Reasons people will move during the pandemic
Florida Realtor digital news posted an article today, July 16, citing Buyers’ Wants during these pandemic times…
Reasons people will move during the pandemic
- 44%: Need more space
- 41%: A desire to buy rather than rent
- 37%: To get out of the city and move to the suburbs
- 31%: Job relocation
- 31%: A desire for private outdoor space
- 28%: To be closer to friends and family
- 27%: To downsize
- 19%: To be in a better school district
- 13%: To get away from multifamily or condo life
- 11%: Due to financial problems and/or a job loss
- 3%: To get closer to the city
- 11%: Other
Crowded cities do not hold the same fascination right now, despite the energy we have all felt living in the middle of a vibrant community and/or evolving cultural area.
Buyers who are in the market right now are serious, they want a bigger home, they want more space around them, and of course, some want to downsize from homes if they feel overwhelmed with the upkeep. Most buyers would not be in this current market of uncertainty except for the historically low interest rates. They feel it is a cushion should the upward value trend get derailed at some point, for any length of time. Buyers who can and want/need to move…. for jobs, schools or other concerns… are making their move, trying to get in place for the long haul. Furthermore, depending on any stability in ongoing rental rates could be unwise compared to locking in a 30 year loan around 3% or less.
Generally homes with more space are most sought after, although buyers often opt for new or all remodelled, move- right- in with no expectation of further monetary investment. Whatever the case, real esate professionals can help buyers and sellers reach a solution so most any transition can work.
Certain features in a single family home, like excellent space, a 2 car garage, especially a Home office, attract today’s home buyer. If the buyer is a visitor seeking a second home, a vacation home along our beaches, they often look for an intriguing location rather than space, they are buying a lifestyle, investing in a place of escape that feels perhaps freer and more inspiring than they have “back home.”
675 63rd St. So., St. Petersburg, 33707. $399k. SELLER IS AHEAD OF THIS MARKET!… Recently reduced $30k so buyer has built-in equity for any updates he wants. Buyers, NOW is the time, MAKE YOUR MOVE TODAY! EXCELLENT 3 bedroom/ 3 bath/ 2 garage Home, lots of space, professionally landscaped corner lot, quiet residential neighborhood, popular and accessible location adjoining Gulfport, hardly a mile from restaurants and myriad shopping of So.Pasadena, short walk to Stetson Law School, parks, library, community center… and only a ten minute drive to beaches or Tyrone Mall. This well-sized home features a BRAND NEW red cement tile ROOF, and 3 year old air conditioning system! Special interior features include solid oak flooring, spacious kitchen, dining room, family room, living room, office and foyer… in addition to the 3 bedrooms and 3 baths! A comfortable and inviting covered front porch with broken- tile flooring stretches across the front of the house. An open broken-tile terrace stretches across the west side(back) of the house. PLUS a sizable side yard to the south can make a lovely play ground for children and pets……… or perhaps a pool. NOTE: OFFICE and third bath may be accessed outside the house. Many of us have home offices, and this assures privacy for work areas as well as your family.
OPEN SATURDAY, JULY 18, 1 TO 3, or call Joan for individual video call/walk through.
200 1st Avenue, Pt. Pass-a-Grille #303, St. Pete Beach, Fla., 33706. $413k. TALK ABOUT ROOM WITH A VIEW!!! stretching from the Pass out of the Intracoastal Waterway into the Gulf of Mexico, here is your beach retreat like no other….Feel extraordinarily liberated in this brilliant setting, expansive water views overlooking the beautifully manicured private grounds and pool of Pt Pass-a-Grille. This gem has an unmatched location at the southernmost tip of a string of Gulf front Islands stretching from Clearwater Beach to the end of St. Pete Beach. Take a short 8 block stroll along the beachfront to “downtown” Pass-a-grille, 8th Avenue, home to all manner of quaint shops and unique restaurants, Merry Pier at the east end of 8th, the Historic Museum on 10th. No need to go any further!…And no need to look any further for the home or vacation spot of your dreams. Freshly painted interior, large pantry, walk in bedroom closet, lovely balcony (with storeroom), on-site laundry. Awesome views eastward from bedroom also. A/C system only about 4 years old. Exceptionally well-maintained complex.
OPEN SUNDAY, JULY 19, 1 TO 3, or call Joan for individual video call/walk through.
Best regards to all,
joan
Selling your home…Your Pre-listing package
Even in a “sellers’ market,” the home seller must keep certain tips and possible pitfalls in mind to stay the course. Maybe you’re a first time home seller, maybe a seasoned seller, but even a veteran Realtor goes in with a plan based on practical home selling ideas.
If you look around your neighborhood you’ll notice most seasoned sellers list their property with a Realtor. Even in a “Sellers’ Market.” Pricing, predicting, presentation, promotion, problem solving, processing…peace of mind. It takes a professional.
One step at a time…we’ll make your property stand out in a crowd.
- HIRE A REALTOR. You won’t be sorry.
As a prospective seller, you might interview a number of real estate professionals in your market to determine your best “fit.” You are choosing your available point person, who is going to be with you beginning to end. Consider references, overall reputation, expertise, connections, community and global engagement. Be sure to discuss the hands-on management and services you expect. It’s important you participate in this groundwork, review the professional’s networks, her proposals for exposure and her/his marketing plan offered, and discuss the program best suited to your specific needs and goals.
