Market Insider: Real Estate Price Trends for Palm City, Florida – Sold vs. Listed

The data in this post is provided by Market Insider and is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you’re a buyer or seller, the knowledge you gain from this and other resources will help put you in control of your real estate transactions.

Review the inventory and health of the market by looking at the number of sold and listed properties below.

To understand if the market inventory is growing or shrinking, compare the number of sold properties to new listings. If inventory is growing, the market could be trending toward a buyer’s market. If inventory is shrinking, then it could be a seller’s market.

Gauge the health of the market by comparing the number of standard to distressed listings. If the number of distressed listings is greater, the market could be unhealthy and more likely a buyer’s market.

Sold: Properties sold that month
New: Listings that are new on the market
Distressed: Listings that are short sales, bank owned, or up for auction.
Standard: Non-distressed listings

This custom built home features spectacular clear-story windows, a working fieldstone fireplace, and hardwood floors with cedar plank walls and pine ceilings throughout. Upstairs discover the master bedroom suite with its own porch and loft overlooking the living room. Additional highlights include recessed lighting, sound system, two-zone A/C, full hurricane shutters, generator hookup, and outside workshop.

NEW YORK – Jan. 5, 2012 – Many people make a New Year’s resolution to cut back on expenses, but according to the Insurance Information Institute (I.I.I.), there are smart ways to reduce insurance costs and some not-so-smart ways.

I.I.I issued the a list of top consumer mistakes followed by practical ways to trim costs:

1. Insuring a home for its real estate value instead of for the cost of rebuilding. With the real estate market in a slump and home prices down in parts of the country, some homeowners think they can reduce the amount of insurance on their home too, the I.I.I. says. But insurance is designed to cover the cost of rebuilding, not the sales price of a home. Make sure you have enough coverage to completely rebuild your home and replace all your belongings in the event of a disaster.

A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your annual premium.

2. Selecting an insurance company by price alone. It’s a good idea to also make sure the company is financially sound and provides good customer service.

A better way to save: Check the financial health of a company through independent rating agencies, and ask friends and family for recommendations. You should select an insurance company that has a reputation for excellent customer service and will respond to your needs and handle claims fairly and efficiently.

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is available from the National Flood Insurance Program (NFIP) as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas.

A better way to save: Before purchasing a home check with the National Flood Insurance Program (NFIP) to see whether it’s located in a flood zone. (Some mortgage lenders require coverage, if so.) If you already own a home in a flood zone area, look at home mitigation efforts that can reduce the risk of flood damage and consider purchasing flood insurance.

4. Purchasing only the legally required amount of liability for your vehicle. In today’s litigious society, buying only the minimum amount of liability means you’re likely to pay more out-of-pocket if you are sued – and those costs may be steep. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident.

A better way to save: Consider dropping collision and/or comprehensive coverage on older vehicles worth less than $1,000.

5. Not buying buy renters insurance. A renters insurance policy covers your possessions and additional living expenses if you have to move out of your home due to a disaster. Equally important: It provides liability protection in the event someone is injured in your home and decides to sue.

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life, generally provides savings.

© 2012 Florida Realtors®

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Just how important is technology when it comes to selling homes? By utilizing some of the same e-commerce techniques you might find on consumer Websites such as Amazon and eBay, I have been able to get hundreds of motivated buyers to connect with my Web sites and online listings each and every month.

Reaching Out to Potential Buyers

Connecting with buyers is the name of the game in today’s market. One of the first things a potential buyer sees when they visit any of my websites is a “Search Widget”, which provides buyers with the ability to find and research homes. My Search Widget is a great tool to capture those buyers. In fact, once an individual registers at the website, the system notifys me and I can call them back within minutes.

Connecting with potential buyers doesn’t stop there. I also promote within my online listings, providing opportinities to register for free reports and market information. If someone is searching for properties online and pulls up one of my listings, the search widget and registration links are included right there in the property Web site. This is a great way to generate interest among buyers, follow up with these leads immediately, and provide more information about the property.

Staying Ahead of the Curve

As Web-based real estate technologies continue to improve and consumers increasingly turn to their PC, tablet, or smart phone for information, it’s becoming more crucial than ever that an agent stays ahead of the curve, which is now trending towards Mobile Search apps. My Mobile Search app enables clients to view listings while on-the-go. If a buyer happens to pass a home they like the Mobile Search app can pull up the property and show the client pictures of the inside right then and there.

Text Message marketing is another technology that can be custom-tailored for real estate applications. Using Text Message marketing in my print ads and signs enables prospective home buyers to send a short code (text message) via their mobile phone to a dedicated phone number and receive property information instantly on their cell phone. Buyers receive brief property info (price, bed, bath etc.), a contact number to call and a link to the mobile property website. The system also captures the home buyer’s phone number, sends me an instant email notification, and saves the lead in my database.

Having become become more tech-savvy, home buyers expect REALTORS® to do the same. With “out -of-the-box”  features such as the Search Widget, the Mobile Search app, and Text Message marketing, my clients can search for homes online when it’s convenient for them while providing privacy, control and flexibility in researching homes for sale.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Part 3: Inspection

The first hurdle after contract acceptance is the inspection. The buyer will hire a professional inspector to thoroughly go over your home looking for major and minor defects (no home is perfect!). Areas of specific concern are: roof, air conditioner, hot water heater, pool equipment, structure, electrical and plumbing.

