"Its the economy stupid"

I know new home sales went up for the 1st month in forever and that is good news. The rise was 3.3%. I also know that all pundits want you to feel we are at the bottom.

“It is all about the economy, stupid” Just a paraphrase not an insult. All agents in our community are busier now than in couple of years and I believe the reason is twofold. One is the prices of the properties we are selling and two is there are fewer agents working in Real Estate.

I have just completed a course to become a “Certified Short Sale Professional”. I did this because I believe that there are a lot of people out there who obtained a mortgage in 2003 or 2004 which was 100% financed and was an ARM. These loans are due to adjust this year or next. The value is no longer there in order to refinance. These home owners are going to need help in order to stay on track financially for their future. Since we all helped these people buy the properties then we should be willing to learn what we can in order to help the same people get out with their future. Yes there are good buys everywhere you look; all you have to do is find the good buy not the buys that are stuck in 2004. Foreclosure and short sale no longer have the stigma that it once did, since there are so many people that are facing the fact that the value in property is no longer what it once was back in the day. The difference in foreclosure and short sale is the hit you will take on your credit score; it is probably about 150 pt difference.

There are remedies to the tax consequences also but I will have to refer you to your CPA but I can point you I the right direction.

Merritt Island canal homes were once the hottest investor property out there; recently there was a 4 bedroom 2 bath canal home with pool and boat lift that closed at short sale for $242,000. 3 years ago this home would have closed in 30 days for $389,000.

So if you selling price it well and if you are buying, get the price you need to make it work.

I believe the correct thing to do is to work for the people both buyers and sellers.

Jim Bagwell