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Tampa Luxury Home Housing Report - October 2017

by Craig & Linda Nowicke

 

The charts below show the 7-day and 90-day rolling averages for list pricedays on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ILHM-TAMPA VS NATIONAL

The charts below compare the ilhm-tampa luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.

The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

Statistics provided by the Institute for Luxury Home Marketing.

Courtesy of Tampa FL Realtor Linda Nowicke.

Selling a Home During the Holiday Season: Tips for Success

by Craig & Linda Nowicke

It seems the holiday season starts earlier and earlier each year.  The day after Halloween, Christmas music is playing on the radio, peppermint mochas are on coffee menus and pumpkin patches are being replaced with Christmas tree lots. With so much going on, it might seem like the worst possible time to have your house on the market.  But don’t despair…selling a house during the holidays is not an impossible dream.  In fact, it can be a great time to show your house at its very best! Follow these tips to help you successfully sell your house this holiday season:

  • Feel free to decorate, but don’t go overboard.  You want your home to look its best while still enjoying your personal touch.  Avoid large decorations that can be overwhelming or distracting.  Remember that potential buyers want be able to envision your home as their own.
  • Make your home feel inviting. Play soft, classical music and offer homemade holiday treats. If potential buyers are comfortable, they will spend a lengthier amount of time in your home and will have more time to appreciate all its best features.
  • There will be motivated buyers this time of year. If people are house hunting during the holidays, they probably have a good reason for doing so. For example, they may be relocating for a job or investing for a tax deduction.  If they are on a deadline, they will be highly driven to find a home quickly.  It may be worth it to do the extra work involved in showing your home during the holiday season.
  • Price your home to sell.  A home that is reasonably priced for the market will make buyers feel merry and bright.  Many real estate agents advise sellers to initially price their home to sell rather than making small price reductions over time.
  • Provide photos that show your home year round.  Yards and landscaping can go dormant during the winter months.  Make sure that potential buyers see the beauty of your home during other times of year when the grass is greener and trees and flowers are in bloom.
  • Create a video tour for the web. You might get less foot traffic during the holidays due to the busyness of the season.  By posting a video tour, you may attract house hunters who don’t have time to physically go to your home.

If you are planning to put your house on the market this holiday season, let the professional Realtors at  Tampa Realty Now assist you.  Give them a call at 813-413-4343 today!

http://www.tamparealtynow.com/Blog/Why-You-Should-Hire-a-Realtor

http://www.tamparealtynow.com/Blog/Selling-a-Home-with-Pets

http://www.tamparealtynow.com/Blog/Steps-to-Take-Before-Selling-Your-House

Why You Should Hire a Realtor

by Craig & Linda Nowicke

With the internet making information about selling and buying homes so readily available, some may wonder if they need to hire a Realtor. The answer to that is YES!  And here are some reasons why:

  1. Education & Experience

Just because you read something on the internet, doesn’t mean it’s true or accurate. For example, there is ample information on the internet about diseases and medications, but I would bet that if you were sick you would seek out a trained medical doctor to help you.  If you hire a real estate professional, you don’t need to know everything about the housing market or the ins and outs of selling or buying a home.  It is simply the smart thing to do to hire someone who knows more than you do!

    2. Your Realtor is Your Intermediary

Agents take the spam out of your property showings.  If you’re looking to purchase a newly built home, your agent will keep builders’ agents from overwhelming you. If you’re selling, your agent will help you avoid wasting your time with “lookie loos” who aren’t interested in purchasing and keep the focus on serious buyers.

    3. Neighborhood Knowledge

Realtors make it their duty to either have intimate knowledge about the neighborhoods in their area or to know where to find that information.  They can provide comparable sales information and tell you where to find a plethora of demographic material about the neighborhood, such as data about schools and crime.  They also have access to information regarding other homes for sale in the area and can use that knowledge to help you be competitive whether pricing your house to sell or bidding on a house to buy.

