Home sales up, market still down......

The number of home-sales in Tampa Bay increased for the second straight month – so did the average sales price of Bay Area homes. But a continual decrease in asking prices is holding back housing market recovery. That’s according to Home Encounter’s Residential Real Estate Report for May, released today.

“There was improvement – or at least stability – in almost every indicator of housing-market-health,” commented Peter Murphy, Home Encounter CEO. “The number of sales went up across the region; sale prices rose; total listings fell; and average days until sale dropped.” All these positive indicators would ordinarily be accompanied by talk of recovery in the housing market, but Murphy isn’t so optimistic. “Asking prices have continued to drop, dampening prospects of an immediate recovery in the housing market,” commented Murphy.

According to Home Encounter, asking prices are a key bellwether of market strength, since they’re based on factors such as comparable sales, customer demand, loan availability and what a buyer can afford. Falling asking prices are typically in response declining home values, increased competition, extended time on the market and increased negotiation from Buyers. So even though average sales prices may have creped up since last month, the large inventory of unsold homes and heavy Buyer negotiation is having a dampening effect on market recovery.

A Slowing Decline
The news of May home-sales activity is a mixed bag. Home Encounter forecasts still indicate that the Tampa Bay market will reach its bottom around February 2009 – unchanged from last month. But prices will have to fall a little more before they reach rock bottom – almost 7% more, according to Home Encounter’s Report.

Everyone equates “Bottom” with “Recovery”, but the two concepts are quite different, commented Chase Clark, Home Encounter Partner and director of Investment Services. “Bottom” is the point at which the decline should end. “Recovery” depends on many factors, including inventory levels, consumer confidence, availability of loans and the job market. When it comes to the “Bottom” of the housing decline, we can safely say that the end is in sight. But when “Recovery” will occur – and how long it will take to erase the losses of the last 3 years – is anyone’s guess.

Looking for Relief
Still, May stacks-up well when compared against past months. “Asking Price is a measure of health that almost has to get worse before it gets better,” commented Murphy. “Foreclosures, Short Sales and other real estate bargains will inevitably force the competition to lower their price if they want to sell homes. But once bargain-inventory dries up – and assuming generally positive trends continue – it won’t be long before the Seller can gain some level of control again. That’s the relief that everyone is looking for.”

Untouched markets......

Last week, I had an opportunity to visit Nashville and in speaking with residents and looking at home prices and availability, I found that the real estate market there was untouched by this slump.

In fact, the building that's going on is amazing. Not to mention the PLANS for new building in all areas of the city. It is truly a thriving community and it keeps growing.

So, I asked myself why this paradise on earth in which we live has been so affected. Why a destination area like ours is seeing such a slow recovery. The answer; the media.

It's still happening. The gloom and doom reports on the evening news, in the newspaper, online. I just don't see it as the truth! The prices that represent today's available homes are staggering! The bargains that can be had blow my mind and yet very few buyers are willing to put offers on paper.

Mark my words: by summer's end, there will be a lot of buyers kicking themselves in a hard-to-reach spot.

It's time.....

Historically low interest rates, great new loan programs, incredible home prices - and you're waiting to buy, why?

It's not going to get any better for buyers in this market. Sellers who didn't need to sell have mostly taken their homes off the market and those properties left are priced reasonably. We will start to see an upswing for sellers and this means rising home prices.

So if you've been sitting on the fence, buyers - HOP OFF! Call your real estate professional today and tell him you are ready to get serious.

Here I am.....

You may have thought I had fallen off the face of the Earth, but exciting things are happening for us and there just aren't enough hours in the day.

If you've been looking for affordable land-home packages, or you just want to purchase some land in Florida, then read further.

We are pleased to offer approximately 2500 lots in Ocala for sale at incredibly affordable prices (some from $18,000 to $20,000). We can offer bargain land-home packages on these lots. More information will be available as we develop the project further, but you can be sure these lots will go quickly.

We also offer an amazing commercial parcel consisting of approximately 7 acres on a major highway in Belleview, FL - within close proximity to the nationally famous "The Villages". The highway experiences over 33,000 car traffic daily and is the perfect spot for any type of business looking for high exposure.

We have a commercial warehouse/office property in downtown Tarpon Springs for lease. The possibilities for this property are endless!

In addition to all of this, we still have great residential listings at reasonable prices in Pinellas, Pasco and Marion counties.

So you can see we've been busy and we're not complaining! Visit our website soon to find out more about these and other properties which we represent. You can find us at www.MyLandmarkTeam.com.

Have a great Thursday!

Put your money where the buyer is.....

I was waiting for some great information from my good friend, Leigh Speight with SunTrust mortgage, but in the absence of that, I thought I'd address a common concern among sellers.

Many sellers ask what they can do not only to make their homes show better, but what they can do to get the most money for their investment.

DO NOT install a pool.

While this is a great selling point in Florida and other warmer climes, you will not see an increase of $25,000 to $30,000 in the selling price by doing this. You'll go to the expense, inconvenience and hassle and not see a significant return on your investment.

DO NOT add a room.

See above.

DO LANDSCAPE.

The first appearance of your home to the buyer is the most important. The look of your home from the curb can make the difference between an interested buyer and one who just drives away. Spend your money here.

DO update your appliances.

Have avocado or yellow appliances? Spend the $2000 to upgrade your appliances in the kitchen. You'll see that money at closing.

DO paint.

If your rooms need freshening up, or you have made some funky color choices that may not appeal to the general public, choose some neutral colors and paint.

In short, look at the overall appearance of your home through buyer's eyes and you can inexpensively increase the value of your home and the chances that you'll see a contract.

Sales are up......

Pasco County reports an increase in sales of 27% over just last month.

The Europeans are taking advantage of the terrible exchange rate and getting fantastic deals.

What are you waiting for?

Don't forget the baby......

With the rising number of foreclosures occurring, a disturbing trend is taking place.

Thousands of family pets are either being turned in to area shelters or simply left in the home when the family vacates due to foreclosure. Shelters are teeming with pets who have been left behind due to downsizing or their families moving into apartments or rental properties which do not allow pets.

The good news is that many shelters are doing something about this issue. Some shelters allow families to leave their pets at the shelter temporarily, until they can find a home which accommodates pets.

The trickle-down effect is that shelters need your help. You can volunteer your time, donate food, towels, shampoo or cash.

Help if you can.