So far I’ve experienced all the clichés in selling my house:  I had my inner turmoil over how to price it; I've wished for my ten extra minutes in preparing for a last minute showing appointment; and I've already received a seriously low-ball offer; so why should I be surprised that I almost got caught in the shower by an agent and her buyer! 

Yes, the appointment that wasn't supposed to show up for an hour walked in downstairs while I was getting dressed after having just showered.  One fewer red light on the way over and it would have been really embarassing! 

This time the lesson is not for me as a seller's agent; it is reinforcement for something I already know when working as a buyer's agent:   Make showing appointments and then stick to my schedule or call to confirm any changes! 

On the first of each month I gather the numbers from the MLS for the prior month's activity. This helps me spot trends and keep up with the local real estate market. Here's what they look like for March 2006:

MLS Wide (Dade, Broward, and Palm Beach Counties)
SINGLE FAMILY and CONDO/TH/VILLAS

Data Item	Mar '05	Mar '06	% Change
New Listings	13,414	24,575	+83%
Closed Sales	9,820	5,459	-44%

• 5,025 Listings went under contract in March
• 72,437 Listings are currently active and available For the entire MLS
• At this rate it would take more than 14 months to get contracts for current inventory.
• Supply/Demand Ratio (New Inventory to Contracts Accepted) is 4.89, up from 4.5 last month (lower is better).

City of Deerfield Beach
SINGLE FAMILY and CONDO/TH/VILLAS

Data Item	Mar '05	Mar '06	% Change
New Listings	175	433	+147%
Closed Sales	149	106	-29%

• 93 Listings went under contract in March
• 1158 Listings are currently active and available
• In Deerfield at this rate it would take more than 12 months to get contracts for current inventory.
• Supply/Demand Ratio (New Inventory to Contracts Accepted) is 4.6, down from 4.9 last month (lower is better).
  

These numbers indicate a continuing BUYERS market.  Here are the numbers for February.

There's more support for portability as a solution to the problem discussed  in an earlier blog about the unintended consequences of Florida's Save Our Home tax policy.

An aritlce in the local newspaper, the South Florida Sun-Sentinal, tells us that Gary Nikolits, the Palm Beach County Property Appraiser likes the idea: 

The real estate industry would be "brought to its knees" if homeowners aren't allowed to take a property tax break with them when they move, Palm Beach County Property Appraiser Gary Nikolits said Wednesday

Here is the article.

Previous blog entry about Broward's property appraiser's support of portability.

I've said before that a real estate agent should sell their own house every so often so they get the invaluable experience of going through the transaction from the seller's point of view.   As a real estate professional, I know why I ask sellers to do certain things.  I give them advice that I hope they will follow because my experience has shown that these things, whatever they are, will help a property get sold more quickly and for top dollar. 

The first discussion is usually about price.  If you set the price too low, you can leave money on the table - which is not in the best interest of a seller. But if you set it too high, it can be equally as costly.  Experience and studies have show time and time again that overpriced properties sit on the market longer, which costs a seller thousands in carrying costs, and often times end up selling below market value as buyers lose interest in a property that is stigmatized with being on the market too long.

Next comes showing the property.  In this area, electronic lockboxes are used to allow buyer-agent access to the property throughout the day with advance notice.  This means a seller must be ready for a possible showing every single day.  The property must be ready before the sellers leave for work every day; and it must be ready on those days when all they want to do is relax, take their shoes off and throw them in the middle of the room, and read a good book.

When you live in a house, no matter how hard you try, it’s going to get “lived in.”  And inevitably, then the phone will ring – good news, a showing appointment!  Can they come in a half hour?   If you listen closely enough, five minutes before the showing of any owner-occupied property, you can hear the cries of desperation asking for the coveted “Ten More Minutes!”   

I said I was going to do it and I officially did.  I listed my house, a townhouse actually, and in doing so I had to decide on a price. 

I know my neighborhood and the market conditions here very well.  Of course I live here which helps a lot, but I also sell houses here so I stay on top of things. Before I listed it, I had a price in mind based on a thourough examination of recent sales and the current market conditions. 

I'm glad I had to do this because one of the benefits of selling my own house is that I get to experience the process from this side.  I know where I need to price this house to sell it, so I priced it accordingly.  But it was hard to ignore the properties listed by the dreamers who haven't yet caught on to the slowing market; or who's agents haven't told them; or who haven't been warned about the mistake of overpricing, which Susan Pruden points out as Selling Mistake #1:

Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

In the end, I priced it where I had to because I want to sell, and not just list my house.  And of course, I trust the advice and experience of my REALTOR®. 

