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Here is some useful information to help you stay informed. This was just released:

Sales of resale homes in the Greater Fort Myers area rose again for the eighth consecutive month in August, with a total of 729 properties sold – up 79% versus the prior year.

However, the value of homes dropped again in August as the median price of an existing single-family home sold for $134,900.  There were 11,097 single-family homes for sale in August in the area, for an estimated 9.6 month supply of inventory. 

The government passed a new TAX CREDIT for first time homebuyers but it is only for a limited time. 

- Must purchase your new home between April 9, 2008 and July 1, 2009

- According to the law, the definition of a first time homebuyer is that you must not have owned a home (as your main residence) within in the past 3 years

-"The tax credit is a refund from Uncle Sam. For instance, if someone owes $2,000 in income taxes, the $7,500 tax credit would wipe out that amount and the federal government also would send out a $5,500 check. If the taxpayer owes nothing at tax time, the check would amount to $7,500." The Florida Association of Realtors

-" the tax credit must be repaid over a 15-year period to the federal government. According to the National Association of Home Builders, the tax credit is best described as a zero-interest loan." The Florida Association of Realtors

-"Single taxpayers can get the full tax credit if their incomes are less than $75,000. Married couples will qualify with incomes up to $150,000. The tax credit phases out for higher-earning homebuyers and goes away entirely for single taxpayers earning more than $95,000 and married couples $170,000." The Florida Association of Realtors

There are many great programs available right now for the homebuyer. Nehemiah was available but ends Oct 1 but the country is making strides to encourage people to invest back into the real estate market and I strongly believe that that is the best place to put your money right now. Invest now, give is a couple of years and you will be able to turn a profit. The majority of my customers have the equity they want in their homes at the closing table!

VERY IMPORTANT NEWS ABOUT LOANS!!!!

This is from the CEO of Century 21:

"

Dear CENTURY 21^® System Members,

Mortgage Rates Have Dropped Dramatically!

On September 11, 2008, Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®) and report that the 30-year fixed-rate mortgage (FRM) averaged 5.93% for the week end, down from last week when it averaged 6.35%. Last year at this time, the 30-year FRM averaged 6.31%.

The 15-year FRM this week averaged 5.54% down from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 5.97%.

Please visit http://www.freddiemac.com/news/mediaroom/ to read the entire press release.

This is great news for buyers and sellers! I encourage you to look at the details and talk to every prospect, every customer, and every influencer: Now more than ever – this is a great time to buy a home!"

I think that all of this is a sign that our housing markets across the country will start to correct themselves.

Let me know if you have any questions or if you need to know of lender that can help. And as always, I hope that I can help you buy or sell your home. If you know of anyone that may be in need of my assistance, please let me know and I promise they will recieve world class service!