Categories

Archive for the 'Tips for Sellers' Category

What Should You Expect From Your Real Estate Agent?

Screen shot 2013-03-07 at 12.39.43 PM

Being an EXPERT ADVISER!

I was reading an article from KCM BLOG-Steve Harney about Real Estate New’s Market Reality and I found very interesting that that’s the way we have always seen our business. We as agents, more than provide readily available information, have to provide you with interpretation of what that information means. While many agents were scaring their Seller’s that prices would be going down we were posting stats showing the trend that actually became our Market Reality. Of course we have to look at closed sales and those would be the comparable sales appraisers will look at; but when we lack inventory we know that Seller’s expectations are higher that past sales and prices will tend to increase.

We are very skeptical of nationwide data provided by the media, since every sub-market behaves differently. As we have mentioned before, Weston was one of the lasts markets to feel the pain “when the music stopped” as a fellow realtor refers to, and one of the firsts to start the recovery.

” Your role as a real estate professional is similar to the role of the doctor and lawyer. You can’t give buyers or sellers perfect advice because you don’t know what’s going to happen—you can’t know the future. However, you can give excellent advice based on the information and situation at hand. You can guide them through the process and help them make the necessary changes along the way. and that’s exactly what your clients want…and deserve

” You shouldn’t be trying to convince someone to do something (that’s what salespeople do); instead, you should be helping your clients discover what their options are, explaining the pros and cons of each of those options, and then letting them make the decision that is best for them and their families. That’s what a trusted advisor, with the heart of a teacher does.

Working with agent that knows your market and have the experience to provide expert advice all the way through the transaction, will make your life much easier.

To stay updated with what’s going on in the Real Estate Market and receive our blog posts directly to your in box subscribe here.
If you are interested in finding how much your home is worth, please call us at (954) 588-7260 or
contact us.

Written by Ines Garcia | Discussion: 606 Comments »

For-Sale-By-Owner Founder Hired a Real Estate Broker to Sell His Home!

Why Would You Try To Do It Yourself?

Screen shot 2011-08-11 at 9.11.46 PM

I think it says it all!!! Don’t leave money on the table, pay an expert to handle the sale of your home…

To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or
contact us.

Written by Ines Garcia | Discussion: 3 Comments »

Understanding Deficiency Judgements-What Happens When You Let Your Home go to Foreclosure?

Make an Informed Decision…

When we are approached by a Homeowner who is is considering stop or already stopped paying his mortgage we recommend them to talk to a foreclosure defense attorneys to get a good understanding of what they are getting into (Actually it would be better to meet 2 or 3 to get different points of view). A few years ago most attorneys offered a free first consultation but lately we have heard that most of them charge a basic fee for that first consultation; and I find it’s just fair! Even if you have to pay, it’s important to understand the possible consequences of a short sale, a foreclosure or any other option you may be considering. It is your opportunity to ask all the questions you may have.

In our Rotary Club Meeting this morning we had Roy Oppenheim as a guest speaker and he mentioned his Law Blog. We found in his site this great video that can’t explain better what a Deficiency Judgement is and how it can affect YOU.

[youtube]http://www.youtube.com/watch?v=pvlb1QGKbt8&feature=player_embedded[/youtube]

If you are considering walking away from your home please call us at (954) 588-7260 or contact us and we can provide you with a few names of attorneys you may contact to set up that important meeting and to help you know how much your home is worth in Today’s market.
To stay updated with what’s going on in the Real Estate Market and receive our blog posts directly to your in-box subscribe here.

Written by Ines Garcia | Discussion: 1 Comment »

Better Times for Sellers in South Florida!

Sun-Sentinel logo 09

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.

To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or
contact us.

Written by Ines Garcia | Discussion: No Comments »

Apples and Pears Can’t be Compared!

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…

To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or
contact me.

Written by Ines Garcia | Discussion: No Comments »

Real Estate Pricing Conundrum…

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

To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your inbox subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or
contact me.

Written by Ines Garcia | Discussion: No Comments »

Fannie Mae Launches www.KnowYourOptions.com

fannie mae know your optinsA Comprehensive Site…with an explanation of every possible option to guide you through tough times; even a link to free housing councelors.

We all have heard of the many, but some times hard to get options, to stay in the home. With detailed explanations of the benefits, how does each option works,  how to start the process and even videos of people facing similar situations.

Options to Stay in Your Home:
Refinance
Repayment Plan
Forbearance
Modification
Deed-for Lease

Options to Leave Your Home:
Short Sale
Deed-in-Lieu

It is very important to study your options before making a decision like letting go your home to foreclosure. As time goes by Short Sales with some banks are moving faster than in the past I also know a lot of people who have been able to refinance there home. The clue for any of the options is patience and preparation. Provide all the requested information and chances are you will find your best alternative. I have noticed that homeowners get easily discourage if they try to contact their bank and don’t get any feedback…you have to get educated and KEEP TRYING.

Good Luck!!!

