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I found this site through a Google search - can't remember exactly what I was looking for, but it was something about actual sales numbers in Tampa. I haven't found a site yet that breaks out sales in different brackets and regions yet.
It has been refreshing to read thoughts that are not heavily shaded by self-interested sales techniques "I'll tell you what you want to hear so you'll use me!" - I am so surprised by the candor of the real estate agents here!
Ok, so here's the question: What are the REAL numbers on selling your home right now? My home is in the $300k-$400k range in New Tampa. I am frustrated by the "quick answers" I am getting about overall trends in the area. Why can't I get figures on the homes for sale and sold in each specific market niche?
I am getting the impression that it is not the home owners in our bracket themselves that are so much distressed as it is the RE agents. I am getting the impression that the highest end and lowest ends are the worst hit. Am I wrong?
Every RE site I visit harps on about the following: "we have x years experience" "we have X number of listings" "we sell $xxx in gross home sales" " we lit on x,x,x,x, -getting x number of exposures per listing"
BUT - nobody tells me HOW they will sell my house for the most and the quickest! It seems it's all about how the market THEMSELVES, rather than your property!
OK, I've only interviewed one agent personally so far. I was depressed by the incident. Comps were from homes close by mine, but in not similar neighborhoods (places I would not have looked for present home nearby).
Justification: that is what the mortgage-holder will do when considering the loan. - well, when I refi-d back in '03 and got less than I thought my house was worth - I challenged the appraiser! Can't a good agent recommend the same to every potential buyer? Can't a good agent have an appraisal ordered for me that SHOWS that my house is not the same as these other houses???
Oh, and something REALLY hurting our current stats is a home that was sold right on our street that the seller took a partial mortgage and the county only recorded the 1st. Now on record with the county is a value reminiscent of 2003!
I've been in sales management for years and what I am disturbed to be sensing is desperate salesmen wanting to get numbers on the books, rather than maximizing each sale, they are opting the "easier route" -- playing the "numbers game". Get the listing, get them to agree to an easy asking figure, and hope someone else sells it.
I mean, simple math tells you why: the overall maximum commission on a $300k vs a $400K = $6k swing IF none of the agents have to make a compromise. If they list and another broker sells, the swing is only $3k, and then they must still pay their broker their cut. "Let's see, I can make $7200 EASY if I can talk this seller into a quick sale, or I can struggle for MAYBE an extra $2400 for all that extra work for a high-maintenance client and putting off a quick sale on someone else's back ..... hmmmm, I think I'll just take the $7200 and let some ditsy buyer's agent do all the work....."
I won't be listing with anyone that I sense this type of defeatist, lazy attitude. I'd rather pay more for a planned strategy and proof that they have a system that really works.
So, after that long, drawn-out diatribe, does anyone have any suggestions?
Am I better off doing all the work myself (pics, subscribing to websights and MLS, etc) and just paying a buyer's agent should one show up with a buyer?
Dunno,
Let me first start by saying that you are right....some agents do like to just compile a long list of homes for sale. The art is truly getting that home to the closing table. I just left a listing appointment not but a couple hours ago in Wesley Chapel and the first question that the owner asked me was "What are you going to do different from the last person who had my listing for over six months?"
I followed that up with a series of questions myself:
How many open houses were done for you?
What was the feedback from the people who saw your home but didn't buy? (Time to make any corrections here to improve the quality of the showings)
Was the house priced correctly? We are seeing that there are still a miriad of homes that are overpriced. This is the most important part of the listing...the price.
What advertising was done on the property? There are too many vehicles free to Realtors to get your property out there.
What is your Realtor doing to differentiate your property from the rest of the 20,000 for sale in Tampa? Home Warranty included, rebates from your lenders for qualified buyers to help offset closing costs, etc.
COMMUNICATION, COMMUNICATION, COMMUNICATION!!!!!!!!!! You and the Realtor you chose need to have a very open line of communication. You are basically a team working to get your home sold.
PEOPLE ARE ABSOLUTELY BUYING HOUSES RIGHT NOW!!!! Last month over 2400 homes sold in the Tampa Bay area and the number is improving. I am actually working with more buyers than sellers currently.
The New Tampa is a great area with great schools, shopping, restaurants, and convenient to anywhere in Tampa. My family and I live in Meadow Pointe and absolutely love this area. My mother and sister teach at Clark Elementary and my niece attends Freedom. It is a great great area.
Lastly, before I got into Real Estate I was Sr VP of Sales for an IT consulting firm here in Tampa and the "Easy Route" is never the best route. The best results that I ever achieved were from the hard work and not the quick hits so to speak.
