Posts Tagged ‘home sales’

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Homes Sales Up in Almost Every Price Range

June 15, 2015

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The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure. Only those homes priced under $100,000 showed a decline (-10.1%). The decline in this price range points to the lower inventory of distressed properties available for sale and speaks to the strength of the market. Every other category showed a minimum increase of at least 9%, with sales in the $250,000- $500,000 range up 21.2%!
Here is the breakdown:

Sales-Up-STMWhat does that mean to you if you are selling?
Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.

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Glamour comes in all sizes…

July 7, 2011

Real estate  is constantly changing and for me…that is a good thing.

I like change and while sometimes it can seem daunting and scary, it also forces me to re-focus my energies into what is important and what will make me AND my clients happy. The old days are gone and a new day is here. Not everyone is going to make it in this new world order. Why? Because they are unwilling to change.

One of the biggest changes I see is the return to smaller homes. I remember when everyone thought bigger was better and tried  to keep up with their neighbors. If these economically challenging times have taught us anything – it’s to tighten your belt and live within our means. No more super-sized anything. It’s time to live large in smaller spaces.

When I say that glamour comes in all sizes – I am seeing it on a daily basis when showing homes. Small homes are VERY popular and as baby-boomer enter new phases in their lives and careers, they will look to downsized. The smaller home will be the desired size for many. Even Gen X, Y and whatever would agree that to be “green” today means to keep our homes at a manageable size. Families live within their means and within a more “defined” living space. It’s cool to be cozy.

I’m looking forward to our future – I think we are getting smarter and we are coming to terms with what is important in life. Size doesn’t matter – but charm, character, personality and a home with glamour will never go out of style. Live large but in a smaller space! Be willing to change.

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Looking at REAL ESTATE and life with rose colored glasses and no excuses!

February 20, 2010

For the record, I know the real estate market has a LONG way to go to make a significant improvement but I also know that things are getting ROSIER and BRIGHTER.

I have seen more improvement in real estate since January 2010 than I saw in the last six months of 2009. There are more buyers, more realistic sellers and MORE DEALS closing.

We have a long way to go. Most importantly, banks need to facilitate closings – LOAN MONEY TO CREDIT WORTHY BORROWERS. Sellers need to keep pricing their homes with the realization that runaway pricing is long gone but they will reap a tax benefit and a personal benefit in buying another home at today’s prices. In short, you may lose on your current house but you will more than make up for it on your next home. It will be a bargain.

Foreclosures are bottoming although they do account for almost a 1/4 of the market at this time. That’s the scariest unknown for real estate agents – just how bad is it going to be when the banks finally admit how many homeowners are behind on their payments.

But any way you look at this – we are going to improve. Life will get better and I expect 2010 to be the year the market changes and improves. Looking at life through rose colored glasses? Not really – just years of experience through the cycles of real estate tell me we are turning a corner.

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2010 Real Estate Predictions – No Crystal Ball

January 6, 2010

Where will housing be this coming year? That’s a great question and I have some predictions. Some of them are painful and some of them just might come true – let’s see what you think.

1. Home prices – Home prices will continue to fall in the coming year.  This is almost a certainty. With a backlog of foreclosures and short sales waiting on the market, we will see a decrease in pricing. However, if you discount the unrealistic pricing in the 2003-2005 years, homes are actually selling at fair market value – it’s just not the value you thought or anticipated. So many people borrowed against their inflated equity which resulted in their homes being worth less than their mortgages. People who didn’t over-borrow will be just fine.

2. Foreclosures – watch for this debacle to continue and grow before it starts to wind down by the end of the year. I know people still living in homes where they have not made mortgage payments for over a year. The banks are taking their “time” working these homes through the system – if they foreclosed on all the outstanding bad loans – it would send shock waves through our economy and Wall Street. You will see high-end foreclosures with homes over $700,000 taking a big hit. Builders are especially affected and many will not be able to stay in business.

