Tampa Real Estate Market Statistics For May 2014

Check out the above video to view the Tampa real estate market statistics for May 2014. I do these real estate market statistics in Tampa to help educate home buyers and sellers. The data is taken directly from the MLS (MFRMLS). Please give me a call in you have any questions.

Transcript:

Hello everybody this is Lance Mohr I hope you are having a good day.  I wanted to just go over the real estate statistics.  I know for quite a few of you who follow us every month who want to see where the market is, where the market has been, and where the market is going I think that is great and I know it can get a little boring at times because you are not going to see some huge change from month to month but if you follow this over time and as just an example going back a year right here, look at last year where we were on inventory 3384 to last month in May over 5000 homes in the market and the same thing if we go to February to see where we were and of course 2013 was a little….I don’t want to say better it was a little different of a year because a lot more hedge funds were in the market sliding things a little bit but you can see where we’ve gone.  You could see the monthly statistics; the home active listings went up slightly.  You have the pending sales pretty much stayed the same.  I think when you look right here short sales are continuing to drop as far as I think a lot of people are staying away from them.  They are still about 9% or 10% of the entire inventory out there but here’s where the change is really occurring from last month to this month is short sales as you can see last month were 6% of all homes that closed and in April and May then went to 8%.  Look at what bank owned did, they went from 23% to 19%.  I’m not really sure why the short sales why this is happening right here.  It could have just been a backlog and they were clearing out a little bit.  I think with the bank owned you are starting to see, you’ve been seeing over time if you have been in the market or if you are a real estate agent in the market you have been seeing, the banks have just been over pricing their homes.  I’m seeing a lot of that.  Unfortunately banks and a lot of their agents, not that the agents really have any control over it because they are really…a bank agent is like a property manager, they are basically put there not to market, they are not put there for any form of customer service at all because it is some of the worst and they are some of the most unethical realtors…I hate to say that but it is true.  They are pretty much like glorified property managers.  They are there to appease the bank and do paper work for the bank; that’s basically what it is.  What is happening is they really don’t have a lot into it and the banks’ ultimate decision to get educated but I’m seeing a lot of this where the bank might take a property and price it $185,000 or you will see some really ridiculous prices like $187, 650.  Stuff like that and it will be over priced and in 30 days they will lower it and in another 30 days they will get it to where it should be but in the banking world on an REO property 30 days and 60 days in the market is quite a while and the home is already getting shop worn and people are starting to stay away from it.  No different than if people are selling home the same thing tends to happen.  Then the bank will eventually get a lower price than they probably would have if they had priced it right but they are really not following the market trends.  This was a good thing last year and it was great because the banks did not quite have it figured out until probably the end of the summer how good the market really was but unfortunately right now banks think the market is better than it is.  They think we are still in a 2013 market and we are not and so a lot of overpricing that way.  You are seeing bank drops right here.  I think this is the reason why.  If you look this is comparison over time which is great to see what is going on.  You can sort of even if I wanted to go back even further you can see right here going all the way back to 2013 and trailing into 2012 and 2011 it goes back quite a way.  Anyhow you have this as statistics right here.  You have May with a little further breakdown it is a good idea to have an idea where you are if you are looking at buying a home or if you are looking at selling a home.  Where does your home lie?  Is it 100 to 200?  Is it 200 to 300?  Where is it and what is the inventory like?  Overall the inventory still under 4 months which is really good.  You have to figure the average sales price of $180,000.  You have right here you have inventory under 3 months for $100,000 to $200,000; even at $200,000 to $300,000 still very low inventory 300 to 500 very low inventory.  I know this does not seem like low inventory right here but look at the price ranges.  Check this out.  If you have any questions on anything; real estate questions or any questions on the real estate market in general don’t hesitate to reach out and give me a call.  I also have on my website tampatoenjoy.com a lot of great educational videos.  I really wish people would start watching more of those because I get a lot of…yesterday I had someone contact me and she was very confused about how CDD fees work and home owner’s associations and a lot of people are still very unfamiliar with really how foreclosure/short sales work and how bank-owned properties work.  I have all that information on my website tampatoenjoy.com.  I also do this right here every week as you can see the home buyer webinars for buyers at TBbuyerwebinar.com and TBsellerwebinar.com.  You are going to save tons of time just watching this because most people who are searching for a home if you like it great continue to do it but most people are not doing it right and they are just going to all these sites that are just more frustrating than good.  I know visually Zillow and Trulia look good but you know it really, really hurts people I think in the long run because they are just a train wreck of a site, just completely outdated information.  I know everybody is trying to find something that the next person doesn’t know about, but once you know the person or have an in on an investor that is just going to give you free money – because that is what an investor would be doing if they gave you a tip, giving you free money, I don’t think that is going to happen.   Certainly not on websites like Trulia, Zillow or the MLS.  Basically you have to be the first to the party so to speak.  If you have any questions don’t hesitate to give me a call.  Visit my website tampatoenjoy.com.  Go to my Facebook page.  Go to my Google Plus page.  Like me.  I appreciate it and I hope you have a great week.  Have a great day as well.  Goodbye.

