I hope you all enjoyed your weekend - we had some great weather!
I just wanted to comment about an article published in Saturday's St. Petersburg Times Homes section regarding the buyer's market we've been talking about.
I have some quick advice for sellers; don't list your home now unless you absolutely HAVE to sell. This is not the time to "test" the market and see if you can get your price. This is not the time to try to make a huge sum of money from real estate. The buyers are in control and they are telling us what they are willing to pay. The national average decrease in home prices is about 34%, but we're lucky that in this local market, the decrease average has only been about 11%.
If you do have your home listed and have had no activity, walk out to the street and look back at your home with objective eyes. Is the lawn in good condition? Are the shrubs and plants neatly trimmed? Does the driveway look clean and in good shape? Maybe it's time to pressure wash the outside of the house and clean the windows. Once inside, if you were a stranger off the street, could you tell who lives in the house? Are personal family photos and objects taken down and put away? Is the house clean and uncluttered? Do the walls need a coat of paint to make them pop?
A lack of activity is not always the seller's fault. Is your realtor continuing to actively market your home? Have they run print ads and mailed some target marketing pieces out? Are there flyers posted in local "hot spots"? You have the right to know what your agent is doing to get your home sold, and you should be asking.
Our company has a Pre-Listing Consultant who makes an appointment to see the potential listing and can give some helpful tips for getting the home ready to sell. They can also put you in contact with handymen, pool companies, lawn maintenance companies and any other vendor you might need to help you with your tasks.
If you're selling, it's time to get serious. Review the price, look at your competition and make your property shine!
Monday, April 30, 2007
Friday, April 27, 2007
Happy Friday
We've made it to another weekend and it looks like the weather may be pretty nice.
I'd like to wish everyone participating in the Peter Assimack Fishing Tournament this weekend Good Luck! Also remember that the Art and Craft festivals are picking up again around this time of year, and it really is a great way to spend a Saturday or Sunday afternoon.
Many realtors will be holding open houses this weekend, usually on Sunday and I thought I'd take an opportunity to talk to prospective buyers about attending open houses. At an open house, the realtor may ask you if you are working with any realtors and your first inclination is to say no. You might say no because you feel the realtor is asking to represent you. Or you may say no because you don't want to answer probing questions - you just want to look at the house.
If you ARE working with a realtor in your home search, and you are just out on your own looking for open houses, please tell the realtor holding the open house that you ARE working with a realtor. You see, if you happen to like the house, and you call your realtor and say "Hey, we saw this great house on Sunday and we're interested in making an offer. Would you write up a contract?", and you've told the realtor at the open house that you're NOT working with another agent, then the open house realtor upon receiving an offer in your name may try to file an ethics complaint based on "Procuring Cause". What's that?
Procuring Cause outlines which agent brought a ready, willing and able buyer to the transaction and is probably the biggest complaint seen by ethics committees around the nation. In essence, agents are fighting over commission because either the buyer didn't understand the real estate transaction process, or the agent didn't clearly state that they were representing the buyer. It's a complicated mess but it all boils down to who gets paid.
Be loyal to your agent. Buyers agents work for YOU and you don't have to pay them a dime! The seller pays the buyers agent commission and your agent may have spent many hours showing your homes, advising you and helping you through the transaction on the slim chance that they are going to get paid down the road at closing. Not many people work because they WANT to, and realtors are no different.
Have a fantastic weekend and enjoy the weather!
I'd like to wish everyone participating in the Peter Assimack Fishing Tournament this weekend Good Luck! Also remember that the Art and Craft festivals are picking up again around this time of year, and it really is a great way to spend a Saturday or Sunday afternoon.
Many realtors will be holding open houses this weekend, usually on Sunday and I thought I'd take an opportunity to talk to prospective buyers about attending open houses. At an open house, the realtor may ask you if you are working with any realtors and your first inclination is to say no. You might say no because you feel the realtor is asking to represent you. Or you may say no because you don't want to answer probing questions - you just want to look at the house.
