Whether you are a current resident in Oakleaf Plantation, or thinking about moving into the area; it is important to be aware of whats going on with housing values. So, lets take a look at what June 2010 held for us. Total home sales in Oakleaf Plantation (and Clay County part of Argyle) totalled $7.25M in volume. This is up almost 22% from June of 2009 when we had only $5.9M in sales volume.

These increased sales is largely due in fact to more affordability, as prices are still declining. The average home sale price was $196K in June of 2010. This is down nearly 18% from just 12 months earlier when prices were averaging $238K. Despite high sales volume, the prices in Oakleaf are much like the rest of the city, we are on a 1-2% decline each and every month. This is important information to track if you have any intention on selling your home in the next few years.

We want to know. Whats going on? What is happening in your communities? What needs to be researched? What needs to be discussed?

We have been away from our Oakleaf Blog for some time with everything going on in the real estate world; but we are returning in full force and want to hear from you….our customers, our neighbors and fellow Oakleaf Residents. We already know that the “Section 8 Housing” rumor is flying around in full force and we are digging for a few more facts before we publish the article on it. So tell us Oakleaf - whats going on that you would like to know about?

Also; if you are passionate about where you live and would like to contribute to this blog, feel free to email us an article to Liz@TheLandryTeam.com and we will review for posting. Thanks!

Check out today’s Top Five New Listings 

These days many homeowners are on a tight budget and NEED to sell their homes for one reason or another. With that tight budget and usually tight timeframe a lot of owners are electing to sell “as-is”. Figuring that its such a buyers market that they should be happy to get the deal they are getting, and not mind a bit of petty work.

So the question that arises is……..”Does selling As-Is hurt your selling cost/timeframe?” YES, IT DOES!

Terms like as-is lead buyers to be weary of a property. They figure that there must be something wrong with it and that is why your selling, and that it would be too much of a hassle for them to fix it. This creates lower traffic on the home, which ultimatly leads to a lower selling price.

Banks often sell their foreclosed homes and pre-foreclosure homes “as-is”, and they loose a large segment of buyers. Keep in mind, many first time buyers can finally afford a property in todays market. Many of them are using Bond programs and State assistace programs to help get them into their first home. These programs have stipulations on repair budgets. They require inspections and usually require anywhere from $100-$1,000 repair budgets to be negotiated INTO the contract.

So as an agent, I know that my buyer who is using one of these programs can’t purchase your home. Therefore, it will not be on the list of properties that suits their needs. Thus, the seller lost a possible buyer.

What to do?

• Fix anything minor that you can before you get your home on the market. This keeps costs down, and appearances up.
• Negotiate a set amount for repairs into the contract. Keep it at something that is manageable for your finances, and won’t make a buyer weary. $500 is very common.
• Talk with your agent about the repair contractor taking payment at closing. Some contractors will, some won’t. You may have to ask around.

All in all, just remember. There are a lot of homes on the market. Make your home stand out in a positive way, not a negative one.

Comments and questions always welcome! Please visit our main site at www.TheLandryTeam.com

Well as any Real Estate agent, company or office will tell you 2007 was a rough year. Sales were down, companies went under and foreclosures hit a high.  As the year changed however, agents across the bored noticed some changes too. Showings were up, and the good deals were going VERY QUICK.

Properties that have been sitting on the market for months on end all of a sudden disappeared into Pending. Great news for sellers, but not so much for buyers. Buyers have been taking the home search at such a leisurely pace the past 8 months that they forgot one simple fact: a good deal is a good deal in any market. Buyers who may have been able to think about that perfect home for three weeks while they looked at others are now once again finding themselves having to make quick decisions.

Now I’m not saying that we are going back to the days of 2004 and 2005 by any means, but the buying public has definitely woke up. They realize that it isn’t going to get much better than this, and with the interest rate drops at the turn of the year some deals are just to good to pass up.

2008 does promise to bring many challenges, as inventory levels are still high and foreclosures and pre-foreclosures saturate the market. But all in all, things are headed toward brighter days!

Thoughts and comments always welcome!

In the recent months it has become extremely apparent that many people bought homes in 2003, ‘04, and ‘05 that they could not afford. In fact, many of these people should not have been able to purchase a home at all.  The reason that they were able to purchase said homes was becuase of great deals on ARM (Adjustable Rate Mortgage) loans.  Many of these loans had introductory teaser rates like 2% that made it easier for people to qualify. Most of these loans had a fixed rate for either 1,3 or 5 years and after that they can go up. Some can even go WAY UP.

