Current National Home Sales Report

5 Reasons to Sell Now

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? 

Where are interest rates headed? Can buyers qualify for a mortgage? These are all valid 

questions. However, there are several reasons to sell your home sooner rather than later. 

Here are five of those reasons.

Demand is Strong
There is currently a pent-up demand of purchasers as many home buyers pushed off their
search this past winter & early spring because of extreme weather. According to the National
Association of Realtors (NAR), the number of buyers in the market, which fell off dramatically
in December, January and February, has begun to increase again over the last few months.
These buyers are ready, willing and able to buy…and are in the market right now!

There Is Less Competition Now
Housing supply is still under the historical number of 6 months’ supply. This means that, in
many markets, there are not enough homes for sale to satisfy the number of buyers in that
market. This is good news for home prices. However, additional inventory is about to come in
to the market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the
last few years due to a negative equity situation. Homeowners are now seeing a return to
positive equity as prices increased over the last eighteen months. Many of these homes will
be coming to the market in the near future. Also, new construction of single-family homes is
again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would
prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until
all this other inventory of homes comes to market before you sell.

The Process Will Be Quicker
One of the biggest challenges of the 2014 housing market has been the length of time
it takes from contract to closing. Banks are requiring more and more paperwork before
approving a mortgage. As the market heats up, banks will be inundated with loan inquiries
causing closing timelines to lengthen. Selling now will make the process quicker & simpler.

There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are
projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced
home, it will wind-up costing you more in raw dollars (both in down payment & mortgage
payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate
in the low 4’s right now. Rates are projected to be over 5% by this time next year.

It’s Time to Move On with Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth
waiting. Is money more important than being with family? Is money more important than
your health? Is money more important than having the freedom to go on with your life the
way you think you should?

Only you know the answers to the questions above. You have the power to take back control
of the situation by putting your home on the market and pricing it so it sells. Perhaps, the
time has come for you and your family to move on and start living the life you desire.
That is what is truly important.

Article courtesy of KeepingCurrentMatters.com

5 Ways to Freshen Up Your Bathroom—No Demolition Required!

The bathroom is one of the most popular rooms of the house to renovate. But, you don't have to overhaul it to make it sparkle like new. Below are five tips to enhance the appearance of your bathroom without undertaking an expensive and intensive remodel. Forward this information on to family and friends who are looking to update their bathrooms.

 

Home Affordability Refinance Program (HARP)

 

Do you want to stay in your current home but your payments are a bit of a stretch? Are you current on your payments with a good payment record for the last 12 months? Is your loan owned or guaranteed by Fannie Mae or Freddie Mac? If so, HARP might just be the solution you need.

HARP allows you to refinance your mortgage at a lower interest rate even if you owe more on your home than it is worth. If this program sounds appealing but you are not sure whether your loan is owned or guaranteed by Freddie Mac or Fannie Mae here are links you can use to find out.

To check for Freddie Mac eligibility click here

To Check Fannie Mae eligibility click here

If your loan is owned or guaranteed by Fannie Mae or Freddie Mac and you are interested in HARP, try calling your loan servicing company (the company to whom you make your mortgage payments) to see if they participate in HARP (not all do). If they participate they will be able to provide you with all the information you need to make a decision as to whether the program will be a benefit to you. If your servicing company doesn’t participate you can check with other lenders to find one that does. I’d be happy to refer you to local lenders that participate, so please feel free to contact me.

You may be surprised by how much you can save on your monthly mortgage payments by refinancing. You may even be able to reduce the number of years of payments by keeping your payments closer to what you are paying today.

Monthly Difference in Payments
200k@3.75% for 30 yrs.	200k@6.5% for 30 yrs.	Savings
$926.23	$1264.14	$337.91

For more information on HARP, please check out the Making Home Affordable website at http://www.makinghomeaffordable.gov or call 888-995-HOPE (4673). If you decide you’d rather sell your home, I’d love to apply for the job of getting it sold! Please contact me at 813-230-5804.

Real Estate Report for Zip Code 33626 - July 2014

Everyone always asks "How's the market?" So I thought I would post Market Snapshots for various zip codes in the Tampa Bay area. Today the report is for zip code 33626.

Interested in knowing what homes are listed and selling for in zip code 33626? 

Please click on the photo to be taken directly to this interactive report where you can browse descriptions and photos of current active and recently sold listings. Don't forget to check out the schools and community tabs too! Questions? Please feel free to call me at 813-230-5804.

