Find Your Home!

Sunday, March 31, 2013

The missing photos tell the real story…

Reviewing listings for possible appointments last week I noticed something that I had never really paid much attention to when reviewing homes for sale in Melbourne, Florida.

Whenever I look at listings of homes for sale in Viera, Florida I always glance at the the price and general specifications like bedroom/bathroom count before proceeding to the most important advertising tool a seller has....the pictures.

Usually even some of the most humble properties have pictures that are generally pretty good.  Perhaps this is a reflection of the quality of cameras and availability of photo editing software.

Our local Brevard  MLS system allows up to twelve photos.  This limitation can be a challenge when trying to sell a home for sale with lots of great qualities and space.

Oh, back to my epiphany regarding the pictures...

  1. Listings which have all allowable photos but fail to include kitchen or bathroom photos are like that for a reason.
  2. Listings which fail to include any interior pictures are like that for a reason.

Buyers are almost always more interested in the kitchen and master bathroom than any other interior space.  If they are not shown, there may be an issue.

Skimping on the pictures can mean only two things:  Issues or a listing real estate agent who has yet to realize that buyers want to see and not just read about a house.

When you are ready to sell your Brevard County, Florida home, call me at 321-693-3850 or email me to discuss how I can work for you, please.

Saturday, March 30, 2013

Does your sign suggest a problem?

It may not feel like it today but spring has arrived.  The time for spring cleaning, right?  Ready to get that yard and exterior of your home looking better now that the winter has departed.

If your home has been on the market for a while take a look at your sign out front.  Look at the holder for flyers (if there is one) as well.

Signs up in the colder climates really take a much more severe beating in the winter than the exposed signs in Florida.

Still, if your home has been on the market for a while, it may be sagging a bit or appear neglected.

Even if your home has not been on the market very long a less than well maintained sign may be interpreted by those who drive by as a home that has been listed a long time.

Great curb appeal does apply to your "For Sale" sign as well.

Wednesday, March 27, 2013

Selling Your Home - a deal is not a deal until the papers are signed.

Selling your home is a simple process that can take months.  From the initial preparation for the market to receiving the offer and getting the signed contract can take anywhere from a few weeks to several months.

And then, after the contract is signed, if a mortgage is involved, there may be another 30-45 days.

During this month or so the seller really has little to do other than preparing for the move and making the property available for inspections, appraisals and perhaps addressing a few repair issues if found during the inspection.

Sellers must maintain the property in its "selling"condition just in case the contract falls through.  Yes, it is always a possibility.

Likewise, buyers expect the property to be delivered in the same condition as when contracted.  And that also includes clean.

Whether buying or selling a home the rule is the same... a deal is not a deal until the papers are signed, funds transferred and keys delivered.

Until then, you and your Realtor® should remain alert to potential issues.

Considering selling your Viera, Suntree or Rockledge, Florida home?  Call me at 321-693-3850 or send me an email if I can assist in any way.

Tuesday, March 26, 2013

Why should a buyer give a short response time on an offer?

The above title was actually my second choice for a title as my first choice was really “Why should a buyer give a competitive offer from the start?”

In our local market (Brevard County, Florida) as in many others, multiple offers are becoming more common.  In our market homes are getting offers accepted within days of hitting the market.

So “Why should a buyer give a short response time on an offer?”  Simply to reduce the likelihood of more (and better) offers showing up.  A seller has no way of knowing if another offer will arrive so they may be more amenable to accept the “bird in the hand.”

So Why should a buyer give a competitive offer from the start?” Because, even with an abbreviated 24 hour response deadline like 24 hours, additional offers may show up.

The real estate market is changing…fewer move in ready homes and more interest from buyers.

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

Monday, March 25, 2013

The most critical time in the home buying and selling process

There are several situations during the home buying and selling process where time is critical.  Depending on whether one is buyer or seller these vary.

