Tampa Real Estate

JD Power and Associates has released its 2008 customer satisfaction ratings for Tampa new home builders. In order for a builder to be rated, a minimum of 50 surveys by customers had to be completed and returned. LINK

Wonder how long that washer or dryer is likely to last?  The NAHB has recently released a study on the life expectancy of different home components:  http://www.nahb.org/fileUpload_details.aspx?contentID=72475

Here's a fun news clip/Video about me!  Have a good laugh!

Fun Video Clip about Russ Perlowski

Considering that a home purchase is most likely the most expensive transaction that you will have in your lifetime, the value of a home inspection should be obvious to most.

With a cost of around $300.00 (price varies with inspector, if there is a pool, etc.), it is a small cost to pay to have a professional look at the home.  I recall one time when I had a first time buyer inform me that he wasn't going to get a professional home inspection.  I convinced him of its importance. 

The inspection revealed a number of issues that the seller was responsible for correcting (before closing) per our purchase contract and he more than saved the amount of the cost of inspection.  More importantly, the inspection revealed an electrical problem with the spa which if not corrected could have caused serious injury or death!!

My advice:  PAY FOR THE HOME INSPECTION!! 

The Greater Tampa Association of Realtors® released the statistics for home sales for the month of March 2008.

• Total unit Sales for March were up significantly over February sales (43%).
• Average sales price for units sold in March 08 was $230,204.
• Reported months of inventory of homes on the market based on March sales and inventory has dropped from 25.20 to 17.33.

• Spring and Summer are typically the best times of the year to sell a home. Since we are in February, now is the time to start preparing your home to put it on the market.
  Start by removing all clutter.
  
• Your home will appeal to the most buyers if it has neutral colors, so seriously consider painting those interior rooms that aren’t neutral.
  
• Curb appeal is essential. Consider giving your front door a fresh coat of paint and make sure that the landscaping is neat and attractive. If there ever was a time to have the greenest lawn in the neighborhood, this is it! Additionally, your house, driveway, and patios may need to be pressure washed.
  
• Assess your interior flooring. Getting carpets and grout cleaned can significantly freshen up your home for those buyers.
  
• Clean your home thoroughly. I have never had a buyer complain that a home was too clean!
  
• Your kitchen and bathrooms need to sparkle! Some recommend limiting your kitchen counter tops to only one small appliance to present a clutter free impression.
  
• Plant some red annuals outside. The color red pops in pictures and with buyers who drive by.

With over 680 single family homes currently listed for sale in MLS for zip code area 33647, and over 775 single family homes listed for sale in zip code areas 33543 & 33544, it is essential that you make your home “the star it can be” before you put it on the market.

Additional information on preparing your home for sale can be found on this website:  Staging Your Home, & Staging Tips.

Click on the following link for a VIDEO about preparing the exterior of your home for sale: 

http://www.cnn.com/video/#/video/living/2008/03/19/spring.spruce.cnn

Well, I guess it is more like 15 seconds!  This is the first time that I have made the Wall Street Journal (that I am aware of).

Kitchens by Crayola by June Fletcher

The Greater Tampa Association of Realtors has released the following average home sale prices for Tampa by area for homes sold in January, 2008.

Note: All new home sales and private sales are not included.

If you would like additional information or assistance in your home buying process, please give Russ Perlowski, (813) 494-2124 a call.

Some things you need to know before buying a “Short Sale” / Pre-foreclosure home or bank owned home.

THEY AREN'T FOR SISSIES!!

1. You need to be patient with the process. Unlike “normal” home buying, typically it can take weeks and sometimes months to get an answer on your written offer that is approved by the bank.  Repeat this if you have to counter their counter.

2. You must be pre-approved and submit written proof of your lender preapproval for the loan amount/purchase price at the time you make the offer. (Just as you should on a “normal” home you are considering purchasing.)

3. The homes are almost always sold in an “as is” condition, meaning that NO repairs will be made on the home.

4. Just because it is a short sale or bank owned home doesn’t mean that it is a good buy.

Additional information:  Wall Street Journal

On bank owned properties the banks typically order an appraisal or a “BPO” to determine the list price. A “BPO” is a Broker Price Opinion. I provide broker price opinions for some lenders and they are based on comparative prices of homes that are listed and have sold in the neighborhood, with adjustments for the condition of the home, etc.

A Broker Price Opinion is very similar to a Comparative Market Analysis which I prepare for Buyers on homes before they make a written offer to purchase.

I have seen many instances where the list price of short sale homes or bank owned homes is higher than comparable homes that are not “distressed” homes for sale.  Recently I showed some "short sale" homes.  I thought one had a very attractive price and well below what I considered to be market value, one had what I thought was a "fair" market price and others that were priced high.

Wesley Chapel has as many as 110 "short sale" homes for sale and New Tampa 65.

So, my recommendation is to get an agent that knows the market and can provide you with choices and market analyses on homes.  Just because the home is listed as a "short sale" does not mean that you can't get a better buy on another home that isn't a short sale, and then you probably won't have to purchase it in an "as is" condition or wait weeks to get a reply.

