Which Real Estate Market Are You In?
I say both groups are correct – and in effect we have two real estate markets here in Hernando County (and pretty much everywhere else in the US right now). You have the homes that are priced well (10% of the overall marketplace) and then you have the other 90% that are still priced too high to garner any real interest from buyers. The first market (the 10% that is priced well) is selling very quickly – usually within a matter of days – and often being sold at or above the list price. This market is far from a “buyer’s market” – it is a full-fledged and swinging seller’s market with multiple offers on almost every property. The second market (the 90% that is still overpriced) might as well not even be for sale at this point. These are the seller’s who are holding on to prices that are just too high. This is where the “buyer’s market” is – because there are no buyers competing for overpriced houses. A friend of mine from High School wrote the other day about how she’s trying to buy a house in Massachusetts, and was out-bid in a bidding war with 20 other buyers. Someone replied “so much for a buyer’s market…” My suggestion was to find several of the overpriced houses that she liked, and write lowball (i.e. realistic) offers on them every 2 weeks. One of two things will then happen – the sellers will either accept her offer or they will tell her to get lost – but at least there won’t be any competition from other buyers! So I would ask the following questions… To real estate buyers, I ask “Which type of market do you prefer?” …and to Sellers, “Which market are you in?” Bookmark This Post
New Photos Added to 3200 Spanish Bayonet Drive, Hernando Beach, FLPhotos have been updated at 3200 Spanish Bayonet Drive in Hernando Beach. This beautiful 3-story waterfront stunner sits on a Cul-de-sac double lot, has water on two sides of the property and over 215′ of seawall! Absolutely a must-see for anyone thinking of living on the water. Click Here to View the New Photographs and Listing Information, and as always, if you have any questions about this or any other properties, please don’t hesitate to call at 352-397-5182 or email at Josh@HernandoLuxuryHomes.com Bookmark This Post
Government Funds for Neighborhood Stabilization Coming to Hernando CountyAre you tired of looking at that broken-down foreclosure across the street with the waist-high weeds and broken window? You may not have to worry much longer! Hernando County is now eligible for up to 5.6 Million Dollars in Federal Aid to help mitigate the foreclosure situation and repair/restore some of those broken homes.
My understanding is this…Government gets up to 5.6 Mil to purchase homes that are in foreclosure and/or blighted (unliveable) in Hernando County. The government can then either rehab the homes and sell them, or tear them down and either rebuild the home or sell the dirt. 25% of the funds must be used specifically for low-medium income housing (families whose incomes do not exceed 50% of the median area income). The homes that are not re-sold will most likely be rented out. The purpose of this program is to stem the tide of this declining market….but is it really going to help? I’m not 100% convinced…I definitely get the intent and it’s noble and good and whatnot…but let’s use an example to illustrate my thinking…
That’s my concern…Two sides to every coin, I suppose. Only time will tell. What are your thoughts? For more information, please see the following: US Department of Housing & Urban Development (HUD) Bookmark This Post
What you can learn from the bankruptcy of a Hernando County Real Estate Developer – More proof that you can’t fight the rules of the real estate game.
Here’s the biggest problem with this situation…whenever a customer purchases a lot (or new construction home) in the Hernando Oaks golf community, they are required to join the golf club either as an individual, family, or social member (with an initiation fee ranging anywhere from $1,100 for a social membership (golf not included) up to $7,500 (resident family membership). This fee is non-refundable and non-negotiable and is in addition to monthly fees ranging from $55 (social membership) to $225 (family membership)…but wait…there’s no clubhouse yet…there’s no pool….no fitness center…all of which were supposed to be completed in 2005 (that’s right…2005)…and the developer just filed for bankruptcy…doesn’t look good to me, folks… Note – monthly fees are not due until improvements are completed, but “initiation fees” are paid at the closing for the lot/home.