As a seller the first "critical" time is the period immediately prior to placing your home on the market.  Getting a home ready for the market (ready to compete) requires a well timed plan.

As a buyer in a shifting market like Brevard County, Florida a critical time for a buyer is knowing when to make the offer.  The number of multiple offer situations requires buyers to decide early on if the property is the one and how much to offer.

Once an offer to purchase is made (and accepted) the clock starts ticking.  There are multiple critical points like response times, days to review association documents, days to conduct an inspection and more.

The commonly used Florida offer to purchase contract states it pretty clearly: "Time is of the essence."

And as the day of closing gets closer time becomes even more critical.   It is critical buyers and sellers be accessible and respond during the closing process.

Whether buyer or seller as the closing date gets near the deal is the priority.

Sunday, March 24, 2013

Selling your home? Help yourself by reviewing the MLS entry and photos

It is always nice to work with home buyers who know what they are looking for in their next home.

With today's computerized multiple listing systems it is very easy to screen a buyer’s desired characteristics and weed through thousands of listings, right?

It should be relatively easy to set up an automated search with the parameters defined and then let the system work for you, right?

Finding the ideal (or even almost ideal) properties even with well defined characteristics still requires a buyer’s agent do additional sifting through many potential properties.

This additional sifting is sometimes necessary because listings turn out to have incorrect data entered which cause it to be incorrectly selected.

And then there are times when the listing agent fails to provide data in available fields within the MLS system that causes the listing to not show up.

As a home seller I encourage you to review the MLS entry your real estate agent places to market your home.  Further, I encourage you to review the photos as well (a picture is worth...well you know).

Time is always in short supply.   Many buyers are on tight schedules especially if they are in Florida for a week or less to find that house or condo to purchase.

The ability to efficiently search the MLS will help me sell your home and minimize the disruption to your schedule by having buyers show up only to find it isn't very close what they are looking for in a property.

Saturday, March 23, 2013

Why should a seller address issues on a property inspection?

Why should a seller address any issues identified during a property inspection?

Recently I saw a case where the property inspection revealed more than a few issues.  For the most part the buyer was not alarmed by the issues.  But there were some that were potential sticking points.

Sometimes, even when an offer to purchase is an “as is” offer there are some issues that really should be addressed.

What are these issues a seller should consider addressing?

Some issues are deal breakers.  Some deficiencies may prevent mortgage approval.  Some issues may be safety hazards.

Even if the ability to get a mortgage is not center stage some issues are basic quality of life issues like active leaks and non-functioning AC systems.

If a property is priced appropriately and prospective buyers are aware of issues (as identified in the seller property disclosure) then the question of repair is not likely a deal breaker.

Occasionally a property will come under contract and a problem is identified during the property inspection.

If the issues caused a buyer to cancel the contract (a property inspection is a get out of jail free card), they need to be repaired or disclosed to future prospective buyers up front.

So why address issues in a property inspection?   If one buyer walked, the next one can as well.

Friday, March 22, 2013

What is Title Insurance?

We all understand the concept of insurance.  Insurance provides some type of protection in the event something untoward happens in the future.

Title insurance is the opposite.  Title insurance protects against some event that happened in the past that casts some doubt on your ownership of real property (your home).

There are two types of title insurance – an owner’s policy and a lender’s policy.

The cost of title insurance in Florida is promulgated at a rate of $575 for the first one hundred thousand dollars in protection plus $5.00 per thousand thereafter.  For example, $200,000 in coverage will cost $1,075 ($575 + $5  times 100) for an owner's policy.

Usually, in Florida, the full charge is applied to the owner’s policy and a reduced rate is charged for the lender policy if it is a simultaneously issued policy.

While computerized record keeping means less error the potential always exists that something happened along the way to you obtaining your property that could cause a title question.

Title insurance is an inexpensive way to protect a large investment.   You only pay the fee once but the coverage you get is for your lifetime! 

Imagine if other insurances were so inexpensive!

