Wow, check out my beautiful new Lansbrook waterfront listing. An amazing 6 Br's, 5 Ba's, 3 Car Garage, pool, spa, gameroom, theatre, dock, and so much more!
Thursday, February 19, 2009
Monday, February 16, 2009
January home sale stats (compiled from our Tampa Bay MLS) are attached to this email and, as expected, the numbers are somewhat sobering. However, I expect the next 3 months to be very fruitful for buyers and sellers alike. NOW is the time to ensure your property is priced correctly for the current market. If you haven’t noticed it already, Buyers are out there grabbing flyers and calling off signs.
The brightest spot in the latest numbers is that our available inventory continues to decline, but not as fast as we would like to see. Throughout the tri-county area, just 4.59% of all available properties sold, leaving us with almost 2 years of inventory at current levels. I expect this number to shrink as our buying season progresses. HOWEVER…properties are currently selling at just 72% - 80% of their ORIGINAL LIST PRICE, which means we are over-pricing many of our properties from the outset. The beach continues to be a weaker segment of the home sale market, but that is expected to change as we experience an influx of visitors.
If you have any questions about the info provided, pls call, email, or text me. Below are 2 graphs depicting tri-county property sales (home & condo):
The brightest spot in the latest numbers is that our available inventory continues to decline, but not as fast as we would like to see. Throughout the tri-county area, just 4.59% of all available properties sold, leaving us with almost 2 years of inventory at current levels. I expect this number to shrink as our buying season progresses. HOWEVER…properties are currently selling at just 72% - 80% of their ORIGINAL LIST PRICE, which means we are over-pricing many of our properties from the outset. The beach continues to be a weaker segment of the home sale market, but that is expected to change as we experience an influx of visitors.
If you have any questions about the info provided, pls call, email, or text me. Below are 2 graphs depicting tri-county property sales (home & condo):
Wednesday, February 11, 2009
With home pricing fluctuating wildly, it's always good to know where we've come from (most owners know what their home was worth at the height of the market), know where we are right now, and forecast where we are going. Sellers all too often OVERPRICE their home at the outset thinking they are giving themselves negotiating room and are left emptyhanded 3 -4 months later when they are following the market down in terms of pricing.
Here's a little "foresight" into where your home value was, is, and may be in 2010 and 2011. In the example below, I will use a foreclosure in my neighborhood (to protect the guilty who over-mortgaged themself).
1) First, visit Zillow.com and type in your address. Click on home details, scroll down, and select "5 YEAR GRAPH"...the peak of the housing market was in mid 2007 and the graph will show the highest price. Zillow says the highest value in 2006 for this home was $366,000.
2) Per a St. Pete Times article on December 30, 2008, citing the National Case-Schiller Index, values in Tampa Bay have fallen 30.5% from the peak in July of 2006 (Value #1). That makes the value at the end of 2008 at $254,370 (which is extremely accurate for my neighborhood)
3) An article "Economists: US Home Prices Likely to Fall Another 10 Percent" by Barry Wood, Voice of America, 10/22/2008, forecast an additional 10% value loss for 2009. That puts the homes appr value at $229,000 towards the end of 2009.
4) Research from the University of Michigan on the real estate sector of the US Economy, 11/20/2008, forecasts "Prices will bottom out in late 2009…and then edge up by just 1 percent during 2010." The 2010 value of the example home wwould then be $231,000.
5) If we resume our historical real estate growth, "median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005" according to the National Association of Realtors. Let's assume this is correct, although I see this as highly unlikely given our present circumstances. The value in 2011, at 6.5% annual growth, would be $246,000.
If you are selling and you are able to lower your price, do so. Otherwise, you may be a homeowner until 2011, over 2 years from now.
Here's a little "foresight" into where your home value was, is, and may be in 2010 and 2011. In the example below, I will use a foreclosure in my neighborhood (to protect the guilty who over-mortgaged themself).
1) First, visit Zillow.com and type in your address. Click on home details, scroll down, and select "5 YEAR GRAPH"...the peak of the housing market was in mid 2007 and the graph will show the highest price. Zillow says the highest value in 2006 for this home was $366,000.
2) Per a St. Pete Times article on December 30, 2008, citing the National Case-Schiller Index, values in Tampa Bay have fallen 30.5% from the peak in July of 2006 (Value #1). That makes the value at the end of 2008 at $254,370 (which is extremely accurate for my neighborhood)
3) An article "Economists: US Home Prices Likely to Fall Another 10 Percent" by Barry Wood, Voice of America, 10/22/2008, forecast an additional 10% value loss for 2009. That puts the homes appr value at $229,000 towards the end of 2009.
4) Research from the University of Michigan on the real estate sector of the US Economy, 11/20/2008, forecasts "Prices will bottom out in late 2009…and then edge up by just 1 percent during 2010." The 2010 value of the example home wwould then be $231,000.
5) If we resume our historical real estate growth, "median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005" according to the National Association of Realtors. Let's assume this is correct, although I see this as highly unlikely given our present circumstances. The value in 2011, at 6.5% annual growth, would be $246,000.
If you are selling and you are able to lower your price, do so. Otherwise, you may be a homeowner until 2011, over 2 years from now.
Sunday, February 01, 2009
The latest on the citizen-initiated 1.35% Property Tax Cap...
WPBF.com
Tax Cap Removed From 2010 Ballot
Florida Supereme Court Knocks Tax Cap From Next Year's Ballot.
POSTED: 7:47 am EST February 1, 2009
UPDATED: 9:29 am EST February 1, 2009
TALLAHASSEE, Fla. -- The Florida Supreme Court has knocked a proposal for a property tax cap from the 2010 ballot.
In an opinion posted Friday, five justices said the ballot summary was misleading. Two justices dissented.
The proposal is a citizen initiative that would cap property taxes at 1.35 percent of the highest taxable value of a home, business or other real estate, although voters could approve exceptions.
Petition sponsors said tax cuts ordered by law last year and through another state constitutional amendment passed in January 2008 don't go far enough.
WPBF.com
Tax Cap Removed From 2010 Ballot
Florida Supereme Court Knocks Tax Cap From Next Year's Ballot.
POSTED: 7:47 am EST February 1, 2009
UPDATED: 9:29 am EST February 1, 2009
TALLAHASSEE, Fla. -- The Florida Supreme Court has knocked a proposal for a property tax cap from the 2010 ballot.
In an opinion posted Friday, five justices said the ballot summary was misleading. Two justices dissented.
The proposal is a citizen initiative that would cap property taxes at 1.35 percent of the highest taxable value of a home, business or other real estate, although voters could approve exceptions.
Petition sponsors said tax cuts ordered by law last year and through another state constitutional amendment passed in January 2008 don't go far enough.
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