Stop Renting and Buy a Cape Coral Home in 2012

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Homes in everyones price range

Cape Coral Homes in everyones price range

While we all know the economy has taken a hit on the real estate market, that doesn’t mean purchasing a Cape Coral home and putting down roots has turned into an unreachable dream. In fact, you can grasp it quite easily, and there are many benefits to doing so. 
Interest rates are at an all time low!!!
Start 2012 off right by setting new life and financial goals for yourself. If you’ve been renting and are planning to remain in Cape Coral, then it’s definitely time for you to consider buying a house. Here are some benefits you should take into account: 
You’ll build equity. If you take out a loan, you’ll be using someone else’s money to turn your property into a piggy bank and eventually make money as your Cape Coral home appreciates. Plus, when you sell down the road, you won’t have to share the proceeds — what’s not to like about making money with your bank’s money!

  • You’ll receive tax breaks. The government supports purchasing homes by giving you significant tax breaks on your federal taxes. And when it comes time to sell, you won’t have to pay capital gains taxes either, until you hit a certain ceiling.
  • You’ll be able to count on consistent payments year to year. If you can get a fixed-rate mortgage, you won’t need to worry about an annual increase in your housing payments. When you’re renting, you never know what your payments could be from lease to lease, which makes it hard to determine if your current residence will always be within your budget. 
    While the appreciation on a house you purchase now might not shoot up as fast as it did a decade ago, buying a home is still a wise long-term investment. Paying rent is no investment at all. 
    If you’re on the fence about the benefits of purchasing a Cape Coral home in the New Year or you’d like to see what’s available, please call 239-699-0142 today or check out my website at www.lilorealtor.com for more information.

Home Buyers, What You Should Know About Cape Coral Real Estate Disclosures

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sellers home disclosures

about sellers home disclosures

when walking into Cape Coral real estate that is listed for sale, you might notice the seller has applied a fresh coat of paint or installed new carpet. While most sellers make updates like this to make their home more appealing to buyers, they could also be trying to hide faults within their home, such as water damage or cracks.

Sellers are obligated to disclose all major property issues, but buyers should double-check the disclosure statement before signing any sort of contract. Below is important information about Cape Coral real estate disclosures:

• If you know it, disclose it. Don’t try to hide anything negative about a home you’re selling because it could come back to bite you. There are standard documents that sellers can fill out, but know that verbal disclosures can also be documented.
• Things you should disclose. Disclose all renovations, whether or not you were required to obtain a permit. Other normal disclosures include property line disputes, termite problems, indoor pets, chronic neighborhood disruptions and appliance issues.
• Disclosures and inspections are not the same thing. Some people get these confused. A disclosure is something the seller fills out and gives to the buyer. An inspection is conducted by an independent party and might bring to light issues of which the seller is unaware.
• Improper disclosure can result in a lawsuit. If buyers quickly discover that their new home has serious undisclosed issues or renovations that were hidden and aren’t up to code, they can ask their real estate agent to confront the seller’s agent and seek a settlement. If the seller does not cooperate, the buyers have the right to file a lawsuit.

If you’re getting ready to sell your Cape Coral real estate and would like help from a Cape Coral Realtor deciding what to include in the disclosure, or if you’d like to buy a home and want to be sure you’re getting all the proper disclosures, I can help.  Give me a call today at 239-699-0142

Learn the Real Estate Basics of Concurrent Ownership

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Cape Coral homes for saleIf you’re looking to purchase real estate, you’ll probably come across many terms you don’t know — including concurrent ownership. This essentially means that more than just one individual can own property. You might be extremely interested in the details of concurrent ownership if you’re purchasing a property with another person, are married or have children.

It’s always good to educate yourself so you can assess all your options (and maybe show off to your  real estate agent and loved ones if you happen to come across this term during your house hunt). Below is the basic breakdown of the four main types of concurrent ownership.

1. Joint Tenancy with the Right of Survivorship – This means that all owners retain equal share of the property. In the event that one of the owners dies, their share of the property is distributed equally among the remaining owners. Be sure to use specific language in your deed or will, otherwise the property might be considered tenancy in common.
2. Tenancy in Common – One or more people own the property, but the shares might not be equal. Also, if one owner dies, the property is passed by will or inheritance, not necessarily to the other owners.
3. Tenancy by Entirety – This type of concurrent ownership is usually between a husband and wife. It states that the entirety of the property passes to the spouse upon one of their deaths. A divorce in most cases will change the tenancy of entirety to tenancy in common.
4. Community Property – Not all states recognize this type of joint ownership. However, if your state does, then all property acquired during a marriage is communal, while anything owned before the union or anything inherited or gifted would remain separate property in the case of divorce.

