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Importance of Months of Inventory Statistic

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The months of inventory represents the number of months to sell the existing listings on the market based upon the average monthly sold properties for the immediate past 12 months for the local, state, or national real estate market. The statistic will vary from real estate market, as previously defined. A local real estate market for example would be the Naples area or Bonita Springs area. A state real estate market for example would be Florida. The national real estate market obviously is for the entire country. A prospective buyer or seller should be aware of the differences between the real estate markets, as the statistic varies.

If you have ever heard the terms buyer’s market or seller’s market the months of inventory this is the statistic assists in determining what type of market it is. [Read more...]

Filed Under: Real Estate Tips

Short Sales – Income Tax Effect

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Sellers of short sales often are not aware of the income tax effects of the short sale transaction and surprised to receive a form 1099-c.

Below is information for sellers of potential short sale transactions.

A short sale in real estate occurs when the outstanding loan against a property exceeds the market value of the property and the lender agrees to accept less than it is owed to permit the property to be sold.

The difference or shortage is an expense to the bank or lender and therefore becomes income to the individual(s) with the short sale. Put in simple terms – one’s expense is another’s income. [Read more...]

Filed Under: Buyer Tips, Real Estate News Tagged With: , , ,

Home Valuation Changes

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Home Valuation Code of Conduct Changes Effective May 1, 2009

The Federal Housing Financing Agency’s Home Valuation Code of Conduct (Code, or HVCC) will be effective on May 1, 2009, and will require that the lender order the appraisal. The intent of the Code is to help ensure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations.

Filed Under: Ave Marie Real Estate, Bonita Springs Florida Real Estate, Buyer Tips, Estero Florida Real Estate, Naples Florida Real Estate, Real Estate News Tagged With: , , , , , , ,

Foreclosures Sales Price to List Price in Naples

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A frequent question asked in today’s real estate market is “How much will a lender or bank discount the list price of a foreclosed single family home which they own in the Naples area?”

One individual stated that banks are selling these properties with a discount of 25% from the list price or 75% of the list price.

In today’s real estate and traditionally over the past decade, it has the practice of lenders, banks and REO (real estate owned) service companies to request either an appraisal of the home by an appraiser or a broker’s price opinion (BPO), perpared by a real estate broker or agent, for the subject home to determine the estimated market value. Periodically, during the time the home is for sale, the estimated market value is reassessed using a BPO.

A study of closed sales during the month of February 2009 for Naples single family homes did not support this statement. The actual difference in terms of percentage between sales price and list price was 10.16 percent or 89.16 percent from the current list price. When looking at the original list price the sales price to list price ration was 18.45 percent or 81.55 percent.

Prior to making a purchase a prospective buyer should have a comparative market analysis done rather than looking at the list price and have a pre-determined percentage of discount from the list price set in their minds. The above percentages between sales price and list price can be used only as a guide in opening the negotiation process.

Filed Under: Buyer Tips, Naples Florida Real Estate, Naples Homes Tagged With: , , ,

A Friend in Need – Helping Other People

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Yesterday, I was informed of a very close and dear friend, Charles Richey, had been hospitalized with Guillain-Barre Syndrome. This particular disease afflicts the nervous system and the inflicted individual looses the use of all their limbs and ability to swallow.

Charles has helped me with my website on many occasions and has always been there to just to talk or give me encouragement when things were rough for me. There are many real estate agents through the United States that have benefited from his assistance. In addition, Charles, is very active in the Las Vegas area with animal rescue organizations. Many times when we talk he will tell me about a new dog that he has staying with him until a home can be found.

Charles does not have any health insurance at this time and with the overall real estate market not as strong as it has been, he will be incurring substantial hospital, physician, and after inpatient care – if you have been hospitalized you may have some idea of what Charles will be facing in the future.

On the Internet, we meet many people and may not meet them in person. So when a call goes out to help another- the internet is a power vehicle to get the word out. I have been lucky to meet Charles and his wife Jacqui in person and have had dinner with them.

You may not know Charles Richey from Las Vegas, but perhaps you know someone that has been striken with this disease and can offer comforting words of advice for this family or if you are so inclined to assist Charles you can visit this site or click on the graphic below.

Donate to the Charles Richey Fund

Thank you for reading this post and any assistance you can offer Charles Richey from Las Vegas.

Filed Under: Ave Marie Real Estate, Bonita Springs Condos, Bonita Springs Florida Real Estate, Bonita Springs Homes, Bonita Springs Market Update, Estero Condos, Estero Florida Real Estate, Estero Homes, Estero Market Update, Homes for Sale in Naples FL, Naples Condos, Naples FL Realtor, Naples Florida Real Estate, Naples Florida Relocation Realtor, Naples Homes, Naples Market Update, Pelican Bay, Real Estate Financing, Real Estate News, Real Estate Tips, Uncategorized Tagged With:
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