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Tuesday, June 30, 2015

Home Buyer Tips: Does it really matter what type of sale it is?

Many times buyers want to know why a house is on the market.  Buyers believe if they can determine the type of sale (short sale, estate sale, foreclosure, estate sale) it may give them some potential leverage to get a better deal.  In some cases this may be true.

More importantly, a real estate agent should know the type of sale for every property a buyer clients will see let alone make an offer on

A buyer's goals, budget and time line can limit the type of sale they should consider purchasing.

For example, although now less common in Brevard County, a short sale has one often unpredictable characteristic....time.

A short sale occurs when a seller is trying to sell a house for less than the mortgage owed.  However, any sale must be approved by the lender.  The time frame may be a few months or much longer (including never).    If a buyer has a time table that requires a closing within a specified period, a short sale is probably not a good choice.

Read more about short sales here.

Should you consider a short sale?
What is a short sale?
Are you sure you want to look at short sales?

Another time when a buyer needs to be aware of the sale type is when it is a foreclosure.  Foreclosure properties typically have been neglected and are in need of repairs.  Some are missing appliances and other critical items.

The type of loan a purchaser will be using may limit the potential for a foreclosure purchase.

With a foreclosure it is usually more of a condition/appraisal issue rather then time. (think condition more so than time in this case).   Most foreclosures are sold "as is where is" so, unlike a standard sale, the chance of getting required repairs done by the seller is practically impossible.

However, if a buyer is getting an FHA mortgage then there may be options for repairs mortgage many of these are not finance-able.   However this is not always the case.  Discuss the possibility of a foreclosure purchase with your lender first.

One other word about foreclosures - inspections.  Many times the electricity and water will be off.  If the service can be resorted for an inspection it may be an additional buyer cost.

Another type of sale to be aware of - the estate sale.  Some buyers think of estate sales as a bargain opportunity.  This may or may not be the case.  It all depends on the seller (heirs) motivation.

More importantly, with an estate sale, it is important to know if the property has been through probate or if there will be some other potential hold up in closing (i.e. multiple approval parties/multiple locations/etc).   Most often, if a property has already gone through probate or the sale is in a trust following a death, there is no reason to approach the marketing any differently from any other sale.  

So does it really matter what type of sale it is?   Almost always, the answer will be yes.  

Considering buying or selling a Viera, Florida home?  Call me at 321-693-3850 if I can help in any way.

Wednesday, June 24, 2015

Homes for Sale at Viera, Florida - Heritage Isle Market Update June 2015

Heritage Isle. Viera Florida's largest 55+ community, is located next door to the Duran Golf Club, near The Avenues Shopping complex and close to the newer Viera Hospital.  Heritage Isle offers residents a choice of condominium, patio style, and single family detached homes in a setting that offers features such as twenty-four hour manned gated entry, 21,000 square foot club house, fitness center, library with computer stations, pools, tennis, lawn service/landscaping, concierge service available and more. 

What is for sale in Heritage Isle at Viera, Florida? 

Currently there are four townhouse/villas for sale in Heritage Isle.  List prices for these villa homes range from $179,900 to $194,900.  All of these homes offer two bedroom two bathrooms with a one car garage.  Two of these are new construction properties scheduled for completion in August 2015 . Most have about 1500 sq. ft. under air except the smallest which is just under 1,400 sq ft.

There are currently eleven single family detached homes for sale in Heritage Isle.  List prices for these homes range from $239,590 to $460,000.   Five of these homes are listed at or below $265,000.  Home size varies from about 1,700 sq. ft. to almost 2,600 sq. ft.

All except one of these properties are fair market sales.   There is one single family detached foreclosure on the market (3/2/2  with approximately 2100 sq ft).

What has recently sold in Heritage Isle?

An indication of homes selling pretty quickly in Heritage Isle is the twenty-two properties under contract awaiting closing and only 15 for sale at this time.   

Since May 1, 2015 there have been seventeen sales with prices ranging from $159,000 to $289,990. Seven of these properties were new construction (four patio style homes, three new construction).  Six of the seventeen sales were patio style homes.  Ten of the single family homes sales were priced between $211,000 and $252,500.  

Most importantly, all of these were standard sales.   Of note also is just-one of the twenty-two homes awaiting closing is a foreclosure.

