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.
Wednesday, February 4, 2009
Tuesday, February 3, 2009
Foreclosure Rates Continue to Rise
The number of foreclosures continue to increase in the Jacksonville area. Several different auctions are held at least once a month and these tend to clear out large numbers of homes in one afternoon.You can even buy foreclosures online! Lots of empty, foreclosed homes continue to sit in many neighborhoods creating eyesores and in some cases, a safety hazzard.
The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.
I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.
I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!
Call me today and I'll send you info on foreclosures in the Jacksonville area.
The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.
I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.
I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!
Call me today and I'll send you info on foreclosures in the Jacksonville area.
Friday, January 16, 2009
Wednesday, January 14, 2009
Help For Renters Living in Foreclosed Homes
Great news concerning renters of foreclosed properties! I have been complaining and worrying about these tenants for months! I am so relieved that SOMETHING is finally being done. I hope they follow through with all of this and really protect these families caught in the foreclosure mess. This is not fair to the tenants that have been paying their rent and playing by the rules. Please see the article below from the Florida Association of Realtors site today:
Fannie Mae bans evictions of renters
WASHINGTON – Jan. 14, 2009 – Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure.
The new policy will allow residents of about 4,000 properties to sign new leases with Fannie while the property is up for sale. Michael Williams, Fannie Mae’s chief operating officer, said in a statement that the change should “help bring a measure of stability to communities impacted by high foreclosure rates.”
Fannie Mae had indicated last month that it was planning to do so. Sibling mortgage financier Freddie Mac is working on a similar policy, company spokesman Brad German said.
But Amy Marx, an attorney with New Haven Legal Assistance in Connecticut, said Freddie Mac has not been responsive to requests that it do the same, and has continued with evictions of renters in recent weeks.
“We are thrilled that Fannie Mae has done the right thing,” she said. “Our hope that Freddie Mac will follow their lead.”
New Haven Legal Assistance and two other legal aid organizations in Connecticut represent seven tenants facing eviction on properties whose loans are held by Fannie Mae or Freddie Mac. The legal groups argue that financial bailout legislation passed in October requires the companies allow tenants to remain in their homes.
Some households, Marx said, haven’t been notified of Fannie Mae’s policy change by the real estate agents charged with selling the properties.
Fannie and Freddie said last week they will extend a suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the holidays.
The government-controlled home loan giants say the extension will allow borrowers facing foreclosure to keep their homes as they work to modify more loans.
Washington-based Fannie Mae and McLean, Va.-based Freddie Mac own or guarantee around half of the $10.6 trillion in U.S. outstanding home loan debt.
The pair were taken over by the government in September and placed in a conservatorship after mounting mortgage losses put them in distress that was a prelude to the broader financial crisis that hit Wall Street last year.
Fannie Mae bans evictions of renters
WASHINGTON – Jan. 14, 2009 – Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure.
The new policy will allow residents of about 4,000 properties to sign new leases with Fannie while the property is up for sale. Michael Williams, Fannie Mae’s chief operating officer, said in a statement that the change should “help bring a measure of stability to communities impacted by high foreclosure rates.”
Fannie Mae had indicated last month that it was planning to do so. Sibling mortgage financier Freddie Mac is working on a similar policy, company spokesman Brad German said.
But Amy Marx, an attorney with New Haven Legal Assistance in Connecticut, said Freddie Mac has not been responsive to requests that it do the same, and has continued with evictions of renters in recent weeks.
“We are thrilled that Fannie Mae has done the right thing,” she said. “Our hope that Freddie Mac will follow their lead.”
New Haven Legal Assistance and two other legal aid organizations in Connecticut represent seven tenants facing eviction on properties whose loans are held by Fannie Mae or Freddie Mac. The legal groups argue that financial bailout legislation passed in October requires the companies allow tenants to remain in their homes.
Some households, Marx said, haven’t been notified of Fannie Mae’s policy change by the real estate agents charged with selling the properties.
Fannie and Freddie said last week they will extend a suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the holidays.
The government-controlled home loan giants say the extension will allow borrowers facing foreclosure to keep their homes as they work to modify more loans.
Washington-based Fannie Mae and McLean, Va.-based Freddie Mac own or guarantee around half of the $10.6 trillion in U.S. outstanding home loan debt.
