May Sales and Why Days on Market (DOM) Matters

May was a stellar month for closings at NextHome SunRaye Realty! Not only do we take pride in working to ensure a streamlined transaction process whether our clients are buying or selling, but it’s our specialty to assist our Tampa Bay neighbors in selling their homes quickly while maximizing their investment. Here are some of our May sales that sold in record time on market:

 

 

Generally, it’s wise to consider every offer to purchase your home and avoid rushing into a contract with the first one that appears to check all the boxes. In the seller’s market that we find ourselves in today, it’s wise to give all potential buyers a chance to put their best foot forward when competing for the sales contract on your home. A multiple offer situation is what every seller wishes for. This is very possible when a home is competitively priced. However, the amount of days your home spends on market matters as well, and it’s the reason why you want to partner with an experienced and knowledgeable real estate professional when marketing your home for sale. Here’s why the days on market statistic is important to home sellers, home buyers, and both the listing and buyer’s agents:

  • The days on market (DOM) statistic is an indicator of local market activity. It reflects the length of time on the market before a home sells. It can vary from zip code to zip code, neighborhood to neighborhood, and from one price range to another. This information can assist a home owner in planning their sale and determining how much time they will need to find a buyer and close on the sale.
  • The DOM statistic is a good reference for gauging the state of the real estate market. When days on market increase beyond what is typical, it is a good sign that it is a buyer’s market. This is because when homes stay on the market longer, there is more inventory for a buyer to choose from. During times like these, it is wise for the home owner who needs a faster sale to price his home more aggressively. When homes sell faster and there is a shortage of inventory, home owners may find more flexibility in their original pricing.
  • The truth is, the longer a home sits on the market, the harder it becomes to sell. When a home remains on the market for longer than it should when considering the market activity taking place around it, it becomes what is known as a “stale listing”. Stale listings can set off a couple of red flags for buyers, and it generally can mean one of a couple of different things. A stale listing may indicate that the home is not competitively priced. If the original list price is too high and scares interested buyers away, a price reduction will usually follow to generate more interest. While this may work, it may also backfire and suggest desperation on the seller’s part, giving potential buyers a more confident negotiating stance. Other times, a stale listing may indicate to potential buyers that there is something structurally wrong with the home or that it needs significant repairs that are preventing it from selling. Neither of these impressions will help the home owner sell his home, which is why it’s very important to price the home competitively while reflecting its value accurately from the start.

When you partner with NextHome SunRaye Realty and list your home for sale, your agent will review a market analysis with you that provides data on the all of the current active listings in your neighborhood, the listings that are under contract, closed sales, and expired listings. This analysis will offer you a complete picture of the local market activity currently taking place in your area and around your home. Your agent will tell you about our successful marketing programs that can assist you in selling your home quickly and at a competitive price. NextHome SunRaye agents are  continuously monitoring market statistics and staying on top of neighborhood trends in order to best serve our clients. Call NextHome SunRaye today to discuss a marketing strategy for selling your home and making it stand out above the rest: (727) 343-8600.

Just Listed Spotlight: 5324 72nd Lane North, St. Petersburg 33709 *** $187,200 ***

A unique opportunity in North St. Petersburg is just too incredible to miss! For $187,200, this sturdy 3/2 block ranch home can be yours! Located on a quiet, dead-end street, this home is packed with features, including an oversized, 2-car garage, inside laundry room, large living room with vaulted ceilings, and a skylit kitchen. In addition, this home has a screened patio with an in-ground spa and a large walk-in closet in the owner’s suite. The best part? The entire street is yours to enjoy alone, as county property to the left and across the street ensure no future development for flood control purposes. Talk about privacy, this home is a must see! Schedule your showing today, call listing agent Tony Cook at (727) 244-3494, or our St. Petersburg office at (727) 343-8600. Priced at $187,200, this home will not last long!

