Do you remember in 2006 when the media started talking about the “bubble bursting” and then it did.  Well now we have the media talking about our real estate market starting to turn around.  Take a look at some of these articles.

Where Housing Will be In 2012

Housing Market: Is 2012 the Year for a Turn Around

Housing Market Picks up Speed for 2102

Core Logic Encourages by Drop in Foreclosures

The One Number to Watch for a Housing Recovery

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Let’s specifically talk about the Florida Key real estate market.  2011 was the year homes in the Florida Keys really started selling.  The number of closings that took place in the first quarter of 2011 increased by 40% compared to the year before.  We were in our 5th year of the “recession.”  So here we are at the beginning of 2012 – and it appears our real estate market is leveling; some areas even seeing a slight increase in market value compared to last year.

Let’s take a look at some statistics of Florida Keys home sales.  The number of active properties listed on the market has decreased compared to last year, which in turn also makes the number of properties sold, compared to last year, have a slight decrease in numbers as well.  If you look at the average sale price – most areas in the Keys are seeing a slight increase.  But with this said, it is still a buyer’s market.  We currently have about 18 months worth of inventory on the market.  When we see this number get down to about 6 months of inventory, then we know it is starting to turn into a seller’s market.

The number of short sales and foreclosures on the market is decreasing compared to last year.  Short sales make up about 15% of our inventory (last year is was about 18%), where foreclosures make up about 4% (last year it was about 6%).

Not only are homes selling but the demand for rentals, short and long term, are increasing as well.  Another good sign for our economy.  So what does all this mean?  If you are interested in purchasing a home in the Florida Keys -now is the time.

How is the real estate market doing in your area?

Here is a video of this Florida Keys waterfront condo.  Enjoy the 180 degree views!

You will be able to see the original list price, the sold price, the date it sold, whether it was a foreclosure, short sale or neither one.
Key West properties that sold

Lower Keys properties that sold

Marathon properties that sold

Islamorada properties that sold

Key Largo properties that sold

Our season is about to start.  We are looking forward to another busy one.  The first quarter of last year, home sales in the Florida Keys increased about 60%.  Bank owned properties (foreclosures) in the Florida Keys are only making up about 3% of our market.  Although short sales have decreased a little, they are still making up about 18% of the market.  If you are vying for a bank owned property you will need to act quickly and put your highest and best offer forward.  If you are getting financing, you will need to be pre-approved from the bank that owns the property.  The pre-approval must be submitted with the offer.  If you are paying cash, you will need to provide a proof of funds letter.

My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties – my website is the source for all your needs.

If this particular home in the Florida Keys is not what you are looking for, there are many others to choose from.  My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

So what is the difference between a pre-qualification and a pre-approval?  Let’s here what Barbara Neal has to say…

ABOUT BARBARA NEAL

Barbara began her career in the mortgage banking arena with a national mortgage banking firm in Atlanta, Georgia.  During her career she has been involved in many aspects of the mortgage business.  She began her career as a processor but within a short period of time, she was managing the processing department and training loan originators.  In 1980, she moved to Florida as an Account Executives with PMI Mortgage Insurance Company.  After several years in the mortgage insurance arena, she was chosen to be the first satellite representative for Fannie Mae.  Barbara was the only representative to work outside of their brick and mortar regional offices.  Fannie Mae’s experiment was to determine if local representatives would improve the relationship between Fannie Mae and the lending community.  The experiment was successful and was soon expanded to include all major markets in all states. After 15 years, Barbara retired from Fannie Mae in 1997 and spent two years fishing tournaments with her retired husband in the Florida Keys. However, within two years, Barbara missed the excitement of the mortgage business and accepted a position with TIB Bank in Islamorada, Florida.

Barbara is an affiliate member of the Florida Keys Board of Realtors, is an Ambassador to the Islamorada Chamber of Commerce; and is a sitting member of the Monroe County Land Authority Advisory Committee serving at the pleasure of the Monroe County Board of County Commissioners.  Barbara was the founding President of the South Florida Association of Professional Mortgage Women; a past advisory committee member to the Florida MBA; a past member of the Blue Ribbon Committee for Affordable Housing in Monroe County; a past Director and Officer of the Girl Scout Council of Tropical South Florida serving Dade and Monroe Counties; a past Education Chair of the Greater Miami MBA; a past member of the Fannie Mae South Florida Partnership Office Advisory Committee; and a past member of “WE WILL REBUILD” advisory committee following Hurricane Andrew. Barbara’s passions are her husband and family, fishing, running local foot races, and the mortgage business.

Barbara’s work experience gives her a broad understanding of not only originating mortgages but  runs the gamut of mortgage banking.   Whether you are interested in a mortgage loan or just have questions about the mortgage business, Barbara is your go to person.

