Daytona Beach Real Estate Blog: April 2007

Almost all contingencies contain a specific time frame. These time frames dictate how long a buyer has to apply for a mortgage; how long the buyer has to obtain final loan approval, how long the buyer has to obtain all inspections; how long either the buyer or the seller has to respond to the home inspection stipulations, etc. Every contract is unique. The possibilities for contingencies are virtually endless. Always pay close attention to the time frames in each contingency. These time frames can make or break your transaction!

And one more very important consideration is how you're being represented. I posted a comprehensive blog about the real estate laws in the state of Florida. I suggest you print this so you can take your time reading it, to gain a thorough understanding of the legalities in Florida. 

For more information on this subject, read Changes in real estate contracts and laws-what every buyer and seller should know and The Long and Winding road to a real estate closing.

Also, view my web site Buy Real Estate in Daytona Beach FL

Statistics as of March, 2007, from Lisa C. Hill

Florida existing home sales: -28%

Florida existing condo sales:-32%

Florida existing home median price:$236,000

Florida existing condo median price:$208,800

Florida consumer confidence: 86

National existing home sales: -8.4%

National existing home median price:$217,000

National (Freddie Mac) mortgage rate:6.16%

All statistics are from the Florida Association of Realtors. View my other blog Daytona Beach Real Estate Blog.  

View my personal web site  Daytona Beach real estate.  

I just finished sending letters to our state representatives, regarding the upcoming legislative session, where our dire tax issues will be discussed. If you live in Florida, it's imperative that you contact your local representatives as soon as possible!

I received this message from the Daytona Beach Area Association of Realtors.... 

With the 60 day session scheduled to conclude next week on May 4th, legislators need to hear that comprehensive property tax reform for commercial and residential real estate is needed NOW, during the regular session.

The House continues to push for a property tax/sales tax swap but the idea is flatly opposed in the Senate. Governor Charlie Crist recently indicated he does not support a sales tax increase, but wants more relief than what the Senate proposes.

As many of you as possible need to contact your local representatives and describe to them the lock-in effect of the Save our Homes Act (Volusia County) or lost home ownership dreams due to high property taxes! Click here to take action

buy Daytona Beach real estate

Hello fellow Realtors.

We’ve all seen the statistics that approximately 85% of all home buyers now start their search on the internet; and we’ve also seen the statistics on how print advertising is virtually useless.

However, I’d like to make two points on the justification of some print ads. (Aside from the fact that buyers really do like to look at them and sellers like to see their ad in print) 

1.  I live and work in the Daytona Beach, Florida area. During special events such as Race Weeks, Bike Week and Biketoberfest, many visitors pickup local publications and take them home with them. They then call or go to my advertised web site and request information on either moving to this area, or investing in a second home where they can stay when they’re here for these events. Because these buyers have been to my home town and seen my face in different real estate ads, they feel a sense of familiarity with me. So the relationship and loyalty factor is much greater than if they had simply found me on the internet.

 

2.  One magazine in particular, “Homes and Land”, is a national publication, with a large internet presence. Buyers from anywhere in the country can pickup one of these magazines and call the 800 number, or go to the Homes and Land web site and request a free magazine for wherever they want to move. If I did not advertise in this magazine, I would not have access to these buyers.

Now you’ll notice that both of these points do involve the internet. But it still works in conjunction with other media sources. I have my web site on my business cards, bus benches, in magazines, on flyers, on my name riders, etc. But sometimes, what appears to be a direct internet lead, may not actually be so.  Many times, the starting point was actually a print publication.

So have any of you who also live and work in a tourist hot-spot found the same things I have? Or have you ever considered this?  What are your thoughts? Or even if you don’t live and work in a touristy location; Where do you stand on the internet vs print advertising issue?

Move to Florida 

(This blog has been updated. The new information is at Real Estate Videos and Virtual Tours.)

