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Here's an interview I did a few days ago for ABC Action News. They wanted to know more about the new website www.State27Homes.com by MFRMLS. MFRMLS is the MLS company for all the Realtors and brokerage firms in all Central Florida.
Please leave me a comment or contact me if you have any questions. And check out State27Homes.com.
In the video below I go over the real estate statistics for the Tampa market in June 2015. It's a sellers market as the inventory is getting lower and prices are increasing.
If you have any questions please contact me via my website at www.tampa2enjoy.com.
I everybody, this is Lance Mohr, the Tampa real estate market expert and I’m going to go over the Tampa real estate market statistics for February. If you are looking at this on YouTube or another site you can just blow it up full screen. I know YouTube kind of distorts things with resolution. It is a little hard to read but if we look right here at the activity level in the market, you can see from statistics in January and February it is basically unchanged. Pending sales were up a little bit which is normal you know as we move into the months that are going to be up. I am a little surprised I have to admit so far that March is slow. It is a lot slower than I would think it would be. Generally speaking March is always the best month but anyhow sold sales in February are up and for the last couple of months as you know I’ve been telling you this is the way it is going to be. It is pretty much historic. It is like this all of the time. December generally there are a lot of closings because people want to get into a home before the end of the year and a lot of other reasons and then you have in January it dips off and then it starts to pick back up in February as well.
The one thing I’m going to point out, I’m going to get to another screen but first if you take a look at these, the short sales, you can see overall short sales are down below 10% which is normal and the foreclosed homes are picking up a little bit. There is still, it really depends on the price range if you are under 200,000 keep in mind there are a lot of fish swimming in that sea so things tend to go a little bit better and a little quicker than if you are say over $200,000 or even over $250,000 or $300,000. The higher you go obviously the less fish are swimming in the sea. So let me go over February’s statistics; a little bit more of a breakdown right here. You can see you have the active, you have the pending, and you have the sold. Now check this out, there’s in short sales there’s 1,346 pending short sales. The last month there were only 95 short sales that actually closed. That’s about 7%. That’s really, really low. I mean if you are looking for a short sale you better really, really like that home in order to you know wait that long for it and watch other homes pass you by because as you can see they are just not closing like they were. There’s again if you have been watching my other videos there’s reasons and I have explained that for that reason.
Anyhow if you look over here bank owned 480 bank-owned in the market and 213 closed. That’s about a 44% ratio on traditional sales, 1454 and 699 closed, that’s a little below 50% ratio about 48% ratio or so. So you can see most of what people are writing, you know I would really like to see about a 50% ratio. Somewhere I would say between 35 to 50% or over 35% ratio certainly not 7%. So just keep that in mind. You can look right here it is 70s. As you can tell the 95% of the short sales that closed let’s even take 466 short sales on the market once you start going over $200,000 they drop off and then the higher bracket you go the less there are. It is the same thing with bank owned as well. They are very similar and these you can see in the market up to $200,000 certainly from $100,000 to $200,000 15% of all the homes are short sale and 19% are all bank-owned properties out there. As soon as you go over $200,000 or $200,000 to $300,000 that 15% basically gets cut in half a little over half and so did the bank owned, so the short sales go from 15% to 7% and the bank owned go from 19% to 8% and then they drop off even more as you go higher priced. So hopefully this helps you understand where the market is. Let me just point out one more thing really quick. This is the inventory supply and demand so you can see we are in basically a stable market. It is still a slightly a seller’s market but it depends on what price range you are at. You can see down here $100,000 to $200,000 where most of the buyers are or there are lot of fish in the sea that I would like to say. The, so the short sales go from 15% to 7% and the bank owned go from 19% to 8% and then they drop off even more as you go higher priced. So hopefully this helps you understand where the market is. Let me just point out one more thing really quick. This is the inventory supply and demand so you can see we are in basically a stable market. It is still a slightly a seller’s market but it depends on what price range you are at. You can see down here $100,000 to $200,000 where most of the buyers are or there are lot of fish in the sea that I would like to say. They are at about 3.5 months of inventory so if you see a home you like don’t think about it too long or it is going to be gone.
When you start to get over $200,000 – even $300,000 – you have a little bit more time. But keep in mind; generally what you like someone else is going to like. If you have any question don’t hesitate to give me a call. If you like this video please share it. If you have any comments, questions, or statements write it in the comments. If you are watching this on YouTube or another site or even on my YouTube Channel. I do free home buyer webinars every week. You can go to my Facebook site, or go directly to them TBbuyerwebinar.com or TBsellerwebinar.com and register. I try to keep them about 30 minutes. They are very short and very to the point. No fluff at all. I hope this helps and I hope you have a great week. If you have any questions please reach out to me. Thank you very much. Visit my website tampa2enjoy.com.
