Indian River County Home Sales Increase 17%

August is always one of our slowest months and we increased single family home sales by 17% from this time last year. All summer we have seen an increase in activity from buyers and they are seeing the prices coming down and interest rates ticking up. Everything is pointing to 2008 being the recovery year and if you are thinking of selling your house next year you need to get it on the market in the next month.

Pricing continues to be the key to getting buyers to look at your property. I have to agree with William Pittenger of Sea Coast. Pricing needs to get to the 2003 and 2004 levels to get real sales activity. Now this is bad news for those that bought in 2005 and 2006 and want to sell. We are slowing seeing these listings sell and the sellers are taking a beating. For the rest of the sellers 2004 prices aren't that bad.

For the full article go to: www.thelaffertygroup.com and click the Real Estate News button

Coastal Escrow Closes Doors and Takes over $3 Million in Escrow Deposits With them.

When Ira Hatch closed his doors last week he shook the world around him. Realtors learned a very valuable lesson and one that may not have been able to be avoided. As Realtors we give advice and instruct individuals and families on what needs to be done when buying and selling homes. They trust us with the biggest transaction 99% of them will ever have and give thousands of dollar to us to hold in Escrow for what could be months. And what do so many Realtors do? Give these deposits to a third party. This way they don't have to worry, or so they thought, they don't have to reconcile the escrow account and they don't have to worry about an audit. At this point all that seems to be a small price to pay.

One problem still exists. Even if your Real Estate company has its own escrow account, one to two days prior to closing they still have to write a check to the closing agent. What does that closing agent do? Deposits it in another escrow account and from what we have seen it can all be gone the next day.

How can this be avoided? Escrow deposits need to be held with a company that is regulated and one that has to account for funds. Title companies, Law firms and Real Estate Agencies. This doesn't mean a these funds can't be stolen, but the chances are smaller.

As the Broker and Owner I prefer to have my own escrow account. It's a pain to reconcile every month, but I know where the money is.

For the most upto date info go to: http://www.tcpalm.com/news/2007/sep/10/florida-bar-hatch-voluntarily-disbarred/