Why Now Is The Time To Buy That Luxury Home

•June 17, 2011 • Leave a Comment

Today, a back page article issued a reminder that in October 2011, the increased FHA, Fannie Mae and Freddie Mac lending limits are slated to expire.  As media coverage has focused on price declines in the housing market, today’s reminder is of more important note for Buyers as well as Sellers.  With the expiration of the increased loan limits will also arrive more stringent lending practices such as increased  down payment amounts, credit history and acceptable property types. 

Sitting on the fence waiting for a decline in housing prices for that killer deal might be negatively impacted by more stringent lending practices.  Globally, the economic heads are meeting to try and impose a global charge on large banks.  These banks are located in countries around the world.  These banks will be required to pay2.7% fees to a global fund to prevent the melt down that occurred in 2007/08.  Again, anticipate that these fees will be passed along to the consumer. 

Here is the article that was published today by RIS Media: 

RISMedia, June 17, 2011—New research from NAHB examines the scope of impact on housing markets from the scheduled October 1, 2011 decrease in the GSE and FHA loan limits. These loan limits determine what types of mortgages may be securitized by the GSEs, Fannie Mae and Freddie Mac, or insured by the Federal Housing Administration. Loans that fall outside of these limits would be subject to tighter credit conditions, including higher interest rates and larger downpayments.
This increase in the cost of credit for such loans could mean weaker demand for homes in the affected price ranges, which could result in downward price pressure in many areas of the country, particularly high cost markets. As home sales are inter-related (for example, starter homes are sold to first-time home buyers by move-up buyers), this pressure on prices could spill over on other homes in the affected areas.

Using reasonable assumptions concerning downpayments and Census data of housing values, the new analysis finds that the scheduled declines in GSE loan limits will affect 204 counties, containing 1.38 million owner-occupied homes (5 percent of homes in the U.S.—excluding territories) in the affected price ranges.

Adding this number to the number of homes that are currently outside the temporary mortgage loan limits produces an estimated total of 5 million homes (7 percent of U.S. homes) that will not be eligible for GSE-backed funding if they were put on the for-sale market. The 204 counties affected contain 27 percent of all homes in the nation.

The effects for the scheduled declines in the FHA limits are more expansive. These declines will affect 620 counties, adding 3.87 million homes (11 percent of all U.S. homes) to those outside the temporary loan limits, for a total of 12.2 million homes (16 percent of U.S. homes) ineligible for FHA-insured mortgages. The 620 counties affected contain 59 percent of all homes in the United States.

Given the potential to weaken housing demand for homes that in October would fall outside of the present-law loan limits, plus spillover effects due to inter-related sales, the expiration of the present-law loan limits will be a negative factor weighing down housing in the Fall.

This analysis also suggests concern with respect to a recent proposal to eliminate the floor, or nation-wide minimum, for FHA loan limits nationwide. Under present law, and counting U.S. territories like Puerto Rico, 2,475 counties have FHA-loan limits at the floor ($271,050). As of October 1, 2011, this number will grow to 2,773 as the counties described earlier experience a drop in their applicable FHA loan limit. Under a proposal to eliminate the FHA floor, the vast majority of these counties, comprising about 85 percent of all counties, would experience a decline in the number of homes eligible for FHA-insured mortgages, increasing mortgage costs for a significant number of home purchases in the United States and adding to downward price pressure.

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Tampa Bay Real Estate Activity Report YTD 2011 Jan-Apr

•May 2, 2011 • Leave a Comment

As real estate professionals, we conduct a statistical review of the market which provides us with an overview of activity, trends and future forecasting.  We have conducted our analysis of the Tampa Bay market and have compiled our information from Mid Florida MLS and Realty Trac.  The information contained on the chart reflects information provided from these sources.  Be advised that the information contains margins of error due to data input, human error and mis reportings.  The chart does provide an overview which shows the activity by zip code

For us as realtors, this information is particularly interesting and helpful.   In reviewing this information, you may have questions, or find a zip code that might be interesting to you.  You can visit our website at www.BrockRealty-Inc.com and view specific properties in that zip code for sale.  If you want to step inside a property give us a call to set up an appointment.  As a courtesy to the Seller, we suggest call the day before so that we can set up the showing appointment and allow the Seller time to tidy up.  You can reach us at 941.870.8100.  With interest rates low, this is an excellent time to consider buying. 