Is there a lesson to be learned? Absolutely – I tell every one of my sellers the same thing…If you need to sell (not just “kinda maybe want”, but NEED), you need to beat the market, drop your price and get your home SOLD. Since June of 2006 the market in Hernando County has been declining by 2-3% PER MONTH. Over a normal listing period of 6 months with a $200,000 home, that costs you $33,405 if your home doesn’t sell….and that’s not based on a LIST price of $200,000…that’s based on a true market value of $200,000 (in other words, if your home is worth $200k but you’re overpriced and listed at $225,000 that doesn’t matter…list price doesn’t affect market value). If you want to know your true market value (free, and with no obligations), click the “Need a Buyer?” link and fill out the form – we’ll run some numbers and get you a true estimate of your homes value in TODAYS market within 24 hours. Seller’s need to learn to cut their losses and move on because this is not going to turn around after the election, come January, after the bailout, etc etc etc…This is going to turn around when inventory drops back to reasonable levels. Plain and simple. Right now we’ve got over 5 times the inventory that we had in 2005. As long as buyers have an abundance of CHOICES, the market cannot help but continue to decline and with 19 months worth of standing inventory currently available, we’re looking at several YEARS before this changes. You can cut your losses and sell, or you can decide to wait, or you can chase the market down and end up selling for significantly less. It’s your choice, but you do need to make one. To the buyers out there – do not be discouraged – this is an absolutely amazing time to buy property here in Hernando County! I myself have purchased four investment properties in the past 5 months. The trick is to not just “buy anything” but find the great deals and then JUMP ON THEM! The homes that are priced right are selling within DAYS, so you need to have all your ducks in a row and commit to the IDEA before you find the right house. If you find the right house first, it will most likely be gone before you’re ready to make a strong offer (pre-approvals are a NECESSITY and do take time!). The deals are out there – I usually find 1-2 per month (yes…that’s right…1-2 per month out of over 3,500 homes currently on the market) – but they are THERE! In fact, one of my buyers is closing on his “steal” on December 5th. I can’t give you the details on it yet because it hasn’t closed, but I’ll tell you all about it then, so make sure to check back! (update – it has now closed and here’s the info!) Here’s another article from November 12, 2008 in the Hernando Today newspaper. This one is from before the bankruptcy filing. And another article from The St Pete Times, September 4, 2007 – possibly showing the writing on the wall even back then? Any questions or comments, fill out the comment form below and we’ll get back to you as quickly as possible -or you can call me at 352-397-5182 or email me directly at Josh@HernandoLuxuryHomes.com – we’re always here. Bookmark This Post
How Come My Hernando County Real Estate Isn’t Selling?If you have a home that’s currently on the market in Hernando County, or even if you’re just in the beginning stages of thinking about maybe trying to sell your Spring Hill real estate sometime in the near future – you should take a look at the latest Question & Answer from the Spring Hill Real Estate Buyer’s & Seller’s Q&A Forum…it’ll be right up your alley. It goes into four of the most likely culprits that you need to consider when thinking about why your property isn’t sold yet, as well as things you can do to help your situation and increase your chance of selling in this market. Keep in mind – you have only two outcomes when you’re selling a home…
…and everything else is moot. Bookmark This Post
Selling your home? Listen to this man.This post is out of the norm for us, we normally keep our posts limited to homes for sale in the Spring Hill, FL area, but I wanted to share a clip of Jeff Lewis (from Bravo TV’s “Flipping Out”) where he shares some great advice for those looking to sell their homes. Bookmark This Post
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As a Realtor – I get asked all the time about where I think the market is heading…some people say it’s leveling off and should start to turn around shortly while others say we’re in this for the (very) long haul and there’s no end in sight for years to come… to which the first group reply – but I can get a fully decked out former model home for $50/square foot with granite tops, stainless appliances, nice flooring, lighting, paint, etc in a gated community – how much lower could it POSSIBLY go? I know this example is true because I just sold it
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