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Old 01-24-2007, 10:17 AM
MB2 MB2 started this thread
 
Location: Sebastian/ FL
3,496 posts, read 8,563,577 times
Reputation: 2688

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Wow, so the outlook is pretty...."dreary"???
We lowered the price just recently, to $249900, which for the area I live in, the type model the house is, and what it comes with, is absolut the most bottom. Brand new ones (just like mine)with nothing added, except maybe granite counter tops, come at a higher price tag. Seems like, realtors suggest random prices, based on their "evaluation" on the market and/ or location. I don't understand, how that works, und WHO makes up WHAT price?????
Does it mean, if we want to sell our house, for a better price, to just either sit on it, or move and rent it out in the meantime? Are there people interested in renting at all right now?
Are there any specific target areas, people move down here from?
What I am trying to ask, where to people come from, and, are there people still moving here?
Some say people move up from the south (Miami and Ft. LDale market), people from the north, people from the islands. Was/ is there a significant shift in those people now?
I know, I know... a lot of questions...huh...but I hope, some one has some answers. LOL
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Old 01-24-2007, 10:48 AM
 
Location: Central Florida
800 posts, read 2,758,381 times
Reputation: 305
Quote:
Originally Posted by MovingBack2PA View Post
Wow, so the outlook is pretty...."dreary"???
We lowered the price just recently, to $249900, which for the area I live in, the type model the house is, and what it comes with, is absolut the most bottom. Brand new ones (just like mine)with nothing added, except maybe granite counter tops, come at a higher price tag. Seems like, realtors suggest random prices, based on their "evaluation" on the market and/ or location. I don't understand, how that works, und WHO makes up WHAT price?????
Does it mean, if we want to sell our house, for a better price, to just either sit on it, or move and rent it out in the meantime? Are there people interested in renting at all right now?
Are there any specific target areas, people move down here from?
What I am trying to ask, where to people come from, and, are there people still moving here?
Some say people move up from the south (Miami and Ft. LDale market), people from the north, people from the islands. Was/ is there a significant shift in those people now?
I know, I know... a lot of questions...huh...but I hope, some one has some answers. LOL
I don't know where you are from so I'll be very generic.

Buyers set the price. Look at the outrages rates for Superbowl commericials! If advertisers pay it, there is no incentive to lower prices.

In housing, if a house is on the market a long time, it's either in a bad area, bad condition or overpriced.

You might check to see what incentives your builder is offering. If the prices are comparable, the advantage of using the builder is that they get to pick colors and other items. Today, builder's give back upgrades or finanacing help.

Realtor CMAs come from many sources and are based on what has sold, what has not sold, and what is for sale. I do CMAs, explain the numbers, and then let the seller set the price. If they try to price too high, I turn down the listing in most cases. We don't need any more overpriced homes listed for sale. Most buyers listen if you take the time to explain how you compiled the numbers.

You might get your house appraised. Your buyer cannot get financing if the appraisal is out of line with the contract price unless they have the cash. Just remember, it's the buyers that ultimately set the price for anything sold.
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Old 01-24-2007, 11:16 AM
MB2 MB2 started this thread
 
Location: Sebastian/ FL
3,496 posts, read 8,563,577 times
Reputation: 2688
Quote:
Originally Posted by Dee2e View Post
I don't know where you are from so I'll be very generic.

Buyers set the price. Look at the outrages rates for Superbowl commericials! If advertisers pay it, there is no incentive to lower prices.

In housing, if a house is on the market a long time, it's either in a bad area, bad condition or overpriced.

You might check to see what incentives your builder is offering. If the prices are comparable, the advantage of using the builder is that they get to pick colors and other items. Today, builder's give back upgrades or finanacing help.

Realtor CMAs come from many sources and are based on what has sold, what has not sold, and what is for sale. I do CMAs, explain the numbers, and then let the seller set the price. If they try to price too high, I turn down the listing in most cases. We don't need any more overpriced homes listed for sale. Most buyers listen if you take the time to explain how you compiled the numbers.

