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South Florida resident seeks advice on Florida real estate market, attempting to sell home for months, priced 30k below appraisal, has market bottomed out, real estate market forecast
I live in SOuth FLorida. I was wondering if any one has noticed the market getting better?? Or does it seem like we'll be in this slump for a few more months. Have been trying to sell my home since September. I have lowered the price several times. The appraisal came in for 343k and am trying to sell right around315k.
The housing market is so individualized. Generally speaking the housing market was really "off" last year, but there were still several "hot" markets last year, i.e. Oregon, New Mexico, Utah. The general consensus seems to be that things are picking up a little. Buyers seem to be recognizing that interest rates are low and they can have their pick of properties. That being said, though, the changes are happening gradually and are very regionalized.
Although I'm on the other side of the country from where you are, I do have clients from Florida that are looking to move out of there. The main reasons they cite are hurricanes, which has made homeowners insurance astronomical, and increasing property taxes. I also understand that there is almost a glut of housing inventory and prices are continuing to slide.
How long ago did you have your appraisal done? Was it an "appraisal for value" vs. an appraisal for a refinance (for some reason those are oftentimes on the high side)? If your market has continued to soften since September, the price may be off more than you think. I would have your agent give you an updated CMA and other market information, such as average days on market (DOM), etc. If you are not currently using a realtor, I would encourage you to start interviewing some and consider hiring someone you feel is knowledgeable and willing to expend time and money to get your home marketed extensively at a competitive price. A local agent will be the one who can give you a more complete analysis of your particular market.
Hope you get your home sold soon. I know the waiting can be very frustrating!
The housing market is so individualized. Generally speaking the housing market was really "off" last year, but there were still several "hot" markets last year, i.e. Oregon, New Mexico, Utah. The general consensus seems to be that things are picking up a little. Buyers seem to be recognizing that interest rates are low and they can have their pick of properties. That being said, though, the changes are happening gradually and are very regionalized.
Although I'm on the other side of the country from where you are, I do have clients from Florida that are looking to move out of there. The main reasons they cite are hurricanes, which has made homeowners insurance astronomical, and increasing property taxes. I also understand that there is almost a glut of housing inventory and prices are continuing to slide.
How long ago did you have your appraisal done? Was it an "appraisal for value" vs. an appraisal for a refinance (for some reason those are oftentimes on the high side)? If your market has continued to soften since September, the price may be off more than you think. I would have your agent give you an updated CMA and other market information, such as average days on market (DOM), etc. If you are not currently using a realtor, I would encourage you to start interviewing some and consider hiring someone you feel is knowledgeable and willing to expend time and money to get your home marketed extensively at a competitive price. A local agent will be the one who can give you a more complete analysis of your particular market.
Hope you get your home sold soon. I know the waiting can be very frustrating!
Hi it was an appraisal of for the value it was in January 2007. I am not working with a realtor. I had the realtor from hell that thankfully his contract expired and I did not renew it. I put the house up on owners.com, craigslist, backpage, youtube and am thinking of paying to place it in the mls. Since it is considrably lower than appraisal I dont mind paying 3% but 6% would kill me.
Since there are sooo many homes for sale here I need to be substantially lower if I want to sell and paying two Realtors fees would not help.
Certainly paying a full brokerage fee only in the event of a closed sale would literally suck the life right out of you.
Better to think you are paying half the fee and get nowhere because of all your competition, that to interview and hire the best broker out there....could result in a actual sale.
Change the price to $325 (a better marketing price) and offer $3250 in closing cost assistance.
Hi it was an appraisal of for the value it was in January 2007. I am not working with a realtor. I had the realtor from hell that thankfully his contract expired and I did not renew it. I put the house up on owners.com, craigslist, backpage, youtube and am thinking of paying to place it in the mls. Since it is considrably lower than appraisal I dont mind paying 3% but 6% would kill me.
Since there are sooo many homes for sale here I need to be substantially lower if I want to sell and paying two Realtors fees would not help.
I'm sorry that you had a really bad experience with your former realtor. Btw, at least here in AZ, if you've listed with an agent that isn't doing what he's promised to do (of course it's best to get the agent to outline in writing what he will do to market your home before you list with him), you can actually fire your agent. It's awful to think that you're stuck with somebody that's refusing to do their work for the duration of the listing agreement.
Suggestion #1: Definitely go with putting your home on the MLS, offering to pay a co-broke to the buyer's agent. The statistic is something like 86% of buyers purchase their home with the assistance of a realtor. So that would definitely increase your exposure to potential buyers. One caveat to be aware of, the buyer's agent will be representing the buyer during negotiations and the escrow process. You'll be on your own as far as any representation, etc.