If you ARE working with a realtor in your home search, and you are just out on your own looking for open houses, please tell the realtor holding the open house that you ARE working with a realtor. You see, if you happen to like the house, and you call your realtor and say "Hey, we saw this great house on Sunday and we're interested in making an offer. Would you write up a contract?", and you've told the realtor at the open house that you're NOT working with another agent, then the open house realtor upon receiving an offer in your name may try to file an ethics complaint based on "Procuring Cause". What's that?
Procuring Cause outlines which agent brought a ready, willing and able buyer to the transaction and is probably the biggest complaint seen by ethics committees around the nation. In essence, agents are fighting over commission because either the buyer didn't understand the real estate transaction process, or the agent didn't clearly state that they were representing the buyer. It's a complicated mess but it all boils down to who gets paid.
Be loyal to your agent. Buyers agents work for YOU and you don't have to pay them a dime! The seller pays the buyers agent commission and your agent may have spent many hours showing your homes, advising you and helping you through the transaction on the slim chance that they are going to get paid down the road at closing. Not many people work because they WANT to, and realtors are no different.
Have a fantastic weekend and enjoy the weather!
Thursday, April 26, 2007
Calling all renters.....
Did you know that mortgage interest payments are tax deductible in most cases? Did you know that you may several other deductions associated with home ownership?
Now is the time to buy in this strong Buyer's Market. Imagine owning your own property for about the same or sometimes even less than what you're paying in rent! It's a good idea to start looking, especially if you have school aged children - you could be moving once school is out for the year.
To begin, I recommend all renters call a reputable lender and become pre-approved for a mortgage (not pre-qualified). This way, you know exactly what you can afford and that you have a commitment to receive a mortgage at a specified interest rate when you're ready to sign a contract. Second, once you have chosen a home, make sure you get insurance quotes and build a clause into your contract that states the insurance quote must be acceptable to you before proceeding with the purchase.
I'd be happy to answer any questions any renter may have about purchasing a home - there's a lot to consider, but no better time!
Now is the time to buy in this strong Buyer's Market. Imagine owning your own property for about the same or sometimes even less than what you're paying in rent! It's a good idea to start looking, especially if you have school aged children - you could be moving once school is out for the year.
To begin, I recommend all renters call a reputable lender and become pre-approved for a mortgage (not pre-qualified). This way, you know exactly what you can afford and that you have a commitment to receive a mortgage at a specified interest rate when you're ready to sign a contract. Second, once you have chosen a home, make sure you get insurance quotes and build a clause into your contract that states the insurance quote must be acceptable to you before proceeding with the purchase.
I'd be happy to answer any questions any renter may have about purchasing a home - there's a lot to consider, but no better time!
Wednesday, April 25, 2007
What a spin!
Last night, a national news broadcast reported that the housing market is still in a slump, with new sales only increasing by .3%. What they don't tell you is that these figures are based on the crazy years in real estate which we experienced recently.
Those who have been in the real estate industry for many years can tell you that what we are experiencing currently is a NORMAL MARKET. They will also tell you it is a very strong BUYER'S MARKET. Yes, we have 6 months' worth of inventory currently listed in Pinellas County alone, but this gives buyers even greater purchasing and negotiating power. Properties that buyers couldn't afford two years ago are now priced reasonably and are accessible. Not to mention that we are no longer having the problems with appraisals that we have been having in the recent years. Appraisals are now matching the purchase price in most situations which makes for a smooth real estate transaction.
For those sellers who have been lied to by their realtors, and told their property is worth much more on the market than it truly is, this is a frustrating time. For buyers who couldn't afford waterfront property two years ago and suddenly can, it's an exhilarating time. I predict by the end of summer, we will see listed properties start to sell at a steady rate. Remember, we are still seeing historically low interest rates for mortgages with many incentives and various programs designed to help first-time home buyers and those in certain occupational fields (i.e. healthcare, public safety, armed services, etc.).
Not to mention, Florida is a destination state! Nothing will stop people from moving to Florida from the cold North! If a home is priced right, it will sell. If a home is marketed to the right people, it will sell. Don't lose faith in the real estate market - you'll be pleasantly surprised!!!!
