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Make sure all you landlords out there take good care of your tenants or you never know what they’ll be thinking.
For more information please contact Neal The Real Deal Bloom
-Realtor® /RE/MAX Premier Associates
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
The Real Deal tells it Like it is in Real Estate-copyright © 2008-All rights reserved
Selling Real Estate in FL can be a nice and pleasant experience or it can become stressful especially if you are just spinning your wheels and go nowhere. All it will get you is plenty of flying mud and you’ll most certainly never reach you goal of successfully selling your home.
As of this morning…there are about 40,000 homes available for sale in Broward County FL. Over 22,000 of them are either condo’s or townomes. The rest are single family homes with totals reaching over 17,000. Without going into an into too many details I will be that over 65% of these available properties are considered overpriced and will most certainly never sell unless homeowners start to get realistic by pricing them correctly. Many of these properties are also are available to rent as well. It’s basically which ever comes first. The rest of these homes just sit for very long periods with homeowners hoping someone will come see the property and make them an offer.
Now here’s the problem…. let’s use a condo as an example and say the seller wants to price it at $260,000. I show them that the most recent sales over the last 90 days show that the comparables in their building are at $220,000 and $225,000. There is one pending sale at $195,000. Although there is no way for us to determine the closing price…in this market it will most likely close at or below their asking price. Just in your area alone…there are over 1600 condo’s waiting on line to sell and most of them are sitting empty.
Which line do you want to be on? Think of it like being on the line at the supermarket. Do you want to be on the longest line or the shortest line?
As your Realtor®…. it’s my job to help the homeowner by giving them the most realistic pricing goals…. but if they still don’t get then they are sure to sit in limbo and start wondering why there are no offers let a lone any showings.
I’ve been in this business for over 12 yrs and I’ve spoken to many appraisers to get their views and how they actually do their job.
Most appraisers will look at 2-3 closed sales within 3-6 months but in this type of market…they tend to look more within the last 90 days since prices continue to drop daily. They also look at 1 pending sale and the available inventory just to review the history on how many times they have reduced the price. A new thing I have noticed that they are looking at is how many homes are on the verge of foreclosure and how many are trying to do a short sale. There are many new challenges for them to deal with and they need to work harder in order to properly make the right analysis in this ever-changing market.
If I list your condo at $260,000 but there is no way for me to get it to the closing table well then I’d rather turn you down now instead of letting you down in 6-12 months when it doesn’t sell. I would love nothing more than to sell your property at the highest price possible. Let’s face it…I do…then you make more money and in most cases I do as well. But wouldn’t it make more sense to sell it at a reachable price instead of this false price that you may never get? If you decide to wait for the market to change then that’s your decision but if you’re expecting a quick turn around then you’re mistaken. You might also realize in 6-12 months that you were wrong and now you ask me to price where I originally suggested…. only to find out it’s worth even less now.
So if you’re looking for a babysitter…then I’m not the one for the job. I’m a Realtor®…that’s who I am.
If you think banks were tough then…. you haven’t seen anything yet. Guidelines are even tougher now than 6 months ago.
If I list the property at $260,000 like you asked and we get a buyer willing to pay your price then I guess you’ll be very happy but what happens when the bank only appraises it at $220,000? Then what will you do? Banks will not lend the buyer money if appraises for less. The only solution is to renegotiate it at the appraised price or back out of the deal.
The only way you will not be required to have your property appraised when you purchase is if you pay cash and even now many smart buyers will appraise it anyway.
It’s your choice and you should ask yourself the question….. do you want to own it or do you want to sell it?
For more information please contact
Neal The Real Deal Bloom
-Realtor® /RE/MAX Premier Associates
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
The Real Deal tells it Like it is in Real Estate-copyright © 2008-All rights reserved
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Broward County Inventory has increased dramatically during present market conditions,making the days on the market(DOM) figure grow. There is about 2 years of inventory for single family homes and 3 years of inventory for Condo/Townhomes. The majority of these homes are either foreclosures…REO’s or are attempting to sell short.
