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Tuesday, September 27, 2016

Home Seller Tips: Responding to Offers

Most home sellers enter the process with an expectation of competition among buyers, a higher than list price offer, and a smooth closing. 

But not every offer will be full price or even close.    

Still, it is an offer.

Sellers need to understand two inter-related things on day one: 
  1. the quality of an acceptable offer (price, terms), and,
  2. the minimum they will accept (walk away proceeds). 
Once the minimum acceptable terms are known sellers can respond to offers in one of three ways:   
  1. Accept. 
  2. Reject totally with no counteroffer. 
  3. Reject with a counteroffer presented. 
Here are additional articles on buying and selling a home in Florida:
Please call or text me at 321-693-3850 if you are considering buying or selling a home in Melbourne, Florida.

Brevard County, Florida Residential Market Update for August 2016

Presented below is a recap of the Brevard County Residential (single family home) market for August 2016 compared to August 2015 as provided by the Florida Realtors/Space Coast Association of Realtors.
  • Closed Sales - Increased 1.5% in August 2016 with 879 units closed compared to 866 in August 2015 with a decrease in cash sales by -26.1% compared to August 2015.
  • New Pending Sales - Up 1.8%.
  • New Listings - Up 7.4%.
  • Median Sales Price for Brevard Single Family homes - Up 14.7% to $195,000 vs. a year ago  which was $170,000.
  • Months Supply of Inventory - Decreased -7.4% to 2.5 months compared to 2.7 months in August 2015.
  • Traditional Sales - Up 15.1% with a median sales price of $200,000.
  • Foreclosure/REO Sales - Decreased -64% with a median sales price of $109,450.
  • Short Sale Closings - Down -29.4% with a median sales price of $127,500.

Brevard County, Florida Townhouse and Condo Market Update August 2016

Presented below is a recap of the Brevard County Townhouse and Condominium market for August 2016 compared to August 2015 as provided by the Florida Realtors/Space Coast Association of Realtors.
  • Closed Sales - Up 10.7%  in August 2016 with 258 units closed compared to 233 in August 2015, with an increase in cash sales of 4.9% compared to August 2015.
  • New Pending Sales - Up 7.6%.
  • New Listings - Up 3.4%.
  • Median Sales Price for Townhomes/Condos - Up 16.7% to $154,000 compared to a year ago ($132,000).
  • Months Supply of Inventory - Up 6.2% to 3.4 months compared to 3.2 months in August 2015.
  • Traditional Sales - Up 24.1%  with a median sales price of $158,500.
  • Foreclosure/REO Sales - Down -56.3% with a median sales price of $63,000.
  • Short Sale Closings - Down -66.7% with a median sales price of $112,450.

Thursday, September 22, 2016

Jameson Place Condos in Rockledge, FL - Market Update (September 2016)

I received a phone call yesterday from someone asking about Jameson Place condos in Rockledge, Florida.  The caller wanted to know if it was good complex.  

Although the caller did not say it I got the impression she had read one of my blogs about homes for sale in Viera and Rockledge, Florida

The thing she really liked about the complex was the fees were realistic (under $200 a month).   

A side note on condo fees:  Like taxes, association fees can change based on the circumstances, needs of complex, reserves, insurance costs, etc.

Jameson Place is in Rockledge, not Viera, which means owners do not pay additional Viera planned unit development fees.  But Jameson Place is on the border (literally hundreds of feet) with Viera so people sometimes forget its not Viera.

Jameson Place is convenient to major routes US 1 and Interstate 95.   Jameson Place is ideally suited for most commutes whether driving to Orlando, the Kennedy Space Center or Patrick Air Force Base. 

With its community pool, playground and nearby parks, Jameson Place offers its residents a comfortable lifestyle at very affordable prices. Association fees are in the $150-$160 per month range.

With excellent schools nearby (public and private) as well as parks and medical facilities, Jameson Place deserves consideration if  one is looking to purchase a condo in Viera or Rockledge.

What is currently for sale at Jameson Place Condos in Rockledge?

Currently there are three units for sale in Jameson Place.   Two of the units are three bedroom two bath properties priced in the $150,000-$160,000 range while the smaller unit is juts under $130,000.  All are standard sales and have been on the market about two weeks. 

There are another four standard sale units under contract awaiting closing. , List prices for these units are slightly under current list prices.

What has recently sold in Jameson Place in Rockledge, Florida?

Over the past six months there have been twenty one properties sold in Jameson Place.   Selling prices ranged from $114,250 to $152,000.  But in a market such as Brevard County, it is what has sold recent that tells the real story.  Since May 1, 2016 all sales except one have been standard sales.

More recent sales in Jameson Place (since September 1, 2016) included these two units. 
  • One unit, located at 4116 Meander Place #204, was a two bedroom two bath one car garage unit with 1,230 sq.ft. under air which sold for $139,000 (96% of list)  on 09/06/16.
  • The other unit was a three bedroom two bath one car garage unit  with 1,473 sq.ft. under that sold for $148,500.  Located at 4086 Meander Place # 202, this property was on the market for only twenty five days and sold for 99% of list price.
For information on buying or selling a condo in Rockledge, Florida including Jameson Place and the nearby Ventura at Turtle Creek complex, call or text me at 321-693-3850.

How could a house not sell?

The title question is a an open ended question.   There are multiple ways to not sell a home.  

In all likelihood the biggest reason no offers come is price.  One of the first questions most sellers wrestle with is determining the selling price.

So how does a seller determine the listing price? 

One answer I heard recently was " I paid this much for it plus I have put this much into it.  Besides, my home is better than all the others in the area so your comps do not do it justice."

In an ideal world the above answer would be the ideal answer.    
But we do not live in an ideal world.

While showing homes not long ago a prospective buyer asked me how much value a pool would add when selling a home.  My response was simply  "not as much as you will pay for the pool.  Install a pool if you're going to use it!"

Determining how much your home will sell for is a function of multiple issues and characteristics.  Some of those include...
  1. How old is your home?  
  2. What is the condition of your home?  
  3. Where is your home located?  
  4. What are the competing properties?  
  5. Has there been any major updating?  
  6. What about any major systems issues (roof, AC, electrical and plumbing)?    
  7. What are the current market conditions?  
  8. Who are your potential buyers?   
  9. And a few more depending on the property.
How does a seller determine the projected selling price?  Call a local real estate professional and schedule an appointment for a comparative market analysis and consultation.

Ultimately, the market will determine the real price.

If one hires a knowledgeable local agent and follows their advice as well as cooperates with reasonable showing requests...there is no reason for failure.

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