Marketing Flyer 5324 72nd

2019 Atlantic Hurricane Season is Fast Approaching. What is the Forecast?

Floridians recognize the month of June as not only the beginning of summer, but also as the start of hurricane season. NOAA, the National Oceanic and Atmospheric Administration, predicts that the 2019 Atlantic hurricane season will be considered near normal. Here is what we can expect:

  • Between 9 and 15 named storms
  • Approximately 4 to 8 hurricanes
  • Between 2 and 4 will become major hurricanes

Hurricane season starts June 1st and ends November 30th. A typical season will produce approximately 12 named storms, of which, six will become hurricanes. Out of those six, three will turn out to be major hurricanes. NOAA’s 2019 prediction falls in line with a typical hurricane season. What is the difference between an average hurricane and a major one? An average hurricane will have winds of 74 mph or higher. Major hurricanes have winds of 111 mph or higher.

In addition to stocking up on batteries, flashlights, and non perishables, it’s just as important for Floridians to be aware of their local resources. Visit the National Hurricane Center to learn how to protect your family this season with a basic disaster supplies kit and a family emergency plan. You will also find information about the American Red Cross and other emergency management agencies on this site.  Learn about flood maps and your property’s risk of flood on FEMA.gov. Lastly, the National Weather Service will keep you informed about your local weather, including any hurricane and tropical storm watches and advisories.

Wishing our fellow Floridians a wonderful summer and a safe and uneventful hurricane season!

 

JUST LISTED: Charming Bungalow in Lake Maggiore Shores

Come join us for an Open House this Sunday, 5/19 from 1pm to 3pm, where we will be serving refreshments and featuring this newly listed, charming 3/1 early 20th century bungalow. Priced right at $74,900, this quaint home features an open front porch, large backyard, fireplace in the living room, inside utility, large kitchen, and much more! Perfectly located just a few blocks from Lake Maggiore and Bartlett Park, this home is also only minutes from downtown St. Pete and the south Pinellas beaches. See you Sunday! At $74,900, this lovely home is priced to sell and won’t last long! For more information on this property before attending the Open House, visit: https://imprv.co/fheoc.

 

Open House 10th

Selling Your Home: Curtail Any Emotions that May Hinder a Good Deal

 

You invested a lot of blood, sweat and tears (and money!) into your home. You raised your kids here. You celebrated many birthdays and Thanksgivings here. When it comes time to sell your home, you may find it difficult not to become insulted by a low-ball offer that gets presented. Here is some advice for how to handle offers that fall significantly below your asking price.

 

 

  1. Is it really a low-ball offer, or is it just less than what you wanted? Depending on your local real estate market and the inventory of homes for sale, many real estate professionals consider a low-ball offer to be between 20% to 25% below list. Even then, the price range your home is in makes a difference as well. While an offer of $75,000 on a $100,000 home would likely be rejected, a $1.5 million offer on a $2 million home would more than likely be considered for negotiation.
  2. Should you reject a low-ball bid right out of the gate? While it may be tough trying to set aside hurt feelings, remember, someone is showing interest in purchasing your home, and that’s a good thing. In this mindset, you should counter every offer – unless it’s just totally ridiculous. What’s constitutes a “ridiculous” offer? Anything significantly less than 25% below your list price should be a red flag. If you find yourself in this position, rely on your realtor’s expertise to help determine an appropriate response. Usually, a good rule of thumb is to counter a low offer to send the message that you are willing to negotiate and work with the right buyer. After all, it’s not where buyers begin, but there they end up. However, if you allow your emotions to affect your judgement, you may never get to that final number.
  3. Is your home priced right? If you receive one or more low-ball offers, you may have to consider that your home is priced too high for the market it’s currently in. Before you set a list price, your agent will provide you with comps, which are comparable listings of properties for sale that are similar to yours in the area. Your agent will also give his or her expert recommendation on where your home should be priced at. It’s wise to choose a price that reflects the comps so that you can be competitive and get reasonable offers. If you start out too high and have to reduce your price later, you are just delaying the sale of your home and spending more days on market. You don’t want your home to spend too may days on market and risk it becoming a “stale listing”. In today’s Tampa Bay area real estate market, a home for sale that is on the market for over 65 days is going to lose buyer interest and will most likely be considered overpriced.
  4. What factors are important to you in selling your home aside from the price? Do you need to sell quickly because you are purchasing another home? Are you looking for an all-cash deal? There are certain incentives that can sweeten a deal that may make looking at a lower offer worth your time. They may include:
    1. A preferred closing date
    2. A solid mortgage pre-approval letter fro the buyer (not just a pre-qualification)
    3. A larger down payment
    4. Fewer inspection contingencies
  5. Don’t worry about looking desperate. Perception doesn’t matter when you entertain a low-ball offer. What matters most is the end result. Don’t get caught up in feeling offended when faced with an “insulting” offer to the point where you cut off communication with the buyers or their agent. This reaction won’t help you sell your house, and it’s worth it to get feedback from every offer, regardless of how things turn out.

