Christopher Johnson

Today, November 10, 2009 I read in the St. Pete Times that the Tampa Bay are home values have dropped according to Zillow 2.2% between June 30 and September 30. Some of the most depreciated values were in Spring Hill, Dade City and Ruskin.

Now, despite this news the report also stated that some of the 110 communities in Tampa actually saw prices increase in their communities. These communities include Feather Sound and Lutz and Odessa which have always maintained high values. Mostly due to the fact that during the boom years, these communities did not experience rapid growth. I would expect more established communities that are closer to employment or commutes to downtown Tampa or Pinellas Gateway area will continue to see prices stabilize and eventually creep up on a more consistent basis.

Back to the rest of the Tampa Bay! Communities that were built during the boom years like Wesley Chapel, Riverview, Apollo Beach and Ruskin will continue to drop slightly before any stabilization can occur. These homes have dropped in value since 2005 nearly 40% on average. Many of these homes were purchased by investors or speculators who entered the market to soon. There is also an increase of strategic walk-aways.

Foreclosures are still areound and will be here for quite awhile but the dooms day predictions of home prices dropping another 20-30% are too high and most like not going to happen. Now could the Tampa market continue decline? Certainly but it will only in certain communites. The first stage of recovery is among us!

There are still many home owners that are facing finacial hardship in the Tampa area that seem ready to walk away from their home and accept a foreclosure. I can only believe it is because these home owners are not aware of their options. You can find more information regarding short sales and the benefits of a short sale over foreclosure at www.tampabayforeclosurehelp.com

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

Christopher Johnson is a Certified Distressed Property Expert in Tampa, Florida. Please contact Chris @ ChristopherJohnson@remax.net or direct at 813-654-5548

I have gone on many listing appointments lately and I guess some folks are reading the newspapers and seeing that real estate sales are up in the Tampa area and are thinking of selling. What also is found in the same news article is the fact that the median price has dropped nearly $100,000 and homes are selling for so much less than they did in the "boom" years. Why do I assume this...because the last few appointments I have gone on, the seller's want to sell there home well beyond and recent comparable I could find. Now, we all know that somebody will list it for whatever price and then start beating the seller down to lower the price. However, I do not believe in this school of thought.

The number 1 comment I seem to get is "I don't have to sell" which tells me that the seller is not really motivated and may need to hold on the home for a little while longer or at least until the market rebounds or the world ends...whichever comes first! Now, you may think I shouldn't back down and continue to "prove" to the seller that the home should be listed at xyz price and get that listing. I think that is rubbish and I will tell you why.

1. The seller is not really motivated to sell

2. The seller is not realistic about the price which means you will most definitely over price the house.

3. It cost money to list a home..from signs to lock boxes and virtual tours. This is money you have to spend upfront. Whey spend dollars that you may not have to spend on the slim chance of selling the home. A sign in the yard is not worth it....unless you can add a SOLD sign to it!

4. After 4 or 6 months of the home being on the market with very little activity the seller will most likely think you are the worst agent in the world and will talk badly about you. Again, not working for you but against you.

Next time you are at that listing appointment and the seller is really not motivated and "doesn't have to sell" think about how far apart you really are and proceed with caution. Sometimes the sign is just not worth it!

Today is Tuesday September 8th. The Labor Day weekend was great. I actually took a break from work and spent nearly the entire weekend with the family. I know, I said nearly but I had to go to a new listing appointment on Monday and that is the only day I was able to meet with the sellers. The appointment went well and if you are looking for a big pool home on an acre in suburban Tampa or know someone who is, give me a call.

While away from the business this weekend, I had a chance to reflect on the year that has gone by and I must say....WHAT A RIDE! I, like so many agents and brokers throughout the United States has been blessed with tremendous business and are seeing the market finally begin to level off. I have been very busy and am selling homes at a very quick clip. I am finding that homes that are not short sales, in good repair and priced at the real market value are selling within 30-60 days. Just recently I had listed a home in Riverview, Florida and had 1 contract, a back up offer and a hopeful agent who wanted me to call in case something fell through. All this within the first 2 weeks! Now, the home was not anything spectacular. Just a great home that was well kept and even priced slightly on the higher side.

Now, we all have heard that Florida is in Real Estate "HECK." So how in the world can homes be selling so quickly. I have a two word answer, Aggressive Promotion. Certainly MLS will help you but blanket the area with just listed cards, send out email blast to Realtors, blast it to every Internet listing website known to mankind (this is the best). Pictures, Pictures and more pictures. Every prospective home buyer wants as many pictures as possible of the property. They would like to see the house without actually calling one of us real estate agents. Get a virtual tour! They are well worth money. Landing Pages just for you listing is a great way to get more buyers to view your home. These are just a few ways to move your listing even in a down market.

Just remember a home does not sell by chance but by someone who dedicates time and money into marketing a home.

The moral of the story is, if you want to sell your home, Price it right! Make it show ready! and have a great agent with an aggressive marketing or promotion plan.

There was a great article in the St. Petersburg Times today written by Ivan Penn. The article was about a youbg woman who wants to walk out on her lease because the property may have Chinese Drywall. The author did a very good job explaining that despite their concern that the renter is still in a legal contract and the effects of Chinese drywall are unknown and not established as a health hazzard (yet).

If you know of anyone or have any tenants or clients with tenants that may have Chinese Drywall, I would recommend you read this article http://www.tampabay.com/features/consumer/renters-rights-can-you-break-a-lease-in-florida-if-a-home-has-chinese/1033260

- Chris Johnson

www.MetroTampaMLS.com