Archive for the 'Tips For Buyers' Category
Weston Single Family Homes Sold on October 2011
November 16th, 2011 categories: Tips For Buyers
There were 286 homes available for sale at the end of October, which means 7.7 months of inventory based on closed sales which represents an increase from the trends observed most of the year where we stayed very close or under 6 months of inventory. A market between 6 and 9 months of inventory based on closed sales is considered a balanced market and under 6 months a sellers market which my lead to price increases.
It’s also interesting to note that during the month of October distressed sales represent less than 16% of total sales and the average for many months has been around 35%.
This is a detailed list of all Single Family Homes that closed in Weston during the month of October 2011
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Should You Test The Waters When Pricing Your Home?
July 29th, 2011 categories: Tips For Buyers
Read This Before you do it!
Synchronizing Seller’s and Buyer’s expectations is not easy. Most Sellers are loosing so much money, that with a reason, they want to get the most for their property. Buyers acting based on the information provided by the Media, most of the times showing broad statistics, and the closed distressed properties try to get the properties for are least as possible.
Pricing in Today’s Market is, more than ever, an ART… What we have always known is that an overprice listing does more harm than good to sell a property at it’s highest possible sale price. Sometimes Sellers forget that Buyers have access to the same information and at the end the “market value” will prevail. The main problem is that when there are enough comps, the array of prices for similar properties is very broad and the gap may be may as high as to 10%. It’s reasonable to price at the high end of the spectrum but when the price is unreasonable excessive, the consequences may backfire the seller.
Ken H. Johnson, Ph.D. — Florida International University (FIU) and Editor of the Journal of Housing Research wrote this interesting article:
Article published by www.kcmblog.com
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Better Times for Sellers in South Florida!
June 21st, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
One of the Best Headlines I have Read in a Long Time:
Decline in South Florida homes for sale giving sellers an edge.
We as Real Estate Agents selling property in South Florida have been noticing it for many months. I am glad finally the media is helping us convey this information to buyers looking for steals. Even though there are still very good deals out there, the real estate market specially in the lowest price points and in desirable areas as Weston moves very fast and at reasonable prices.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Will This Be the End of 3.5% Down Payment Mortgages?
May 23rd, 2011 categories: Tips For Buyers
Proposed Change to FHA Loans Guidelines Being Discussed
In the times of 80/20 loans (no down payment) FHA loans were not attractive at all. Who would pay the FHA premium upfront if they could get a loan just by being alive?. Since the Real Estate Crisis started, the use of FHA loans has been back.
Draft bill would hike FHA loan down payments to 5%, slash loan limits | Inman News.
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Number of Units Sold Keeps Increasing In South Florida
May 14th, 2011 categories: General RE Info, Market Update, Tips For Buyers
South Florida Market Update as of May 2011
Ron Shuffield is EWM Realtors President and South Florida Real Estate Numbers’ Guru.
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Apples and Pears Can’t be Compared!
April 27th, 2011 categories: Tips For Buyers, Tips for Sellers, Worth Sharing
Weston Real Estate and National Housing Market
Even though Apples and Pears are both fruits they definitely taste completely different. I totally understand that when National Real Estate Data is released it shows trends but savy consumers know that Real Estate is Local in nature , actually hyper local…
Even within an specific area the market changes based on price range, subdivision, age and condition of the properties. I have had out of town buyers coming to Weston, Florida thinking they can get a bargain but they don’t exist. You can find good buys but not steals. Matt Ferrara posted a very interesting article about the topic…
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Real Estate Drives the Economy
April 26th, 2011 categories: General RE Info, Tips For Buyers, Worth Sharing
This interesting video pictures how many benefit from a real estate sale and how many potential jobs are created by every single transaction. It is estimated that $60,000 pumps into the economy after each sale and how many people participates in this domino effect.
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Real Estate Pricing Conundrum…
April 25th, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
How Much is a Property Really Worth?
Is it the most buyers are willing to pay?
Is It the least sellers are willing to get for the property?
Is what and appraiser thinks it is worth?
Fortunately we have this dilemma since the market has been moving very fast. In the Single Family Homes Market in Weston for all price ranges we have been very close to 6 months of inventory which is the threshold between a Sellers Market and a Balanced Market*; if we look at the same market of properties priced under $ 400,000.00 the trend for the last year has leaned over being a sellers market with an average of 4.68 months in the last 15 months.
Now what is the problem then???
The sellers have high expectations based on the fact that they get many showings and in most cases competing offers.
The buyers can be divided in two groups: the ones that look in detail at closed sales and their offers are not competitive and those very aggressive willing to offer way above comparable sales expecting the appraisal to take care of the “real” value of the property.
Now we have the appraiser who if we are lucky know the area and pick reasonable comps and those who value regular sales taking more than 50% of comparable properties to be short sales (deducting 10% off the listing price if they are pending) an foreclosures when the market’s trend is a price to sell ratio of 95% and distressed sales only represent 30% of the closed sales. The appraisals tend to be below the negotiated purchase price and in most cases the sellers are willing to reduce the price to reflect the appraised value and in fewer cases the buyers are willing to bring extra cash and pay above appraised value.
The spread of prices is unbelievable in both active listings and closed sales. It’s hard to determine an exact price and we look at best and worst case scenarios to determine how to price either when we have a listing (making sure it is competitive based on whatever else is in the market) or when we suggest a price to use when presenting offers. Sellers and Buyers have the last word!
We don’t want the market to look like the earlier 2000’s where people overpaid just to be able to grab a property, but in a market where supply is short and demand is high the gaps will always exist and the most aggressive buyers end.
Have you experienced problems being able to secure a property to purchase?
What would be your advice to someone who has presented several offers and has always been outbid by other buyers?
*Months of Inventory based in Closed Sales
Less than 6 months=Sellers Market
Between 6 and 9 months=Balanced Market
More than 9 months=Buyer’s Market
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Weston Homes Closed On February 2011
March 7th, 2011 categories: Bonaventure, Country Isles, Emerald Estates, Isles at Weston, Market Update, San Sebastian, Savanna, Sunrise, The Falls, The Islands, The Lakes, The Meadows, The Ridges, Tips For Buyers, Weston Hills Country Club
Weston Single Family Homes Sales are consistent with the time of the year. For a list of single family homes sold during the month of February read more…
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Tax credit closing deadline extension passes Congress | Inman News
July 1st, 2010 categories: Tips For Buyers
Tax credit closing deadline extension passes Congress | Inman News.
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