    4. Price Guidance

Realtors don’t select prices for buyers and sellers, but they can help guide them to make intelligent choices for themselves.  They will supply data regarding current market supply and demand conditions that will assist both buyers and seller with pricing negotiations.

    5. Market Conditions

A lot of time and energy can be saved by allowing Realtors to impart their knowledge regarding current market conditions. Yes, you can probably research it yourself, but do you truly want to spend your time doing that?  This type of information will have a large impact on what you ultimately decide to do.

    6. Professional Networking

With a competent Realtor, clients will have an “in” with other professionals they may need to buy or sell.  Legal liability will keep agents from recommending certain individuals or companies over others, but they know which vendors have reputations for efficiency, competency and competitive pricing.  So, they can provide a list of references with whom they have worked and assist you in making a wise selection.

    7. Negotiation Skills & Confidentiality

Top producing Realtors are great negotiators because unlike buyers and sellers, they are not emotionally driven. In addition, they have negotiation skills that make them excel at their job. They are professionally trained to represent their clients’ best interests and to keep information confidential from competing interests.

    8. Paperwork!

Today’s real estate purchase contracts can run ten pages or more. That’s a lot of paperwork. One tiny mistake can land you in court or cost you thousands of dollars. Avoid the risk and allow a professional to guide you through the process!

    9. Questions After Closing

A smooth closing transaction doesn’t always mean that there won’t be complications later.  There might questions that were overlooked in the excitement of closing on a home. A reputable agent will be there by your side even after the sale is complete to answer any questions that come up.

   10.  Relationship Development

Successful real estate professionals depend upon referrals for continued business. This gives them strong incentive to make their clients happy and satisfied. And it also means that agent will be there for you when you are ready to sell or buy again. Don’t be surprised to receive periodic updates from your agent in the mail.

The professionals at Tampa Realty Now are ready to assist you in selling or buying a house today! Give them a call at (813) 413-4343 or visit tamparealtynow.com.

 

http://www.tamparealtynow.com/Blog/Tampa-Luxury-Home-Housing-Report-July-2017

http://www.tamparealtynow.com/Blog/Preparing-to-Buy-a-Home-Your-To-Do-List

http://www.tamparealtynow.com/Blog/Steps-to-Take-Before-Selling-Your-House

Tampa Luxury Home Housing Report - August 2017

by Craig & Linda Nowicke

 

The charts below show the 7-day and 90-day rolling averages for list pricedays on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ILHM-TAMPA VS NATIONAL

The charts below compare the ilhm-tampa luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.

The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

Statistics provided by the Institute for Luxury Home Marketing.

Courtesy of Tampa FL Realtor Linda Nowicke.

Deal Breakers for Home Buyers

by Craig & Linda Nowicke

When trying to sell your house, you want to make the best possible impression on potential buyers.  While some buyers will say that they knew a house was right for them the minute they walked in the door, other buyers will tell you they knew immediately that a house was NOT right for them. Sometimes deal-breakers are personal, but often they apply to many and can damage your chances of a profitable sale (or any sale at all).  Avoid these deal-breakers to get the best deal when you sell:

  • Pests - It seems obvious that people would be turned off by seeing bugs in a home, right?  But sometimes homeowners get used to having “bug problems” and don’t think about how they might negatively influence buyers.  Seeing one or two bugs, like maybe a fly or random little spider, might not be that big of a deal. But if a roach crawls out while people are looking at your house? Forget it.  They are out of there!  If you have any kind of infestation, you need to nip it in the bud before you start showing your house.
  • Pets - Just because you love your pets and consider your home very “pet friendly” does not mean other people feel the same way.  There are a myriad of reasons why having pets can hurt your home sale.  Sometimes it’s simply that animals make people nervous.  Taking your pets out of the home during showings can solve that problem.  But other things, such as visible food bowls, kitty litter boxes etc. can turn off people who don’t live with animals.  And any kind of pet odors can do a lot of damage as well.  It is a good idea to make sure your house is free of any pet paraphernalia and pet odors before opening it up to buyers.
  • Small/Outdated Kitchens - Big, open kitchens are one of the most desirable features for homebuyers.  If you have a cramped, closed off kitchen, updating it before you put it on the market will be well worth it.  Not only will you be able to sell it faster, you will get a better price for it and odds are you will likely recoup the money you spent sprucing it up and then some.
  • Cheap Upgrades - Poor quality shows.  While you don’t want to spend a ton of money on a house that you are leaving, you also don’t want to hurt your chances of selling it by making cheap upgrades and repairs that are poorly done.  Unless someone is looking for a “fixer upper”, they are going to lose interest quickly if they see a lot of shoddy upgrades.
  • The Roof - A roof in bad condition will scare away potential buyers quickly.  The idea of buying a house and immediately having to foot the bill for a new roof is not appealing.  If your roof is old or in need of repair/replacement, take care of it before putting your house on the market.  Otherwise, expect to have to lower your asking price.  A new roof will not only improve resale value, it will also boost curb appeal, both of which will increase your chances of selling and getting the best price possible!

http://www.tamparealtynow.com/Blog/Steps-to-Take-Before-Selling-Your-House

http://www.tamparealtynow.com/Blog/These-Are-a-Few-of-Your-Not-Favorite-Things-or-Things-You-Should-Get-Rid-of-Before-You-Move

http://www.tamparealtynow.com/Blog/How-to-Stage-Your-Home-Without-Breaking-the-Bank

Steps to Take Before Selling Your House

by Craig & Linda Nowicke

With summer quickly passing us by, you may think that prime house-selling season is over. But with interest rates still low and demand out pacing supply, it is still a great time to put your house on the market.  Kids will be going back to school, so parents will have more time on their hands and may be waiting to start their home search during a less busy season.  Before you hammer that for sale sign into your front yard, take these steps to get your house ready for potential buyers:

  1. Get a home inspection: Getting your house inspected before you place it for sale will not only provide reassurance for potential buyers, it will let you know where you stand and if any major work needs to be done on the house prior to selling.  Should work need to be done, it will give you time to shop around for best prices without feeling rushed to get things done.
  2. Freshen up your house: Curb appeal is important!  New exterior paint, lush landscaping and a clean entryway go a long way toward making a good impression on house hunters.  It will be worth the time and energy it takes to fix things up…and ultimately will benefit you financially because the property will appeal to more people and possibly get a higher price.
  3. Look for a real estate professional to represent you:  Do your research.  You will want a local Realtor with a lot of experience and a high success rate for selling homes. Have questions ready when you interview them.
  4. Set a price: Your realtor will assist you in determining the appropriate asking price  for your property.  Pricing is a strategy that depends highly upon the current market.  A real estate professional will know the market inside and out and make sure that your house is priced to sell and get you the best deal possible.
  5. Stage your house: Don’t wait until the last minute to start cleaning out all the extraneous “stuff” from your house.  You may want to consider using a storage unit to store some of your household items so that it is easier to keep your house neat and tidy for showings.

Remember, there is no time like the present to start preparing to sell your home! 

 

http://www.tamparealtynow.com/Blog/Resale-Value-What-is-Important

http://www.tamparealtynow.com/Blog/These-Are-a-Few-of-Your-Not-Favorite-Things-or-Things-You-Should-Get-Rid-of-Before-You-Move

http://www.tamparealtynow.com/Blog/Selling-Your-Home-with-Kids

Tampa Luxury Home Housing Report - July 2017

by Craig & Linda Nowicke

 

The charts below show the 7-day and 90-day rolling averages for list pricedays on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ILHM-TAMPA VS NATIONAL

The charts below compare the ilhm-tampa luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.

The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

Statistics provided by the Institute for Luxury Home Marketing.

Courtesy of Tampa FL Realtor Linda Nowicke.

Preparing to Buy a Home: Your “To Do” List

by Craig & Linda Nowicke

If you are thinking about purchasing a home, there are several things you should do before you even start your home search.  While it’s exciting to look at properties and imagine what your life will be like in a new house, you might be setting yourself up for disappointment and heartbreak if you aren’t prepared for all the steps involved in the home-buying process.  So, do your homework and make sure you are truly ready to find the home of your dreams!

