Florida Real Estate Blog

Ouch! Average Mortgage Interest Rates Jump 0.09% This Week: Freddie Mac

Today 12/31/09, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.14% (5.16% in the southeast), up from 5.05% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.54%, up from 4.45% last week. A year ago the average 30 year rate was 5.10%.

Even though the rates went up this week, they are still way below what they were at their peak in May of 2000 when they sat at 8.6%. So we cannot cry too much. The question is, will you move now or gamble on the rates going down again? They were so low just  a short time ago yet many people hesitated just a little too long.

Also keep in mind that the tax credits that are now available to many of you first-time buyers and those who already own homes will be expiring quicker than you think. So you could be caught in a situation where you cannot get a tax credit of several thousands of dollars, you will be paying a higher interest rate for the life of your mortgage, and home prices could creep higher. Does that sound like something you will enjoy?

Home affordability is still at one of its best points in history for many reasons. But only you can decide if now is the time for you to buy a residence. Just make sure that you have done your homework well so that you make the right decision for your particular situation. Don't be shut out if, in the end, you want that new home and can afford to get it. Next year, conditions may not be as favorable for buyers. As we all know, the future is a tricky thing to predict.

Nationally, home prices rose for the 5th straight month in October to the highest point since January 2009.

Do keep in mind that we are a very large country. So data that comes out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You are also welcome at my webpage:  www.jelwell.century21bnr.com

What a Professional Home Inspection Should Cover in Zephyrhills and Around the Country

At my CENTURY 21 office in Zephyrhills, Florida I always recommend that buyers have a professional inspection done by a certified inspector. The American Society of Home Inspectors (ASHI) is one of the best known groups that certifies inspectors. In the near future the state of Florida will also be testing and licensing home inspector. As of December 2009, they do not. So certification is important. Your agent or I can explain that in greater detail as well as provide you with a list of local ASHI inspectors. Below is some information that ASHI has provided to guide you as you choose your inspector, whether one certified by ASHI or another organization.

 

 

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

 

Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

 

Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.

· Doors and windows

· Siding (brick, stone, stucco, vinyl, wood, etc.)

· Driveways/sidewalks

· Attached porches, decks, and balconies

 

Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

 

Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

 

Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room. 

 

Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

 

Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:

· Walls, ceilings and floors

· Steps, stairways, and railings

· Countertops and cabinets

· Garage doors and garage door systems

 

Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.  

 

Fireplaces: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

 

Source: American Society of Home Inspectors (www.AHSI.org)

 

Note: You should also have a Wood-Destroying Organism (WDO) inspection done. These are separate from the professional inspections in most cases. Some still call them termite inspections, but there are many organisms that destroy wood, hence the more general name.

 

For more information or questions about this topic you can call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

Florida's Consumer Confidence Unchanged for December 2009

GAINESVILLE, Fla. — Florida’s overall consumer confidence remained unchanged at 69 in December, but increasing pessimism about personal finances reflects the state’s worsening economic plight as housing prices fell and unemployment rose, according to a new University of Florida survey.

“Recently, Florida has had a little more bad news than good news,” said Chris McCarty, survey director of UF's Bureau of Economic and Business Research. “There are some indications that other parts of the country, particularly those areas surrounding Washington, D.C., are improving while Florida appears to be lagging the economic recovery. Some states are simply better equipped to benefit from the stimulus dollars; it is far from an equal distribution.”

The median price of a single family home in Florida declined over the past few months from a 2009 high of $148,000 in June to $139,000 in November, McCarty said. Last month’s home prices have fallen 12 percent below those of November 2008, he said.

To make matters worse, Florida’s unemployment rose to 11.5 percent in November, a larger gain than most economists expected, McCarty said. The increase comes at a time when the national unemployment rate actually declined, he said.

“There is a strong possibility that Florida’s unemployment could cause housing prices to decline even further as unemployed homeowners face foreclosure,” he said. “This does not bode well for consumer confidence, and therefore consumer spending, as we enter the new year.”

Most forecasts for retail sales before the holiday season called for sales to remain flat compared with last year, McCarty said. While that outcome would be considered quite weak in most years, retailers will probably be happy coming out of this season without a loss, he said.

“Most retailers chose to coast through this holiday season by keeping inventories low, trying to survive through 2010, when they hope consumer balance sheets will improve,” he said. “Some retailers will have trouble making it that long.”