Brock Realty Inc. Has 98% Transaction Close Rate

•March 2, 2011 • Leave a Comment

In a recent study, of Tampa Bay housing market, it was determined that when Brock Realty, Inc. was involved with a real estate transaction there was a sharp increase in closure rate. When clients asked for feedback, their comments revealed that “attention to details”, “communication” and “follow through” were the top three answers.

One client M. ______las said that working with Brock Realty, Inc. was the most stress free and smoothest transaction they had ever experienced. At first, they expressed concerns and were met with personalized answers specific to their questions. After discussing their options, they decided to employ Brock Realty, Inc. as their real estate representative. Once their decision was made, they indicated that they felt that their needs were being addressed and that they were able to direct their attention to their personal life demands allowing Brock Realty, Inc. to manage the real estate details.

At the closing, a representative from Brock Realty, Inc. was present at the closing to insure that all paperwork and questions were answered. As congratulaions were passed around, they were presented with a closing gift which according to M. _______las was a lovely touch.

The survey of past clients revealed consist feedback inline with M. _____las regarding their working relationship with Brock Realty, Inc. Their comments included: Very Professional. Most Knowledgeable. Really Detailed Oriented. My Concerns Were All Addressed. It Was A Great Experience. I Would Recommend Them.

Zip Code By Zip Code The Market Is Moving

•February 10, 2011 • Leave a Comment

We have conducted an extensive study regarding the real estate market in the Tampa Bay area. How did we do it? We took each zip code in Hillsborough, Pinellas, Manatee and Sarasota county and from the multiple listing service tabulated all of the active listings, the number of pendings and units sold within a one month period. We added to this information the total number of properties receiving a lis pendens notice, those actively in foreclosure, the number of bank owned and auction properties. Through this detailed and lengthy analysis, we have been able to determine zip codes on the verge of tipping into a Seller’s Market. Why? Because the available inventory shows an eight month supply of homes for sale (33609) Other zip codes are selling within 30 days (34201).

No matter what, the most important recommendation that we can offer to Sellers is to price their property to be in the market and not just listed for sale. Price the property correctly from the get go. The first two weeks typically show the highest buyer interest and activity. By pricing the property high and then reducing the price to generate buyer interest is chasing the market. It wastes times, effort and resources.

In some areas, Sellers are reverse offering incentives to Buyers. For example, Sellers are offering a selling price to an interested Buyer along with a flat screen tv. These creative reverse offers are utilized to encourage a non committal Buyer to write an offer to purchase. In many instances, this strategy works!

What is a Short Sale?

•January 18, 2011 • Leave a Comment

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Short Sale, Yes or No.  

A simple overview.

 What is a Short Sale?

This situation occurs when the homeowner wishes to sell their home and market conditions indicate that the current market value or price point (today) is less than the money owed on the property. 

 Example:  In 2006, 0000 Main Street was purchased for $350,000 and carries a mortgaged debt of $300,000.  A market comparative shows the current property value of $150,000 based upon recent sales of similar properties.

Is This A Short Sale?  No, not yet, at this point it is potentially a short sale  After some thought the homeowner decides to list the property.  A listing agreement is signed disclosing a short sale property and the information is entered into MLS and other websites.  When a buyer submits an offer and both buyer and seller sign the purchase agreement for the sale of the property, then the Short Sale process begins. 

 Short Sales are complicated transactions.  Selecting the right agent is critical.  This is a financial transaction, it is not a typical “real estate sale” but rather it is the process of getting out of a mortgage.  Troubleshooting and problem solving are essential. Plus, an experienced agent. 

 With both buyer and seller signing the purchase agreement what happens next? 

Now armed with the executed contract, the Seller may officially submit their request for a Short Sale regarding 0000 Main Street to their lender(s) 

 On the Seller’s side paperwork is gathered just like applying for a mortgage which includes; an authorization letter for third party access, bank statements, pay stubs, completion of a hardship form and  a 4509T.  There may be additional materials requested by the lender(s). Each lender has their own packet of information to be completed and submitted on their specific forms.  If there are two lenders then two separate packages must be completed and submitted. 