Tuesday, March 19, 2013

Thinking about selling your home? Do this first...

When you start thinking about selling your home it is a perfect time to just sit down, look around and think.

What do you see?

If the answer is a lot of stuff then it may be the perfect time to de-stuff your home.  I doubt "de-stuff" is a real word but it works here.

We hold onto many things through the years that no longer have a productive use.

Perhaps they hold memories. They have been sitting for years – completely untouched, un-noticed until now.

Preparing to sell means getting rid of clutter. 

Preparing to sell includes storing things so buyers will be looking at your home and not your stuff.  Storing things does not mean stuff it in the closet or in the garage.  Prospective buyers do want to know how much space is available in the closets as well as the garage.

Selling your home means providing your prospective buyers with an un-cluttered, clean and appealing property where they can see themselves at home.  Which works for you....garage sale or Goodwill?

If you are considering selling your Brevard County home sit down, look around and give me a call at 321-693-3850.  I would welcome a chance to speak with you about how I can work with you to sell your Viera, Suntree or Rockledge home.

Negotiation Strategies in a Changing Real Estate Market

Negotiations do not always succeed.   Think about labor management negotiations.  Sometimes there are strikes.  Think about athletes who are negotiating new contracts. Sometimes they end up leaving for another team.

And in each case the negotiation strategy failed. 

In a changing real estate market negotiation strategies shift. There was a time when sellers were happy to get any offer.  Now with shrinking inventories and less competition sellers will likely become more demanding when negotiating offers.

There are ways to negotiate and reach your goal as well as ways to negotiate to fail.  As a buyer (or seller) you must decide what your strategy will be before proceeding.

I advise buyers to determine, if possible, a seller's motivation and then offer a price that will not offend but will get the conversation started.   Ultimately buyers must know the most they are willing to pay and be ready to walk away, if necessary.

Sellers, similarly, must know what they are willing to take for their home and not dismiss the initial offer.  I have been involved in cases where the first offer was ultimately the best offer ever.

Here is the key consideration whether buyer or seller - negotiating requires knowledge of what other options are available if success is not in the cards (other properties, likelihood of a new offer, time lines, etc.).

Finally, negotiation is not an adversarial process.

Monday, March 18, 2013

Sellers really do know how to sell their home

It does not take long for a child to figure it out.  It probably happens in the school yard or at the playground all the time.  It may be a video game, sports cards or maybe an action figure.  But the concept is the same.

Put a price on it that is attractive, promote it to the right potential buyers, and negotiate.

I see homes that are priced way above market every day in the MLS system.  I occasionally show homes that are filthy, dark and badly overstuffed with "stuff." 

There was a time when I would think to myself these sellers must have a real estate agent who does not know what to tell them.  But I no longer think that is the case most of the time.

I am convinced home sellers really do know how to sell their home

When selling anything all aspects reflect motivation.   Sellers know deep down inside what they should do.   They know what they would expect if they were a prospective buyer.

If you are motivated and considering selling your Brevard County, Florida house or condo, lets work together. 

Sunday, March 17, 2013

When Buying a Short Sale, Choose Your Lender Carefully...

Short sales have been around a long time.  I don’t know how long but they have been a major portion of the Brevard County, Florida real estate business for at least the past six or seven years.

Short sales involve the purchase of a home being sold for less than the mortgage owed usually due to a hardship situation.  Because of this deficiency the seller's mortgage company (sometimes more than one), must approve any offer to purchase.
The short sale approval process can take months so all parties involved must be prepared to wait and then prepared to act quickly once approval is gained.

Often the abbreviated approval to close deadline requires everyone to act quickly.  Inspections must be done (even if purchase is "as is" an inspection should always be a contingency).  Lenders must get the mortgage application approved, appraisals done, insurance binders in place and more.

Short sales require and experienced real estate agent as well as an experienced mortgage loan originator.