I hope this helps some. Just know that you are not alone. I have this conversation with sellers more often than not and I understand what you are going through.
Oh, one other thing. You mentioned getting the results from what homes have sold in a particular market niche. A GOOD CMA (Comparative Market Analysis) will give you that information. Using the right comparables and timetables will help you set your price properly. An appraisal is great as well but a solid CMA is a strong indication of the area.
Best of luck to you and your family on the sale of your home.
You have brought up some good points regarding the current market. I am sure most people will agree that 'salespeople' will tell you what you want to hear in order to obtain your business. However, we recently have been turning down listings based on what people owe on their homes vs. what other homes have recently been sold for in the area. We also ran across a similar scenario where a recently sold property was sold way under market value as they had tremendous equity in the home and therefore it does look deceiving on paper. Our philosophy is if it is overpriced then it will not sell and it is not good customer service just to take the listing.
Currently in our market you would need to price your home competitively from the very beginning. Many people think that they can start out at a certain price and have negotiation power to come down but they are mistaken. What happens with an over priced listing is that many people don't even take the time to preview the home because it is priced too high. We have found that you would want your home to be within the top 3-5 homes within a certain price range. There are so many homes on the market right now that most buyers aren't looking through 20-30 listings and if yours falls within that range it will not be seen whether you use a realtor or not. This is how a good realtor is selling homes in this market - pricing them right from the beginning and then apply a proven marketing plan for that individual home.
Also another common mistake is that they only look at their own neighborhood. With buyers they may have several neighborhoods in mind when searching the Tampa market so you must consider other neighborhoods not just your own.
I hope this helps. Please let me know if there are any other questions you may have. Also, please let me know if you would like to receive statistics from the Greater Tampa Association of Realtors that shows home sales by price range and location.
I take no offense... I'm not stupid and blind, you know. I used that huge swing bc that is what I am seeing!
Yes, there are homes in my market (New Tampa) that are in similar neighborhoods, with like layouts, amenities, and perks that are showing that very enormous swing - all in the last 6 months!!! There seems to be no rhyme or reason for it!
I saw one on the Hills County Property Appraisal site (recorded sales) (You can also find it on Zillow) of a 4/3/2 pl/spa 2400sqft in Richmond Place that sold for $405k in FEBRUARY!!! (upwards swing - made no sense - wrong time period for such an enormous sale amount)
I saw another, same house stats, that sold for $309K.
In Live Oak Preserve - same swings, no rhyme or reason.
On the MLS, the same. the only thing I've noticed is that the ones at the low end show pics of primarily vacant houses. It looks like about an 80% ratio of vacant to occupied on the low range. The ones on the high range seem to be 95% occupied and for the most part, better decorated and painted (the low end tends to look like all beige OR dramatic colors).
It looks like my choices are to sell fast and make no improvements at a low price or continue making my improvements and wait as the market appears to have already begun the swing back to normal.
No, I don't mean appreciation at the 15% a year it did '00-'05! I mean back to normal values (mid '06) with standard appreciation at 4-5% a year - staying abreast of the cost of living index.
Another thing is, I can see where all the doomsayers use the national and local stats to confirm a market adjustment (downward) for median-priced homes ($150-200K), these are generally people depending on 100% financing to be able to acquire their homes. But once you move into higher brackets, that is not generally the case.
I believe (and I may be wrong) that the majority of the speculators are in that bracket. Also another reason for all the crying and wringing of hands - they didn't "flip" fast enough and are now in for the wait - don't you think?
Also, most of those people in the $300k+ home brackets are not Florida natives. They are most likely business exec-type families or well-planned retirees, aren't they? They are moving from other places where a modest home is in this range and are astounded by the "deals" they find here in Florida. You also have retirees that are relishing the huge amount of equity they just realized from the sale of their lifetime homes. I am not opposed to accepting cash for my house.
And don't forget the European buyers. They are capitalizing on the excellent Euro and buying Fla homes!
Some people are going to want to strike while fixed mortgage rates are still low, too!
Ok. So now I have cheered myself up with some positives.
As my dear Uncle used to say, "It is the exceptions to the rule that disprove the rule." We don't have to accept the negative trends when there are so many other people successfully avoiding the pitfalls of pessimism!
WC24: Your Optimism and positive attitude are a breath of fresh air! As is your embrace of a "Win-Win", energetic approach to Sales. With that type of approach to your profession, you need never fear that you deserve the commissions you make for the services you provide.