Heritage Isle offers a variety of properties that fit whatever one is looking for in a 55+ community.  Call me at 321-693-3850 for information on homes for sale in Heritage Isle at Viera, Florida

Send me an email for information on homes for sale in Viera including new construction and re-sales.

Condo and Town House Market Actvity May 2015 - Brevard County, Florida

While not as brisk as the single family home market in Brevard County, Florida, the condo and town house activity has been steady.    Median sales prices are climbing steadily while inventory is dropping (although still about four months supply).

For information on buying a condominium in Florida, give me a call at 321-693-3850.

Tuesday, June 23, 2015

Inventory and Median Sales Price - Brevard County, Florida May 2015 Single Family Homes

The median selling price for Brevard County, Florida single family homes sales in May 2015 continued to rise as illustrated in this Florida Realtors® table.

Monthly Market Detail May 2015 - Brevard County, Florida Single Family Home Sales

The May 2015 Brevard County, Florida real estate market was positive - except for inventory, months' supply, and days on the market - which all decreased over May 2014.

With median days on the market standing at 30 days and the supply level standing at 2.9 months, sellers remain in the position of advantage.

Anyone considering the purchase of a home in Brevard County needs to understand the market and be prepared for potential multiple offers.

The best way to get a jump on finding your home is to set up a Multiple Listing Service (MLS) search now so you see new listings when they occur.  Send me an email if you would like to be set up with a free automatic home search in Brevard County, Florida.

Friday, June 12, 2015

Home Buyer Tips: Potential Road Blocks to Closing.

In a real estate market with decreasing inventory and more buyers than sellers it is often a challenge to find the right home and get it under contract - at the right price.

That is the case here in Brevard County, Florida where there seems to be multiple offers for every move in ready home that hits the market.

Brevard County, Florida average selling prices are rising steadily as indicated in this average sales price table.

So once all the inspections have been completed and the mortgage process is in full swing comes the appraisal 

So far I have been fortunate with my buyer's appraisals coming in above the contract price.   But what happens if the appraisal is for less than the contract price?   Assuming the buyer does not have the option of paying cash then there are several possible routes.
  • Cancel.  Most buyers really do not want to exercise this option.
  • Negotiate a new price.  This will depend on the seller's desire to close the current contract.
  • Request a second appraisal.  This is an added cost to the buyer ($400-$500 estimate) but if it saves the deal and money it may be a consideration.
  • Bring cash to the closing table.  If all other options fail the buyer can choose to add cash to make up the appraisal shortfall.
In this market it is essential a buyer have a local knowledgeable real estate professional.  If you are ready to buy a Melbourne, Florida home, call me at 321-693-3850 of I can assist in any way.

Rockledge, Florida Home for Rent - 5 Bedroom 3 Bath $1900/Month

Available July 1, 2015 this five bedroom three bath two car garage home is located in Rockledge, Florida at 977 Whetstone Place for $1,900 per month.

Convenient to excellent schools, shopping, I-95, US1 and parks.  Several golf courses nearby as well as easy access to beaches and Patrick Air Force Base.
  • Living area:  2,745 sq.ft. 
  • Built 2007.
  • All electric. 
  • Stainless appliances, granite counters, kitchen island.  
  • Bay windows in breakfast area overlook lake.  
  • Neutral colors.
  • Smoke free.  
  • No pets.
  • Available July 1, 2015, 12 month lease.
  • $1,900/month plus one month security and last month.
 For information on this home please send me an email or give me a call at 321-693-3850.

Wednesday, June 10, 2015

Homes For Sale at Heritage Isle in Viera, Florida (June 2015)

Brevard County, Florida home prices have been steadily climbing over the past year.  This is evident by a quick look at homes for sale in Viera's most popular 55+ community, Heritage Isle.

Read about the three 55+ communities in Viera here.

Currently there are twelve single family homes listed for sale in Heritage Isle.  List prices range from $224,900 to $460,000.

Of the homes for sale in Heritage Isle seven properties are priced at $315,9090 or more.  These higher priced homes in Heritage Isle all offer three car garages and are larger than most others.  These higher end homes have under air space in the 2,500 to 3,200+ square foot range.  Also four of these are located on premium lake front lots.