Recently I had a buyer receive approval and then I found out the lender had never been involved with a short sale.   This lender advised me their institution was inflexible (meaning they were on their timeline and no one else's really mattered).

Her last statement mad me realize I had to refer my buyer to another lender who had experience.  I am hopeful we will save the deal for my buyers because the new bank will get the job done within the deadlines provided by the seller’s lender and the contract.

I also learned a lesson here as well... if I don't know the lender interview them early and educate them in the short sale process, if needed.

If you are considering selling your Brevard County, Florida house as a short sale, let me help you.  

Selling Your Home as a Short Sale - Why you should only accept a realistic offer

The short sale approval process will likely include a broker price opinion of a property before the lender decides whether to approve a short sale.

A broker price opinion (BPO) is basically a market analysis provided to the seller's lender but a totally disinterested third party.

This opinion of value not only includes both "for sale" and "sold" properties but also information on other factors that influence value such as location, school quality, traffic, presence of parks and other amenities, local unemployment rate, market trends and other factors.

The BPO should, in my opinion, be very similar to a comparative market analysis done by the seller's agent.

Although I do not discuss any value determination with a seller's agent it does not stop them from trying to influence the decision by slipping in a comment regarding an offer price or offering to provide me with comparable properties.

The person who prepares this independent opinion of value will have no idea of your contract price .   

And for this reason a short sale seller must try to get the best price possible for their home.

Accepting  a low ball offer will do nothing but require a renegotiation later.  Or, even worse, going back on the market after a buyer walks when the counter offer is much higher than expected.

Brevard County  Florida home owners considering a short sale, give me a call at 321-693-3850 to discuss how I can work with you in the process.  If you prefer, send me an email.

Saturday, March 16, 2013

When buying a home understand your debt, understand your credit

Ask most people how much money they owe and they will probably have an answer.  How close the number is to the actual debt owed will vary greatly.

The same goes for the question about one's credit score.  They may not know the score but the credit is almost always "good."

The first step in the home purchase process is understanding the financial realities.

First there is a difference between home buying and home borrowing.

Your debt load (debt to income ratio) and credit score will likely have the greatest influence on your ability to borrow to purchase a home.
  • debt-to-income ratio - percentage of your income that goes toward paying your debt calculated by dividing your monthly debt spending by monthly income and multiplying by 100. 
  • credit score - a numerical rating of creditworthiness derived by information in one's credit report. Although several number systems exist this number gives a real snapshot of risk. 
Credit reports are not always correct.  Do not wait until you are ready to apply for a loan to find out there are incorrect entries. With identify fraud much more prevalent today it is imperative you guard your information as well as monitor your credit.

Every twelve months you are entitled to receive free credit reports for your review.  Here is the link to

When you are ready to buy a house or condo in Brevard County, Florida, give me a call at 321-693-3850 or email if I can help in any way.

Friday, March 15, 2013

Don’t Do This When Buying a Home–ever!

So you have decided to shop for your new home in the Viera or Suntree areas of Melbourne, Florida. You take off for a drive and find some homes you may like from the exterior appearance and location.  You write down the contact information and call the agent on the sign out front, right?


Because the seller's agent is just that - the seller's agent.

As a home buyer you want your own representation.   In Florida there is no such thing as dual representation.  A real estate agent can not represent both sides.

When you are ready to buy a house or condo get your own local expert.

It costs you nothing to have your own representation but can cost you plenty to not!

Thursday, March 14, 2013

The Internet has made everyone an expert–on some things...

In matters of real estate, ask an expert.  As well meaning as they may be the reality is your neighbor, friend, relative (dad, mom, brother) or the guy you work with every day is not a real estate expert.

The abundance of available information on the Internet today allows anyone to search for bits and pieces of information, and valid or not, espouse questionable advice on multiple topics.

The real estate expert will be a local real estate agent who works in the business every day.

But real estate agents have their limitations as well.