If you want to know how much your home is worth and what you can expect if you decide to do a short sale contact me at 954-588-7260.

Written by Ines Garcia | Discussion: 1 Comment »

Short Sales vs. Strategic Defaults

The Financial Conundrum

I have been very concerned for the last couple of years with the long term effect of Short Sales and Strategic Defaults. Sometimes selling a property as a short sale is the only option but what about strategic defaults?

Each person’s circumstances are different and you should do what makes you feel more comfortable.  I am an advocate to try a loan modification first even though in many cases they are just a way to push forward a financial problem. It may not be the wisest “financial decision” but I think it buys time to work out the problem when the waters have calmed down. Unless there is a reduction of principal the only way to work out the loans is to create a balloon payment; which means at the end of the loan period or upon selling the property a lump sum has to be paid. If someone stays in the property long enough there should be enough equity to pay for it. If it has to be sold anytime in the first years of the loan most likely it will become a short sale but the borrower’s financial situation and the lenders circumstances will be different and you can deal with it then. I am not a financial advisor and I don’t pretend to be one…I know it is a controversial opinion but I think in the long run it will benefit everyone.

I understand trends are important and many people feel that if everyone is doing it, it may be right. I wish I had a crystal ball and be able to see the future as of what will happen in 5-10 years to all the short sales and foreclosures deficiency judgments. For now just make sure you research and  understand what you are getting into. Do your homework, talk to at least 3 attorneys and hear different points of view.

I am sharing an article from Current Matters that refers to this topic…

I recently had an email conversation with a well respected real estate professional about the difference between strategic defaults and short sales. We both agreed that we needed to share our conversation with the readers of this blog. Original Question: I have

via A Conversation on Short Sales vs. Strategic Defaults.

Written by Ines Garcia | Discussion: 4 Comments »

Single Family Homes – Closed Sales Weston April 2010

April was a very active Month! We expect May and June to have high numbers of closed sales due the expiration of the Tax Credit on April 2010. Buyers rushed to have executed contracts by April 30th to be able to take advantage of the Program.

WESTON HILLS COUNTRY CLUB

Single Family Homes Sold In Weston Hills Country Club April 2010

SAVANNA

Single Family Homes Sold In Savanna April 2010

THE RIDGES

Single Family Homes Sold In The Ridges April 2010

ISLES AT WESTON

Single Family Homes Sold In The Isles April 2010

THE MEADOWS

Single Family Homes Sold In The Ridges April 2010

THE FALLS

Single Family Homes Sold In The Falls April 2010

THE LAKES

Single Family Homes Sold In The Lakes April 2010

THE ISLANDS

Single Family Homes Sold In The Islands April 2010

EMERALD ESTATES

HOMES SOLD WESTON-EMERALD ESTAES APRIL 2010

EMERALD ISLES

Single Family Homes Sold In Emerald Isles April 2010

SAN REMO

Single Family Homes Sold In San Remo April 2010

SAN SEBASTIAN

Single Family Homes Sold In San Sebastian April 2010

HAMPTON ISLES

Single Family Homes Sold In Hampton Isles April 2010

NEW RIVER ESTATES

Single Family Homes Sold In New River Estates April 2010

BONAVENTURE

Picture 7

Written by Ines Garcia | Discussion: 2 Comments »

Monkey See, Monkey Do? Strategic Mortgage Defaults…

There is a World of Difference Between a Real Distress Situation and a Strategic Default.

MonkeysI don’t mean to be disrespectful but I am always scared of “Trends” when they involve financial decisions. Strategic Mortgage Defaults reminds me too much the times when everyone was an investor expecting to flip a property for a huge profit.

How many people did their due diligence?
How many people could afford the worst case scenario?
How many people did it because “everyone is doing it”?

I understand that a Strategic Default can be a preventive measure expecting to protect other assets a homeowner may have. Let’s say the Mortgage, Taxes and Insurance on a Property add up to $ 2,500.00 a month and the same property can be rented for $ 1,600.00 this means reducing annual expenses by $ 10,800 a year that are probably being taken out from the homeowners savings account. The worst is the uncertainty of when the property will recoup the lost value.

My main concern is the downward spiral it creates. As more properties hit the Market as Short Sales or Foreclosures prices may tend to decrease.

In reality this is one of those situations that are a catch 22…there is no wrong or right answer. The most important thing is to make an informed decision understanding the many consequences it may bring and that probably the unpaid balance will not disappear and the credit score will end taking a hit.

Some related articles:
Fed-Up Homeowners who can pay their mortgage, Don’t – RISMEDIA
Strategic Defaults lessons fromthe great depression – THE NEW YORK TIMES
Walking away from your mortgage has consequences – USA TODAY
What might happen if you walk away from your mortgage – MONEY

Written by Ines Garcia | Discussion: No Comments »

Copyright © 2008 My Weston Florida Real Estate Blog     Log in     Design by Real Estate Tomato     Powered by Tomato Blogs