My New Blog

As with Cape Coral,  it appears that the attractive prices have brought out buyers in Ft. Myers as well.  I see more contracts being written and less refinance orders.  The market in most areas of Lee County have shown declines over the past two years.  Last Fall, I posted a blog stating that Cape Coral may have found it's bottom.

The Real Estate market in Fort Myers has shown more stability throughout the boom and during the declining market.  There has been a pull back, though not as drastic as the Cape or Lehigh.  This is true for the established neighborhoods.  Planned unit develpments and condos have experienced the most significant adjustment.  Single Family homes in the older neighborhoods have shown modest declines and appear to have found the bottom as well.  North Ft. Myers has been the forgotten zone in all of this volotility.  Prices are much more stable and only show modest corrections. 

With rates good,  prices good,  now all we need is the lenders back.  At this time,  it is important to give complete and accurate appraisal reports to fully show the lender that it is safe to come back to Southwest Florida.  Loans are available to truly qualified buyers which is as it should be.

Appraising in Southwest Florida has been a rewarding and interesting profession. As pricing has become more attractive,  activity is coming back. 2008 should be a return to a normal market in Ft. Myers, Cape Coral, and Naples.  Lehigh still has a way to go as inventory is still high and sub prime loan defaults are most common.  Condominiums are overbuilt and will require more time to become more in balance.  Manufactured Home Parks should have a good season due to the affordability for seniors. 

Contrary to what we hear,  financing is available.  In these uncertain times,  it is important to hire an appraiser which takes the time to offer fresh data in their reporting.  Many just hit the clone button and transfer stale data which is meaningless in this fast changing market.  I hear from other appraisers about the problems with reviewers.  I have noticed that if the correct information is given in the first place,  reviewers are not a problem at all.  When they do ask a question, it is valid.  Closing delays are the result of inferior reporting and lack of comments and details. 

Every time a reviewer makes a request, I consider it a learning experience for comments which are necessary to give an informative report.  I also respond immediately so my customers will not have delayed closings.  It is important to  keep up to date on  the requirements in problem areas such as Lehigh Acres and Cape Coral.  Lenders will write there, but need additional comparables and listings in the report.  If the data is complete and current,  they are less apt to deny the loan. 

As other appraisers complain about reviewers and their unreasonable requests, I have to wonder why they feel this way, and why so many problems.   I believe that the customer who is loaning large sums of money, has the right to ask questions, and require more information than ever in our reports.  It is not unreasonable just responsible.  Reviewers are looking out for their clients well are and so should all of the Southwest Florida Appraisers.  If tighter guidelines had been in place during the boom,  there would be less problems now.

On the 29th of January we vote on the Portability of the Save Our Homes. This enables those property owner with large savings on their taxes to take the savings with them if they move.  Without portability,  many people who wish to move can not afford the increase in their tax bill. 

Passage of this bill will help increase real estate activity in this slow market and free up homeowners to make a move.  For more information on the proposal go to the Lee County Property Appraiser web site at www.leepa.org

Look to the left of the screen under exemption information.

 http://www.leepa.org/PortabilityOfSOH/portabilitysoh.htm