If you have been looking at property listed in the Tampa MLS area over the past twelve months, you have probably noticed that there are fewer houses for sale on the market and that the prices of homes being listed are increasing. Discounts that were offered to encourage buying a home have fallen by the wayside in some situations.
One of the largest benefits of looking through the multiple listing service is the number of homes, ranches and other types of property available in specific areas. Property information is shared on a wider basis. The seller lists with the real estate broker of choice and the information is shared with brokers on the MLS, whether they represent clients in other states interested in beautiful South Tampa homes or locals interested in moving to another area around Tampa.
Those putting a home on the market are tempted to take advantage of the situation and price their home higher than they would have asked in the past two years. That is a situation to go into cautiously, especially if your house was recently listed at a lower price. If someone was interested enough to return to look at the house again, a higher price might cause them to walk away even faster this time around. If the price interferes with selling the property and it remains on the market too long, people looking through the MLS will begin to notice and wonder what is wrong with the property that it has not sold.
The concept of underpricing a home, which involves pricing it lower than the real or accepted value, has been a popular concept for decades. It is particularly effective when demand is higher than supply and the value exceeds the listed price. Because of the convenient access to Bayshore Boulevard, downtown Tampa, and Hyde Park, the homes on Davis Island are quite desirable. People enjoy living on an island and have the privilege of selecting from a variety of homes.
Imagine listing your property with your broker at a lesser price. Because of the MLS, a number of people will see the property listed and submit a bid. The more people that desire the property and make an offer, the more others will decide they really want the home and increase the amount they are willing to pay. Likely you will end up with more than your were originally going to request. If the optimum offer fails to appear, you are under no obligation to accept less than what you want.
Beautiful homes are a delight to see. They offer such intriguing ideas for color combinations, unique ways of making cupboards more accessible and providing hints like corkboard walls by the computer desk that become adaptable tack boards for notes, appointments and miscellaneous notes. The Tampa Bay real estate market is once again turning to a seller's market. This news has taken some time to arrive. It is definitely long past due for homeowners that have struggled through the upside down period and are regaining the value.
On the other hand, it is a sign to potential homeowners looking for a bargain to evaluate what they want and act soon. The economy is recovering in Tampa, Florida, and many of the homes showing good bargains are now falling more in line with the better prices of the past.
You will find a lot of different home types when reviewing featured home listings in Tampa. Many will get your attention very quickly. Reasonable prices on some offers, a lower down payment on others, and sometimes the house of your dreams halfway constructed and now up for sale, fill the pages. When a price looks too good to be true, check the price by contacting the agent or read the further details usually found by clicking the picture or words. Sometimes the home or property has suffered some damage and the description will list what needs done in the way of restoration.
Choose from Tampa waterfront property in the center of Tampa or choose a lovely house in Arbor Greene. Have you been looking for a four-bedroom home in Hillsborough? Large, lovely homes in gated communities hit the featured list now and then at prices you will not believe. Why act quickly? If the home is part of the MLS listings, others are going to see the home and call their agent. The return of the seller's market brings the bidding wars back.
Avoid rushing into a transaction without being prepared. If you have not yet been pre-approved for a certain loan amount, start the process as soon as possible. No one wants to have escrow held up or abandoned because of problems with financing. Great housing prices in the Tampa area still exist, but the signs of economic recovery will continue to drive those prices higher.
If you have any questions or are thinking of taking advantage of Tampa real estate, please visit www.tampa2enjoy.com.
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Hi, I want to thank you for taking your time to watch this video, How to Sell a Home in Any Market.
There are only three things that will sell a home:
1. The price.
2. The condition.
3. The marketing.
In order to get your home sold you have to have all three of these, it is sort of like a piece of pie, each divided into thirds.
The first thing we are going to talk about is the price. I cannot stress how important it is to properly price your home. Long gone are the days where the real estate agents come out, they take a look at your home and they give you all the comparables, everything that has sold in your subdivision within the past six months. You actually have to do a lot more work than that.
