Archive for the 'Tampa Florida Real Estate' Category

“Market Snapshot” Provides Just That

August 17th, 2007 categories: Tampa Condos, Tampa MLS, Tampa Florida Real Estate, Tampa Market Conditions, Tampa Realtor, Channelside Market Updates

You gotta love automation, queries and databases. Anything to give us instant gratification with instant information. We recently installed a new service on our websites called “Market Snapshot”, that provides a look at listing and sales activity around any given address. It is connected to our local MLS, The Mid-Florida Regional MLS. The MLS is the database used by real estate agents and brokers to list homes for sale and record sales data. As a Tampa Realtor, this is where you go to search for homes for buyer clients and/or do research to determine estimated market values.

So the Market Snapshot will go out and automatically pull current listings as well as recently sold homes comparable to any address provided in the form. It then shoots the user an e-mail with a link to a graphic presentation of the market conditions in and around the neighborhood of that particular address. Users can also set up future, automated reports on selected schedules.

And while this Market Snapshot is really no match to a professionally prepared Comparative Market Analysis, it does provide some good information in short order, and provides the instant gratification that we all desire. Check it out (in the right column there) and feel free to provide any feedback.

Posted by Lenny Gurvich | No Comments »

The Value of Good Home Photography

August 13th, 2007 categories: Tampa Homes, Tampa MLS, Tampa Florida Real Estate, Tips for Sellers

I’ve written about this subject before, but just about everyday I come across one or more photos that make me wonder what some people are (or aren’t) thinking. Granted, some homes are better left not photographed, with just a map showing how to get there, but buyers today are making decisions on whether or not to include a home on their short list while they view it on their desktop computers at home! So why not show a home in its best light, literally? The two photos included here were taken from the same listing that I came across while doing some research for a client this morning.

Which brings me to a Connecticut real estate agent named Athol Kay. Athol has a great sense of humor and has created a series of posts on his website titled “Bad MLS Photo of The Day”. Agents from across the country provide Athol with a steady stream of really bad photos from their local MLSs. But Athol has gone a step further and is attempting to educate Realtors and real estate agents around the world on the value of good home photography. Judging by the steady stream of bad photos, it’s obvious that he hasn’t reached the masses just yet. But that’s OK, he needs material. (Read his manifesto).

But the fact is that we’re selling products on the web, and just like any product that is sold on the web, good photography is a must. You’ve got to get buyers and their agents to want to pick up the phone or send an e-mail to schedule a look at the place. But maybe I’m the one missing the point. Maybe the bad photography actually entices buyers to want to go have a better look? Why light the place up and show it to them on the web? Let’s keep it dark and mysterious so that they will have to come and see it firsthand! Somehow I doubt that’s the thinking.

Good NY Times article on real estate photography.

Posted by Lenny Gurvich | 1 Comment »

Are We There Yet? (Bottom Of The “V”)

August 8th, 2007 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions

Another in the “Notable E-Mail” series:

“Lenny, I read you online from Dublin, Ireland - surprised not to see the following from you, posted, Aug 3, 2007:

The Tampa Bay area ranks #1! Based on a report by Forbes magazine online issue, Tampa Bay is the best place in the country to buy a home. Forbes notes that the Tampa Bay area is in a V-shape recovery – an area that the market undergoes a freefall, but recovers quickly.”

What the Dubliner refers to is the recent ranking of the Tampa real estate market as being the most resilient. Matt Woolsey, of Forbes.com, published an article back in June, in which he referred to Tampa’s residential real estate market as being “a perfect candidate for a “V” shaped recovery”. This is based on research done by Moody’s Economy.com. In other words, once we reach the bottom, we shouldn’t stay there for very long. Our local economy is strong and housing is relatively affordable.

So when will we reach the bottom of the “V”? Moody’s projects Tampa hitting bottom during the first three months of 2008 with 10.6% appreciation for the year following. But Woolsey notes that predicting the bottom of a real estate market is not that easy. Moody’s prediction is based on data such as affordability, vacancies, the local economy, and the number of investors in the market back in 2005.