And meanwhile, keep in mind one very basic key to success…Share with your agent all the things you love most about your home, details and insight you’d like her/him to share with consumers.
Then from that moment on, think of your property as a product instead of your home. This is the art of selling.
Don’t put your property on the market until you’re ready to sell. Then be educated to sell. Selling property properly means get professional, non-subjective advice, especially if it’s your home. If the owner isn’t ready to let go, buyers will know and the house will likely sit.
… And don’t “test” the market. You will fail.
- PRICE PROPERLY. Your key to success.
A seasoned Realtor can help you target the perfect pricing position for your property in any current marketplace. Pricing a property for the most successful sale is not just a science, based on what actual statistics tell you. It is is also an art, a perception that the professional Realtor develops over years of experience, added to the intimate study of your home real estate market, its histories and the relative sales climate at any given point in time.
There is often a spread between the original offering/list price and the price where the property actually sells… Alert!: the narrower this spread, the more successful your sale. Be sure to analyze, and disregard fabricated or manipulated data.
Time on the market must be factored into your pricing decision. It’s proven today, just as it was before we had computers and fax machines and cell phones, the longer a property sits, the lower the sales price.
Also a proven statistic, no matter how the market trends, up or down, the further your initial list price is above the actual market activity, the longer your house will sit. That’s the basis for the advice… in most markets, the best strategy to attract the most buyers is to price just a bit low. Take advantage of your agent’s insight and experience and you will lose nothing by determining the savvy pricing position… BEFORE you begin.
Today’s buyer has all manner of access to statistics and histories and trends, viable or not; and while of course, buyers seek to pay as little as possible, they essentially want a fair deal. When it comes to buying their first, or their fifth, home, they are largely willing to step up to the price that can be supported by professional and reasonable analysis of what the market will, or should bear. In other words, be prepared, and demand your agent be prepared to provide this in writing to a prospective buyer and/or his agent.
Here are some common mistakes sellers make in pricing their property:
- Pricing to what has not sold rather than what WAS sold.
When I was a new Realtor the saying went like this, “Price a little high, and a little low…” given a stable market, you can successfully price a little higher than what just sold, but also price it lower than what is currently offered for sale, i.e. the competition. Don’t worry that a neighbor might sell for more than you. If he is priced way higher, focus on your own goal. That competitor will not likely sell sooner, certainly not for more.
- Overvaluing the amenities.
What is important to one owner may not be important to another, or even preferred, such as granite countertops and high end fixtures and appliances. No two women like the same kitchen. Even a pool may be a drawback, perhaps for an out-of-town owner who doesn’t prefer the added maintenance and liability, or a family with an infant who are concerned about family safety.
- Reflecting improvements you’ve made dollar for dollar in the list price for your home.
Buyers may not appreciate the improvements you’ve made along the way as much as you did when you paid for them. It’s often difficult for a home seller to recognize when his cherished improvements and decor seem out-dated, even ill-advised, to the prospective buyer. In any event, we all know a car or a couch never brings the same price 5 minutes off the lot or the showroom floor. A buyer will not, cannot sincerely appreciate your personal clutter, nor even perhaps your financial investment. None of this will weigh so much as your clean, manicured, professional presentation.
- Pricing with your next home purchase needs in mind.
Buyers won’t care what you need to net for your next purchase.
- Pricing according to on line computer estimates, Zestimates, automated valuation models.
These sites are available everywhere, even on some agents’ websites (!), fun tools to “see where you are today”… But these are macro-level, at-a-glance, unwarrantable valuations which cannot be accurate enough or substantive enough to be dependable indicators of where a property is properly placed on the market. A good buyer, one who will pay the price, will seek professional guidance and expertise. You as a Seller, should, too.
What if an agent knocks on your door and suggests you list your home in a range of $368k to $432K, then adds he’s confident you have a 50% chance of selling it in that range…? That’s essentially what you get with an AVM.
Your agent should be prepared, in writing, to help you make an informed decision about pricing your property. Then your agent will do his or her best job to continuously counsel you and to ensure you’re not still sitting in your home six months later, along with the other Un-Solds. There are Un-Solds in any market.
- Ignoring feedback and traffic indicators.
Really look at the actual, not manipulated, listing to selling time ratios when you price your property. AND once you have listed your property on the active market, stay engaged. Listen to your agent, who should give you continuous feedback from other agents as well as personal showings. Listen to what the market is telling you. Watch the traffic patterns, on-site and on-line, keep up with what your neighboring competitors are doing, and find out what your prospective buyers bought instead of buying your property.
- PREPARE AND PRESENT THOUGHTFULLY….your property is your produce.
Again, think of this property as a product to sell, not your home. You won’t live there any more, someone else will. And the best odds of finding your buyer sooner rather than later is to de-personalize it, and show your buyer the palette (s)he can use to imagine himself living there, not you.