On the other hand, selling a home as a "short sale" requires very specific steps to be taken with the sellers' lender up front if the Seller qualifies.  It is very important that the listing agent take the appropriate steps with the full cooperation of the sellers early on in the process.  Additionally, recently the Greater Tampa Association of Realtors has required new steps for listing a home in this situation and specific language to be included in our multiple listing system and contracts.

If you have questions on buying or selling a home under these circumstances, give me a call.

Russ

In an anticipated move, new home builder TOUSA today announced that it is filing for bankruptcy protection under Chapter 11: "TOUSA, Inc. and certain subsidiaries are filing voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code."

In its press release TOUSA states that the filing includes ENGLE homes. Engle homes has local New Tampa presence in Live Oak Preserve and the Hammocks.

If you are under contract with them to have a house to be built, I would highly recommend that you speaker with your real estate agent.  (I know it wasn't me.)  If you did not have a real estate agent, I think it would be prudent to speak with an attorney.

Additional info. regarding the filing can be found in their PRESS RELEASE .   Previous information regarding TOUSA and Live Oak Preserve has been posted by me at:  www.NewTampaHomes.blogspot.com 

For more detailed information of homes for sale, give me a call at (813) 494-2124.

The Greater Tampa Association of Realtors has released the following data reflecting the months of inventory of homes on the market by month for 2007.  It is important to note that these statistics are based on homes listed for sale, and reported as sold in our mulitple listing system.  Private home sales and all new homes are not included in these numbers.

Interested in knowing more details about a particular Tampa, Land O Lakes, or Wesley Chapel, FL neighborhood?  Please give me a call at (813) 494-2124.  (Russ Perlowski)

I call Bayshore Boulevard in Tampa the street of dreams.  The Bellamy on Bayshore is perhaps the grandest of all condominiums in Tampa: 

From the moment you walk into the Bellamy on Bayshore Boulevard in Tampa you will think you have entered a palace.  This luxury condominium has it all, including a grand entry/lobby with an elegant fountain, wine cellar, conference room, gym with lockers and sauna, casual and formal club rooms, library, billiards room, and its own movie theater. 

The Mediterranean style building, built in 2006, has large outdoor areas as well, including an enormous pool with cabanas, outdoor fireplace, scent garden, and lanais.  Guest suites are available for a nominal fee for your overnight guests, and garage parking is another great feature of the Bellamy.  Additionally, Located minutes from downtown, you will find spectacular views with balconies overlooking the bay and the city. 

The Bellamy-palatial condominium living on Bayshore with million dollar views!

Click on the photo below for a virtual tour of the elegant Bellamy on Bayshore:

(Music is provided)

I have now added HOME DECOR videos.  Themes include Showcase homes, Kitchens, Living Rooms, Bathrooms, Entertaining Spaces, Outdoor Living/Garden, and Travel Destinations.

Click on the photo/cover below for the videos.  Then click on the THEMES you are interested in, and click on the photo to the right of the themes to watch the video.  These videos are narrated!

Meadow Pointe is one of the largest and most popular communities in Wesley Chapel, FL.  The community currently has three clubhouses and a fourth is planned.  With amenities such as swimming pools, tennis courts, basketball courts, sand volleyball, children's playgrounds, fitness centers, and a hiking trail, Meadow Pointe has a wide appeal.

For a virtual tour of of Meadow Pointe, Click on the photo above!

The following is information on recent home sales in Meadow Pointe:

The third quarter results for 2007 reflect that People's Choice Realty in Tampa had the highest real estate transactions of all real estate offices in the Greater Tampa area for the Greater Tampa Association of Realtors.

With a total of 893 transactions People's Choice Realty topped the list!

Interested in buying or selling a home?  Contact Russ Perlowski:  People's Choice Realty at (813) 494-2124

Market Analysis for Grand Hampton in New Tampa

The gated and guraded community of Grand Hampton, located in New Tampa has sixty three single family homes for sale in mulitple listing.  Prices of homes listed for sale, range from $230,000 for a four bedroom, 2.5 bath home with 1,763 square ft. (heated & cooled) to $950,000. for a 4 bedroom, 3.5 bathroom pool home with 3,972 square ft. (heated & cooled)

Below is a chart showing the Grand Hampton home sales for November, 2007.

Market Analysis for Meadow Pointe in Wesley Chapel, Florida

Meadow Pointe, located in Wesley Chapel currently has 161 single family homes for sale in our multiple listing service.  Listed home prices range from $174,000 for a 3 bedroom, 2 bathroom home with 1,494 square feet (heated & cooled) to $525,000 for a 6 bedroom, 4.5 bathroom pool home with 4,593 sq. ft. (heated & cooled.)

The chart below reflects the Meadow Pointe homes sold in November, 2007. Russ Perlowski:  Selling homes in Tampa, Land O Lakes, and Wesley Chapel, FL

A typical contract for purchase of a home here in Florida has a clause that allows the home buyer to have a professional inspection of the property.  Included in the clause is language that obligates the seller to correct defects that are mechanical or structural in nature up to 1.5% of the agreed upon sales price.  (A wood destroying organism defect clause of an additional 1.5% is also typical.)

