Archives

November 2006

Home and Condo Sales Fall

Posted at 6:09 AM, Nov. 23, 2006

Tampa Area Home & Condo Sales Fall in Third Quarter

The Florida Association of Realtors reports that home sales in the third quarter fell 43% from the same time last year and condo sales fell a whopping 46%,  Even with these statistics we are on course for the third best year of sales in history.

How can this be? The biggest problem is that so many investors bought up much of the new home supply in the last few years. Builders last year put a stop to much of the investor sales. Now the investors are all trying to sell at the same time, along with the normal sellers. The inventory of homes is more than four times higher than this time last year. Until the inventory gets absorbed it is likely that we will continue to have a buyers market. Lots of homes are selling. In fact this year there have been 16,934 residential sales year to date whereas last year at this time there were 21,993. Lower yes, but not terrible.

Sellers are often trying to get top dollar, while buyers are looking for bargains. The buyers we work with are now sitting and waiting until prices drop significantly. Unfortunately, know one knows if they will go lower or how low. This is a hard time to sell and a great time to buy.

How to Sell in This Market

When you truly want to sell your home, the market we are in requires a couple of items to get your home sold. These include;

1. Price - Pricing a home properly is 90% of getting a home sold. An overpriced home will not sell. For example in the 1,800 - 2,100 square foot range there are presently 347 homes for sale in the Wesley Chapel and New Tampa area. If your asking price is even a small amount above your competition, you may end up with no showings and no offers. Correct pricing is the most important thing a seller can do. Your Realtor can assist you in choosing the right price. Your home price must appeal to the buyers who comparison shop and quickly learn the right price.
2. Marketing - In 2005 there were often offers before a sign even went up in the yard. In 2006 a sign, a listing on the MLS and on Realtor.com are not enough. Top Realtors use much more to get homes sold now. This can include marketing the home on multiple websites, high quality flyers, mailings, networking, address specific websites, virtual tours, multiple photos online, home magazines, newspapers, and showcase enhanced listings and Featured Homes on Realtor.com. They also offer incentives to the 7,500 other Realtors in the Tampa area to show your home first. Realtors must spend money to get your home marketed properly. Top Realtors also realize that they must market to the 70% of Tampa buyers who come from out of the area, rather than just to the local market. The more potential buyers see your home, the more likely it is the home will sell. Find out how much marketing your Realtor provides. Interview at least two or three Realtors and compare their marketing plan.
3. Make your home easy to show - In the Multiple Listing Service (MLS) we sometimes see a listing our buyer likes, but in the remarks it says something like requires 48 hour notice to show or showings only on Saturday or Sunday. If the buyer is here from another state and leaves tomorrow, you may have just lost a sale. Often when a owner shows their own home, they work during the day and cannot show until the evening, however that may not be convenient to the buyer. Again lost sale. The easier to show the better and if the home can be shown on short notice or with no notice as in a vacant home this creates more buyer traffic.
4. Make your home a pleasure to show - The home should be appealing inside and out. If there is no curb appeal the buyer may never make it in the door.

Buying in This Market

Last year sellers held the upper hand but now in 2006 buyers feel in control. When buying go see several homes and pick out the ones you like and have your Realtor prepare a Comparative Market Analysis on the ones you are thinking of making an offer on. Realize that many homes are overpriced, yet there are many sellers that have their home priced right. Base your offer price on the approximate market value shown in the Comparative Market Analysis rather than just discounting the offer price by a certain amount. Buyers lose out on homes regularly when they offer way below market value. A properly priced home with great marketing will still sell quickly, but it is a great time to be a buyer!

Current Mortgage Rates

Posted at 2:02 PM, Nov. 20, 2006

Toyota of Wesley Chapel

Posted at 1:33 PM, Nov. 20, 2006

Toyota of Wesley Chapel

Toyota of Wesley Chapel recently opened just east of I-75. I recently got a tour of the facilities as we are now holding our Wesley Chapel Chamber of Commerce Ambassador meetings there. You should really check out this dealership as it is unlike any I have seen. The building has 77,000 square feet with an incredibly well thought out design with a large wide-open showroom. Pull your car up under cover when you bring your car in for repair and a greeter meets you. Walk right inside and you have a relaxing environment with comfortable seating, TV's, and a coffee and cookie bar where coffee is made fresh one cup at a time, along with fresh baked cookies. Although there are many salespeople ready to serve, two are rotated onto the sales floor at one time. This makes buyers feel like they are not being hounded. The employees all wear nametags that have their names and the city where they came from. Moreover, if I were a mechanic I would want to work there as the mechanic bays are modern, spotless, and are even air-conditioned. If you are ever looking for a new Toyota or Scion head on over to Toyota of Wesley Chapel.

Westbrook Estates Listing Activity

Posted at 5:31 AM, Nov. 20, 2006

*Why the difference between the MLS Days on Market and Actual Days on Market? When sellers list a home they sometimes list with one company then go to another and another.  Realtors also sometimes take a listing off the market and then put it back on the market under the impression that it makes the listing look new. Therefore the MLS Days on Market shows only the days of the current listing whereas the Actual Days on Market shows the number of days since the home was first put on the market. The Actual Days on Market gives a more accurate picture.   

Is there anything you would like to post

Posted at 3:27 PM, Nov. 19, 2006

New Elementary School

Posted at 11:19 AM, Nov. 19, 2006

Elementary School P at Westbrook Estates

There should be a new elementary school in Wesley Chapel opening in 2008 and it will be right here at Westbrook Estates. The Pasco School Board has approved the architectural agreement. Construction is supposed to begin early summer of 2007 and the school will be located on 12-acres at our main entrance on the corner of Progress Parkway and Wesley Chapel Blvd (SR-54).