- Curb appeal…first impressions…this is the initial determination of what your home is like inside. Clean the yard, get rid of obstacles that detract from “manicured” in any way. Re-mulching, new grass, new plants can add color and appeal, perhaps add solar lighting along the walkway and potted greenery at the front door. Pressure wash drives, walkways, siding…paint and trim, clean soffits and gutters, check the roof….how does the front door welcome people, the front porch, the mailbox?……
Keep a realistic budget, don’t replace something unless it’s a major irreparable detraction, but little things add up. You’re providing a memorial snapshot, a first impression to set the tone of the interior showing, or to bring that buyer back to look inside.
2…Clean clean clean… Be especially sensitive to this now. Above all, this is the major feeling that will weigh in with prospective buyers. Not only clean, make it sparkling…which of course denotes attention to that sort of detail, and gives a prospective buyer peace of mind. You want the buyer to know you think well of your home, not just what you have in it. You want them to feel it is a healthy home. Proper cleaning can surpass the countertop upgrade you couldn’t afford, and it costs the seller virtually nothing beyond time and detergent and polish.
3…Repair/remodel. … Small improvements go a long way… details such as fresh trim at doors, baseboard, crown molding, cabinet handles, fresh paint (neutral shades only!…such as warm white), and get rid of the wall paper… Cleaning and making sure all fans and lighting fixtures are in working order is a big plus.
You can step up another level…to new or continuous (all rooms matching) flooring, new windows…all of these items can significantly brighten and improve the look of your home and help your home sell faster, thus for more. Attention to such items can also likely increase the return on dollar spent.
You might consider appliance upgrades, but initial attention should focus on major mechanical items, indicating your home is well maintained. This will likely win more points with a buyer.
Substantial interior upgrades such as bathrooms and kitchens, for the purpose of selling faster or for more, are ill-advised, not only for potential dollar return on your investment, but also for the time, not to mention unexpected hurdles, it will likely take to complete. And after all, second-guessing what your buyer will prefer is very risky…especially with kitchen and master bath arrangements.
- De-cluttering and staging…. You don’t need to have a huge budget to be staging savvy. Staging can mean professional, really upscale designers, or it can translate to de-cluttering, de-personalizing, and “styling” a house. Less is more. De-cluttering is top of the list…which may mean renting a pod or storeroom, removing a couple pieces of furniture from each room. Do this before you put your property up for sale. It will sell faster, for more.
It may take a trained “third” eye to transform a space to suit the latest trend in home buyer wants and needs, but often you and your friends and your agent can be the staging sages. Just use an objective eye and pin-point where attention is most warranted. Staging or “styling” a home can be as simple as neutralizing, reorganizing and redistributing some pieces you already own, with the idea of drawing attention away from what detracts…or screams… and putting focus on what is spatially positive and has general appeal. Perhaps you might create a focal point in a room with a piece of furniture that suggests how the buyer might use the room. But remember to give your prospects the space they need to visualize and to engage.
- GET THE WORD OUT…key in to professional marketing.
Proper pricing is crucial, but the price a buyer offers is driven by cleanliness, preparation, presentation (staging/styling)… and of course, bringing your public in. Traffic is generated by professional marketing and proper market exposure. Once your home is ready to go on the active market, your Realtor can assure your photography, your brochures/ flyers, are attractive, and your marketing material is thoughtful, relevant, informative, and demonstrates pride of ownership for a new owner. The expert marketing representative has not only the resources, but also the resourcefulness, the know-how, to focus attention aggressively while in good taste, with the most beneficial and effective results.
A savvy real estate agent is equipped to hook you into all manner of networks, local and global, to expansively and properly expose your property for sale. All of us who are MLS and PRO/Realtor members are syndicated on nearly a thousand on-line websites, and some of us are professionally linked through our individual certifications and designations so we are associated with countless other professional networks, to assure you enjoy maximum exposure for your product, both in your own backyard, and across the globe.
READY, SET, GO!
Staying In Touch
We are all watching stories of people risking their own lives to save people….I think many of us wish we could do something really heroic just now.
But we each have our assignments, our unique challenges, every day. I am fortunate to be low maintenance, I live alone. My structure and my goals are my own. (Hahaha, like my 2 kitties.) I water the Impatiens or check on the a/c at a vacant listing, address issues with tenants, earn a new real estate certification, check on a client, cheer up a friend, create a new marketing prospectus, participate in global Realtor Zoom conferences, practice yoga to cello music…
Peace and power to all of you who hold your family together at home.
Today my goal is to say “Hi” to clients I may not have spoken with in some time, to neighbors and friends I have not seen at the grocery, or on social media, and Realtor friends I may have missed on recent Zoom conferences.
Being a small independent agent, I can usually afford to focus my full attention on a project and give each client the ultimate “hands-on” real estate experience. So this not so hands-on, virtual, arena is somewhat new to me. But like my peers everywhere, I am jumping in. I will continue to be resourceful in finding ways to show and market homes and make the experience meaningful for those who want to buy and sell real estate. Everything is not fine. This health pandemic is a financial disaster, but it is not a real estate recession. And it is the opinion of most economists and industry experts, real estate will help lead the way to recovery for our economy. So let us all keep putting deals together!
