Buyer’s or Seller’s Market?

I get asked alot whether we are in a buyer’s market or a seller’s market.  While I would agree that the market has shifted from our robust seller’s market, I think it’s time for a new market definition.  I believe we are in an opportunistic market.  Let me explain.  Opportunity exists for both buyers and sellers.  If you a buyer, you have more available inventory and cooperative sellers than ever before.  Builders are willing to throw in incentives and prices are adjusting to meet market demand.  Everything is negotiable…from the fees you pay to secure financing to the appliances and pool equipment.  Never before in my ten plus years of selling real estate have I seen such a good market for buyers.  And with interest rates still at record lows, now is a great time to buy.  And as a seller, if you are buying another home, you too will reap the benefits of this as well.  With the healthy real estate market we’ve had in previous years, most sellers are still making a healthy return from their sale.  In my opinion, our current market offers opportunities for both.

Shorelines Blog

What a great response to my inaugural blog in the Shorelines section of The Florida Times Union last week. Thanks to all who read it and called or emailed with their thoughts. It seemed like there was an underlying theme with the feedback…2008 is going to be a good year for Jacksonville real estate. So what real estate information can I provide you?   My goal is to use this forum as a means of providing updates on the Beaches real estate market, as well as any issues affecting the Jacksonville housing industry. Please email me your questions and suggestions, or visit me online at www.pstaines.com.  And if you are free for lunch on Wed, why not join me from 11 -1pm at www.realtypowerlunch.com?  I will be online, taking your real estate questions live.

2007 Jacksonville housing market

Q.  I read your column regularly and was wondering, in your honest opinion, how did the 2007 real estate market do?  Conway L., Jacksonville

A.  Well, if you bought a home in 2007, congratulations as this year will go down as one of the best years for homebuyers in recent memory.  With low interest rates, affordable prices and motivated sellers and builders, 2007 was the year to buy.  Our market has, and will continue to out perform most of the markets in Florida.  But, we’ve all read the news…housing in down, sales are slow, blah, blah, blah.  The truth is, sales are slower, but compared to what?  The market frenzy where homes were appreciating weekly and selling in hours, not days?  That is not normal.  What we are experiencing now is normal.  2007 returned to a normal market and from what I am seeing, we’re on track to start an even better 2008.  So if you haven’t purchased property yet and are waiting for prices to go even lower, don’t.  During the fourth quarter, which is usually a slower time of year, I’ve seen my own sales increase dramatically over the previous quarter  And January is on target to do even better.  So has the market started to pick up…in my honest opinion, you bet. 

2008 Housing Market

Q. What are your thoughts on the 2008 Jacksonville housing market? 

A.  I must be asked that question on a daily basis.  Keeping in mind that real estate is a local issue, all indicators are pointing to a better year for Northeast Florida’s real estate market.  In fact, I was encouraged to read in the December 25^th edition of Fortune magazine that “the southeast housing market looks healthy for the region, which may boast 12 of the 20 hottest markets for 2008”. 
Jacksonville was ranked 25 on a regional level and 52 on a national level.  How refreshing it was to read some positive press about
Jacksonville!  The Realtors have been saying all along that our market is not as bad as the press is making it seem, and now a national publication agrees.  What a great way to ring in 2008!  Happy New Year!

Family Member or Professional?

Q.  We are planning to sell our home in a few months.  My aunt is Realtor in Daytona and said she can put us in the MLS at no charge, but my wife wants to hire a local Realtor.  What do you think we should do?

A.  I’m sure your aunt is only trying to help her nephew, but in this ever changing market you need more than just the MLS to sell a house.  Ask yourself these questions.  Does your aunt know our market?  Who is going to show your home?  What marketing will she do?  Will you cooperate and compensate a Realtor if they bring a buyer to your home?  How familiar is your aunt with our NEFAR policies, procedures, contracts, and addenda?  I would recommend you interview three local Realtors who specialize in your community and then decide what approach is best for your situation.  If you need the names of Realtors who handle your area, please contact me.

