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Archive for the 'Sellers' Category
Jacksonville, FL Alert! Dramatic Drop In Inventory of Homes Priced from $250K – $500K!
Great News! If you live in Jacksonville and have a home to sell that’s valued somewhere between $250K and $500K, you’re in luck.
Since this time last year (12 months of data), the number of closed sales in this price range has increased by 14.04% and the amount of inventory has DECREASED (that’s a good thing) by more than 50% (53.31% to be exact). We are down to only 13.15 months of inventory meaning that if every home on the market in this price were to sell and no other new listings were to come on the market, it would take approximately 13 months for all of the inventory to be absorbed.
Most people define a “balanced” market where there are an even number of buyers and sellers to be around six months of inventory. 13 months of inventory is approximately double that of a “balanced” market and would indicate a buyer’s market. That’s certainly still true but considering that inventory levels have been as high as a three or four year supply, only thirteen months supply actually seems small by comparison.
So…thinking of selling? Wondering just exactly what your chances are of finding a buyer in this crazy market? Call the experts! The Powell Steilberg team consistently tracks and measures the market so that you have a realistic picture of what’s going on. It’s essential information to have and we have it!
Thanks for reading! For the state of real estate in the Avondale, Ortega and Riverside neighborhoods, subscribe to our blog and you’ll be the first to know about what’s going on!
The Importance of Communication in a Real Estate Relationship
Do you ever see a friend in the grocery store that you’ve been meaning to call and just haven’t gotten around to it? You feel TERRIBLE and want that friend to know that you REALLY have been thinking about them. You’ve MEANT to call almost every day but by the time you remember to call, the day is almost over and it just didn’t happen.
Unfortunately, the life of a realtor is often the same. We mean to call each and every one of our buyers and sellers every day. The truth is that we DO think about you all the time. Almost every day we say, we REALLY need to call (….). But in the interim, life happens. Busy with getting a new listing photographed, negotiating a offer on a listing, attending an inspection, creating a flyer for your open house on Sunday, researching what the proper price of the house you want might be, searching through active listings for what we’re going to show you or calling to schedule showing appointments keep us from sittting down to check in and just say hello.
The realtor is the middle man. It’s through us that you learn “what’s going on”. How did the showing go? What did the buyer think of my house? Do you think I’ll get an offer? Have you seen anything new on the market? What do you think we should offer on this house that we love? We’ve received an offer way below our asking price — should we make a counter-offer or just not respond? Have you heard anything from the bank on our short sale offer?
Despite knowing that the MOST important thing we can do is STAY IN TOUCH, it’s one thing that can be the most difficult to do. Please know that even if you don’t hear from us, we ARE thinking of you nearly every minute of every day — REALLY. And…..if we don’t call you — CALL US! We love to hear from you. Thanks!
Thanks for reading! If you like what you see, please subscribe so that our posts will be sent directly to your inbox. We write primarily about the state of real estate in Avondale, Ortega and Riverside.
5 Great Reasons to Sell Your House – NOW!
TOP 5 REASONS TO SELL YOUR HOUSE NOW!
1. The market for houses priced at $500K and below is busy!
2. Interest Rates are at Historically Low Levels – This makes your home more affordable to buyers
3. The First Time Homebuyer Tax Credit will expire on April 30th, 2010
4. You May be Eligible for a $6,500 Tax Credit
5. Property Tax Portability May save you thousands of Dollars on the Property Taxes of your New Home
Did you know that just since January 1st, 2010 33 homes or condos have either sold or gone under contract in Avondale, Ortega and Riverside?
Did you know that with historically low interest rates that your home is more affordable than ever to potential purchasers?
Did you know that a person must have a fully executed contract to purchase a home before April 30th, 2010 in order to qualify for the $8,000 first time homebuyer tax credit but that they don’t have to close until June 30th, 2010?
Did you know that if you’ve been in your home for five years or more that you may qualify for a $6,500 tax credit yourself?
Did you know that if you’ve lived in your home as a principal residence (homestead) for 5 years or more you might have a lot of deferred value that you can carry or “port” with you to your next home? This will significantly reduce the property tax bill on your new home.
Did you know that over 85% of today’s buyers start their search on the internet and that professional photographs are the equivalent of internet curb appeal?
