Venice Bits

Yes, we are active and business is good in Florida.  Many buyers have realized the great value in home prices and purchasing.  And they are right.

For the month of June of last year total volume was $31,952,900 with 120 homes  sold.  June of 2009 closed at $23,761,645 with 123 units sold.  Average price for last year was $266,274 and this June $192,184.  Median price for last year was $210,000 and this year $150,000.  Cash is king this past month with 54% of the purchases, 45% financed and 1% other.  Last year cash was 46%, financed 53% and 1% other.  Due to appraisals, more intensive credit checking, cash purchases should continue to rise.

Many buyers are taking advantage of the increased volume  in foreclosure and short sale properties.  This is expected to continue.   The resale sellers have quickly  educated themselves.  They may reject their first offer from a buyer and the buyer walks, but the second time another buyer submits an offer in the same price range they are much more receptive. 

Rates are low 5.42 for a 30 yr. fixed. 4.87 for a 15 yr. and 4.93 for 1 year adjustable.  Take advantage of these low rates, because they will not last forever and you don't want to miss the boat.  There is a $8000 incentive for first time home buyers until Nov. 30th.  It can even be used as a down payment or closing costs. 

The town of Venice is in siesta mode.  Days are spent on the beach, the Gulf is almost as warm as the air and the rains have disappeared.  See you on Paws Beach.