Posts
Have you ever wondered how much a house was selling for? Ever driven by a home and just wanted to know the information for the house, then forgot to follow through with your research later on?
More importantly, have you ever wondered what a house was listed for in your neighborhood? Everyone wonders, but most people don't want to bother a real estate agent just to find out the price, or see the pictures, or even get the details. Or worse yet, have you ever driven through a neighborhood you like, but couldn't get an agent on the phone when you wanted to see a house right away?
Finally you can find out all of this information right from your cell phone! This application works on all cell phones! Whether you need this phone application now or not, it's a good idea to add this to your cell phone now, so you have it when you need it.
Simply click on this link and register your cell phone. Standard text messaging rates apply!
http://www.smarteragent.com/hs/watson/karenarlick
You may also watch the demo on how this works by clicking on the same link.
Tuesday, July 28, 2009
Thursday, July 23, 2009
Real Estate News Update from Florida Association of Realtors
Florida’s Existing Home, Condo Sales Up in June 2009ORLANDO, Fla., July 23, 2009 – Florida’s existing home sales rose in June – the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales in June also increased over the previous month’s sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month’s statewide median.
Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.
Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for the past year (12 consecutive months).
Florida’s median sales price for existing homes last month was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May’s median price; it also was higher than the statewide median price reported each month since the start of 2009. According to housing industry analysts with the National Association of Realtors® (NAR), 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 May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.
NAR’s latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” said NAR Chief Economist Lawrence Yun. “However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.”
In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.42 percent last month, down significantly from the average rate of 6.32 percent in June 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.
Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for the past year (12 consecutive months).
Florida’s median sales price for existing homes last month was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May’s median price; it also was higher than the statewide median price reported each month since the start of 2009. According to housing industry analysts with the National Association of Realtors® (NAR), 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 May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.
NAR’s latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” said NAR Chief Economist Lawrence Yun. “However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.”
In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.42 percent last month, down significantly from the average rate of 6.32 percent in June 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Mobile Application Coming Soon!
For Your Convenience, the Making Memories Real Estate team has ordered for you a mobile application you will be able to download to your cell phone to view all of the homes for sale. You can search for all of the homes in an area using the GPS functionality, or you can do a search for areas and homes, even if you do not have the GPS on your phone. Standard text message rates apply. You will be able to see pictures, prices and information on this application.
Not looking for a home? You will still want to download this app so you know what homes are selling for in your area.
Know someone who is looking for a home? You may want to tell them about this cell phone application. This application will work on most cell phones.
The mobile cell phone app will be available in the next few days!
Not looking for a home? You will still want to download this app so you know what homes are selling for in your area.
Know someone who is looking for a home? You may want to tell them about this cell phone application. This application will work on most cell phones.
The mobile cell phone app will be available in the next few days!
Real Estate Questions
Feel free to ask any real estate questions that you would like to have answered. I will do my best to answer all questions submitted here.
Bidding Wars Break Out on Central Florida Homes
As stated by FAR (the Florida Association of Realtors), bidding wars are breaking out on homes listed $200,000 and under. This comes as no surprise, as people embrace the $8000 tax credit, as well as the current low interest rates on homes and the incredibly low prices!
Why are bidding wars happening? FAR states that "The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition."
I have seen this happen recently! Out of town buyers had called to see one of our listings. The home had just been listed and was in pristine condition. They immediately fell in love with the home. Listed at $185,000, we offered $188,000 to beat out the other buyers that had submitted offers. The house appraised for $16,000 less because of the bank owned properties in the area and the buyers decided to proceed with the closing. They stated to me that "We can't build this house for less that what we are offering and we still think it's a good deal." I was happy to help bring up the values in the neighborhood!
While many homes today are gutted by the sellers in foreclosure situations, buyers are willing to pay more for homes that need little to no extra work. People are busy and many don't want to bother with the sweat equity involved in fixing up a home.
It still stands true...you must shine and polish your home if you want to get top dollar for your property. Need to know what to do? Contact me for a checklist on how to prepare your home for sale!
Why are bidding wars happening? FAR states that "The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition."
I have seen this happen recently! Out of town buyers had called to see one of our listings. The home had just been listed and was in pristine condition. They immediately fell in love with the home. Listed at $185,000, we offered $188,000 to beat out the other buyers that had submitted offers. The house appraised for $16,000 less because of the bank owned properties in the area and the buyers decided to proceed with the closing. They stated to me that "We can't build this house for less that what we are offering and we still think it's a good deal." I was happy to help bring up the values in the neighborhood!
While many homes today are gutted by the sellers in foreclosure situations, buyers are willing to pay more for homes that need little to no extra work. People are busy and many don't want to bother with the sweat equity involved in fixing up a home.
It still stands true...you must shine and polish your home if you want to get top dollar for your property. Need to know what to do? Contact me for a checklist on how to prepare your home for sale!
Subscribe to:
Posts (Atom)
