Today, November 10, 2009 I read in the St. Pete Times that the Tampa Bay are home values have dropped according to Zillow 2.2% between June 30 and September 30.  Some of the most depreciated values were in Spring Hill, Dade City and Ruskin.   

Now, despite this news the report also stated that some of the 110 communities in Tampa actually saw prices increase in their communities.  These communities include Feather Sound and Lutz and Odessa which have always maintained high values.  Mostly due to the fact that during the boom years, these communities did not experience rapid growth.   I would expect more established communities that are closer to employment or commutes to downtown Tampa or Pinellas Gateway area will continue to see prices stabilize and eventually creep up on a more consistent basis.

Back to the rest of the Tampa Bay! Communities that were built during the boom years like Wesley Chapel, Riverview, Apollo Beach and Ruskin will continue to drop slightly before any stabilization can occur.  These homes have dropped in value since 2005 nearly 40% on average.  Many of these homes were purchased by investors or speculators who entered the market to soon.  There is also an increase of strategic walk-aways.

Foreclosures are still areound and will be here for quite awhile but the dooms day predictions of home prices dropping  another 20-30% are too high and most like not going to happen. Now could the Tampa market continue decline? Certainly but it will only in certain communites.   The first stage of recovery is among us!

There are still many home owners that are facing finacial hardship in the Tampa area that seem ready to walk away from their home and accept a foreclosure.  I can only believe it is because these home owners are not aware of their options.  You can find more information regarding short sales and the benefits of a short sale over foreclosure at www.tampabayforeclosurehelp.com

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

Christopher Johnson is a Certified Distressed Property Expert in Tampa, Florida.  Please contact Chris @ ChristopherJohnson@remax.net or direct at 813-654-5548

I have gone on many listing appointments lately and I guess some folks are reading the newspapers and seeing that real estate sales are up in the Tampa area and are thinking of selling.  What also is found in the same news article is the fact that the median price has dropped nearly $100,000 and homes are selling for so much less than they did in the "boom" years.   Why do I assume this...because the last few appointments I have gone on, the seller's want to sell there home well beyond and recent comparable I could find.  Now, we all know that somebody will list it for whatever price and then start beating the seller down to lower the price.  However, I do not believe in this school of thought. 

The number 1 comment I seem to get is "I don't have to sell"  which tells me that the seller is not really motivated and may need to hold on the home for a little while longer or at least until the market rebounds or the world ends...whichever comes first!   Now, you may think I shouldn't back down and continue to "prove" to the seller that the home should be listed at xyz price and get that listing.  I think that is rubbish and I will tell you why. 

1. The seller is not really motivated to sell

2. The seller is not realistic about the price which means you will most definitely over price the house.

3. It cost money to list a home..from signs to lock boxes and virtual tours. This is money you have to spend upfront. Whey spend dollars that you may not have to spend on the slim chance of selling the home.  A sign in the yard is not worth it....unless you can add a SOLD sign to it!

4. After 4 or 6 months of the home being on the market with very little activity the seller will most likely think you are the worst agent in the world and will talk badly about you. Again, not working for you but against you.

Next time you are at that listing appointment and the seller is really not motivated and "doesn't have to sell" think about how far apart you really are and proceed with caution.  Sometimes the sign is just not worth it!

Today is Tuesday September 8th.  The Labor Day weekend was great.  I actually took a break from work and spent nearly the entire weekend with the family.  I know, I said nearly but I had to go to  a new listing appointment on Monday and that is the only day I was able to meet with the sellers.   The appointment went well and if you are looking for a big pool home on an acre in suburban Tampa or know someone who is, give me a call.

While away from the business this weekend, I had a chance to reflect on the year that has gone by and I must say....WHAT A RIDE!  I, like so many agents and brokers throughout the United States has been blessed with tremendous business and are seeing the market finally begin to level off.  I have been very busy and am selling homes at a very quick clip.  I am finding that homes that are not short sales, in good repair  and priced at the real market value are selling within 30-60 days.   Just recently I had listed a home in Riverview, Florida and had 1 contract, a back up offer and a hopeful agent who wanted me to call in case something fell through.  All this within the first 2 weeks! Now,  the home was not anything spectacular. Just a great home that was well kept  and even priced slightly on the higher side.  