 On the Buyer’s side  in addition to the purchase agreement, the Buyer must submit proof of funds to close, be it a bank statement, lender’s pre approval letter or both.

 The authorization letter allows follow up regarding the short sale process by the Seller’s agent, the attorney and/or short sale negotiator.  The Buyer or their agent typically do not have third party access to follow the file.  Thus, communication to the buyer circles from the Listing Agent to the Buyer’s agent and then the Buyer.hardship affidavit

 The Federal government has implemented numerous programs to help prevent, reduce and possibly eliminate properties that are upside down with debt to current market value. 

These  federal programs open and close throughout the year.  If the Seller had considered selling their property in January 2010, and reconciled their decision in November 2010, more than likely the January program no longer exists and has been replaced with a different one consisting of different guidelines. 

 How long does a Short Sale take? 

Once all of the paperwork has been received by the lender, they follow strict Federal guidelines that include reporting deadlines.  It would be best to anticipate up to 6 months to close a transaction.  Given this long time line communication with all parties becomes essential.  Perhaps you have heard of Buyers walking away.  This has and does happen particularly when they lose interest. 

 Why does a Short Sale take so long? 

There are many agencies that have to review the file, the initial lender, the PMI company, perhaps a secondary investor, Fannie or Freddie Mac.  Each agency is allowed time for intake, review, assessment and approval or a counter offer. 

 A counteroffer?

Yes, although the property was listed based upon market value (let’s say) $150000 and the Buyer offered $140000 which the Seller accepted.  The lender may re negotiate the offer with a counteroffer.  Let’s say $145000.  The Buyer now has the opportunity to accept the Lender’s counter or reject it.  The Seller at this point also has the opportunity to accept or reject the Lender’s counteroffer.  Again, a Short Sale is a very complicated transaction and to keep the information in this article simple we will continue that the Buyer decides to accept the Lender’s counteroffer of $145000. 

 The Lender issues a letter of agreement including their closing date.  This letter clearly states if the transaction does not close by this date their offer for a Short Sale is null and void.  Up until this point the Buyer was sitting on the sidelines.  Typically, once the Seller’s Lender issues their approval letter then the Buyer starts with their property inspections and finalization of their mortgage to purchase.  There is a delicate juggling act that begins at this point between all parties to arrive a the closing table for a successfully closed deal.  There are many more details and accounts that we might include as each transaction and situation are completely different however we are trying to keep the described  situation simple .

 It would be best to note that a Short Sale is typically sold “As-Is”.  This means that the Seller and Lender make no warranties or repairs to the property.   The Buyer has the opportunity to inspect and decide based upon these findings whether or not to proceed.  Florida is a deficiency judgment state, it is up to the Seller to decide whether or not to accept and proceed with a Short Sale. 

 Given the terms of the Short Sale, the Seller might be forgiven the balance due or receive a deficiency judgment which could be settled or include in bankruptcy.   We have seen a broad variety of situations occur. 

If you are considering a Short Sale we recommend seeking Legal counsel.

Brock Realty Partners With Lowes

•January 5, 2011 • 1 Comment

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Brock Realty has joined with Lowes to provide their clients with home improvement tips, do -it- yourself projects and discount coupons for their properties. This unique program benefits homeowners whether they are buying a new home or selling their present one.

First Time Homeowners receive creative ideas and exclusive offers to help them transition as a a new homeowner. The information provided includes suggestions and project ideas that enhance their property‘s value.

Investors also benefit with a Foreclosure Improvement program that addresses tips and home improvement projects for recently purchased foreclosed property and turning them around for occupancy or resale.

Money Magazine another business partner with Lowes provides the impact of home improvements on the value of your home.  These include the following:

Money Magazine® Tips:

Fact: Cabinet resurfacing, updated appliances and new flooring can serve up an amazing 100% return!

Fact: A kitchen remodel can help your house sell – and dish up an 80% return on your remodeling costs! A small kitchen facelift (under $10,000) can return 100% on investment.