The most frequent question I get right now is what is going on today in the real estate market with this virus situation. And that is still hard to say, because this ” new market” is only a couple weeks old. We are not seeing big changes in local statistics at this point… deals still close, deals from last month are largely still in the pipeline. And the market inventory has remained much the same due to several factors: Some contracts are falling out over financing issues/ income disruption, and those properties go back on the market. At the same time some sellers have cancelled listings, or changed to “temporarily off the market” status…generally they own occupied properties where families are nervous to have traffic through their homes until a “safer” time. We see price reductions,sure, but nothing too astounding. In many areas price reductions have been common for some time as sellers enjoyed a climbing market, and occasionally priced their properties a bit too optimistically.
From February 19 to March 19, Pinellas County recorded 922 single famly homes sold. From March 19 to today, April 19, SFR sales totalled 811. 507 condo units sold in the window February 19 to March 19, and between March 19 and April 19, 440 condo units sold. The number of pending sales for both single family and condo units remained essentially unchanged between February 19 and today, as reported by our Stellar MLS market review. That stability is positive.
After over 32 years in the real estate business, I have not seen it all….This is new territory. I have no crystal ball.
If you are a consumer and want to know, “is this a good time to sell?” …Each real estate market has its own rules. But if you are ready, and able, to allow safe showings, I believe now is as good as next month, or a couple months from now. There are buyers out there, I can see this on the response I get from real estate posts. Shopping on line will be stronger than ever, buyers will not favor touring a myriad of homes with their real estate agent before making a decision, and if they are ready to make a move, decisions may come quickly.
If you are a buyer, and you are ready or need to make a move, my advice is to get out there and see if you might make a really good deal on the house you like and want for your family. Sellers will appreciate you more than ever.
Contact me if you have questions I might answer, go well, with best regards,
joan
Update on Flood Insurance Legislation
Many thanks to Doug Izzo, Tampa Bay Beaches Chamber of Commerce :
Good afternoon,
The National Flood Insurance Program (NFIP) was set to expire today. However, Congress passed its 11th extension yesterday, carrying it through June 14, 2019. The plan is, Congress will pass the disaster aid bill before June 14th which includes an extension through the end of September. The end goal is to have flood insurance reform including a long-term reauthorization this summer. More can be found at the following link:
https://www.theadvocate.com
Thank you,
Doug Izzo
Government Affairs Director
Tampa Bay Beaches Chamber of Commerce
Real Estate News Posted Monday, December 31, in RISMedia….Re. FEMA
Real Estate News Posted Monday, December 31, in RISMedia….Re. FEMA
The Federal Emergency Management Agency (FEMA) announced late Friday it will once again issue and renew flood insurance policies, reversing its earlier controversial ruling from last week that banned sales of the polices during the partial shutdown of the federal government.
A statement posted to the FEMA website Friday read in part, “As of this evening, all NFIP insurers have been directed to resume normal operations immediately and advised that the program will be considered operational since December 21, 2018 without interruption.”
The National Association of REALTORS® (NAR) called it “a critical win for home sales.”
“FEMA and the Administration deserve credit for hearing our concerns and acting swiftly to address them,” said NAR President John Smaby. “This new decision means thousands of home-sale transactions in communities across the country can go forward without interruption, as Congress intended when it renewed the flood insurance program earlier this week. Our research has shown that 40,000 home sales are lost every month that flood insurance is not available.”
On December 21, Congress passed legislation that extended the National Flood Insurance Program until May 31, 2019. In an unexpected policy decision on December 26, however, FEMA said it couldn’t allow insurers to issue and renew federal policies while the partial government shutdown was ongoing. That ruling was unexpected because in past government shutdowns, FEMA continued to operate the program as authorized. NAR, along with other organizations, including the Property Casualty Insurers Association of America and the Independent Insurance Agents & Brokers of America, urged policy makers to reevaluate the decision. Congress expressed concern, as well.
“We thank the Administration and Congress for stepping up so quickly to ensure the smooth continuation of flood insurance at a time when market disruption would be extremely hard-felt,” said Shannon McGahn, NAR senior vice president of Government Affairs.
FEMA to insurers: No flood policies during shutdown
Dec. 27, 2018 – The Federal Emergency Management Administration (FEMA) yesterday issued new guidelines instructing insurers not to sell or renew flood insurance policies during the partial government shutdown. The announcement took many by surprise, since last week Congress passed and the President signed legislation reauthorizing the National Flood Insurance Program (NFIP) through May 31, 2019.
FEMA’s cited the Antideficiency Act (ADA) as the source for its ruling. The ADA generally prohibits federal expenditures/obligations in excess or advance of appropriations, except in cases of “emergencies involving … protection of property.”
The National Association of Realtors® (NAR) says the opinion is contrary to the Congressional reauthorization and intent. Further, NFIP is funded by premiums paid by policyholders, not appropriations, so ADA should not apply.
NAR is leading a multi-industry effort, including insurers, lenders and other financial services groups, to reverse this decision. It’s also working with key members of Congress as well as the White House to intervene.
In a release today, U.S. Sen. Marco Rubio (R-FL) asked the Office of Management and Budget to reverse FEMA’s decision. “I strongly disagree with [FEMA’s] guidance, as it incorrectly interprets Congressional intent demonstrated last week,” he said.
Check Florida Realtors’ Facebook page and floridarealtors.org for updates.
© 2018 Florida Realtors®
SUMMER NEWSLETTER, 2018
*Pinellas County Real Estate Market Trends
*Coastal Concerns
Red Tide
Flood Insurance
*My Real Estate Promotions
Greetings….