You might get your house appraised. Your buyer cannot get financing if the appraisal is out of line with the contract price unless they have the cash. Just remember, it's the buyers that ultimately set the price for anything sold.
Thanks so much for the input...it's a bit clearer to me now, and maybe for others as well.
I live in PSL, right off Gatlin, and close to Tradition.
Now, where do people still move here from?
South, north, islands? Our realtor told us, that last year and the year before was a mojor "coming" from the south, since the area down there is maxed out. Has that changed at all?
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Old 01-24-2007, 11:20 AM
 
Location: Central Florida
800 posts, read 2,758,381 times
Reputation: 305
Quote:
Originally Posted by MovingBack2PA View Post
Thanks so much for the input...it's a bit clearer to me now, and maybe for others as well.
I live in PSL, right off Gatlin, and close to Tradition.
Now, where do people still move here from?
South, north, islands? Our realtor told us, that last year and the year before was a mojor "coming" from the south, since the area down there is maxed out. Has that changed at all?

I don't normally sell in that area so I can't really say. I'll ask a few agents that I know down there and if I hear anything, I'll post it.

Here, we are getting a lot of people from Brasil, Poland, Great Britain, and Canada. Of course, northerners and southerns too! Most of my sales are people just moving to a bigger or smaller home due to changes in family size.
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Old 01-24-2007, 06:05 PM
 
317 posts, read 1,104,344 times
Reputation: 152
Default Excellent Thread! Exactly the topic so many

of us are dealing with one way or another.

I truly don't know what the heck to think, but here is how and why I DID SELL my house and closed in November 06.

First, I think their are 2 categories of sellers: those who NEED to sell; as in can no longer afford the house with all the taxes, became unemployed, etc. That was me. I therefore, had to take a substantial "hit" on what I originally was asking. I came down 25% which is huge. BUT, I was drowning...as I was unemployed...but that didn't keep everything else from increasing.

ONE REALLY IMPORTANT FOR THOSE THAT ARE GETTING PRETTY CLOSE TO NEEDING TO SELL OR ULTIMATELY KNOW THAT YOU ARE GOING TO HAVE TO SELL.............PLEASE DO IT BEFORE YOU HAVE HAVE HAVE TO DO IT. I did that --- it took a long time for my home to sell --- and things started to get really really tight.

The other category appears to be sellers who don't really NEED to sell...would LIKE to sell...but are really more interested in cashing in on their home gains. There still seems to be alot of these types! They refuse to not only entertain a lower offer, but even worse, refuse to even list their homes at a reasonable price. Many of these homes are vacant, which really blows my mind. My guess is that they don't really NEED the money, or they would not have been able to buy something else "wherever they went" without the profits from the 1st house.

Maybe a 3rd category would be those in denial, but I still think they are either in the MUST sell or DONT HAVE TO SELL category.

I see many homes simply being taken off the market. I guess those folks, for example, do not HAVE to sell.

I guess everyone's financial circumstances are different. I tried approaching several home owners whose homes were for sale and vacant to see if they wanted to rent to me...and I would still allow them to show the house for sale. You would think WIN WIN right? Nope. No takers. Go figure!

Keep the comments coming. This thread is at the heart of what we are all grappling with one way or another.
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Old 01-24-2007, 06:23 PM
 
Location: Central Fl
2,902 posts, read 10,575,875 times
Reputation: 2842
Hi. I'm totally not "in the know" here......I know the market here in Western NY.
I just bought a home in Leesburg, as many of you know. I was told here that there ARE a lot of homes for sale, but that they are starting to sell, as snowbirds are comming down and looking......and I was told that the avg home here is seling for within 3% of asking price. That is just what I was told......but not everything I've been told by every realtor has been 100% truthful.

My friends in Ft, Myers seem to have a much harder time.

My uneducated guess is that it is different in different parts of Florida.

From what I've been told, I did well with my purchase.......