Overview of Brandon, Florida

Hi my name is Lance Mohr and I want to do this overview and go over Brandon, Florida.  I’m a Brandon real estate agent and I just want to try to help you get a little more familiar with Brandon if you are thinking about maybe relocating there or buying a home, renting a home etc.

Location

Brandon is located in Hillsborough County.  It is off the 75 and it is just south of the I-4.  It is an older area predominantly Brandon was built in the 70s and 80s.  You will see some home in the 50s and 60s.  You will see some homes in the 90s and 2000s but predominantly they are smaller homes maybe 13, 15, or 2000 square feet built in the 70s, built in the 80s.  It is very, very nice if you are looking for areas that have a lot of things to do.  They have tons and tons of restaurants there, movie theaters, tons of shopping, and just everything.  As a matter of fact, people who live in Riverview, Apollo Beach, all the surrounding areas pretty much need to go to Brandon if they want to do things but with that being said when you get on some of their major roads like the 60 it can get very, very congested during rush hour so keep that in mind.

Style and Appearance

It really depends what you are looking for.  If you sort of like that more matured look and you want something built in the 70s and 80s Brandon could be a really good fit. If you are looking for something newer and you want to be in a newer community there are sections of Brandon that are newer and some of them are gated but you might be looking in areas like Riverview which is just south of Brandon that is a little bit newer and then you have some other areas surrounding Brandon also.  Overall it is a good area.  I would definitely go on my website tampa2enjoy.com where you could look up school information and crime information.  I do a lot of these videos in different cities.  Just go on to my YouTube channel and go to the search where I think it looks like a little magnifying glass and you can type in the different cities or if you want to get information of Florida property taxes, what are CDDD fees and if you are in an older community you really don’t need to worry about CDDD fees but if you are in probably the mid-90s to 2000s I would definitely watch that video.  There are videos on bank-owned homes, short sales/foreclosures, a lot of different information to help you out.  Go in there and check it out.  If you have any questions on Brandon or the area don’t hesitate to give me a call (813)-317-4009.  I wish you the best of luck.

Tips For Home Sellers

Hi, my name is Lance Mohr and I am a real estate agent in Tampa, Florida and I wanted to do this video for home sellers. I know a lot of people were on the internet and they want to find out the value of their home. They are thinking about maybe selling it immediately or six months down the line and they want to get an idea of what it is worth and they are going on different websites like Zillow which is just a joke but anyhow they are going on Zillow and they are filling out market evaluations and they are going on Google and typing in Tampa home prices or Tampa home values. So anyhow let me just give you a couple of tips and I have to say right off the bat, take what I say with a grain of salt because it is not going to resonate well with everybody.

Appraisers

So first thing you need to know when you are looking at getting the value of your home first it depends on how good the real estate agent is or how good the appraisal is. There are a lot of bad appraisers and there are of course a lot of bad real estate agents. Everybody knows that but you want to get someone who knows what they are doing and someone who gives a correct evaluation. I can’t tell you how many times I would follow up a real estate agent and I would ask the home seller but what did they give you? Can I look at it? I would see and they would basically the agent just went in there and they took everything in the subdivision over the past 6 months and they just printed out all the homes that were sold in the whole subdivision and then what they do is they figure out an average price per square foot and then they take that home and they use that price per square foot.