We specialize in the neighborhoods of Avondale, Ortega and Riverside and know the area street by street which is essential when making the decision on who you want to work with when selling your home. We live here AND work here so who better to share the good news to your potential buyers about what a great part of town this is!
Your realtor MUST have expertise in internet marketing which is a primary focus of our business plan. We have a comprehensive marketing package that includes: professional photography, direct mail, print, blogging, facebook, twitter, foursquare, video, extensive personal networking and more! Call us, we’d love to share what we know about what your home might be worth and what we can do to help you sell it!
Thanks for reading — please join me for my next blog about what’s happening in the Avondale, Ortega and Riverside real estate market.
How a Realtor Gets Paid — The Nuts and Bolts
I had a conversation today with someone who is NOT thinking of buying or selling. At some point, we talked about the commission a realtor gets paid and he said “Give me a break! My realtor spent all of 3 hours with me combined in our entire transaction and got a HUGE paycheck”! This perception of the fact that we realtors are all driving around in our Mercedes Benz’s throwing dollar bills out the window deserves a little attention.
Most realtors charge between 6 and 7% commission. The listing realtor (the one whose sign is in your yard) and the selling agent (the one who represents the buyer) each get half (3% each). The average real estate transaction is about $200K which at 6% commission is $12,000 or $6,000 for each realtor.
Out of the $6,000, the realtor must pay the broker a “split”. In most agencies, the realtor gets around 70% and the broker gets 30% which in this scenario $4,200 for the realtor and $1,800 for the broker.
Out of that $4,200, the realtor pays ALL of their own marketing expenses. This includes all ads, photography for our listings (we use and pay for professional photography), postcards, postage for postcards, online advertising (including realtor.com, trulia.com, zillow.com, etc…) and dues including membership in the MLS (multiple listing service) & NEFAR (NorthEast Florida Association of Realtors).
Realtors spend many, many hours on the phone talking with homeowners, prospective buyers and other realtors. They hold open houses, place signs out for open houses (and then pick them back up), attend showings, follow up with showings, call realtors to get feedback, negotiate contracts (once at the beginning of a deal and often a second time after inspections), coordinate the transaction with the closing or title company, the mortgage company, attend inspections, go to closing, buy closing gifts, prospect for new business, develop budgets and marketing strategies, place ads in local publications, etc… The list goes on and on.
Realtors are also condsidered independent contractors which means that we pay both employer and employee taxes AND we pay for our own health insurance. Perhaps even more important than all of the expenses is the fact that a realtor only gets paid if someone buys (or sells). We show lots of houses to people that never buy and not every listing we take sells.
The average realtor is involved in 6-8 transactions per year. So, the next time you think you’re realtor is overpaid, ask how much he/she made last year. I bet you’ll be surprised. Hopefully you can see that with all that’s involved, most realtors are not getting rich. Just like in any profession (superstar athletes, surgeons, businessmen, actors, etc…) there are a few MEGA producers that do make a lot of money — but they’ve served their time of lost holidays, weekends and evenings on their way to the top. 
A final point to consider is that when you bought your house, you didn’t pay ANY commission at all – the seller paid it. So, if you’re getting ready to sell and dreading the thought of paying a commission, try to remember all the times that you got the services of a realtor for free!
There seems to be the perception out there that realtors don’t do much and get paid a lot. I hope after reading this that you’ll see things a little differently. If you’re interested, I copied an article from the internet on the subject — click here to read it.
Thanks for reading — if you’d like more information about houses for sale in Jacksonville (or thinking or selling yours) in the Avondale, Ortega or Riverside neighborhoods of Jacksonville, I’d love to share my local area knowledge with you!
Top 10 Mistakes Sellers Make – Video
Take a look at this video from real estate expert Barbara Corcoran who talks about the top 10 mistakes sellers make when trying to sell a house.
Please note her specific mention of the fact that your first offer is ususally your best (nearly always true), that it’s critical to have professional photographs taken since the majority of today’s buyers start their search on the internet and that having clean closets will lead your buyers to think you’ve given the same amount of attention to rest of your house!
Remember…in addition to the nuts and bolts of selling a house (price, square footage, etc…) part of the process is about appealing to your buyers on a psychological and emotional level. So without further delay, click on the Top Ten Mistakes Sellers Make to see the video – enjoy!