People from up North, like I was once upon a time, laugh when I tell them Florida has seasons. I see it now, the daylight shines at a different angle, the sky has a different hue, the air a different feel, the clouds a different shape, our season changes soon.
And before it does, greetings with this Summer Newsletter!
I appreciate this summertime along our coast more each year, perhaps part of growing older. Even our most scorching hot summer days close with magnificent serenity. Sunsets along our Gulf coast seem more incredible the more I watch them, a 360 degree panorama from one perch on the dunes. This photo looks south from 26th Avenue in Pass-a-Grille…how clever of the sun, to ignite a brilliant explosion in the southern sky when it has already set in the western horizon.
Pinellas County Real Estate Market Trends…
Last week David Bennett, President and CEO of the Pinellas Realtor Organization, reported July statistics and year over year, there is no let down in median sales price and time to sale for single family homes or townhome/condos. “The median Sales Price for Single Family Homes was up by 4.2% from last year, at $250,000 for July 2018 versus $240,000 for July 2017. The Median Sale Price for Townhomes/Condos was $164,900 for July 2018, up 3.1% from $160,000 in July 2017. The Median Time to Sale for Single Family Homes was 61 days this July, down 7.6% from 66 days last July. Median Time to Sale for Townhome/Condo market was 72 days in July 2018 and 74 days in 2017, down at 2.7%.
The Average Sale Price for Single Family Homes rose from $312,210 in July 2017 to $320,584 in July 2018. The Median Time to Contract for Single Family Homes was 22 days in July 2018, up 15.8% from 19 days last July. The Months Supply of Inventory for Single Family Homes increased 12.0% year-over-year, with a 2.8 Month Supply this July, as compared to a 2.5 Month Supply in July 2017. New Listings for Single Family for July were 1,312, down 9.4% from last July, at 1,448. The Active Listings for Single Family Homes rose 2.4% from 3,049 in July 2017 to 3,122 in July 2018. Dollar Volume for Single Family Homes increased 1.6% year-over-year, with $383.1 million in 2018 versus $377.1 million in July 2017. Year-over-year, Closed Sales for the Single Family were down 1.1% with 1,195 in July 2018 versus 1208 in July, 2017. Paid in Cash sales for Single Family increased 12.6%, from 294 in July 2017 to 331 in July 2018.
The Average Sale Price for Townhome/Condo was $225,849 in July 2018, down from $226,638 in July 2017. The Median Time to Contract for Townhome/Condo market was 31 days. It was 32 days in July 2017. The Months Supply of Inventory for Townhome/Condo fell 3.4%, from 2.9 months in July 2017 to 2.8 months in July 2018. New Listings for Townhome/Condos for July 2018 were at 793, up 4.8% from 757 in July 2017. Active Listings for Townhomes/Condos dipped 5.9% from 2,178 in July 2017 to 2,050 in July 2018. Dollar Volume for Townhome/Condo saw a 2.7% increase year-over-year, with $170.2 million in July 2017 compared to $174.8 million in July 2018. Closed Sales for the Townhome/Condo segment rose 3.1% year-over-year, at 751 in July, 2017, versus 774 in July. Paid in Cash Sales for Townhome/Condo decreased 2.0% from 410 in July, 2018.”
Local beach real estate markets are moving much as they have the past year, though perhaps less seasonally that we have experienced in the past. I see properties sell readily, then some not so fast, low inventory nudging prices upward, amid price reductions and “back on the markets.” The property with the properly-targeted price sells faster.
Click the following link for market data in the Pass-a-Grille area for the past 3 months of summer:
https://mfr.mlsmatrix.com/DE.asp?k=3031873XRWZH&p=DE-300747420-510&L=1
My website has a program anyone can use to search MLS real time, or create a comparative market analysis for your home. Call me for help to assimilate the information to meet your specific goals, or we can research property not only in your backyard, but all over the world!
http://GulfToGlobalRealEstate.com
Coastal Concerns…
Red Tide:
Up to now our coastal summer weather has been benign, our beaches mostly clear and sparkling. Beaches south of us have not been so fortunate with the Red Tide event, and we are watchful in Pinellas County as this algae bloom lurks off shore. So far we have had minimal signs of its effects, no toxic air, albeit some dead fish washed up a few days ago. There have been no reports that red tide has come on to any of our beaches. So far we are blessed. Be alert of course, but help spread this word. Here is a link to a site where residents and visitors can check conditions at all Gulf Coast beaches…. Click on “beaches” to find your town. As of this morning my beach, Pass-a-Grille, is green flag, water conditions clear, no signs of red tide. https://visitbeaches.org
Flood Insurance:
Doug Izzo,legislative director at the Tampa Bay Beaches Chamber of Commerce, has again shared his research of flood insurance issues. He and the Chamber President have authorized my forwarding it, noting no further updates are expected until November. Here is a link to the most current information, with thanks to TBBCC:
http://www.tampabaybeaches.com/flood-insurance.html.
