Thursday, December 18, 2014

Whether Buyer or Seller, This Real Estate Rule Never Changes!

Who has never experienced a situation where what we saw was viewed totally different by another?   (The same can be said for what we hear.)

Yesterday as I was driving along I-95 in Brevard County I saw a billboard.  This billboard was not just any billboard but one I had noticed before.  It was located behind an old listing I had in Viera about eight or nine years ago.

This particular property had a few negatives - particularly a location that backed to a very noisy interstate highway.   And then, even if the highway noise was not an issue, there was a billboard not far from the backyard.

But my seller's comment when I pointed out the potential negative about the billboard stated it was not really a problem except when it was lit at night.   when I had a listing about six or eight years ago.But its not really a problem....

And then I was showing homes last week in central Brevard County. This particular house had a nicely fenced backyard but on the other side of the fence was a huge ditch along a dirt road.  My buyer felt that because the ditch was currently about half full of water it could be an ongoing mosquito issue.

After receiving my client's feedback the owner related through their agent that the ditch was not really a problem as the county sprayed the ditch routinely for mosquitoes.

These two cases illustrate a real estate rule that will never change... your view depends on which side of the transaction you find yourself.

When you get ready to sell your Brevard County, Florida  house or condo, put yourself in the place of a prospective buyer.  Look for potential issues from their perspective.

If it can be fixed, do it or price accordingly.  If it can't be fixed, expect prospective buyers to notice it.   And, when noticed, the buyers will either walk away or address it with a lower offer price.

When you are ready to sell your Viera, Florida home, please give me a call at 321-693-3850 or send me an email for your free market analysis.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Monday, December 15, 2014

Negotiation Strategies in a Shifting Market

The residential real estate market in Brevard County, Florida has shifted to a buyer's market as the inventory has dropped to a three month supply of homes on the market.

I have past customer who is always looking for an investment project home.  He emailed me last week about one that he had piqued his interest.  I responded that it was under contract after four days on the market.  His response was simple..."These people are too quick!"

As the real estate market continues its shift to a seller's market negotiation strategies must shift as well. 

It is simple economics that a limited supply and steady demand will result in rising prices.  It is inevitable.

Knowing the competition among buyers is more fierce the notion a seller will accept a large discounted offer should fade.  Of course, this is where your local real estate agent has the knowledge about specific properties which may be the exception.

Here are some related articles about negotiation and offer strategies.
A key component of the negotiation process (whether buyer or seller) is to know what a lost deal worth.   Is the one or two thousand dollars difference worth going through the whole process again?  What is the saying about a bird in the hand?

Ready to buy or sell a home in Viera, Florida?  Call me at 321-693-3850 if I can help in any way.

Send me an email for a free comparative market analysis.

http://www.moving2brevard.com/LISTINGS

agent@moving2brevard.com

Saturday, December 13, 2014

Home Seller Tips: The Keys to Success

You have decided to sell your Viera, Florida home.  While the process may seem complicated there are only two major keys to success.
  1. Making sure your product is in the best possible condition to compete.  
  2. Hire a real estate agent who will insure success.
Here are some articles that discuss preparing to sell your home:

agent@moving2brevard.comThe above articles provide some insight into preparing your home for the market.  Your real estate agent should be able to provide specific advice that relates directly to your home....ask!

If you are considering selling your Melbourne, Florida home, please give me a call to discuss how I can work with you. 

agent@moving2brevard.comCall me at 321-693-3850 to request my free comparative market analysis or send me an email.


Friday, December 12, 2014

Should You Sell Your Brevard County, Florida Home During the Holidays?

For most folks the Christmas season is one of the busiest times of the year with  traveling, visitors, shopping for gifts, decorations, parties, children's school programs and you name it going on.

Although time is limited if you are considering selling your Brevard County, Florida home this is still one of the best times to put it on the market. 

The most compelling reason to sell your Brevard County home now is the decreased inventory.   Buyers are competing with one another resulting in multiple offers and increasing prices.

We all know selling your home disrupts your lifestyle.   Some may not not want the "hassle"  of having showings scheduled and strangers romping through their home with gifts everywhere.  I completely understand.  But there are ways to work around these interruptions such as restricting showings to specific hours or days?

Buyers are out there during the holidays out of necessity.   

Buyers shopping for a home in December are serious buyers - not casual lookers taking a break from the local mall traffic.  For those facing a job transfer at the end of the year, the holidays create an added challenge to an already stressful season.

But what if I don't want to move during the holidays?   Most closings take 30-45 days from the contract date to close.  Even if you get a buyer in December the likely closing date will be the middle to end of January.   Besides, the seller and buyer must agree on a closing date as part of the contract process.

Still, if the holidays are not a good time to sell consider spending some time getting your home prepared for the market and be ready to go in early January?

If you are considering selling your Viera home  in January lets get moving.    Call me at 321-693-3850 if I can help in any way.

agent@moving2brevard.com

Thursday, December 11, 2014

Viera, Florida 55+ Communities: Inventory Down in Decmeber 2014

The number of single family homes for sale in Brevard County, Florida is down to about a three month supply (2,050 active listings this morning).   The decreased inventory will likely result in continued increase in prices and multiple offer situations.