Patio Homes also available.
Most of these are re-sale homes except for the two priced at $315,990 are new construction.

The other five homes for sale in Heritage Isle are priced from $224,900 to $269,000.  These homes are primarily three bedroom two bath two car garage homes. Size varies from just under 1,800 square feet to 2,400 sq.ft under air.  Most of these are around 2,000 sq. ft.

All except one of these twelve homes for sale in Heritage Isle are standard sales (one foreclosure $249,900).
Condos are also a choice at Heritage Isle!

In May 2015 there were six single family homes sold in Heritage Isle.

Selling prices ranged for $227,000 to $288,740.  Most of these homes were three bedroom two bath two car garage properties with about 1600-1,800 sq ft under air).  Two of these were new construction homes.

For information on buying a home in Heritage Isle in Viera, please give me a call at 321-693-3850 or send me an email.

For information Viera's other 55+ communities (Grand Isle and Indian River Colony Club), please call me as well.

Monday, June 08, 2015

What should a seller expect from their real estate agent?

The simple answer to the title question is - results. 

There is a nationally syndicated radio program I occasionally listen to while out and about.  As with most national broadcasts there are always "local ads" where advertiser's get a canned plug by the big name host.

One such real estate advertisement refers to the "average listing agent  who sticks a sign out front and gets a couple of calls."   The point of the advertisement is if you want to sell your Brevard County, Florida home then call Promoted Agent who apparently does much more than the "average listing agent." 

I have been in this business long enough to know that the "average listing agent" does a whole lot more to market a home otherwise they are not in this business very long.  View 2014 NAR Realtor Member Survey.

So what should sellers expect from the real estate agent hired to sell their Brevard County, Florida home?

Listing agents are hired to do one thing - sell.

Experienced real estate agents put together a marketing plan that works for the particular property.  While many marketing plans have similar components (like a sign out front) they are not all the same. 

Successful marketing plans give primary consideration to the seller's goals and circumstances to come up with a personalized plan.

All sellers are not alike.

Some sellers approach the process in a totally hand's off manner while others have an expectation to be informed about each and every step.

Listing agents must understand the seller's expectations and requirements.

gwatersc21@aol.comSellers have an expectation of what a house will sell for and when it will sell.  Sellers have an expectation of how many prospective buyers will view their home.  Sellers have an expectation of how often their agent will check in with them and provide feedback.  Sellers may have an expectation of having open houses conducted.  Sellers may have an expectation of print advertising.  Sellers may expect flyers to be placed out front.  Sellers may have an expectation of their listing agent bringing the prospective buyer.

While every listing may not involve these expectations, good communication (regardless of method) is key to a satisfied customer experience (i.e. client goals achieved).  Listing agents must address all concerns and expectations.  

So what should a Viera, Florida seller expect from their real estate agent?  Personalized, professional representation.

If you are ready to sell your Viera, Florida home, call me at 321-693-3850 for information on how I can work for you.

Waters Realty of Brevard - a small company delivering big results!

Tuesday, June 02, 2015

Is it wise to list your home for a higher price than current market?

There was a time not too long ago when I avoided listings where the seller wanted to over price their home.  But the times have changed somewhat.

First of all - pricing is not an exact science

It is a skill that relies on experience, market knowledge, and experience.  In a market like the Brevard County, Florida residential market with slowly rising prices an optimistically priced home is not a totally bad thing - within reason.

One key consideration when pricing a property is to ensure the price reflects its condition, location, competition and market trends.

In the current Brevard County, Florida residential market that trend is upward - steadily but not meteorically.

But there is always potential danger to pricing a home at the high end of its market.

The longer a property is on the market the more prospective buyers will question "Whats wrong with that house?"

And if an offer does come in what about the appraisal?

If a buyer is obtaining a mortgage it does not matter what the agreed upon contract price if they can't come up with the cash needed or get an approval.  And if the buyer is a cash buyer they will likely want an appraisal done as well.

So is it wise to price your price a bit higher than the current market?


It depends.

Everything will depend on your goals, competition and timeline.

That is why it is critical you hire a local knowledgeable real estate agent when you are ready to sell your Brevard County, Florida home.

Considering selling your Viera home?  Ask for a market analysis today (321-693-3850, EMAIL).

Waters Realty of Brevard - a small company delivering big results!

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