The power of the rain. ActiveRain that is!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Over the last few days, Brett Mumaw and I have been using the full power of ActiveRain. Brett had sent me an E-mail, asking for a copy of my expired letter, which of course, I sent right over to him. Then Brett decided to use that letter as a starting point and create a letter to send out to FSBOs in his market. He then E-mailed me a copy of what he had written. Over the next couple of days we tweaked it together, since two heads are always better than one, and we have come up with what we think is a pretty good letter. It just shows you how two guys, hundreds of miles apart, can work together through ActiveRain and create something that will help us both in our business.

This is what we started with:

Greetings!

My name is Brett Mumaw. I am a Realtor with Semonin Realtors. I noticed that you are selling your house without the guidance of a Realtor. I respect your decision and completely understand the reasons many people try to go this route, but I do feel obligated to tell you three facts I think every For Sale by Owner should know.

  • Real estate brokerage has been part of our society, and Sellers have been paying full brokerage commissions, for over 200 years. In the microwave society that we live in, would you agree that nothing lasts that long unless it has real value?
  • 7 out of every 10 For Sale By Owners end up having to choose a broker to help them sell or have to change their plans, sometimes when it is too late to save them from costs they could have avoided.
  •  As a licensed Realtor, I can generally sell a house for more money than a private owner can; and I can generally sell it in less time.

There are six reasons why these facts are true. I would welcome the opportunity to sit down with you and explain them with absolutely no obligation to you whatsoever. I could also answer any questions you have concerning your real estate needs or our Southern Indiana market conditions.

In addition, I also have a "For Sale by Owner Help Kit" that you are welcome to have. It offers tips and advice on selling your house without the assistance of a Realtor. Would something like that be of value to you?

I want you to think of me as your real estate resource guide. I promise to answer my phone when you call or return your call within one hour Monday – Sunday 8am to 8pm. Try it out! (502) xxx-xxxx. Also check out my web site at www.brettmumaw.semonin.com or email me at xxx@xxx.com.

Sincerely,

This is what we ended up with:

Greetings!

My name is Brett Mumaw and I am a REALTOR® with Semonin Realtors and I specialize in the listing and selling of homes in your area.

While out previewing homes, in your neighborhood, I noticed that you are marketing your house on your own. I'm sure you have a good reason for doing this and I respect your decision. If you would like some information to help you with pricing, I would be happy to drop off a "neighborhood analysis" for you. This analysis will give you a good idea of what's currently on the market and what has recently sold in your area. If this interest you, then give me a call and I will get one over to you.

As you know, the real estate selling process can be very confusing and complex. Please feel free to contact me if you have any questions or if you would just like an opinion. If you do find an interested buyer, give me a call, I have good connections with Mortgage Brokers and Title Companies that can help you through the selling process.

I also have an excellent "For Sale by Owner Help Kit" which offers tools and advice on selling your home. I'll forward some of this kit, to you, over the next few weeks. I think you will find the information very helpful. In the meantime, I wish you a lot of luck in your endeavor.

If I can be of any assistance, then please feel free to call me on my direct line at (502) xxx-xxxx or via email at xxx@xxxx.com. You can reach me anytime between xxxx and xxxx. If you get a voice mail, please leave a message and I will call you right back. I promise.

Make it a great day!!!

Your future REALTOR®,

SUMMARY:

We want to keep inviting them to call. "Call to action" phrases need to be in everything you do. 

1. We let them know we are actively in the neighborhood

2. We offered them free stuff.

3. We let them know we understand the decision they have made, to go it alone.

4. We made ourselves available, to help with info, if they find a buyer.

5. We let them know that we have connections in the business.

6. We told them we would be staying in touch and sending them more info.

7. We invited them to call us, again.  

Not once have we tried to sell them. That's a good thing. One of the keys, in any marketing, is to remember what you are trying to achieve. And there is only one goal. That's to get them to pick up the phone and call you. Once they call, the only goal is, to make the appointment. Then when you are in front of them, that is when you sell. It sounds simple but a lot of REALTORS(R) are always selling and they have no success. There is a time and a place for everything. When someone calls me I make an appointment in the first couple of minutes. No matter what they ask me, my response is, "let's set a time, right now, so I can come over and answer all your questions" Never fails!  

So how did we do?  Any suggestions?

CHECK OUT BRETT'S NEW POST RELATING TO THE FSBO KIT HERE.

