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        <title>Sarasota Real Estate Blog</title>
        <link>http://www.sarasotacondosandhomes.com/blog/</link>
        <description>Information and Opinions on the Sarasota Real Estate Market </description>
        <item>
            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-on-market-continue-to-drop.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-on-market-continue-to-drop.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHORT SALES ON MARKET CONTINUE TO DROP</title>
            <description> <![CDATA[ 
Another month has gone by and the number of properties on the Sarasota market that are short sales continue to dwindle. When I started tracking the Sarasota market back in early November there were 353 properties listed for short sale. Each month that number has gone down and early in February it was down to 289, an 18% decline.


Foreclosures started at 96 properties in November and went down slightly to 84 then went to 94 and was 102 in early February. But hardly the huge surge that has been predicted for the last 2-3 years. The increase epresents a 6% uptick in 3 months.


I am especially surprised by the fall in short sales. One would expect that with so many homeowners behind on their mortgage we would see a big increase rather than a decline. Once again, I believe it is a sign that Sarasota has worked it's way through a lot of this mess. 


Yes, we will continue to see short sales &amp; foreclosures for probably years to come. But will we see the market taken over by them in Sarasota? I think not. I still firmly believe the worst is behind us and my numbers support that belief. 


The headlines &amp; the columns I read suggesting otherwise never seem to have numbers specific to Sarasota nor do they show any good timelines. Instead, they extrapolate from "Florida" numbers or talk about the court filings. But one home can have multiple filings against it so 6 court filings on one home do not translate to 6 foreclosures.


Once again, I'll report next month on what the "numbers" show for Sarasota rather than some nebulous numbers pulled from Realty Trac or some such reporting bureau. 


 


 
 ]]> </description>
            <pubDate>Wed, 22 Feb 2012 09:19:29 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-foreclosures-yet-to-explode.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-foreclosures-yet-to-explode.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHORT SALES &amp; FORECLOSURES YET TO EXPLODE</title>
            <description> <![CDATA[ 
Just checking in to update everyone on the increase (or decrease) of shorts sales and bank-owned properties in Sarasota. I have been keeping a detailed record as of the 10th of each month, starting last November. This was in response to all I hear &amp; read about in the media that we will soon be seeing a "flood" of bank-owned properties onto the market. 


I have been hearing this for 3 years now and have yet to see it happen. But if people keep saying it, it has to be true - right? So I decided to set up a geographic search area (basically the Sarasota area, from University Parkway to Nokomis) and check the numbers each month on the 10th.


So far I have statistics for November, December &amp; January. The results show the number of bank-owned properties has gone from 96 to 85 to 93 in the three months. Short sales have gone from 353 to 327 to 306.


In the three months then we have seen a slight decrease in bank-owned properties and a large (13%) DECREASE in short sales in the Sarasota area. But we all know that loads of properties are coming! We hear it all the time.


Certainly I know many more bank-owned properties were available 2-3 years ago. And the deals were better then as well. Banks have only gotton tougher in their negotiations. They know the numbers - it's a seller's market when it comes to foreclosures. Not what you hear or read in the media but that's the reality.


I'll update you next month.


 


 


 


 
 ]]> </description>
            <pubDate>Mon, 23 Jan 2012 13:03:12 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-shows-strong-sales-stable-prices-in-2011.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-shows-strong-sales-stable-prices-in-2011.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHOWS STRONG SALES &amp; STABLE PRICES IN 2011</title>
            <description> <![CDATA[ 
Sarasota Property sales up 8.2 percent for full year 2011; Prices stable - Good News!


 


For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.


 


Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.


 


"This is really incredible news, and demonstrates how far this market has improved in only three short years," said SAR President Laura Benson. "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."


 


Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market. 


 


The inventory of available properties for sale in Sarasota was at 4,567 in December, down slightly from the 4,672 in November. The inventory fell to a 10-year low of 4,408 in August 2011. As the inventory has slid, the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market.


 


The December 2011 median sale price for condos recovered strongly to $150,000 from November's figure of $127,000. This was the highest level since August 2011. Condo prices have been fluctuating for several months, with the year-to-date median sale price at $156,800.


 


For single family homes, the median sale price dropped slightly in December to $160,000 from $162,000 in November 2011. For the overall year, the figures have remained remarkably steady, indicating a stabilizing market.


 


"There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and the open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current market."


 


Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract.