Lastly, choose an experienced real estate professional who knows the market. NextHome SunRaye real estate professionals live and work in the Tampa Bay area and stay current on local market trends. Our 30+ years of real estate industry knowledge and experience drives our success, as it has helped us build valuable relationships with clients, as well as a sizable amount of referral business. If you are looking to sell your home in Tampa Bay, give our office a call at (727) 343-8600 to discuss your home’s value and how we can help you sell in this market. When you enlist NextHome SunRaye to sell your home, we ensure a swift and smooth transaction as well as a stress free experience.

 

Image via Flickr Creative Commons by Roger W

Image via Flickr by Roger W

 

 

Just Sold: Conveniently Located, 2/1 Brick Home on Large Corner Lot in Tampa!

This spacious, 2 bedroom/1 bath home located at 709 E. Adalee Street in Tampa sold last week for $145,600! Sitting on a large corner site, this home’s sturdy brick construction provides an excellent renovation opportunity for the savvy homeowner. This home boasts a perfect floor plan which includes a large bonus room, roomy bedrooms that can easily accommodate king size beds, a formal living room and dining room, as well as a covered porch that is perfect for enjoying sunsets. Conveniently located to I-275 and downtown, as well as within walking distance to convenience stores, churches, and restaurants! With all of these features AND priced just right, it is no wonder why this home sold in under 60 days on market!

Call NextHome SunRaye today to discuss selling your Tampa Bay area home. While selling a home can be an arduous task for any homeowner, partnering with NextHome SunRaye ensures it will be a smooth and stress free process for all parties involved. We can promise this because our team brings over 30 years of experience and real estate market knowledge to the table. The team at NextHome SunRaye Realty is always on-call for our clients, we work weekends and always answer the phone. Our agents are extensively trained and stay current on market trends. We are proficient in determining your home’s current value and helping you price it accurately. We are well versed in negotiating in order to maximize your profit and we know how to market your home so that it stands out against the competition. NextHome SunRaye uses innovative tools and selling strategies to drive traffic and create multiple offers. Call us to learn more about how we can provide you with the best opportunity for marketing your home for sale today, at: 727-343-8600.

 

Adalee Sold

Just Sold: Spacious Ranch Home in west St. Petersburg!

This sturdy, 3 bedroom/2 bath block home sold last week after just 34 days on market for $250,000! A rare opportunity in west St. Petersburg, this home features an in-ground pool and a detached 2-car garage with a full 1 bedroom/1bath apartment above it, perfect for use as in-law quarters or for visiting guests. With a spacious interior and convenient location that puts this home close to shopping, downtown St. Petersburg, as well as south Pinellas beaches, it was destined to sell fast!

Are you looking to sell your home in the Tampa Bay area? Give NextHome SunRaye Realty a call today to discuss marketing your home for sale. The housing market is always changing, but you can depend on NextHome SunRaye to always be on top of neighborhood trends. NextHome SunRaye uses innovative marketing tools and strategies as well as over 30 years of expertise to price and market your home accurately. When you enlist NextHome SunRaye’s expert knowledge of the real estate market in Tampa Bay, your home will sell quickly and you can trust that you will get the best return on your investment. Speak to a NextHome real estate professional today to discuss selling your home by calling: 727-343-8600.

Check out some of our other recently sold homes here.

 

Just Sold 5645 4th Ave N, St. Petersburg

NextHome Partners with Canine Companions for Independance

NextHome SunRaye Realty is proud to be a part of the NextHome family as they partner with Canine Companions for Independence, a nonprofit organization that works to enhance the quality of life of people with disabilities. They accomplish this by providing them with highly trained assistance dogs and ongoing support. Canine Companions for Independence breed, train, and raise these smart canines to help their human partners perform daily tasks, and in some cases even serve as their eyes, ears, hands or legs. This is a powerful program that opens up new possibilities and opportunities for those who are disabled, and it also spreads an incredible amount of joy.

