Just knowing how many homes is not always enough. It's important for those thinking of selling to know what the buyer make up of an area is in order to have reasonable expectations when thinking of selling. Front and foremost, as of the beginning of November we are about 8% above last year in terms of the total number of homes sold with 1166 for the county compared to 1074 from the same period last year. So what homes are selling? Let's take a look:

As can see, the primary price range in the area is up to $200k. About 41% of all homes sold in the area so far have been short sales. And about 1% being foreclosures. In that $0 to $200k price range, about 48% of all sales have been short sales.

The next thing to look at is how long can I expect it to take my house to sell? This varies on a variety of factors, but the stats for the area for the year are as follows:

As you can see for the most part, the $0 to $200k has the lowest number of days on the market in the area.

In terms of overall performance this year, we are seeing some very positive signs. As I said in the beginning of this year, the prices will not change until number of sales increases and number of homes for sale goes down which we are seeing both. The more important component being the number of sales. We are currently about 8% higher than this time last year in overall number of Residential home sales in Flagler County:

Because of this we are also starting to see a "flattening out" of median prices in the area. Number of sales and median price will react about a year a part. Therefore, the quantity of sales increase is very important and a very positive sign for the future of the area.

*Statistics based upon the Flagler County Association of Realtors MLS from 1/1/2009 through 11/2/2009. All information is deemed reliable but not guaranteed.

I read a great article this morning by Donna Harris, a Realtor with ReMax Austin Skyline, entitled "Real Estate Opinions - Is it the Pricing or the Marketing?". In the article, Donna does an excellent job highlighting two scenarios of properties that have yet to be sold. The first being a situation where there has been a lot of showing activity but no offers. The second being a multiple price reduction scenario that has yielded little or no activity. The question that comes up quite a bit with sellers is which is more important, price or advertising? I say that it is a balance of both for all properties and all market conditions.

The formula that I have found to work best when listing a property is:

Priced Right + Marketing & Advertising To The Widest Possible Buyer Audience + Great Presentation = Showings => Offers => SOLD

Through this type of strategy, you always have a component to revisit that may need to be tweaked or revised to get to the result of SOLD. The most important part of being able to make any decisions in any part of this is to get feedback. Feedback from buyer showings is crucial and the most common. I look for trends such as "Priced a bit too high" which tells us the obvious . . . revisit price. Price is great feedback though because it's the perfect opportunity to ask for an offer which gets the negotiation process in motion. Other feedback may be "Too small" which may be a staging and presentation issue that can be revisited and tweaked to give a more open feel. So forth and so on. No showings is a time to ask for some by partnering with other people in your office or other Realtors in the area and schedule a preview of the property to get feedback.

To give you a real world scenario, a family within my neighborhood had their house for sale on their own for about a year with no reaction. When I first heard the price they were asking, I thought that might be the issue. They asked my opinion. I did an analysis, and found that the price really wasn't "out of line". The house was gorgeous and offered a lot of great features to highlight. So we put things in motion at the same price point. The result, multiple showings in the first week and an offer within 4 days. Sold in less than 30 days at more than they expected to get. Here, advertising and follow-up to showings was the issue.

So let's look at the role each of these play within the selling strategy:

• Priced Right - Pricing is one of the most difficult things to do. Data has to support the price and is commonly known as a Comparable Market Analysis. "Shooting from the hip" or simply pricing at the same price as the same number of bedrooms house down the street is not the best strategy. Pricing can be a real challenge in today's market because of the volatility over the last few years, but still important to make every effort to "get it right the first time". Some common myths I find with price:
  • "I'll start higher and if nothing happens, I'll just reduce the price and advertise that." - Price reductions are a reality of the selling process and have to be done at times, but pricing right the first time has better benefits. That 'Price Reduced' can get a reaction but can also put you in a less optimal position during negotiation. Buyers can perceive the owner to be 'desperate'.
  • "Price it low to get multiple offers and hope for a 'bidding war'" - This is a gamble and can backfire with obvious repercussions. Reducing a price is usually understood. Increasing a price later on rarely (or never) makes sense to anyone.
  • "It's all about price and that's why I'm not getting showings" - You can have the best house, priced perfectly, and if no one knows about it . . . price isn't the problem.
• Marketing & Advertising With Great Presentation - There are obviously three components here (Marketing - the story, Advertising - the mechanism to get that story out, & Great Presentation - enticing to buyers to want to come and see). Each compliments the other.
  • Marketing is about telling "the story" of the home. The features that stand-out and their benefits. Who the home would appeal to.
  • Advertising is the mechanism to get the "word out" to the widest possible buyer audience. This is both online and offline. And it encompasses both buyers directly and other Realtors within the area.
  • Great Presentation is achieved by looking through a buyer's eyes. "Can I picture myself living there?" is the question I always ask and this is where those staging things come in. Reduce clutter, take down personal photos and things, etc. This should also be done BEFORE taking any photographs. Buyers don't want to see something drastically different than what they saw in an advertisement.
• Showings is the goal. Showings are what gets a property sold. Pricing and advertising play a significant role in this. Online shoppers usually put a price range in or are getting properties emailed to them within a particular price range. If it's within their price range but has less features than others or is presented poorly, it will get passed over. Here's some key components about showings:
  • Be available any time. We all try our best to make showings convenient for sellers, but potential buyer schedules are different and can come out of nowhere at times. It is best to accommodate "out of the blue" showings as best you can.
  • Feedback is key. Not all showings will yield an offer, but they are all valuable in terms of feedback. That feedback can offer great insight to something to tweak (i.e. staging, pricing, etc.) that if reacted to in a timely manner can greatly reduce 'days on the market'.
• Offers are always a great thing even if they aren't what we expected. This puts the negotiation process in motion. Offers are usually a sign that the other components are working well. Some key things to keep in mind with offers:
  • Be open-minded. Yes, buyers tend to "low ball" initial offers and it can become a back-and-forth scenario for a short period of time. Keep in mind, just as you (the seller) wants to get the best financial benefit out of the deal . . . so does the buyer (which you will most likely be next).
  • This DOES NOT mean that all offers should be accepted. Every situation is unique and some negotiations just do not work out. Offers should be reasonable and knowing the market data is key to keeping the offers reasonable.
  • Either way, offers show real interest and that is always positive.

There is obviously a ton which could be written on all of these components. The key to successful selling is having a strategic plan and working the plan. 'The Plan' is the formula I gave above and quickly identifying 'weak areas' and taking the necessary steps to correct them quickly leads to more success in selling your property. Feedback is always welcome.

Thanks and have a great day. And a big thank you to Donna Harris for her article.

Kathleen West, Realtor

Trademark Realty Group of Palm Coast
"Excellence Is Our Trademark"
Call me at (386) 446-5930
Email me at Kathleen@PalmCoastHomeShow.com
www.PalmCoastHomeShow.com

I had said at the beginning of the year, that it would be interesting. And it has been just that. Moreso, it's been a year for some real positives in the area.

• Palm Coast closed September 7% above the Residential Home Sales compared to the same time last year (961 vs. 894).
• The number of listings remains dramatically lower than previous years.
• Short Sales have been consistent at about 35% of all Residential Home listings in the area.
• The number of Residential Home Foreclosures remains very low at about 21 for sale with 167 sold for the year at only 57 Days-On-The-Market
• Plus more

This has been a year so far that has shown alot of stabilization and a bit of an upturn. All of which is very positive compared to the past couple of years. The one question that remains on owners, buyers, and sellers' minds is price. Average Price still remains lower than previous years, but can not change for the positive without stabilization which we are seeing now. So if buyers were ever wondering if now is the time to buy? Well, the answer is most certainly . . . yes. As a buyer there are many things to consider to get the best deal, but most importantly . . . selection, price, and interest rates. Selection has gone down. Price remains lower for now. And interest rates are hand-down the lowest historically. As I read in an article this past year, this will be the year to say I am glad I bought then (or something to that effect), and I couldn't agree more.

