GREAT PRICE HOME in Cobb’s Landing, seller has home in Great Move in Condition, with the most expensive improvements all ready added. NEW approx 2006 Architectural Shingle 30 yr Transferable Warranty & Meticulously installed NEW OAK WOOD FLOORS.Cathedral Ceiling in the Family Room w/impressive FIREPLACE surrounded on the wall with Built-ins,Windows & Hearth w/seating. The Family Room will be especially cozy when the fire glows warmly on the oak floors. The Kitchen is very cheerful & has the most natural lighting with SKY LIGHTS & Sliders in the Breakfast Area. This gives a feeling of being in the \”middle of things\”, by enjoying the cozy fireplace from the Family Room:ease in serving the Breakfast and Dining areas and still view the family in the over sized Screened in Pool & Lanai. Get a Great view of the pool & flowing plants in the yard from the Dining/ Master Bedroom and 4th Split Bedroom Sliders. When you come,leave or sit outside your home you will always enjoy the BEAUTIFUL PARK LIKE SETTING with LIGHTED FOUNTAIN & GAZEBO. All this one home away from your own Central Park. Walk or jog around the shaded neighborhood or pathway & POND. Enjoy the nearby Tennis Courts, Playground & Boat Docks on LAKE TARPON. Bring your BOAT, Docks available. This home includes these updates: A/C replaced in 2005.Air Handlers 3 yrs ago, New Hurricane Resistant Garage Doors. Approx 2003 this home was painted inside and out with Neutral Colors, Water Heater and Water Softener were updated.

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With all the bad news about the mortgage lenders issues and home builders wrapped up in excess inventory problems, how does the person wanting to really sell their house in this Florida Real Estate market get it done ?

Well there are some hard and fast facts that are time tested and they amount to 4 steps. Note: I did not say they would be easy.

1. Price your property below the comparable sales in your neighborhood.

You have to be realistic here. So your neighbor sold his house 6 months ago at $400K and now you want to sell yours at 380K thinking that you are loosing money. Your neighbor who paid 200K for his home two year ago and made a whopping 50% profit really gets you steamed. What you have to remember is that home valuations were considered by many experts as excessive.? As long as you are making some profit…why all the fuss ? If you need the money and really have to sell at a specific price point, then take your home off the market now or continue with the following steps .

2. Don’t try to test the market.

Yep it has finally happened, the Greater Tampa Bay Florida Real Estate market has switched from a sellers market to a buyers market. You need to face the reality that if you enter your house on the market and expect to get a ton of traffic to see the new addition in your neck of the woods, and you don’t follow all (4) of these steps…then be prepared to have you home on the market for a long time, possibly a year or longer. Oh you can change Real Estate Agents as many times as you want but the results will be the same unless…. are you catching on now ? Follow the (4) steps.

3. Reduce the price of your house …..you will need a chain saw, not a pair of nail clippers.

Since the property values are in a declining state here in Florida, starting out at a reduced price that is equal to today’s current market wont’ work. You need to anticipate that the market is continuously declining and price slightly below market value to sell the property. Again you need to have a reality check here ! Do an analysis of your cash flow going out vs, in. How long can you hold onto the property; continue to pay the mortgage, insurance , principle and interest on the loan, up keep and maintenance on the property (if your lawn if 5 feet tall - prospective buyers may think the property is abandoned and and you can expect no agent will show the property) , plus continuing depreciation ? The longer your house is on the market the more out of pocket this will cause until you reach the pain threshold , your pockets are empty and now it’s time to join the rank of Florida Foreclosures ?

4. Be motivated to do what ever your agent suggests to sell.

This is an area where time and time again we see both agents and sellers failing to do what they need to do. Agents sometimes do not want to tell the sellers that they need to perform some maintenance or change the look of a room to really sell that home. Some of this is based upon fear the seller won’t like the news or may be resistant and this will reflect badly on the agents reputation. Often times it is the seller who is hung up on their home and need to make the distinction that when they put it on the market it is now a house and they need to understand that the next buyer is not necessary going to fall in-love with the murals that they hand painted on their living room walls. It doesn’t matter if it was a replica of the Sistine Chapel.
Over all you need to understand the psychology of the changing market and be willing to follow the advice of your Real-Estate professional.

Related Posts:

NAR Home Sale Projections - Glass Half Empty or Half Full for Florida ?

Mortgage Mayhem - home prices drop like ROCKS !

How not to become a Florida Foreclosure Statistic

The Silver Lining in the continuing saga of mortgage lending woes

Description

Florida’s Living at its VERY BEST & in the Heart of Pinellas County. Location says it all, this Stunning Home is close to Chi Chi Rodriquez & Countryside Golf & Country Clubs. Mease Countryside,Mease Dunedin & Morton Plant Hosp are within driving distance. Easy Commute to Airports & Downtown Tampa,Local High Schools & Excellent Colleges are close by. 3874 sq ft 4/3.5 Luxurious South Beach Type Home.