By knowing the various definitions of concurrent ownership, you’ll be able to ensure that any commonly owned property will be distributed the way you see fit in case of death.

Whether you’re thinking about purchasing Cape Coral and Fort Myers, FL real estate by yourself or with multiple people, I’d love to help, please visit my website at  Lilo@LiloRealtor.com Please call me today at 239-699-0142 or email me  for more information.

More good news for Cape Coral

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CAPE CORAL, FL – The Kiplinger Newsletter and the internet search engine, Yahoo have listed Cape Coral as the number one city in the country for economic recovery. The numbers are based on a recent surge in housing sales. Local real estate agents agree saying they have seen an uptick in housing sales as well. One realtor says foreclosures are down as well. In October 2008 there were more than 2,500 foreclosure filings. By December 2011, there were little more than 500. Realtors say with inventory quickly being bought up, you can expect to see prices go up soon as well.

Welcome to the Cape Coral Farmers Market

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The Cape Coral Farmers Market is your Saturday destination for fresh, locally grown produce, native plants, Gulf-fresh seafood, just-baked breads & pastries and so much more!
 
The 2011-2012 season begins October 15, 2011 and continues every Saturday until May 12, 2012. The market is open from 8:00 a.m. until 1:00 p.m. every Saturday with the area’s finest quality vendors, live music and entertainment and informative community presentations.
“Make this your “Saturday Morning Destination” !

There may finally be some good news for homeowners in Southwest Florida.

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There may finally be some good news for homeowners in Southwest Florida. The value of your home could be on the rise.

 

Kiplinger.com recently rated Fort Myers-Cape Coral as the number one area on their list of areas with the highest rising home prices.

 

Many realtors think the value of your house is increasing, but the Lee County Property Appraiser says it’s too early to tell.

 

Realtor Jim Schuelter cruises the web looking at homes for sale in Cape Coral. He says there are fewer available than you might expect.

 

The inventory of homes for sale, including foreclosures, is down 27 percent compared to this time last year.

 

“As the inventory falls, the good deals which were caused by foreclosures are snatched up,” said Schuelter.

 

And that means prices are rising.

 

“We’re seeing increases anywhere 3 to 5 percent per month in Cape Coral,” said Schuelter.

 

The Fort Myers Area Realtors Association says the average median price for a house last month was $116,950. That’s compared to just $88,000 a year ago.

 

“One of the houses that we were going to see today had 20 offers on it. When you’ve got so many people competing with a product that drives the price up,” said Marc Joseph.

 

What does that mean for the average homeowner? It likely means the value of your home is going up.

 

Lee County Property Appraiser Ken Wilkinson says it’s too early to say for sure.

 

“I’m hopeful this year that we’ll turn the corner, but if anything I think it will be minimal. Single digit increase, but that’s just a guess” said Wilkinson.

 

Wilkinson appraises more than 600,000 properties in Lee County every year.

 

But it’s too early in the process to have any numbers just yet, that’s why he says it’s premature to say home values are climbing.

 

“I can’t confirm that or deny it because we haven’t got the process kicked in enough that we can get an idea,” said Wilkinson.

 

 

 

 

 

What Do Buyers of Cape Coral Homes Want in a Neighborhood?

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Nice HomesTo sell Cape Coral  homes, you have to get buyers to want them. So, what do they want? Based on the data just in from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers, here are what buyers want in a neighborhood in order of importance:
1. 67 percent favor a quality neighborhood
2. 49 percent of buyers said they want convenience to jobs
3. 45 percent look at the overall affordability of Cape Coral homes in the neighborhood
4. 39 percent prefer to live close to family and friends
5. 28 percent of buyers are interested in having shopping close by
6. 27 percent want a quality school district
7. 22 percent ask for a neighborhood that is convenient to schools
8. 21 percent like to live close to entertainment or leisure activities
Assess your neighborhood. Which of the attributes most desired by buyers does your neighborhood have? Showcase those features in the marketing materials for your home:

• Mention the schools, shopping, entertainment and leisure activities that are close to your home.
• Give statistics on the quality of your school district. 
• Take photos of your neighborhood that flaunt its quality.