My Real Estate Promotions…
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18132 NASSAU POINT DRIVE TAMPA, FLORIDA, 33647 Offered For Sale At $198,000 |
LUXURY WATERFRONT 3/3/2 CONDO, GATED COMMUNITY, ST. PETE BEACH …$925,000 |
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Vacation At Home!… in this elegant 3 bedroom/2.5 bath/1 car gar. home on the very popular Nassau Point cul-de-sac in a beautiful PUD Community, Heritage Isles….and for $40 per year, enjoy security and a maintenance free lifestyle with an 18 hole Championship Design golf course, ponds, lakes, lighted tennis courts, volley ball and basketball courts, restaurant/clubhouse, new gym facility, park, playground, and huge family pool. This is a very private unit which backs onto a conservation area, a lovely natural cypress hammock. Unit is upgraded with handsome engineered wood flooring throughout, ceramic tile in kitchen and baths, granite countertops, stainless steel appliances. The comfortable layout includes a foyer entrance, downstairs guest half bath, full laundry room near upstairs bedrooms, open kitchen with eat- in area and pantry, spacious great room and private screened porch. Affordable monthly HOA fees include roof and reserves, insurances, maintenance,pressure washing, painting, landscaping maintenance, water, security patrol. Close access to I-75 and USF, malls, and restaurants. |
…this is the first Boca Sands Condo unit available in months!… OPEN HOUSE Sunday, August 26, and Sunday, September 2. 1 to 3 P.M. Look for my associate at the call box or call Joan’s cell 727-580-0822. 5301 GULF BLVD., UNIT F507. $925,000. COASTAL LIVING at its best! Luxury Boca Sands condo, St. Pete Beach, gated community, 2 master suites with balconies, 3rd bedroom plus 3rd full bath, plus private foyer, office, butler’s pantry, laundry, formal dining room, great room, 2 enclosed garages. Dramatic views over open Intracoastal, across the street from the Gulf of Mexico. Click this link for more information… |
Spring 2018 Newsletter
- RECENT MARKET STATISTICS
- WORLD CLASS REAL ESTATE
- STAGING TIPS
RECENT MARKET STATISTICS:
David Bennett, President and CEO of the Pinellas Realtor Organization, provides a monthly statistical study of our local market activity, month over month, and year to year. His recent study summarizes: “The Pinellas County real estate market is continuing to see the trend of higher sale prices and a shrinking inventory for both the Single Family and Townhome/Condo segments. The Median Sale Price for Townhomes/Condos was $159,000 for March 2018, up 14.4% from $139,000 in March 2017. The Median Sale Price for Single Family Homes was up by 8.7% from last year, at $250,000 for March 2018 versus $230,000 for March 2017. The Months Supply of Inventory for Single Family Homes is down 14.8% year-over-year, with a 2.3 Month Supply this March, as compared to a 2.7 Month Supply in March 2017. The Months Supply of Inventory for Townhome/Condo also fell 17.6%, from 3.4 months in March 2017 to 2.8 months in March 2018.
Real estate markets are local, often seasonal as we know, and isolated communities can be challenged by other events more or less significantly than surrounding areas, such as Hurricane Irma or flood insurance concerns. A local market can experience its own over supply or under supply within any overall strong real estate market.
Using data searches on the Florida Regional MFRMLS system, I’ve generated 2 graphs specifically for the Pass-a-Grille/Don Cesar/Vina del Mar real estate market where I live.
Historic Count of Active Listings
Historic Sales Price Trend
Pass-a-Grille Area 6 Month Market Snapshot
Single Family
Condominium
Income
Visit my website http://GulfToGlobalRealEstate.com to research your neighborhood market, or build a preliminary Comparative Market Analysis for your own home. When you are ready to sell, call me for more in depth analysis, projections, and targeting your most successful sales position in your market.
WORLD CLASS REAL ESTATE
“In 2017,” NAR chief economist Lawrence Yun reports, “foreign buyers bought more than double the figure in Florida real estate from a decade ago.”
I’m fortunate to be directly engaged with global minded professionals as a Director on The Pinellas International Council of Realtors. At the end of 2017 our local International Council was awarded Platinum by the National Association of Realtors for our achievements and execution of mission. Please visit the PIC website,and see what we do….https://pinellasrealtor.org/pinellas-international-council, and visit the PIC Facebook page.
“The mission of the Pinellas International Council of the Pinellas Realtor® Organization (PRO) is to further enhance the professionalism of REALTORS® serving foreign and U.S. customers engaged in international real estate transactions by providing education, information, networking and marketing resources.”
On May 6 Realtor.com published a report by Nicolas Bedo (www.realtor.com/research/international) on International Demand, March 2018. Tampa/StPetersburg/Clearwater has moved up to position 11 of all Top US markets for International Traffic. In the entire state of Florida, our Tampa Bay rating is only surpassed by the greater Miami (4) and Orlando (7) real estate markets as the area where international real estate buyers are shopping for a home.
STAGING TIPS
What do you think of when you hear the phrase “staging” a home? Certainly a home that is empty sells better with some furnishing. Empty is somehow sad. Often real estate agents suggest hiring a professional designer or “home stager” with interior design contacts. Often this is not in the seller’s budget.
Actually Staging means preparing a home to show, and it does not mean literally, “furnishing.” It means clearing out clutter and leaving a generally sparse canvas where the buyers’ vision takes over. It means simplifying so that essential spaces are defined without clutter, where air, freshness, cleanliness, light, utility, even whimsy, translate into a pleasant invitation.
