Crisis, what crisis?

Hmmm, let me get this right. A bill has been passed that may help the credit and mortgage quagmire that many homeowners are in.

Or it just may help Freddie Mac and Fannie Mae through a tough period.

In Palmetto, Bradenton and Sarasota there are a large number of pre-foreclosures (short sales) on the market, many more to come and a large number of foreclosures that continue to come on the market.

Will this latest piece of legislation help? That is going to be a wait and see. For many homeowners it is probably too little, too late. For others it could hold out a ray of hope.

As a buyer's specialist I see everyday the effects of the housing crisis. From my clients perspective the continuing price reductions and pressure downward are a good thing.

I'm thinking though as the market keeps pushing down we will soon see it spring back up. Any legislation that even gives the appearance of this can only help to restore consumer confidence in the market.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com

We're in for the long haul

If I've got this right, here are a couple of real estate updates.

Some lenders are in trouble due to the declining market. No surprise there, others are doing OK.

And yes our local lenders in Manatee and Sarasota counties are still providing home loans.

As for Manatee and Sarasota a recent market reports indicates a continuing decline in inventory and a good amount of sold and pending.

The market here continues to look like it is stabilizing. We're in around 15 to 17 months of inventory for single family homes. Last year at some points we were more than 30 months of inventory.

It is still a buyer's market, albeit maybe not as strong.

There are still a large number of foreclosures and short sales on the market locally.

The good news there is encouraging signs that short sales (short sales or pre-foreclosures are where the seller is trying to sell the home for less than they owe the lender) in some cases are starting to take less time.

Some lenders were taking three months or more just to respond to a short sale offer and in some cases that is still true. On the other hand a couple of lenders are getting their act together and putting the deals together in 45 days or less.

The reality appears that short sales are not going away anytime soon so lenders need to get the system down pat in order keep buyers from avoiding short sales or withdrawing offers due to lengthy waiting periods.

The best thing to do is before you make an offer on a short sale is to get your real estate agent to find out what time period the lender is typically taking to respond.

Overall the market looks like it is finding a balance. The crazy free for all price dropping, short sale and foreclosure frenzy, lenders not able to keep up, well it seems we're settling in to this market.

It may be another six months or more before we start seeing any increase in pricing in our market. Heck it might be more than a year.

Still if you are in it for the long haul, local real estate should be a sound investment.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com

Interest me this

The real estate market has settled down a bit in Sarasota and Manatee counties. Now on to buying.

A couple of things for those sitting on the sideline.

Ask your local lender how much a slight fluctuation upward of the interest rate impacts your buying power.

I'm not a lending expert I am a real estate agent, specifically a buyer's specialist. But I know enough that there are a couple of misconceptions out there.

The few thousand dollars you thought you were going to save by sitting out of the market are gone in a flash with just a slight adjustment of mortgage rates upward.

Just because the fed rate is down does not mean mortgage rates will follow. In fact they may go up.

The first thing you need to do when you are buying (if your not paying cash) is to talk to a trusted lender about what is happening in the mortgage market.

Remember this the prime rate this morning not be the same prime rate tonight. It does fluctuate faster than you think.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com

Why we live here

My turn to explain why I love the Sarasota/Manatee area.

About 15 minutes from my office or where I live I can be on the white sand beaches of Anna Maria Island.

By boat in about 30 minutes down the Manatee River and in to Tampa Bay I can drop the anchor and start exploring the forts and nature of Egmont Key.

An hour or so down the Intracoastal waterway I can stay overnight at a transient dock and explore the beaches of Venice and walk to the nearby shops.

I can take a weekend on the boat and go explore Fort Myers which I have done in the past.

I'm looking forward to heading down to Key West on our boat sometime this year.

The Manatee/Sarasota area is large enough that you can have arts, museums, shopping and great restaurants. But it is also small enough that it still has a community feel.

I can walk across the to the marina cafe and know not only the staff but the people sitting across from me.

This my home, this is the home of our family and friends. Most of us didn't come from here but we're glad to be here now.

If your driving through. Stop by, we'll offer you a coffee and tell you more of why we love our community by the Gulf of Mexico.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com

The truth is out there...

On the weekend one of the local newspapers published a story basically saying the bottom has hit.

Well welcome to reality.

The media (in the interest of full disclosure I am a former newspaper editor) is generally a month or so behind the market trends.

In the Manatee/Sarasota County area the bottom probably hit about a month or so ago.

Ditto for the great bargains for homes that priced right and in good condition in the Palmetto/Parrish area that are not a short sale.

For the home buyer's this is not a bad thing. We'll probably bounce around the bottom for a bit and then start a slow steady climb.

So if you were waiting for the turn. It turned.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com