I was speaking with an attorney a few days ago and  commented I do not give legal opinions, tax opinions or construction opinions. 

But those who know me will say I do, on occasion, offer up a personal opinion – on lots of many topics!

When you are ready to buy or sell real estate, find a qualified expert – not just someone who will give you an opinion.

The below notice appears below my signature line on all of my emails and summarizes my areas of expertise and limitations.

GARY L WATERS PLLC is a Florida licensed real estate agent (BK3064647). A real estate agent is qualified to advise you specifically about real estate sales, leasing, management, property values and marketing. For advice regarding legal, tax, insurance, or property inspections issues, you are recommended to consult an appropriate licensed professional.

Tuesday, March 12, 2013

Real Estate is Back in 2013 - Survey Results

Data provided by

the #1 social community for real estate professionals.

Selling Your Brevard County, Florida Home - impress early, close sooner!

To place a home on the market before it is ready is a mistake many sellers (and their agents) make in an effort to get things rolling.  But this is a mistake.

You have to be ready on day one.

When a listing is new it generates a lot more interest.  As a new listing it gets highlighted on the MLS "hot sheet" on day one.

But, if all the initial interest is met with a property in need of repairs, staging, landscaping attention and a generally unappealing presence, then the unimpressed prospect moves on .  You know what they all say about first impressions - don't blow the opportunity to impress by having a product "in the works."

If you have worked with a professional stager or a knowledgeable real estate pro you will know what needs to be done before the first prospect shows up at your front door.

This process of being at the ready is an ongoing process as long as your home is on the market, because sellers should always treat the next showing as the prospect who makes the offer!

If you are thinking about selling your Brevard County, Florida home, call me to discuss the process.  It is not too early to put the wheels in motion - even if you have a couple of months to get ready!

A well thought out plan may in fact lead to a shorter process - impress early, close sooner!

Monday, March 11, 2013

Why is a showing tomorrow more important than the one last week?

The average days on the market for a home for sale in Brevard County, Florida is somewhere in the neighborhood of  90 days.  That means many homes are on the market (and having showings) for a much longer time!

And this time may be unnecessarily longer when a seller finds themselves less than enthusiastic about the showing tomorrow!

Sellers need to understand this reality about selling a home - selling is not necessarily a short process or one that is free from multiple stresses.

Accept early on that selling involves a change of routine.

Selling means refraining from cooking certain foods (smells can be a turn off...think fried fish).  Selling means accommodating short notice showings at sometimes   Selling means added inconveniences like putting away things you normally leave on counter tops (think kitchen and bathroom).  Selling means leaving some lights on during the day even when you are not home.

One of the keys to success when selling your home is to treat every showing appointment as your future buyer.

Because you never know.

Considering selling your Viera, Suntree, Melbourne or Rockledge, Florida home?  Call or email me for a free market analysis.

Sunday, March 10, 2013

To buy or rent? Why buy a home?

A lot has been written about the benefits of home ownership.  From the stability it offers to the tax advantages.

A few years ago we got into trouble when an out of control market kept home values (on paper) rising almost by the day.

And then it happened.

There was a peak with a little slow down…then the steady drop.  In the end homes were worth, if one was lucky, half of what had been borrowed.

There are lots of reasons to own your home.  A primary investment tool is not what a primary residence (house or condo) should be for any buyer.

Remember this about home ownership - "The potential to appreciate" is key.  But don’t gamble with the roof over your head.

If you have considered purchasing a home and are new to the process with a question....just ask!

Saturday, March 09, 2013

Association Fees - An Important Consideration When Buying a Home

Regardless of what you spend your hard earned money on there is one axiom that applies - you get what you pay for!

This applies to home owner and condo owner associations.

With associations you get what you pay for.  And you need to decide whether the services are worth the outlay to live in a particular community.

Association fees are usually linked directly with the services or benefits provided by the association. These may include facilities (pool, tennis, fitness center, etc.), services (gate guards), maintenance services or perhaps landscaping services.

