Homebuyer Incentives

by Elsa Soto | May 21, 2020 | Blog, Local Events, News, Press Releases, Real Estate News, Things to Do in Orlando

Homebuyer Incentives

Home buyer Incentives

Be sure you’re sending the right message to buyers when you throw in a homebuyer incentive to encourage them to purchase your home.

When you’re selling your home, the idea of adding a sweetener to the transaction — whether it’s a decorating allowance, a home warranty, or a big-screen TV — can be a smart use of marketing funds. To ensure it’s not a big waste, follow these do’s and don’ts:

Do use homebuyer incentives to set your home apart from close competition

If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.

Do compensate for flaws with a homebuyer incentive

If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.

Don’t assume homebuyer incentives are legal

Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.

Don’t think buyers won’t see the motivation behind a homebuyer incentive

Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.

Don’t use a homebuyer incentive to mask a too-high price

A buyer may think your expensive homebuyer incentive — like a high-end TV or a luxury car — is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll be giddy to show their clients a home that’s a good value and will sell quickly.

If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Florida’s Sales Up in 1Q

by Elsa Soto | May 14, 2020 | Blog, Press Releases, Real Estate News

Florida’s Sales Up in 1Q

ORLANDO, Fla. – In the first quarter of 2020, Florida’s housing market reported higher median prices and more closed sales compared to a year ago, though the coronavirus pandemic’s impact on the state’s economy and real estate markets began to emerge in mid-March, according to the latest housing data released by Florida Realtors®.

Closed sales of single-family homes statewide totaled 65,602 in 1Q 2020, up 10.2% from the 1Q 2019 level

“Real estate remains a keystone industry in Florida’s economy – real estate is a long-term investment, not a short-term one,” said 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner of Florida Suncoast Real Estate Inc. in Bradenton. “Prior to the pandemic, the fundamentals of Florida’s real estate industry were very strong. Demand for housing was high across all of our major markets, including different price points and asset types. Price growth continued to rise month after month as a current housing shortage persisted.

“Of course, with the necessary steps taken to help safeguard people’s health due to COVID-19, including the business shutdowns, we expect to see a temporary decline in homebuyer interest combined with a decline in listings that will reduce the number of statewide transactions in the next few months’ housing data.”

The statewide median sales price for single-family existing homes in 1Q 2020 was $270,000, up 6.7% from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $205,000, up 10.5% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 27,379 during 1Q 2020, up 9.3% compared to 1Q 2019. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Compared to the same quarter last year, total residential sales were up in the first quarter of 2020 across all 22 Florida metro areas,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Remember, going into the first quarter last year, the stock market was somewhat in flux and we had just entered the longest-ever shutdown of the federal government. So, home sale activity was a bit slow to start off. By March, though, falling mortgage rates came to the rescue and sales started taking off. Mortgage interest rates are currently lower than they were even back then, though, so it’s no wonder our first quarter sales numbers for 2020 were so strong.

“Obviously, we are not expecting a repeat performance in Q2 due to the coronavirus outbreak. While we expect prices to remain stable through Q2, we will certainly see a reduced number of completed transactions.”

In 1Q 2020, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 43 days for single-family homes and 51 days for condo-townhouse properties.

Inventory was at a 3.4-months’ supply in the first quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.51% for 1Q 2020, down from the 4.37% average recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors’ Statistics and Research section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Realtors expect market rebound post-COVID-19

by Elsa Soto | Apr 15, 2020 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, Press Releases, Property for Sale in Orlando, Real Estate Components, Real Estate News, Renters, Retirement / 55+, Sellers, Testimonials

Realtors expect market rebound post-COVID-19

While the COVID-19 outbreak is expected to slow spring homebuying activity, many real estate professionals are hopeful that the market will rebound later in the year.

The majority of respondents to a survey by the National Association of Realtors said they believed that buyers and sellers would return to the market as delayed transactions after the outbreak ends. Fifty-nine percent said that buyers are delaying home purchases for a couple of months, while 57% said that sellers were delaying sales for a couple of months.

“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” said Lawrence Yun, NAR chief economist. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”

Other findings of the NAR survey include:

90% of respondents said that buyer interest declined due to the outbreak, and 80% cited a decline in the number of homes on the market
Home prices are expected to hold steady after a robust rise prior to the pandemic. Seventy-two percent of respondents said that sellers have not reduced their process to attract buyers. However, 63% said buyers were expecting prices to decline due to less competition in the current environment
While residential tenants are struggling to pay rent, 46% of property managers reported being able to accommodate tenants who couldn’t pay, and 27% of individual landlords said the same

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Online Notaries Come to the Rescue on Transactions

by Elsa Soto | Apr 2, 2020 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, News, Press Releases, Real Estate Components, Real Estate News, Renters, Sellers

Online Notaries Come to the Rescue on Transactions

While real estate pros adapt in light of a global pandemic, a digital notary is helping to complete remote closings to keep sales on track. Notarize, part of the National Association of REALTORS®’ 2017 tech accelerator Reach class, predicts that it will process at least $100 billion in transactions on its platform this year. That is up from about $10 billion last year, the company says.

“A lot of our partner industries are in crisis right now because they cannot complete really important transactions,” Pat Kinsel, Notarize’s chief executive, told The Wall Street Journal.