These loans are coming out of their fixed rates currently, and that is why we are seeing such a hike in foreclosures. The bottom line is that many of these people should not have purchased homes that they couldn’t afford. But to that same token, banks should not have loaned them the money if they were not qualified. So here we have a pickel.

Foreclosures not only cost banks thousands and thousands of dollars to do, (anywhere from $30,000-$70,000) depending on the price of the home. They also reak havoc on the lives of many families. The recent numbers run show that if a signifcant amount of the ARM loans coming due go into foreclosure, it could create a national recession on the economy. And what is the last thing that we want? An Economy Recession!!

So whats being done to help? The Bush Administration has put forth a plan to have mortgage companies “Freeze” the rates on these ARM loans. Providing a Win-Win situation.

Example: Lets say that John Smith purchased a home in early 2004 for approx $250,000 @ a rate of 4%(which is a great rate). Of course, it was 2004, so Mr. Smith probably had to put little or no money down on this loan, making it 100% financed. That means that Mr. Smiths mortgage payment (excluding taxes and insurance) would be approx. $1,190/month. The bank is earning interest on this loan amount and Mr. Smith can afford his payment. Well in early 2008 Mr. Smiths 3/1 ARM loan comes to its first adjusted payment. Rates are still decent, but not what they once were. Mr. Smiths interest rate jumps to 6.5%. Now Mr. Smith is paying out a mortgage of approximatly $1,500! A $300+ increase!  In our example Mr. Smith barely was able to qualify for the loan payment of $1,190/month. Now, with the larger payment coming due, he won’t be able to pay it.

Here is where the problem lies. Mr. Smith will loose his home, and any credibility with lenders for the next 7-10 years. The mortgage company will spend thousands of dollars to foreclose this property. Only to have it sell for far under market value because of the foreclosure status and current market fluctuations. So that home that has a $250,000 mortgage will cost the banks approx $50,000 to foreclose on. Making the banks vested interest $300,000. Well, the market is tough, and the home has been neglected during the foreclosure process, it needs minor cosmetic repairs and a new lawn. Therefore its current market value is only about $220,000. Factor in the cost of Real Estate brokerage fees, and closing costs of approx $20,000. Now the bank is left with a property that they have lost $100,000 on, and thats if it sells at full asking price.

Altough the bank will not make as much money on a homes’ interest rate becoming locked; they will save hundreds of thousands per home to keep the current owners in it. This is where it becomes a Win-Win situation. The Smith Family keeps there home, at a payment they can manage. The bank makes a moderate amount of interest off of the loan, and they do not incur any legal or carring fees for the property. Both parties are safe from financial ruin. It may not seem like the bank would care enough to do this, but remember, if they lose $100,000 on 100,000 properties in 1 year, they lose $10 Billion dollars. Thats enough to put them out of business.

All in all the propsal is a great step towards stopping the foreclosure process. Sure, it has its flaw, but as a whole it makes a tremendous impact.

Two weeks ago the Jacksonville Food Bank challenged my brokerage office to collect food for the area shelters for the upcoming holiday season.  As much as we all helped it didn’t put a dent in what was needed to help our area. Jacksonville is a big city. There are a lot of mouths to feed.  So last week I decided to take action.  I reached out to one of my top communities that I work in: Savannah Glen.

Savannah Glen is a small subdivision on the Clay County side of Orange Park, a city just outside of Jacksonville.  It consists of about 275 homes. I challenged them to help me collect non perishable food by placing what they could in a bag under there mailbox lastnight. 

This is a THANK YOU going out to all who participated. You have helped make someones holiday season warm and fulfilled for so many in need. Thank you for all of your support!

Pricing a home correctly is crucial in all markets, especially in a down turn market like now.  Many agents will tell you, “days on the market in my area is almost 6 months”.  Very true, but how long is the days on the market for SOLD properties?  In most markets it is still between 45-60 days.  So the truth still holds strong, properly priced homes that are well maintained/staged will still sell in a reasonable amount of time. This can be great news for you as a seller….you can realistically sell in less than 60 days!

The power of pricing is amazing.  Now, this is when having an agent that is well informed in your market, and honest with you, the sellers, is important. It can help get a SOLD sign on your property.

Is pricing a hard conversation in this market? Yes, it is.  It is uncomfortable, disheartening, and for many sellers… upsetting.

However, if this this conversation is not had, property could Expire(I know, Its almost as bad as a four letter word.) At the end of these six months, the agent is known as “the one who didn’t get the job done”, and you , the seller, is in a bind.  Possibly even balancing two mortgages

As Agents, it is important that we determine our sellers motivation for moving, this motivation will help determine if they are willing to do what it takes to sell this home in 45-60 days.  That means keeping it clean, neat, show-able, and priced accurately.  That allows us to maximize our marketing efforts!