The stress, the book and the test!! C.E. part 2

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

OK, last Saturday I wrote, a post, about my struggle with having to complete my 14 hours continuing education, for my license renewal, that is due by March 30th. Anyway, I decided to order the book, from Bert Rogers School of Real Estate, so I could complete my 14 hours and take the 30 question, multiple choice, test at my leisure time.

So yesterday, with much excitement, I went down to the Post Office to check my box, to see if my book had arrived. YIPPEE!!! It did! So I run home with great enthusiasm and a determination to go through the book and complete my continuing education this weekend. After all it is St. Patrick's Day and I don't drink, so why not do something educational? The knowledge that I will get, from this course, should enable me to increase my ability to help the consumer and therefore make more GREEN backs. There you go, I worked the word GREEN into this post in honor of St. Patrick‘s Day.

Now folks, I love to read. I've been a big reader my entire life and probably spend 4 to 5 hours a day reading. Right now I am in the process of reading: C.S. Lewis's "The Screwtape letters" and several periodicals including REALTOR® magazine, Time, Fortune, Discovery, Christianity Today and of course, my daily stroll through ActiveRain. I love getting new books. I pick them up and smell them and touch them and smell them again. Call me weird but I love the feel and smell of a new book.

Anyway, the Bert Rogers School of Real Estate 14 hour continuing education work book is no different. It's actually pretty nice. Real shiny and has 120 pages of intense Real Estate information that is sure to make me a better Broker. Well, since I have been licensed for 13 years and a Broker for 9, I decide to just flip over to the end and take the test first. I figure I can always go back and research the question if I don't know the answer. And just for fun, I decide to time myself.

5 minutes!!! Yep, that's it 5 minutes!!! 5 minutes and I have answered all 30 of the multiple choice questions and have also concluded there will be no need to go through the book and check my answers. I am certain, I got all of them correct.

So not only am I soooooooooooo good looking, but I am extremely intelligent and I know Real Estate like the back of my hand. I am one awesome Florida Real Estate Broker!!!

Just to prove to you, how incredibly smart I am, I am going to post the first 2 questions from my test. Folks, I am not making this stuff up. These 2 questions are being written exactly like they are in the book. So see if you know the answers. No cheating. Oh, by the way, the next 28 were about the same level of difficulty. Say what you want about the State of Florida but NEVER say it's Real Estate licensees are not some of the highest trained and most knowledgeable Real Estate experts on the planet. Don't believe me? Here you go then. Give me a call if you need help.

#1. On the day of the appraiser's visit, the property to be appraised must be:

       a. accessible to the appraiser.

       b. occupied by the seller.

       c. occupied by the buyer.

       d. insured.

#2 If the appraisal on your listing or sale is less than the listed price, you should immediately call the appraiser and say:

       a. "Are you crazy? I have ten comparables that place the value of this property squarely at the contract price"

       b. "Does it make you happy to kill my sale?"

       c. "Can I email you some comparables to review?"

       d. "You will never get another appraisal assignment from the lender if you do not adjust the value of this property upward."

My friends, this is very, very sad. Can't NAR come up with their own testing? Can't we as an organization demand that our REALTOR® members pass additional educational requirements? Shouldn't the consumer be able to rely on a REALTOR® being a step above the normal licensee?

OH, I almost forgot, here are a couple of testimonials for the Bert Rogers School of Real Estate.

  • "Great! Thank you for making it so easy to renew. It's a life saver for someone as busy as myself! I'm a customer for life."
  • "I think this is the most convenient and non-pressure way of taking an exam. Please continue sending me my book every two years."

Need I say more? What say you?

Don’t make "P.I." Broker Bryant take you down!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

 Yesterday afternoon, I received a call from a Buyer who was in front of one my listings. I spoke to them briefly and made an appointment to show them the house today at 11:00. Well, later last night, I got a call from a Mortgage Broker who had the Buyers connected in on a conference call. He proceeded to tell my about his Buyers and how they had seen a house they were interested in but he wanted to know how much the house would appraise for.

He went on to say how he was also a Real Estate Broker and he works with Lenders that do not have to have seasoned funds, so as long as the house appraised for high enough, his Buyers could do a no money down deal. Hmm…..Now this of course sounds a little fraudulent to me. So I ask him, "How they do that?"

Well, according to this thief…Oops…I mean Mortgage Broker/Real Estate Broker, the Lenders he works with, will loan these Buyers 80% of the appraised value so the purchase price just needs to be 80% lower than that. I played dumb, so he explained to me, "That if the house would appraise for $220,000 we could still NET the Seller $176,000. Of course the Seller would have to contribute 6% towards the Buyer's closing costs out of that amount". My excitement mounted.

