What you think, what the appraiser thinks

There are still a couple of neighborhoods in Manatee and Sarasota counties where there have not been a lot of sales in the past year or two years.

This leads to a difficult problem.

Appraisals are largely based on comparable sales. So if there are no comparable sales in the neighborhood the comparable may come from other neighborhoods. Which often makes the appraisals more difficult.

And with new banking regulations the appraiser may not even be from the county where the appraisal is being done.

What that means for the seller is even though they think the price of their home is reasonable and the buyer agrees to buy it at that price, the deal may stopped in its tracks by an appraisal.

This means real estate agents have to be constantly updating sellers on what their listing is worth. If they asking price does not reflect true market value the homeowner may be in for a shock when the appraisal comes in.

If home is getting a mortgage an appraisal is ordered to determine the value for the lender. If the value is less the agreed price, well, the lender will probably deny the loan.

It is happening more and more often in this market. It is a frustrating situation for everyone and on the other it is reality check for homeowners on how far values have fallen.

All the best
Greg Owens PA
Keller Williams Realty On The Water
941.932.6343
greg@teamworksfla.com

Water, water everywhere

One the great things about being in either Manatee or Sarasota counties is that you are minutes from boatable water or beach.

There was a time a couple of months ago where you could get a pretty good deal under 300k for a home with a dock.

Having been around the area the inventory for boatable water front is getting smaller and smaller.

You can still get a pretty good deal on a house under 500k but you may have to search a bit and the seller's are starting to dig in their heels on pricing.

If you want affordable waterfront the time to move on it is now before season starts and the affordable inventory is gone.

All the best
Greg Owens PA
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com

Celebration now come on

The latest Trendgraphix housing statistics are out for Manatee County.

Yes, inventory for single family homes is dropping, down 38.9 percent compared to last year from June 9 to July 9. That is 2,893 homes on the market as of that day and the inventory has continued to drop since then.

The pending homes sales are up 80.7 percent to 459 for that 30 day period. That is slightly skewed due to the short sales which take months instead of days to close.

Sold homes were up 7.1 percent from the same time last year with 302 single family homes sales in the county.

We're celebrating because the free fall has ended. The drop in inventory, rise in sales and pending sales has continued over seven months. Well with the exception of high end homes.

And we have returned to a stable market.

All the best
Greg Owens PA
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com

Maybe I can help you

As a buyer's agent I often get calls off signs from people a little confused about the neighborhoods and pricing.

This is where I get a lot of business.

People looking at the real estate market need help. They may not think they need it or want it. But they need it.

A typical call sign call usually goes something like this. A person wants to know the price of the home. They find out it is probably two to three times their budget.

A perosn on our team offers to help. They say they don't need any help and hang up.

Now they go to the next neighborhood, call on another sign and another sign and another sign. Well you get the idea.

There are more than 2,800 potential real estate signs in Manatee County alone so this could become a career for some buyers who don't want help.

If they would sit down with an agent for lets says 15 to 30 minutes and discuss what they are looking for that several day long adventure might get cut down to a couple of hours and finding the right home at the right price.

All the best
Greg Owens PA
Keller Williams Realty On The Water
941.932.6343
greg@teamworksfla.com

Wanna bargain for a million?

OK the market being stable in the low to mid-range is old news.

If you missed that news. Like many calls I get. That ship sailed a couple of months ago.

Now the higher end.

I have been looking at foreclosures in Palmetto at Riviera Dunes lately. This is a pretty nice boating community, good restaurant, great docking facilities.

Nice homes on the Manatee River. A couple are brand spanking new.

Unfortunately for the builders the high end market is not the current market recovering. So in step the banks.

For the buyer's out there the multi-million dream home on the water can be had for less and less. And who knows what the bank will take to get this off their hands?

No, you are probably not going to get a $4 million behemoth for $500k but you might be able to slip in under $2 million, beautifully water view and great fit and finish.

All the best
Greg Owens PA
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com