Florida

Are New Home sales pulling down market values?

11-20-09

Joe Murphy: Real Estate Agent in Bradenton, FL

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Office: (941) 739-6777 x113

Mobile: (941) 780-3260

I have been working with a buyer this week, and after seeing all the resale inventory including short sales, and foreclosures they decided on a new build. What is amazing to me is that the deal they got with the local builder is BETTER than any of the comparable resales in that area.

A resale home that was essentially the same home as they purchased was an option, BUT it was 45,000 dollars more, and a SHORT SALE too. The new construction will take 8 months to close, but a short sale can take 90-180 days to close. Plus the new home has all the features and upgrades that they want.

This perplexed the buyers. The new home Should be More, but in a falling market, I explained, that Bank owned, and new builds pull the market down, since they HAVE to Sell.

A builder is not a builder if he is not building, so, he has to stay competitive in the market.

Bank owned properties have owners that want to get rid of them asap.

Short sales, and "regular" sales have a major disadvantage since they have to follow the market and are constrained to appraisal issues.

blue grosbeak

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JUST SOLD in Zephyr Shores Near Zephyrhills, Florida

11-20-09

John Elwell

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Office: (813) 715-6810

Mobile: (813) 783-4444

JUST SOLD! I just listed this home a few weeks ago and then shortly thereafter found a buyer for it as well. Now a new neighbor will be moving into the area and can enjoy all that Zephyr Shores has to offer.

This makes 6 homes I have sold in just that subdivision in the past 12 months! Lots more in other surrounding areas. So, if you are thinking of selling your home in your park or you know someone who is thinking of buying in our area, just have them contact me at the numbers or addresses below. I will be happy to assist them.

John Elwell REALTOR at CENTURY 21 Bill Nye Realty, Inc. 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com I also invite you to visit my webpage: www.jelwell.century21bnr.com You will find a lot of very useful information there and also links to my Weblog and my Zephyrhills 55+ Bulletin Board

Click on any of the images below to see larger versions of the pictures.

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Tampa Bay Real Estate Market Forecast | Home Sales Expected to Increase

11-20-09

Nibal Elsaadi

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Office: (813) 631-5144

Mobile: (813) 215-4523
Secondary: (813) 215-4522

Over the past few weeks many news sources have released predictions for strong real estate stabilization in 2010. A recent article from NuWire credited the expansion and extension of the first time home buyer tax credit for the predicted stabilization and home sales increase. According to NuWire recent article, "Home Sales to Increase in 2010":

"After more than a three year downturn in the hardest hit areas of the nation, some markets have experienced slight rebounds, prompted by the first time buyers' tax incentive and low mortgage rates. But higher price ranges have been hindered in their recovery. However, momentum should gain strength in the second half of the year with expected improvements in mortgage lending and make strides towards stabilizing in 2010.

A series of interest rate cuts taking mortgage rates to near historic lows are one of the Fed's attempts to re-stimulate the housing market. But record foreclosures are producing a market that threatens to keep home prices at low levels for years to come. More than 19-million vacant homes sit empty in the U.S., much of which is an inventory that will have to be absorbed by home buyers before markets fully stabilize.

Still, signs of a recovery in housing are showing promise. As we maintained last year in our annual national forecast, improving conditions, however, do not signify that housing inflation or appreciation will develop in most areas for a number of years. The recovery will be a long haul."

Tampa's real estate recovery is underway. We have seen signs of real estate market stabilization throughout Tampa Bay, with appropriately priced Tampa homes spending fewer days on market, multiple offers being placed by first-time buyers and foreign investors, and sharply discounted homes being quickly absorbed.

We have even seen an increase in interest from Tampa home owners who were previously unable to sell their homes, now more interested in listing their property for sale. It surely is going to be a long haul but with positive signs becoming more and more prevalent, we are sure looking forward to what 2010 may have in store for the real estate market!

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Turn down more listings and refuse to work with buyers

11-20-09

Paula Bean

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Office: (407) 347-7493

Mobile: (321) 228-4663

I just turned down a listing yesterday. Why? Because the seller wanted to tell me how to sell his house. After being on the market for almost TWO YEARS, with 3 different agents whom I know all of them and they are good, it didn't take me long to figure out why he had been listed with 3 different agents for almost 2 years.

Not only did he want to tell me what to do, how to do it and how often to do it, he also wanted me to cut my commission. His excuse was that if he bought in 2005 and his value went down, then I should take a hit too. That really puzzles me because I was not the agent who helped him buy the overpriced house, so why should I be involved in the loss game?

There are a lot of short sales, I do them all the time, loan mods, refi's, and I do help a lot of people pro-bono, but not those that have an attitude.

I think I'll go buy a car and in 5 years I shall go back to that same salesperson and due to the fact that the car is now worth less, have him cut his commission and give me a good deal on the next car.

Education is the key to helping these people, we can't cut our commissions and have enough money left to market and sell your house, pay Uncle Sam and the bills too. I just can't understand what part of this doesn't make sense to the public. I bet if someone had a 'real job' and their Boss said to work on Saturday but I can't pay you, they would have that same deer in the headlights look.

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Post Auction Deal in Venetian Bay

11-20-09

Bill Hellums

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Office: (888) 658-1983

Mobile: (386) 760-7607

Great deal on a 2 Bedroom 2 Bath Condo in Venetian Bay. This unit is on the 4th (top) floor overlooking the lake. Wonderful views of the lake from both bedrooms and the main living area. Access to the balcony from both bedrooms and the living room also. Both bedrooms are master suites. This unit can be yours for $160,000.