"Wow" I said "You mean we can write a deal at $220,000 and my Seller will get about $165,000 before they pay commissions and their other related costs?" "Now, can you explain to me why this is not mortgage fraud and a federal offense?"

His answer was "I do this all the time and the Lender doesn't care." Well, being the good little Broker that I am, I told him that he is suggesting to me that we commit loan fraud and he is telling me he does this all the time. So, I politely asked him which licensing authority he would suggest I contact first, to report this felony to. Can you believe he hung up on me? The nerve of some people. The Buyers were on this conference call with us so I wonder if they have been enlightened? I doubt it.

On a related matter, this got me thinking today, when I was doing my daily MLS Hot sheet study. I saw a house listed at $217,000 that closed yesterday at $167,000. Damn that's low, so I decided to do a little more research on it. This property was listed at $177,000. The day it went pending the list price was changed to $217,000. Then 3 weeks later it closed at $167,000(according to the MLS). Does that sound fishy to you? Does it sound like an inflated purchase price to cover a "down payment"? It does to me.

Folks, desperate Sellers and desperate REALTORS® create prime hunting ground for scammers. Please study up and learn how to recognize fraud in all it's ugliness. If you participate in these types of transactions you may very well lose your livelihood and your freedom. So please be careful.

Don't make "P.I." Broker Bryant take you down. Do you know how to recognize fraud?

Here are some links to a few resources for you. I plan on keeping my license, how about you?

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

*** "P.I." Broker Bryant picture courtesy of Danny Smith

What’s all the Drama about!! PART 2

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Hi folks! OK we’re a day early but TLW and I decided to share our Friday video on Thursday. It’s been a long week for me so I can use a little laugh early this week. I hope you can too. Now we do need your help. TLW and I could not decide which “take” we liked the best so we decided to post both of them. Your job is to decide which one you like best.

WARNING: Please clear your computer area of any beverages that may spill or could be projected from your mouth. We take no responsibility for computer damage.

DISCLAIMER: This character is fictitious and completely a figment of our imagination. Any resemblance to folks either past or present is strictly a coincidence. Or not!

FINAL NOTE: We both love ActiveRain and the moderators who so generously give of their time.

OK, having said all that. Here you go. Turn up your sound and enjoy. And please let us know which one you think truly captures the spirit of ActiveRain.

 

 

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

I wonder………….

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

  

OK, have you heard this one before?

"Good morning….Tutas Towne Realty. This is Broker Bryant how can I help you today?"

"Yes….hi Broker Bryant we are interested in selling our house."

"Excellent! You have called the right man. I too am interested in selling your house. Tell me a little bit about your house and why you want to sell."

"Well…we bought our house in May of last year. It's was a brand new 4 bedroom Maronda home and we paid $275,000. We want to move because there's too much traffic in Poinciana and we don't like it here."

"OK….you know this is very bad time to try and sell a house. How much do you owe on it?"

"We owe $273,000 and know we won't get that much for it but we read that we can get a short sale."

"Well a short sale is for folks that are having severe financial hardship and are facing foreclosure. Based on what you have told me about your house it's probably worth about $200,000. After selling expenses you will have about $185,000 to apply towards your mortgage which means you will be short by about $88,000. Are you currently behind on your payments?"

"No…..but we don't want to live here anymore. If that's all we can get for our house then our mortgage company will just have to accept it."

"Folks, you really need to discuss this with your lender and then seek legal advice. There's really nothing I can do for you at this time. You can't just get a short sale because you don't want to live here anymore."

Now folks, I get these calls a couple of times a week. These people really believe they can just sell their house and the lender will automatically take what ever is left over. What's wrong with this picture?

  • I wonder how many folks are applying for a short sale that have the capabilities to make the payments?
  • I wonder why they didn't spend some time getting familiar with the traffic in Poinciana BEFORE they bought a house?
  • I wonder why they have NO incentive to keep their home?
  • I wonder if after talking to their lender they will decide to miss payments so they can become delinquent and claim hardship?
  • I wonder if since it was so easy to get the zero down loan to move in they figure it's just as easy to move on?
  • I wonder………………

This post was inspired by Bill Archambault's post "Politically Correct Entitlement"

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

One ringy dingy……two ringy dingy……..

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Broker Bryant is a goober!!!

