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Archive for May, 2007
Notable E-Mail Of The Week
May 30th, 2007 categories: Tampa Real Estate, Tampa Market Conditions, Tips for Sellers
“i’m intrested in living in staged homes. i’m a contract occupational therapist on three month assignments, and i can travel light. please let me know if you need any occupant.s.”
sincerely,
(name withheld)
Now there’s a concept! Not only do we stage the home with furniture and plants, but we’ll stage it with a real live person as well! And if that real live person has their own furniture, bring it on.
I guess there is a market for these folks what with all of the empty homes and condos in Florida currently.
“Often, home stagers furnish vacant houses to help buyers see the house as a home.” says Jeanette Fisher at DesignPhsych.com. Sure they do. Been doing it for a long time too. But if you want to go the extra step, and put a warm body in place, you can do so. And maybe that warm body has some furniture to bring along that will really make your place feel like a model home. But why do I doubt that?
Austin Home Staging calls them “home managers”, and solicits them through their web site.
“Home Tender” is another term being used for these folks.
Is it just me, or do you imagine more failures than success with this concept?
The Title Company’s Role In a Tampa Real Estate Closing
May 29th, 2007 categories: Tampa Real Estate, Keller Williams, Tips for Sellers
Many of our clients don’t understand exactly what a title company brings to the table (literally) at closing.
Here we go:
The services a title company provides are best divided into two categories:
- Providing title insurance
- Providing services to close the transaction
Providing Title Insurance To Tampa Home buyers
What is title insurance? Title insurance is an insurance policy issued by an insurer that protects the home buyer from any defects or problems that may arise concerning title to the property after the purchase. Prior to closing, the title company will perform a “title search” to inspect the history of the property to make sure that no outstanding claims or liens exist, and that title was transferred properly to each new owner. TIP: If you are a seller, speak to a title company before listing your home for sale to avoid problems that may arise at or just before closing, and get an estimate on the cost (sellers usually pay for the new owner’s title policy).
If all is well, the insurer will issue a title commitment for the property. If the buyer is financing the purchase, the lender will need a policy to insure them for the same since they will hold a substantial interest in the property. This policy, know as the “lender’s policy” is purchased by the home buyer. Prices of title insurance can vary from one company to another, but are usually within a tight range.
Closing Services
The other service that the title company provides is the actual closing of the transaction. The closing agent works with both the buyer and seller parties, as well as the buyer’s lender if the home purchase is being financed. Once the closing is scheduled, the title company will usually provide space at the company’s offices for all parties to meet and sign all required documentation. Fees are charged to both buyer and seller for the services provided by the closing agent. The most common is the “settlement” or “closing” fee. The amount of this fee can vary from one company to the other and is usually a charge to both parties. There is usually a title search and/or title examination fee charged to the seller. Other fees that may be charged are document preparation fees, attorney or notary fees, courier or shipping fees, etc. After closing, the title company will pay off any seller mortgages, record the satisfaction of mortgage, pay the seller (if the seller comes out ahead) and any brokers, and have the deed (sale) recorded for public record.
Since the seller usually provides the owner’s title policy, the seller usually selects the title company to provide the insurance and the closing services.
Tip to sellers: While the cost of title insurance can vary somewhat, the fees charged to both parties can vary quite a bit. Shop it around. Quality of service is important.
Tip to buyers: Since the seller usually selects the title company, buyers do not have much say with regard to their title fees. Buyers are encouraged to ask questions about charges and to work closely with their Realtors to make sure they are not being over-charged.
Further Reading:
Title Insurance Success Stories
See “What’s Wrong With The Title Insurance Industry”
Gurvich Realty Group of Keller Williams
Vacant, Lock Box, Go Show, No Problem
May 25th, 2007 categories: Tampa Real Estate, Tips for Sellers
Tip to sellers: Always keep your your listing agent and brokerage informed about the status of subject listed property.