Notarize allows notaries to complete documents from their mobile devices or desktops 24 hours per day in states that allow the process. More than 20 states have laws allowing electronic notarization. Some states are scrambling to add them. For example, in March, New York issued executive orders to permit them. Also, in March, the U.S. Senate introduced a federal bill on electronic notarization. Read more: NAR Urges Swift Passage of Remote Notarization Bill

The real estate industry is finding ways to adapt to shelter-in-place rules started as states manage the the COVID-19 pandemic, to keep pending home sales heading to the settlement table. In states where electronic notarizations are still not accepted, some home sales are being completed in parking lots or drive-thru windows. A notary may pass documents through car windows and watch papers being signed. Read Drive-Thru Closings: The Sale Must Go On

In states that do allow electronic notarizations, closings can take place practically anywhere. The technology to allow remote home closings has been around for years. But, while many brokerages and title companies have continued to rely heavily on paper and fax, they’re now examining new procedures.

“Between appraisals and notaries and county clerk’s offices, there’s a lot of obstacles to just getting people to be able to close their mortgages,” Vishal Garg, chief executive of Better.com, an online mortgage company, told The Wall Street Journal.

Companies that tout remote solutions for home buyers and home sellers are reporting unprecedented demand, The Wall Street Journal reports. As brokerages adopt new technology to aid in the closing process, some real estate executives predict this could become a prominent method to move closings forward, and one that customers may prefer.

“Even without the coronavirus, I don’t see me going to the closing table anymore,” Darry Dkystra, who used an electronic notarization service in late March to remotely close on an investment home in Plant City, Fla., told The Wall Street Journal.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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March Maintenance Check list

by Elsa Soto | Feb 28, 2020 | Blog, Buyers, Homeowners, Homes, Villas and Condos, Investment Property in Florida, News, Press Releases, Real Estate Components, Renters, Sellers

March Maintenance Check list

March is the gateway to spring, one of the biggest times for cleaning your home. It’s time to start getting ready for summer!

TEST SUMP PUMP

If your home has a sump pump, make sure it’s working. Springtime is when snow starts to melt and you could have problems with flooding. It’s better to test your sump pump now and make sure it’s pumping properly than wait and deal with the aftermath. eHow has a guide on how to test them here.

DEEP CLEAN YOUR HOME

Spring clean your house! Dust, dirt, and grime can all build up in the wintertime and spring is the perfect time to give your home a good scrub. Try to clear out clutter and donate unneeded items to charity.

CHECKING ROOF FOR SOFT SPOTS

It’s a good time to see if your roof needs to be repaired. Check for soft spots by using a pair of binoculars and seeing if there are any loose, broken, or missing shingles on your roof. You’ll want to get a roofing technician to repair those as soon as possible. (If you have roof leak repair with your home warranty, that can be patched up if you’ve properly maintained your roof.)

FIX RUST SPOTS ON YOUR TUB AND APPLIANCES

Make sure any rust spots in your home are fixed using epoxy seals. This DIY article shows you how to fix a rust spot on your bathtub, but you can use the same process for many parts of your home!

CLEAN GUTTERS

Gutters full of dirt, fall leaves, and other debris can cause flooding. This water can back up into your roof and cause wood rot and leaks, or it could seep into your foundation and cause flooding. Take a day to clear out your gutters to avoid this problem.

CHECK WATER FLOW FROM DOWN SPOUTS

After your gutters are cleaned, pour water through your downspouts to see if the water is running away from your home instead of pooling around your foundation. Pooled water can leak into your home’s foundation and window wells and cause flooding.

We Provide Property Management services in the Clermont, Kissimmee, Davenport and Haines City is an essential part of our business. We remain focused on these regional areas to ensure we are able to provide outstanding service without sacrificing performance.

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More Couples Put the House Before the Ring

by Elsa Soto | Feb 26, 2020 | Blog, Buyers, Press Releases, Property for Sale in Orlando, Real Estate News, Renters, Sellers

More Couples Put the House Before the Ring

Is the declining number of marriages contributing to fewer first-time home buyers? In the 1980s, the number of married couples in the ranks of first-time buyers peaked at 75%. Flash forward to today, when only 53% of first-time buyers are married couples, according to data from the National Association of REALTORS®.

So who are the other buyers making up the housing market today? The share of unmarried couples purchasing their first home is now matching single females at 17%, the largest share recorded by NAR to date.

Also increasing is the share of “galentines” buying a home together, notes Jessica Lautz, NAR’s vice president of demographics and behavioral insights, at the association’s Economists’ Outlook blog. Galentines refers to platonic friendships, such as roommates. These buyers have made a notable jump, from 2% to 4% of the market in the last year, Lautz notes.

Unmarried couples and roommate buyers may have an advantage over single buyers helping them to increase their numbers: dual incomes. “Dual incomes allow them to navigate the housing market and perhaps allow them to purchase a home that is at a higher price point where they may face less competition in the buying market,” Lautz writes.

Still, 17% of recent first-time buyers are single females, although that share has dropped from a high of 27%. “This drop is likely due to housing affordability,” Lautz notes. “It is harder for a single-income individual to enter the competitive housing market the U.S. is facing today. Notably, while single men have traditionally had smaller shares of home buyers, the share of single men has now crept up to 10% of the first-time buyer market.”

Resource:Realtor Magazine

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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