale is tremendous and sellers are coming to the realization that they must be prepared to negotiate a fair price to get a property sold.



The news media hasn't helped with all the doom and gloom. If we all follow the media hype like lemmings to the sea we will be in a recession before we know it. The people that act now while interest rates are still reasonable will be able to buy at a decent price their own piece of paradise while the others who sit on the fence will see their opportunities evaporate.



The local market conditions are especially good for a serious buyer. If your really ready to buy come on down and see for yourself!

Click here to see whats available

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Is the time to buy now?

This article is a little long but gives buyers something to think about. Is the bottom near, here or still to come?


Residential real estate prices are falling, and the selection of homes
to choose from has never been better. There seem to be good deals out
there, so should you buy now or wait for the market to get even better?
In other words, when is the best time to buy real estate?

Does this question sound familiar? Not only is this question verbalized
hundreds of times a day, but I believe it is on the mind of every
potential buyer in our market.

It's a good question, one that I would like the answer to if I were
buying. So, I decided to find out what other people were thinking. I was
operating under the premise that if I asked enough people, a common
answer would lead me to the truth.

My unscientific survey consisted of me asking dozens of buyers, sellers
and real estate agents when they thought was the best time to buy. I was
surprised to learn that there were about as many opinions as there were
people willing to give it. However, it wasn't surprising that buyers and
sellers opinions seemed to be 180 degrees apart. Most Realtors' opinions
mirrored that of the sellers.

The general consensus from the buyers is that the best time to buy is
sometime in the future. They gave answers such as "when the property tax
law changes are finalized," "later this fall when sellers are more
desperate," "after hurricane season," "after the elections" or "when the
market hits bottom."

Not all buyers felt it was beneficial to wait. Some were actively in the
market in hopes of striking a killer deal, but they were in the
minority. Some had already bought and were glad they did.

Is the buyer's propensity to wait being driven by common sense or common
greed? Is it possible that buyers are behaving like sellers did back in
the seller's market? When sellers were in control of the market, buyers
were willing to pay almost any price, but for many sellers, it wasn't
enough. So the buyers paid more than the asking price.
A strange sense of irony exists because today's sellers are still
unhappy with the buyers' offers, because these offers are not enough
either. They are well short of asking price. Turn about may be fair
play, but buyers beware. Greed doomed many sellers because they held out
for more. Don't get caught holding out for less.

The sellers and most Realtors I talked to were more focused on the
present. They stated that "today is the best time to buy." They defended
their position by stating that prices are way down from their peak (some
even felt they had bottomed) and interest rates are still attractive.
The Baby Boomers are coming, so get while the getting is good.

Is this advice self-serving or a warning to take advantage while you
can? It may be both. Unfortunately, too many buyers will ignore the
prudent advice of a reputable salesperson when they say "this is a great
deal" or "this is the developer's bottom-line price."

In many cases the salesperson will be right, and he or she has the best
interest of the buyer in mind. The challenge for the buyer is to sort
out advice that is good for them versus advice that is good for the
salesperson.

Now you have heard when it's the best time to buy from the buyer, seller
and agent perspective. But is there a better answer, one that does not
matter which side of the real estate fence you are on?

Try this. The best time to buy is when sellers' fear that tomorrow will
be worse than today. Real estate agents should memorize this answer
because it is not self-serving and its 100 percent true.

When fear motivates, sellers will entertain offers, conditions and
contingencies that they wouldn't under normal circumstances.

This "fear of tomorrow" is a buyer's friend. As long as they have that
ally, they have bargaining power. When hope and optimism begins to
replace fear, sellers will dig their heels in and will become less
negotiable. This change in attitude will take place before the market
bottoms, so if you happen to be waiting for that mythical day, you may
have waited too long to strike your best deal.

Buyers, you find yourself in an envious position because the window of
opportunity to get a great buy exists today.
When will the window close? I don't know. Will it exist tomorrow?
Probably, but the question you will have to ask yourself is whether
you'd rather buy one day too early or one tomorrow too late?