 


Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 percent of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 percent, but well below the market high of over 50 percent in the second quarter of 2010.


 


Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively.


 


"Realtors® and consumers have adjusted to the market realities, and it appears that pricing in all categories has become more reflective of the current conditions," said Benson. "We continue to watch and hope for a break in the distressed property cycle, and we anticipate the improving economy and lower unemployment rate will eventually bring these figures down to lower levels. The positive side is that our market offers incredible buying opportunities that won't last long."
 ]]> </description>
            <pubDate>Thu, 12 Jan 2012 09:29:48 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/november-sales-statistics-for-sarasota-continue-to-impress.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/november-sales-statistics-for-sarasota-continue-to-impress.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>November Sales Statistics for Sarasota Continue To Impress</title>
            <description> <![CDATA[ 
Below is the latest press release from the Sarasota Association of Realtors. It looks at the latest sales figures for single family homes and condos in Sarasota County for November. Onca again, numbers are up pretty much across the board, indicating once again our area appears to have hit bottom and is now in recovery mode."SARASOTA ASSOCIATION OF REALTORS - NOVEMBER SALE STATISTICS"November 2011 sales up 12.7 percent over last year


November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.



In fact, the Today Show's real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a "beautiful beachfront community" that offers residents and visitors "a sophisticated, urban cultural experience" that is propelling sales and prices in 2011.



Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. In fact, at the end of November, overall sales were within 186 sales of exceeding all of last year. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market. 



The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October's level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.



The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8 percent. This month's figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 - lower than last month's figure of $143,000 and last November's figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.



"The Sarasota real estate market has retained traction, and we hope the brightening national economic picture will help maintain and even push this market higher," said SAR President Michael Bruno. "There is an encouraging sense of stability and strength in our market."

 ]]> </description>
            <pubDate>Sun, 18 Dec 2011 11:24:33 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/tracking-sarasota-short-sales-and-foreclosures.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/tracking-sarasota-short-sales-and-foreclosures.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>Tracking Sarasota Short Sales and Foreclosures</title>
            <description> <![CDATA[ Just like everybody else who reads the paper or listens to the news, I keep hearing about ALL the foreclosures that are going to be flooding the market when the banks decide to finally release them.The only problem is, I've been hearing and reading this for the last two and a half years. In the meantime, I watch the available inventory of bank-owned &amp; short sale homes &amp; condos continue to drop! But every month it is the same tune - "yes, short sales &amp; bank-owned properties are decreasing in availablity, but just wait until the banks open the floodgates!"So I am now keeping copious records on the numbers. On the tenth of every month I am recording the total number of short sale properties there are at that time on the market as well as the number of bank-owned properties. These two numbers include all single family homes, condos, townhomes, villas, half of a duplex and manufactured homes. The geographic area is Sarasota County but only from University Parkway in the north to Osprey in the south. Since all real estate is local, I try to worry about the Sarasota area, not Port Charlotte or Manatee. (Although those areas are seeing the same reduction in available inventories of distressed properties)I started on November 10th, when there were 96 bank-owned properties on the market and 353 short sales. On December 10th, the numbers were 84 and 327. So both were down about 10%.But fear not, I know the latest word is "the first quarter of the new year will see a big increase". For some reason, it's always "the next quarter" when the tsunami of properties will occur. But we shall see.I'll keep you posted. ]]> </description>
            <pubDate>Wed, 14 Dec 2011 13:36:52 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/correctly-pricing-a-short-sale.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/correctly-pricing-a-short-sale.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>CORRECTLY PRICING A SHORT SALE</title>
            <description> <![CDATA[ 

If you’ve listed your home for sale in the past, you’ve already heard this: It must be listed at the correct price in today’s market. 



That means the agent you choose must have a thorough knowledge of the market in your neighborhood. He or she must also have the skills to prepare a market analysis based on viewing your home and the homes used for comparison. 


Your experienced agent will also know how to position your home within the price parameters that the market analysis suggests – so that offers will come quickly and your short sale can be closed before the bank decides to take action on a foreclosure.


A too-high price will mean fewer showings and no offers. A too-low price will bring offers, but those offers will meet with rejection from the bank. There is nothing more discouraging to a seller than to wait three or four months for the bank to respond to an offer and then have them reject it. And not only reject it but ask the buyer for 10% to 20% more than they originally offered!