Fact: A fresh coat of paint is a simple way to add appeal. Paint kitchen cabinets as an inexpensive, simple alternative to replacing existing ones.

All of our clients receive a 10% coupon which they present when shopping at Lowes.  This program is provides a tremendous benefit to our clients and helps them to prepare their property for sale or helps to personalize their property and make it Home Sweet Home. 

Tampa Bay Real Estate Activity 2010 -Hillsborough County

•January 2, 2011 • 1 Comment

We have conducted our year end real estate activity chart and have uploaded the information pertaining to Hillsborough county.  You can locate your zip code, then look acroos and see how many units were for sale during the month of December, how many units were pending, how many sold in December and the total units sold Year to Date (YTD). 

The chart also includes the number of properties in default or pre foreclosure, ready for auction, bank owned and the number of foreclosures.  The information contained in these columns might list the same property under each category.  For example, a property that received a lis pendens notice will be counted under Default properties.  If the property goes to foreclosure via a Sheriff’s auction, then the property will be counted under this column or as a foreclosure. 

The information depicted under the columns; active, pending and sold show actual numbers.  A unit that is active can not be listed under pending or sold.  Thus, there is a larger margin of reporting error in the columns containing information listed underneath; Default, Auction, Bank Owned, and Foreclosures

Overall, the activity is represented by zip code.  We utilize this information in a variety of ways to build strategic plans for our clients.  We have posted it for your review and comments.  If you desire specific information regarding an address please call us at 941.870.8100. 

2011 Happy New Year!

•December 31, 2010 • Leave a Comment

We are on the celebratory eve of 2011.  Our New Year’s resolutions have been penned and re-penned. We have called family, friends and greeted people with a chipper “Happy New Year!”

Yesterday, we attended a meeting where the topic was “I can not wait until things return to normal.” This comment gave us pause to reflect. We have realized that today is the new normal. This is it.  We are living in the “Precious Present”.

Frankly, we have lived the crest of the wave of the business boom years. These years were dubbed the “norm”.  Typically business runs in cycles.  We are in a contracting cycle.  Even within this cycle there are opportunities.  We have to look, reach out and turn these opportunities into results.  Is this easy?  No.  Is it possible?  Yes.  Embracing the business challenges of today’s norm seems to separate those from taking hold of their destiny and journey from those that wait.  It is easy?  No.  Can you achieve success?  Yes.  Set short goals that develop a foundation of building blocks towards your ultimate goal.   Define success, so when you get there you can pat yourself on the back.  Utilize the start of 2011 as an exciting new normal.  Like a blank canvas,  create it. 

It is just like selling a house. We have to cultivate our opportunities. Develop the presentation and establish a flurry of serious interest. Then Voila! The property is sold and the process continues.

We have a favorite inspiration we have compiled and want to share with you.  We have referred to it many, many times.

“What you do today, you reap tomorrow

Focus makes you capable

Until you make peace with who you are, you’ll never be content with what you have

Life is change. Growth is optional. Choose wisely

From all of us at Brock Realty, we wish you all the best in the New Year 2011.

Situation:Old,Worn,Smelly Carpet Who Changes Seller or Buyer?

•December 26, 2010 • Leave a Comment

A recent listing situation:   The Seller had owned and lived in the property for the past 10 years.  He was not in financial distress

Mr. Seller, “I want top dollar, I am not giving away my property.  I want this xxxx price.”  (Note:  The price point was above $400,000) From our market analysis his price was at the top of the range.  The house looked great, except the carpeting was 10 years old.  We suggested that the Seller consider replacing the carpet to be competitive in today’s market.  The Seller said no. We recommended a price adjustment for the carpet.  In a Buyer’s market a carpet credit may not be as “valuable” to a Buyer as an overall lower price.

This opens up discussion that we want to share with you.  In this situation, the carpet was 10 years old.  It was blue, worn, stained and produced an airborne odor that was mentioned consistently by agents and potential buyers.  The cost of the carpet was approximately $3000. Utilizing builder grade carpeting the price could have been less.

The Seller’s position was that the next Buyer could replaced it.  He was not.  The problem was that potential Buyers were consistently avoiding the property due to the immediate cost of the carpet and the airborne odor.  In addition the property did not show as well as other properties at that price point (because of the carpet).