 

  1. Determine What You Can Afford - You don’t want to find the perfect property and then find out it’s out of reach for you.   Determine what amount you can afford for a mortgage payment and create a maximum budget for what you are willing to pay for a house. Your mortgage payment should take up no more than 28% of your income.  If you are currently paying rent or a mortgage payment that is less than what you anticipate for your future home, start saving the difference each month to make sure you are willing and able to live on that.  You don’t want to be house poor. 
  2. Check Your Credit - You can request free credit reports from Annual Credit Report .com.  Check the reports thoroughly for any errors or negative information.  Take the steps needed to improve your credit score.  A higher credit score will possibly qualify you for lower interest rates, which will make your purchase more affordable.
  3. Meet with a Lender - Getting pre-approved for a mortgage is vital to the home-buying process, especially in a seller’s market where there might be bidding wars.  Sellers are more likely to choose a potential buyer who has already been pre-approved over one who hasn’t.  It will also help you identify the documents you will need for the final loan application. 
  4. Save for a Down Payment - Your meeting with the loan officer will also help you determine how much cash you will need for a down payment.
  5. Get Organized - Gather documents you will need for your final loan application and start a house-hunting binder.  As you start looking at homes, you can add any materials you collect along the way.
  6. Start Considering Where You Want to Live - If you don’t already have a specific neighborhood in mind, start investigating different areas within your price range.  Visit neighborhoods at different times to get a feel for what it might be like to live there.  Consider things like what your work commute will be and what amenities you want.
  7. Take a Home Buyer Education Class - If you are a first-time home buyer, these classes can help you prepare for the responsibilities of being a home owner.
  8. Find a Realtor - Choose an experienced real estate professional to represent your interests.  It’s important to find someone you feel comfortable communicating with.

 

Taking these steps before you start your home-search will make the whole home-buying process easier!

 

http://www.tamparealtynow.com/Blog/Millennials-Are-Not-Buying-HomesHeres-Why-You-Should

http://www.tamparealtynow.com/Blog/Who-Needs-a-Realtor-You-do

http://www.tamparealtynow.com/Blog/Buying-Big-Without-Breaking-The-Bank

Divorce and Selling Your Home

by Craig & Linda Nowicke

Moving is one of the top five most stressful life events.  Divorce ranks in the top five as well.   Put those two together and you have a meltdown in the making.  If you and your spouse own a home together and you are divorcing, you are going to have to figure out what you’re going to do about the house.  This can be challenging under the most amicable of situations, and can be devastating when there is bitterness and fighting.

Since your home is likely the greatest asset that you share, selling it is often necessary when parting ways.  Sentimental value may entice one or the other of you to want to keep the home, but financial implications may keep you from doing so.  Understanding how divorce affects the sale of a home is crucial.  The emotional aspect of splitting up your family can sometimes impair your judgement, but making a poor decision regarding your home can have lasting ramifications, long after the divorce is finalized. 

Whether one spouse wants to buy out the other and keep the home or both want to sell and split the equity, selling a house while getting divorced is a rocky road that needs to be navigated intelligently.  When two people are willing to deal with each other in a peaceful, respectful way, it certainly makes the whole process easier. But often this is not the case in these situations. Division of a home is not simple. 

When each spouse contributed to purchase the home - even if one paid more than the other - you are both going to want your fair share out of it.  Ideally, you will be able to work with an attorney or mediator to come to an agreement out of court, but if you can’t, a judge will decide for you.  This can be a very unpleasant experience for all parties involved.  If both your incomes were factored in the purchase of the house, chances are when you split that in half, neither of you can afford it on your own. If that is the case, the best solution is to sell the home and divide the assets.  There are also tax implications that should be considered when you are trying to decide if you should sell before you divorce or after.