Frank D.
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Old 01-24-2007, 06:34 PM
 
Location: Ocala area in Central FL
627 posts, read 2,579,178 times
Reputation: 333
Quote:
Originally Posted by MovingBack2PA View Post
Wow, so the outlook is pretty...."dreary"???
We lowered the price just recently, to $249900, which for the area I live in, the type model the house is, and what it comes with, is absolut the most bottom. Brand new ones (just like mine)with nothing added, except maybe granite counter tops, come at a higher price tag. Seems like, realtors suggest random prices, based on their "evaluation" on the market and/ or location. I don't understand, how that works, und WHO makes up WHAT price?????
Does it mean, if we want to sell our house, for a better price, to just either sit on it, or move and rent it out in the meantime? Are there people interested in renting at all right now?
Are there any specific target areas, people move down here from?
What I am trying to ask, where to people come from, and, are there people still moving here?
Some say people move up from the south (Miami and Ft. LDale market), people from the north, people from the islands. Was/ is there a significant shift in those people now?
I know, I know... a lot of questions...huh...but I hope, some one has some answers. LOL



Ok, I am going to try to explain with out too much garble-D-gew:

The Agents generate a List price by doing a CMA (comprehensive market analysis) of homes that have sold in the local area (within the past 3-12 months, the newer the sales, the better). Thus they PICK and CHOOSE the homes they want to use in making their report. Hence each agent will normally have different CMA reports for the same home. The home owner and all home buyers should request these from at least 2 or 3 agents. That is why when you buy, refi, take a second mortgage the banks order 3 to 5 of these CMAs (the bank calls them BPOs = broker price opinion). Check these against the tax record and prior sales history of the property. These should be done every 3 or 4 months that a home sits on the market and presented to the seller, so that you are not in the dark.

In this day all homes should have a photo album and tour that can be viewed online. Buyers come from all over the world, so advertise advertise advertise.

Also, make sure that on your home flyers, that your HOME is the biggest attraction, not the AGENT... remember, You Hired them to sell Your Property, not themselves. (that is what professional personal marketing/branding is for).

Being informed is your BEST weapon! To all those looking to Buy and or Sell... Good Luck! All my best to you!!!
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Old 01-24-2007, 07:08 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,651,414 times
Reputation: 231
Quote:
Originally Posted by ;303640


Ok, I am going to try to explain with out too much garble-D-gew:

The Agents generate a List price by doing a CMA (comprehensive market analysis) of homes that have sold in the local area (within the past 3-12 months, the newer the sales, the better). Thus they PICK and CHOOSE the homes they want to use in making their report. Hence each agent will normally have different CMA reports for the same home. The home owner and all home buyers should request these from at least 2 or 3 agents. That is why when you buy, refi, take a second mortgage the banks order 3 to 5 of these CMAs (the bank calls them BPOs = broker price opinion). Check these against the tax record and prior sales history of the property. These should be done every 3 or 4 months that a home sits on the market and presented to the seller, so that you are not in the dark.

In this day all homes should have a photo album and tour that can be viewed online. Buyers come from all over the world, so advertise advertise advertise.

Also, make sure that on your home flyers, that your HOME is the biggest attraction, not the AGENT... remember, You Hired them to sell Your Property, not themselves. (that is what professional personal marketing/branding is for).

Being informed is your BEST weapon! To all those looking to Buy and or Sell... Good Luck! All my best to you!!!
MyHomeIsInOcala

If I recall correctly from a previous post you were at one time in the real estate business. I don’t know how long ago that was but for the sake of those interested in this thread I think some clarification is in order regarding CMA BPO or what a bank does to evaluate value.

What you said about a CMA is essentially correct however your comment about banks ordering 3-5 BPO’s is entirely incorrect.

Firstly a BPO is the same as a CMA just a different name, both are done by a real estate sales agent/broker.