It’s not a bad idea to hire your own inspector prior to marketing the home. For $200 – $300, you can eliminate most surprises, and know up front if your roof or air conditioner will need to be replaced. If your air conditioner is unsafe or your roof is damaged, you will probably be asked to fix or replace it. You might as well know these things up front; possibly we can recapture the cost of repair or replacement in the listing price. When I act as a buyer agent, I insist that the roof and air conditioner be safe and functional for our clients.

Another advantage to pre-inspection is that many minor irritants can be fixed. The more “nickel and dime” problems that an inspector points out to a buyer, the more nervous the buyer becomes that the home hasn’t been maintained. When a home comes through inspection with a short punch list, the buyer feels good about the home, and is excited to move forward. Obviously, a lengthy punch list creates the opposite emotion.

What should I expect to fix?

A defective roof, air conditioner, sewer line, or septic system will almost always need to be repaired or replaced. Otherwise, there are no rules. The buyer can ask for anything, and you can respond any way you want.

Unless your home is truly in poor repair, the buyer should not give us a laundry list of minor repairs, but it happens every day. The inspection is simply a second negotiation.

What I Need From You

When you hire me to sell your home, you have certain expectations from me that I hope to fulfill and exceed. I also have expectations from my sellers that will make the process go smoothly and more profitably for all…

-A clean home, ready and available to show with reasonable notice
-Sellers out of the house during most showings
-No smoking in the home during the marketing period
-Lawn and pool care if your home is vacant
-A willingness to ensure a safe and working air conditioner, and an insurable roof to the new buyers, even if that means repairs or replacement (unless your home is marketed as a ‘fixer’)
-An open mind to our suggestions and recommendations

What You Can Expect From Me

Week One

-MLS entry
-Lockbox & sign installed
-Brochures delivered to home
-Web Sites activated
-Virtual Tour created and distributed
-First market report
-Feedback reports
-Review our first week on market (showing procedures, any feedback, general observations)

Weeks Two – Three

-Continued feedback reports
-Weekly check in phone calls
-Second market report (at three weeks)
-Brochures re stocked (as necessary)
-Discuss price adjustment
-Open house, if desired and appropriate

Weeks Four – Six

-Thorough review of the market and re evaluation of our strategy
-Continued feedback reports
-Weekly check in phone calls
-Evaluation of feedback
-Third market report (at six weeks)

Weeks Six – Onward

-Continued feedback reports
-Weekly check in phone calls
-Periodic market reports (if desired)
-Exterior photo re-taken (if necessary)

I Work for You

If you have additional needs, or suggestions for improving my service to you, please share them! I want your experience with me to be one of the best customer service experiences you’ve ever had. My goal is to provide 100% Customer Satisfaction. Help me make that happen.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Part 2: Offers

Quick Offers
Even in a buyer’s market, we may receive an offer right away. Buyer agents with active buyers are on a daily watch for new listings. Well priced and well presented homes still can sell quickly and if your home meets the needs of an active buyer, his or her agent will show it to them as soon as possible. If this happens, it does not mean that your home was underpriced. Do NOT beat yourself up that you should have asked more. Overpriced homes that sit on the market get stale and the best way to obtain the highest price is to sell quickly.

Low Offers
Everyone wants a DEAL. Most buyers want to try a “low ball” offer to see what happens. Don’t be offended. If your home is reasonably priced, we’ll simply counter back. If you’re a little high, you’ll probably need to give a little. We’ll discuss your options thoroughly and you will make the final decision.

Contingent Offers
A contingent offer is one where the buyer needs to sell a home to qualify to buy yours. Responses to a contingent offer include the following:
1. Reject it, who needs the hassle?
2. Accept it, hopefully they’ll be able to sell their home.
3. Counter with a First Right of Refusal.
Home Sale Contingencies definitely add a wrinkle to the process. Instead of one inspection, one loan approval, one appraisal, we have to deal with TWO. Any real estate deal, contingent or not, can fall apart at any time prior to closing, but it is slightly more likely to happen with a contingency.

So why would you ever accept a contingency? A few reasons:

-More money- A good Buyer Agent knows that a contingent contract is not as appealing as a clean contract; therefore, the offer should be as attractive as possible in other respects. If you accept a contingent offer, you should expect a great price and reasonable terms.

- Market Realities- As real estate prices move higher, it will become more and more difficult for first time buyers to purchase a home. Therefore, the buyer for your home will likely already be a homeowner who needs to sell their home to qualify to buy a new home. Bridge loans are not easy or cost effective to get.

If you are committed to a specific moving date, it is probably a good idea to avoid contingent offers; however, in reality, I don’t know if a contingent contract (or any, for that matter) will close on time, or at all. Neither do I know if a clean offer will come along soon. Whether or not to accept a contingent offer is a judgment call. If we do agree to accept a contingent offer, I will work diligently to make the process as smooth as possible for you.

No Offers
I will be providing feedback to you from agents who show the home, so we may already know what the problem is (price, condition, location, etc.). Some homes simply take longer to sell than others, but in today’s market, many homes don’t sell at all. If we aren’t seeing second showings or receiving inquiries from showing agents within a reasonable amount of time, we need to discuss alternative strategies, including price.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.