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Archive for February, 2007
MacDill AFB To Host Airfest Once Again!
February 21st, 2007 categories: Tampa Real Estate, South Tampa
After canceling the 2006 air show due to other military commitments, MacDill AFB is hosting Airfest 2007, scheduled for March 31st and April 1st. Gates will be open from 8am to 5pm and the show is highlighted each day from 3-5pm by a Blue Angels demonstration. Approximately 750,000 visitors are expected during the 2 day show and admission is free of charge.
Get details and see a promotional video at MyAirFest.com.
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Why Would Someone Sign A No Brokerage Relationship?
February 19th, 2007 categories: Tampa Real Estate, Keller Williams, Tampa Florida Real Estate, Tampa FSBOs, Tips for Sellers
One of the great things about web marketing is that you can see what search phrases your visitors use to find your site. The title of this post was an actual search phrase that someone used on a search engine. They then found this site because I had previously mentioned the “no brokerage relationship” agreement. So I figured I’d answer the question for them and anyone else who may someday get here via the same query.
As Realtors we have a fiduciary responsibility to those whom we represent. Florida law allows for Realtors to represent their clients in one of two ways. In a “single agency” representation, the buyer’s or seller’s real estate brokerage represents the interests of their client alone. The brokerage cannot represent the seller and buyer of a property in a single agency form of representation. In single agency, the agent is looking out for the client’s interest alone and has no fiduciary responsibility to the other party in the transaction.
But what if you as a buyer want to use the agent who represents the seller to write an offer for you and assist you through the process? You must then agree to the second type of representation, a “transaction brokerage” relationship. This means that you agree to let one agent/broker assist both the seller and buyer in facilitating the transaction. You’ll have to give up the right to undivided loyalty from any agent. The agent has to become the middle-man and just assist with the transaction instead of singularly representing either side.
The “No Brokerage Relationship” form is simply a disclosure that says “We don’t represent you, but here are our duties to you nevertheless.” As Florida Realtors, we have to provide this disclosure to buyers and sellers whom we do not represent before dicussing certain things with them.
Here’s an example:
Let’s say that you are a buyer of residential real estate and you drive-by a home for sale that sparks some interest. You call the number on the sign in the yard and the agent who represents the seller agrees to come over quickly and show you the home. That agent should provide the disclosure before showing you the home. This lets you know that the agent does not represent your interests in any way. That agent is representing the seller of the home. And if you verbally go ga-ga over the home in front of the agent, that agent may now have an advantage in any negotiations with you and/or the agent you may eventually bring in.
If you are provided the “No Brokerage Relationship” disclosure by an agent, just realize that that agent is saying “I don’t represent you and your interests”. Whether you are a buyer or seller of Florida real estate, be careful of what you say to an agent who does not represent you. You may be giving up valuable information that could give that agent and his/her client a distinct advantage over you in any negotiations. Better yet, get your own agent and have them represent you as a single agent. Why not have someone on your side?
Tampa Condo Clown In Demand
February 17th, 2007 categories: Tampa Real Estate, Tampa Condos
The condo converters have been getting creative with incentives for buyers recently. And to get attention from drivers on a major Bay area road, one of them hired this clown to wave at passers-by. I was embarrassed when I first drove by this poor guy, and even more embarrassed when I asked if I could take his pic. But this was just too good to pass up!
And this was within a few miles of where I previously happened upon the “Condo’s Suck” sign. I would think “condos” would be an easy word to spell, but there are some spelling challenged folks along this road I suppose. And would this clown entice you to pull over and have a look? “Oh look honey, a condo clown! Let’s pull over and buy one.”
But times are hard for the condo converters these days. It’s especially hard for projects with inferior locations such as the one employing this clown. But this is a high traffic road and why not? The Realtors aren’t bringing them in and the investors are trying to dump the ones they already have. Most condo projects no longer “suck”. They blow (buyers away). Do your homework to find the ones that will always suck.
Sellers Of Tampa Real Estate Continue To Emerge
February 16th, 2007 categories: Tampa Real Estate, Tampa MLS, Seminole Heights Homes, Tampa Market Conditions, Tips for Sellers
When I started tracking the numbers of active home listings in Tampa nearly a year ago, there were 5374 of them available. Since then it’s been a steady upward climb with very few dips downward. As of today there are 7925 active listings of residential properties in the City of Tampa, an increase of 70 over the previous week. There were 2519 properties under contract about a year ago, while today that number hovers around 1590, a steady decline for sure.
So supply continues to out gain demand once again. Business is great for the sign post installers, lock box manufacturers and home staging professionals. But there are buyers out there, just not many of them. Over the last week 123 properties went under contract to be purchased. The lucky sellers. So what are buyers agreeing to buy? Here are some numbers to consider:
- Average list price: $260,590
- Average Bedrooms: 2.98 (let’s call it 3)
- Average Baths (Full) 1.87
- Average Size: 1607sqft
- Average Cumulative Days on the Market: 138.5
- Only 11 properties listed at more than $500k went to contract.
- Only 18 are condos
The active zip codes are 33624 (Carrollwood) with 10 lucky sellers finding buyers and both 33604 (Seminole Heights) and 33647 (New Tampa) with 9 each.
Data used is from the Mid-Florida Regional MLS, city=Tampa, and does not include non-brokered properties.
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“Buyer’s Market” In The True Sense Of The Term
February 15th, 2007 categories: Tampa Real Estate, South Tampa, Homes For Sale in Tampa, Tampa Market Conditions, Tips for Sellers
The term “buyer’s market” is usually defined as a market for a good in which the buyer has a distinct advantage over the seller. As it pertains to residential real estate, a buyer’s market is one in which the supply of homes is high and the demand for the homes from buyer’s is relatively low. Other factors, such as the cost to borrow money also help define the strength of a buyer’s market.
Buyers have it good right now all over the area, but let’s focus on a micro market and look at the factors that make a strong buyer’s market. Let’s say you’re looking for a home in South Tampa, on the Interbay peninsula, between Kennedy and Gandy Blvd. And you want a home that’s been recently built, say 2005 or later. It may be under construction or pre-construction, but it is available for sale. Your home has to have between 3000 and 3500 square feet of living space indoors.
Well as of this posting, you’ve got 38 of them to choose from ranging in price from $660k in Virginia Park, to $1.2m in Culbreath Bayou (pre-construction) or $965k in Beach Park (move-in ready). For that same property type, same criteria, there are only 2 of them under contract. And since October 1st of 2006, only 4 similar homes have been sold.
I don’t need my calculator to tell me that that’s about 1 per month over the last 4 months. So if the last 4 months are any indication of the future, then we’ve got about a year and a half supply of these types of homes. But are the last 4 months of the year a good indication of the future? That’s a slow time for real estate generally speaking. But even if we double the rate of sales of the latter part of 2006 somehow, we’re still looking at a surplus of inventory and lack of demand.
That makes for fierce competition among sellers to appeal to those few buyers in the market. Pricing is certainly of the utmost importance, but things that did not matter in the seller’s market beginning to wane from memory, are now very important. Floorplans, finishes, bedroom sizes, paint colors, garage features, kitchen features, and how it looks on a website all matter. Sellers have to pay attention to details to make a home stand out in the crowded field.
So a buyer’s market it is for most property types in the Tampa Bay area currently. Buyer’s have many choices, little competition, and money is relatively cheap. But the buyers continue to wait. They continue to wait to see some indication that others are buying and the bottom has been reached. Stay tuned for Friday’s citywide demand and supply report.
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