I mean that is just comical. That is not even close to how square footage is figured out or how home values are figured out. As a matter of fact if you ever look at an appraisal or actually see an appraisal and let us say the average price per square foot is selling in a subdivision for say $100,000 just figuratively. It is selling for 100 and you actually look at the appraisal. The appraiser did not use 100. They are going to probably use about 40.00 per square foot because they are not giving you all of the costs for your cabinetry and everything else in the home, the plumbing and everything so it is just based off of just square foot but I am not really here to go over that.

Choose the best pricing

What I want to tell people is I want to talk a little bit about the pricing; how important pricing a home is. If you price a home too low you are going to lose money. Everybody knows that. But what people don’t know is if you price the home too high you are going to lose probably just as much money if not more and I have statistics from the National Association of Realtors to back this up so I’m just not giving you a theory here; not to mention I’ve dealt with thousands of people over my real estate career and I can tell you when they overprice a home it is like shooting yourself in the foot. So the one thing people do and I go in and talk to them and they will say well we want to sell our home but we are not really in a hurry and I completely understand that but here is the thing. Whenever you are selling a home you don’t want to be in a rush and you don’t’ want to underprice the home but you need to do your due diligence because you need to have a goal.

I tell all my sellers the ones that will listen to me; we need to have a goal to sell this within one to two weeks because you want to capture buyers. The shorter a home is on the market, the shorter time period the less negotiating power someone has, a buyer has. Example, you are a buyer and you go out and look at a home. It has only been on the market 6 days. Do you really think you have a lot of negotiating power? Believe me no you don’t. Even if the home is overpriced you still don’t have a lot of negotiating power because it has only been on the market 6 days. Now let’s say the home has been on the market 166 days. Even if it is priced right do you think you have negotiating power? Of course you do. So keep in mind there are only three things that are going to sell a home. It is like a piece of pie. You have to have all three. They are always as important as the next but it all starts with the price because price is the common denominator. The second thing you need to do is conditioning. Most people don’t condition their home. I will get into other videos in this. This is an advantage to use as a seller. Can you imagine going out to a brand new home and the thing is dusty, dirty, and has dings in the wall? It is really hard to show because no one is ever home. They don’t have any floor plans. They don’t have any information to give you on the home. Can you imagine that? _____ would never sell anything.

Marketing

The third thing is marketing. It is a whole other story because I am just amazed agents are in the business. They list homes They cannot take professional pictures. They can’t put descriptions on it. You call them up and you cannot get a hold of them but that is another thing. So when we talk about pricing but it is important that you know all of these things what it takes to sell a home. So pricing; let me give you some statistics by the National Association of Realtors and take this with a grain of salt. I know a lot of people are not going to like what I have to say because it will probably hit you between the eyes and some of you are just in flat denial but I hope this helps and I don’t mean to be too straight forward with you but I think that is what deep down people really want because we all know most realtors are like politicians they will say anything to get your listing and unfortunately sellers fall for that all of the time. So anyhow, let’s take market value. If you price your home at market value you are only going to have it open to 60% of the home buyers and people say 60% what about the other 40%? Well you have to keep in mind people are looking for homes for different reasons. If someone is buying a home and they are an investor and they want to rent it out, their number one goal is, is it going to rent fast and what can I rent it for. What is my rate of return? If someone is buying a home and they want to fix it up and flip the home well they are going to have to get a really good deal so there are different reasons why it is only 60% but if you overprice your home by just 10%. Okay so your homes were worth $200,000 let’s say and you decide well I’m not in a hurry let me overprice it and let me put it at $220,000 because the buyers are always going to want to negotiate. Well that is what a lot of people think. So they price it at $220,000. The problem is they have just gone from 60% of the market to 30% of the market like that. They have just eliminated half of all the buyers and of course the name of the game is how many people can you get in your home.