Now, we all have heard that Florida is in Real Estate "HECK." So how in the world can homes be selling so quickly.  I have a two word answer, Aggressive Promotion.  Certainly MLS will help you but blanket the area with just listed cards, send out email blast to Realtors, blast it to every Internet listing website known to mankind (this is the best).  Pictures, Pictures and more pictures. Every prospective home buyer wants as many pictures as possible of the property. They would like to see the house without actually calling one of us real estate agents. Get a virtual tour!  They are well worth money.  Landing Pages just for you listing is a great way to get more buyers to view your home. These are just a few ways to move your listing even in a down market.

Just remember a home does not sell by chance but by someone who dedicates time and money into marketing a home. 

The moral of the story is, if you want to sell your home, Price it right! Make it show ready! and have a great agent with an aggressive marketing or promotion plan. 

There was a great article in the St. Petersburg Times today written by Ivan Penn. The article was about a youbg woman who wants to walk out on her lease because the property may have Chinese Drywall.  The author did a very good job explaining that despite their concern that the renter is still in a legal contract and the effects of Chinese drywall are unknown and not established as a health hazzard (yet).  

If you know of anyone or have any tenants or clients with tenants that may have Chinese Drywall, I would recommend you read this article http://www.tampabay.com/features/consumer/renters-rights-can-you-break-a-lease-in-florida-if-a-home-has-chinese/1033260

- Chris Johnson

www.MetroTampaMLS.com

Have you been in this situation lately?  Mr. and Mrs. Buyer this listing is a short sale.  The little research I did on the property tells me that the home has 2 loans on the property the first with Bank of America and the second with Ocwen.  I can tell you from experience Bank of America takes many months to complete a short sale sometimes up to 6 or 7.  What is your time frame? can you wait this long? 

The buyers emphatically insist they can wait as long as they need to for the home, it is everything they want. Of course you know this that is why you took the time to bring them by the home.  You tell them every possible outcome of the short sale and even go as far as to explain to them.  

You write the offer, the seller signs it and off to the short sale loss mititgator it goes!

a week goes by...the buyer's are on board and are ok with no response

two weeks goes by ....the buyer's find it troublesome that the bank has not returned a call or confirmed receipt of the offer, but hold on remembering what you said.

A month goes by...."ok this is getting crazy...really? no response! Nothing you say

2 months go by...."we want the house, we are going to wait"

Month 3...."I really didn't think it would take this long and we still don't have an answer"  You tell them that the banks are overwhelmed but once they approve the short sale .....it is a very quick  process

Month 4 ..."let's look at something else, I do not want to wait any longer"

We as agents understand this process and we do our very best to inform our buyer's of the issues regarding short sales. What continues to boggle the brain, is why can the lenders not move a little faster.   The market continues to trickle down or flatten out, the banks should liquidate quickly and put good money towards better investments.  This surely would move the real estate market, provide capital to invest in other areas and generally improve the economic issues that plague our country.

The Tampa housing market is loaded with short sales and pre-foreclosures. Yes, many of these homes are closing but I am frustrated with the amount of time it takes to get to closing.  Only 1 of every 5 short sales I have done has the original buyer stuck through to the end of the deal. 

I can not understand why they take so long. Sure, when the market started turning and short sales were something new to everyone I could understand 6 months to a year. Now, we are 2-3 years into this market and short sales still take 6 months.  Granted, the banks do not want to take a loss and they don't want to lose more on the short sale then they would on a foreclosure but it is time to streamline these things.

The listing agent should list the home, get a contract and a real appraisal. Submit the package to the bank and the bank agrees to sell the home at appraisal value.  This all could realistically take 2 weeks from contract to approve and off to the closing process you go.

The problems is too many people need to touch that file to approve it. The lending institutions do not seem to realize the faster they get these homes off the market, the faster the housing recovery will be! Wait, that would be basic supply and demand...right?

If you are trying to avoid foreclosure and need some advice where to start visit www.waytoshortsale.com.  It is a personal story and a do it yourself guide.

So your home listing expired and now your upset and frustrated with your agent.  What a terrible person, I can not believe they didn't sell my home.  I should be out of this house and moving on with my life.   While yes your agent may have dropped the ball and may have over promised and under delivered but there are some factors that you should consider first.