While I’m know Moody’s, I do have a degree in Economics. And although it’s been a while, I think I remember one of the first theories I learned was that high supply and low demand puts downward pressure on prices. There’s no arguing that those are the conditions of our current market. But Moody’s does their homework and uses some good data in making this forecast. And you know what? The first quarter of 2008 is not that far off.

Nice to see Irish eyes are watching.

Posted by Lenny Gurvich | 1 Comment »

It’s No Secret To Buyers That Lower Prices Are Ahead

August 3rd, 2007 categories: Tampa Condos, Tampa MLS, Tampa Florida Real Estate, Tampa Market Conditions

The title of this post was part of the Bank of America survey results for July for the Tampa, Florida market. I take part in this survey each month, and they e-mail me the aggregated results of the survey. It seems my answers were pretty much in line with the aggregate results, summed up in the chart here on the right left. And it really takes some scrolling through the report to find any markets with a thumbs up trend. But they’re in there. Austin, Texas gets a thumbs up for home prices. So does Houston. Baltimore is the only other thumbs up market I could find. One Tampa agent’s quote sums up the way most buyers feel.

“Buyers are still waiting for prices to drop before they buy. They know that if they had purchased 2 or 3 months ago, they would have paid more than they would have to now… and they expect the same to be true several months from now.”

Good point, but is missing purchasing your dream home, while rates are so low worth timing of the bottom? For some buyers, the limited downside may be a risk worth taking to get in while the gettin’s good. Here’s an example: The property history below shows that a lucky buyer just closed on a property that was listed at $650k over a year ago. It was listed by a very reputable agent at the time at a price that was reasonable for what had been selling at the time. The buyer closed this week at $490k.

Will it be worth less 2 or 3 months from now? Maybe. Maybe not. More importantly would it still be available? Who knows. That’s the risk buyers take in timing the bottom. Maybe this is the condo the buyer has always wanted and maybe that’s where that buyer will stay for many years to come. A buyer’s market it is, and going against the grain can make sense.

Contact us for a copy of the Bank of America July Housing Survey results.

Posted by Lenny Gurvich | No Comments »

What It Means To Sell “As-Is”

July 25th, 2007 categories: Tampa Condos, South Tampa, Tampa Florida Real Estate, Home Inspection Tips, Tips for Sellers

It sounds self explanatory, but understanding what “as-is” means with regard to selling or buying a home usually takes some explaining.

When homeowners put the home on the market, they have a choice to sell the home in its current condition (as-is) or offer to make repairs for the buyers before the transaction closes. We always recommend a home inspection before the marketing process begins. That way the seller is made aware of any problems that may come up when the buyers have their own home inspections done. The seller can either make the repairs before putting the home on the market or wait for the buyers to request certain repairs. Alternatively the seller can offer the home in its as-is condition and price the home with regard to any repairs that need to be made.

But here’s what usually happens in an as-is sale: The buyer will agree to purchase the home as-is but with the right to inspect the home for say, 10 days or so. A smart buyer, or one who is well represented, will also have the right to cancel the purchase based on the results of the home inspection(s). Or they may have the right to cancel the purchase if necessary repairs exceed a certain dollar amount.

So the buyer, in holding the “right to cancel card”, certainly has a strong asset in negotiating any repairs, price reduction, etc. If the buyer finds any major repairs that need to be made, that buyer will most likely ask the seller for some help. The buyer may demand a price reduction or that some cash be held in escrow to pay for the repairs. And if the seller does not agree? The buyer may just walk, especially in this market, where more realistic sellers with a home that needs no repairs may be just down the street.

Hopefully, for the seller, the home inspection passes with flying colors and the buyers accept the home in its “as-is” condition, waive the right to cancel, and proceed to closing. Which brings us back to the pre-listing home inspection, something we always recommend. Our advice, especially in a strong buyers’ market, is to get the home professionally inspected and make repairs before putting it on the market. A seller can then have confidence in promising to make any needed repairs for the buyers because no repairs will be needed.

But maybe a seller has major repairs to make but no cash to make them. Then be sure to disclose all known repairs that need to be made and price the home accordingly, or be ready to give up some proceeds from the sale so that the buyers can make the needed repairs.

Also Read: Why Hire A Home Inspector?

 

Posted by Lenny Gurvich | 2 Comments »

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