Adding to Florida’s economic troubles is that while it and other states have received stimulus funds for unemployment and Medicaid payments, much of that help is scheduled to run out in 2010, leaving a large hole for the state to fill, he said.

An $8,000 tax rebate to first-time home buyers has been extended and a new rebate of $6,500 added for those who have owned a home for at least five years and plan to buy a new one, McCarty said. While these measures are likely to stimulate sales during the spring buying season and result in higher median housing prices, it is uncertain whether the economy will be on a more firm footing when those rebates run out in April, he said.

“With a $2.6 billion deficit looming and no clear indication as to how Florida’s economy will recover over the next year, 2010 could prove to be very similar to 2009,” he said.

Although none of the components that make up this month’s index changed dramatically from last month, there were some fluctuations, he said.

Perceptions of personal finances now compared with a year ago fell three points to 46, while perceptions of personal finances a year from now fell one point to 81, McCarty said. Also declining were perceptions of whether it is a good time to buy big-ticket consumer items, which fell two points to 76.

In contrast, perceptions of U.S. economic conditions over the next year rose two points to 67, while perceptions of U.S. economic conditions over the next five years rose three points to 75.

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for December was conducted from 593 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.

Writer - Cathy Keen

Source - Chris McCarty

University of Florida Press Release

Tax Credits You Can Get for Improving the Energy Efficiency of Your Home

One of my colleagues in Dade City, Florida just replaced his roof and found out that he could apply for a tax credit since it met certain standards. In the near future he will have to also replace his old heating/air-conditioning system, and guess what? He will probably get a tax credit for that since the new system will be more efficient than the old one. Not only that, but the power company will also likely give him a credit/rebate toward the purchase of the more efficient equipment. Here are some other tax credits you might qualify for. If you can, get your share.

• 

  Tax Credits for Solar Water Heaters

  A federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read
• 

  Tax Credits for Replacing Heating and Cooling Systems

  Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and up to $1,500 on your tax bill. Read
• 

  Tax Credits for Replacing Your Roof

  Upgrading to a qualifying energy-efficient metal or asphalt roof can cut your cooling bill as well as knock off up to $1,500 from your tax bill. Read
• 

  Tax Credits for Adding or Replacing Insulation

  Adding insulation is one of the easier and cheaper ways to improve your home’s energy efficiency and cut your heating and cooling bills. Read
• 

  Tax Credits for Replacing Windows, Doors, and Skylights

  If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read

© Copyright 2009 NATIONAL ASSOCIATION OF REALTORS®

Money is tight right now. So take advantage of the programs that are out there to reward you for making your home use less energy. By doing so you will also lower that monthly electric bill! Bet you can find plenty of uses for the extra cash!  

Not a Great Christmas Gift, But Average Mortgage Interest Rates Now Just Above 5%

After spending several weeks well below the 5% mark, today 12/24/09, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.05% (5.023% in the southeast), up from 4.94% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.45%, up from 4.38% last week. A year ago the 30 year rate was 5.14%. Just a few weeks ago they were at 4.71%. How many of you took advantage of that low rate??? I  bet there are more than a few buyers or refinancers out there kicking themselves. Oh well, all things considered, just a smidge over 5% is still a historically fantastic rate!

Even though the rates went up this week they are still 1/2 of a percentage point below their high point for 2009, set back in June. The rates on adjustable-rate mortgages did not go up as much since many economic experts do not believe that the Federal Reserve will play with rates much in the next few months.

In the housing market, as seen in my two previous posts, the sales of existing homes have again gone up nationwide and my home state. In Florida that makes the 15th straight month of increases. Prices have gone down a bit more, on average. However, keep in mind that short sales and foreclosures play a big part of that downward trend, not the conventional resales. When you have condos that lost 75% of their values figured in that cannot help but pull down the total price average for sold homes. But short sale and foreclosed condos are not typical. To put it bluntly, it is kind of like when you get your septic tank pumped. The neighbors and your family are going to complain about the "scent", but it is not indicative of what your home is typically like. :)

But the fact that homes are moving is great since it diminishes the current inventory of homes that are out there for sale, and when inventory goes down, then prices can stabilize. The number of unsold homes on the market is now at the lowest point it has been since December 2006. Three years ago! And the current number of unsold NEW homes goes all the way back to the levels of the 1970's.