The pair were taken over by the government in September and placed in a conservatorship after mounting mortgage losses put them in distress that was a prelude to the broader financial crisis that hit Wall Street last year.
Sunday, January 11, 2009
Jacksonville Homes For Sale
Great Article on Selling Your Home
by Anonymous (I read it online and loved it! Started following other links and never got back to the article!) Enjoy the read. IT IS SO TRUE!
Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.
The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.
The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.
Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.
Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.
A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!
AMEN!
by Anonymous (I read it online and loved it! Started following other links and never got back to the article!) Enjoy the read. IT IS SO TRUE!
Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.
The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.
The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.
Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.
Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.
A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!
AMEN!
Tuesday, December 16, 2008
Help For Renters Living in Foreclosed Homes
Thank goodness! After making several posts about the renters caught in the foreclosure nightmare, I got great news today from Fannie Mae. The following article was on the Florida Association of Realtors site. I think they're on the right track and I will keep an eye on how things develop. If you're a renter living in a home that has been foreclosed on, Hang on! Help is on the way.
Check this out:
FANNIE TO HELP RENTERS STAY IN FORECLOSED HOMES
NEW YORK – Dec. 16, 2008 – Fannie Mae said Monday it’s finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.
The mortgage giant said it’s working on a national policy to allow renters living in foreclosed properties - and who can make their rental payments - to sign new leases with Fannie while the property is up for sale or get cash to help move into a new home.
Last month, Fannie and sibling company Freddie Mac suspended foreclosure sales on occupied single-family homes and evictions from those properties through the holidays until Jan. 9, 2009. Fannie said these actions helped an estimated 7,000 to 10,000 families to remain in their homes.
The company said the new renter policy will go in effect before Jan. 9.
Last week, New Haven Legal Assistance Association Inc. in Connecticut, which represents several tenants facing eviction on properties held by Fannie Mae, raised the concerns about renter evictions and discussed the situation with Fannie on Friday.
“Fannie Mae had the tendency to empty these properties with no attempt before or after the foreclosure to contact these tenants,” said Amy Marx, an attorney at the legal aid group. “A lot of these renters are low-income and an eviction wreaks havoc on their lives due to moving costs and the lack of affordable housing.”
Despite the suspension on foreclosure sales and evictions, some Fannie evictions were still going forward, Marx said. Fannie said Monday it contacted its lawyer and broker network to halt those evictions.
Fannie and sibling company Freddie Mac own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the pair in September.
Company spokesman Brad German said Monday that Freddie Mac also aims to have a similar plan in place by early January.
“Clearly, renters are caught in the crossfire,” German said. “The goal is to provide them some stability and not evict them as a result of another’s foreclosure.”
Check this out:
FANNIE TO HELP RENTERS STAY IN FORECLOSED HOMES
NEW YORK – Dec. 16, 2008 – Fannie Mae said Monday it’s finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.
The mortgage giant said it’s working on a national policy to allow renters living in foreclosed properties - and who can make their rental payments - to sign new leases with Fannie while the property is up for sale or get cash to help move into a new home.
Last month, Fannie and sibling company Freddie Mac suspended foreclosure sales on occupied single-family homes and evictions from those properties through the holidays until Jan. 9, 2009. Fannie said these actions helped an estimated 7,000 to 10,000 families to remain in their homes.
The company said the new renter policy will go in effect before Jan. 9.
Last week, New Haven Legal Assistance Association Inc. in Connecticut, which represents several tenants facing eviction on properties held by Fannie Mae, raised the concerns about renter evictions and discussed the situation with Fannie on Friday.
“Fannie Mae had the tendency to empty these properties with no attempt before or after the foreclosure to contact these tenants,” said Amy Marx, an attorney at the legal aid group. “A lot of these renters are low-income and an eviction wreaks havoc on their lives due to moving costs and the lack of affordable housing.”
Despite the suspension on foreclosure sales and evictions, some Fannie evictions were still going forward, Marx said. Fannie said Monday it contacted its lawyer and broker network to halt those evictions.
Fannie and sibling company Freddie Mac own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the pair in September.
Company spokesman Brad German said Monday that Freddie Mac also aims to have a similar plan in place by early January.
