Are your expectations in line with the current Florida real estate market?

As a buyer or a seller of a home or property in Florida, are your expectations in line with what the market is saying?

Buyers

• Are you aware that short sale transactions can take longer to close than traditional deals?
• Did you know that bank owned/foreclosed property will often receive multiple offers which will push the final sales price higher than the initial listing price?
• Time is running out in order to take advantage of the first time home buyer tax credit and there are no guarantees the credit will be extended.

Sellers

• Over pricing your home is not a good strategy in this market. Testing the market usually results in a failing grade.
• Trying to short sale your home simply because it is no longer worth what you paid for it is not considered a valid reason by your lender.

Buyers and sellers need to manage their expectations. My job is to make sure that you know going in what to expect, and to explain how we can work together to make sure you receive favorable results.

Related Florida real estate views:

Customer service provided by agents

Each party of the listing contract have obligations

2 reasons your home may not sell

Of course there are more than 2 reasons why a home does not sell. The following reasons are just 2 comments or thoughts that you and/or your agent may have that would strongly indicate your home is going to languish on the market for some time.

1. "I am not going to give my home away." Sellers often make this statement when approached for a much needed price reduction or price enhancement. "Not going to give my home away can also" be translated as "not going to sell anytime soon."
2. "I have to sell real estate part time now because there are not enough sales to pay my bills." If your real estate agent is not fully involved in selling your home in this market you should be ashamed of yourself for hiring them. Part time real estate agents equal part time marketing, part time prospecting, part time dedication to the task at at hand and less chances that your home will sell.

My job is to assist you in removing obstacles and reasons that prevent your home from selling. As a full time professional I understand what it takes to sell a home in any real estate market. Give me a call to discuss your specific situation.

Related Florida real estate views:

Open houses don't work.

If you want to sell your home fast

Why won't anyone buy my house?

- Greg Staker 407-304-0255

Appraisal problems add to the frustration

Over the past 2 weeks I have had a number of agents stop in my office to discuss a similar issue. Appraisal problems hindering or killing their deals.

We have had appraisals that come in below the contract price or we have appraisals that come in at full value only to be found unacceptable by the lender's underwriter. In one case, the appraisal came in lower than the bank agreed upon short sale amount!

Our agents are now cautioning sellers that simply being able to obtain a buyer at the seller's asking price does not automatically equal a sale. Until home prices finally hit rock bottom and start inching back up, waiting on appraisals will be a nerve racking experience.


Related Florida real estate views:

Florida amendment 5

Appraisals + short sales = no sale

How can I make sure I am not paying too much for a home?

- Greg Staker - Watson Realty Corp - 407-304-0255

I am not going to give my home away!

Somewhere between "I am not going to give my home away" and " this home is never going to sell", is the right price where the home does sell, even in this market.

What sellers and their real estate agents should know by now is that the sold price cannot be influenced by:

• What the seller needs to get
• What the seller paid for it
• Offerings of incentives, higher commissions or concessions
• Time

The sold price is only determined by:

• A buyers interest
• Continuous and aggressive pricing strategy

Buyer's interest is obtained by using a professional marketing and prospecting plan that has proven success in finding qualified buyers.

The continuous and aggressive pricing strategy centers on determining the real value of the home at the onset and not being distracted by forces that have no bearing on what a home should be listed for. The continuous effort is accomplished by watching the values of homes in a given area and instead of chasing down the market with regards to pricing, the agent and the seller will need to stay ahead of the market and counter any changes with reductions in price that are substantial and effective.

If a seller is unable to meet the criteria needed to sell then they should consider not listing their home for sale.

Contact me to find out where your homes falls in the continuum.

Related Florida real estate views:

Why would anyone offer to buy a home at list price or above in this market?

How can I make sure I am not paying too much for a home?

Smart home sellers listen to what the market is telling them.