I am admittedly, a You Tube addict. Unfortunately, my addiction so far, has not been business related. But as I've been building my "fun" channel, I've been constantly considering how I could use a real estate channel in a way that would be truly beneficial to my real estate listings. I've seen many real estate channels there, but they get very few subscribers or views, and seem to be operated by novices.

I told my manager several months ago, I see no reason why we can't do an entire video of a home, instead of a distorted virtual tour. (I've never been a fan of virtual tours). So I made a video of one of my real estate listings and posted it to my "play" channel. It got great feedback! Everyone said it was a great idea.

So now; how to segue between my real estate web site, which is a template and unable to host a video, and the video idea.

*Thank you everyone who directed me to WellcomeMat.com 

Sell a house or condo in Port Orange FL 

TAX REFORM IS COMING!

Last month, in Tallahassee, Local Realtors (r) met with the following persons:

• Senator Evelyn Lynn, Representative Dorothy Hukill, Representative Joyce Cusack, Representative Pat Patterson, Governor Crist, Senators Mike Hardopolis, Senator Carey Baker

Volusia County property appraiser, Morgan Gilreath, former Daytona Beach mayor Dick Kane, and current Daytona Beach mayoral candidate Gwen Asman- Edwards, traveled on chartered buses with our Realtors and Volusia Tax Reform representatives. It was a positive experience that left us with hope that we will receive true, comprehensive tax reform.

Also, hand-delivered to our representatives was a list of Volusia Tax Reform's suggestions/recommendations on this urgent issue. About 20 different persons from the VTR group went to each meeting. This turnout surprised our elected officials and additional conference rooms were opened to accommodate everyone.  Senators Lynn and Hardopolis confirmed that the Volusia County Town Hall Meeting was the largest yet, and they received many great ideas and suggestions for tax reform.

There are still many ideas evolving and being discussed.  Hopefully, we'll have positive results from the next legislative session. For more information, and continuing updates of Volusia Tax Reform, go to www.volusiataxreform.com.

Many thanks go out to Silvestri Investments, the Daytona Beach Association of Realtors, Dr. Duva and Ron Zoske for providing the buses; also, Waterside Title, Professional Title and GNC Mortgage for the food and drinks provided on the buses.

 Buy or Sell real estate in Daytona Beach FL

 
HELLO EVERYONE!

With all the negative reports from the media, I thought some good news was in order.  After a year of slow sales in 2006, market conditions in Volusia County seem to be improving. 2007 started with many more buyer inquiries, then progressed to more viewings, and I'm now seeing an increase in sales.

There were many factors that contributed to the slowdown in Volusia County, the major one being large increases in our taxes. But with the changes that are now being made to remedy this situation, sales are already improving. 

So far, in East Volusia County... 

• Home values have NOT drastically fallen! The only prices that have fallen are the asking prices. What this means is, the homes were overpriced in the first place. Sellers had grown accustomed to quickly escalating values, and were either unwilling to face the fact that they could no longer expect a 20-30% annual increase in value, or were being represented by a REALTOR who had not provided them with this information. Regardless, those asking prices have fallen to adjust to the correct market value, which is still higher than in previous years.
• There has been no "Bubble Burst". This is actually not possible with real estate. In order for a bubble to burst, values of a particular product would have to quickly fall below the overly inflated price that was initially paid, as in the dot com crash.

If you're currently selling a property in the Daytona Beach area, you can expect an average market time of approximately 8-12 months, due to high levels of inventory. But unless the property is over priced, it will sell! I'll be happy to do a complete market analysis if you need one.

if you're considering buying a home in the Daytona Beach area, you have plenty of choices, and the prices are not increasing at this time. You can expect to pay approximately the same amount as what the property was valued at in 2005 (depending on the exact city). If you're concerned about over-paying, be sure to have your REALTOR add one simple clause to your offer. "This sale is contingent on this home/property appraising at or above this contract price, or this contract is null and void and all buyer's deposit money will be returned to the buyer."