This listing is brokered by:FUTURE HOME REALTY, INC. Office (813)264-1400 Property Features * Single Family Property * Status: Active * County: PN * Subdivision: EAGLE ESTATES * Year Built: 1989 * 4 total bedroom(s) * 3.5 total bath(s) * 3 total full bath(s) * 1 total half bath(s) * Approximately 3834 sq. ft. * Master bedroom * Living room * Family room * Kitchen * Den * Master bedroom is 19×18 * Living room is 36×19 * Family room is 21×17 * Kitchen is 20×14 * Hardwood floors * Fireplace(s) * Swimming pool(s) * 3 car garage * Heating features: Central, Electric, Multi-zone, Multi-zone * Central air conditioning * Exterior construction: Slab foundation, Concrete block, Stucco * Roofing: Tile * Approximate lot is 95×140 * Lot is 13298 sq. ft. * Corner lot * Approximately 0.31 acre(s) * Lot size is less than 1/2 acre *
MLS Number T2223435

OK, now just what is all this talk of Milk & Cookies ? Well I can’t say I coined the phrase, It was used first by a fellow Blogger Jeff Brown over at the Bloodhound Blog.

He makes a very good point. Before all the hoopla about the Fed Rate Cut, that we all knew was imminent, the Fed had propped up our economy by adding over $110Billion to the money supply. So if I want to continue with the Food analogy as Jeff did, I would have to say that was the Brownie ala-mode. In comparison to today’s announcement, it’s mere cookies and milk whereby most bankers feel the .5% Fed Funds rate cut was a very radical decision.

Our good friend Jesse Erickson over at Bank of America Mortgage says, “There was much speculation on whether the Fed would cut and by how much (most predicted a .25% cut). They also cut the Discount rate— another radical move by the Federal Reserve. This is the first time the Fed has cut the Fed Fund rate since 2003.

This is a HUGE move by the Federal Reserve. The Prime Rate is now at 7.75% (yes, all of your HELOCS just went down!) Keep in mind that when the Fed reduces rates— we are not talking about Mortgage Rates directly— in this case; however, expect extreme market volatility in the coming days for mortgage rates.”

By the way a HELOC is; Home Equity Line of Credit.

So what does this mean for us here in Florida ? Good question, I would bet that the NAR’s recent projection of the 30 YR Fixed rate holding at 6.4 till the end of the year will have to be changed, it might hold solid for a week or two but it will go down before the end of the year. This also kind of blows the air out of the Interest Rate Reset projections. Oh there will still be some here, but not to the extent predicted on the National scale. Of course according to RealtyTrac’s monthly report Florida just moved into the number 2 spot in August for total Foreclosures, up from number 3 spot in July. Yep we beat the July totals; August leaped 77% above the July numbers. If you look into the root cause of most if what has transpired in the Florida market it’s due in large part to Real Estate Investors who are now having to ante up on property they thought they could flip while the market was hot.

Our next Blog will take a look into what the future holds for the Tampa Bay Housing Markets, as we detail some of our research with local home builders and suggest some ways for Sellers and Buyers to cope with the sluggish market. So stay tuned and be sure to book mark us, or click on the RSS feed - yeah the Orange looking Chick-let thingy at the top right hand side of the page.

Related Posts:

NAR Home Sale Projections - Glass Half Empty or Half Full for Florida ?

Mortgage Mayhem - home prices drop like ROCKS !

How not to become a Florida Foreclosure Statistic

The Silver Lining in the continuing saga of mortgage lending woes

Do you know what Home Town Democracy is ? It’s about Voters, yep you and me, having our say on what and how we want to Develop Florida. There is an initiative on the ballot concerning anti-growth that many of us signed. The Florida Hometown Democracy’s citizen initiative would amend Florida’s Constitution to allow Floridians to give themselves a vote on growth plans.

It is a simple change to an existing process, and would simply add a final step after planners and local politicians decide to change local comprehensive plans.

The SPtimes has a Pros and Cons article from July that has some merit. Most recently what got my ire was the letter we received in the mail after having signed the petition a few weeks back. It appears that the Developers have pulled out all the Stops and solicited their Politachicken friends to back them on instilling fear and indecision on our own decisions . Today’s commentary in the SPtimes by Steve Bousquet pretty much sums up to what level the Developers will stoop to try to change our minds and kill this initiative. Of course the letter pretty much nailed it for me, as if I don’t get enough junk mail already !

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