In addition to enhancements we already provide over a standard online marketing system, we have taken the first step in upgrading our online real estate services further with the ability to create an individual web site for every property we offer for sale.  Each of these individual web sites will be accessed by using the physical address of the property as its internet address, for example "www.123MainStreet.Com"! 

Not  only will there be value in the online advertising, but these individual web sites will be used to increase the exposure of offline advertising.  The internet address will be included in every advertising piece for the property.  Interested buyers can then sign on to see more pictures, view the virtual tour, get a more comprehensive description, and schedule a showing appointment - all in one place.

Sellers will be able to easily remember and then give out the web site address to people they know who want more information on their property for a potential buyer.  And buyers can show non-local friends and family the property they are thinking of buying!

To see an example of what these new web sites will look like, point your browser to: http://www.5017nw12thway.com.  Click around, check it out, and feel free to leave feedback to let me know what you like or don't about it. 

I'm about to do it!  I'm about to put myself through the grueling process of selling my house.  I will once again have to personally experience the trials and tribulations, as well as the rewards, that accompany this process.  It's been said that good REALTORS® should sell their own house every couple of years.  It lets them remember and relate better to what the process feels like in addition to being proficient in the technical and logistical aspects as we are. But that's not why I'm doing it!  That is just an additional benefit.

So here we go... we begin the process in the correct order by putting our house up for sale which we'll do within the week.  Once we get to the point of being past the contingency stages of a sales contract we'll start looking for our new home a little further east in Broward County!  I can't say it enough - Thanks mom and dad!

Stay tuned for updates on my progress.  I'll let you know what I learn as I go through this process once again.

Step One - Getting the house ready to go on the market.

Please join me in welcoming the newest member of the DiSisto Realty team, Judy Rudolf.  Judy joins us with an extensive background in real estate having had her real estate license since 1998.  Her history of excellent service has earned her Master's Club Membership and Quality Service Awards, among other industry honors.  You are in experienced and capable hands when you choose Judy to help you with your buying or selling needs in Dade, Broward, or Palm Beach County in Southeast Florida.

Look Judy up on her web site at Gold Coast Real Estate.

DiSisto Realty stands ready to help you make the home buying or selling process as successful for you as possible.

Have you ever wondered how much training one must get in order to become licensed to sell real estate?  If you are thinking about buying or selling property, then as a connected and informed consumer you have a right to know.   Let's explore the licensing requirements here in Florida as found in the typical real estate brokerage.  Remember, license laws vary from state to state, so while there may be many similarities, the information contained here applies only to Florida. 

Qualification and Initial Training

 Florida has two levels of licensure; "Sales Associate" and "Broker".  Every newly licensed individual begins their career in real estate as a Sales Associate.  A Sales Associate must be 18 or older, have a high school diploma, and not have been convicted of prior dishonest dealings.  Florida also requires an FBI fingerprint card for all license applications, which are sent to the FBI for their approval.

For education, Sales Associates must pass a 63 hour class and the state exam; pass another 45 hour post licensing class before the first license renewal; and obtain 14 hours of continuing education every two years thereafter. 

Broker applicants must have been active Sales Associates for at least two years and have already passed their 45 hour post licensing class.  Brokers must then pass a 72 hour class and the state exam; pass another 60 hour post licensing class before the first license renewal; and obtain 14 hours of continuing education every two years thereafter. 

In Florida Sales Associates are "sponsored" or "employed by" a broker and work under their broker's supervision; while a broker does not need an employing entity.  A broker can work without additional supervision and can be an owner or officer of a real estate company.  Many brokers choose to continue to work under the supervision of another broker and are known as Broker Associates.    

What is a REALTOR®?

A REALTOR® is a licensed real estate sales associate or broker who is a member of the National Association of REALTORS® (NAR).  The rules of membership in NAR require members to adhere to a strict code of ethics above and beyond the license laws of most states. 

When it comes to buying or selling something as important and valuable as real estate, choose a REALTOR®- and be sure to ask questions about his qualifications, education, and experience.

69 Listings went under contract in January
1010 Listings are currently active and available
In Deerfield at this rate, It would take more than 14 months to get contracts for current inventory.

This shows a significant turn from the SELLERS market of last year. Here are the stats from last month.

Want to see what what's happening in other parts of the country?  Check out Columbus Best Blog article Real Estate is Local or Bonnie's Snippets from Minnesota.