What you need to do is you need to take your home or the subject home and start off with about 10% or 15% square footage in each direction, so if you have a 2000 square foot home your going to probably start off around maybe 1800 to 2200, 1700 to 2300 square feet in each direction. Pull up the active homes; they are the competition, the ones that the buyers are going to be looking at along with yours. Then pull up the pendings, the pendings the buyers are not going to see, nor the appraiser is going to use, but they are going to give you a good idea of what might be selling right now. If buyers are looking at just price, if they are looking at an overall of the home and how good it is, it will give you a good snap shot. Then the third is the sold. When you pull the sold go back only six months. If you have to go back only three months that is better, of course if you do not have very many to choose, you need at least three solds. If your doing the solds and you find that you just have a plethora of them, then I would probably go back maybe three or four months if need be. Then start really picking them apart and analyzing, looking and seeing what happens. Your going to need to know, especially your agent if you hire one, is going to need to know the market inside and out. They are going to have to know what are the days in the market of these homes, how long did it take from the day it was listed to get a contract and how much did it drop. Did the seller lower their price $10,000, $20,000? Then from the asking price at that point to what it sold for, what was the percentage? Was it 98%? Was it 97%? You could get someone who takes a $200,000 home and drops it to $195,000, $190,000, $180,000, then sells it for $170,000. So it is a little bit different from someone who might go out there, list a home for $175,000 and sell it for $170,000. You just need to know what the market is like and what is going on.
After you evaluate your subdivision, then you are going to need to evaluate your city or the geographical area where you think buyers are looking in. In most cases they are not just going to come out and only focus on your community or your subdivision. They are going to probably be looking at other communities or other comparable communities in the city. So you are going to want to do the same thing. What I would do is I would first start off in my subdivision. Now keep in mind, when you are selling your home it is not like a loaf of bread or a pair of shoes, it does not just have one value. A home has a range, so let us say it is figuratively worth $200,000, it might be worth anywhere from $190,000 to $210,000. Get an idea of what that range might be and where you might want to price your home in comparison to the other homes in your community or your subdivision. Once you do that let us say the price is $200,000, then go up and down 10%. So you will go down to $180,000, up to $220,000 and pull everything in the city that meets that criteria, comparable homes as far as year built, etc. Look at those and then take your seller hat off and put your buyer hat on. Pretend you are a buyer. Look at all of those homes and pick maybe five or ten of them that you think are really, really good homes and a really good buy. Then try to go in and see those homes, if nothing else drive by the outside of them, look at the pictures online, and get and idea if you were buying where would your home stack up. If your looking at ten homes, would your home be number eleven, would it be number five, would it be number two, or would it be number one. Your home might be number three and you might have to concede to the first two selling. That is okay as long as you understand that, because statistically the longer your home sits on the market the more money you will lose.
The second is conditioning. Conditioning is vitally important, if you do not condition your home properly you are going to lose money, you just are. I would probably suggest two things. Number one is either get an interior designer, someone who is an interior decorator and works with homes, have them come over. You are probably looking at maybe $75 to $125 for an hour consultation. Have them go through the inside of your home and tell you what you might need to change. You might need to soften up some colors, some paint selections, you might need to rechange the carpet, you might need to do a bunch of different things in your home, or you might not need to do anything. I would prefer and my suggestion would be get a professional stager, of course you could find these on Google. A professional stager is going to probably be anywhere from $250 to $500, but they are going to go to the next level. They are not only going to tell you what you need to do colorwise and designwise, but they are going to go over furniture placement, what you need to remove, what you need to add. I am sure you watch that television show on HGTV where the professional stagers are coming in. When it comes to staging, when it comes to getting your home ready for sale both inside and outside you have to know that statistically for every dollar you spend you are going to get $5 back. So if your stager comes out and they say you need to do this, this, and this; and it is going to cost you $500, statistically you will get $2500 back out of that. If it costs you $1000, you should be able to get $5000 back out.
When people list with me, I have ninety ways to sell your home faster and for more money. It literally will dissect your home room by room by room and also the outside plus staging tips and what you need to do to get your home properly staged. I have noticed over the last thirteen years that it has gained people, if they do all ninety of these, between $5000 and $8000. That is how critical staging is and getting a home ready to sell, the conditioning part.
The third is the marketing. Of course you could have a home that is great. It looks beautiful, professionally staged, conditioned, it is a great price, but if no one knows it is for sale your not going to be able to get it sold or if you are you are going to sell it basically at a very low price. If you are hiring a real estate agent, you need to make sure that they have a comprehensive Internet marketing strategy. We are not in the eighties or nineties anymore, where people are still driving around looking at open houses and going through the newspapers and green sheets. Right now buyers know what they want, they want it in front of them on the computer, and they want their answers quickly. So you need to give them that. Whoever you are hiring you need to absolutely make sure they have an Internet marketing plan of action, what do they do to get your home sold. If all it took to sell homes was to put it on the MLS and you put it on Realtor.com, you would not have companies like Keller Williams, RE/MAX, and Prudential.