- Greg Staker - Watson Realty Corp. - 407-304-0255

Make sure you review an estimated proceeds document before signing an offer to sell your home

Once of the issues I deal with from time to time are sellers who are upset when they receive their HUD statement prior to closing and they find that they are not receiving an amount they expected. When questioned about receiving and signing off on an estimated net proceeds document at the time the offer was presented, some claim they never received such an accounting.

A seller should have the opportunity to receive and review an estimated net proceeds document on at least 2 different occasions during a normal listing contract period.

The first time being when the home is listed for sale. An agent should provide in writing to the seller the costs associated with selling the home and the estimated net after those costs are paid.

The second occasion is each time an offer to purchase is presented to the seller. A seller should never accept an offer until they have a written accounting of the estimated net profit they will realize at closing.

Costs that should be covered when estimating the net proceeds include:

Real estate commission, Transaction fee, Doc stamps, Closing fee, Search fee, Estimated payoff of all mortgages, Recording fees, Home Warranty policy, Buyer closing cost paid by seller, Proration of real estate tax, Misc. prorations.

Acknowledging the net proceeds at the time you receive an offer will leave few surprises when you are at the closing table.


Related Florida real estate views:

Should you include your personal property with your home sale?

Real estate brokers can't be trusted

What does a home warranty cover?


- Greg Staker - Watson Realty Corp. - 407-304-0255

What are my options when I receive an offer to sell my home?

1. Accept the offer. Receiving an offer that meets your terms and conditions is what you expected when you listed your home. You should review the offer and when you are satisfied, accept it and immediately have it delivered back to the buyer.
2. Reject the offer. If the offer you have received is nowhere near what you are asking or expecting you have the option to do absolutely nothing. Let your agent know that you do not intend to accept or counter the offer.
3. Counter the offer. Perhaps the offer you received is not quite what you are looking for, but it is close. Your option may be to counter the offer, in other words let the buyer know in writing what you will accept. This countering process can go back and forth between you and the buyer in writing until you both have agreed to acceptable terms.

Related Florida real estate views:

The MLS requires the signature of the home seller

Owner will assist with closing cost

I am not going to give my home away!

- Greg Staker - Watson Realty Corp. - 407-304-0255

Free report on why your home did not sell.

Have you tried to sell your home only to find yourself in the same position as hundreds of Central Florida homeowners who were not successful? Did your home languish on the market with no buyers making offers or even interested in viewing?

What happened? Was it the advertising? The marketing? The price? The staging?

We may be able to help you determine what the reason or reasons were that prevented your home from selling. Nothing is more frustrating than wanting to sell your home only to find that no one is interested.

Our free report will include our examining:

• Market conditions surrounding your specific location.
  
• How your competition fared compared to you during the same time period.
  
• Effectiveness of the advertisement used with your home.
  
• Online exposure your home received.
  
• Exposure created by direct mail campaign.
  
• An in-depth price point analysis.

Our report will thoroughly examine the previous promotional, marketing and prospecting techniques used to attract a buyer for your home. We will then provide a written report outlining suggestions, recommendations and include a complete marketing plan that, when implemented, will put you in a better position to sell your home regardless of market conditions.

The report is free. If you are still interested in selling your home then I strongly encourage you to take advantage of our free report.

Related Florida real estate views:

Does your agent have enough money to advertise your home?

Smart home sellers listen to what the market is telling them.

Real estate agent costs rise as income dwindles

- Greg Staker - Watson Realty Corp. - 407-304-0255

Realtors lost in denial

denial: a defense mechanism that denies painful thoughts


Here are my favorite responses from agents who have homes on the market for several months that have not received a price adjustment.

"It is the lowest priced home in the neighborhood."

Yes, an it will be the lowest priced expired listing in the neighborhood too. Lowest price means nothing in today's market.

"The agents who showed the home say it is priced right."

Agent feedback means nothing. What did the buyer say? If buyers say it is priced right, it would be sold.

"They need to get this much out of it."

Guess what, they probably are not going to sell it then. A seller's need to sell at price not justified by the market has no impact on a buyer making an offer.