Spend time wisely

So the second thing is let’s take the number of weeks in the market. A lot of people know this and I get this if they have sold homes before. They always say well why is it that it was really busy in the beginning and now it has really slowed down. I have not been getting hardly anybody. Depending on the price range of your home and the marketing that your agent does, the average time period is 1 month. You are going to see after about 4 weeks, 3 weeks or 4 weeks the buyers are going to really start trailing off. Don’t think if you get a bunch of buyers in the first week or two weeks it is going to be like that the whole time. No it is going to really dip so it is really important. Again you have a small window of opportunity. If I go out to a home and it is say $100,000 in our area. If that home has not sold within the week I’m thinking this thing has a problem with pricing because we are going to get a ton of people. There are a lot of fish swimming in that sea. If it is a $400,000 home I understand it is not going to sell in a week or two weeks but you have to have a goal. You have to go in with a game plan.

The third is and this is really eye opening to a lot of people. If you could get the home sold within four weeks you are going to be able to get on average, the National Association of Realtors states you are going to get about 1.9% less for your home. Now a lot depends on the price and a lot of different variables the condition etc. But of course keep in mind price is always the common denominator. If you want to hire an agent that does not do any marketing, that does not return any phone calls, that takes lousy pictures, that does not do videos, that does not write descriptions, well you are going to pay a price. Maybe you paid them less than a commission price but you are going to pay in the overall cost of the sale and again if the conditioning is not there. So if a home sits on the market between 4 and 12 weeks you are going to average 3.6% less than the fair market value of the home. If it sits on the market between 13 and 24 weeks you are going to get 5.6% less. And if the homes on the market more than 24 weeks and of course the longer it is going to start adding up. You are at about 9%. So can you imagine not being in a hurry and instead of getting $200,000 for the home which is what you should have gotten, you get $189,000 or let’s say even worse you should have gotten $200,000 for the home but you didn’t get $200,000, maybe you priced it at $220,000 or lowered it to $215,000 and you lowered it to $210,000 and you lowered it to $200,000 which opened it up to a whole bunch of different buyers. You’ve got a buyer that came in but the problem is it has been on the market 158 days. You are going to get on average about $180,000 for that home. That is how important pricing is. Again don’t…you don’t have to listen to me. Take what I say with a grain of salt but these are statistics and I can tell you that this is true. When buyers are buying homes and think back when you bought a home, they always want to know how long has the home been on the market? Everybody wants to know that.

Contact Me

If you have any questions about selling a home, marketing a home, anything, what is going on in the Tampa real estate marketing please do not hesitate to give me a call at 813-317-4009. I also have a lot of these educational videos on pricing, conditioning, how to hire agents, etc. Go to my video page on my website Tampa2Enjoy or just go to my YouTube channel. I have all this stuff. I hope this helps and I wish you the best of luck. I really do. Take care and thank you very much.

Tips For Home Buyers

Hi my name is Lance Mohr and I’m a real estate agent in Tampa Bay Florida and I wanted to do this video for homebuyers not just first-time homebuyers but even people who have bought two, three, or four homes because I know a lot of times I go out to someone’s home when we are selling it and I start asking them and talk to them about what happened when they bought the home and they just have a lot of horror stories and I mean I’ve heard everything from people getting swindled out of homes to just a lot of really, really bad issues with title and losing earnest money so there are a few things I want to give you some tips that you need to do.

Get Educated

You cannot make an educated decision unless you are educated. And a lot of times what happens is people are very complacent when they are looking for a home. They start going through Trulia and Zillow, they fill out information, and pretty much whoever they talk to they think well I’m just going to work with this agent. I just want to look at homes and they can show homes. Well that is like going to a doctor and saying I can go to any doctor and use them because they just prescribe medication. It is ridiculous. It is the same thing with an attorney or anybody or any professional.

You really need to get educated so when you are looking for home contact realtors and reach out and interview them. Talk to them a little bit, read their bio on their website, find out a little bit about them, ask them questions about how long they have been in the business, do the work more with buyers, do they work more with sellers, and start doing some research just not on real estate agents, look up home buyer webinars to look at especially if you are first-time homebuyer and look at stuff on the Internet if you want to know about how property taxes work read about that.

If you want to know about crime reports or school reports start reading information. The World Wide Web is great but be careful because there is a lot of bad information. There are a lot of bad people out there, real estate agents, lenders, people in general. So really educate yourself because at the end of the day if something happened it is no one else’s fault but your own.