This is absolutely the wrong time to decide that your brother-in-law in a neighboring town needs the business, so you should list with him. That plan should be reserved for sellers who are in no hurry. 


When it comes to price, listen to an experienced local agent – not to your neighbor or to a friend. You want to get offers that the bank will accept! 


But, before you decide that an agent has the experience you need, find out if it’s true. There are some agents out there who simply list everything they can and then hope that someone else will happen to sell them. I call them the “List it and forget it” agents. 


Most of them have little to no experience in negotiating on your behalf in a short sale situation. That’s dangerous, because it could result in you being held liable for a huge deficiency.  Plus, they do very little to market your home – hoping that some other agent will see it in MLS and decide to bring buyers. 


I do have the experience and tenacity you need on your side – so if you’re ready to talk about listing as a short sale, call me today. I’ll be glad to meet with you and explain how to successfully complete a short sale. You want to get on with your life. I can make that happen.

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            <pubDate>Thu, 17 Nov 2011 12:34:59 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/solutions-for-your-mortgage-crisis.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/solutions-for-your-mortgage-crisis.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SOLUTIONS FOR YOUR MORTGAGE CRISIS</title>
            <description> <![CDATA[ 

Are you in financial distress because of your mortgage? Do you need to get out from under a payment that has become too hard to manage - but can’t sell your house because it is no longer worth enough to cover the mortgage balance? 


If so, you are certainly not alone. Hundreds of thousands of other Americans are in that leaky boat with you, and there’s no easy way out. But you do have choices, and you should take a look at all of them before deciding what to do. 


You can:



·	



Hope for a loan modification 



·	



File bankruptcy 



·	



Let the bank foreclose, or 



·	



Attempt a short sale. 



A loan modification



 sounds the best, but the rules the banks are playing by are both confusing and conflicting. Some say you must not be behind on payments. Others say they won’t consider helping you unless you’re in default. 


And some asset managers, sadly, are working hard not to modify loans because it’s more profitable for them to foreclose. 


It certainly can’t hurt to contact your lender and see if you are eligible, but please don’t fall for any of the scams that are circulating right now. There are far too many dishonest people willing to collect anywhere from a few hundred to a few thousand dollars from you on the promise of getting your loan modified. In truth, they can’t and won’t do anything you can’t do yourself. If you want help, contact an attorney you trust. 


 

 has helped some consumers. The courts now have the authority to let you keep your home and either forgive a portion of your debt or modify the terms so you can make the payments. If you’re also buried in medical bills, credit card debt, or other obligations you simply can’t meet, this might be the best solution. 


But… bankruptcy stays on your credit report for 10 years and could keep you from moving forward in life. In addition, it places some restrictions on your life that you might find very unpleasant. It might not be the best choice for you. 





Bankruptcy



 has helped some consumers. The courts now have the authority to let you keep your home and either forgive a portion of your debt or modify the terms so you can make the payments. If you’re also buried in medical bills, credit card debt, or other obligations you simply can’t meet, this might be the best solution. 


But… bankruptcy stays on your credit report for 10 years and could keep you from moving forward in life. In addition, it places some restrictions on your life that you might find very unpleasant. It might not be the best choice for you. 

Foreclosure



 is another option. You can simply quit making the payments and stay there until they knock on the door and tell you the bank now owns your home. For some this is a chance to live rent and payment free for several months and put away some money for a deposit on a rental home. But again – the effect on your credit rating is dire. 


 



In addition, you run the risk of a huge financial obligation



 that will follow you around forever. When the bank sells your house at a loss because the market has fallen, they might be able to come back on you to make up the “deficiency” between your mortgage balance and the dollars they collected from the sale of the house. 


 


Creditors can continue trying to collect on a deficiency judgment for 20 years, so this isn’t something to take lightly. This is another area where the rules keep changing, so check this before you act. 





If done correctly, a Short Sale could be the best option for you. You list and sell the house for the current fair market value and walk away with no money, but a fresh start. At least, that’s what will happen if you list the house with an agent who is experienced in handling successful short sales. 

 

The truth is, your lender can also come back to you for a deficiency in a short sale. It’s one of those details that must be negotiated with the asset manager and the lender before you sign the closing papers. 




 


Unfortunately, many real estate agents today are listing short sale properties without knowing how to conduct that negotiation, and their sellers are paying the price for that lack of knowledge. 


 


In other cases, listings that begin as short sales end up going into foreclosure. 