"It is priced right but the yard is to small or it has no garage or an airport is being built next door, or the carpet needs cleaned."

Always something that just keeps the house from selling. You can bag up all of those reasons and simply say, it is priced to high. If it had a garage or a yard or a pool or..or...or... then it would be worth what you are asking. But it doesn't so guess what? Priced to high.

MLS marketing remarks can assist you with selling your home

The public comments section in the MLS, which includes Orlando homes for sale, is a listing agent's opportunity to speak directly to a potential buyer. This space is normally used to describe the great features the home offers. It might also be used to make your case for why a qualified buyer should consider this listing as compared to the thousands of other listings available to them.

With the market as challenging as it is, you might be able to make a case for using the word "please" in the public comments. For instance, how about "please look a this home if you plan to look at any home in a million mile radius" or "please do not let the cat out unless you are planning on making an offer, we can always get a new cat. " : )

Most mothers will tell you that you have a better chance of getting something you ask for, if you simply say please.

So with the market in its current condition, you would think please would be running amok in the public comments section. Please make an offer. Please view my home. Please ask questions. Please ask me about concessions. Please show. Please tell me why you did not make an offer. Please tell me how we can increase our chances of selling the home.

Think again.

Of the 69,210 listings being reported as active in the Mid-Florida MLS, please was only used 502 times, or 0.725% of the time.

I am going to suggest to my agents at the next sales meeting that if they run out of great things to say about the home they have listed, why not try finding a way to insert a please. Could it hurt?

Oh by the way, I also checked thank you. It was used only 29 times.


Related Florida real estate views:

This home “won’t last” is now at 612 days and counting

Is there a way to search for foreclosures in the MLS?

MLS taking a stand regarding short sales and commissions


- Greg Staker - Watson Realty Corp. - 407-304-0255

A record number of home buyers reported in Central Florida

Ok, maybe that should read potential home buyers.

We certainly have not seen a headline, like the title of this blog, describing the Orlando and Central Florida real estate market in some time. Just thinking about a record number of home buyers would make any real estate professional, lender and home seller giggle nervously. And the potential home buyers are here, sorta.

Today's MLS numbers show over 38,000 homes listed for sale in the counties of Lake, Seminole, Orange, Osceola and portions of Volusia county. 38,000 sellers who.... when their home sells......could add to our pool of potential buyers?

Maybe I am being optimistic so let's say, for arguments sake, only half of those sellers who have their home on the market will buy a home when their home sells. That would mean that we have nearly 19,000 potential home buyers right in front of us!

I think that would rejuvenate this very exciting but challenging home market, don't you?

Now that we know where buyers are, how are we going to get them to purchase a new home?

Simple. Offer them a deal they cannot refuse. Imagine if our seller went home shopping, found a home priced correctly, fell in love with the home and made an offer that is accepted. Motivation is now high, correct? So our seller, who just became our buyer, will now want to do whatever it takes within reason to sell their home so they can move to their new dream home!

Reduce their price perhaps?

Once their home has been priced correctly along comes a buyer who falls in love with our seller's home and presto, like a snowball rolling down a hill, we would have ourselves a great real estate market started.

I'm not sure about you but I'm ready to start!


Related Florida real estate views:

Buyers are choosing fixed rate mortgages

Why would anyone offer to buy a home at list price or above in this market?

How can I make sure I am not paying too much for a home?


- Greg Staker - Watson Realty Corp. - 407-304-0255

Can you make an offer on a house even if you have not received an offer on your home?

You may not need to wait to negotiate an offer on a new home. You can use a first right contingency clauses or you may qualify out right to buy your new dream home while you wait for your home to receive an offer. For more information check out this home buying and selling information page.


Related Florida real estate views:

I would not buy a house in Florida.

How can I make sure I am not paying too much for a home?

Making verbal offer and counter offers when buying a home.


- Greg Staker - Watson Realty Corp. - 407-304-0255