My question is whether or not the end of the tax credit will, or will not, have a major effect on the market and sales. Since I sell a lot of retiree homes, so far none of my customers have used the credit. Though I have one current deal that will likely allow its buyers to get the credit. Only time will tell on that one. In my opinion, if we can get employment moving back into positive territory and easy buyers' fears, we will still keep selling homes. Let's hope so for everyone's sake.

Do keep in mind that we are a very large country. So data that comes out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You are also welcome at my webpage:  www.jelwell.century21bnr.com

No End in Sight as Florida's Existing Home Sales Continue to Grow for 15th Month

ORLANDO, Fla. - Dec. 22, 2009 – Florida’s existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008’s sales figure.

For the second month in a row, all of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state’s MSAs have reported increased sales for 17 consecutive months.

“The extended and expanded federal homebuyer tax credit will continue the positive momentum of the housing sector’s recovery – people will want to take advantage of this incredible, not-to-be-missed opportunity to buy a home of their own in Florida,” says 2009 Florida Realtors President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando.

“For 15 months now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” Shelton says. “The continued, gradual absorption of housing inventory will help stabilize home prices. National research notes that housing affordability is at its peak and the highest on record: Along with still-low mortgage rates, it means that the buying power of a typical family has never been better.”

Florida’s median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in October 2009 was $173,100, down 6.8 percent from a year earlier, according to NAR.In California, the statewide median resales price was $297,500 in October; in Massachusetts, it was $287,000; in Maryland, it was $250,210; and in New York, it was $209,900.

According to NAR’s latest industry outlook, home sales are experiencing a pendulum upswing.“Keep in mind that housing had been underperforming over most of the past year,” said NAR Chief Economist Lawrence Yun. “The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels.”

In Florida’s year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Tallahassee MSA reported a total of 174 homes sold in November compared to 100 homes a year earlier for a 74 percent increase. The market’s existing home median sales price last month was $162,000; a year ago it was $170,00 for a 5 percent decrease. A total of 5 condos sold in the MSA in November, up 150 percent over the 2 units sold in November 2008. The existing condo median price last month was $110,000; a year earlier, it was $95,000 for an increase of 16 percent.

Source: Florida Association of REALTORS Media Release

Tax Credit Causes Even More Gains in Existing Home Sales in November 2009

Washington, December 22, 2009 - Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.

Existing-Home Sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

A NAR practitioner survey shows first-time buyers purchased 51 percent of homes in November, compared with an upwardly revised 50 percent of transactions in October.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”

Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply at the current sales pace, down from an 7.0-month supply in October.

Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006 when it was at a 6.1-month supply.

“Nearly all markets experienced a solid sales gain from one year ago,” Yun said. “The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento, where inventory shortages for lower priced homes are limiting sales.”

For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only consistent gains were in the lower price ranges.

The national median existing-home price for all housing types was $172,600 in November, which is 4.3 percent below November 2008. Distressed properties, which accounted for 33 percent of sales in November, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.

Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price was $178,000 in November, which is 3.1 percent below November 2008.

Regionally, existing-home sales in the Northeast rose 6.6 percent to an annual level of 1.13 million in November, and are 52.7 percent higher than November 2008. The median price in the Northeast was $223,400, down 13.1 percent from a year ago.

Existing-home sales in the Midwest increased 8.4 percent in November to a pace of 1.55 million and are 53.5 percent above a year ago. The median price in the Midwest was $140,800, a decline of 0.4 percent from November 2008.

In the South, existing-home sales rose 4.8 percent to an annual level of 2.39 million in November and are 44.8 percent higher than a year ago. The median price in the South was $151,400, down 1.4 percent from November 2008.

Existing-home sales in the West increased 10.6 percent to an annual rate of 1.46 million in November and are 28.1 percent above November 2008. The median price in the West was $231,100, which is 4.1 percent below a year ago.

Source: National Association of REALTORS Press Release

FHA Financing Used by 40% of Recent Buyers says National Association of REALTORS

According to the most recent REALTORS Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.

“FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”

The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. Realtors® report that many buyers have pricing expectations that treat every property as if it were in foreclosure.

In addition, Realtors® expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.

“As the first, best source for real estate information, Realtors® have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” said Golder. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”

The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors®; in a typical month there are more than 3,000 usable responses. Participants are asked about their expectations for the demand for homes, price of homes, and other economic conditions.

Source: National Association of REALTORS Press Release

Are You a Home Seller Who Is Guilty of "DEAL HOMICIDE"??