It is our job, and duty as agents to inform and educate our sellers about the current market conditions and what it takes to get their home sold.  The graph above illustrates the percentage of potential buyers who will look at a property at a certain asking price.  AT current market value, 60% of total buyers searching for a home similar to yours will consider view it-whether that be looking into it on the net or having a showing.

If you price just 10% above market value, you are down to 30% of the potential buyers. Making it much more difficult to sell that listing.  Now there are several other factors that go into selling a home like condition, location, marketing….but ultimately pricing is going to be the biggest factor.

So, if you the seller, have a job transfer and need to sell NOW, pricing just below market value may be the key to moving that property in 30 days or less. After-all, you’d be attracting 75% of potential buyers!!

National Association of Realtors studies show that the first 30 days a home is listed are its most enticing to buyers.  That first 30 days is when they get the most traffic. It is important that they are priced accurately.

In this day, don’t be surprised if you speak to an agent and they decide not to put your home on the market.  It is not uncommon these days.  For me to list a home, I have to feel it is not only in the sellers best interest to work with me, but my best interest to work with them.  If the seller is not willing to do what it takes to put their house at the top of its game, then I thank them for their time, pick up my briefcase and go. 

Simply Said. I WILL NOT TAKE A LISTING THAT I DO NOT THINK THAT I CAN SELL!

Be wise when speaking about pricing to your agent.  My goal is to get my seller top dollar for what their home is worth in a reasonable amount of time……..not overprice it and cross my fingers that someone bites.

If you’re like most of us, you have either misplaced your Home Owners Association documents from when you bought your home, or you may have never even have received them.  Well we have located and uploaded HOA covenants and restriction documents from local communities and made them available on our website. We currently have over a dozen local communities are are building the list. If you don’t see your community on there, let us know. We would be happy to help locate the documents and make them available to the public. To visit the site click the like below.

http://www.thelandryteam.com/find-your-hoa-.asp

Thanks for visiting our new community resource page!

“Gloom doom and the sky is falling” is all we hear everytime we turn on the TV when it comes to the Real Eastate Market. We are inindated with articles about how bad the market is and how it is impossible to sell your home right now. Well, what about the good market? The way things are going right now it can’t all just be summed up with “the market”. The questions is more like “which market”?

Most of you are wondering if I’ve fallen off of my rocker. “Which Market”? I must be crazy, right? Wrong. Their are two markets right now and they fall into the age old 80/20 principal. For those of you not familiar with the 80/20 principal here is a quick overview. The principal which was established hundreds of year ago still holds stong today. Ultimatly it states that 80% of actions only produce 20% of the results; and 20% of actions produce 80% of the results. This can be seen in many areas. The easiest example is: The richest 20% of people in the country make 80% of the money. Plain and simple.

In real estate 80% of the properties are overpriced, in proor condition and are expiring (not selling). HOWEVER, the little known truth is that the other 20% of the homes out their are properly priced, in good condition and are selling in approximatly 60 days. Some even receive multiple offers! Yes, I said it, Multiple offers. Bet you thought those days were gone huh? Perfect examples: In the Orange Park, FL area right now the average days on the market is reaching a gruelling 130 days(even more in some niche markets). However, in the last 3 months I have had a property sell in 23 Days at FULL ASKING PRICE, another sell in 54 Days at Full asking price, another in 60 days at full asking price, and even had one that got 4 offers within 2 days, and went for ABOVE asking price!!

I am not a rain maker and I don’t put magic spells on properties to make them sell. The formula is simple.

1. Get your property in the absolute best showing condition it can be in. That means all walls need to be neautral colors, all landscaping much be fresh and maintained, declutter over crowded areas and de-personalize the proeprty.
2. List for what price you think the home will sell for. DO NOT list high and expect to negotiate down!! Be aware of your competition and price to beat them.(Your agent will help you with this process)
3. Marketing efforts. This is in the hands of your agent so choose wisely. Choose an agent who has an aggressive and innovative marketing plan. A good agent should be able to articulate their marketing stategies to you, and exactly how it benefits you.
4. Be Realistic. Homes come onto the market every day. That means your competition is changing daily. Know that you may need to adjust your strategy as early as 1-2 weeks in.

Now ask yourself. Do you want to be in the stagnent 80% market, or the competetive 20% market.

Questions and comments are always welcome!

Liz Landry-The Landry Team-Keller Williams Realty First Coast

www.TheLandryTeam.com-LizLandry@kw.com-904-803-2459