Sunday, April 24, 2011

Straight talk on determining the market value of your home


The market Value of your Home IS NOT:
What you have in it.
What you need out of it.
What it is appraised for.
What you have heard your neighbors house sold for.
What the tax office says it’s worth.
What it’s insured for.
Based on memories and treasures.
Based on price of homes where you are moving.

The True Market Value of Your Home IS:
What a Buyer is Willing to Pay for the Property – TODAY
Based on today’s market.
Based on today’s competition.
Based on today’s financing.
Based on today’s economic conditions.
Based on the buyer’s perception of property condition.
Based on location.
Based on normal marketing time.

As a Seller You Control:
The price you ask.
The condition of the property.
Access to the property.

As a Seller You Do Not Control:
Market conditions.
The motivation of your competition.

Warning Signs:
AGENT elimination – if agents are previewing, or if they preview, but do not show it, they are eliminating your property
BUYER elimination – if your home is being shown with no results, buyers are finding better properties in your price range.
In either case, this is an indication that your home is not priced at current market value.
REMEMBER: Price Overcomes All Objections

Friday, April 22, 2011

Florida Realtors pushed for short sale bill

Florida Realtors pushed for short sale bill
WASHINGTON – April 21, 2011 – U.S. Rep. Tom Rooney (R-Fla.) and U.S. Rep. Robert Andrews (D-N.J.) introduced bipartisan legislation last week to speed short sales by requiring lenders to decide whether to accept an offer within 45 days.“This bill addresses the biggest obstacle for homebuyers and owners in short sale situations,” says Patricia Fitzgerald, president of Florida Realtors and a key contact to Rooney, who lives in Tequesta, Fla.“We’ve worked with The National Association of Realtors® (NAR) and through Patti as the FPC (Federal Political Coordinator) since last August or so,” says John Sebree, Florida Realtors vice president of public policy. “This federal legislation is one of the goals of our short sale work group.”H.R. 1498 – the “Prompt Decision for Qualification for Short Sale Act of 2011” – will bring the processing time for short sale price approvals in line with the time required for other types of real estate deals by mandating a quicker response from the lender – at most 45 days after submitting the request for short sale approval.“Due to the economic crisis, the number of short sales in Florida is rising, but lenders haven’t always been able to keep pace,” says Rooney. “By requiring lenders to make decisions on short sales within 45 days, this legislation would speed transactions and help prevent homes from going into foreclosure.”© 2011 Florida Realtors®

Wednesday, April 20, 2011

Florida's existing home, condo sales up

ORLANDO, Fla. – April 20, 2011 – Florida’s existing home and existing condo sales rose in March, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors.
Statewide sales of existing condos last month rose 24 percent compared to the year-ago sales figure.Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in March; 17 MSAs also had higher condo sales.
It’s the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.“A variety of housing opportunities is available at attractive prices across the state, while mortgage interest rates remain historically low,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Favorable conditions like these spark the interest of buyers – who should consult a local Realtor to find out more about their local markets.”
Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in February 2011 was $157,000, down 4.2 percent from a year ago, according to NAR.
In California, the statewide median resales price was $271,320 in February; in Massachusetts, it was $270,000; in New York, it was $245,000; and in Maryland, it was $208,258.
According to NAR’s latest industry outlook, a strengthening economy will continue to bolster the housing market’s slow recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit,” said NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.The interest rate for a 30-year fixed-rate mortgage averaged 4.84 percent in March, down slightly from the 4.97 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
© 2011 Florida Realtors®