Suggestion #2: If you decide to list again, be sure to interview several agents and ask some tough questions about local market conditions, etc. Ask specifically how (s)he will market your home. Ask them if they're willing to put that in writing. There really is a difference in agents, including their level of competence, marketing skills, and desire to work hard for their clients. Don't feel bad about interviewing several agents before making a decision.
Sounds like your price is probably right. Perhaps using an agent could actually help you net more, because of expanded marketing avenues in this slow housing market. The buyers are few and far between and it's kind of tough for a FSBO to market to out-of-town buyers. But I totally understand your reluctance to hire an agent again after your past experience.
I'm sorry that you had a really bad experience with your former realtor. Btw, at least here in AZ, if you've listed with an agent that isn't doing what he's promised to do (of course it's best to get the agent to outline in writing what he will do to market your home before you list with him), you can actually fire your agent. It's awful to think that you're stuck with somebody that's refusing to do their work for the duration of the listing agreement.
Suggestion #1: Definitely go with putting your home on the MLS, offering to pay a co-broke to the buyer's agent. The statistic is something like 86% of buyers purchase their home with the assistance of a realtor. So that would definitely increase your exposure to potential buyers. One caveat to be aware of, the buyer's agent will be representing the buyer during negotiations and the escrow process. You'll be on your own as far as any representation, etc.
Suggestion #2: If you decide to list again, be sure to interview several agents and ask some tough questions about local market conditions, etc. Ask specifically how (s)he will market your home. Ask them if they're willing to put that in writing. There really is a difference in agents, including their level of competence, marketing skills, and desire to work hard for their clients. Don't feel bad about interviewing several agents before making a decision.
Sounds like your price is probably right. Perhaps using an agent could actually help you net more, because of expanded marketing avenues in this slow housing market. The buyers are few and far between and it's kind of tough for a FSBO to market to out-of-town buyers. But I totally understand your reluctance to hire an agent again after your past experience.
To say the least this Realtor would set appiontments and insisted on every weekend having open houses and would not show up. I had to stay and show the house. In S.Florida it seems everyone has a Realtors liceinse when his contract expired I had Realtors litterally so aggresive and hounding me that it was sickening. One couple came was here for three hours and would not get the picture that we had to think about it and had other people scheduled for the following day to interview. The guy told me if your to embarrased to break the appt. give me the number and I'll do it. I thought what a scumbag would he like it if I did that to him???
To say the least this Realtor would set appiontments and insisted on every weekend having open houses and would not show up. I had to stay and show the house. In S.Florida it seems everyone has a Realtors liceinse when his contract expired I had Realtors litterally so aggresive and hounding me that it was sickening. One couple came was here for three hours and would not get the picture that we had to think about it and had other people scheduled for the following day to interview. The guy told me if your to embarrased to break the appt. give me the number and I'll do it. I thought what a scumbag would he like it if I did that to him???
Well, hopefully the cutthroat pyrranhas (sp) have left the scene. It always happens after a listing expires - the desperate agents (the ones you wouldn't want to hire anyway) all converge on poor seller. Things have probably died down by now. Take the opportunity while you've got your house for sale by owner to ask around and see which agents other people have liked. You might also try picking up some real estate magazines and looking at the ads. What catches your eye - not only in the way an agent markets his listings in the magazine, but also any indication about the way the agent does business? Remember, the agent is actually applying for a job. You're in the driver's seat, and you determine who you want to hire. Although a good agent may approach you about the possibility of listing your house, it shouldn't be high pressure - the agent's presentation and track record should speak for itself.
Whichever route you decide on (FSBO or realtor), I hope the sale goes smoothly.
Well, hopefully the cutthroat pyrranhas (sp) have left the scene. It always happens after a listing expires - the desperate agents (the ones you wouldn't want to hire anyway) all converge on poor seller. Things have probably died down by now. Take the opportunity while you've got your house for sale by owner to ask around and see which agents other people have liked. You might also try picking up some real estate magazines and looking at the ads. What catches your eye - not only in the way an agent markets his listings in the magazine, but also any indication about the way the agent does business? Remember, the agent is actually applying for a job. You're in the driver's seat, and you determine who you want to hire. Although a good agent may approach you about the possibility of listing your house, it shouldn't be high pressure - the agent's presentation and track record should speak for itself.
Whichever route you decide on (FSBO or realtor), I hope the sale goes smoothly.
Thank you Gretchen for you input.
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A Couple of Suggestions
Things have probably died down by now. Take the opportunity while you've got your house for sale by owner to ask around and see which agents other people have liked. You might also try picking up some real estate magazines and looking at the ads. What catches your eye - not only in the way an agent markets his listings in the magazine, but also any indication about the way the agent does business? Remember, the agent is actually applying for a job. You're in the driver's seat, and you determine who you want to hire. Although a good agent may approach you about the possibility of listing your house, it shouldn't be high pressure - the agent's presentation and track record should speak for itself.