Get educated in what is going on in the market out there. Is it a buyers’ market? Is it a sellers’ market? What is the trend? Is it trending more towards a buyers’ market? Is it trending more towards a sellers’ market? A lot of people really got caught and were surprised when the market shifted because they didn’t understand it but there are signs and there are statistics so get that.

Check for Credentials and Experience

I hate to give you hard love and say that but a lot of times I will go out and I will talk to a buyer and they got swindled out of money or something happened and they just had a really horrible experience and I start talking to them and I’m like why did you work with this real estate agent and they just say,” Oh well they called me back” or “they happened to show me the home” or “they were friend of a friend at work” and the agent did not have any credentials or any experience and has not been in the business.

The same thing goes with the lender, if you’re looking at getting a loan, if you need a loan talk to your real estate agent they should be able to give you at least one, two, three people to talk to lender wise and talk to the lender. Go in and sit down and talk to them about what are the options. I know everyone is into instant gratification market right now that is just our society; everybody wants instant gratification. You want what you want and you want it now and I understand that. I get it. I am the same way but the problem is you are going to get hurt.

What you really need to do is talk to the lender and see what options are available to you and have them don’t just tell you what you are going to do but say what are all my options. Then have them discuss it with you, ask their opinion on what they think and why and do the same thing with the real estate agent. Go into the real estate agent’s office and sit down with them. Go over everything. See how professional they are. Look anybody could show you homes and in all honesty you don’t need a real estate agent to do that. I know this… a lot of this is stuff you are probably just sitting there thinking, “Oh, Lance I already know this, this is ridiculous but you know what, people know it but they don’t do it. I’ve got to tell you I can probably count everybody on my hands and feet my entire career that have actually gone through the proper steps and have actually gotten educated so don’t go with the instant gratification.

Conclusion

This is going to be the biggest financial decision, this is going to be most people’s biggest financial decision so again, if you want to make an educated decision, you have to get educated. If you have any questions about the Tampa marketplace and speaking of which let me just add one more thing. If you have any questions at all about the Tampa Bay area, the Tampa market do not hesitate to give me a call at 813-317-4009. You can get on my website tampa2enjoy and check out all the educational information and free webinars for home buyers and sellers and they are they only take about a half hour. See my Facebook and all my videos on my Youtube channel for more information. Alright, best of luck to you. Good bye.

Wesley Chapel with Lance Mohr

The life of Wesley Chapel

Hi my name is Lance Mohr and I’m a real estate agent, a Wesley Chapel real estate agent and I know the area Wesley Chapel, the communities, and the builders like the back of my hands.  If you are looking at buying and moving to Wesley Chapel this video is for you, that’s why I did it.  I want to give people an overview on Wesley Chapel.  So basically Wesley Chapel is in South Pasco County.  It is considered South Central Pasco county.  It is just off the 75 right above New Tampa; very nice area.  It used to be if you rewind the clock back to probably about 2005 or maybe 2008 or 2009 it used to be considered like New Tampa’s little brother or maybe New Tampa’s little sister.  There were a lot of first-time home buyers and first-time home builders going in catering to the first-time buyer like in Bridgewater, North Wood, and some of these areas but then all of the sudden you have Seven Oaks by Crown Development that went in that was a game changer and they started cutting in streets like they widened Bruce B. Downs, they extended 56th and they just opened up the whole area so there’s just a ton of development; as a matter of fact in all Tampa Bay over 50% of all the residential and commercial development is happening in Wesley Chapel.  It just has a ton of stuff going on; movie theaters are opening, malls are opening, community colleges are opening, and subdivisions that are absolutely off the hook are opening.  It is just a really booming area, very nice.