I will give you a story that I have. A few years ago I had a gentleman that called me up, wanted me to list his home. I went over and listed his home, thought he would just be absolutely tickled. We got it sold and it was a really bad market at the time. We got it sold in a week and a half for almost near full price. I went to his house the next week later and he just seemed really irritated, and I asked him, I said, “Jim, is there something I did or are you irritated with me.” He said, “No, no, not at all.” He said, “I am really happy with you, but I am just confused.” He said, “Before I listed my home with you, I had it with another company, and I had it with them for five weeks and they only got two showings and I did not have any offers.” He said, “I turn around and I listed with you and in a week and a half you had five showings and I got an offer at almost full price.” He said, “I do not understand how that how that could be.” I said, “It comes down to marketing. A lot of people just basically put it on the MLS, let it go on Realtor.com, they might set an open house or two, put a housing flyer inside the home and then they go to bed and pray.” I said, “I have a comprehensive Internet marketing plan that does not just go to a few sites or a couple of dozen, it goes to thousands of sites plus multimedia and classified online advertising.” So I said, “If it was just a matter of someone putting your home on the MLS and getting it sold, well that is not going to cut it and that is why they only had two showings in five weeks.” Because when it comes down to it, there are only two ways to sell a home and you the seller are in charge of which one you want to use, you either sell based on price or you sell based on traffic.
I hope this helps you, whatever direction you are going to go, I wish you the best of luck. So if you have any questions, feel free to get a hold of us at www.tampa2enjoy.com. If you live in Tampa Bay please visit our Tampa, FL home values page and get a free over the internet valuation.
When it comes to searching for real estate you will want to follow a few simple tips. Gaining access to the Tampa, Fla MLS (multiple listing service) is one of them. You can gain access through a few websites (such as www.mls.com) and you will have a list of available properties listed by size, price and location. Your realtor can, of course, do this for you as well.
Before you perform your search you should first contact your financial institution to find out how much home you are able to finance. This will help to narrow down your search in the Tampa MLS. Once you know what your budget is you can then search for the right area, the right size home and the amenities that you desire. Once you start your search you will be surprised at how many options will be available to you within the Tampa MLS. Now is the right time to buy.
Searching for Tampa, FL real estate but don’t want to spend hours driving around town looking for homes in all the wrong places? It’s easy to automate your home search with these simple steps:
1. Visit Tampa2Enjoy.com and sign-up for email notification of homes in the area and price range you are searching for – including specialized types of real estate like waterfront condos or foreclosures.
2. Take a Virtual Tour. Most homes have photos available for viewing but why stop there? It’s easier than ever to take a virtual tour of the local surroundings using Google Maps and other free resources.
3. Request More Information. Once you identify a property you are interested in simply request more information with a simple click of the mouse or via email. Ask for comp values, school district, amenities in the immediate area, property tax values and other pertinent information.
4. Get Directions. By this point you should have narrowed your search down to just a few of the most promising properties.
5. Virtual Consulting. Thanks to the latest in technology and innovation it is easier than ever to stay connected or have a virtual consultation via the Internet. From video mail to flexible scheduling, Tampa2Enjoy is dedicated to providing unsurpassed customer service.
6. One Point of Contact. See a listing from another agent or a home listed by owner that you would like more information about? Simply jot down the MLS number or address and get the same great service, information and assistance without the need to deal with multiple agents or buyers. No spam, no hard sales pitch and no inconvenient interruptions – just the information you need when you need it.
7. Make Offers. Whether you are a first-time buyer or savvy short sale investor, work with an agent that understands what it takes to close the deal. Something as simple as missing a deadline could cost thousands of dollars over the life of the loan – or worse – result in a lost deal. Take the time to find a Tampa area Realtor that gets the job done right and builds a relationship you can rely upon.
Before making the decision to list your property in Tampa, take time to interview prospective Tampa area Realtors by using this helpful checklist. It will help you sort through the advantages, disadvantages and downright absurdities you will likely encounter when listing a home in the Tampa area.
1. How long have you been practicing real estate? How long in the Tampa area? Was that part-time or full-time?
2. How many homes have you listed in the past xx months? How many homes have you sold?
3. Other than listing the home on the MLS, putting up signs in the yard and showing the house, how do you propose to market my home to obtain the best possible price?
4. What type of real estate do you specialize in? Condos? Single Family homes? Multi-units?
5. In what part of Tampa have you sold the most homes?
6. What are the best selling points about my area of Tampa (expect to hear schools, amenities, employers etc).
7. What are the most challenging aspects of selling a home in my part of Tampa or Hillsborough County?
8. What are the current comp prices and property tax rates in this part of Tampa?
9. “What type of buyer is most likely to buy my home and why?
10. What are the current challenges presented in selling my home and how can you help me overcome them?