Getting Your Home Ready For Sale

Q.    I’m getting ready to sell my home in the Spring.  What can I do now to prepare?

A.  Just remember the first rules of dating…look good and smell good!  This basic premise applies to real estate as well!  With an increased level of inventory, houses need to look good both inside and out.  We’ve all heard of curb appeal, but don’t forget about the inside.  Once buyers come through the door, their experience should be memorable…not nightmarish!  Aside from the basics of de-cluttering, fresh paint and carpet, some suggestions for getting your house ready for sale include giving it a thorough cleaning, and I mean thorough!  Think spring cleaning on steroids!  And yes, this includes windows, closets and baseboards!  Need the name of a good cleaning company?  Check out www.2ladiesandamop.com.   

$1000 Gift Card

Q.  I saw your promotion for a $1000 gift card to buyers or sellers at last week’s Home Buyer expo at UNF.  What’s the catch?

A.  No catch.  Quite frankly I have some very motivated sellers who want to sell now.  In addition to very attractive asking prices, I have a healthy inventory of homes and condos that I need to move now.  I have asked my sellers to reduce their prices to remain competitive and I think it’s only fair that I help as well.  In fact, I just reduced two lakefront properties in Ponte Vedra.  A beautiful custom home on almost an acre in St. Johns Plantation for $625,000 and an updated condo in Ocean Grove for $179,900.  The card must be used towards property that I have listed, or property in which I am acting as a buyer’s agent.  Just call or email me and I will get your $1000 gift card out to you in the mail.

Pre-Qualification vs Pre-Approval

Q.  I am beginning the home buying process and keep hearing the terms pre-qualification and pre-approval.  What’s the difference? A.  Many people confuse these terms and there is a huge difference.  Pre-qualification is a general determination of the loan amount you can afford based on your income and debit.  Many buyers believe they are pre-qualified by using an mortgage calculator, however this information has not been verified by a lender. 

When you are pre-approved, you have met with your lender and completed full loan application and provided them all necessary documentation.  Your lender has verified your credit, income, assets, etc., and has discussed products and programs with you applicable to your financial situation.  You have a letter from your lender guaranteeing your loan commitment and the only thing your lender is waiting for is an accepted contract and satisfactory appraisal on your new home.  So when starting the home buying process pre-approval is always the best approach.  For more information on mortgage approval please visit my website www.pstaines.com.

My Safe Florida Home Inspections

Q.    I heard about free home inspections being offered by the state of Florida.  Do you know anything about this? 

A.  You heard right!  The My Safe Florida Home program is being offered by the state to advise homeowners how to protect their homes against wind damage.  Although the inspection is free, it is not a home inspection.  The inspection looks for ways to harden your home against hurricane and wind damage, determines your home’s current hurricane resistance rating to withstand hurricanes, and offers suggestions for improving your home’s ability to withstand wind damage.  And, implementing the inspector’s recommendations may result in a potential discount on your homeowner’s insurance.  Eligible properties include single family, detached homes.  I just had the inspection performed on my own home a few weeks ago and am anxiously awaiting the results.  

Home Staging

Q. I got your name from the Jacksonville Magazine article on home staging.  I am trying to get more information as I am going to be selling my home this Spring.  What exactly is home staging? 

A.  Staging a home involves the hiring of a professional who is trained in bringing out a home’s best features and attributes.  Using the owner’s current furniture and decorations, and if need be borrowing some from the stager, the home is transformed into in hopes of enhancing the home and attracting more buyers for a faster sale and higher price.  Of course, professional staging does not negate the need to have a full service Realtor marketing your home and ensuring that your home priced right for your market.  If you would like to contact a Stager in our area, I would recommend Denise Balthis with Redesign to Sell at 904-955-9334 or visit her website at www.mystager.net.