We took the Seller into competing properties to improve his awareness of the current market.  He was reluctant to admit that his property was just not as “fresh” as his competition. 

After much work, an offer was received.  The offer was low.  Why? The Buyer’s agent said that the carpet needed to be replaced.  This presentation gave them the impression that the house was neglected and required additional deferred maintenance which they took into account when making their offer.  They also mentioned the odor which raised a concern about mold. 

The end result, the Seller waited longer and agreed to an adjusted price that could have been much higher and the offer received earlier if the carpeting had been addressed in the early phase of the listing. 

Typically, properties receive a flurry of activity in the beginning.  This flurry can establish a market opinion.  When agents and buyers are looking at 25, 50 or sometimes 100 homes, a property with a tired carpet and airborne odor could be crossed off the list pretty quickly. 

In this case, an early remedy (changing out the carpet) would have been beneficial and more cost effective in the overall scope of things.

A Random Act of Kindness – Happy Holidays!

•December 23, 2010 • Leave a Comment

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Happy Holidays! Yes, it is that time.  Parties, gatherings, family, friends, presents.  Lots of presents.  Selecting a more clever or unusual gift for the someone special has always been a fun “treasure hunt” for me.  My oldest son lives in Paris.  Trying to send him a tin of homemade cookies was a challenge, so I sent him a harmonica.  I am still waiting to hear from him.

Several years ago, I was driving across the GW Bridge.  I rolled forward to the toll attendant and reached across to deliver my $8.00 when the attendant said that the car in front of me had paid my toll.  He waved me through.  I was astonished and mystified how to thank the generosity of the driver in front of me.  As I continued driving into the City, I realized that I had received a random act of kindness

This realization gave me cause to reflect on other situations where strangers extended a dollop of kindness and just melted into the scenery not waiting for a look of gratitude or thanks.  Further thought flashed other scenes and situations where I had given an encouragement, lent a hand or just provided a “little” to a friend, stranger or family member. 

 

A couple of years ago, I sat with friends in a restaurant enjoying dinner.  One friend excused himself for the facilities.  Shortly, there after the table in the corner stirred and started to leave.  From the group, a young man in military dress approached our table and glanced around at each of us.  He said ‘I want to thank you for paying for our dinner.”  My friend who had excused himself earlier said no we thank you for your dedicated military service.  The young man volunteered that he had just returned from Iraq to spend the holidays with his family.  We all joined in and thanked him for his service and our freedom. 

On the other hand I had worked for an agency that received boxes of hams and turkeys for free distribution at the holidays to families in need.  One day I received a phone call and the voice at the other end requested a turkey and ham be shipped to her family in North Carolina for the holidays.  I was surprised by her request and asked how she was getting to North Carolina?  She said she was flying.  There was just something skewed with this request.  To me a random act of kindness is just that, an unexpected gift to someone that needs a hand. 

When to give?  How?  It is just a knowing.  Perhaps the situation mirrors a personal  “stick point” or “melt down” or realization that it was the right thing to do.  Providing a swath of comfort to someone else at that moment can be a gift not only to the recipient but also to yourself.  

Slipping a little something into someone else’s world,  I believe ripples out …someday, someway, somehow it comes back.    Have a happy and healthy holiday. 

Tampa Bay’s Big Chill and Protecting Your Plants

•December 13, 2010 • Leave a Comment

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As realtors, we manage many properties and have received phone calls from clients worried about their plants as outside temperatures drop. Over the years we have gathered a file of information pertaining to plant protection and will share it with you.

First of all you may have to decide which plants to leave outside and which ones you will be able to bring inside. For those plants in the ground outside is your only choice. Determine if there will be a “hard freeze” forecasted by the weather service. Note what day, time and for how long.

Before the sun sets, water your plants. Water only the roots. Why? The water in the ground will be warmer than the frigid air. This will generate a water vapor that will rise upwards towards the above ground plant and create a warmth around the foliage.

Mulch your plants.

If possible pile dry leaves arond the plant to a height of two to three feet. You are trying to surround the plant with a soft barrier.