Actually the listing agreement, which both agent and seller acknowledge by signing makes it clear:
5. SELLER OBLIGATIONS: In consideration of Broker’s obligations seller agrees to:
(C) Inform broker prior to leasing, mortgaging, or otherwise encumbering the property.
(Insert Personal Experience Here)
So the appointment was all lined up. The showing instructions said: Vacant, Electronic Lock Box. The call was made to the listing agent. “No problem. It’s vacant. Go show it anytime. No dogs, no cats, no alarm. Thanks for showing. Bring us an offer…..”.
But in the process of sticking key in knob, the door flies open, surprising me and my client. “What are you doing?”, asks a young lady inside. “This place is for sale and I’m showing it” (or something to that effect), answer I. “No it’s not we’re leasing it”, says the other young lady inside. “Well you may want to tell your landlord to let his agent know. I was told that it’s vacant”, I say. “Give me that key right now.” says young lady #1. “No I can’t do that, it needs to go back in the lock box.” Door slams shut, key goes back in lock box, and we move on.
You would think the landlord would have let the agent know about the lessee, but one thing all Realtors quickly learn in this business is to never assume no one is home or the alarm is off, dog will be caged, etc. One learns to proceed with caution, and expect the unexpected.
Tampa Real Estate Market Conditions Report
May 25th, 2007 categories: Tampa MLS, Homes For Sale in Tampa, Tampa Market Conditions
Well, we may not reach that 9000 mark after all. The number of listings as of this Friday morning actually retreated slightly as compared to a week ago. Add to that a higher number of pending contracts this week and you have, for the first time in a long time, numbers moving opposite the trend of over a year now. Yes, that’s right, the number of residential properties listed for sale in Tampa actually decreased over the last seven days. It’s not much, but it’s a start. Or is it? Time will only tell. Have the buyers decided that enough is enough and it’s time to make a move? Maybe so.
Yesterday’s news was that new home sales exploded in April while the median price of them was down. Today’s news is that existing home sales, as well as their median price, fell in April. This all on a nationwide basis of course.
But real estate is local right? Close to home, 114 properties closed in Tampa in the last 7 days. Hillsborough County had its second $3 million dollar plus sale of the year this last week with 709 Guisando De Avila selling for 93% of list price at $3.3 million. Listed by Century 21 Shaw, this 7946 sqft. home in Avila was on the market for only 4 days before being tied up by its new owners. Built seven years ago, the home sits on the 11th green at Avila and is situated on a lot of almost 1.5 acres.
All data used is from the Mid-Florida Regional MLS, all brokers/agents included.
Gurvich Realty Group of Keller Williams
813–205–1802
Some Takes On Today’s Tampa Real Estate News
May 23rd, 2007 categories: Tampa Real Estate, New Projects (Condos), Tampa Market Conditions, Channelside Market Updates
The number of residential listings in Tampa is quickly approaching 9000 units, an upward trend that’s been steady since April of 2006, when there were just over 5000 listings. Will we break 10,000? I would expect this number to stabilize by mid-summer. We’ll see.
The developer of The Slade, in the Channel District, is upset that another developer is asking for City Council approval of a nearby 38 story condo tower. The Miami developer of The Slade claims that the tower will block some views at the 8 story Slade. Sure it will. That’s what you get in an urban mix of high and mid-rise projects. Want the view? Go up.
Arturo Fuente, Jr., who owns the Tampa Sweethearts Cigar Co. building on 22nd street in Ybor City, is concerned about the number of eye sores in the Historic District. He suggests that owners of these properties screen the un-sightliness as did the owners of the 7th Ave building adjacent to the Columbia Restaurant that burned last fall. There is a large green screen that hides the damaged building. I think that’s a good idea. But should that cost be absorbed by the City or the property owners?
Some of buildings were damaged when trucks traveling along 22nd street struck them. The new connector between the Port of Tampa and I-4 can’t come soon enough. This video really shows how how the new connector will take the truck traffic out of Ybor. Buyer clients we take to Ybor City are often turned off by the amount of truck traffic along 21st and 22nd streets. This will certainly make things better for Ybor residents.
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