 


Why? Again - because the agent lacked experience and knowledge. 


 


Success in a short sale relies on the expertise of your agent. Before you list with any agent you need to know that he or she is skilled in short sales. Otherwise, you could end up in foreclosure despite your best efforts. 


Before you do anything, please contact me and we can discuss your options. You can get out of this crippling debt! 


 



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            <pubDate>Tue, 08 Nov 2011 13:06:04 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/list-prices-up-significantly-in-sarasota-over-2010.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/list-prices-up-significantly-in-sarasota-over-2010.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>LIST PRICES UP SIGNIFICANTLY IN SARASOTA OVER 2010</title>
            <description> <![CDATA[ 
Below is an article that appeared in the Daily Real Estate News in late September. 


15 Cities Where Listing Prices Are Rebounding 




Daily Real Estate News | Friday, September 23, 2011 






Prices are rising in Florida: Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Florida cities make up 9 of the top 10 places for highest year-over-year list price spikes, based off of August data of 2.2 million listings in 146 markets.


Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.


Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices. 


1. MiamiAverage list price: $640,332Year-over-year increase: 27.4%


2. Fort Myers-Cape Coral, Fla.Average list price: $443,570Year-over-year increase: 26.27%


3. Central-Fla.-RSAAverage list price: $405,809Year-over-year increase: 19.41%


4. Punta Gorda, Fla.Average list price: $267,066Year-over-year increase: 16.37%


5. Macon, Ga. Average list price: $193,520Year-over-year increase: 15.98%


6. Sarasota-Bradenton, Fla.Average list price: $466,785Year-over-year increase: 15.86%


7. Naples, Fla.Average list price: $713,087Year-over-year increase: 15.13%


8. West Palm Beach-Boca Raton, Fla.Average list price: $591,895Year-over-year increase: 14.68%


9. Ocala, Fla.Average list price: $193,360Year-over-year increase: 12.07%


10. Lakeland-Winter Haven, Fla.Average list price: $181,409Year-over-year increase: 11.48%


11. Oralndo, Fla.Average list price: $319,419Year-over-year increase: 10.56%


12. Portland-Vancouver, Ore.-Wash.Average list price: $314,537Year-over-year increase: 10.52%


13. Boise City, IdahoAverage list price: $212,588Year-over-year increase: 10.43%


14. Springfield, IllinoisAverage list price: $174,537Year-over-year increase: 9.12%


15. Shreveport-Bossier City, La.Average list price: $211,414Year-over-year increase: 8.34%






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            <pubDate>Fri, 04 Nov 2011 08:59:37 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sellers-here-are-3-things-you-do-that-turn-buyers-off.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sellers-here-are-3-things-you-do-that-turn-buyers-off.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SELLERS - HERE ARE 3 THINGS YOU DO THAT TURN BUYERS OFF!</title>
            <description> <![CDATA[ 
 

3 Things That Turn Buyers Off


 


 


1) Stalker Sellers


 


 


You may think you’re being helpful walking the buyer through your home and 


 


pointing out the wagon-wheel light fixture you made with your own two 


 


hands, the custom mural of a stingray you paid top dollar to have painted


 


across your living room wall or the delightful sounds of happy schoolchildren


 


running across the front yard. 


 


Unfortunately, the buyers might be trying really hard to ignore, minimize or


figure out how to undo the very features of your home you hold dear.


They also may want or need to have personal space and conversations with 


their mate or their agent while they’re viewing your home. 


 


You being there, especially walking right alongside them while they’re in your


home, prevents them from being comfortable about doing this, or discussing 


 all the things they would change if the home were theirs.


 


You want the potential buyer to get down to dirty details - the more nit-picky


a buyer gets about a house and the more detailed their list of


things they would change, the more serious they are about considering


making an offer on this place.


 


Instead, Back off! Let your home be shown vacant, or leave the house when


people come to see it. If you need to be there, at least walk outside or go sit


at the coffee shop down the way while prospective buyers view your home. If 


the buyers have questions, their people will contact your people.


 


2) Shabby, Dirty, Crowded or Smelly


 




This seems obvious and yet time and again, buyers walk through homes that


make them cringe. The buyers who come to see your home are making the


decision whether to choose your home for the biggest purchase they’ve ever


made during the worst economic conditions most of them have ever 


 experienced.


 


Your job is to get your home noticed – favorably – above the sea of other


homes on the market, many of which are priced very, very low.