 If you would like a report like this for your community, please click 

on "Has the Market Stabilized" below or email me at smithersells@yahoo.com

Should You Try to Sell Your Home on Your Own?

I admire anyone who tries to do things on their own. I often take on do-it-yourself projects and many times find that I can do the job better than some professionals. There are however some things I would never attempt to do on my own. Some of those would be anything pertaining to my financial health or my physical well being. Trying to sell your home on your own, can potentially be a risk to both.

Selling a home today as a Real Estate professional requires many disclosures to protect our clients, ourselves and our company from financial liability. Using a professional who understands all the risks and pitfalls should help protect you from liability. Do you have contract paperwork that has been reviewed by an attorney? Do you have the proper disclosures for the buyer? Do you know how to handle a buyer's good faith deposit? If you are using an attorney, will they help with negotiations with the buyer? What if additional negotiations are needed after inspections are completed? Who will coordinate and attend inspections and appraisals? Does your contract allow the buyer's lender to release information to you regarding the progress of the buyer's loan? These are just a few of the concerns I would have if selling without a professional.

Not sure if you agree? Would you trust the advice of Dave Ramsey? He believes it is a good idea to use a professional. Here's what he has to say:

Use a High Quality Real Estate Agent

Jack from Twitter asks what Dave's opinion is on the sale of real estate: with a real estate agent or for sale by owner?

QUESTION: Jack from Twitter asks what Dave’s opinion is on the sale of real estate: with an agent or for sale by owner? Dave recommends always using a real estate agent.

ANSWER: I would always use an agent, but only a high-quality, high-octane, high-protein real estate agent. I wouldn’t fool with about 80% of the people in the real estate business. I would want to deal with someone in the top 20% of the business, who sells a lot of property and has what’s known as a clue.
When you put the house up for sale by owner, you put a sign in the front yard, and let’s say you’re in an area where the typical real estate commission is 6%. If I knock on your door as a buyer, then what do we get? Why do you think I’m there? I’m there because I like your house, but one of the other reasons I’m there is because I figure I’m going to get a better deal because you’re not paying a real estate commission. I’m trying to save some money because you’re saving on the commission. You’re trying to save some money because you’re saving on the commission. You’re going to negotiate away some of the commission because there’s only one commission there. Both of us—the buyer and the seller—can’t save the commission. It doesn’t work that way.
Many times, a real estate agent will knock on the door and bring you a buyer. Then you would typically pay that person at least the buyer’s half or a 3% commission. Then you’re going to negotiate away part of the other half. In addition to that, it’s tougher to negotiate these deals on your own by half, and you may make a mistake. One tiny mistake in a real estate transaction causes you to lose tons and tons of money—a lot more than a commission.
An agent will put your property in the MLS system. They advertise it. They have a Rolodex full of clients that they’re working. They’re able to expose your property to more people to buy it.
Lots and lots of studies have been done. After all of the adjustments I’ve just covered, you don’t save money by selling the house yourself unless you already have the buyer lined up. If you already have the buyer lined up, you can go down to the title company, draw up a contract, and close the sale. But if you go through a normal marketing cycle and normal processes to find a buyer, you may lose money on an FSBO.

Source Verifcation: http://www.daveramsey.com/index.cfm?event=askdave/&intContentItemId=115484


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How about the owner of For Sale By Owner? Below is a link to his story (also reported by the Wall Street Journal here) :

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Statistics reported every year from the National Association of Realtors also show that using a Realtor can actually make you more money when selling your home. If you're still not convinced, I ask that you think like a buyer for a moment. If you were planning to buy a car, would you think you could get a better deal by buying from a private seller or a dealership? According to Kelley Blue Book I can buy a used Cadillac CTS 4- door sedan from a dealer today for $19,180, but from a private party I should be able to get it for  $16,870 - about 12% less...do you think buyers of your home might be thinking they can save money by buying a For Sale by Owner home?

 One final but very important thing to keep in mind when trying to sell your home yourself is safety. If you are showing your home on your own, you may want to have a sign in sheet and ask those viewing the home to sign in with their name, address and phone number and you may want to verify their name and address by asking to see their driver's license. Many Real Estate offices ask to make a copy of client's driver's licenses as a safety precaution before showing homes to buyers. While the risk may be small that someone viewing your home could be a danger to you, it is still wise to be cautious.

While I fully support anyone trying to sell their home on their own, and am happy to assist you by providing you with sign in sheets and comparable market analysis', I hope when and if you are ready to list with an agent that you will allow me the opportunity to apply for the job!