In short, no. Why? Before the great real estate crash of 2008-2010, foreclosed properties, especially here in the Keys, were very uncommon, if not just flat out nonexistent. And, in the very rare event that a lender was forced to foreclose on a property, they dumped it immediately and often at a deeply discounted price. Banks and institutional lenders have been barred from entering the real estate business because it would create an anti-competitive environment. Lenders, having access to federally subsidized low-cost funds via the FDIC could compete unfairly with real estate companies and thei ..read more

View The Most Recent Real Estate Market Snapshot for The State of Florida Closed sales are down just a touch year-to-year while the average sale price has increased almost 13%. Click the image below to dig deeper into these and other Florida real estate market statistics with the Single Family Home Monthly Market Summary, prepared by Florida Realtors®.   The post Florida Real Estate Market Summary appeared first on Key West Properties ..read more

Just released from Florida REALTORS®, the early 2022 housing market update shows tight inventory keeping the prices high for real estate throughout the state of Florida. Property sales remain high, despite rising interest rates and low inventory keeping homeownership out of reach for some. Watch the video below for a snapshot of how the new year started for real estate across the state. The post Florida Keys Real Estate Market Update February 2022 appeared first on Key West Properties ..read more

It’s a seller’s market. Real estate inventory is low across Florida, with the Keys being some of the most sought after in the state. Here are some reasons why NOW is the perfect time to list a property. Check out the infographic below and Contact Us for more information! The post Yes, it’s the Right Time to Sell! appeared first on Key West Properties ..read more

7 WINNING TIPS FOR BUYERS Concerned that you could be in a bidding war? Use these strategies to increase your odds of getting your offer accepted. 1. Encourage your agent to reach out to the listing agent to find out what the seller is looking for, such as a quick close, an above asking-price offer or a waived contingency. This will help you and your agent craft a competitive offer. 2. Make a cash offer. If you’re not in a position to pay cash, get preapproved for a mortgage and have your preapproval letter in hand. 3. Pay attention to the listing agent’s request. Many times, they will have y ..read more

It didn’t even take a week after Hurricane Irma passed through the Lower Keys before my phone started blowing up with calls from bottom feeders looking for Hurricane Irma distress sales. And now, six months later, the first real estate question I am most often asked is, “How has Hurricane Irma affected the real estate market?” Before answering that question and presenting the statistics, we must first define the markets because the Key West real estate market is vastly different than the Lower Keys real estate market. Because we are all visual beings, let’s refer to the map below; a picture re ..read more

We are all learning to deal with the “new normal” that the Covid-19 pandemic has thrust upon us. Social distancing has changed the way we interact with our loved ones and colleagues, and the real estate industry is having to change the way it operates as well. With the help of technology and some creative thinking, the show is going on and deals continue to get done. Here’s what might you expect to find while buying or selling a home in Key West or the Lower Keys during the pandemic: Virtual Tours have never been more essential. Learn a lot about a property from the comfort of your couch. The ..read more

As many of you may have heard, the Fed (Federal Open Market Committee or FOMC) met on Sep 17 to consider raising the Federal Funds rate from 0% to .25%. The Federal Funds rate is the interest rate that banks can borrow funds from the Federal Reserve and is an [indirect] determinant in the interest rate that consumers are charged on conventional mortgages. The Committee voted 9-1 in favor of not raising the rate at this time due to the job market still on the recovery and developments abroad (i.e. the Chinese economy slowing down). The next meetings are scheduled for the end of October and agai ..read more

Very nice article about the Florida Keys and the Overseas Highway on the drive from the mainland to Key West. What does this have to do with real estate in Key West? Not much, just a fun article about real estate along the way. Read the CNN article at: http://www.cnn.com/2015/10/19/travel/florida-keys-overseas-highway/index.html The post CNN Report: Florida Keys appeared first on Key West Properties ..read more

Have you heard of the Fair Housing Initiatives Program (FHIP)? HUD (Department of Housing and Urban Development) is allocating $39.2 million to battle housing discrimination. I’m serious as can be…check out the link! Our country is almost $19T in debt ($155k per tax payer) and we are adding $3.7B in debt each day. And, our current administration is spending our tax dollars like drunken sailors (and that’s an insult to drunken sailors!) on useless programs like this! Here is how the money will be allocated: Private Enforcement Initiative grants (PEI) – $29,275,000 Education and Outreach Initiat ..read more