“Clearly, renters are caught in the crossfire,” German said. “The goal is to provide them some stability and not evict them as a result of another’s foreclosure.”
Monday, December 8, 2008
Jacksonville REO Market
For those of you that might now know what REO stands for, it's Real Estate Owned. It is a line item on a banks books that is a BAD thing for the bank. They aren't in the business of OWNING homes, they are in the business of LENDING MONEY. An REO property is a bad thing for the bank but a good thing for a home buyer! I like dealing with REO properties a LOT more than short sales! The preliminary work has all been done. The foreclosure is over, the negotiations are over, there are no "people" involved (as in home owners) and it's just a "business deal". The emotions are gone, the sadness is gone and it just comes down to the calculator! I like that! I get caught up in all of my short sales. I tend to take on the worries of my sellers. I want so desperately to help them, and more often than not, I can't. The lenders just take too long to decide on whether or not they'll take offers. The process takes so long, the home usually ends up in foreclosure. It's sad. It shouldn't be this way. The preforeclosure and short sale process is the modern day "Katrina" of our banking system. NO ONE KNOWS WHAT THEY'RE DOING! I get so discouraged and disheartened when I try dealing with these lenders. It's a mess. No one seems to be in charge and quite frankly, I don't think they really care. Buying a REO property on the other hand, is a cut and dried process. I make an offer for my client, I usually hear back in a day or so and boom(!) we either have a deal or we start a counter offer game. It's actually fun! It's all about the numbers--not the people. I like that........I'm surprised I feel that way! I got into Real Estate to help people. I think all of the negative experiences with short sales have turned me off that market! I like working with my investors for a lot of reasons. Number one, they're all so nice. Number two, they're such good business people. Number three, they're fun to be around and reason number four: they actually enjoy what they're doing! One reason they enjoy what they're doing is because the end result is a nice home for someone to rent at a REASONABLE RATE, or they end up with a re-habbed house that they can sell at a REASONABLE PRICE. As one of my favorite investors always says, "it's win--win--win for everyone involved". I like dealing with people that care about others. I guess I like dealing with REO's because, like in the beginning of my career, I'm still helping people...
Monday, December 1, 2008
Foreclosure Rates Continue to Rise
There are currently 3000 preforeclosure homes on the market in Jacksonville. If they aren't in full blown foreclosure proceedings, they're definitely in deep trouble. Most are in some stage of the foreclosure process, lots are short sales. In troubled times like these, it's time for the buyers to come out of hiding! Interest rates fell again Friday to below 6%! Now is the time to get into the market! Whether you're a first time buyer or an investor--the time is right. Inventory remains extremely high (which means lots of homes to pick from) and now interest rates are low so it's the "perfect storm" for buyers. I can even tell you about a way to get up to $35,000 in buyers assistance for first time buyers! Yep. You read that right. I can get you up to $35,000 to help get the price down, pay closing costs, do repairs, or whatever it takes to get you into that first home! Call me today and I will put you in touch with the lender that will guide you through the simple process of taking advantage of these funds. Don't wait! Buy today.
Monday, November 3, 2008
Home Sales Up in Jacksonville-Foreclosure driven
Homes sales have been quite brisk the past 30 days! Unfortunately more than half of those sales have been preforeclosures and short sales. The market is clearly price driven. The investors have come back out and first time buyers are finding deals galore! It's a great time to be a buyer in Jacksonville! Unfortunately, those that aren't in a short sale situation, those trying to get a fair price for thier homes, these are not such good times. If the seller is trying to compete with these foreclosed homes, good luck! The price of the short sale homes are usually 20% or more below the other homes in the neighborhood, naturally pulling the value of the homes in the entire area down with it. This is a tough time to try and sell a house at full value!
If you're a buyer that's been sitting on the fence, it's time to JUMP! Interest rates are still low--inventories are HIGH--foreclosures are at an all time high! What in the world are you waiting for?? Let's go find your dream home. :)
If you're a buyer that's been sitting on the fence, it's time to JUMP! Interest rates are still low--inventories are HIGH--foreclosures are at an all time high! What in the world are you waiting for?? Let's go find your dream home. :)
Monday, October 27, 2008
Wednesday, October 22, 2008
List Em and Leave Em
In the spirit of Halloween...
