The State of Florida requires home sellers' to disclose all known defects that might materially impact the value of a home, yet there seems to be an area where most sellers (and their listing agents) appear to "forget" to be totally forthright.
When a real estate company is hired for the job of selling a home, the listing agent typically has the homeowner fill-out and sign a Seller's Property Disclosure (SPD) form. The seller is supposed to record all changes that have been made to the property and itemize things that might be wrong with it too.
For the most part, I think home sellers try to be honest on this, though many are concerned about this process working against them gaining top dollar when they finally do sell the home. Usually, with proper explanation, they do the right thing. But there is one big exception to this rule.
SPD - Seller's Property Disclosure
You might have heard the term "Open House" used as an event that might help you sell a house, but this article is about something that sounds the same but is quite different.
You see, there is another type of event called a "real estate broker's open house," and it involves (usually) the listing agent of a home for sale inviting other real estate agents to come to some sort of simple viewing. Often times, there are refreshments and possibly door prizes used to lure in as many real estate agents as possible.
I suspect my views on these brokers' open houses will touch on a few nerves, but I think it's time we revealed what truly goes on at a real estate broker's open house.
Broker's Open House History
The Tallahassee Real Estate Blog is one of the rare real estate websites devoted to providing in-depth analysis of a local housing market, and today our report features Camelot Park in downtown Tallahassee.
The last time we wrote a report on Camelot Park, we described it as "a neighborhood on fire."
There is nothing in this updated report to change our opinion on this, in fact, one might say that Camelot Park has gotten even hotter. We said that only one thing could stall this great in-town neighborhood, and that was inventory, but more homes have hit the market since that time.
For the reader who has not visited the Tallahassee real estate website before or has not seen a prior report on Camelot Park, it is a popular downtown neighborhood that is walking distance to some of the...
If you are interested in purchasing residential real estate in Tallahassee, you find that more than one in every five homes for sale is listed as a distressed property.
In the past (meaning prior to the housing market collapse and going back to caveman times), the distressed property market was a very small niche of the homes for sale in Tallahassee. Why? Because Tallahassee sustained a very consistent appreciation rate over the years, and there was relatively low speculative building here.
This resulted in a market where home sellers would typically have equity, so people who had a bad economic event occur could most often sell their homes and walk away with some cash.
But today's report will show that we are still far away from "the good old days" and that we still have a lot of ...
For several of our recent Royal Oaks housing reports, we advised that both home prices and home values would rise, and the graphs below show this has come to pass.
While much of the Tallahassee real estate market was cooling off, why was this popular Northeast Tallahassee neighborhood strengthening? Simple. It had been beaten down further than most neighborhoods in its vicinity and it was only a matter of time until we saw the recovery blossom to the same extent here as well.
This is one of the benefits of tracking long-term trends as a real estate broker in Tallahassee; we get to provide a more accurate valuation when it comes time to selling your home or buying a home, and this means you are in a better position to negotiate.
There is still plenty of upside left in Royal Oaks, and buyers...
Fewer homeowners are entering the market this year to sell their homes. This is actually "news" for the Tallahassee real estate market, and it might be the most significant news of the year for our ailing market should it continue.
If you saw The Weekly Special Report this morning, than you likely understand the impact on home values as the imbalance between supply and demand for homes in Tallahassee improves.
But I'm wondering how the market will react to this in the early stages of 2016, as it appears that homes priced below $300,000 will either be in-balance or actually entering a seller's market (after 8 long years, it's nice to type the words "seller's market" again).
Number Of Fresh New Listings Declines
If you are looking for a unique home for sale, I have some great news for you. I have one in stock!
The one thing that every single home has in common is that it is unique; no two homes are exactly alike.
In fact, when people who are getting ready to sell their homes start to prepare, they (almost) all have a belief that their home stands alone and will sell as the result of a negotiation with a buyer (which might or might not be true).
But the educated home seller knows better.
You have to locate a buyer (or preferably several) before any kind of negotiation can begin.
Preparing To Sell A Home
I'm starting to get this question a lot when I run into friends I have not seen in a while. They ask "hey Joe, how's the real estate market?"
Depending on how much time the environment allows, I either answer "are you reading my Tallahassee Real Estate Newsletter?" or I go into a little detail of what I've recently reported.
As a homeowner myself, I base the answer upon my opinion of how easy it is for somebody to sell their home if they decide to move. For example, back in 2012 when more than half of home sellers failed to sell their home when they were first listed, my opinion of the housing market in Tallahassee was not very good.
But times change. Market cycles come and go, and now we are in a much better market. So if you are wonder how the real estate market in Tallahassee is...
For more than forty years, median home buyers have been drawn to Eastgate in Northeast Tallahassee.
Situated inside of I-10 on the East side of Capital Circle, this popular neighborhood is close to shopping, transportation, and many wonderful dining establishments. In fact, many residents love the fact that there is much to do within walking distance of Eastgate.
Last year, there were more homes sold in Eastgate than in any year prior going all the way back to 2001, so today's report should not be too shocking to discover that far fewer homes are selling.
But if you are looking to buy a home for under $200,000 in Tallahassee's popular Northeast quadrant, you should bookmark this page and continue to check for updates on homes for sale in Eastgate.
In this report, we...
If you are looking for a great investment in a single family home, look no further than Arbor Hill, a neighborhood with excellent access to town and a premium location in Northeast Tallahassee.
Situated on the southern border of Killearn Estates, this popular subdivision offers location, location, location and unbelievable prices.
The value that recent buyers have picked up here is just boggles the mind, and whether they are investors or owner-occupants, they should have no concerns about their long-term rate of return on investment.
In this report, we will look at home prices, home values, and home sizes in Arbor Hill, as well as show current listings in the Tallahassee MLS and all closed home...