Homes For Sale-Broward County FL -through 4/2008
Pending Sales-Broward County FL -through 4/2008
Closed Sales-Broward County FL- 1/2008-4/2008
This information is provided by the Southeast Florida Multiple Listing Service and is believed accurate but not warranted. For more information please contact Neal The Real Deal Bloom
2500 Weston Road ,Suite 103 Weston FL 33331 (954)608-5556 The Real Deal tells it Like it is in Real Estate-copyright © 2008-All rights reserved
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Weston FL Homes-Weston Hills Country Club
2008 Market Report
1/2008 – 4/2008
Weston FL Homes for sale as -April. 2008 -Weston Hills CC
Weston FL Homes pending as of -April 2008-Weston Hills CC
Weston FL Homes that have sold as of -Jan 2008- April 2008-Weston Hills CC
Other Weston FL Related Stories:
For more information please contact Neal The Real Deal Bloom-Realtor® /RE/MAX Premier Associates
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
The Real Deal tells it Like it is in Real Estate-copyright © 2008-All rights reserved
New York City-Manhattan Apartments for rent
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If you are looking for New York City apartment for rentals… then I will be glad to assist you with all of your Real Estate needs.
See our >>> featured listings in New York City
For more information on this or any other New York City apartments for rent please contact:
Steve Jurrist-Realtor® Assoc.
Urban Apartments
150 West 28th st. suite 201-A
New York, NY 10001
Direct (917)304-4052
Fax (646) 638-4721
Blame Your Realtor®….who else can you Blame?
When the buyer gets a loan approval and then can’t close because their loan program is no longer available…..blame your Realtor®
When the mortgage broker lies to your buyer and the loan falls through at the last minute…blame your Realtor®
When the appraisal comes in lower than the agreed purchase price….blame your Realtor®
When the buyer complains that you only showed them 100 homes and they still don’t buy anything….blame your Realtor®
When the buyer closes on their new home and they find out that they paid the highest price in the neighborhood…blame your Realtor®
When the seller finds out that they sold their home for the lowest price…blame your Realtor®
When your home is messy…dirty and cluttered and they refuse to clean it up or pay for staging….blame your Realtor®
When your home is in need of major repairs but you refuse to make any of them….blame your Realtor®
When the inspector says you have $5,000 in repairs to make…blame your Realtor®
When you list your home too high and it has to be reduced 50 times and it still doesn’t sell…blame your Realtor®
When your Realtor® spends all their time advertising and getting you all the exposure you ask for and busts their butt trying so hard to sell your home….blame your Realtor®
When 6 months go by and nobody calls to see your home…blame your Realtor®
When the title company finds a cloud on your title and you can’t close…blame your Realtor®
When you buy a property with no money down and expect to sell it the next day and you have to go into foreclosure…blame your Realtor®
When the Real Estate market sucks…blame your Realtor®
When the market is great…blame your Realtor®
When your home doesn’t sell…blame your Realtor®
When your car doesn’t start in the morning and you’re late to work…blame your Realtor®
When you have an argument with your spouse and you get divorced…blame your Realtor®
When you lose all your money in Vegas…blame your Realtor®
When you wake up with a hangover from drinking too much…blame your Realtor®
When you get electrocuted because you didn’t turn the power off before you attached two wires together on your new ceiling fan…blame your Realtor®
When you order a $30 cowboy steak in an Italian restaurant and it’s all fat….blame your Realtor®
When you wake up in the morning expecting it to be sunny and it’s pouring out…blame your Realtor®
When you wake up and find one of those big red suckers(pimple) on your face…blame your Realtor®
Think about how many times you’ve blamed your Realtor® for something that was totally out of their control.
Who else can you blame…..your Realtor® of course!
For more information please contact Neal The Real Deal Bloom
-CRS-Realtor® /Remax Hometown
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
The Real Deal tells it Like it is in Real Estatecopyright © 2008-All rights reserved
I wrote the story Consumers…are you flipping houses or are you flipping hamburgers? on 8/22/07. The story was my opinion regarding the type of impact there was for people that were flipping properties. It when onto say that it can be a highly profitable venture or a very dangerous way to lose your shirt.
