Allison Stewart REALTOR ®St. Cloud Florida

All the chest pounding in the world won't get you a sale. No, it will take much more than that. All the grunting, snorting, and primal screaming won't seal the deal either. The way to be the biggest baddest monkey in the jungle is to learn to listen to the stillness like a doe and react with the speed of a Cheetah.

ADAPTABILITY-

Our ability to adapt, change, evolve and learn new skills could mean the difference between perishing and propering.

Are you pounding your chest or shaking the trees?

The new FHA lending programs are creating great opportunities for home buyers despite the weak economy. With as little as 3% down, newcomers are discovering that they can afford homes and hunting down the best buys.

In my Market of St. Cloud Florida for example, there is an increase in demand for 3 bedroom 2 bath smaller homes which carry less property tax burden, adequate living space (median was 2012 sq.ft) and an average price tag of $200,863. Approximately 40.9 homes per month on averge have been sold in the combined zip codes. (409 to date)

With all the uncertainty in the stock market, many people are revisting home ownership, and affordable housing. Only 3% of all the homes in Florida are foreclosures. In St. Cloud, Florida 61% of the population owns their own home.

A spike in sales recently in moderate price housing suggests that in this market things are improving.

Times have never been so confusing both for professionals as well as consumers. Baffled experts shrug their shoulders and are bewildered. Yet, a simple review revealed an intriguing fact. Prices are down but overall sales are up.

St. Cloud, Florida is comprised largely of four basic zip codes. Comparing the sales figures for September 2007 to September of 2008 revealed a surprising result. More homes have sold this year than last. While overall sales in the area appear to be on the decrease (30.2%) the month to month comparisons of September 1 to October 1, actually showed a 10% increase. Fifty four homes sold in 2008 from September 1 to October 1. Only forty nine homes sold in the same period in 2007.

As prices decline, new buyers are attracted by affordable prices. While many of the homes available are former foreclosures, or current bank owned properties the asking prices are more in tune with what the St. Cloud market will bear.

RENTERS ARE CONVERTING TO HOME OWNERS

As the sales prices descend, many renters are consulting with lenders to determine their borrowing power. Previously shut out of the housing market, renters are making a strong attempt at home ownership. Single women who once constituted only a small 18% of all home buyers, are on the rise.

The renewed interest in the housing market, fueled by affordable home pricing places additional pressure on the rental market, forcing rents to respond in order to achieve acceptable occupancy rates. For many landlords who own investment properties the burden of higher operating costs (property taxes, insurance, etc) may proof to be too much. The revenue the rentals generate are often at a ten percent margin or less. Compounded by decreasing market value of those rental properties, some landlords are looking to reduce financial liability and sell off the smaller homes.

Some renters conversely, have found themselves looking for new accommodations after their landlords defaulted on their mortgage payments and came home to discover foreclosure notices on their doors, even though they had paid their rent.

The spike in sales in September suggests that a market recovery may be quietly awakening after a long hibernation. The stock market has many investors nervous and some of them are looking at Real Estate as a safer long term investment.

BANKS NOW FEELING THE BORROWERS PAIN

The rush to foreclosure as the housing market began its collapse back in 2005-2006 displaced families. The bank loss mitigators appeared to be heartless and disenfranchised with the average person struggling to keep up as mortgage rates adjusted, property values declined and the buyers vaporized.

Today these properties which were foreclosed on, sit languishing on the market,in records numbers as out of area lenders scratch their heads trying to figure out how low they will have to go to sell them off. Our climate is unkind and unyielding-as temperatures swell, the heat and humidity contribute to mold growth and other wood destroying organisms which are untreated by the absence of air conditioning.

For buyers there is ample selection, numerous upgrades and incentive to buy. The market does appear to be making a slow, cautious, careful come back.

"I am not going to give my house away" Should be the the National anthem of homesellers. It is a tune we have all heard before-maybe even hummed to in the shower or in the car on the way to the office meeting. Are you preaching to the Choir or just humming along to the Chorus?

The appraisal is the ultimate Choir Director.

When it comes in where you need it to be, off in the distance, high atop the clouds one can hear the sweet angles rejoicing Hal-le-lu-jah! Truly and literally a moving experience!

Unfortunately many of the sellers prayers for a quick sale may go unanswered when the asking price is well above appraisal value.

As the Market continues to adjust, and foreclosure, banked owned and resales face shrinking sales prices, at least in my Market of St. Cloud Florida-what your neighbor's house for recently, is more likely to affect the price you will command for your home.

If more than one home has sold recently distress sale or not, you will be affected.

Appraiser's take into account, comparable home sales. Usually thi sis within the immediate area but can extend out several miles if necessary. They also factor in age, condition, improvements, and operating performance.