Canine Companions breeds Labrador Retrievers, Golden Retrievers, and a cross between both breeds. After the puppies are cared for and nurtured by volunteers for the first eight weeks after birth, the organization spends the next 18 months caring for, training and socializing them. These dogs are taught to master over 40 commands in six to nine months. After these dogs complete this rigorous training, they then go through additional team training and are matched with adults, veterans, children with disabilities, or professionals that assist clients with special needs. This stage of team training concludes with a special graduation ceremony for the furry graduates, who then embark on a new life of service!

When donating to causes close to your heart this year, please consider donating or getting involved with Canine Companions for Independance! NextHome SunRaye Realty is proud to support this amazing organization!

Girl in wheelchair with service dog indoors

Just Sold: 2+ Acres in Northern Pinellas County!

NextHome SunRaye Realty just sold another home and helped make a dream come true for a very well deserving couple!  This home sits on an impressive 2+ acres of property in northern Pinellas County. Conveniently located on Sunset Point Road in Clearwater, the main house sits far back on the property, offering privacy and more! The lush grounds feature a small stream running through the property, mature trees and landscaping, as well a deeded pathway to Sylvan Abbey Lake, which offers fishing and kayaking, or some coveted relaxing on its bank. Also zoned for horses, this property not only offers unlimited potential to its new owners, but it also comes ready to accommodate extended family with its spacious main house and guest cottage. We are so pleased to be able to offer this rare opportunity to our wonderful buyers, Matthew and Haley, who will start an amazing new life here! Congratulations Matthew and Haley! It was such a pleasure working with you both!

 

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Make Your Home FHA Loan Friendly and Appeal to More Home Buyers

11859 Dunster Lane

 

With 30 percent of today’s homebuyers using FHA mortgage loans, it is important to capture this buyer pool when marketing your home for sale. First time homebuyers gravitate toward using FHA loans especially because it allows them to make a down payment of only 3.5% of the purchase price. Here are some other FHA facts to know that will help you get your home FHA ready:

  1. It is important to learn the FHA lending limits in your area. In Pinellas and Hillsborough counties, FHA will insure a mortgage of up to $314,827 on a single family home. For a duplex, FHA will insure a mortgage of up to $403,125.
  2. Buyers will want a home inspection, regardless of the type of mortgage loan they plan on getting. As the seller, you will need to provide an FHA buyer with a form that details what a home inspection can reveal, and how home inspections are different from appraisals.
  3. As a seller, you need to be prepared to rectify any problems that appear on the home inspection, otherwise, FHA will not give approval until serious defects are repaired, such as a roof leak, mold, structural damage, or any interior or exterior paint that could contain lead and predates 1978.
  4. Although the buyer can choose his own appraiser to assess your home, FHA only allows inspections by appraisers that are FHA approved. As a seller, it is recommended that you assist the buyer’s lender’s appraiser by providing easy access to crawl spaces and other areas, which the appraiser will most likely have to photograph.
  5. For all FHA loans, the seller and other interested parties can contribute up to 6% of the sales price or toward closing costs, prepaid expenses, discount points, and other financing concessions.
  6. If you are selling a condo, you will need to find out if your condo is FHA approved for mortgages. To learn this information, visit HUD.gov. You will get the best results by searching by zip code. There are rules that apply in order for condo associations to qualify for FHA approval. These rules include restrictions on the percentage of unit owners that are late on association fees. FHA usually won’t insure loans in condo associations where that percentage exceeds 15%. Other factors like insurances, cash reserves, and how many units are owner-occupied play a part in whether a condo association becomes FHA approved. If your condo does not meet all of the requirements, there are some lenders who will provide FHA waivers. You can discuss this with your agent who can help you identify some of those lenders if this becomes necessary.

When you are ready to sell your home, give a NextHome SunRaye agent a call. Our team is eager to help you get your home FHA ready and market it to all qualified buyers. Partnering with a NextHome SunRaye Realty expert will ensure the prompt sale of your home and a maximum return on your investment.