by Jacksonville Real Estate Agent - Brad Officer on January 26, 2012
#1 Home Buyer Frustration: Can’t find a home that is updated, properly cared for, and priced appropriately.
Why is this so hard?
There are SO MANY home buyers currently shopping for homes, and they can’t find a home. They have cash in the bank for the down payment. They have already been pre-approved for a mortgage and they have it in writing. They are carrying around a checkbook to write a binder deposit the second they find the right house. They’ve even engaged a professional Realtor.
On the FLIP side: I see SO MANY homes that have been on the market for over a year. I’ve even seen homes on the market for over 1000 days on the MLS! That’s horrendous.
Why are there so many homes on the market and there are so many buyers that can’t find a home? Why can’t these 2 groups meet up? My opinion:
- PRICE: When it sits it won’t sell. The home has to get showings ASAP from the start. If showings are happening and no offers are coming in, it’s probably a combination of the price and the condition. Lower the price and correct the condition, and do it fast!
- CONDITION: I can’t believe some of the homes I see on the market. Completely trashed. A full lack of routine maintenance. All in all a lack of responsibility and pride in ownership. I agree with most buyers’ comments when they see a house in bad condition: “If the place is this dirty when they are trying to sell it, this house hasn’t been maintained….ever”.
- OUTDATED: When a home is outdated it looks tired and expensive. Sellers must think like a buyer. Buyers want clean, crisp, new, shiny. When buyers look at outdated homes, they are adding up the dollars. New kitchen, appliances, bathroom updates, flooring, lighting, paint, door handles and hinges, etc. Most buyers in this market are FHA or VA here in Jacksonville. They don’t have the money for all those updates. They could get an FHA construction loan called a 203K, BUT and that’s a big BUT, the full loan amount MUST be under the repaired appraisal value. For this to work, sellers have to sell at the appropriate discount.
Advice for Buyers: If you find a great home in great condition and priced appropriately for today’s market, you better jump on it. It will be gone soon and you’ll be one of those buyers looking at 100 homes before finally finding another one. Another scenario: If you find a great home in a great location, but it’s in disrepair or is horribly outdated or it’s overpriced, make an offer! Don’t pass it up especially if it has been on the market for a while. I can promise you the owners want the home sold, and maybe your low offer will help them realize their home isn’t the palace they thought it was.
Advice for Sellers: Do the exact opposite of what so many home sellers do. Do these things: Clean, make repairs, de-clutter, paint touch ups or repaint, new mulch, flowers, remove weeds, clean windows, and price that home to sell! Do that, and the home is gone faster than your neighbors will ever believe. If your home is currently sitting on the market with no showings or showings with no contracts and your listing agent isn’t recommending a plan of action…..fire them.
Call us, we will tell you the truth about your home, the condition, the price, and we will market it correctly, get showings, and sell it!
Contact Brad Officer & Company: Jacksonville Realtors
by Jacksonville Real Estate Agent - Brad Officer on January 16, 2012
I love that I get to see so many great views on a near daily basis. Why would you not want to wake up with this in your backyard?
This home is another great buy on the St Johns river in Jacksonville Florida. Like so many riverfront homes that are closer to town, this one needs work….a lot of work. Many of these homes were built in the 50′s and 60′s, but have solid construction. They just need monster updating.
For those who are willing and can afford to purchase older, outdated properties, and then turn them into current, more livable homes, there is great opportunity in the water! Search Homes For Sale on the River in Jacksonville.
by Jacksonville Real Estate Agent - Brad Officer on January 16, 2012
Avondale Home For Short Sale!
Great Bungalow just hit the market for sale in Avondale. Within 24 hours of pushing the big green GO button on our marketing machine, we had already generated 4 showings on this excellent home.
Top 6 Reasons to See This Avondale Home Before it’s Sold
- Location: This home sits right in the middle of what most consider the best location in Avondale! Just 1 block from the River, 2 blocks from the Shops of Avondale.
- Lifestyle: Walk to one of the small family diners for breakfast on Saturday morning, or meet your buddies for drinks and dinner at one of the posh Avondale restaurants. In my opinion, your lifestyle is defined by what is most easily accessible to your home. This Avondale location offers amenities!
- Move in Condition: As Avondale offers beautiful historic homes, many of them are in major disrepair with years and years of “lipstick” remodels. This home is an exception. You will be able to instantly notice this home is solid and well cared for.
- Yard: Wait till you see the back yard. It’s large with a separate storage garage and the entire yard is landscaped and fenced.
- Deck: The previous owners appreciated the outdoor space in this home and expanded the deck to take full advantage. Add your own grill or Big Green Egg, some outdoor furniture, and call your buddies.
- Short Sale: Unlike so many homes on the market, this home is priced aggressively and in line with the current market value. Follow this link if you need information about Short Sales in Jacksonville.
Set up a showing for this home? Contact Brad Officer, Jacksonville Realtor.
by Jacksonville Real Estate Agent - Brad Officer on January 3, 2012
- The Jacksonville Real Estate market will continue to improve.
- Improve means more sales, it does not mean increase in prices.
