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How Can I Know If My Home Is Priced Right?

by Pat Argo, CRS

     The Real Estate Market is still changing daily. With times like these, it is frequently hard for a Seller to know how to price a home for a sale where you can get the most money. Is price the only thing? How much will it cost to make my house saleable and financable?

     Maybe your house has already been on the market with one or more agents... an "Expired" or "Failed" Listing to those in the field! I would like to share this quick and very informative video from Jay Papasan, one of the Keller Williams officers, every seller should review about pricing in this market. Do you want it Listed... or Sold? Jay authored and co-authored a number of great books in the field, including The Millionaire Real Estate Investor. 

     Enjoy!  Call (321-537-4721), email or text me...  if you have questions. Or just want to chat! Feel free to share it as well as my information anytime.

http://www.youtube.com/watch?v=TUJeJYHj-cE

Are Open Houses A Thing of the Past???

by Pat Argo, CRS

Who Says Open Houses are Time Wasters??? 

     A great event will be taking place across the state and nation in just 2 weeks! For the First Time that I can remember since I began my career in 1973, Realtor's across the state are having a weekend of Open Houses simultaneously across our great state of Florida! This will be the weekend after Easter.

      The clock is ticking on the opportunity for "First Time Buyers" to go to contract before the end of April and still be able to capitalize on the Tax Incentives. All the Realtor's and their Lenders are gearing up to be ready. This will be a great opportunity to see many homes in an area in one or two days. We want to be sure everyone has their chance to participate!

     Barring an Act of God, I plan to hold 2 great Listings in Mims with acreage Open House 11-12:30 & Open House 1-2:30 More info and photos under my Featured Homes

 

Mid-Year Market Report

by Pat Argo, CRS

Pat’s Mid-Year Residential Report for North Brevard

Everywhere I go, people are always asking me “Pat, How’s the real estate market doing around here now?”  I decided it’s time for a real report vs. my humble opinion, but of course I will share some of that with you as well!  These stats are gathered from the Brevard MLS system. areas 101-210.  Private & builder non-mls sales are.excluded.

 

In 2008: 1st 6 months: 411 closings with average of 125 Days on Market

High $899.000.         Low $32,000.         Average: $150,000    Median: $135,000.

In 2009: 1st 6 months: 533 closings with  average 119 Days on Market

High: $745,000.        Low:$10,500.         Average: $108,000    Median: $92,000.

 

So what everyone is saying IS partly right. It is taking longer to sell… the ones that closed and the final prices are even lower. To put this into perspective, I did the numbers by price range as well for the same 6 months.

Under $100K      $100K>     $150K>     200K>     300K>      $400K>     $500K>

2008:     109         142           80             56            14              3                 3

2009:     260         155           56             38              9              1                 1

 

Inventory today is 902 residences priced from $9,900. to $2.5million, average 193 DOM  

Actually we have 5 Million $+ Listings, all but 1 were on in 2008!

Important in the 2009 numbers is that there were less than 50 closed sales priced at $150,000. or more, about a 50% drop! And those closed under $100,000 were more than doubled!  (2.38 times).

 

Here’s what that could mean for you! 

If you are able to buy, especially if you qualify for the Tax Incentives, you really need to get serious about looking for the right home while the selection is good.

If you are considering selling vs leasing, weigh your options carefully. It may take longer than you are thinking for market recovery.

If you are an Investor, even a first timer, the choices could be outstanding. Figure out your financing options before you make the offer. Cash talks, particularly in condos and lender owned properties. And be prepared to be a bit more liberal with your new tenant prospects because their credit may be bruised.

If you really want or have to sell now, for whatever reason... remember that curb appeal is still important, but pricing right is absolutely King! Be sure to use "internet price points" to your advantage when you enter the market. Be prepared to help the first time buyers with closing costs since they are prime buyers now.

If you or a family member/friend is a Snowbird, empty nester, or retiring soon, now could be an excellent time to find the next nest before the best ones get picked over. You can even use a reverse mortgage to BUY!

Regardless of all of the above, there is an important fact I learned back in 1973 when I first started in real estate. “UNDER ALL IS THE LAND.”  Buying, selling or leasing, the one thing you cannot change is a property’s location. That’s in Gods hands. You are better off with a smaller place in a nicer area than the best place in a less desirable one. The only thing that “fixes” a poor location is dropped price and owner terms!

 

If there is anything I’ve said that you would like to discuss, please fel free to contact me. I am always pleased to be able to share my knowledge and experiences as well to help you understand the market or explore your next move.  

 Pat Argo, CRS, SRES  321-537-4721

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Contact Information

Photo of Pat Argo, Broker Assoc, CRS, GRI, RECS, SFR, S Real Estate
Pat Argo, Broker Assoc, CRS, GRI, RECS, SFR, S
Keller Williams Realty of Brevard
6905 N Wickham Road #405
Melbourne FL 32940
Cell/Text: 321-537-4721
Office: 321-259-1170
Fax: 321-435-3124