 

Hi folks. Today is your lucky day. I'm going to make you some serious money. As you know, I love writing about real estate to try and help my peers in their business. I do this because I learned a long time ago that the fastest way to success is to bring others up with you. So….I share what I know.

I spent today riding around Poinciana. My normal kind of day, did a photo shoot on a new listing, checked on my vacant listings to make sure they were OK and had to stop at one of my listings to remove my sign and give the key back to the Seller. We decided, that the way the market is right now, it was best to take a breather over the Holidays and get back at it after the New year. They needed a break and I needed a break. No biggie. I'll re-list them when the time is right.

Anyway, I'm writing this post to give you a very important tip that will increase your business substantially….at very little cost to you. It's the simplest thing you can do and I can track about 50% of my business as a direct result of doing it.

So here goes……the best real estate advice you will EVER receive, bar none. Are you ready? Here are the steps involved.

 

  • Forward ALL of your phone numbers to your cell phone.
  • Go to the office supply store and purchase a Bluetooth for about $50.00.
  • Wake up every morning and plug this Bluetooth into your ear.
  • Cut your cell phone on and then……………

ANSWER YOUR DAMN PHONE!!!!!.

Sounds simple doesn't it? Then why do so many REALTORS® have a hard time with this?

I had three potential Sellers call me today while I was riding around Poinciana doing my stuff. All three were calling off my expired letter. And all three hired me over the phone. Why? Because I answered it!

All three went on and on about their previous REALTORS® and how they could never reach them and how they never heard from them. All three told me they knew how bad the market was and they knew they needed to reduce their prices. All three said the only issue they had was lack of communication from their REALTOR®.

Isn't that amazing? Three very good Sellers with three very good properties, that all expired and will soon be mine, just because their REALTORS® never answered their phones and never communicated with their Sellers.

What's worse is, I hear this from just about every Seller I talk with that was listed previously. Folks, if you want to be a listing agent, you MUST learn good communication habits. There is no excuse for you to take a listing and then abandon your Seller. It is the fastest and surest way to be a failure in real estate. Sellers are not stupid. They know this is a difficult time to sell a house. All they really want is for someone to keep them in the loop and talk to them. They want to know their REALTOR® is doing everything they can to get the property sold.

So go buy that Bluetooth today. Get in the habit of answering the phone when it rings. Also, while you are riding around between appointments use that time to call your Sellers and let then know what's going on. Let me give you another little trick. If you know your Sellers work schedule, you can almost always call when you know you will get a voicemail, that way it only takes about minute to leave a quick update. Heck….you could do it everyday!!! They'll call you back if they need more information and the good thing is, you'll answer!! At least I know I will. Will you?

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

A Very Brief History of Poinciana Fl.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

htp://www.poincianaproperties.comHi folks. Since I’m always writing about Real Estate in Poinciana Fl I thought I best tell you a little a bit about Poinciana today.

Did you know Poinciana Fl is right smack dab in the center of Florida? It’s also the second fastest growing PUD(planned unit development) in the Country. Poinciana is 90 minutes to the East coast (Melbourne-Space Coast) and 90 minutes to the West coast (Clearwater-Tamp Bay).

If you haven’t heard of Poinciana before maybe it’s because it’s not a town or a city. In fact it’s actually a part of Kissimmee. Kissimmee is just a little south of Orlando and about 15 minutes to Disney World.

Poinciana has a population of approximately 67,000 people and encompasses two counties. The north side is in Osceola county and the south side is in Polk county.

Poinciana was plotted out as a master planned community in the 1960s. At that time the developer was a company called General Development(GDC) Corporation. You may have heard of them from the Florida land scams in the ‘60s and ‘70s. It is my understanding that sometime in the early ‘70s Poinciana was purchase by Gulf American Land Corporation(GAL) another company notorious for land scams.

In 1973 the first homes were built in Poinciana. At this time, Poinciana was a retirement destination and homes were built around the Poinciana Golf and Racquet Club. There was only a one lane road to get into Poinciana which was miles from anything. It was literally in the middle of the boonies.

Poinciana, over the next few years, grew to a small population of 2,000 to 3,000 people. There was the country club, a small farm store and miles and miles of roads. Not much happened in Poinciana until the mid ‘80s when GAL went bankrupt and out of this, Avatar Holdings, the current developer was born. The next 10 years or so Poinciana just sat with an occasional home being sold.

When I started selling in Poinciana back in 1994 there were still only about 8,000 people. So it took 20 years to reach 8,000 and only 14 more to reach 67,000!!! We have room for more than 200,000.