I remember back in the day between 2002-2006 when I would hear about consumers that were buying almost anything that had 4 walls. First we had all these condo conversions going up. I developer would come in and usually take an existing building and spend a few million in renovations. most of the buildings I saw were usually built in the 70′s and some of them went from rental buildings to putting the units up for sale.
I had bought quite a few properties with my partners and we would either rent them out or renovate and sell them if need be. For example…. I bought a unit in a building that was originally going to be built from the ground up and was to be used as a rental building but then they made the announcement that they were selling the units so my interest grew. I was able to get in on the ground floor for this particular deal because I had sold a unit in one of the devolpers other buildings so when I showed up on a Sunday I walked into a makeshift office and bought a unit right off of a floor plan. We handed them 20% down at contract and waited about a year for it to be ready to close. We paid cash for it and after we closed….we carried it for about 3 months and sold it. We walked away with 80K. Not a bad deal huh? We had an idea where the market was going because we were constantly studying it. We weren’t pigs and sold it at a reasonable price instead of holding out for more. I knew that the day we became the owners that there were 55 others that just came on the market looking to do the same thing we were going to do and also knew that there would be plenty more so we decided to get out as quick as we could.
One of the biggest reasons that there are many properties in foreclosure is because the person who bought with the intention of never owning it longer than 30 days were blinded by certain issues that could arise if you don’t know what you are doing. Here is an example of what I call flipping a property correctly. By low and try to put as much cash down as you can so at least you’ll have some equity in the property.
Don’t assume that if you sign a purchase agreement to buy Real Estate $500K …that in a year from now when the construction or renovations are complete that the market will make the property be worth $250K more after you close. Try not to buy it with little or no money down.
Don’t assume that if you sell it for a little less than you were wishing for…. that you aren’t going to make a profit. “But Neal …if I bought it for 180K and sell it for 270K instead of 280K …I’m losing money!”
You didn’t make the money yet so how would you know if you lost 10K? You didn’t lose anything…you just won’t make as much.
Don’t try to predict or be fooled into thinking about how much you will make a year in advance. Borrowing hard money with a fluctuation interest rate could kill you if you don’t have enough cash reserves to cover your carrying costs. Seasoning issues come into play as well..generally banks want 3-6 months for the loan to be seasoned. They have to justify why they are paying a premium in such a short time. We did manage to get on to close in 70 days which was pretty good. If you are lucky to get one at a foreclosure price or way under market value…. then you might have an easier time.
The approach we would take would be to add the possible costs in before we even make the decision to purchase. Now of course it’s impossible to predict how much in cash reserves you will need to carry the property…..but at least if you have a good plan….you can try to figure out a rough figure or forecast of how much you will need to cover the nut until you can turnover the property to the next person. Borrowing hard money can be a good way to have leverage…but you better know what you are doing. It can be a fun game if you play it conservatively. In a market like this I would say at least 2 years of reserves put aside might be a good figure to work with. “But Neal….I don’t have that kind of money to play with.” Then I would tell you not to buy until you have prepared properly or you could be risking your financial future.
I can’t tell you how many people I knew who jumped on that bandwagon and I would tell them to be careful. Some listened and some would just give me this stare and say “Neal…don’t worry about me…I know what I’m doing.” Now…some of those people have lost their properties and also lost the homes they lived in and have called me for help….well most of those people cannot be helped. They are upside down and can’t sell their properties because they owe more than it’s worth. Banks don’t seem to want to help investors if their only way out is to sell short. Most banks will only let you negotiate a short sale if it’s your primary residence or owner occupied.
There are still many good deals out there if you know where to look.Don’t rush into anything…there is plenty to go around. Don’t make the mistake that so many people made…buy property…but buy it with a plan. And most importantly “Don’t be flipping out!”
For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax Hometown
2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556
The Real Deal tells it Like it is in Real Estatecopyright © 2008-All rights reserved
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