Are you a Bank of America customer?  Are you having trouble staying on top of those mortgage payments for your Fort Lauderdale homes?  You may want to set aside some time this week to drive down to Miami Beach and speak with one of the representatives during its three day mortgage modification event.

Starting this Thursday, Bank of America is looking to do some apparent PR management and fix some Fort Lauderdale real estate mortgages.  Homeowners can talk to representatives about modifications and other options they may have available to them.  During previous events like this one, a number of homeowners got a decision on the spot so if you're in a tight spot, it might be worth heading there as you can potentially end up with a significantly lower monthly payment that will give you some extra room to breathe.

These types of events typically draw out thousands of potential clients so you may wish to drive down to the Miami Beach Convention Center at a relatively early time, especially for parking if you plan on going on Saturday.

Hypothetical situation: you purchased one of the many fine Fort Lauderdale homes when the market was on its upswing but now you're one of the many homeowners with an underwater mortgage.  You've plunked down a significant amount of money on home upgrades and the last thing you want to do is leave the home.  Should you leave the place and do a short sale before things go from bad to worse even if you're not having trouble making payments on time?

Real estate experts say that homeowners who own a piece of Fort Lauderdale real estate and are in such a situation...should stay put.  Think of the situation as somewhat like that of buying a new car.  The moment it's driven off the lot, the value plunges; most people won't turn around and sell the car.  If you like the neighbors, if the schools are good, there's little reason to put yourself through unnecessary headaches and ruining your credit.

Again, this takes into account the fact that you're not having trouble making monthly payments.  Why pay rent for Fort Lauderdale homes you're not entirely happy with when you have a home that you've customized and grown attached to?

One of the most common questions real estate agents probably get asked nowadays is whether or not now is the right time to sell Fort Lauderdale real estate or if it's a wiser decision to wait until prices eventually go up again.  From the outset, the answer may be a simple yes or no but it's a little more complicated than that.

For one, Fort Lauderdale is tourism favorite in South Florida, a major advantage that potentially outweighs other important factors such as unemployment, mortgage rates and additional items that are used to determine selling conditions.  For example, Fort Lauderdale homes near a university like Florida Atlantic University will generally have greater demand regardless of economic conditions.  Homes by the water or in scenic locations also tend to have better demand.

Of course you can't base your decision entirely on how the market may be doing.  You've probably heard about comparative sales, better known as “comps” which can help in determining whether it's the right time.  Always do your homework before taking any major steps but know that if you have a home in a favorable location, you already have a huge advantage.

Most people are very well aware of the continued drop in prices for property like Fort Lauderdale homes.  What makes Fort Lauderdale particularly “special” is the fact that it's considered a part of South Florida, a region in the state of Florida which happens to be number one in the country for home price reductions.

While the state of Florida is number one overall for price reductions and has remained so for the past three months, the title of biggest list price percentage discount actually belongs to Orlando with prices plunging over twelve percent.  South Florida actually comes in third behind Jacksonville, boasting discounts of 11.9 percent.  If you're among the people looking to purchase Fort Lauderdale real estate, properties are becoming increasingly affordable with each passing day.

As a seller, these price fluctuations reinforce how important it is to stay on top of the market and price trends.  You may find that to sell Fort Lauderdale homes, a price reduction is necessary and you may need to do it more than once.  The more effectively you “play the selling game”, the better the odds of striking a deal earlier and getting more money for your home or condo.

Have you been to Fort Lauderdale Florida recently or at all?  If you haven’t, you’re missing out on one of the largest tourist destinations in the country and one of the best places to call home in South Florida.  Fort Lauderdale has the culture, the entertainment and the same mixture of unique denizens from all parts of the world that has come to define part of what South Florida is all about.

Fort Lauderdale real estate is also just as varied, boasting many properties in a number of locations that include the sunny shores of Fort Lauderdale Beach to Las Olas Boulevard, a thoroughfare that’s become popular enough to be designated as its own area by locals.

At Prime Real Estate Collection we’d like to you to experience Fort Lauderdale for yourself, whether that experience constitutes a permanent home or a new beachfront vacation rental.  We specialize in Fort Lauderdale and a few neighboring cities like Pompano Beach and Lauderdale-by-the-Sea.

We’ll be using this space here to keep you updated on new happenings throughout the city and the market as well, subscribe to our feed to stay updated or leave a comment.  Thanks for visiting our website and reading our blog.