Those who have been in the real estate industry for many years can tell you that what we are experiencing currently is a NORMAL MARKET. They will also tell you it is a very strong BUYER'S MARKET. Yes, we have 6 months' worth of inventory currently listed in Pinellas County alone, but this gives buyers even greater purchasing and negotiating power. Properties that buyers couldn't afford two years ago are now priced reasonably and are accessible. Not to mention that we are no longer having the problems with appraisals that we have been having in the recent years. Appraisals are now matching the purchase price in most situations which makes for a smooth real estate transaction.
For those sellers who have been lied to by their realtors, and told their property is worth much more on the market than it truly is, this is a frustrating time. For buyers who couldn't afford waterfront property two years ago and suddenly can, it's an exhilarating time. I predict by the end of summer, we will see listed properties start to sell at a steady rate. Remember, we are still seeing historically low interest rates for mortgages with many incentives and various programs designed to help first-time home buyers and those in certain occupational fields (i.e. healthcare, public safety, armed services, etc.).
Not to mention, Florida is a destination state! Nothing will stop people from moving to Florida from the cold North! If a home is priced right, it will sell. If a home is marketed to the right people, it will sell. Don't lose faith in the real estate market - you'll be pleasantly surprised!!!!
Monday, April 23, 2007
Laziness abounds......
I search the MLS in Pinellas County each morning for new listings - just to keep abreast of the market for my clients.
I am constantly amazed at the number of listings that show zero effort on the part of the realtor. Do you know that it costs the realtor no more to insert 10 photos of your property into MLS than it does to insert 1? If your listing contains any less than 10 property photos, you're being shortchanged by an agent who doesn't feel like taking that many pictures or uploading them to the MLS system.
A proper description of your property's features and highlights is also important in the "Public Remark" section of the MLS listing. It is the description that potential buyers will see when they either are provided a copy of your listing on paper, or it is sent to them via email from their realtor. I counted no less than 11 of today's 27 new listings WITHOUT a property description! In a previous post I discussed the goal of many realtors being "getting the listing" and this is surely proof that this is what these realtors had in mind. They are providing no service to their clients, and the MLS listing is the part of the service that takes the LEAST amount of effort - what will these same realtors do to get the property sold if they can't even provide a proper MLS listing? But they willl definitely show up at the closing table to receive their commission check after conscientious realtors like myself and others have done all of the work for the transaction.
Always ask to see a copy of the MLS listing for your property once you have signed a listing agreement. In fact, you shouldn't have to ask (it's something I provide my clients immediately). Again, if you have fewer than 10 property photos and a glowing public remarks property description, your agent isn't working hard enough already. Also, make sure the driving directions are complete and understandable and check for typos! If an agent has an assistant that is uploading this information to MLS for them, and their excuse is that the assistant is at fault, then you know your agent isn't providing you attention to detail in checking the listing information and that is a red flag.
I am constantly amazed at the number of listings that show zero effort on the part of the realtor. Do you know that it costs the realtor no more to insert 10 photos of your property into MLS than it does to insert 1? If your listing contains any less than 10 property photos, you're being shortchanged by an agent who doesn't feel like taking that many pictures or uploading them to the MLS system.
A proper description of your property's features and highlights is also important in the "Public Remark" section of the MLS listing. It is the description that potential buyers will see when they either are provided a copy of your listing on paper, or it is sent to them via email from their realtor. I counted no less than 11 of today's 27 new listings WITHOUT a property description! In a previous post I discussed the goal of many realtors being "getting the listing" and this is surely proof that this is what these realtors had in mind. They are providing no service to their clients, and the MLS listing is the part of the service that takes the LEAST amount of effort - what will these same realtors do to get the property sold if they can't even provide a proper MLS listing? But they willl definitely show up at the closing table to receive their commission check after conscientious realtors like myself and others have done all of the work for the transaction.
Always ask to see a copy of the MLS listing for your property once you have signed a listing agreement. In fact, you shouldn't have to ask (it's something I provide my clients immediately). Again, if you have fewer than 10 property photos and a glowing public remarks property description, your agent isn't working hard enough already. Also, make sure the driving directions are complete and understandable and check for typos! If an agent has an assistant that is uploading this information to MLS for them, and their excuse is that the assistant is at fault, then you know your agent isn't providing you attention to detail in checking the listing information and that is a red flag.
