The current market is still a "buyer's market." As the recent Case-Shiller Index showed, home prices are still declining in the US. According to the Accredited Seller Agent Council, the average time it takes to sell a home is now 10 months.
Here are some ideas home sellers should be thinking about.
Price: even in the current market, if the home is priced right, it will sell (assuming there are no other major issues). Homeowners need to be realistic about the current housing market. I can provide information to familiarize you with the current situation in your area (real estate is a very local business).
The seller needs to have a number in mind as to what they will take on an offer and be comfortable with it. When a good offer comes along in that range, the seller should not hesitate.
Clutter: The home should be cleared of excess clutter. Yes, you are still living there and yes, we want it to feel like a home, but it also needs to be clutter-free. Personal effects should also be removed; we want the potential buyer to feel like they are some-what "at home" and personalization might minimize the feeling we are trying to invoke.
Curb Appeal: Windows should be washed, front door freshly painted (this is a first impression walking up to the door) and the lawn should be maintained.
Clean: The home also has to have a feeling of being clean and fresh. Bathrooms and kitchens should be cleaned. Buyers tend to focus on these areas at the outset.
Maintenance: Buyers tend not to want to come into a home and begin to fix things. The roof is another area that tends to get attention; it should be in tip-top shape. All routine maintenance should be kept up with. Buyers tend to look at air conditioning units, hot water heaters, appliances, etc. Sellers should have everything in good working order.
Wow factor: Ideally you would like all potential home buyers to walk out and have something positive be memorable about the house. "The fantasic waterfall house" or something else that that will provide that "wow-factor" to make the home memorable.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, March 10, 2012
States With The Most Foreclosures: Homes For Sale: Homes For Rent
I am in contact with many people who are looking to invest in distressed properties (i.e., short sales and foreclosures). One reason there has been a lot of interest from investors is because Florida has the highest foreclosure rate in the country.
According to 247wallst.com, the top five states with the most foreclosures is as follows:
1. Florida 11.9% foreclosure rate; 5-year price decline of 49%
2. New Jersey 6.4% foreclosure rate; 5-year price decline of 22.6%
3. Illinois 5.4% foreclosure rate; 5-year price decline of 29%
4. Nevada 5.3% foreclosure rate; 5-year price decline of 59.3%
5. New York 4.6% foreclosure rate; 5-year price decline of 13.6%
One of the primary reasons is the length of time it takes for the forclosure process to be finalized. The average in the US is 140 days for a foreclosure; New York has an average processing period of 445 days. The longer processes usually involve the court system and all of the legal proceedings that are associated with it.
In regards to Florida, about 12% of Florida's homes with a mortgage were in foreclosure in 2011, according to 247wallst.com. Home prices have fallen nearly 50% over the past five years and 17.4% of people with mortgages in Florida were 90 days or more late with mortgage payments, according to 247wallst.com.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
According to 247wallst.com, the top five states with the most foreclosures is as follows:
1. Florida 11.9% foreclosure rate; 5-year price decline of 49%
2. New Jersey 6.4% foreclosure rate; 5-year price decline of 22.6%
3. Illinois 5.4% foreclosure rate; 5-year price decline of 29%
4. Nevada 5.3% foreclosure rate; 5-year price decline of 59.3%
5. New York 4.6% foreclosure rate; 5-year price decline of 13.6%
One of the primary reasons is the length of time it takes for the forclosure process to be finalized. The average in the US is 140 days for a foreclosure; New York has an average processing period of 445 days. The longer processes usually involve the court system and all of the legal proceedings that are associated with it.
In regards to Florida, about 12% of Florida's homes with a mortgage were in foreclosure in 2011, according to 247wallst.com. Home prices have fallen nearly 50% over the past five years and 17.4% of people with mortgages in Florida were 90 days or more late with mortgage payments, according to 247wallst.com.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Case-Shiller Housing Index: December 2011: US Home Prices Continue To Decline: Homes For Sale: Homes For Rent
Home prices in the US continue to fall, according to the Case-Shiller Index. The national composite fell by 3.8% on a sequential basis during the fourth quarter of 2011 and was down 4.0% versus the fourth quarter of 2010. Both the 10- and 20-City Composites fell by 1.1% in December 2011 over November 2011.
Distressed properties are beginning to return to the market, as we predicted (see earlier posts). The distressed properties (i.e., short sales and foreclosures) are prompting buyers to wait for better prices. An ancillary effect is new construction is being delayed by the increase in distressed properties hitting the market.
The recent improvement in domestic economic activity has not been strong enough to stabilize home prices. According to RealtyTrac, about 5 million houses have been lost to foreclosure since 2006. Some experts are predicting another 1 million US homes will be lost in the foreclosure process during 2012.
Our prediction is it will take another year to absorb all of the new inventory that is expected to hit the market in the coming year. If the economy continues to show improvement, we think 2013 might shape up for the beginning of a return to price increases for the US housing market.
Other areas of interest:
December 2011December/NovemberNovember/OctoberMetropolitan AreaLevelChange (%)Change (%)1-Year Change (%)
Boston 148.54-1.2%-1.6%-2.6%
Chicago 110.23-2.0%-3.4%-6.5%
Miami 137.700.2%-0.5%-3.8%
Minneapolis 111.64-1.8%-0.5%-4.9%
New York 163.11-1.2%-1.4%-2.9%
Tampa 125.08-0.2%-1.1%-4.3%
Composite-10 149.89-1.1%-1.3%-3.9%
Composite-20 136.71-1.1%-1.3%-4.0%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Distressed properties are beginning to return to the market, as we predicted (see earlier posts). The distressed properties (i.e., short sales and foreclosures) are prompting buyers to wait for better prices. An ancillary effect is new construction is being delayed by the increase in distressed properties hitting the market.
The recent improvement in domestic economic activity has not been strong enough to stabilize home prices. According to RealtyTrac, about 5 million houses have been lost to foreclosure since 2006. Some experts are predicting another 1 million US homes will be lost in the foreclosure process during 2012.
Our prediction is it will take another year to absorb all of the new inventory that is expected to hit the market in the coming year. If the economy continues to show improvement, we think 2013 might shape up for the beginning of a return to price increases for the US housing market.
Other areas of interest:
December 2011December/NovemberNovember/OctoberMetropolitan AreaLevelChange (%)Change (%)1-Year Change (%)
Boston 148.54-1.2%-1.6%-2.6%
Chicago 110.23-2.0%-3.4%-6.5%
Miami 137.700.2%-0.5%-3.8%
Minneapolis 111.64-1.8%-0.5%-4.9%
New York 163.11-1.2%-1.4%-2.9%
Tampa 125.08-0.2%-1.1%-4.3%
Composite-10 149.89-1.1%-1.3%-3.9%
Composite-20 136.71-1.1%-1.3%-4.0%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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