Should one of you decide to stay in the home, there are a couple of different ways to make that happen.  First, if you have the financial means to do so, you can take over the mortgage by refinancing.  This means you must qualify for the loan and be able to make the monthly payments on your own.  Your ex-spouse will be completely out of the picture.  Another way is to continue co-owning the property.  Perhaps you have children and want to keep them in their home. While this is the least disruptive option, it is precarious and requires a lot of trust.  It would have to be a very civil and friendly divorce for this to work because both parties will be responsible for the mortgage and upkeep of the house.  The bottom line is that if you plan to stay in the home, you better be sure you can afford it.  It would be prudent to work out a budget before you make the decision.

With all the financial and emotional issues that get wrapped up in the sale of a home during divorce, it’s crucial that you know what you want prior to meeting with a real estate agent. It is best for you to meet with your attorneys for them to guide you through the process of deciding how to split the equity.  Once you have that done, seek out an experienced Realtor with exceptional communication skills who will gently guide you through the process with as little stress as possible.

 

http://www.tamparealtynow.com/Blog/How-to-Stage-Your-Home-Without-Breaking-the-Bank

http://www.tamparealtynow.com/Blog/Home-Improvements-That-Will-Increase-Your-Home-Value

http://www.tamparealtynow.com/Blog/Selling-Your-Home-with-Kids

Resale Value - What is Important?

by Craig & Linda Nowicke

Unless you plan to stay in a home for the rest of your life, resale value should be a major consideration when purchasing a house. Home-ownership is a huge financial investment and the goal should be to get as much monetary return as possible when you sell.  While you can’t always predict what the future holds for the real estate market, there are some basic guidelines for what kind of properties have good resale value.  Don’t make the error of focusing only on what you want when doing your home search.  Think about the following factors that will affect the resale value:

  1. LOCATION - This should be a primary consideration when looking for a home that will provide a good return on your investment.  A desirable location is likely to remain a hot market for home sales.  Think about the school district you will be in.  Even if you don’t have children in school, a top district will draw many buyers.  Different people will be looking for different things, but most buyers will want basically the same things from the location of their home.
  2. NUMBER OF BEDROOMS - A house with more than two bedrooms will sell faster and for a better price than one with only one or two bedrooms.  Even a couple with no children will want extra space for an office or guestroom (or both).
  3. NUMBER OF BATHROOMS - Buyers will expect to pay much less for a home with only one bathroom.  If people are choosing between a house with one bathroom and one with two, they will almost always be willing to spend a little extra to get that additional restroom.
  4. GATHERING SPACE - Buyers want a large, informal space for relaxing and entertaining family and friends.  You will get more value out of a spacious family room than you will out of a formal living room. 
  5. STORAGE - These days people have a lot of “stuff” and they need places to put it all.  Storage space, including closets, a pantry and loads of cabinets will improve the odds of getting high bids for your house. 
  6. GARAGE - People who live in suburban areas need places to park their cars.  A covered parking place or two is ideal.
  7. OPEN FLOORPAN - Buyers are looking for homes with open spaces and rooms that flow from one to the next.  A house with an open floorplan will improve your chances for a profitable resale.
  8. OVERALL CONDITION - A property that is well-cared for, updated and remodeled will greatly enhance resale value.  Focus on rooms that matter most to buyers - kitchens and bathrooms. Make sure everything is in good working order.  Some people might be looking for a fixer upper, but many buyers are willing to pay a premium for a move-in ready home.

 

http://www.tamparealtynow.com/Blog/Home-Improvements-That-Will-Increase-Your-Home-Value

http://www.tamparealtynow.com/Blog/Home-Improvements-That-Will-Not-Increase-the-Value-of-Your-Home

http://www.tamparealtynow.com/Blog/Things-to-Consider-Before-Purchasing-a-Home-Together

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Photo of Linda and Craig Nowicke Real Estate
Linda and Craig Nowicke
RE/MAX ACR Elite Group
14823 N. Dale Mabry
Tampa FL 33618
Linda: 813-728-3880
Craig: 813-675-5030
Fax: 813-961-6016

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