Yes, New Tampa/Wesley Chapel is a lovely area! I have enjoyed it immensely for the past 7 years. What I like most, after witnessing so many other Drive-By and Drive-Through communities throughout Tampa Bay, is the same thing that offers it's biggest detraction: all these bedroom neighborhoods have no "through traffic"
Now, on the one hand, it is really pleasant to know that most every car driving past your house is a neighbor.
On the other hand, who hasn't exercised a little frustration on Bruce B Downs at high traffic times? (LOL!!!)
I like the collections of shops large and small and that the really big stores like Super Target and Walmart and Sam's are set far enough from the roads to not be the eyesores they have proven to be in other places. I like how close the schools are (but I HATE the at-home-mommy pick up and delivery service!!!) Ah, well, at least the area draws at-home-mommy crowds - less likely to have misbehaving preteens and teens floating about!
I like that the landscapes are lusher and greener up here than closer to Tampa - more soil, less SAND! Yay! I like that nothing I want to go to is further away than 30 or so minutes, but that I AM. I like that the roads CURVE around here instead of the grids of the cities and towns closer in. I like that there are 5 Publix Markets within easy drive from my house!! (LOL again!) I could probably tolerate less Nail shops.
I just wish there'd been a Barnes and Noble here while I was here...
I like the number of different ethnicities I see around here. I like seeing fewer hangin-down drawers (although there are certainly some wanna-be's still around, though!)
I like that I75 runs through it. Weird, huh? But it makes it so easy for road trips up North or to breeze down to Brandon. Getting to the Veterans to go to the airport takes some navigation, but that's relatively easy as long as it's not at peak drive times.
I like that there are condos and apartments in the area, too. Much better thought out than in so many other areas. I like that, cuz my adult daughter (23) likes living kinda close to Mom.
We have found that you would want your home to be within the top 3-5 homes within a certain price range. There are so many homes on the market right now that most buyers aren't looking through 20-30 listings and if yours falls within that range it will not be seen whether you use a realtor or not.
Now, that is helpful, bc it would never occur to me to look at only 3-4 houses. I'm looking to move to another state that is experiencing far more housing turnover and abundance of both new and pre-owned ( and a WHOLE LOT of foreclosures), but I look and look and look, just the same. AND I look at a wide range of prices, too! (my range has a $100k swing, LOL!)
You also mentioned:
Quote:
Also, please let me know if you would like to receive statistics from the Greater Tampa Association of Realtors that shows home sales by price range and location.
I am afraid to ask.... What is the most requested price bracket and size, aside from "what's the best deal out there?" What is the most available? (Majority listings), What is the most closed sales (bracket)?
I think I phrased those questions wrong. I guess I'm asking that if there were a type of house most in demand, what do you find that is? I mean, it's not like people who live in New Tampa need to spend $250-500k, right? They are looking for things they want, right?
Like, when I move, all my hubby and need is a bed, bath, kitchen and living. Heck, I don't even need a dining room! (LOL- we generally eat in the living room!) But I want 3 BR, 2B, dining room and a 2 car garage! I want a large enough yard for dogs and adults to play and entertain and garden. I want nice, neat neighbors and no crime. I want a beautiful place both directly and indirectly around me.
So, up goes the price I'll pay.
Maybe what I'm really interested in is the demographics of people who shop in the $350k+ area. Maybe it's just me, but have you ever noticed the difference between people who will deliberately shop for homes outside of the incorporated Tampa areas, just to avoid a little bit in extra taxes (and sacrifice a little bit of lifestyle)? Or the people who push it beyond that and will only look in Pasco? (I don't mean to imply that ALL the people in these areas are like that, I mean that there are people who do it with that focus.) I've known a few - and I wouldn't want to live next to them. They'll trip over dollars to pick up pennies!
Well, I perceive that there are buyers who are looking for deals and there are buyers looking for steals. I still the the deal-seekers outnumber the steal-seekers, though.
Dunno, with the glut of houses on the market now, I would sell now at a lower price and forget about spending more $$$ and have to wait a longer time to recoup. It will increase the taxes and insurance, which in turn will limit prospective buyers.
I know alot of retired people are shying away from Florida because of these issues and moving to places further north.
I sold my home in Clearwater after being on the market for almost a year. Realtors have said it's the worst they have seen in over 20 years.
Just make your home stand out from the rest and let it go if you must leave.
Geez! LOL!!! I just tried to read my own posts.....
There is a legitimate reason behind my HS teachers' comments: WORDY.
So embarrassing! I know what I WANTED to say, but it sure gets lost!
So, Bones - did you figure out why it took so long for your house to sell?
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Take no offense.