Barbara can be reached at
cell: (305) 393-1042
office: (305) 664-6264
email: Barbara.Neal@capitalbank-us.com

BOOK MARK MY WEBSITE so you can easily find it.  My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties – my website is the source for all your needs.

This is a duplex located in White Marlin Beach subdivision on Lower Matecumbe Key in Islamorada.  At the price of $244,500 this property is going to need some work.  It is a ground level home that sits on a corner lot.  White Marlin Beach is one of the few communities in the Keys that has a homeowner’s park directly on the bay with a small beach area.  The shallow waters in front of the beach has a nice hard sandy bottom and is great for wading and gathering with friends.

Take a look at the property - 102 / 104 Gulfview Drive.

Foreclosure homes in the Florida Keys are decreasing.  At the beginning of the year, foreclosures made up about 8% of the homes in the Florida Keys for sale.  Now that number is down to about 4%.  With foreclosures you can expect multiple offers coming in.  The bank that owns the homes will require you obtain a pre-approval through them if you will need financing.  When submitting offers to the bank, it will need to be accompanied with a pre-approval letter or a proof of funds letters, if paying cash.

Call with any questions or if you would like to preview the property.

If the foreclosure home in the Florida Keys is of no interest, there are many more homes that are available for sale. My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

If this particular home in the Florida Keys is not what you are looking for, there are many others to choose from.  My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

Here is a list that will get you started in the right direction.  There will be other items that they need.

THE RULE OF 2′S

2 years history of employment
2 years 1099
2 W2′s
2 years history of residence
2 months bank statements
2 years tax returns

If you own another property – you will need to provide – mortgage statement, tax bill, insurance declaration pages with premiums

Trust account information
Divorce Agreements

Once the information is received, it will be sent to an underwriter to review.  They will ask for something else, so prepare yourself.  Whatever they ask for, make sure you get the information to them in a timely manner.  Remember, that the clock is ticking on your financing contingency.

My website is your go to website for homes in the Florida Keys.  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

If you like what you see, bookmark me in your favorites and subscribe to my RSS feed!

I am here to answer all your questions about buying a home in the Florida Keys!

When submitting offers to bank owned or short sale properties – the buyer will have to submit a proof of funds letter, if paying cash or a pre-qualification letter, if getting financing.  This is a requirement from the bank.

Dealing with a bank owned property, will get a quicker response than dealing with a property being offered as a short sale.  When a seller decides to deal with a short sale, they will be required to submit an abundance of paperwork to the bank – such as tax returns, pay stubs, hardship letter, monthly expenses, statements and the list goes on.  The negotiator from the bank, will not even look at the file until all the paperwork is submitted.  Once the negotiator receives the paperwork, then they have to follow the bank’s procedure to see if a deal can be made.  Each bank has their own set of guidelines but what they will all do is order either a BPO (Broker Price Opinion) and / or an appraisal.  Once the bank is armed with the information as to what the market value is – then they will start negotiations.  This is the reason short sale properties take a few months to close.

Since the recession started in 2006 (for down here) – the banks have greatly improved their short sale process.  So all though they can still be painful, it has become easier – IF you are working with a qualified short sale specialist.

When it comes to the listing prices on a short sale – the listing agent generally sets the price as to what they feel the market value of that property is.  So don’t be confused to thinking that is the most you will have to pay from the property BECAUSE the bank will have the FINAL say as to what a property sells for.

If you find a property that you like, now is the time to buy it.  NO FLIPPING – this is not the time for that.  Long term users are who is purchasing now.

Good luck with your search.  My website is updated on a daily basis – so if you like what you see SAVE IT IN YOUR FAVORITES! or BOOKMARK IT (from one Mac user to another)!  My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

The Florida Keys are 106 miles long  – if you know which area you would like to purchase a Florida Keys home you can narrow your search.  There is the Upper Keys – which is Key Largo and Islamorada; the Middle Keys – which is Marathon; the Lower Keys and Key West.

Short sales are anything but a short process. If you can be patient, you can find a home in the Florida Keys at a good price by participating in short sales.  Of the 2600 properties listed on the MLS throughout the entire Keys, 17% of them are short sales.   If you are interested in a short sale, preparing the contract is important.  Call me to help you through this process.

Please subscribe to my RSS feed if you enjoy reading my blog.  I will provide useful and up-to-date information about buying or selling homes in the Florida Keys.  My website is updated on a daily basis, extracting information from our local multiple listing service (MLS).  Whether you are looking for Florida Keys waterfront homes, Luxury homes in the Florida Keys, Florida Keys Condominiums, Homes in the Florida Keys, Vacant Lots or Commercial properties– my website is the source for all your needs.

The Florida Keys are 106 miles long  – if you know which area you would like to purchase a Florida Keys home you can narrow your search.  There is the Upper Keys – which is Key Largo and Islamorada; the Middle Keys – which is Marathon; the Lower Keys and Key West.