OK, I’m done boring you for now. If you want to read about the history of Florida real estate check out this white paper by J. Bruce Cummings Jr. from the Florida Appraisal Institute. It’s an excellent read from Indians to “filling in” Miami to land scams and more.

Also, check out my new listing in Poinciana(below). Where else can you find a 6 bedroom 3 bath home with a pool for less than $250,000!!! Want to buy it?

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

Are you a toolman or a salesman?

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Sold!!! By Broker BryantOK, I guess I'm just a glutton for punishment, here I am again addressing Brett Wilson and the Barries over at Real Estate Radio USA. By the way, if you haven't listened to their show or read their blog, please pay them a visit. It's interesting and entertaining. I don't have to agree with folks to appreciate what they do.

The reality is we agree on more things than not. We just express ourselves differently. Their message on ActiveRain, unfortunately, is diminished because of the presentation.

Anyway, unless you have been living under a rock you have probably read the big debate this week on my post, Real Estate Radio USA and Broker Bryant Solve World Peace. Or not!!!. That discussion has made it full circle and I can truly say…I didn't learn anything!! Except for I am unable to provide the answers the Barries and Brett are looking for. But that's OK. Last I checked, they don't owe me any money and they are not my target market. So I'll just leave it at….I do business differently than them.

This post is not about "How do you justify your high commission?"

This post is about being a salesman. Brett has continually asked me to provide information that will help the 85% of REALTORS® who are struggling in their business. In fact, he even wonders why we don't try to do that on ActiveRain. Well, my response was, read the 400+ posts that I have written. I have shared, with new or struggling REALTORS®, everything they could possibly ever need to know about how to be successful. But of course, I know, most will NEVER utilize the things I have shared. I also know Brett and the Barries will never take the time to read my posts. Why should they? My methods are antiquated. At least that's what they think.

Se here's my advice for anyone wanting to start a career in Real Estate or improve on what they are currently doing. Spend a couple of weeks and read everything I have written. And also read the things that others who are successful have written. We are successful for a reason……we know what we are doing. This has nothing to do with being able to "Justify our high commission".

Next, learn how to be a salesman. All the advice, tools, teams, marketing, blogging, playing on Trulia or whatever will NOT work if you don't know how to sell. These things also won't work if you don't know how to price a property properly. No amount of Web 2 expertise, advertising, bonuses, rebates, free cars etc…will sell an over priced listing. Heck….the Barries are Investors. Do you think they would buy an overpriced property? Nope…..it ain't ever going to happen.

Pricing is critical. I will concede that the consumer can log onto Trulia, Zillow or Cyberhomes and get a pretty good idea of what their property is worth. BUT…..rarely, will they agree with what this information is telling them. Sellers will price their properties based on their emotions. Certainly theirs is "the best house on the block" and there ain't no way in hell "they are giving their home away". A salesman knows how to "sell them" on where they need to price it to get it sold. Worth has nothing to do with proper pricing.

According to Brett: "In fact I think the person bringing the buyer should get 100% of the commission. It takes absolutely no skill to list a property. Most agents, including BB, spend little if any money marketing the property and as such the person who actually EARNS the money is the agent bringing the Buyer."

Brett, unfortunately, if you believe this, then you would be one of the 85% of REALTORS® that will fail. I, and others like me, will be coming behind you, after your listing has expired and you have failed, and telling the Sellers what they need to hear. We will be "selling the Seller" so that we can then sell their property. If you can't sell the Seller you will NEVER sell their property. All of your Web 2 abilities, 25 step marketing plan, power team etc…would have been for naught. You would have wasted your money and the Seller's time.

The reason us old timers dinosaurs keep preaching the same old rhetoric is because it works. Salesmanship is number one, by far, in what it takes to be a success, be it in Real Estate or any other business.

If you know how to sell you do not have to "justify your high commission." The act of selling, in and of itself, answers this question before it is even asked.

So, if you are struggling, LEARN HOW TO SELL!!!. If you can't learn this skill then don't bother getting in or staying in the business….as a salesperson. Maybe I'll hire you to syndicate my listings for $12 an hour. Maybe not.

97 posts by Broker Bryant that will take your career to the next level.

Sell Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Agent

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

Whining and dining at the Pharisee Cafe!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Cheers!!!Hi folks. Last weekend, TLW and I, went out to eat at a quaint little diner in Lake Wales Florida called the Pharisee Cafe. This place is great. It serves up fish, unleavened bread, chafed wheat and never ending whine. Their specialty is their triple layer judgment cake. It’s to die for!!! 