One of the markets that this lower inventory will squeeze is the 55+ communities including Viera's three 55+ communities:  Heritage Isle, Grand Isle and Indian River Colony Club.



The current single family home inventory in Viera's 55+ communities stands at 27 today (12/11/14).  The listing prices range from $130,000 (IRCC) to $414,900 (Heritage Isle).

By the way the inventory is down in Viera's 55+ communities with Grand Isle only having one current active listing ($225,000) and thirteen for sale in Heritage Isle.
Read here:  December 2014 Heritage Isle Market Report (Inventory and Recent Sales).

Indian River Colony Club only has thirteen active listings with prices from $130,000 to $329,000.   The highest priced home is not the norm for IRCC with all other listings priced at or below $195,000.

There have been six homes sold in Indian River Colony Club since November 1, 2014.  Selling prices ranged from $108,000 to $165,000.

Anyone considering moving to Brevard County should take a look at Viera.   Its central location is ideal for commuters to Melbourne, Kennedy Space Center or even Orlando.  Viera offers great shopping, easy access to Orlando, lots of recreational opportunities, excellent schools for families with children, several golf courses(4 nearby), easy access to Patrick Air Force Base, restaurants, the Brevard Zoo and health care facilities including the newer Viera Hospital. 

For information on homes for sale in Viera, Florida including the 55+ communities if Indian River Colony Club, Heritage Isle and Grand Isle can call me at 321-693-3850 or send me an email.

gwatersc21@aol.com

Wednesday, December 10, 2014

Heritage Isle in Viera, Florida - Market Update December 2014


Currently there are fourteen single family homes for sale in Heritage Isle in Viera.  Heritage Isle is Viera's Florida's newest 55+ community.

List prices of homes for sale in Heritage Isle in Viera range from $209,900 to $414,900.  Five of the homes for sale in Heritage Isle are priced below $250,000. 

An indicator of rising prices rising seems to be that half of the homes for sale are priced above $300,000 - something not experienced over the past few years. 

gwatersc21@aol.comWhile Heritage Isle is a 55+ community and many of the residents are retired the size of the homes are not downsized.   Of the fourteen homes for sale in Heritage Isle eleven are larger than 2,018 sq ft under air.  (The largest is 3,255 sq ft).  There are also three homes under contract at this time all priced above the $250K price point.

Five properties sold in Heritage Isle since December 1, 2014.  One of these sales was a patio style home (2 bedroom/2 bath/1 car garage) which sold for $155,000.  Two of the four single family detached homes sold were new construction with similar sales prices of about $240,000 (currently in last phase of new construction).   The other two sold for $252,000 (1,988 sq ft 4BR/3BA/2 Car Garage) and $280,000 (3BR/2BA/2 car garage with 2,317 sq ft).

How do single family home sales in Heritage Isle compare to last year?  As 2014 nears its end here is a summary of Heritage Isle single family home sales in 2014 (through December 9, 2014) vs. single family home sales in 2013.

                                        2014                     2013
Total Sold                         66                         80
Average Sales Price     $253,541              $228,210
Percent of List Price         98                         97
Days to Close                   76                         98
Days on Market                38                         61

For information on homes for sale in Heritage Isle in Viera, Florida, please give me a call at 321-693-3850 or send me an email.


Sunday, November 23, 2014

Brevard County, Florida Townhouse/Condo Sales Report for October 2014

Brevard County, Florida Townhouse/Condo Sales Report for October 2014 compared to October 2013: 
  • Closed Sales up 3.4% for October 2014, with a increase in cash sales of 1.4% compared to October 2013. 
  • New Pending Sales down -26.2% New Listings are up 5.0%.
  • Median Sales Price for Townhouses/Condos up 27.5% to $130,000.
  • Median Days on the Market up 53.8.0% to 60 days vs. October 2013 39 days.
  • Months Supply of Inventory down -34.5% to 3.8 months compared to October 2013 5.7 months.   
  • Traditional Sales up 19.4% with a median sales price of $145,000.
  • Foreclosure/REO Sales down -32.1% with a median sales price of $47,250.
  • Short Sale Closings down -22.2% with a median sale price of $165,000.
Above information provided by Space Coast Association of Realtors®.

Saturday, November 22, 2014

Brevard County Residential Report for October 2014: Inventory down, prices up.

The Brevard County Residential Sales Report for October 2014 compared to October 2013 is presented below as provided by the Space Coast Realtors.
 
The most telling statistic in my opinion is not that the median sales price is up but rather the months supply of inventory is down to three months. 
  • Closed Sales are up 17.1% for October 2014 the number of units closed was 851 compared to 727 in October 2013.  Also an increase in cash sales by 16.8% compared to October 2013.
  • New Pending Sales are down -29.2% and New Listings are up 3.4%.
  • Median Sales Price for Brevard County Single Family Homes are up 19.2% to $143,000 compared to a year ago, which was $120,000. 
  • Median Days on the Markeare down -10.3%, which is 35 days compared to 39 in October 2013.
  • Months Supply of Inventory is down -33.3% to 3.0 months compared to 4.5 months in October 2013. 
  • Traditional Sales are up 35.1%, with a median sales price of $161,700.
  • Foreclosure/REO Sales are down -2.9%, with a median sales price of $86,050.
  • Short Sale Closings are down -44.8%, with a median sale price of $145,000.