Need help marketing your home? I specialize in selling Cape Coral homes in your neighborhood. If you’re ready to sell your home, let me market your neighborhood and home to get it sold now. Please call your Realtor  today at 239-699-0142 or email me at Lilo@LiloRealtor.com for more information.

Build Your Nest Egg by Investing in Cape Coral Real Estate

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How to invest in Cape Coral Real Estate

How to invest in Cape Coral Real Estate

Investing in real estate is not a get-rich-quick scheme by any means.  Late night infomercials claim to show you how to retire in months after trying their methods for investing in real estate. Unfortunately, the only ones getting rich are them.

But, you can build for your future by investing in Cape Coral real estate in the right way. Here are five tips to give you some guidance on how to buy that second, third or even fourth piece of real estate as an investment:

1. Shop smart. Look for homes or land in desirable neighborhoods or in up-and-coming neighborhoods.
2. Keep your property. You should not buy Cape Coral real estate for the purpose of flipping it.  That was a short-lived fad that ended up costing many people thousands of dollars and more.  Instead, buy real estate with the intent of holding on to it.
3. Buy rental property. Rental property can be a great way to add to your income and give you the means to do things you might not have been able to do on your current income.  It is also a great way to set your children up for the future by giving them their first home. You don’t want to be a slumlord so be prepared to invest some time and money in the upkeep of your Cape Coral real estate. 
4. Exchange properties without paying capital gains. You don’t have to fear the tax man if you decide you want to get rid of one property for another.   By using a 1031 exchange, you can sell one property and buy another without paying taxes on the first one. This is not something you want to do as a “For Sale By Owner;” you need to use a real estate professional who is skilled in the 1031 exchange.
5. Enjoy your free time. You don’t have to give up all your free time to manage your investment property. There are professional property management companies that can handle some or all of the day-to-day tasks for you. There is a fee for their services but it is often well worth the cost.
Please visit my website at http://lilorealtor.com/CONTACT

For more information on buying investment properties or 1031 exchanges, contact me
at 239-699-0142 or Liloc@att.net.

Home listing prices rising in Florida

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Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

© 2011 Florida Realtors®

Cape Coral Realtor, Expert in Real Estate Investing: How to Buy Short Sales Steps 1 through 5

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Short SalesAre you a  real estate investor or home buyer who wants to buy a short sale in order to get a great deal?  Unless you’re a seasoned short sale buyer, it’s not as easy as you may have been told.  In fact, there are so many steps to the process, this blog post only covers the first five.

  1. Hire an experienced  real estate agent.  The first thing you want to do is find a real estate agent who is knowledgeable about buying short sales in your local market.  Unless you’re already a short sales expert, you need an experienced agent to guide you through the process because most homes that are listed as short sales never even make it to closing due to problems encountered along the way.  In fact, some stats show that as few as 1 in 10 short sales make it all the way to closing.
  2. Get your financing in order.  How are you going to pay for the property?  Before you do anything else, have your financing in order.  In a short sale, the lender often moves at a snail’s pace, but you have to be able to move quickly.  Once an agreement is worked out, the lender may require that you close in as few as 20 days.  That’s not enough time to shop for a mortgage.
  3. Search for short sales.  Your agent will have access to all the homes up for sale as short sales.  Let him or her help you sort through the homes to identify those that fit your needs and are most likely to make it to closing. 
  4. Research the short list of short sales.  Have your real estate agent (see how much work this agent is doing for you?) research the short list of short sales you’re interested in to find out how many mortgages each of them have and how much money is owed.  If you find that there are a lot of loans against a property, your best bet is to move on and find a short sale with only one loan.  Additionally, your experienced agent can steer you away from homes with lenders who are difficult to work with on short sales.
  5. Be prepared to pay close to market value.  This may sound ridiculous to you because you’ve heard that short sales are an amazing bargain.  Yes, some short sales are priced very low, however, that does not mean the lender will accept that super-low price.  Typically, the short sales that actually make it to closing are going to be priced close to current market value.  Have your real estate agent research pending sale comparables to determine what the current market value is for the short sale you’re thinking of buying.

If you’re interested in investing in Short Sales Cape Coral, Fort Myers, Estero, Pine Island  real estate, I can help you find the true bargains, whether they’re short sales, foreclosures or just well-priced real estate.   Give me a call today at 239-699-0142 or email me at Liloc@att.net.