1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin. Older homes may be un-insurable due to sub-standard electrical, plumbing, roof or HVAC (ask us about a 4-point inspection). This is especially important if the likelihood of your buyer utilizing an FHA loan is high.

2. Organize and clean. Reduce clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clutter translates to inadequate space. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin. Unknown repair and replacement costs can scare buyers off.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house. Better yet, purchase a home warranty that covers you and your buyer after the sale.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments? This is any prospective buyer’s first impression. Don’t underestimate its importance!

Market Snapshot

See what’s selling in your neighborhood.

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As the chart shows, the index had been on the rise through the summer months, but September started a new downward trend, so it seems.

Some notes  from the Case Shiller press release:

“The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat.”

“Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today. Further, sales of existing homes – those included in the S&P/Case-Shiller Home Price Indices – have been very strong in recent months, working off the inventories of houses for sale. At the same time, housing starts remain weak, fears that the market will be swamped by a wave of foreclosures are heard and government programs aimed at the housing market will expire in the first half of 2010.”

And here in Tampa, sales are up and inventories are down, so why the further decline in the index? I think it can be explained due to the fact that a larger percentage of what’s selling more recently is the distressed stuff, short sales and bank-owned properties. As I posted earlier this month, a much larger percentage of our pending listings is made up of short sales and bank-owned properties.

Looking forward, as first-time buyers return to the market to beat the looming tax credit deadline, I would expect that prices remain flat or even begin to bump upwards once again. But the lens in the crystal ball has been quite out of focus as of late. We’ll see.

Case-Shiller Press Release

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1. Keller Williams Realty
2. Coldwell Banker Real Estate
3. RE/MAX International
4. Century 21 Real Estate
5. Prudential Real Estate
6. Sotheby’s International Realty
7. EXIT Realty
8. ERA Real Estate
9. Weichert Real Estate Affiliates
10. Better Homes & Gardens Real Estate

Read more

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The Slade, yet another new condominium in Channelside, has announced that it has received Fannie Mae approval. This basically means that buyers can now get a conventional loan to purchase a condo at The Slade, and that closings can begin on the finished units that are currently under contract. The Slade is on the western edge of the Channel District and offers new condos priced from $140s to the $300s.

Browse The Slade Channelside Condos For Sale

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Looks so real....

Back in January I read with much interest (humorous) the St. Pete Times article about the fake Catholic priest who (allegedly) fleeced Florida condo developers for millions. It seems the Very Reverend Father Barney Canada became a go-to guy for developers who could not obtain capital from more conventional channels (like banks). His holiness would get big bucks upfront from the challenged developers in return for a promise of needed capital. Problem was, the capital was never delivered.

One of those challenged developers was SimDag, of the failed Trump Tower Tampa. Father Barney (allegedly) fleeced them for $150k in upfront fees for a $200 million loan that never materialized. And there were other experienced Florida condo developers who were also victims. Fast forward to now, and Mr. Canada has been indicted (31 counts).

The article mentions that Mr. Canada had previously either ran, or served time, for other advanced fee schemes, and that his office can supply no evidence that he ever closed a commercial loan. Wow! So much for due diligence…

Read the St. Pete Times article.

Related: Condos Suck

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