If you decide to cover your plants, anchor a sheet, blanket (lightweight) or ground cover cloth so that the wind does not lift your cover off. You are trying to create an environment that captures ground warmth.

Utiliizing plastic can be tricky and actually cause foliage damage by limiting a natural air flow to the plant. Although plastic is readily available it could create more problems than solutions. 

After deciding to implement plant covers, watch the weather and temperatures closely.  Once temperatures rise to 50 degrees be sure to remove all covers. 

Tampa Bay Fabulous New Home Communities from the mid $200,000s

•December 6, 2010 • Leave a Comment

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Sarasota Two lots left.  Priced from $240,000 own your brand new 3 bedroom/2 bath home (approx. 1700 sqft) located in the University Parkway corridor!  A classy pride of ownership subdivision located near Publix, shopping, the beaches and I-75. 

When you build your own home, you can select the lot, floor plan and options that best suit your needs and desires.  There are so many exciting new possibilities when building your new home. 

Why use a realtor when selecting a Builder’s New Home?  Because as a Buyer you are shopping with a professional that is familiar with the complexities of buying a home.  As a buyer you will be confronted with a wide varieties of choices and may not know what questions to ask the New Home Site representative.  Like purchasing a car or health insurance, the agency’s representative is there to sell their product and represent their interests.  By utilizing a real estate agent you can receive personalized attention to ensure that you are offered an excellent sales package. 

Will utilizing a realtor increase the purchase price of the house?  No, the builders have already included the cost of a realtor in the price of their new home.  If you do not utilize a realtor then the builder benefits with a larger profit.  You as the new home owner may have missed fine details and construction opportunities by trying to go through the process alone.  Buying a home is typically the biggest investment for most individuals.  Having a professional by your side throughout the process affords you peace of mind. 

Once you’ve selected your community, lot, exterior and floor plan, then you sit down with the specialists at the Builder’s Design center.  The personal design specialist helps you create your personal touches in your new home.  Typically you have a broad spectrum of options at your fingertips.  for example you can choose tile, carpet, hardwood or a combination of floor treatments.  Select your kitchen cabinets from light to dark wood and designs.  Then complement your selection with a solid surface countertop.  Your visit to the design center allows you to apply all of the fine touches that will make your new property and special place to call home.

Pictures courtesy of Medallion Homes St. Kitts model.

Brock Realty (www.BrockRealty-Inc.com) has been recognized as a New Home Specialist firm.  We have worked with buyers building modest 2 bedroom / 2 bath villas to luxurious multi million dollar waterfront mansions.  Builders cut corners, have a professional real estate agent by your side for greater peace of mind.

Salute to Veterans

•December 5, 2010 • Leave a Comment

Each time we hear our national anthem we always feel incredibly inspired when we hear the lyrics “And the rockets’ red glare, the bombs bursting in air, Gave proof through the night that our flag was still there”…”O’er the land of the free and the home of the brave!”
Congress passes legislation approving the establishment of a Tomb of the Unknown Soldier in Arlington National Cemetery. November 11 is chosen for the date of the ceremony. According on October 20, Congress declares November 11, 1921 a legal Federal holiday to honor all those who participated in the war. The ceremony was conducted with great success.

On June 1, President Eisenhower signs legislation changing the name of the legal holiday from Armistice Day to Veteran’s Day.

Sell, Not, Sell, Not, Sell, Not, Sell? Wait for the Market or Sell?

•December 5, 2010 • 1 Comment

We meet many homeowners interested in selling their homes, but, say they will wait for the market to return to normal.  We have to break the news, today is the new normal.  If you are a seller waiting for 2005 market demand and market values to return, be prepared to wait for a long time.  Perhaps 5 -10 years or more in specific areas depending upon the volume of inventory on the market, the number of distressed properties behind it and the demand by buyers. 

We can indicate that in specific geographic areas, price points, type of property the market is showing signs of stablizing which means price declines have slowed or stopped.  For example, one Tampa Bay subdivision showed 12 closed transactions in one month (October 2010) with a market time (days on the market) of 30 days or less.  The price points ranged between $400,000 and $600,000.  Many transactions were cash.  you might say how, where, that’s what I want for my property!  Please keep in mind that this subdivision has also experienced a significant decline in prices.  During 2005 their highs reached into the millions.  So that purchasing a $500,000 home in this subdivision might have sold in 2005 for $1 million or more.  Everything is relative. 

