Ramesh Nyberg's Real Estate Blog

The latest sales data is out, and the outlook continues to brighten. Again, single family home sales in Miami-Dade were up from the previous month, and the highest (930) they have been all year. More significantly, inventory went down, this time by a whopping 677 homes. That is only the third time in the last 14 months that unsold properties have decreased (the other two times were Nov to Dec 07, July to August 08).

An interesting note in Pinecrest and Palmetto Bay: While unincorporated Miami-Dade had a slight drop in average list-to-sale ratio, from 90 to 89, Pinecrest dropped to 85%, its lowest all year, and Palmetto Bay to 88%. What does that mean? It could mean that sellers are now embracing lower offers, and realizing that they have to come down to get their homes sold. That would be congruent with the sales numbers discussed in the beginning of this post.

What's happening in the mortgage industry? There are positives happening there too, but for the inside scoop you need to consult my friends Joe Desanti and Brian Lewis, of Circle Mortgage. These are direct lenders, and straight shooters, and they, too are encouraged by what they are seeing. Listen to their radio show on WFTL, 850 on your AM dial, starting at 8am every Sunday morning. A very consumer-friendly and informative show where they will take your calls and chat with you about how you can go about getting qualified to buy the home you want.

You've heard the battle cry from me: It's time to buy! You'll hear it from Joe and Brian too, but if you're still not convinced, hear it from my own customers--recent contracts I have written include a move-in ready 3/2.5 bath townhouse, and a foreclosed home in Coral Gables - both were under $160,000. A couple I have been working with to buy their first home just got a spacious 2-story 4/3, built in 2005, on a lake, for less than $270,000. Pretty sweet!

More good news: close before December 31st, and you get your Homestead Exemption (which is now $50,000) next year, otherwise you have to wait until 2010. And if you are a first-time home buyer, you get a $7500 tax credit from the U.S. government. 

An amazing time awaits us, doesn't it? Economic uncertainty, new President, and new challenges on many fronts.

I will be leaving town on Friday, to go spend a week in our timeshare in Orlando, and also attend a commercial Real Estate seminar. I will have my laptop and cell with me if you need something urgently. Please don't hesitate to call-- If I can answer I will..

It's been extremely difficult and at times, disheartening for many of us, but in this season of Thanksgiving, I want to point out a few things I am thankful for:
I am thankful for my family, and for the joy I see in my daughter's eyes,
I am thankful for watching my two grown sons become, well.. grown sons!
I am thankful for living in the greatest country on earth.
In these tough economic times, I am not despairing over what I have "lost" .. instead I am thankful that I have something even to lose, and still have something left over!
I am thankful for you, my customers, my friends, who give me support and referrals, and hope.

Thanks a million! Have a wonderful Thanksgiving holiday!

Forgive the football analogies, please. I do them all the time.

We are in the infancy of the Emergency Economic Stablization Act, also known as the "bailout", just as the holiday season nears. We are on the doorstep of a new presidency. We are seeing historically low interest rates, and a candy store-like inventory of real estate properties at rock bottom prices.

How to make a decision? What to do? And when to do it? Here's a short excerpt from an excellent report/assessment I got from my Ameriprise Financial Advisor, Regina Vesci:
What the actual result of the bailout will be on Wall Street
remains to be seen, and there is no telling what the future might hold, but
here are some results the average American is likely to see: Cash in the bank will be better protected..Mortgages, loans, and credit should become more available..Unemployment may stabilize.
Regina had a lot more to say, and if you'd like to hear it and discuss finances with her, give her a call at 954.308.4930.

From what I am hearing and seeing among my customers, confidence is on the rise. Sales are on the rise. The price drops are following a shallower angle now, and inventory is starting to taper off, partially because a lot more people are waiting to put their homes on the market, or are renting them out.

One of the things I enjoy doing for customers is a rent vs. sell scenario. I will carefully analyze the market for you on both tracks, and go over the results with you, so if you are agonizing over that decision, stop agonizing. Call me and let's go over the real numbers, and that way you can make a sound decision.

We're in the red zone here with the housing market, and I think we are going to start scoring more, soon.

Jump in the huddle, we'll draw up a big play together.