Welcome to the real, real estate world

What is key to successful buyer transactions in this shifting market.

Managing expectations.

Why do some buyers walk away feeling like they missed out. See above.

Here is the key to success right now.

Despite what our nothern brethern has read in their local paper or on the internet you are not going to get a beach front mansion for under lets say 200k not even close.

In fact even at the worst of the great recession you probably weren't going to get the sand for that much in the Sarasota/Manatee area.

Much of what our buyer agents are focusing on is sitting buyer's down and going through what they can really get for their dollar as opposed to what they think or read they could get for their dollar.

Setting the realistic expectations helps everyone achieve their goal.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

Why we live here

I sometimes forget how special our communities of Sarasota and Manatee are. All the sunshine and water becomes just becomes a daily routine.

Then you have those really? From here? moments.

Maria Sharapova and Sabine Lisicki, both of whom were trained at IMG Academies in Bradenton, were at Wimbledon in a semifinal match.

Yep. Our community has world class tennis players, world class figure skaters all sorts of folks who are at the top of their game.

It isn't just retirees and beaches. Although that is a great reason to be here.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

We passed the bottom

For statistical types out there who are gauging the market, waiting to jump in etc. here is hint. 08/09.

That would be the time in the Sarasota/Manatee single family home market when inventory was high and sales were really low.

Yep, prices have continued to drop since then in some areas not all. You are seeing for instance stable pricing in the island areas and in some areas price increases.

You are also seeing builders going crazy trying to keep up on demand.

How does this all come together. Since 08/09 inventory has continued to drop along with prices.

The cycle of market recovery has begun. Which means fewer choices for buyers who now are looking at the incredible prices they can get on new construction filling the lack of inventory on the market.

For buyers. The bottom has passed. Quite a bit ago. The question now is for buyers do you want to jump in now or wait for prices to go higher?

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

We are entering the stable

Finally, even the local media in Sarasota and Manatee are reporting it. We have entered a stable market. Not a buyers or a seller's market (for now) a stable market.

Single family home inventory is hoovering around a six month supply which is a stable market. It favors neither buyer nor seller. You need to keep in mind stable markets traditionally last only short period of time which means we are headed for a weak seller's market.

Prices are down a bit but get this. For the first time in five years the number of pending homes on the market crossed over the number of new listings according to Trendgraphix.

So to recap pendngs are up, new listings down, lowest amount of inventory in five years. Sound like a market shift to you?

All the best
Greg Owens P.A.
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

Only the Shadow knows

For months real estate agents and other property gurus have been going on about the "Shadow Inventory" of thousands upon thousands of foreclosed homes going to hit our market any day.

The premise is this "Shadow Inventory" will hit us like another Tsunami and knock the market back down.

Bunk. Yes I say bunk.

First it is taking up to two years for lenders to foreclose on homes. For the ones caught in the "Robosigning" scandal they may even have to start all over again with their files.

This means many of these homes will tied up a long time clearing up legal issues and will likely trickel out as opposed to a flood.

The lenders are also getting smarter they are starting to ask their clients to short sell their homes before foreclosing. Time, money and a backlogged court system are pushing the lenders to quicken the pace of short sales as opposed to the lengthy process of foreclosures.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

And so it begins

A recent news article in the South Florida Sun Sentinal points out that Wells Fargo and JP Morgan Chase are offering cash to some clients to encourage them to short sell their home instead of going in to foreclosure.

It appears big lenders are waking up to the fact the foreclosure process is taking longer and longer and that the cost to foreclose far outweighs a short sale.

This is a giant leap forward and if it catches on with all the lenders will clear up the backlog of distress properties a lot quicker.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com

Get your financial house in order

Recently I have had several instances of people trying to buy homes after short selling a home in the not too distant past.

They had gone out with another agent; found a house they wanted; got to a loan officer; and found out that they would not buying a home for at least two years following the short sale.

Before going home shopping you need to get a pre-approval for a loan.

Hopping in a car with an agent and hoping you can get a loan when you find the house of your dreams is not a plan. It is wishful thinking.

Getting your pre-approval letter in hand after your credit has been checked and you have all your paperwork in order with the loan officer is a plan.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
greg@teamworksfla.com
www.teamworksfla.com

Questions for your loan officer

When you go to get a home loan here is a helpful hint.

Question everything.

When it comes to FHA programs some lenders have what are called overlays. Rules they have added on top of the FHA rules.

For instance if a loan officer tells you that you need a stove/range in a house in order to get FHA approval for the loan ask why.

This is not an FHA rule.

This is the lenders rule layed on top of the FHA rules.

Bottom line question your loan officer when it comes to USDA and FHA. Ask them if this is the loan companies rule or FHA and if it is FHA ask them to show you the rule.

FHA has both 1-800 number and a website the loan officer can look the information up on.

All the best

Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

Market update

Market update for everyone out there.

Sarasota and Manatee counties. Headed to a neutral market or in a neutral market.

This is great. Here's why.

Above seven months of inventory it is a buyer's market. Below five months of inventory a seller's market.

We have been a strong buyer's market for years now. We plummetted long before most of the country.

Inventory is down in the neutral range for single family homes in our area. For foreclosures we have less than a month of inventory. Which is a strong seller's market.

We are headed in the right direction for prices to start to recover.

All the best
Greg Owens P.A.
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com

Myth information

One of the biggest myths in the market for homebuyers is actually spread by loan officers.

It goes like this. Does a home require a stove to get FHA financing?

The correct answer is NO.

You will find a number of loan officers who say YES. Why? Because their lending institution requires it not FHA.

Below is the answer straight out of the FHA handbook:

Neither a new home nor an existing home has to have a stove in order to be eligible for FHA financing.

Handbook 4905.1 REV1, Section 2-5'


So if the home you are buying doesn't have a stove and you want FHA financing use a lender that will do the loan without that requirement.

If you can't find one we can recommend one.

All the best
Greg Owens P.A.
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksproperties.com