THE MARKET VALUE OF YOUR HOME IS DETERMINED IN SEVERAL WAYS
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.
Value.
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
Sunday, April 24, 2011
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®
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®
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®
Sunday, April 17, 2011
Sunday, February 6, 2011
UF survey: Florida’s real estate outlook perks up in several areas
UF survey: Florida’s real estate outlook perks up in several areas
GAINESVILLE, Fla. – Feb. 2, 2011 – Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, a new University of Florida survey finds.The fourth quarter Survey of Emerging Market Conditions found improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability.Much of the optimism derives from politics with the defeat last fall of Amendment 4, a proposed constitutional amendment that would have required a referendum for all changes to local government comprehensive land-use plans, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. The conclusion of mid-term elections also eased respondents’ uncertainty as it provided a clearer picture of the future.“The state welcomed a new governor who has promised to make Florida a more business-friendly state,” Becker said. “If he can succeed on his goals, respondents believe it will have a positive impact on the real estate market. Any help in attracting new business to move or form in the state will no doubt have a positive impact on job growth.”Survey respondents’ expectations for occupancy and rent increased across every property type. The investment outlook rose in a majority of the property types, and the statewide outlook was the highest since the survey’s inception in 2006. Additionally, private capital is abundant as investors seek the few good products on the market. Overall, the market appears to be improving and will continue to improve at a slow pace over the next year.Despite the positive outlooks in many asset classes, respondents’ optimism is tempered by troublesome economic factors, most notably Florida’s high unemployment rate of 12 percent. Respondents also relayed fears over federal, state and local budget issues.“Local revenues continue to decline as property values decline, placing a tremendous burden on local budgets,” Becker said. “This will require tough decisions by local officials.”The outlook for single-family and condominium sales increased slightly in the fourth quarter, but Becker said home builders continue to have a negative outlook because financing is difficult to obtain and lower prices in the foreclosure and short-sale market take potential customers away from the new housing market. Unexpectedly, however, respondents’ outlook for investment in residential development increased for both single-family homes and condominiums. Becker said the low cost of fully developed lots provides incentive for investors and developers.Expectations for office and retail occupancy continued to improve. Occupancy expectations in the office sector increased, and the outlook for rental rates increased slightly but is expected to continue lagging inflation. In the retail sector, occupancy expectations improved for all property types.Becker said respondents believe occupancy will increase in neighborhood centers and large retail centers. Accordingly, the investment outlook in retail increased for neighborhood centers while declining for the remaining property types.Land investment and capital availability also rose this quarter. More respondents believe land is beginning to be priced at levels that support longer-term investment, despite the fact that lack of financing for land purchases continues to be a concern. The optimistic outlook for capital is due in large part to respondents’ belief that future availability will increase.“Respondents believe there is a need to add additional apartment units based on the fundamentals and expect development financing to be available for that sector,” Becker said. “Private equity continues to be plentiful for quality core assets and valued-add assets.”Expectations for apartment occupancy and the industrial sector were mostly stable.© 2011 Florida Realtors®
GAINESVILLE, Fla. – Feb. 2, 2011 – Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, a new University of Florida survey finds.The fourth quarter Survey of Emerging Market Conditions found improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability.Much of the optimism derives from politics with the defeat last fall of Amendment 4, a proposed constitutional amendment that would have required a referendum for all changes to local government comprehensive land-use plans, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. The conclusion of mid-term elections also eased respondents’ uncertainty as it provided a clearer picture of the future.“The state welcomed a new governor who has promised to make Florida a more business-friendly state,” Becker said. “If he can succeed on his goals, respondents believe it will have a positive impact on the real estate market. Any help in attracting new business to move or form in the state will no doubt have a positive impact on job growth.”Survey respondents’ expectations for occupancy and rent increased across every property type. The investment outlook rose in a majority of the property types, and the statewide outlook was the highest since the survey’s inception in 2006. Additionally, private capital is abundant as investors seek the few good products on the market. Overall, the market appears to be improving and will continue to improve at a slow pace over the next year.Despite the positive outlooks in many asset classes, respondents’ optimism is tempered by troublesome economic factors, most notably Florida’s high unemployment rate of 12 percent. Respondents also relayed fears over federal, state and local budget issues.“Local revenues continue to decline as property values decline, placing a tremendous burden on local budgets,” Becker said. “This will require tough decisions by local officials.”The outlook for single-family and condominium sales increased slightly in the fourth quarter, but Becker said home builders continue to have a negative outlook because financing is difficult to obtain and lower prices in the foreclosure and short-sale market take potential customers away from the new housing market. Unexpectedly, however, respondents’ outlook for investment in residential development increased for both single-family homes and condominiums. Becker said the low cost of fully developed lots provides incentive for investors and developers.Expectations for office and retail occupancy continued to improve. Occupancy expectations in the office sector increased, and the outlook for rental rates increased slightly but is expected to continue lagging inflation. In the retail sector, occupancy expectations improved for all property types.Becker said respondents believe occupancy will increase in neighborhood centers and large retail centers. Accordingly, the investment outlook in retail increased for neighborhood centers while declining for the remaining property types.Land investment and capital availability also rose this quarter. More respondents believe land is beginning to be priced at levels that support longer-term investment, despite the fact that lack of financing for land purchases continues to be a concern. The optimistic outlook for capital is due in large part to respondents’ belief that future availability will increase.“Respondents believe there is a need to add additional apartment units based on the fundamentals and expect development financing to be available for that sector,” Becker said. “Private equity continues to be plentiful for quality core assets and valued-add assets.”Expectations for apartment occupancy and the industrial sector were mostly stable.© 2011 Florida Realtors®
Tuesday, January 11, 2011
Florida Realtors Report: 2010 Profile of Home Buyers and Sellers
Florida Realtors Report: 2010 Profile of Home Buyers and Sellers
ORLANDO, Fla. – Jan. 5, 2011 – The 2010 Profile of Home Buyers and Sellers in Florida looks at the traits of the state’s current real estate clients, and it identifies the characteristics of today’s homebuyers. It describes the motivations of recent homebuyers and sellers in Florida so real estate professionals can track the changing demands of consumers.