Here's some statistics for the Palm Coast area and visit the Market Report page at PalmCoastHomeShow.com for the full area report.

"Bringing Real Estate To Life"

Kathleen West, Realtor
Kathleen West
Trademark Realty Group of Palm Coast
"Excellence Is Our Trademark"
Call me at (386) 446-5930
Email me at Kathleen@PalmCoastHomeShow.com

Palm Coast Home Show | Promote Your Page Too

Just recently, I received another update from the Friends of Golf Steering Committee who had recently met with Kemper Sports and the construction team. Their update contained the following:

1. The course is doing well. Sprigging was completed last Friday on the entire course. The rains which took place in mid-May caused some immediate problems, but these were overcome and things are now back on target. They have actually begun mowing greens on the first 11 holes that were sprigged. The greens have been sprigged with Bermuda Tifdwarf. The fairways and tees are Celebration Bermuda, a new strain of Bermuda which exhibits exceptional shade tolerance. Fairways, tees, greens and immediate rough should be in good shape for an opening in the fall. The sequence of holes is still in question and it has not yet been decided whether a change will be made from the previous configuration. The request for quotations on carts are already out to several companies. There will be no GPS since it is not cost effective.

2. Plans are ongoing for the purchase of a new triple-wide clubhouse. It was decided that the used one previously discussed was not suitable. It is expected that this purchase should take place in the next 2-3 weeks. The plan is for about 3,000 square feet with a food facility which has interior seating for about 40 and an outside deck which would handle another 40 or 50. This deck would be open-air at the start, with the idea of covering or screening it at a later date, as finances permit.

3. By the end of August there should be a General Manager and a Sales and Marketing Manager in place. At about the same time, information will be published regarding rates and player programs...........we know that everyone is waiting patiently for this information. Memberships will most likely be in the form of an annual discount pass or frequent player program and there will be a discount for City residents.

4. An inter-active website for the course is currently being brought online. It should be accessible sometime in the next two weeks. We will give you the web address just as soon as it is made available to us. At that time you will be able to go in and look around and begin populating an e-mail database. There will also be a link on the website for those who wish to investigate employment opportunities at Palm Harbor.

The construction team has asked that we pass on a request to our members to please refrain from visiting the interior of the course. It is a work in progress and will benefit greatly from a strict "no traffic" policy ........This includes bicycles, walking, and...........heaven forbid!!............. golf clubs!!

We are at last almost ready to cross over the finish line!!!

Friends of Golf Steering Committee

I also wanted to take a moment and thank The Friends Of Golf Steering Committee. This group is very passionate about the game and all that it brings to our community. Your work and dedication to golf in our area is greatly appreciated. And also a big thank you to all who are working so hard to bring Palm Harbor Golf Course back to us. The course is a special part of Palm Coast, and we are all looking forward to seeing it re-opened

We are seeing some very postive signs in the area and much needed stabilization. So why is stabilization important? Because value can not recover without it. Just a recap of some of the postives from the Residential House market:

1. Number of listings is remaining at their lowest levels in the last few years @ 1,342 for all of Flagler County & 969 for Palm Coast
2. Number of Sales is slightly above this time last year with 773 houses for all of Flagler County & 716 for Palm Coast Year-to-Date.
3. Foreclosures for sale have remained very light at 20 for all of Flagler County and 17 for Palm Coast.

Click here to see the full market statistics for the area.

Short Sales

This is one area which has had many concerned, but agian there are some real postives in respect to Short Sales in the area. Of the total number of properties for sale right now, Short Sales comprise 28% of the listings for all of Flagler County & 35% of the listings for all of Palm Coast. The great thing is that Short Sales (one of the most difficult property scenarios to sell) comprise 50% of Residential House sales for all of Flagler County & 43% of Residential House sales for all of Palm Coast. Although these types of sales can be lengthier than normal sales, these properties are selling.

Flagler County Active Residential Houses For Sale

Palm Coast Active Residential Houses For Sale

Click here to see the full market statistics for the area.