3. Banks – Lending institutions now basically control everything. While they had a stronghold on real estate in the past – they dictate price in the future. Many homes today are under-appraised to ensure that the bank is mortgaging a home that is below fair market value. It’s a new tactic. In addition, banks borrowed a LOT of money from the federal government (taxpayers) to stabilize their banks BUT THEY DID NOT GIVE LOANS TO THE PUBLIC AND DID NOT RENEGOTIATE TERMS OF OUTSTANDING DEBT NOR DID THEY AGREE TO MANY SHORT SALES. It is still a startling statistic that only 1 in 10 short sales actually occur. Banks are not cooperating and as a further insult – they gave the money they borrowed (after strengthening their banks through investments) back to the federal government to avoid federal oversight. In so doing, they guaranteed themselves large bonuses at the end of the year. I am constantly shocked that our elected officials haven’t been outraged at this practice. Banks= greed.

4. Who’s Buying? – First time homebuyers and move up buyers represent the strongest potential for purchase in the coming year. The thing to consider is that they will stay in the FHA price ranges which mean if your home is under $360,000, you have a strong chance of selling your home. If your home is under $200,000 – you may have an even better chance. If you are a buyer – BUY A HOME NOW – the prices won’t be this low again after the year ends. 2010 is THE TIME TO BUY if you are a buyer and are credit-worthy.

5. Variables. I have often said – as the housing industry goes – so goes the economy. This is still true. These past two years are proof that the housing market affects every facet of our economy from families eating at restaurants to lumber sales. There will be homes selling and there is increased buyer traffic. 2010 will most certainly see an upswing in purchasing power for buyers and it will be a good year for real estate. So many things hinge on banks giving out home loans and creation of new jobs. If the job market improves then we are REALLY going to see a strengthening of the sales in Florida and in the United States. Job uncertainty creates fear and fear is the worst thing that can happen when it is time to sell a home.

6. What will sell – Home buyers still want a home that requires little to no repair or renovation. The home that reflects tender love and care is going to fly off the market. So many homes today are in disrepair and the foreclosure market is not always a bargain hunters dream when you mix in the cost for renovation. But the homeowner who maintains their home, shows it beautifully and has it staged will see eager buyers. Of course, the lower price points will be the most desirable. Smaller is becoming the new “hot” home.

Everyone would like to know how much longer? What will it take to turn our economy? What do I think about our government? These are all good questions and I would encourage you to be ACTIVE and take a strong interest in your elected officials in Congress. It really does make a difference. While health insurance is a good thing – it’s not THE MOST IMPORTANT thing in the lives of average citizens at this time. AMERICANS NEED JOBS and they need the jobs NOW.  I believe that the average American understands this well – let’s hope our elected officials wake up in time to save our nation. I’m prepared to vote and campaign for anyone who understands this.

2010 is going to be a year of change and I think it will change for the better. I’ll know I’ll keep blogging about it.

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Such a deal – real estate on sale

April 4, 2009

Real estate has gone crazy.

When I was a young girl in Miami, there was a department store that every week had an excuse for a sale. Their billboard would scream out some inane slogan like “Sunny day Sale – all clothes on SALE”. It was a standard guessing game for my family to figure out what excuse this particular store would come to rationalize having another SALE. In those days, stores did not typically have sales every day, week or weekend. One of my best memories was when Burdines had their once a year swimsuit sale and you would have thought the earth had gone mad. Now you can’t get anyone to buy anything unless it is on SALE.

As time marched on the word “SALE” lost its magic. Stores routinely have sales resulting in a word without meaning. It’s no longer special – it’s expected. In short, we have taken the power from the word SALE.

Homes in Orlando are at historically low prices. We are talking serious SALES prices here and yet we have a shortage of sales. Why? Because people still think lower prices are on the horizon, sales aren’t really sales and that low interest rates will remain forever. No one STILL wants to make the first move and it’s reaching a critical point.

Last week I drove down Colonial Drive and was shocked at the closed restaurants, empty parking lots and SALE signs. The world is going out of business. It’s time to recognize when a deal is a deal and right now, the whole world is on SALE.

Tell me…What is it going to take for you to buy?