With condo communities the fees are usually much higher as they also include things like water-sewer, basic cable service, insurance for the structure, common area taxes and others.

Regardless of type of community all buyers are urged to review the rules, the financial documents and even interview some of the board members!

When  purchasing a home or condo there are some expenses that are subject to change - taxes, insurance, and association rules.  It pays to shop and compare.

Ready to buy or sell a house or condo in Viera, Melbourne or Rockledge, Florida?   I would welcome a chance to work with you.  Call me at 321-693-3850 or email me.


Friday, March 08, 2013

Selling Your Home - Is this a sign of distrust?

When it is time to buy a new car I doubt the average person pulls up in front of the car dealership and asks for a car salesman to accompany them and breathe down their neck as they look at each vehicle   Most folks I know want to look and then, if interested, ask for additional information or even a test drive.

When it comes to shopping for a new home the attitude is similar.

Prospective buyers want to feel at ease.  Prospective buyers must feel at ease to fully grasp your homes features.

Having someone standing over a prospective buyer is not a way to encourage relaxation.  They have their buyer's agent available to answer questions and get answers when necessary.

When it comes to selling your home remember it is all about -

  1. pricing it right
  2. promoting it effectively, and 
  3. presenting it appropriately.

Bird dogging a prospective buyer is not presenting it appropriately.

Do not place yourself at a disadvantage by coming between the buyer and their agent.  If possible, do not be present when folks are looking at your home.

Thursday, March 07, 2013

How does a seller indicate they are serious about selling their home?

The real estate market is shifting as the number of move in ready homes has dropped considerably over the past several years.

Shrinking inventory favors the serious seller.

How does a seller indicate they are serious about selling their home?
  • They price at a realistic, even if somewhat optimistic, price given the competition.  
  • They accommodate showing requests that are within reason. 
  • They prepare their home to impress prospective buyers.
  • They respond to written offers in a reasonable time.
Serious buyers expect serious sellers.

Sellers must not forget, even in a shifting market, there is still competition.  To think you are the only horse in the race is not a serious marketing plan.

Wednesday, March 06, 2013

Will a letter of explanation help get a low ball offer accepted?

Many sellers have an emotional attachment to their home.  Even the sellers who are not emotionally attached are proud of the place they call home.

Sellers want prospective buyers to, at a minimum, have an appreciation for their home's qualities.  An unwarranted, low ball offer is the ultimate sign of disrespect!

Back in the days of multiple offers (coming soon to a market near you) it was not unheard of for a prospective buyer to include a hand written note expressing their enthusiasm and desire for their offer to be accepted.  And sometimes this technique would be the the thing that sealed the deal!

I recently saw a case where the seller received a list identifying everything little thing that was (in their opinion) wrong with the house.  This was an attempt to justify a low ball offer. It was a failed maneuver.

I think such a problem list is an unneeded step - assuming the listing agent has "done the comps" and the listing price is somewhere in the ballpark. Otherwise it is unlikely I would ever show the listing unless I want to reinforce a better priced similar property.

If there are indeed problems that need to be identified I am sure the home inspector will find them - once an offer is accepted.

Tuesday, March 05, 2013

Heritage Isle in Viera, Florida (Melbourne, Florida) – Homes for Sale in 2013

As of today there are 21 active listings in Viera’s premier gated 55+ communityHeritage Isle community.

Of these properties for sale there are only two distressed properties – one short sale, one foreclosure.  There are five distressed properties under contract as well.

The reduced distressed property inventory in Heritage Isle is consistent with the picture throughout Brevard County as the supply of short sales shrink.

Condos also available in Heritage Isle!
Listing prices for these active listings range from $154,900 to $365,000.  By the way, there is only one listing above $300,000 and more than half are under $215,000.

February 2013 sales in Heritage Isle were down a bit from the five sold in January with only two closings.

