Notes from Charlotte County

The light at the end of Florida's Real Estate Tunnel…?

Sarasota Herald Tribune - Published 06/02/2007

In what seemed part of a campaign to arm real estate agents against naysayers and fence-sitting buyers, the National Association of Realtors' top economist was in the region Thursday offering strong words of encouragement.

The softness that has bedeviled Southwest Florida's residential real estate market for almost a year has just about run its course and will not last beyond another six to 12 months, said Lawrence Yun.

"Do not bet against this region," he said. "In the long term, Sarasota will have faster home price growth than the rest of the country."

Yun's comments coincided with a report released Thursday by the University of Central Florida that stated flatly in its opening sentence: "For those with a house on the market, there's good news, the worst is over."

"The first quarter of 2007 will have been the worst of it, although in some markets, it may be a year before we get out of the housing doldrums," said Sean Snaith, director of UCF's Institute for Economic Competitiveness.

Nationally, Snaith is calling for a slow upward climb through 2009, but he said that because of Florida's growth, geography and demographics, the Sunshine State is likely to recover faster than the broader market and that the Sarasota-Manatee market might be among the first in the state to rebound.

Population growth is one of the reasons why Lawrence Yun, chief economist for the National Association of Realtors, thinks Florida will be one of the first to recover from the housing doldrums. Below is state net migration from 2000 to 2006.

Short Sale - We Can Help!

Our short sale program may be able to get you out from under that mortgage, even if you owe more than the house is worth...

As you most likely have seen it in the news, the banking industry is in trouble. There are so many mortgage loans in default that some of the subprime lenders are going under. The fact is that all lenders are feeling the pain of increased loan defaults.

If you are behind on your payments and owe more than your house is worth, this troubling banking news could be good news for you. You may be able to sell your property for less than you owe if your lender will agree to take less than you owe them on the mortgage, something they are doing in record numbers.  The banking industry knows that in the end it will cost more to foreclose, fix up and sell your property than it would to simply agree to a discount. This process is called a short sale.

We DO NOT want to buy your home but rather we can help you arrange a short sale so that you can try to get your house sold before a foreclosure/default takes place. We do this by providing you with the critical information and professional representation you need to get the best possible solution from your lender.

Time is your enemy!

When facing foreclosure, time is of the essence. You MUST act fast to protect your rights. Many people who need foreclosure assistance simply do nothing and hope for a miracle. Do not fall into this trap, the longer you wait the harder it is for us to help; just remember you needn’t face foreclosure alone.

For a no obligation consultation on how we can help you stop foreclosure and preserve your credit history by assisting you with a short sale, give us a call.

Curt Mellon – Professional Realtor

Curt Direct – (941) 626-3640

Mike Federau – Professional Realtor

Mike Direct – (941) 626-3569