BUT MY HOME IS BETTER!

Buying or selling a home is an emotional experience.

Try not to let emotions "cloud" your judgement. In the end, a contract could fail because of the numbers.

NOTHING IS MORE FRUSTRATING THAN HAVING TO START FROM SCRATCH

There are numerous obstacles to get through to complete a transaction.

Home Inspection

Termite inspection

Title Work

Survey

Loan Processing

Appraisal

and finally Loan Approval.

Any one of a number of things can go wrong.

A deal can die, because the purchase price fails to meet appraised value and the lender denies the loan.

FHA LOANS REQUIRE A GOVERNMENT APPRAISAL

In light of the current mortgage mess- a regular appraisal may not suffice. You will not give your house away.

We are getting deals done...one house at a time!

Homeowners hoping to retain as much of their lost equity as possible, sometimes overlook the simple things that could kill a sale. As a home ages, certain repairs are necessary, but it tough times often the those things go overlooked due to financial pressures. What do buyers want?

It is a short list.

TIle Floors

Upgraded kitchen cabinets

Granite Counter tops

Recessed lighting

And lastly, a clean functional home.

Recently I was interviewed by an Editor from Remodeler Magazine, who found me on ActiveRain. She asked me several questions for an article she was writing. Remodeler's have been impacted by the Real Estate Market, as well as rising fuel costs and shrinking disposable income.

ARE HOMEOWNERS REMODELING?

In my market of St. Cloud, Florida (Osceola County) the abundance of available housing, has put a damper on remodeling. Three years ago, when housing was in limited supply remodelers were in high demand. Additions, patios, and renovations and modifications were a sought after service. Then the builders arrived.

In less than two years several new developments filled former farm land. They sprung up everywhere. The houses were larger, and offered high end builder incentives such as granite counter tops, 42" kitchen cabinets, tile flooring, upgraded plumbing fixtures, light fixtures and many other desirable features. Suddenly, there was more housing than we knew what to do with. This sleepy little retirement town found itself in the shadow of the new Lake Nona Medical Complex.

St. Cloud, Florida was established as a retirement community and many of the older homes sprung up in the early 1920's and through the 40's as returning war veterans sought housing. Times were different then. Modest homes were adequate. There was little need for mega-mansions. The people of that time were very economically minded. They had smaller homes which cost less to operate. Property taxes were minimal.

HALF A CENTURY LATER...

The changing market has afforded first time owners a rare opportunity to enter the housing market, and take advantage of Builder Inventory liquidations a bargain prices.

Reduced tens of thousands of dollars, homes like this one present a real value for consumers.

Much to the Remoder's chagrin, these homes offer many upgrades that were once not available.

The impact of the housing market crash has certainly included many home remodeling companies in its wake.

St. Cloud, Florida is still a reasonable thirty minute commute to Orlando, the Orlando International Airport, Disney, Universal Studiios, and Cape Canaveral. People who live here, choose the quiet communities over the congestion and traffic of the tourist areas.

Gas prices may fluctuate, but one thing that remains the same is the desire to have an affordable home.

In St. Cloud, Florida we have plenty of them!

"It's a great buy" Buyer's dream words. But can that dream become a nightmare? You bettcha. With so many foreclosures, banked owned and vacant properties on the market these days, some asking prices are "Too Good To Be True". Now more than ever..it is buyer beware. There could be evil lurking behind those walls.

Recently a relocated buyer went on a housing hunting mission. She was looking for a large, newer home, at a good price. She thought she had found a steal. She made a reasonable offer contingent on a satisfactory home Inspection (always advisable) and appraisal.

It passed the appraisal-no problem. Then the results of the Home Inspection came back. The home had mold. Not your run of the mill variety either. The kind that makes you sick- black, toxic, penetrating mold-hidden deep behind the walls.

WHAT SECRETS HOUSES KEEP COULD HARM YOU

Due to the hot, humid, unrelenting heat that Florida is famous for, combined with the way newer homes are built making them more "air tight" condensation can build up. The homes don't "breathe" as well.

Air conditioning often helps eliminate humidity in a home, which will suppress the growth of mold. However, when the utilities are turned off is when the problems begin to grow.

In sickening silence, left unattended mold will invade the interior walls.

SIGNS OF A SICK HOME < learn more here

You may not smell it immediately. But in short order you will begin to feel nauseated.

People with Asthma will experience a tightening in their throats, headaches, and lung irritation.

SAY BYE BYE TO A BAD BUY

No home is worth risking your health over. Always have a Home Inspection performed. Allergy sufferers ask for an air quality check to help insure that the home you want to buy is a healthy home.