This is a post worth repeating:
I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the realtor again!! I'm not exaggerating! Check out this story....
New example of a “list em and leave em” real estate company
Wednesday, May 02, 2007JANESVILLE, Wis. — A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda Chabucos-Galow stood in the dining room while Justin and Colleen McKeen walked through a house Monday night. Before long, she heard Colleen McKeen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," Chabucos-Galow said.But then she peered into the bedroom and saw the body of Linda L. O'Leary.
An autopsy determined O'Leary had been dead for two to three weeks, Rock County Coroner Jenifer Keach said Wednesday. The cause of death remained under investigation, but the woman appeared to have died of natural causes and no foul play was suspected, Keach said.
Gale Kent, the Coldwell Banker First United Realty agent who listed the house, said it was for sale "for a while."Chabucos-Galow said she had noticed a faint odor but thought it was from the mess in the house or the countertop full of dishes.After seeing the body, she said she told the couple: "'We need to leave. This is not right. We need to get out of here.'
"I rest my case! If you want to list your house with someone that will communicate with you---give me a call! I look forward to hearing from you.
This is a post worth repeating:
I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the realtor again!! I'm not exaggerating! Check out this story....
New example of a “list em and leave em” real estate company
Wednesday, May 02, 2007JANESVILLE, Wis. — A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda Chabucos-Galow stood in the dining room while Justin and Colleen McKeen walked through a house Monday night. Before long, she heard Colleen McKeen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," Chabucos-Galow said.But then she peered into the bedroom and saw the body of Linda L. O'Leary.
An autopsy determined O'Leary had been dead for two to three weeks, Rock County Coroner Jenifer Keach said Wednesday. The cause of death remained under investigation, but the woman appeared to have died of natural causes and no foul play was suspected, Keach said.
Gale Kent, the Coldwell Banker First United Realty agent who listed the house, said it was for sale "for a while."Chabucos-Galow said she had noticed a faint odor but thought it was from the mess in the house or the countertop full of dishes.After seeing the body, she said she told the couple: "'We need to leave. This is not right. We need to get out of here.'
"I rest my case! If you want to list your house with someone that will communicate with you---give me a call! I look forward to hearing from you.
What about the tenants??
I've been hit in the face with the harsh reality of what really happens when an investor faces foreclosure on the home(s)he/she bought as rental homes. I've had the unpleasant task of informing renters that the home they're living in is in foreclosure. This is really a bad situation. The renters have been paying their rent on time and have a lease that is good through next year. Unfortunately, they will have to move right away if the home is foreclosed on. They are caught up in the housing nightmare that is engulfing our market. They are the innocent bystanders that are going to suffer through no fault of their own. At least my tenants know!! I have been hearing way too many stories about tenants having Sheriff's officers show up at their door telling them to GET OUT. It's gotten so bad, several cities have begun to refuse to evict these tenants without prior notice. SOMETHING must be done on a national level to ensure that these tenants have ample time to find a new place to live. I'm thinking that if a home is foreclosed on and the property is rented, the tenants should get 60 days to move out. Is this being unreasonable? I don't think so.
I am anxious to see how this all plays out. It's a MESS!
If you're facing a possible foreclosure on your home--CALL ME! Let's see if we can sell it as a short sale.
I am anxious to see how this all plays out. It's a MESS!
If you're facing a possible foreclosure on your home--CALL ME! Let's see if we can sell it as a short sale.
Wednesday, October 8, 2008
Facing a Foreclosure in Jacksonville?
Times are tough for a lot of people today. The stock market continues to drop, consumer confidence in the Feds continues to drop, food prices continue to rise, gas prices are high and it just costs a LOT of money to survive today! Are you afraid you might be forced to miss a house payment? Have you missed one (or two or three)? Right now, right this minute, CALL YOUR LENDER. If your interest rate is above 7% please consider refinancing your home. If your credit is less than perfect, ask your lender about a FHA loan. The latest bailout package has help for you in it! I think it may be December before they are able to see exactly what that help will be. I think that you should contact your lender right now, today. They know that they are going to have to help you in some way, shape or form. They will work with you.
Please don't lose your home due to inaction. Call your lender. Try to work something out with them today.