Many homeowners who are selling think they can save money and hassles by listing their home AS IS with the right to inspections.

Now here's the rub.  When I am dealing with buyers, one of the first questions I ask them is:  Do you want to consider homes that are listed "AS IS"?  When I explain that the seller will not be responsible for correcting any defects identified in the inspection the Buyer pays for, they almost always reply:  "NO"!

So, when showing them homes, I automatically rule out ALL "as is" homes.

With the thousands of homes on the market, sellers are limiting their showings by "saving money" and listing their homes "AS IS".

Interestingly, the same sellers that want to sell "AS IS", don't want to buy an "AS IS" either!

This time of year, sellers typically ask us if they should keep their home on the market during the holidays, or if they should take it off the market and put it back on after the first of the year.

According to our MLS, in Tampa there are 5,832 single family homes listed for sale.  For the entire month of October, our MLS system reflects 303 single family homes sold in Tampa.  Similarly, Wesley Chapel, currently has 817 single family homes on the market, with 58 sold in the month of October.  Of course, these stats do not include all the new homes for sale with builders, or FSBO's (For Sale By Owners). 

So, clearly the statistics are pretty grim, even when it isn't the holiday season.  This is what I say to sellers.  "The competition is fierce because inventories are extremely high.  During the holiday period, we typically see a decline in the number of homes that go under contract, BUT the Buyers who are out there, and looking are usually pretty motivated."

Taking your home off the market has no advantages in terms of freshness to Buyers, in my opinion.  Now, with our MLS system, if a home is taken off the market for a short period of time, and then goes back on, we realtors see something referred to as CDOM (Consecutive Days On The Market).  So, we automatically know that the home has been on the market a while.  A new listing doesn't "reset the odometer" on a home that has been on the market.  Not too long ago, if a home was taken off the market and then re-entered, we did not have the visibility of CDOM.  We now do.

My recommendation is to keep your home on the market during the holidays. In this market sellers need EVERY showing that they can get!   NEVER turn down a request for a showing!  It only takes ONE buyer, and the showing you don't allow could be THAT buyer for your home.

The effective marketing of homes for sale has changed dramatically! Years ago homes were advertised in real estate magazines and in newspapers. That was BEFORE the internet!

Today, studies show that consumers are FIVE times more likely to buy a home they found on the internet than in the newspaper! Additionally, they are TWENTY FOUR times more likely to buy a home they found online than in a real estate magazine!

The overwhelming majority of homebuyers begin their search on the internet! Not checking the newspapers! This is one reason why newspapers are losing advertising dollars.

Studies also show that most homes are sold because a REALTOR® showed them the house (and most likely found it for the Buyers using our MLS software which is much more sophisticated than what the consumer gets to use!).

So, why are there still one or two real estate brokerages that still advertise in the newspapers? ---BECAUSE many home sellers think it is important! Not because it is effective, just because it is “perceived” to be effective by home sellers! With the thousands of homes on the market in Tampa right now, how often do you think your home will be advertised in the newspaper?

Most real estate agents will tell you that newspaper ads and open houses have little success in selling homes. These are techniques used by agents to find BUYERS—but not necessarily a buyer for your house. The odds are if they pick up a buyer at a open house, they won’t buy THAT house, but the agent can find them another house that may be more suitable.

So, where should your realtor’s advertising efforts and dollars be spent? All Tampa realtors have their listings placed on Realtor.com. Big deal! Many think that’s all that needs to be done to have an internet presence. It isn’t.

I submit my listings to over 25 websites and include virtual tours at no additional charge to my selling customers. The internet allows prospective buyers access to your home being marketed 24/7! One ad in the newspaper shows up for a day.  The number of people who view it can't compare to the internet. 

Remember when you list your home for sale, think and study what’s been proven effective in the marketing of homes for sale in the age of the internet. Marketing in the print media was a technique used in the last millennium when the internet didn’t exist!

Think of this too. You are reading this via the internet and NOT in the newspaper

Russ Perlowski: Residential Real Estate Agent:  (813) 494-2124

Nowadays it is typical that we are required to schedule a showing appointment on homes that are listed in our Multiple Listing System.  This usually is not a problem.  We simply contact the listing agent to schedule the appointment and to find out if there are any special showing instructions (alarm code, gate code, etc.).

Not too long ago, I had an out of state BUYER interested in an upscale home ($1 million).  Fortunately I had plenty of time to schedule all the showing appointments for him. 

With one listing, I had to call the listing agent about five or six times AND even visited her office over a period of three or four days, before she returned my calls to confirm a showing day and time.  (No, this had nothing to do with her ability to reach the seller, because the home was vacant.)  She heads a large team and is considered very successful by many.

Speaking with some other agents, I discovered that in the past, she hadn't returned their calls either and they just showed other properties instead of hers.

Of course the SELLERS have no idea that agents are trying to show their home and can't because the listing agent doesn't return calls for showing appointment requests.

It's tough to sell a home when it can't be shown!