Secondly, any bank providing residential home financing of any sort first mortgage - second - refi or otherwise is subject to Federal regulations. As such they are required to obtain an appraisal from a licensed professional appraiser who uses an industry standard format known As USPAP or Uniform Standards of Professional Appraisal Practice. Banks are normally required to only order one of these but under certain circumstances such as million dollar plus loans they may order a second.
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Old 01-24-2007, 07:48 PM
 
Location: Ocala area in Central FL
627 posts, read 2,579,178 times
Reputation: 333
Default A Bpo?

Quote:
Originally Posted by Shores9 View Post
What you said about a CMA is essentially correct however your comment about banks ordering 3-5 BPO’s is entirely incorrect.

Firstly a BPO is the same as a CMA just a different name, both are done by a real estate sales agent/broker.

Secondly, any bank providing residential home financing of any sort first mortgage - second - refi or otherwise is subject to Federal regulations. As such they are required to obtain an appraisal from a licensed professional appraiser who uses an industry standard format known As USPAP or Uniform Standards of Professional Appraisal Practice. Banks are normally required to only order one of these but under certain circumstances such as million dollar plus loans they may order a second.
Sorry… Shores Let me clear up my statement:

Banks and or their assest groups DO order Mutliples on Dispossed or Defaults... Sorry to confuse that issue!

I DID try to communicate that a CMA and a BPO are the same thing in my post.

Here is a Full Explanation of BPO reports and roles they play during the default and disposition processes, they work to provide clients with all the information they need to make informed decisions regarding the property in question. During this situation, multiple BPOs may be ordered.

NOTE: If a BPO is required for purposes such as appealing taxable value, settling an estate if the real property will not be sold, settling a divorce if the real property will not be sold, obtaining a home equity loan, waiving private mortgage insurance (PMI), or generally testifying as to value in a court of law, than the valuation must be done by a licensed Real Estate Appraiser.

A BPO is completed to provide clients with accurate, verifiable information concerning the market value of their collateral in the most timely manner possible.

Broker's Price Opinions ("BPO"):
Upon request, BPOs are obtained from a licensed real estate broker an opinion as to the value of a property. The determination of the value of a property shall include consideration of real estate values of comparable properties in the same neighborhood, if available on the MSL or other database, as well as the general condition of the neighborhood. The opinion will include a comprehensive and detailed report outlining the comparable real estate values used in the consideration of value and the condition of the neighborhood. This report will also be accompanied by photographs of the property. A Broker's Price Opinion is not an appraisal and is not performed by a licensed real estate appraiser and cannot be held to the same professional standards as an appraisal. Broker's Price Opinions are not permitted in every jurisdiction.

An EXTERIOR BPO: This valuation does not include an interior inspection of the subject property and is completed on a one-page report. The valuation will list three comparables, three sold comparables, suggested list price, probable sale price, 90 day quick sale, and "as is" and repaired values, on appropriate forms with photographs of the subject property.

An INTERIOR BPO: This valuation includes an interior inspection of the subject property and is completed on a one-page report. The valuation will list three comparables, three sold comparables, suggested list price, probable sale price, 90 day quick sale, and "as is" and repaired values with interior photographs.

Broker's Opinion of Value with No Comparables
: The valuation will list suggested list price, probable sale price, 90 day quick sale, and "as is" and repaired values with photographs of the subject property.

Exterior (or "Drive-by") Appraisal: Upon request, Customer will obtain from a licensed real estate appraiser an estimate as to the value of a property. The determination of the value of a property includes consideration of real estate values of comparable properties in the same neighborhood as well as the general condition of the neighborhood.

Hope this is Better!!!!

Last edited by MyHomeIsInOcala; 01-24-2007 at 08:17 PM.. Reason: Highlight
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Old 01-29-2007, 08:41 PM
 
88 posts, read 331,336 times
Reputation: 59
Default Leesburg...

How on to your socks...2008, 1st quarter the proverbial you-know-what will hit the fan! If you can wait 9-12 months you will sell at a profit!
Homes $120-300k

No facts yet...
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