Sunday, April 22, 2007
If it's overpriced, they will not come.....
If you've read my profile, you know that I was born and raised in Tarpon Springs. In fact, I live two streets away from the home in which I grew up. During my daily search of newly listed properties in the area I noticed one in particular in my neighborhood that is overpriced by about $300,000! I laughed a little out loud at the realtor, but began thinking of the sellers.
When preparing for a listing appointment, a realtor must have a goal in mind. My goal and the goal of many other reputable realtors is a successful sale and happy seller. Some others may list their goal as "getting the listing". Doesn't it make much more sense for a realtor to be honest with the seller about a listing price or condition of a home rather than tell the seller what they want to hear and have angry sellers at the end of 6 months when NO ONE has come to even look at the house?
A realtor cannot price your house. The market does that. If your home is in a neighborhood where the average sale price is $320,000 and your home is slightly larger and has a slightly larger lot, we have to look at what buyers are willing to pay. It is never appropriate for a realtor to ask the seller, "how much do you need to make?". This sets everyone up for failure and only wastes the time of the seller and resources of the realtor. Comparative analysis will show what similar homes have sold for per square foot, what similar homes are listed for and the total days on the market, and which homes haven't sold. With this data in hand, the realtor should then take a tour of the prospective home and mentally note the condition, ammenities and style of the home. It should then be easy to compare them to others and decide on a RANGE of prices with the seller.
It may not always be what the seller wants to hear and many times the realtor will leave that appointment without the listing, only to discover that another realtor has listed the property at an outrageous price to appease the sellers. Six months later, when the price has been reduced 4 or 5 times and then the listing finally expires, sometimes the original realtor is called back and the sellers have a more realistic approach to the market and pricing. Why waste those six months?
Overpricing is bad for everyone and hurts the market. Sellers should work with their real estate professional to determine not only a solid and fair market price, but also if it is truly time to sell. Honesty in the beginning makes for happy clients in the end.
When preparing for a listing appointment, a realtor must have a goal in mind. My goal and the goal of many other reputable realtors is a successful sale and happy seller. Some others may list their goal as "getting the listing". Doesn't it make much more sense for a realtor to be honest with the seller about a listing price or condition of a home rather than tell the seller what they want to hear and have angry sellers at the end of 6 months when NO ONE has come to even look at the house?
A realtor cannot price your house. The market does that. If your home is in a neighborhood where the average sale price is $320,000 and your home is slightly larger and has a slightly larger lot, we have to look at what buyers are willing to pay. It is never appropriate for a realtor to ask the seller, "how much do you need to make?". This sets everyone up for failure and only wastes the time of the seller and resources of the realtor. Comparative analysis will show what similar homes have sold for per square foot, what similar homes are listed for and the total days on the market, and which homes haven't sold. With this data in hand, the realtor should then take a tour of the prospective home and mentally note the condition, ammenities and style of the home. It should then be easy to compare them to others and decide on a RANGE of prices with the seller.
It may not always be what the seller wants to hear and many times the realtor will leave that appointment without the listing, only to discover that another realtor has listed the property at an outrageous price to appease the sellers. Six months later, when the price has been reduced 4 or 5 times and then the listing finally expires, sometimes the original realtor is called back and the sellers have a more realistic approach to the market and pricing. Why waste those six months?
Overpricing is bad for everyone and hurts the market. Sellers should work with their real estate professional to determine not only a solid and fair market price, but also if it is truly time to sell. Honesty in the beginning makes for happy clients in the end.
Saturday, April 21, 2007
Welcome to Tarpon Springs!
During a recent trip to Greece, I marvelled at the stunning beauty found everywhere I looked. I was amazed that the people who actually lived in the area didn't seem to notice the magic that surrounded them. This got me thinking. Upon my return home to Tarpon Springs, I realized that WE are truly surrounded by beauty and magic, and this only served to re-ignite my passion for this area.
My goal for this blog is to post useful information for buyers and sellers of real estate and to provide helpful statistics to anyone who is interested in them. I welcome your comments, suggestions and questions.