Distances

A lot of people think well Wesley Chapel is a little far, I live in South Tampa but because you are in Wesley Chapel you are above the 75 and 275 split.  It actually could be quicker to get to areas of South Tampa and downtown Tampa than even New Tampa is and New Tampa is closer as the bird flies.  It is just a really nice area, great schools, very low crime, and people with kids if you have kids they just absolutely love it because there are so many things to do, not just in Wesley Chapel but in New Tampa and Wesley Chapel is just a really, really growing community.  You could basically throw a dart in Wesley Chapel and hit a goldmine. Of course if you are retired, people who are retired I’ve sold quite a few people who are retired coming from the north homes in Wesley Chapel because again they just love it.  So if you have any questions about Wesley Chapel at all or anywhere in that area, homes for sale in Wesley Chapel, New Tampa, Land O Lakes, please give me a call at (813)-317-4009, send me an email at lance@tampa2enjoy.com, and go into my YouTube channel if you are not on there right now.  Go to the search button that looks like the little magnifying glass or something like that and do a search.  Type in New Tampa or type in Apollo Beach.  I’m continually doing these to give people overviews.

New Tampa and Wesley Chapel are both about the same distance.  You are probably looking at to South Tampa maybe 30-35 minutes with no traffic.  If you are looking at going to the airport you are probably looking at ½ hour maybe 35 minutes with no traffic.  If you want to go to the beach if it is the beach off the causeway by the airport which is part of the bay you are looking at maybe 35 minutes.  If you want to go to the beach like say St. Pete or Clearwater you are maybe looking at 1 hour or Sarasota but it is very convenient, great area to live if you are looking in the suburbs.  Alright, I hope this helps and if you have any questions don’t hesitate to give me call.  Visit my website tampa2enjoy.com.  Have a great day.  Goodbye.

There is tons of resource information on my website.  Okay, thank you.

Tampa Waterfront Properties- Tips for buying/owning a boat

Hi my name is Lance Mohr and I am a real estate agent in Tampa and here is another video on buying waterfront homes in Tampa and to give you a tip on what you need to do. It really does not make any difference if you are looking for Tampa waterfront properties whether it is a home or whether it is a lot do your due diligence, don’t just rely on the real estate agent.

Getting reliable info

Let me give you an example. Let’s say you want to be on the water, whether it is on the golf or intercostal and you have a boat and maybe it is a 30-foot boat or even a 30-foot sail boat and you need a certain depth of water. Don’t just ask the listing agent to ask the seller what the depth is, call around and as always, I don’t mind calling for buyers. The problem is if I get wrong information, that wrong information is going to be passed along and I don’t really like the liability.

There are a couple of things that you could do as a potential home buyer if you are looking at buying waterfront properties. You are going to do a couple of things, one is call different marinas. Tell them where you are looking at buying and what the address is and they can help you out and tell you most of them know especially if they are a marina that is local they are going to know and if there are a couple of marinas call a couple of them and get some ideas. The best thing to do though is when you are in the neighborhood drive up and down the street and find someone who has a boat maybe similar to the size you are buying and get out and knock on their door.

The thing about people and I know people pretty well being in this business, people love to talk about themselves, they love to talk about their kids, and they love to talk about their home. If you have questions they are going to be more than willing to help you out. They probably may or may not have had those questions if they were looking at the waterfront property so check it out and do your due diligence because you don’t want to buy a home and then find out that the depth of the water to be is going to be wrong.

Get a hold of me

If you have any questions or concerns about any homes in Tampa, any waterfront properties, or anything don’t hesitate to give me a call now at 813-317-4009, I would love to answer your questions and help you out. More valuable information is free to the public on my website at Tampa2Enjoy, Please check out my Facebook and all my other videos on my Youtube channel or on my website video page. I wish you the best of luck. Take care.

April 2014 Real Estate Market Statistics

Transcript:

Hi, this is Lance Mohr with Future Home Realty and I wanted to go over the real estate market statistics for April 2014. And most people have watched these before, but just so you understand these statistics are for single-family homes in Hillsborough County.

Now if you own a home in the Central Pasco County there is like Wesley Chapel, Land O Lakes then I would go off these statistics because they are a little bit more relevant than probably the Pasco statistics because Pasco plays into to affect Zephyrhills, Hudson, and New Port Richey which are a lot slower.

Anyhow, let me just go over this: Most everything looks pretty similar to what it did last month, as you can see right here the active inventory jumped up a little bit by about 29 homes. You have the inventory right here: pending sales jumped up quite a bit from about 3370 to 3566 so that is a pretty good jump. It definitely shows you the marketing is going really well. You have down here under sold, the sold homes in April as you can see jumped up about 100 homes as well. So again things are going really good.