Sometimes an agent and homeowner will engage a “home stager” who simply counsels sellers about things the agent is uncomfortable to tell them. Don’t take it personally, don’t pay someone else to tell you what the agent should tell you, “clear out and clean up.” No hurt feelings!… Admit it, this simple advice generally applies to every one of us when we prepare a home for sale. Often a good friend or our agent can help us “see” what we need to do..
Work with your agent to determine how to simply and tastefully arrange your rooms so buyers… other people… sense the space and envision living there with their stuff. Serious buyers do not come to see your furnishings. And literally Everyone appreciates a home that is fresh, clean, airy, bright, inviting. Avoid anything that can detract in any way. Fresh paint, sunlight, a spotless kitchen and bath…you can’t go wrong .
Here are a few tips:
Pay attention to the exterior appeal of your home…You may need to pressure wash and/or freshly paint the house. For general appeal a light sunny neutral color will work best.Clear driveways, manicure the yard, pay special attention to the entry sidewalk and door. Paint or replace the front door and any shutters if necessary.
Clean all windows inside and out.
The interior should be immaculate, walls and ceiling unstained and if needed, freshly painted a neutral color. Flooring should be clean and not show traffic patterns. Clean and fresh always wins over worn/used or cluttered, every time.
Limit furniture in each room, simply focus on giving buyers a dimensional perspective. An empty room appears somehow sad, smaller than the same room with sparse furniture. Place only enough pieces of furniture to give buyers a dimensional perspective that an empty room cannot convey..
Less is better. Light and space are basic and necessary features. If you don’t have them, create them. If you have particularly nice flooring or large windows, for example, this is your story. Remove your heavy drapery or the overstuffed couch you enjoyed so many Saturdays slouched upon.
Space, light, a bit of color and whimsy against a fairly neutral canvas, a single colorful painting, a large vase of fresh flowers on a table…. These Invite a smile. Create that mood and you’ll make the most of first impressions.
2910 Pass-a-Grille Way
Sold full price $850,000
Remodeled and rented
Classic mid-40’s 3 bed/3 bath home is located on a double lot only two doors from the dunes and the Gulf of Mexico, along a relatively private ten block section of beachfront.
105 13th Avenue
Pass-a-Grille, Florida, 33706
List $599000, sold $590,000
One of our Pass-a-Grille community treasures, this little 2/1 bungalow, built in 1925, is on the State Inventory of Historic Sites. Cherished by its current owners as a secret beach retreat since 2004, this dear home awaits its new history.
Fall Newsletter
• INSIGHT AND STATISTICS, REAL ESTATE MARKETS…HOW ARE WE DOING?….
• WORLD CLASS SERVICE
• IN MY NEIGHBORHOOD
INSIGHT AND STATISTICS, REAL ESTATE MARKETS…HOW ARE WE DOING?
Reports from the National Association of Association of REALTORS® (NAR) reflect nationwide statistics, and of course, the Pinellas Realtor Organization (PRO) provides a monthly statistical study of our local market activity, month over month over month, and year to year. In reviewing these reports keep in mind, individual real estate markets are local, they are often seasonal, or challenged by other events, and they are cyclical. Even sub-markets such as single family, condos, apartment buildings, office or retail, can experience “bubbles” (generally meaning “over supply”) within a strong overall real estate market.
Selling a Lifestyle, Specializing in you….
Never the blind optimist, bless us all who must live by the sea…There is no better place for me, every day is a gift!.
Just over a year ago, August 5, 2016, FloridaRealtors.org published an article by Larry Kendall, author of Ninja Selling,
called “Bubble trouble? Four fundamentals you need to know.”
“ ‘Are we experiencing a real estate bubble?’…This is a question we’re being asked more and more by customers,
investors, media and even our team members. Dr. Lawrence Yun, chief economist for the National Association of
Realtors, doesn’t see a bubble at the present for three reasons:
1. A shortage of supply in both new and resale housing. Bubbles are usually the result of oversupply.
2. Interest rates are lower now than in the bubble years of the mid-2000’s resulting in better affordability.
3. There is no sub-prime lending causing people who are unqualified to buy housing and then default.”
And here we are a year later, FloridaRealtors.org today published this news: “ – Oct. 24, 2017 – U.S. housing markets
are expected to remain healthy through at least the end of 2018, with no housing bubble in sight and no projection of
home prices falling, according to the Fall 2017 edition of The Housing and Mortgage Market Review (HaMMR), released
by Arch Mortgage Insurance Company.
The HaMMR features the Arch MI Risk Index, a statistical model based on recent housing market indicators. The index
suggests that over the next two years, the probability of home price declines in America’s 401 largest cities averages
just 4 percent – an unusually low number.
The trend reflects broad-based favorable fundamentals, such as a tightening job market, relatively low interest rates, a
low number of homes for sale and an overall housing shortage.”
A well considered study/forecast of the real estate cycles in any given market will include four fundamentals, according
to Mr. Kendall. These are employment, appreciation, affordability, and supply vs. demand ratios. As always, consult
your real estate professional who is experienced in the market of your choice for study sources, and for understanding
beyond the plethora of often misleading valuations and false realities offered on-line.
