Overall home values in Northeast Florida fell 11.6 percent in 2008, according to the latest data from Zillow.com.
Median home sale values fell to $163,800, compared to the market peak of more than $210,000 in mid-2006, with nearly 30 percent of all homes selling at a loss.
Single-family home values fell 11.2 percent, while condo values fell 17.3 percent.
Nationwide, home values fell for the eighth consecutive quarter, declining 11.6 percent to $192,119. That means homeowners lost a cumulative $3.3 trillion in home values during 2008, with $1.4 trillion of it coming in the fourth quarter.
It could be worse! We could be in South Florida where the value dropped 23.5% in 2008. Condo prices dropped 23.9%. It's been reported that more than 34.5% of those homes sold at a loss.
Obama had better do SOMETHING to stimulate the building industry, free up mortgage money and make credit available to buyers or we are going to be in VERY SERIOUS condition in a very short time! Let's not spend Federal dollars on a "wish list" of things that won't do a thing for the Real Estate/Construction industry. Until these industries are back up and running, not much can be done about this economy.
Showing posts with label Jacksonville Realtor on Active Rain. Show all posts
Showing posts with label Jacksonville Realtor on Active Rain. Show all posts
Wednesday, February 4, 2009
Thursday, August 21, 2008
Price Is King When Selling Your Home
Wow! This is a powerful post and I thought it was worth sharing.
Original Post
Via Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County:
Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.
Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.
If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this...
I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:
These properties went under contract in an average of 25.4 days of their last price change/adjustment
Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
Some of these properties went under contract in as little as 4 days and had multiple offers
Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly
No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.
It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.
This post has really hit the nail on the head. If you're thinking of selling your home, please take Via's advice.
Original Post
Via Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County:
Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.
Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.
If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this...
I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:
These properties went under contract in an average of 25.4 days of their last price change/adjustment
Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
Some of these properties went under contract in as little as 4 days and had multiple offers
Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly
No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.
It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.
This post has really hit the nail on the head. If you're thinking of selling your home, please take Via's advice.
Wednesday, March 5, 2008
Jacksonville Realtor On Active Rain
You can find great local Jacksonville, Florida real estate information on Localism.com Ronda Densford, REALTOR is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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