When you decide to sell call an experienced agent willing to market the heck out of your property and price the property aggressively.  We employ tricks of the trade to market our listing to generate a flurry of activity and subsequently receive offers to purchase.  Also, you are the SELLER and not the BUYER.   As experienced listing agents, we walk through your property and create a check list of recommendations to best present your property for sale.  These recommendations are based upon our assessment of your property against your competition, generating an activity of buyer interest and securing you a contract.  If the walls of your home are pink that is your taste as a Seller, how many Buyers will like pink walls.  You might say, “I am not going to fix it, the next person can do it.”  Guess what, the next person will dismiss your property as needing too much work or reduce their offer based upon the cost of work required.  You might consider re painting the walls a neutral color or expect a lower offer due to the work needed. Here are a couple of pictures showing before and after.  The cost?  $1000 for materials and labor.  The intrinsic value?  Moved the property from poor market position to sold. 

A great way to discover any buyer concerns that might arise is to hire a home inspector as part of listing your property and BEFORE the buyer conducts their inspection.  In this way you as the Seller, can correct any and all items that might arise during the contract and negotiations. 

Keep in mind that properties are selling,  it is a harder “turn” to secure a contract and get it to the closing table but it can be accomplished.  We have succeeded with our real estate endeavors for many clients.  It takes a team effort.  It can be done. 

If you are considering selling your home call us 941.313.1234. 

Tampa Bay’s Real Estate Market 2010 4th Quarter

•December 5, 2010 • 1 Comment

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October’s housing stats showed sales activity in the Tampa Bay region.  You might say yeah but, it is down.  Not really.  The month of October showed 1361 closed transactions.  This is a strong number that circumvented the abrupt short sale/foreclosure moratorium by lenders.  Homes sold within 94% of their list price.  The key was the listing price of the property that allowed the properties to be priced for current demand.  The average days on the market from list to close was 102 days.  Yes, the inventory shows 10 months of residual inventory, however, a balanced market is between 6 and 8 months.  Thus absorption of the two months is very much possible. 

Tampa offers a broad diversity of activites, lifestyles and business opportunities.  Some of the best features include the Florida sunshine, the access to boatable water and affordability.  Tampa is vibrant exciting place to live and work. 

Backyards Rule!

•November 8, 2010 • Leave a Comment

Single-family home

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Which becomes more valuable the house or the lot? It is the lot.  The location of the lot is key to its desirability.  If it is a single family home then the backyard is critical.  What is the view?  What is the privacy?  Is it a 3BD/2Ba home on a lot?  What are some of the distinquishing features? 

Keep in mind that a corner lot may have required that the was situated to the rear of the parcel by the builder leaving a short backyard.  What are some other compensating factors?  Does it face a busy road?  Sometimes interior lots offer the best view or utilization of lot space. 

When purchasing a home keep in mind that every day the house is aging. Requiring maintenance and possibly some of its feature are becoming obsolete.  Some investors seek homes built in the 40s or 70s.   Each decade produced different building codes, consumer demands and features.  For example, homes built in the 70s and earlier may have only one bathroom.  On the otherhand, these older homes may offer the most ideal locations as compared to those built most recently.  It is a trade off. 

First Rule In Real Estate? Location, Location, Location

•November 8, 2010 • Leave a Comment

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When considering real estate location always sells.  However, neighborhoods cycle in and out of popularity.  The length of a cycle might be years, but, things do cycle back around.  Buyers want the newest for their money, thus, new neighborhoods are nearly 100% owner occupied.  As the neighborhood ages, homes are turned into rentals and pride of ownership begins to slip.  If the neighborhood slips to nearly 80% or more tenant occupied properties will appear tired and neglected.  Prices will slip downward making them more affordable.  Young families and first time homeowners will begin to increase interest the neighborhood and revitalization begins as evidenced by increasing home prices.  As rental units decrease in number and neighborhood renewal begins the market will shift from a buyer’s market to a seller’s market.  In some instances this shift may occur within weeks.