The National Association of REALTORS® (NAR) reported nationwide existing home sales were slightly higher in
September than in August, but were lower on a year-over-year basis for the first time since July 2016. Existing-home
sales totaled 5.39 million, a 0.7 percent increase from August but a 1.5 percent decrease from one year prior. Inventory
increased 1.6 percent to 1.90 million, 6.4 percent below one year ago.
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable
buyer interest in most parts of the country,” says Lawrence Yun, chief economist at NAR. “REALTORS® this fall continue
to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings—
especially at the lower end of the market—and fast-rising prices that are straining the budgets of prospective buyers.”
Inventory is currently at a 4.2-month supply whereas a 6 month supply is considered a balanced market that equally
benefits buyers and sellers.. According to Danielle Hale, Chief Economist for Realtor.com, “Inventories also continue
to plunge, creating challenges for buyers across the country. On the bright side, we’re starting to see home price growth
slow down, with sale prices up only 4.2 percent from a year ago.” (RIS Media, 10/23/17).
David Bennett, President and CEO of the Pinellas Realtor Organization, reported September’s numbers for our local
real estate market this week….”…it comes as no surprise that Hurricane Irma made somewhat of an impact on the real
estate market. Before you get too concerned, there are some important takeaways from this month’s statistics. Yearover-
year, Closed Sales for the Single Family segment in September were down 25.3%, but this is directly related to the
length of time businesses, schools, and other institutions were closed before and after Irma’s impact. Median Sale Price
for Single Family Homes was up 11.7% from last year, at $248,000 for September 2017 versus $222,000 for September
2016 which is a strong indicator that the housing market was just delayed, rather than derailed.”It should also be noted
that there were only 20 business days this September, and even if title agencies, banks, and other major players in the
market were only closed for four days, that is 20% fewer business days to get things done.”
Also factored into the Irma-related drop in closed sales… financed
transactions were delayed before and after Irma passed, because
insurances could not be bound. Additionally, after a natural disaster suchas Irma, it is the general procedure of lenders to employ local appraisers to survey each property for damage prior to proceeding with any closing, since the property is the lender’s security for the purchaser’s loan. I hold open house nearly every weekend, most recently, and repeatedly, in Pass-a-Grille at the southernmost end of St. Pete Beach. I assumed there would be a drop in the number of visitors immediately before and
perhaps for some weeks after Irma, compounded by our intra-season time of year. I was astounded last weekend to have close to the largest open house attendance I ever recall, prospective buyers and visitors from around town, Tampa and Orlando and across our State, as usual, but also a number of out of state groups came by, including a very determined couple from Dallas (Harvey) who have decided they want to buy here, two individual investors, one from Connecticut and the other New Jersey
(Sandy), among visitors from Georgia, Kentucky, and Maryland. What a positive indicator this day was for me. We are doing okay! I am selling a lifestyle and people are coming to buy it. …And not only for those investing in owner occupied or second homes.
As I write this, 10/24/2017, FloridaRealtors.org reports: NEW YORK – Oct. 23, 2017 –” Real estate observers say that house flipping, which declined after the financial crisis in 2008, is on the rise again, thanks to low interest rates and rising home prices. Last year, 5.7 percent of all home sales were flips, the highest level since 2006, according to Attom Data Solutions.” I see this happening very close to home! And beside conventional financing, savvy investors are finding hard money lenders back in town, no income verifying but tightly secured with substantial down payments, higher interest rates, for quick cash, short terms.
WORLD CLASS SERVICE
BRAVO! to the fine group of real estate professionals, the Board of Directors of the Pinellas International Council, with whom I have been honored to serve since the height of the Recession 8 years ago…. The work ethic, cooperative
attitude, passion and generosity of each and every member has truly been the “wind beneath my sail.”
In a letter to the Pinellas Realtor Organization from the National Association of Realtors dated October 13, 2017:
“I am pleased to inform you that your association’s Global Business Council has been
named a Platinum Council in the 2017 Global Achievement Program. Reaching the
Platinum award level places you in the top 11% of councils operating nationwide.
I hope you are as proud of this achievement as we are of the hard work and dedication
that your association has contributed to raising members’ awareness of global business
in your local market. Your council has demonstrated the utmost commitment to helping
members capture their share of the global real estate market in the United States, in
addition to connecting your council and members to the global community in your area.
Enclosed please find your Council’s Platinum badge. On behalf of the 600,000 REALTORS® represented by Global Business Councils across the country, we thank you for your efforts and congratulate you on your outstanding achievement….”
Financing Tips:
For investors who want to make a cash offer to purchase, there are loan programs one can set up to close after the
purchase, especially for owner occupied or second home buyers. There are also investor (flipper) “hard-money”
loans for good credit, substantial down payment, $100k minimum purchase… for example, 40 to 50% down, no tax
returns… quick cash loans are available if secured by low LTV (loan-to-value) loans for high credit score investors,
currently around 9 to 12% annual interest rate amortized over 30 years carrying short term balloons up to five years.
IN MY NEIGHBORHOOD
We meet any challenge!…Amid an assortment of potholes and pitfalls over the Spring and Summer months just past, I
sold three properties right in the midst of our Pass-a-Grille road construction dust bowl.
No one works for you like I do…