Overall, I think home buyers don’t think the market is as good as it is and I think a lot of home sellers actually think the market is deader than it is, so I would just keep in mind where we are in the market. The inventory is low. You can see right here the inventory has gone down. It was down and in three months. It jumped up to 8 in January, 5-1/2 months went down a little bit in February to 4.87 months. In March it was 3.92 months and in April 3.66 months. Of course keep in mind a stable market is about 6 months of inventory or it is not really a buyer or seller’s market so it definitely is a buyer’s market especially if you are under 200 or 250. But let me just point out one thing that is a little bit not too surprising because I have been talking about it since October of last year but it might surprise a lot of people. If you look right here under the actives and look at what the short sales are doing.

Let’s just take in January. They were 10% of the market and now they are 9% of the market. You are not seeing a huge difference on homes that are pending in January they were 46% of the market. In April, they were 36% of the market. Here is a thing that might surprise a lot of you and I’ve been saying since October this is what was going to happen with what is going on with the Relief Act not getting passed. In January, the amount of short sales that were closed were 12%. In April, just 4 months later it has dropped literally in half down to 6%. You can see what the bank owned did. The bank owned was 23% in January, fluctuated a little bit and now they are about 23% so they pretty much stayed the same. As you can see traditional sales have gone from 64% of all the closings to 71% but it is the short sales that are staggering.

What is going on is a lot of banks are just not telling people they can do short sales and people are going through the whole process and waiting 2, 3, 4, and 6 months and then they are just denying the short sale all in all or they are just being so absurd about what they want it is just not working out. So just keep that in mind if you are doing a short sale you really need to hire someone who knows what the heck they are doing. This is not one of those things you just want to assume every realtor is the same or you can literally pay tens of thousands of dollars more for that mistake.

April 2014 Statistics for Buyers

If you are buying a home, just understand there is a good possibility the bank may reject and have your real estate agent ask a lot of questions:

  • Who are the banks?
  • How many banks are there?
  • How cooperative is the seller?
  • Have they gotten their package ready or have they even gotten a short sale package?

There are a lot of things you need to ask up front or your agent should be asking. Again, I know a lot of buyers like to think all real estate agents are the same but believe me it is like anything, they are not.

So we go over to individual statistics over here and as you can see when we are in the $100,000 to $200,000 range you can see how low the inventory is. It is 2.83 months there is very low inventory so if you are looking under $200,000 and you see a home you like, you need to write an offer and a good offer and assuming it is a good valued home, and of course if it is overpriced you are not going to want to make an offer on any house so that answers that question.

As far as homes from $200,000 to $300,000 a little over 4 months of inventory; that is still very low based off of this price range. Keep in mind the 6 months of a stable market is based off an average-priced home which in the Tampa area is around $180,000 so a $200,000 to $300,000 home those are above average and they have a very low inventory level. The same thing with $300,000 to $500,000 and the same thing with over $500,000; I mean you can’t look at this and say okay well the homes $385,000 in the inventory level is 5.71 months. If a home is at that value it is almost twice the market value of an average home but still the inventory level is less. So just keep that in mind when you are a buyer.

April’s Statistics for Sellers

When you are a seller again, you just have to get everything done. Buyers right now in today’s market are very, very fickle. They are just not wanting to go in and some of them just don’t have the money to go in and start putting a bunch of money into a home in interior and exterior paint, redoing kitchen cabinets or countertops, redoing floors, redoing fixtures. You really need to spend a little money up front and get this done. I would personally hire an interior decorator to make sure all the colors flow and match well.

April 2014 Conclusion

So that is really where we are in the market. If anybody has any questions please don’t hesitate to give me a call. You can email me on this information right here. Here are some more of my websites. It’s not really coming through that good but you can always go on my home buyer website and do a webinar and go to tbbuyerwebinar.com. If you are looking at selling a home you can go to the free seller webinar. They are done twice per week at tbsellerwebinar.com. TB stands for Tampa Bay.

Alright have a great day. Thank you. If you have any questions let me know. Please like my webpage if you go on there and have a great day. Thank you.