If you're at your wits end and feel like you need to sell your home. Call me. Let's see what we can do for you.
Friday, September 19, 2008
Jacksonville Short Sales
The developments in the finance and mortgage world come as no real surprise to those of us in the trenches. Currently there are 15,000 homes on the market in Jacksonville and of those, 20% are distressed sells. I define a distress sell as either a preforeclosure, short sale, or REO property. A REO property is owned by the bank and has already had all foreclosure proceedings completed. There are 2604 condos listed in MLS and 13% of those are distressed properties. It didn't take an MBA from Harvard to know that something had to give. When buyers can't get financing--Realtors are out of business. When lenders require a credit score of 720 and at least 20% down--Realtors are out of business. When homes drop by 15-20% in value in 6 months--Realtors are out of business.
I now have 5 short sale listings. They are located all over town! I think that this is why I really got into Real Estate. I am trying to help alleviate the pain and pressure that a homeowner suffers through when upside down on their mortgage. Once a seller lists their house with me, I take over the role of negotiator with the lender. I speak on their behalf and determine the rules of the game with that particular lender. They're all different and each case is different. They take every home on a case by case basis. Once I list the home, pretty much all communicaton is through me. This eases the burden on the homeowner. That's what being a Realtor really is all about: helping you solve a problem! Put me to work for you today.
I now have 5 short sale listings. They are located all over town! I think that this is why I really got into Real Estate. I am trying to help alleviate the pain and pressure that a homeowner suffers through when upside down on their mortgage. Once a seller lists their house with me, I take over the role of negotiator with the lender. I speak on their behalf and determine the rules of the game with that particular lender. They're all different and each case is different. They take every home on a case by case basis. Once I list the home, pretty much all communicaton is through me. This eases the burden on the homeowner. That's what being a Realtor really is all about: helping you solve a problem! Put me to work for you today.
Wednesday, September 10, 2008
Wednesday, September 3, 2008
Tuesday, September 2, 2008
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.
Jacksonville Beach and Tropical Storm Fay
The Beaches area continues to feel the wrath of Tropical Storm Fay. It's not like she's in a big hurry to get out of here or anything. Quite the contrary! Like a guest that's over stayed their welcome, it's past time for Fay to go. She has been lurking off of the coast of Northeast Florida for two days. When she finally headed West today, she brought buckets of rain with her. Along with the buckets of rain, she brought 40 mph winds with gusts up to 55 mph. It's been a rough afternoon here at the Beach. The damage so far is minimal. There have been numerous reports of flooded streets and a few trees down, but all in all, we've been lucky. We've been spared any real serious damage. Property damage is very low considering how bad it could have been... I wish the story ended here.
Jacksonville Beach rarely has to worry about tropical systems. When we do, we take it pretty serious. Unfortunately, one person lost their life in Neptune Beach today. Three swimmers from Indiana decided to go swimming in the ocean when the waves were at their worst. One died and one is in critical condition after being rescued by Fire and Rescue. It's so sad. Anyone that took one look at the 13+ foot waves and felt the power of the wind would know not to venture in. I feel so bad for the families of the person that died and for the others involved. It's a sad side bar to what should have been a story about the fury of Mother Nature and how well prepared we were.
We live in Paradise for the most part; friendly people, great restaurants, fun festivals, great shopping and of course, beautiful beaches. Every once in a while we're reminded of the power of these tropical systems.
Please don't take any chances when one of these systems comes through our area.
Jacksonville Beach rarely has to worry about tropical systems. When we do, we take it pretty serious. Unfortunately, one person lost their life in Neptune Beach today. Three swimmers from Indiana decided to go swimming in the ocean when the waves were at their worst. One died and one is in critical condition after being rescued by Fire and Rescue. It's so sad. Anyone that took one look at the 13+ foot waves and felt the power of the wind would know not to venture in. I feel so bad for the families of the person that died and for the others involved. It's a sad side bar to what should have been a story about the fury of Mother Nature and how well prepared we were.
We live in Paradise for the most part; friendly people, great restaurants, fun festivals, great shopping and of course, beautiful beaches. Every once in a while we're reminded of the power of these tropical systems.
Please don't take any chances when one of these systems comes through our area.
Wednesday, August 13, 2008
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