Thursday, November 20, 2014

Monday, November 17, 2014

Negotiating The Real Estate Deal - The Key Point.

There are many components to the negotiation process when it comes to buying or selling a house.  Many of these components play a supporting role to the major star of the negotiation process.

What are the supporting components?

  • List Price.  This price is most often not much more than the X dollars off  MSRP in a car dealer's advertisement.  Most sellers settle for less than this price.
  • Condition.  The property's state of repair or disrepair impacts whether a buyer is willing to make some repairs.  If they are looking for move in then this moves up the hierarchy of supporting cast.
  • Comparables.  What has sold recently is a key supporter (especially for a buyer).
  • Substitutes.  This is the competition. What other properties are on the market that could fill the same need based on location, price, condition.
  • Financial restrictions.  Sellers have financial restrictions.  These may be based on the mortgage payoff or need for a certain amount of proceeds.   On the other hand, the buyer may have the restrictions of a mortgage limit or maximum price.
  • Time.  Sometimes the time line for a move (or even a pending foreclosure).
  • Motivation.  Whether buyer or seller, in order for a deal to be struck, it is most essential that the motivation of the buyer and the motivation of the seller reach agreement

All the above items play an important role in the real estate negotiation.

And the key point when it comes to negotiating the real estate deal can be any of the aboveIt all depends on the circumstances of the sale.

Ready to buy a home in Viera or Melbourne, Florida?  Call me at 321-693-3850 or send me an email.





Both Images courtesy of Stuart Miles at FreeDigitalPhotos.net

Wednesday, November 12, 2014

Home Seller Tips: Sitting and Waiting is not a Selling Strategy

I received a call earlier this week from someone who already had a home for sale in Viera, Florida.  I explained to the caller that she had a real estate agent so she needed to communicate concerns with them.

She understood the reason why I could not intrude on her seller - agent relationship.

She did indicate that she may call me when her current listing expires.

Now here are a few items I did not say during the short call.

Just waiting until a listing expires is not a good strategy if a property is just sitting.

Most sellers have a timeline to sell their home.  Waiting does not support this.  Days on the market without a contract usually incurs additional costs.  These costs include the usual things like mortgage, insurance, association fees and the like but also includes the cost of a potentially lower price.  A home on the market an excessive number of days generally makes buyers wonder what is wrong.

Sellers, if your home is just sitting, there is a problem (or several).   These may include such things as preparation, pricing, presentation, accommodation or whatever. 

Sitting and waiting for the listing to expire is not a good strategy.

When I list your Viera, Florida home for sale there is no sitting and waiting.  We either get results or you are FREE to call on another Realtor and show me the door.

Call me at 321-693-3850 to discuss how I can work for you.  Ask me for your free market analysis.
agent@moving2brevard.com


Thursday, November 06, 2014

Viera Florida 55+ Communities Market Repor: Heritage Isle and Grand Isle - October 2014

Grand Isle and Heritage Isle are two of Viera, Florida's most popular 55+ communities.  For anyone considering a move to a Florida 55+ community, these two should be on your list.

Both are gated and have superb facilities (club house, pool, tennis, fitness centers, etc) as well as provide exterior maintenance and lawn care.  Another plus is they are relatively new with the oldest homes in any of these developments having been built in the early 2000s.  Heritage Isle has current new construction for sale (last phase).

Here is a summary of the recent sales in Heritage Isle and Grand Isle as well as a look at what is presently on the market.

Currently there are 12 single family detached homes for sale in Heritage Isle.  List prices for these single family units range from $209,900 to $429,900.   There are two homes priced above the $400K mark but these are not the norm for homes for sale in Heritage Isle.

Five of these listings are priced between $235,000 and $249,900 which is the most common range for homes for sale in Heritage Isle.

Since October 1, 2014 there have been six properties sold in Heritage Isle.  All of these sales were standard fair market sales with selling prices ranging from $155,000 to $270,000. Three of these sales were smaller patio style villas  which are typically two bedroom two bath with a one car garage (155-179,000 sale price).   Single family sales ranged from $224,900 and $270,000.

There are currently three homes for sale in Grand Isle with list prices between $215,000 and $290,000.   The size of these homes for sale in Grand Isle range form Sq ft ranges from 1,545 to 2,170 square feet under air (built 2000 to 2003).  The two lower priced units are two bedroom two bath homes while the other is a three bedroom two bath home with a three car garage.

There were only two homes sold in Grand Isle in October 2014.   Selling prices were $216,800 and $278,000.  Both of these homes were built in 2004 and had between 1992 and 2025 sq ft. under air.  The higher priced home was located on preserve and lake.

If you are interested in a 55+ community in Florida, Grand Isle and Heritage Isle both deserve your consideration.

agent@moving2brevard.com