If you need professional representation, make a "Smart Choice" today. Move to Daytona Beach FL

I was recently working with a real estate buyer who had an extremely sensitive sense of smell. Being that I'm quite easily irritated by strong smells myself, I could understand her predicament. But little did I know, just what I was dealing with.

• House Number One: My own listing. An immaculate house with everything she wanted! Only one problem; Glade Plug-Ins. She was so repulsed by the smell of the Glade Plug-Ins, that she insisted on waiting in the driveway while I turned off lights and locked doors.  Side-issue: the master bedroom closet entry was from the dressing area off the bathroom, instead of the actual bedroom. She can't understand why anyone would want that! Her words: "What a horrible idea!"
  
• House Number One Again: Before we left the first time, I removed all the Plug-Ins and placed them in the garage. Two weeks later, we came back to see if the smell was gone. NOPE! Scratch this one.
• House Number Two: Candles! *sigh*  Side Issue: the pool pump is on the same side of the house as the master bedroom. Surely it can be heard through the concrete wall. Her words "What a stupid thing to do!"
  
• House Number Three: Gas fireplace. She insists that she can smell the gas throughout the entire house.
• House Number Four: Someone cooked with garlic. (I guess the people should go out to dinner every night until their house is sold?) Side Issue: Her Persian rug won't look right in the rooms with the beveled edges. Buyer: "Why do the builder's make rooms like that? It's not practical and nobody would want that!" *Actually, in my experience, most people love it.*
  
• House Number Five: No Smell!! No side issues!! It's perfect. But she wants to come back tomorrow.
• House Number Five Again: They used the gas fireplace last night... Can you guess?... 
  

I have officially given up. Someone else is going to have to help this lady find a house. If it was just the smells, I might be able to continue working with her. But she has a negative opinion on everything and her negativity is affecting my own attitude. And I honestly don't think she's really interested in buying a house. After 13 years in the business, I know when someone is wasting my time.

I'm not a tour guide and I work on straight commission. I have serious clients who really want to buy. I believe my time would be better served elsewhere. Time to move on.

And for my own side note: We all have opinions. As REALTORS we have to keep our opinions to ourselves. But have you noticed that as time goes by, people are becoming more and more belligerent with their opinions? People now state their opinions as if they're the ONLY possible truth. It's as if they're looking for an argument. In actuality, the ONLY truth is that it's just an opinion. And we all have different ones. Perhaps we should all be more considerate of other people when we're stating our opinions?

In the summer of 2005, in the Daytona Beach area Association of Realtors, our MLS showed an average total inventory of approximately 1400 listings. We now have over 7000!  At the same time, at the peak of the market boom, the Daytona Beach MLS records showed monthly sales from between 500 and 800 per month. Since the summer of 2006, those numbers have been between 200 and 300. But thankfully, those sales transactions are slowly increasing; even if the inventory is increasing as well.

In the midst of a troublesome market, I'm still glad that 7 years ago, I started my real estate career. Real estate has always had it's peaks and valley's but we just finished the highest peak we've ever seen. I'm thrilled that I didn't miss out on that exciting time. And now, I have the privilege of learning new things and adapting to a changing market. Sharpening my skills, is just one more way for me to give my clients superb representation. 

In the midst of struggles, one can always find a ray of sunshine, if they look hard enough.

Buy Daytona Beach real estate

It seems like everyone has an opinion on the market lately. I personally, in the Daytona Beach, Florida area, am experiencing quite a few more calls, appointments and sales recently; although our inventory continues to rise and hit new unprecedented levels.

I realize that at this time, business is varying between agents, even within the same areas. Whereas we used to stay consistently busy (as much as this can happen in the real estate industry), it's now more sporadic.  

I'm wondering what other areas are experiencing. Would anyone care to share what's going on in their home town right now?

Move to Daytona Beach Florida