Welcome to Paradise!
Looking to buy or sell a home on Sanibel-Captiva Islands? Team Petel is here to offer "the perfect blend of ingredients" for success in the sale and purchase of Southwest Florida real estate, with the highest level of professionalism and service using local market expertise, in-depth research abilities, creative, client-specific marketing plans for sellers and comprehensive information for buyers.
Kathy and John believe that moving to Sanibel in 1987 was the best decision they have made in their 30 years together. They know the secret: that Sanibel-Captiva Islands and Southwest Florida offer a lifestyle, not just a place to live.
If you are in the market for a new home, or are looking to sell your existing residence, look no farther. John and Kathy have you covered every step of the way! So stop in, call, or email Team Petel today and get started on the smoothest real estate transaction you will ever have!  |  | | | | |
 Sanibel, Captiva, and South Fort Myers
ARE WE THERE YET?
No, I'm not talking about the kids in the back seat continuously asking whether they are at their destination.
In the real estate market, this question is being asked by buyers and sellers alike. Have we reached the bottom of real estate slide?
Let's look at a few determining factors:
TYPE OF REAL ESTATE:
The inventory of single family homes has reached levels that suggest price stability. We have had record unit sales in Lee County each of the past several months which has significantly lowered the number of homes on the market.
This is not the case with condominiums. There is still an over-supply of condos on the market which would indicate further price erosion.
CONDITION OF A PROPERTY:
Buyers have had so many choices that only properties in updated, pristine condition have been selling. Those in need of renovation and repair brought few offers and then only at very low prices. While there are still plenty of pristine homes on the market, there are certainly not as many as last year. Keep in mind that as the market improves, the better homes will continue to move first.
LOAN & FINANCING ISSUES:
Last year jumbo loan conditions were very unfavorable. Rates were much higher than conforming loans and only 5-yr. ARM's were available. Favorable jumbo loan conditions now exist. Rates are lower and 30-yr. fixed loans are now available.
Condo loans still require a 30% downpayment in most cases. It is also still very important to be sure that the condo complex that you are considering purchasing in is stable and that all owner fees are current.
So, what is the answer to our question? It looks like homes on the islands and in certain areas of Lee County are at the bottom, while condos may still have some additional downward price pressure. IF YOU ARE PLANNING TO BUY .... NOW IS THE TIME!!!
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First Time Buyers >Good Faith Estimates
Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.
If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.
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| Q |
Where is the world's largest dome?
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| A |
The Louisiana Superdome, with a diameter of 680 feet, is located in New Orleans, Louisiana. |
 See More Real Estate Trivia > |
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