- Jacksonville real estate prices continue to decline.
- Less declines in the low $100k – $200k range (this price point is HOT!)
- Faster and more declines in the $300k+ range
- As unemployment in Jacksonville currently remains one of the highest in the country, and Jacksonville being one of the most over built and biggest price bubbles in the country, I don’t believe we are out of the woods yet.
- Supply of houses for sale stays high.
- Early spring to mid summer, I anticipate a flood of new listings based on many of my contacts.
- Foreclosures are widely noted to be resuming and will start hitting the market again.
- Non-Distressed Sellers accept reality.
- the reality that their home’s value will not miraculously bounce back to 2006 levels.
- the reality that that 1 special buyer isn’t falling in love with their over priced house.
- We see non-distressed sellers finally getting aggressive with pricing.
- Significant increase in Short Sales.
- Many who have been barely hanging on, finally accept their temporary fate.
- More short sales in higher priced neighborhoods are sure to come this year.
- Many who have not been paying the mortgage finally decide to be proactive versus living in fear of the day they get kicked out for good by the bank.
- Real Estate becomes a smart investment…..again.
- With much talk of lowest interest rates and bottoming prices, real estate investing will get hot again.
- The smartest investors go with the buy and hold, vs flipping.
- Rental prices keep rising
- If I had a dollar for every call I get…..
- As more x-homeowners become renters, demand is increasing
- Further evidence that real estate continues to be a great investment
- The year of the best deal
- 2012 may very well be the perfect storm for the perfect purchase
- Rates are historically low, plenty of inventory to choose from, prices are very low, affordability is very low
- Jacksonville has been noted nationally as one of the best buys for real estate investing
- If we all agree the bubble officially burst in 2007, it’s been 5 long years of historic price declines, 6 counting 2012. It’s only a matter of time before we start seeing a slight upward trend again.
- Even I’m shopping for another home this year!
- Sellers and Buyers continue to hear real estate news differently
- “The market is improving”, “Increase in foreclosures”, “Prices are rising in some areas”, “Year over year sales are up”, “Delinquency rates rise”, etc.
- Buyers always hear the “prices should be lower” news
- Sellers always hear the “real estate market is rebounding” news
- It will take smart real estate agents to help their buyers and sellers decipher the news as it relates to their specific market and neighborhood.
- Fewer Jacksonville REALTORS than in 2011
- year over year, the number of REALTORS in Jacksonville has declined since 2006
- It’s not cheap to stay as a non producing member, so many of the part timers finally relinquish their status as a REALTOR.
- Brad Officer & Company continues the pattern of growth and outperforming the average
- For 2011 we did 3.75 times more transactions than the average REALTOR
- The average REALTOR spends about $630 annually on technology….we see technology as an investment as opposed to an expense and we continue to divert cash towards it, and far more than the average.
- The average REALTOR spends $250 annually on their website. I think it shows in their sites!
- Our #1 measure for customer satisfaction continues to rise: Referrals from previous clients!
- I track everything, and all categories are on the rise: Buyer inquiries, website search sign ups, Seller inquiries, new listing appointments, new listings taken, hits to the website, google bing & yahoo searches, and the absolute most important: CUSTOMER Satisfaction.
by Jacksonville Real Estate Agent - Brad Officer on December 21, 2011
Wells Fargo Short Sale in Jacksonville FL
Heron’s Landing Condos are near the corner of Hodges and Beach Blvd. Gated community with a clubhouse and pool, this has been an excellent investment opportunity with it’s proximity to UNF, the beach, and the price.
At $82,000, this 3 bed, 2 bath END UNIT, TOP FLOOR condo is available for a CASH ONLY purchase.
Why Cash Only? Most lenders and government backed mortgages will not lend money against many condo communities for a number of reasons. The leading reason for most newer/affordable condo communities: percentage of investors to primary residents too high. That’s right, if the smart money is in, the government is out….go figure.
These sell fast, so if you have interest, please give our office a call ASAP…..showing appointments started scheduling as soon as this condo hit the MLS yesterday!
Jacksonville Real Estate
Jacksonville REALTOR
by Jacksonville Real Estate Agent - Brad Officer on December 20, 2011
#1 reason for short sales taking so long: Seller Documents
SPEED! It’s what we want in a short sale, and it’s the #1 killer of short sale deals.
After a short sale goes under contract (see Jacksonville Homes Sell Fast) and gets submitted to the bank for processing, we work behind the scenes to keep the buyer’s side updated with all the latest and greatest news from the short sale process. My assistant spends hours a day on just this one task, and is in my opinion, one of the most important tasks in the short sale: Communication.
As the updates trickle in from the short sale lender, they usually request updated documents or additional documents. The typical request:
- Bank statements
- Pay stubs
- Arms length addendum
- Specific terms added to listing agreement or purchase agreement
The speed at which the SELLER/Home Owner get’s these docs to the attorney’s office can either heavily influence the speed of the approval, or delay for as much as 30 days or more.