Our waitress, Christy, was the cutest little thing. He came from a little town back west called Brokeback Mountain. 

TLW and I ordered our fish and bread and then asked for some ice tea. Christy, with his cute little lisp, asked if we wanted some lemon with our tea. Me, being a little hard of hearing, thought he called me a lemming. Irately, I grabbed Christy by his blouse and confronted him fist first. 

I threw him into the fiery pit and cast brimstones at him. TLW, furiously started emptying all the salt shakers upon his head while screaming “Take that you slithering snake!!!”. 

All of a sudden the door to the Pharisee Café flew open as Sergeant Belleview came sauntering in waiving his pointed baton. He grabbed Christy and symbolically threw him to the pavement in front of the shocked but silent majority. 

Christy, stunned and with a look of innocence on his face shouted out as if standing on the mountain top “I didn’t do anything why are you martyring me?!?” 

Sergeant Belleview with a stern voice said, “Christy, you may not have done anything this time but we have an entire book full of your transgressions. My suggestion is to have that forked tongue looked at before we place you in lock down for all eternity”. 

As Sergeant Belleview led Christy away TLW and I looked at each other and said simultaneously, “Wanta go to the Olive Garden?” THE END

***Co-authored by TLW.

Poinciana Florida Market Report for July 2008

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Call me! 407-873-2747

I know you guys have been sitting on pins and needles waiting for this month’s market report. So here you are……Poinciana Florida’s market report for July 2008. 

***This data was pulled form the Mid-Florida Regional MLS on 8-7-08 and is deemed reliable. It includes Poinciana neighborhoods in zip codes 34759 and 34758 but does not include Solivita, Cypress Woods and Lake Marion Shores.*** 

For the month of July there were 62 single family homes that closed with an average property having 3 bedrooms, 2 baths, 1812 sq ft of living area. Most were built in 2000 or later. The average selling price was $118,175 and the median selling price was $118,250. 

51 of these 62 sales were either bank owned (REOs) or Short Sales. That’s 83%!!! 

There are currently 1196 homes on the market and 130 under contract (pending). 

Buy me!! MLS o4842211

 

The lowest priced home on the market is a 3/2 with 967 sq ft built in 1996. This is a REO property and is priced at $55,900. It’s been on the market for 114 days and has had several price reductions.

 

Reduce me!! MLS o4717297

 

The highest priced home on the market is a 4/2.5, with a pool, 2162 sq ft and was built in 2003. It’s a privately owned home and has been on the market for 684 days!!! It’s currently priced at $369,000 after a couple of price reductions. I guess they’re in no hurry to sell this one.

 

OK let’s look at a table showing the last 7 months of sales activity to see if there is a trend developing. 

MONTH

CLOSINGS

MEDIAN PRICE

%

CHANGE

AVE PRICE

PER SQ FT

%

CHANGE

JAN

20

$ 137,000

 

$ 86.34

 

FEB

24

$ 146,000

+6%

$ 81.67

– 5%

MAR

35

$ 131,230

-10%

$ 74.27

– 9%

APR

31

$ 120,000

– 9%

$ 78.53

+ 5%

MAY

50

$ 126,750

+ 5%

$ 68.82

-12%

JUN

55

$ 117,500

– 7%

$ 65.54

– 5%

JUL

62

$ 118,250

+ 1%

$ 64.63

– 1%

What this table shows me is that monthly sales have increased quite a bit since January. Of course this could be a seasonal thing. Let’s wait and see if this trend continues. The median sales price has decreased 14% and the price per sq footage has decreased 25%. 

These figures line up with the fact that 83% of the sales in July were REOs or short sales. These distressed sales are bringing values down even though sales volume is up. 

What this means is, there are Buyers out there, and they are buying if the price is right. Also, the declining values, stress how important it is to price your property in front of the curve. This is no time to test the market. With an average of 44 homes selling each month, out of almost 1200 that are available, you MUST have the best priced house on the market or you are dead in the water. You will NOT get lucky. 

We are not experiencing a Buyer problem we are experiencing an inventory problem. Too many homes to choose from. The way to attract Buyers is….. pricing. But you knew that. 

So, that’s my report for this month. As always, let me know if you have any questions. Any thoughts?

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I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 15 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State’s laws may differ. So do your own homework before implementing any of my business practices into your business.