Characteristics of homebuyers
• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.
Characteristics of homes purchased
• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.
The home search process
• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.Home buying and real estate professionals
• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the home purchase
• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.Home sellers and their selling experience
• A real estate agent assisted 86 percent of home sellers. Nationwide, 88 percent of sellers used a real estate agent when selling their home.
• Recent sellers typically sold their homes for 94 percent of the listing price, and 63 percent reported they reduced the asking price at least once. Among all sellers nationally, sellers typically sold their homes for 96 percent of the listing price, and 57 percent reduced the asking price at least once.
• Thirty-nine percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Home selling and real estate professionals
• Thirty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 23 percent used the agent they worked with previously to buy or sell a home.
• Eighty-eight percent of sellers reported that their home was listed or advertised on the Internet.
• Among recent sellers who used an agent, 81 percent reported they would definitely (61 percent) or probably (20 percent) use that real estate agent again or recommend the agent to others.
For-sale-by-owner (FSBO) sellers
• The share of home sellers who sold their home without the assistance of a real estate agent was 10 percent, or slightly higher than the national share of 9 percent.
• The primary reason that sellers chose to sell their home using a real estate agent was to avoid paying a commission or fee.
Download the complete 2010 Report of Home Buyers and Sellers in Florida here. The report is also available on the Florida Realtors’ website Research page at floridarealtors.org.
© 2011 Florida Realtors®
ORLANDO, Fla. – Jan. 5, 2011 – The 2010 Profile of Home Buyers and Sellers in Florida looks at the traits of the state’s current real estate clients, and it identifies the characteristics of today’s homebuyers. It describes the motivations of recent homebuyers and sellers in Florida so real estate professionals can track the changing demands of consumers.
Characteristics of homebuyers
• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.
Characteristics of homes purchased
• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.
The home search process
• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.Home buying and real estate professionals
• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the home purchase
• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.Home sellers and their selling experience
• A real estate agent assisted 86 percent of home sellers. Nationwide, 88 percent of sellers used a real estate agent when selling their home.
• Recent sellers typically sold their homes for 94 percent of the listing price, and 63 percent reported they reduced the asking price at least once. Among all sellers nationally, sellers typically sold their homes for 96 percent of the listing price, and 57 percent reduced the asking price at least once.
• Thirty-nine percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Home selling and real estate professionals
• Thirty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 23 percent used the agent they worked with previously to buy or sell a home.
• Eighty-eight percent of sellers reported that their home was listed or advertised on the Internet.
• Among recent sellers who used an agent, 81 percent reported they would definitely (61 percent) or probably (20 percent) use that real estate agent again or recommend the agent to others.
For-sale-by-owner (FSBO) sellers
• The share of home sellers who sold their home without the assistance of a real estate agent was 10 percent, or slightly higher than the national share of 9 percent.
• The primary reason that sellers chose to sell their home using a real estate agent was to avoid paying a commission or fee.
Download the complete 2010 Report of Home Buyers and Sellers in Florida here. The report is also available on the Florida Realtors’ website Research page at floridarealtors.org.
© 2011 Florida Realtors®
Wednesday, November 24, 2010
Captiva Island Unites to create Captiva Holiday Village
Captiva Island businesses including restaurants, art galleries, shops, real estate offices, tour operators andresorts will introduce the Captiva Holiday Village beginning Friday, November 26 and continuing every weekend through December 19. Offering an array of events, holiday shopping, entertainment, parades, live music and decorations, the village will be a winter wonderland in a subtropical paradise.
“The Captiva Holiday Village is the result of local businesses coming together to offer our guests an unforgettable island holiday experience,” said Paul McCarthy, co-chair of the village committee.
Captiva Holiday Village begins at ‘Tween Waters Inn, continues to Andy Rosse Lane (extending between the gulf and the bay) and proceeds down to Chadwick’s Square, located across from South Seas Island Resort.
For more information visit www.CaptivaHolidayVillage.com
“The Captiva Holiday Village is the result of local businesses coming together to offer our guests an unforgettable island holiday experience,” said Paul McCarthy, co-chair of the village committee.
Captiva Holiday Village begins at ‘Tween Waters Inn, continues to Andy Rosse Lane (extending between the gulf and the bay) and proceeds down to Chadwick’s Square, located across from South Seas Island Resort.
For more information visit www.CaptivaHolidayVillage.com
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