Let's face it. At this moment, in much of the United States, it is a "buyers market". That means there are more homes available at bargain prices and fewer buyers who are out there looking for them and are qualified to buy them. So here are some things you may intentionally, or more likely, unintentionally do, to "murder" a deal that could be in your best interests in the end. As agents, we see this happen all the time. Usually, after it happens once the sellers get wise very quickly. However, some continue to bang their heads into walls insisting that things are going to go their way or no way. Those are the homes you see on the market for months if not years. Really! So see if you commit any of the following real estate seller sins:

• Add up all your improvements and then demand a dollar-for-dollar return on your costs. If your improvements were recent ones, it is unlikely you will get all of our money back. If the improvement is out-of-line with your neighborhood, you might only get back 50%. The longer you live in the home after remodelling before you sell, the better the chances are that you will recoup most of your money. I am not talking about needed repairs here.
• Now for those repairs. Do not leave a hole in the wall, ugly stains on the wall, smelly/dirty carpet on the floor, stains on the ceiling, cobwebs in corners, dirty air filters, etc for buyers to see. Cleaning and a little work can put thousand$ in your pocket$ when you sell and cost you thousands if you refuse to fix them. If the item is a structural issue like a broken window, a door that will not open, rotten wood, termite infestation, etc you will send the buyers running for cover. Even a purple room can do it. I have turned down listings when sellers have said "Let the buyer repaint it". Truth is, the buyer will go down the street and buy the home that already has the fresh neutral colored paint.
• Insist that your home is "special" and should be priced higher than all of the other homes around it. Frequently I will present sellers with the hard evidence that shows what similar homes on their street have sold for, only to hear them say, "But my home is special". Of course it is, TO THEM. But to the buyers, it is just one of many similar homes that they will see. And what the seller thinks makes it special may actually be seen as a negative by the buyers. One lady had made a bedroom into a piano room with special accoustical tiles on the ceiling and walls. That made it special for sure. But all the buyers could do was think about how much it was going to cost them to remove all of the stuff and change it back into a bedroom for their child. For them it was easier to go down the street that already had the bedroom they needed
• Take things personally. If the buyer offers a price you think is way too low, do not take it personally. Same goes for any comments you may hear about your furniture or decorating. Remember, they are thinking of what their tastes and needs are, not yours. That is natural. You do the same thing all the time. So if you are sensitive about such issues, it is almost always better if you are not on the scene when your home is shown. If you cannot leave, then stay in one place so the buyers and their agents can wander around the home and speak privately. Do not hover over them constantly. Trust me, both agents and potential buyers will hate that.
• Restrict showing times and conditions so much that no agent wants to show your home and no buyer can arrange their schedules to meet yours. I saw one recent listing where it said "Owners need 48 hours notice before showing, and the home can only be shown on Saturdays and Sundays between the hours of 2 PM and 6 PM." And this was for a mobile home worth less than $100,000!! Are you surprised when I tell you that it had been on the market for almost 2 years? Give me a break! You have to wonder if they truly want to sell or not.
• Have a dog in the home that barks constantly while the buyers are there. I know this can be tough. I love dogs a lot. But some people can be frightened of them, and when one is in a home and barks constantly, it can drive visitors crazy. I have seen good buyers leave a home after just a few minutes due to the constant barking of a large (or a small) dog. So, do what you can to avoid this problem. If you are there, perhaps you can take Rover for a walk. If you are away and have a cage, perhaps you can let him/her spend the visit time in the garage or with a neighbor. As I said, I know it can be complicated, but do what you can to keep the buyers in your home as long as you can. If they leave quickly, you have lost a potential sale.
• Avoid anything that will leave a long-lasting strong smell in the home. As a former smoker I really sympathize, but a home that smells of stale cigarette smoke will kill a deal faster than an atomic bomb. So if you smoke and are selling your home, clean the walls, carpets, upholstery, etc. and smoke only on the patio or the garage if you can. I now it is a pain, but we are talking of a lot of extra time on the market and literally thousands of dollars out of your pocket. So do what you can. If the weather is mild, consider keeping the windows open when you smoke. Along the same line, try not to fry fish or cook cabbage, etc before a showing. However, these smells will disappear a lot faster than that of tobacco.
• Take a long time responding to an offer. If you are lucky enough to get an offer, even a less than ideal one, do not wait a long time to respond. Even if it is a counter-offer or an outright refusal, you should not delay in responding. Keep in mind that until both parties accept an offer, it can be withdrawn, and the buyer could move on to another property and leave you hanging. Once all parties have signed, then you have an agreement. How disappointed you would be if you waited until the next day only to get a call telling you that the buyer had found a better deal down the street and was withdrawing his/her offer. 