Opposing view regarding Miami Herald report on poor real estate market

There is usually two sides to the story. This article presents a different picture than the one in the 7/26/07 Miami Herald's Business section

Hank Fishkind: Other economists wrong – housing on slow upswingORLANDO, Fla. – July 26, 2007 – Economist Hank Fishkind calls other economists’ dire warnings and negative news about the housing market overblown, and says that, outside of Miami’s condominium market, the state’s housing markets hit bottom months ago and are now on a slow return to normalcy.Fishkind, speaking Tuesday on his radio talk show, pointed to recent stories released by respected economists. Last Friday, for example, Bloomberg news published a story with an ominous headline – “Miami condo glut pushes Florida’s economy to brink of recession.” It quoted Moody’s/Economy.com’s Mark Zandi who predicted Miami condo price drops as much as 30 percent and a state recession perhaps by October.“There is no doubt that the Miami condominium market is severely overbuilt, and that there will be sharp price drops and massive defaults,” says Fishkind. “But, this is no surprise to anyone who has followed this market.” But, he adds, “It is also important to note that Florida’s housing markets, outside of Miami’s condo market, have hit bottom months ago. The closing volume for new and for existing homes has stabilized.”Fishkind doesn’t predict a huge upswing in closings, but “they are no longer declining. Therefore, we have already seen the worst for this cycle. There is no evidence of sharp price drops anywhere in the state, and there is no reason to expect any such drops outside of Miami condos. Population growth is holding up well as the state continues to attract large volumes of retirees and working families looking for jobs.”Fishkind says that rising gas prices could impact consumer spending more than expected, but he calls that a nationwide problem, one that “Florida will ride out … better than most other places.”Source: WMFE Radio News, 90.7 FM/Fishkind & Associates Inc.© 2007 FLORIDA ASSOCIATION OF REALTORS

Upper Keys 6 month real estate review

If your a buyer this looks like a great time to purchase property in the Keys.



There is a great inventory of all kinds of properties and prices are down from last year. Sellers appear to be more willing to negotiate the final price to make a deal happen.



If your a seller the good news is that for the first six months of 2007 as compared to the first six months of 2006 the number of properties under contract are virtually the same and the average sale price is actual up $7,000.



Last but not least Century 21 Prestige Realty, who I'm an agent for, is still number ONE with 20.89% of all the listings and 17.53% of all the sales.

Pricing ideas for sellers

Try practical incentives to catch a homebuyer's attentionNEW YORK – July 17, 2007 – Real estate professionals note that practical incentives that focus on the home price and monthly mortgage payment are more likely to entice buyers than material perks such as fancy televisions.They recommend that sellers lower their asking prices, offer down payment or closing-cost assistance, or purchase home warranties to attract buyers. Sellers also might want to consider paying mortgage points – each equivalent to 1 percent of the mortgage amount – to make the transaction more affordable during the initial years of ownership.They can advertise incentives right away to generate more interest in their listing, or they can offer incentives only if the property does not sell or as a means of sweetening the deal during negotiations.Source: MarketWatch (07/15/07) Hoak, Amy

Homeownership cost reductions

The cost of home ownership in the Keys has improved during the last year due to an organization called "Firm" and the state legislature.

"Firm" was a grass roots organization which was formed to stop the escalating cost of Windstorm Insurance. The bottom line is it took on the state run insurer of last resort for Windstorm coverage and the result was large reductions in premiums via rate roll backs. "Firm" is still actively working to prevent future out of control rate increases.

The state legislature recently took on property taxes. The results are mixed but there will be a rate reduction for Homesteaded property.

The battle isn't over regarding insurance cost or real estate taxes but the results so far are positive for homeowners and those thinking of purchasing in the Keys.

Why its a great time to buy property in the Keys

It's a GREAT time to BUY a home in PARADISE





Why now is a good time to buy.

Appreciation – Waterfront property has a long history of appreciation. Because the Florida Keys are geographically restricted, land is in limited supply, demand will always remain high and will hold its value.

Real Estate as an Investment – The amount of second home owners are on the rise. Baby Boomers believe in diversifying their assets, and most second-home owners see their purchase as a solid investment.

Pricing – The Florida Keys are still a bargain as compared to much of the east coast of Florida .

Homes Are Selling – Over 7 million new and existing homes were sold in each of the past three years. Total home sales are expected to exceed 7 million in 2006 for the 4th consecutive year!

Mortgage Rates are at Historical Lows – Currently the average 30-year fixed mortgage rate is approximately 6.60%.

Selection is Excellent – With more available properties on the market, finding just the right home has never been easier.

Demand Will Continue – One million new households have formed each year, on average, since 2000. The number of U.S. households is expected to grow by 14.6 million during the next 10 years. Strong household growth together with rising income will likely translate into increased demand for housing.

Home Sale Prices Have Increased – Median existing U.S. home sale prices have increased on average 6.5% each year from 1972 through 2005.