New Low for Riverfront in Ortega?
A riverfront house that was originally listed for nearly 1.9M at 4404 McGirts Blvd. has closed for $965K — that’s almost 50% less than the original asking price! Was the property ever worth 1.9M? Maybe not. There was, however, an offer of well over 1.4M that another realtor brought them early on in the listing period that was turned down – ouch!
There’s an existing house on the property that will eventually be torn down to make way for a new construction home. The lot had about 150′ of riverfront and beautiful views of both the marina across the way and of downtown.
I wrote a post yesterday about a non-waterfront lot on a prime street in Ortega that just closed for about $250K — between that low on Arapahoe Avenue and now this one for waterfront, my prediction is that this is the bottom. If you’re waiting for deals, you should choose quickly because at these prices, they will begin to disappear.
If you’re looking for something special, please let me know. Sometimes I know about things that aren’t yet listed and/or price reductions that are about to happen. Inside information can help you snag a great deal.
Thanks for reading. Please join me for my next post about what’s happening in Ortega, Avondale and Riverside!
PRIME Lot in Ortega sells for less than $250K!
Well folks, between the low of $180 per square foot for the short sale on Elizabeth Place and now a new low for land in Ortega, I think we have finally hit the bottom.
A prime lot (there’s an existing house on the property that will be torn down) in the neighborhood of Ortega recently closed for just under $250K. The actual sales price was more like $222K but the buyer paid thousands of dollars in closing costs making the net sale price closer to $250K. The buyers intend to build a new home on the lot and will live in the neighborhood while their new house is under construction. The lot dimensions are 100 x 125.
My prediction is that people will begin to say to themselves “I should have bought that” and start looking around for the next best opportunity. This will cause some of the inventory that’s been languishing to begin getting snapped up.
If you’re one of those people, we have a great lot listed on a prime street in Avondale. I wrote a post about it several weeks ago but since then, we’ve been granted permission by the historic commission of Jacksonville to have the house torn down. So…. if you’re looking for a great building lot on a great street, please give me a call!
WANTED! Bungalows in Avondale, Ortega or Riverside!
With the economic stimulus offered by the government set to expire at the end of April and interest rates that remain under 6%, bungalows under $250K are in more demand than ever!
My partner Caroline and I know that there are lots of people out there looking for these houses and would love to help you sell yours.
If you’ve beening thinking of selling but wonder what’s going on in the market, please give us a call — we’d love to talk.
2009 Riverside and Avondale Condo Sales Nearly Even with 2008
Click Here to see Graph
In 2007, there were 18 Condominium Sales in Avondale, Ortega and Riverside. In 2008, there were 21 and so far this year (2009) there have been 18 with 3 more pending. The sale prices of the units has fallen quite a bit but, as you can see, the total number of units sold has been surprisingly steady.
A bright spot on the landscape has been Villa Riva – 5 of the 18 sales this year have been at this premiere building in Riverside — that’s a healthy 27% of the total sales year to date. 4 of the 18 sales have been at a building called 1661 Riverside which puts it at a close second with 22% of the sales. The third largest seller has been a waterfront building called Beau Rivage in Avondale that’s had 3 sales or 16% of the market.
For more information about the condo market in the Avondale, Ortega and Riverside areas, please call us for a list of inventory and what we think are the best values in today’s market. We know these buildings inside and out. We can tell you which units have the best views, which buildings have a great management team and other important details about the various buildings in the area.
Thanks for reading, please join me for my next discussion of real estate in the Avondale, Ortega and Riverside neighborhoods.
Extra, Extra….Read All About It!
In case you’re wondering who has the latest and greatest news — it’s often a realtor who specializes in your local area market. I often know about a house that’s getting ready to come on the market, a house whose price is getting ready to be reduced or about programs that lenders are getting ready to roll out that could save you a lot of money.
You might say that I have a lot of insider information. So…if you’re the kind of person who likes to know about it before it happens, then give me a call and I’ll be certain that as soon as I know it, you will too!
If you’re a loyal reader of mine (which I hope you are!) then you’ll know that I specialize in the Avondale, Ortega and Riverside neighborhoods of Jacksonville. Please join me for my next adventure in these very special neighborhoods of Jacksonville!
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