The tax credit which has been really working well has officially been extended to April 30, 2010. It also has been extended to all homeowners. Homeowners who are not first time buyers but have lived in their home for 5 out of the last 8 years are eligible for a tax credit of $6,500. The income requirements have also changed. Now you can received the credit as long as you make under $125k if you are single and under $225k for married couples.
Many times when I go on a listing appointment I hear the property owner tell me that they need a certain amount of money for their property because they need the proceeds for their next home or some other endeavor. Regardless what the market will bear they feel strongly about receiving a set amount of money. They somehow feel that they will somehow get it because their home is extra special.
Though their home may be very special to them its the market that will set the price for it. Regardless of how much money we need, like any other commodity such as gasoline, oil, or even lobster, the market will set the price.
When you sell a stock that is trading for $100 per share you couldn't call your stockbroker and tell him to sell yours for $150 per share because you need the money. Selling real estate is the same way.
In this market you must list your property right to sell it fast. Below are some tips on how to list your property right so you are not watching every property in the neighborhood sell except yours.
1. Hire a good hard working Realtor.
2. Price it correctly regardless of how much it hurts.
4. Use a complete marketing system. Print, Internet, Word of Mouth, etc.
5. Superior Photography.
6. Professional Vitual Tour.
7. Never, ever miss a showing.
The luxury single family home market continues to be busy as buyers are getting some great deals especially on the water. The condo market over $1,000,000 continues to be slow though there is activity. People don't necessarily have to buy a condo right now in that price range for a second residence. Unlike the homes where in most cases it will be their primary residence. As we enter the high season everything should get busier. Below are the numbers for all properties in Boca Raton priced over $1,000,000 for October 2009.
Luxury Single Family Homes
Total Properties Available 513
Price Range $1,000,000 - $24,900,000
Total Properties Pending 13
Total Properties Sold 15
Price Range $2,813,000 - $1,116,500
Average Price Per Sq. Ft. $331
Luxury Condominiums
Total Properties Available 101
Price Range $1,000,000 - $7,250,000
Total Properties Pending 1
Total Properties Sold 1
Boca Raton is a great place to be for Halloween. The children will be out trick or treating in a nice safe environment and the weather will be perfect as always. There are many activities to do around town or you can just go to the mall and spend some time in there which is great if you have small children. Have a nice and safe Halloween.
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