One was a town house (2 bedroom 2 bath 1 car garage) selling for $144,000.  The other was a single family home (1,697 sq.ft., 2 bedroom 2 bath 2 car garage) selling for $205,000.

For information on Heritage Isle as well as other 55+ communities in Viera (Grand Isle, Indian River Colony Club), please send me an email or give me a call.

Choosing a 55+ community in Viera
Heritage Isle or Indian River Colony Club
Heritage Isle or Grand Isle? Which 55+ community is best for you?

Florida Real Estate Information–Its not all on the Internet!

The Internet is a vast information resource.  But, it is also a repository of dated, inaccurate and  often generally unreliable "facts."

Sometimes people assume something to be 100% factual because "it is on the Internet" in a way that reminds me of the State Farm Insurance commercial.  You have probably seen it as well (with the girl who located her French model date on the Internet).

The same can happen when people start shopping for a new home on the Internet.

Many of the web sites prospective buyers go to offer dated information.  These are the web sites that package "data" and sell advertising to real estate agents who always come up on the same page.

Many of the posts on this site will also be dated.   The real estate market is a dynamic arena where things are constantly changing.  Market reports and listing promotions have a limited  lifespan where the information is "current."

Because markets and inventories change any person looking to purchase a home should contact a local knowledgeable real estate agent who can update the data and "fill in the blanks."  

In Brevard County, Florida call me at 321-693-3850 for assistance on buying or selling a house or condo in Melbourne, Viera, Suntree, Rockledge, Merritt Island and Cocoa Beach.    If you prefer, send me an email.

Monday, March 04, 2013

Brevard Country, Florida Short Sales–Supply Shrinking in 2013

It was not that long ago that it seemed almost every buyer inquiry was someone looking for a great deal on a short sale

Buyers understand a short sale property typically is in better shape than a foreclosure. 

After all, most short sellers need to get as much as possible for their home because they will be left with a mortgage deficit to deal with before a closing can happen.

But the number of single family short sales in Brevard County is falling. 

As of today there are 287 active single family short sale listings in Brevard County out of a total of 2,345 active listings – less than 10% of the total.

In February 2013 there were 70 single family home short sales that actually closed which represented only 15% of all February single family home sales.

Foreclosures seem to be consistent at 26% of sales in February, 27% in January and 21% in December 2012. 

The key number is 59% buyers should focus on in March 2013.  This is the number of single family homes sold in February that were standard sales.  In January the percentage of standard sales stood at 51%.

In Brevard County the trend seems to be clear:  rising prices, fewer short sales, shrinking inventory move in ready inventory.

In other words - competition!

Sunday, March 03, 2013

Pricing Your Home to Sell - Examine motivation first

When one decides to sell their home in any market it is critical to examine motivation.

Understanding the "why you are selling" is the critical first step.  The "why" will always impact every other decision in the process.  

I read a survey not long ago that reported something like 70% of real estate agents felt their seller clients over estimated the value of their home.  Interestingly, in this report only 7% of sellers actually underestimated value.

How does a buyer define value?

Often real estate marketing materials promote prices "below market value."    [Another oft used  phrase is "below assessed value" which really no has bearing on real value.]

Most of these involve short sale listings where the selling agent is trying to get any offer to get the process going (not my approach to a short sale). 

Sometimes you do run across homes that are truly priced below current comparable properties.  These are the exceptions and potentially a great deal!  In the end, the market (buyer) will set the price - not the seller or any real estate agent.

If a seller has less than real motivation, then the price will be higher than the market for similar properties. It is as if they have "do not disturb" in the showing instructions! 

Buyers will always seek value in any market.  Motivated sellers will offer value.  Value does not mean under price either!

Sellers remember this - prospective buyers read your motivation by your price.

Gary L. Waters PLLC, Florida licensed real estate agent, Serving Brevard Realty, Merritt Island, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

Follow by Email