Ramesh Nyberg's Real Estate Blog

Ok, I'm guilty of thinking of football terms alot, but when someone in marketing mentioned the first "quarter" of the year being over at the end of March, I could scarcely believe how deep into the year we've already gone. I mean, aren't we still getting used to putting 2008 on our checks?

Maybe it's kids, or maybe it's a busy real estate life, but time is flying by. And how the landscape of buyers has changed. To begin with, my customers' buying needs have definitely shifted lately: they are contacting me in bigger numbers, for one. As a contrast to this time last year, when most of them were looking for mid-range single family homes, now I am working with many people looking to get a good deal on foreclosed properties and short sales, either for investment or primary homes. Price ranges on townhomes in Homestead, for example, can commonly be found under $100,000. Wow. And they are selling.

I am working with two customers looking in West Kendall right now, and they have their sights set on three bedroom townhomes, and we are seeing prices as low as $159,000 in places like Snapper Village. Pretty impressive! One thing to be aware of if you are getting ready to make a real estate move: the lending industry continues to change and tighten up. 100% financing is a thing of the past, and most of the banks involved in short sales and foreclosures are asking for pre-approval letters up front, at the time the offer is made. (If you need any help with that, call me, I've got someone who can get a pre-approval letter same day, even on weekends. You don't have to use him later, just get the letter)

Well, I've said it before, but more than ever, this is the time. The interest rates are way down, the prices are way down, and hey, the weather is pretty nice to go out house hunting too.