During the month of February 2007, MLS activity (Multiple Listing Service) shows that 24 single family homes sold in Tarpon Springs with the average sale price being $292,204 for a 3 bedroom, 2 bath home. The average days on the market for homes in Tarpon Springs was 108. A total of 7 condominium units sold in February 2007, for an average price of $236,482 after 44 days on the market.
How is this information helpful? After months of negative reports by the mainstream media on the "slumping housing market" and the "real estate bubble", it shows that there is activity happening locally. The National Association of Realtors (NAR) tells us that this change in market conditions is a "correction" from the outrageous prices and sales in 2005 and early 2006. Investors bought up all the reasonably priced homes in the area at the end of 2004 and during 2005 and then flooded the market in an attempt to "flip" these properties. Now that we have a more reasonable market, and buyers are starting to come out of the woodwork, it takes more dedication on the part of the real estate professional to sell homes that are listed than it has over the past few years.
As a seller, you should be asking your real estate professional to provide you weekly updates concerning their efforts to market your property. Are they using the most up-to-date technology to reach potential buyers? Are they driving traffic to your listing as often as possible?
We have also seen the decline in the "limited service" brokerages. Remember not too long ago all the billboards that advertised "2% commissions"? We don't see too many of them anymore because that business model not only didn't work, but got many of those companies into ethical trouble with their clients and the administrative bodies. Todays real estate consumers want full service and are willing to pay for it. Most people are too busy to show their own homes, worry about writing and negotiating their own contracts and promoting their own listings. This is also evident in the decreasing numbers of For Sale By Owner signs seen throughout the community.
The bottom line is, Tarpon Springs and the surrounding communities already have the driving force in real estate: Location, Location, Location. The market statistics give us great hope that we will enjoy increasing property values and successful sales for many years to come. With the fantastic improvements happening in the downtown area, our beautiful and serene beaches, excellent schools and cooperative community spirit, we live in paradise! It's my goal to let everyone else know it!
My goal for this blog is to post useful information for buyers and sellers of real estate and to provide helpful statistics to anyone who is interested in them. I welcome your comments, suggestions and questions.
During the month of February 2007, MLS activity (Multiple Listing Service) shows that 24 single family homes sold in Tarpon Springs with the average sale price being $292,204 for a 3 bedroom, 2 bath home. The average days on the market for homes in Tarpon Springs was 108. A total of 7 condominium units sold in February 2007, for an average price of $236,482 after 44 days on the market.
How is this information helpful? After months of negative reports by the mainstream media on the "slumping housing market" and the "real estate bubble", it shows that there is activity happening locally. The National Association of Realtors (NAR) tells us that this change in market conditions is a "correction" from the outrageous prices and sales in 2005 and early 2006. Investors bought up all the reasonably priced homes in the area at the end of 2004 and during 2005 and then flooded the market in an attempt to "flip" these properties. Now that we have a more reasonable market, and buyers are starting to come out of the woodwork, it takes more dedication on the part of the real estate professional to sell homes that are listed than it has over the past few years.
As a seller, you should be asking your real estate professional to provide you weekly updates concerning their efforts to market your property. Are they using the most up-to-date technology to reach potential buyers? Are they driving traffic to your listing as often as possible?
We have also seen the decline in the "limited service" brokerages. Remember not too long ago all the billboards that advertised "2% commissions"? We don't see too many of them anymore because that business model not only didn't work, but got many of those companies into ethical trouble with their clients and the administrative bodies. Todays real estate consumers want full service and are willing to pay for it. Most people are too busy to show their own homes, worry about writing and negotiating their own contracts and promoting their own listings. This is also evident in the decreasing numbers of For Sale By Owner signs seen throughout the community.
The bottom line is, Tarpon Springs and the surrounding communities already have the driving force in real estate: Location, Location, Location. The market statistics give us great hope that we will enjoy increasing property values and successful sales for many years to come. With the fantastic improvements happening in the downtown area, our beautiful and serene beaches, excellent schools and cooperative community spirit, we live in paradise! It's my goal to let everyone else know it!
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