Every short sale lender’s negotiator/processor has hundreds of files they are working with. We are lucky if they look at our file even once per week. (no amount of calling, emailing, threatening, etc will improve this). If the request comes out for updated docs and the Sellers drag there feet for a week or two, go ahead and add a month on the short sale approval.
Fastest Short Sales: (assuming the house is sold & under contract)
- Sellers are ultra responsive on any request by the short sale attorney.
- 24 hours or less to get new / updated docs to the short sale attorney’s office.
- Sellers stay engaged in the process and keep the house in top condition. This cuts down on Buyer’s remorse.
How to start a Short Sale
Why I require a Jacksonville Short Sale Attorney
by Jacksonville Real Estate Agent - Brad Officer on December 20, 2011
Another Successful Bank of America Short Sale in Jacksonville FL
2 Loans on this one: 1st Bank of America, 2nd Regions Bank
I do not like selling homes with Tenants in the property. I almost always require that they move out before listing, but occasionally I have to bend a little.
The main reasons I dislike Tenants occupying a home when short selling:
- Short sales are difficult & add an additional party into the transaction, one that has no tie to making the sale work, and the difficulty just multiplied.
- Showings are inconvenient for anyone living in the house. Tenants do not like being inconvenienced.
- Houses must maintain model like appearance when selling……remember, your house is in a competition with ALL the other houses on the market. Tenants typically do not keep the home in this condition.
- Tenants have a legal, binding lease that almost always remains intact despite who owns the property. (unless they are month to month or you put a “sale clause” in the lease).
This home was one of those exceptions. The tenant kept the home in a pristine condition from day 1, always accommodated every showing even at odd hours, and moved out quickly when the time came. All of this was due to the sellers setting the proper expectations with the tenants on the front end. Hats off to the sellers!
Side note: Wolf Creek Townhomes and Wolf Creek Condos. You just can’t beat this location on Beach and Hodges. The prices are in the $80′s to low $100′s. They are solid built by Pulte Homes. Community is gated with a pool and clubhouse. I was a sales agent and sales manager for Pulte when they were building these, and they were a hot deal then, but now they are a slam dunk!
Jacksonville Short Sale REALTOR
Jacksonville Short Sale Articles
Jacksonville Real Estate
by Jacksonville Real Estate Agent - Brad Officer on December 19, 2011
Just the facts:
- Florida top 5 states for having highest share of mortgage delinquency (reported by LPS)
- 44% of mortgages in Florida under water (reported by CoreLogic)
- 44% of mortgaged home owners in Florida = 1,900,000 home owners
Just opinion:
- That’s a lot of people who can’t move for a better job, worse job, family illness, etc unless they walk away, short sale, or bankrupt
- There are entire neighborhoods built within the bubble years where almost everyone is upside down
- No neighborhood or area of town is excluded despite the residents and local REALTORS insistence that “this neighborhood hasn’t been affected by the housing market”
- Not all those 1.9mm want to move….so they are only underwater for now.
- The values of homes will go up again, and eventually all 1.9mm will be back to even or ahead.
- Banks have little idea on how to handle this….mostly because they aren’t too concerned. Remember, they sold off the loans and the risk to Freddie and Fannie / “we the people”. The banks just service the loan for the investor, getting paid to service with little to no risk.
- I’ll be doing short sales for waterfront homes, golf club homes, pool homes, and homes in just about every corner of Jacksonville and Ponte Vedra for quite some time to come! (with the help of a preferred Jacksonville Short Sale Attorney of course)
Jacksonville Real Estate
by Jacksonville Real Estate Agent - Brad Officer on December 17, 2011
CR 210 Short Sale in St Johns County – Stonehurst
More house for the money, great schools, every amenity possible. These are reasons so many residents of Jacksonville choose to move just a little south to County Road 210 in St Johns County.
This home is currently priced at an aggressive $159,000, and I anticipate it selling quickly. It does need a little TLC, maybe some new paint, but otherwise this home is ready to move in.
4 bedrooms and 2 baths with an open floorplan and very large kitchen. The backyard isn’t huge, but it is private and has a nice screened in Lanai.
If I were buying this home, I’d probably spend some money on landscaping the backyard to make it a retreat. A wood pergola and some pavers like the one pictured below would be my goal. (picture credit to the diy network)
An idea to make this backyard pop. (This is not the actual backyard)
Search more Jacksonville Real Estate
by Jacksonville Real Estate Agent - Brad Officer on December 13, 2011
Regions Bank Short Sale Success in Jacksonville Florida
Investor owned Short Sale!
Investors of real estate often get the short end of the stick with lenders, and short sales are no different. Even though investors buy up all the bank’s unwanted foreclosures, lenders tend to have a love hate relationship with them.
This short sale in Palencia was an investor owned property that had to be sold or given back the bank. The investor decided to attempt and work with the bank to short sale the property.
As with any short sale, the owner should expect to help pay some of the forgiven amount back via a promissory note or cash at closing. That’s just part of short selling today, unless you are truly on your last dime……which very few people are.
Regions Bank is very easy to work with on short sales.
I’ve had several Regions’ short sales this year, and all have been smooth transactions. This was one was no exception.