 



Other than listing your home at a competitive price, the only tool within your 


control for differentiating your home is to show it in tip-top shape. Pre-pack


your place up, getting rid of as many of your personal effects as possible. 


Do not show it without it being completely cleaned up.


 


This means no laundry or dishes piled up, countertops freshly washed, and 


smelly dogs or litter boxes cleaned and/or out of the house. Dress your home


to impress- it will make a difference to most home buyers.


 


3) Get Real With Your Pricing


 

 

Buying a house in today’s market is hard work!  


 


On top of all the research and analysis about the market and situating their 


own lives to be sure they’ll be able to afford the place, buyers have to 


work overtime to separate the real estate wheat from the chaff, get educated 


about short sales and foreclosures and often put in many, many offers before


they get even a single one accepted.


 



The last thing they want to add to their task lists is trying to argue a seller 


out of unreasonable expectations or pricing. 


 


When buyers see a home whose seller is clearly clueless about their 


home’s value and has priced it sky-high, most often they won’t bother even


looking at it. 


 


There are plenty of other homes to choose from in this market. If they love it,


they’ll wait for it to sit on the market for awhile, hoping the market will


“educate you” into desperation, priming the pump for a later, lowball offer.


 



Get real. Get out there and look at the other properties that are for sale in 


your area and price range. 


 


Get multiple agents’ take on what your home should be listed at, and don’t


take it personally if their recommendation is low.


 


If your home has much less curb appeal or space or doesn’t have the quality


of upgrades as the house across the way, don’t list it at the same price and 


expect it to sell. 


 


If you owe more than your home is realistically worth, you may need to


reexamine whether you really want or need to sell, or consider a short sale, if


you simply have to sell.


 


Don’t be tempted into testing your market with an obviously too-high price,


unless you’re prepared to have your home lag on the market and get lowball 


offers.



 



 



 



 



 



 



  


 


 


 


 


 


 



 



 







 







 

 



 

-- 

Regards,


Steve Del Viscio, MBA


RE/MAX Alliance Group


941-313-1314


stevedelviscio@gmail.com


www.SarasotaCondosandHomes.com

 

 



 






 



 



 



 


 


 


 


 


 


 






 






 

 
 ]]> </description>
            <pubDate>Sat, 29 Oct 2011 09:51:40 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.sarasotacondosandhomes.com/blog/figuring-house-payments.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/figuring-house-payments.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>FIGURING HOUSE PAYMENTS</title>
            <description> <![CDATA[ 

Housing payments are relentless. Month-after-month, monies


are due -- no matter what. When you make your housing


budget, therefore, think in terms of monthly obligations.


 



"What can I afford to spend on housing each month?"


 



As a homebuyer, it’s the most important question you can ask


yourself. And ranges won’t do, either. Find your specific number.


Once you know your monthly budget, determining whether a


home is “affordable” for you is a matter of working some basic


mortgage math. You’ll need a mortgage calculator for this step.


 


First, sum the following three figures:


1. The home’s annual real estate tax bill, divided by 12.


2. The home’s estimated annual cost to insure, divided by 12.


Your insurance agent can help determine this number.


3. The home’s monthly dues, if an association is present.


 


Next, subtract this sum from your monthly budget amount and


you’re left with your maximum monthly mortgage payment.



 



Example: 



 



you have $1,100 left monthly to spend on your mortgage.


 


This next step is tricky.


 


Using your mortgage calculator, enter your maximum payment


amount (e.g., $1,100), your loan’s expected term (e.g., 30


years), and your expected interest rate (e.g., 4.750%).


 


Then, have the calculator solve for “loan size”, add to that figure


your expected downpayment amount, and -- voila -- you’ve


found the maximum price you can pay for a given home while


still remaining within your budget.

If your budget is $1,500 and the above sum is $400,  

you have $1,100 left monthly to spend on your mortgage.


This next step is tricky.


Using your mortgage calculator, enter your maximum payment


amount (e.g., $1,100), your loan’s expected term (e.g., 30


years), and your expected interest rate (e.g., 4.750%).


Then, have the calculator solve for “loan size”, add to that figure


your expected downpayment amount, and -- voila -- you’ve


found the maximum price you can pay for a given home while


still remaining within your budget.

 ]]> </description>
            <pubDate>Tue, 25 Oct 2011 16:29:46 -0500</pubDate>
                    </item>
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