• Pricing your home using ACTIVE listings in the area instead of SOLD listings. The best indicators of home prices are the prices of similar homes nearby that HAVE SOLD RECENTLY. Those are the only ones that appraisers will consider, and the only ones your agent will give the greatest weight to when pricing your property. I have seen homes in the same neighborhood that sold for $250,000, yet the neighbors down the street seemed to be in a competition and had their nearly identical homes priced at over a half a million! You can guess the outcome, right? Now if you lived there too, where should your house be priced? Obviously, closer to the 250K mark. It would look very attractive compared to the two over-priced ones up the avenue. Listen to your agent and use the solds to help you target the best price for you.
• Put a lot of weight in computer home valuation tools you find online. These programs use county information in many cases, and this data is notorious for being incorrect or outdated. Also, computers cannot tell if the home next door is purple, in disrepair, has 10 howling hounds outside, 4 wrecked cars out back, or is on a busy street. Your agent will take all of these items into consideration while fine-tuning his/her price opinion of your home. Are the online sites ever right? Sure. But even a broken clock is right twice a day. Your REALTOR is a better judge for you to listen to. Follow the advice of just the computers at your own risk. They are only as good as the data that they contain which is often not very good. 
• Downplay the value of internet marketing. All agents use the internet to some degree. Just by putting your home in the local Multiple Listing System (MLS) it will appear on a few sites.My listings appear on well over 50 sites now. I even have 4 of my own blog sites and a Zephyrhills 55+ Bulletin Board! This is due to MY hard work. When I take a listing it takes me a good 2 days to get all of my sites covered, and I load them with pictures which the buyers love. Buyers will avoid a listing with few, or worse, no pictures, like the plague. When listing your home, you had better go with an agent that can prove they utilize the internet VERY well. Over 80% of home buyers search on the web for homes. If your agent is just a "so-so" computer advertiser, you could miss out on selling your home quicker and for a better price. Let's face it, the more people that see it, the more competition you will have. Today, that means internet exposure, not magazine or newspaper ads. Now the internet drives the market and that can sell your home.
• Refuse to depersonalize your home. If you leave up all of your family photos and other personal items, you will be reminding buyers that they are VISITORS, and sometimes that makes it very hard for them to think of themselves as future OWNERS. I have seen walls covered with photos that were lovely, but made the home too much of a museum to its current owners and not a home up for sale. So pack away those pictures. It will only be temporary, and hopefully you will soon be able to put them on the walls in your new home.
• Have lots of cluttered rooms and others with too much furniture in them. I cannot tell you how many times I have gone into what are really very large homes, yet I feel like I am going to get caught in an avalanche of stuff or have to wend my way around this piece of furniture and that one. I once saw a bedroom with a king-sized bed, two chests of drawers, a dresser with a mirror, a television, two night stands with lamps, and a loveseat. The room was good-sized, but looked like it was tiny and cramped. Needless to say, my buyers did NOT buy. So clear out those over-stuffed rooms and store items you do not need. Make those rooms seem bigger any way that you can!

These are just some of the ways you can kill a deal. Remember that in our current market conditions you need to work extra hard to make sure that when your agent brings in potential buyers, your home is the one they like better than all the rest. Your agent can get the buyers to your door. At that point, it is the house that has to impress the visitors. Best of luck!

For questions or advice about this topic, you can call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You can also visit my webpage at: www.jelwell.century21bnr.com

Used to Be Hard to Find John Elwell the REALTOR - Now GOOGLE Likes Me!

Before I started using the web in the many, many ways I do now to promote my real estate news and listings, if you had typed "John Elwell real estate" into a Google search box, all that came up was stuff about some guy from the 1800's who wrote a letter to his wife. Not really too helpful to me, as you can imagine.

Now, since I use so many sites and write so many blog posts, if you put in my name, you get many more responses. Click here and I will show you what I mean.

CLICK HERE

Today, instead of an old letter-writer, you get to learn more about an accomplished real estate agent from Zephyrhills, Florida! This gets my homes and my news posts out in front of hundreds, if not thousands, of people every day! Now almost all of my new buyer leads come in via the internet. Pretty neat and efficient! Just a matter of knowing what to do and taking the time to do it well.

To find out even more about how I can help you sell and/or buy a home, call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com