Price:  I understand that you want top dollar for your home and as an agent I want top dollar for your home but Realtors do not have any control of the values or perceived value.  The market and potential buyers do.   Think about it, the agent will get paid more if he sells your home for more but they also know that 3 other homes similar to yours only sold for X amount of dollars and that is most likely where your home will sell.  If the buyer knows this and they do, they will only offer so much.  If you are over priced they most likely will not even want to see the home because they think you are not a serious seller. 

Cleanliness and Clutter:  You want Top Dollar for your home right?  Then make your home look it's absolute best.  If you don't use it, put it away, clean the counters off in the kitchen, store that old lazy-boy, landscape, pressure wash, pull weeds, etc.   Your home may have sold if you did these items. If the buyer can not get past the clutter to see the home, you have just lost a potential buyer.

Canceling a Showing:  I instruct all my home sellers to never cancel a showing.  That showing could be your sale and I guarantee they will never reschedule and will buy the home down the street.  I understand they are inconvenient, I personally hated showing my home as well.  However, a showing is necessary to sell your home. 

What Your Realtor Could've Done Better: Now there are some things your agent could of done better I am certain of that.  In fact the biggest issue is not marketing the property correctly.  Listing the home in MLS and letting others Realtors sell the home is not enough anymore.   Ask your next agent where they list the home, which websites can they find their home, do they do any non-internet marketing like post cards, fliers, newspaper ads etc.  There is not one magic trick that will work to sell your home,  It is a collective of all ideas that may sell the house.  For example I sold house through a link on Trulia.com but then I sold a house from a call in a home book.  The more exposure the better.

Ask your next agent for this information.  Be sure to ask about how many homes they've sold and where the buyers came from.  Be sure to use an agent who markets in your area.  In the Brandon-Valrico area of Tampa we have agents that are exclusive to Fishhawk Ranch try to sell homes here.  They are not doing the home seller a service because the buyers that find that agent want to live in Fishhawk Ranch not Brandon-Valrico.  You may want to hire an agent with RE/MAX or even Coldwell Banker before a small independent or other type of brokerage.  The bigger companies spend millions on advertising and send many home buyers to their site looking at homes and they are going to see that companies listings first.

There are so many other factors for why your did not sell but if you are interested in more information please visit my website at www.ChrisJohnsonRealEstate.com

Today I want to write about what you need to do to sell your home?  Most of this is pretty basic but I have seen a decrease in seller awareness lately and then I wonder what their Realtor ® was thinking when they listed the home.

Sometimes just doing some basic things will help sell your home faster.

Everyone should listen to their agents suggestions.  They want to sell your home as much as you want it sold but if you do not listen to their recommendations this suggest that you do not trust your agent and do not respect their professional opinion. Remember they sell homes for a living; they most likely have sold more homes than you.

Clean the exterior of the home, remove weeds, trim shrubs, trees, grass, wash your walk and driveway, and remove cobwebs and debris in the corner of garages and entrance ways.  Add some color!

Remove excess furnishings, paintings, plants, and stuff.  I would suggest boxing everything extra and renting storage space.  You may be surprised by removing the extra chair in the family room, the flow of the room will be better and the room will appear more spacious.

Rooms and closets, yes your closet is for you to hang your clothing and shoes and store a few items but if you open the door and something is jumping out at you or your clothes are hung so tightly you need to iron them, you may want to box and store or even give away that old sweater you haven't worn since 1995.

In the kitchen, remove nearly everything from the countertop.   A coffee maker or micro would be ok but the mail,  blenders, medicine, toaster ovens,  books, or anything not useful should be put away and not on the counter.  You want to show the potential buyer that you have plenty of counter space. Maybe add flowers or a small plant.  Do not store items on your refrigerator, this tells the buyer you do not have enough storage space in the pantry, clean your dishes or put dirty dishes in the dishwasher, get them out of sight.

SMELL - Be mindful of the smell, dogs, litter boxes, food etc all smell and be sure to clean the air.

As a Realtor and a home seller I understand this gets to be a pain in the rear but this will help sell your home.  You don't want the buyer to remember your home for all the wrong things!

For more tips visit www.ChrisJohnsonRealEstate.com