Bradenton Florida Real Estate News

Thursday, August 30, 2007

Manatee County Housing Starting to Recover


This was just released today from the Florida Association of Realtors:


"Popular perceptions about the housing market are wrong, says noted economist Hank Fishkind, who believes the market reached bottom a few months ago. Fishkind looks for trends in real estate statistical releases, and says that things may not be great but there's also no indication that they're getting worse."


In his weekly radio address on WMFE in Orlando, Fishkind said he constantly encounters audiences worried about the housing market and any financial disruptions it could cause.


"The variance between the real economic data and people's perceptions was enormous," Fishkind said. "While home starts have dropped 36 percent from their peak, starts have stabilized over the last six months with no further erosion. Friday's report on new home sales confirms that the market has bottomed out. Sales actually increased 2.7 percent to an annual pace ... and the inventory of new but unsold homes declined."


"Fishkind agrees that sales of existing homes are down, but also looks at the amount of the drop and recent changes. "Importantly, the sales of existing homes were again stable for the seventh month in a row," he says. "While recovery may be some time off, it is clear that Florida's housing markets have bottomed out."


"Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they're located in the state."


'The more overbuilt markets will take longer to recover," Fishkind says. "But fears that prices will drop significantly are unfounded. And so is the pervasive panic. The economy is stronger than the reports about it.'"


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Buyers today need to understand that they have a lot to lose by staying on the sidelines. Those waiting to spot the exact market bottom will lose time, money, and opportunity. Today's buyers market may very well represent the greatest buying opportunity in over 100 years.


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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.

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Tuesday, August 28, 2007

Local Home Sales Third in State

Good news!

Our local home sales are on the way up. For the month of July we were THIRD among the state's 20 metro markets.

Inventory is down for the third straight month. I am quoted in an article by the Bradenton Herald today, " 'That really is the first sign that we are bottoming out, when the inventory evens out,' said Dan Forbes, co-owner and broker of Premier Team Inc. in Bradenton."

Read the article here.
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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.

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Saturday, August 25, 2007

Property Tax Reform Falls Short

Today's Bradenton Herald carries an article about the so-called property tax reform bill. You can read it by clicking here.

Also read the comments to the article to which I added my own thoughts.

Landlords need relief.

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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate needs.

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Tuesday, August 21, 2007

Real Estate Roller Coaster --You Gotta See This!

This Roller Coaster Graph is an actual graph showing the Real Estate Market Prices from 1890 to PRESENT! Take a ride through history on this clever creation, and see what kind of breath taking experience we have experienced over the years! Be sure to watch the lower right corner under the youtube logo to see what year you're actually in. At the end of the video, it shows the graph from which this video analogy or metaphor was created.


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Bradenton - Sarasota, Florida in "Top 100 Places to Live"

Our Bradenton - Sarasota, Florida area continues to attract new residents from around the county and around the world. A recent article in a local paper pointed out some of the buzz...

2007 (to date)

“Top 10 Places To Start A New Business,” according to American City Business Journals

“Top 10 Places to Retire Young,” by Money Magazine

“Top 10 Boomtowns For Entrepreneurs,” from INC Magazine (2nd year in a row)

Sarasota’s New College ranked sixth best value in public colleges in the United States by Kiplinger’s Personal Finance Magazine


2006:

“Top Areas For Overall Quality Of Life,” by Business Development Outlook Magazine

Siesta Key’s Crescent Beach named among the “Top 3 Walking Beaches In The U.S.,” by Best Beaches USA

Top 5 among the “Hot Spots In The Sunbelt,” by Biz Journals

Sarasota/Bradenton/Venice among the “Top 100 Places To Live,” by Relocate America

“Top 25 Arts Destinations Among Smaller Cities,” by American Style Magazine

“Best Place to Retire For Singles” (June 2006) by Fortune Magazine

Sarasota County named among the 10 “All-America Counties” at the 57th Annual All-America City Awards in Anaheim, California

Sarasota’s New College rated as the “#1 Liberal Arts College in the United States” by U.S. News and World Report

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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate Needs

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Friday, August 17, 2007

Do Open Houses Work?


Quite often when being interview by a seller, we are asked...."What about open houses??? Do you do them??" Our answer to most people is...While we are willing to do open houses they are not as effective as most people think.


Statistic show that 1 out of every 100 people that come thru an open house actually buy the house that is being held open. Even with internet advertising and newspaper adds, most people find open houses by following the signs in the neighborhood. Sometimes it is nosy neighbors or people just looking for decorating ideas.


Therefore, when walking into an open house, the public knows nothing about the house. They don't know the price, taxes or amenities therefore creating a lot of unnecessary traffic thru ones home.


This is usually a great opportunity for a REALTOR to find some buyers to work with. Most people that visit open house and are really considering moving are not loyal to a REALTOR, giving the agent that is holding the open house an opportunity to provide their services to that buyer.


On the other hand, because statistics show that 1 out of every 100 people that come thru an open house actually buy the house that is being open, you do have a remote chance of selling your home through a open house.


If you have 6 people come through an open house on a given weekend, you will have to have about 17 open houses to get 100 people thru. That is 17 weekends that you, the seller, have to be gone for 3 to 4 hours so that your agent can host the open house. Since most people work and use their weekends to catch up on household chores, hosting so many open houses becomes very inconvenient to the seller.


Now the questions is...Is the person who is going to buy your house the 1st person thru, the 50th person thru or the 96th person thru?


When looking to hire a real estate agent to market and sell your home, you want someone who knows what it takes to get the results. The results are just not there with open houses. Hire a REALTOR with an aggressive marketing plan that is going to get you ALL the exposure that you can possibly get. The more people that know about your home, the more likely you are to sell quicker and for a good price.


Let's face it....if the results were that great, there would be no room on the street corners with all the open house signs.
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I' m Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate needs. http://BradentonRealEstate.com

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Thursday, August 16, 2007

Summer Maintenance Suggestions


You know all of those little things that you have been meaning to do this Summer but haven't gotten to? Now is the time.


As the end of Summer approaches, we will post tips and suggestions to spruce up your home before the Fall Market starts. Remember, with Buyers, first impressions count.


Today's post is about General Maintenance:


  • Oil squeaky doors

  • Tighten doorknobs

  • Replace burned out light bulbs

  • Clean and repair windows

  • Touch up chipped paint

  • Repair cracked plaster

  • Repair leaking faucets and toilets

  • Re-grout baths, as needed

  • Patch and reseal the driveway

  • Clean the gutters

  • Do all those other "little repairs" you need

I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate needs.


http://bradentonrealestate.com/


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Wednesday, August 15, 2007

Highest-appreciating and Most-depreciating areas

The value of midsize and large homes declined more in the last year than the value of small single-family residences, according to a second-quarter analysis by real estate Web site Zillow.com.

The value of single-family homes smaller than 1,200 square feet fell by just 1 percent, according to Zillow’s report. Meanwhile, values of midsize homes between 1,200 and 1,900 square feet fell an average of 3.1 percent, and homes larger than 1,900 square feet declined 2.8 percent.

Zillow.com also offers a comparison of 66 metropolitan statistical areas on Zillow.com.These findings are culled from that analysis:

The highest-appreciating metropolitan areas (year-over-year):
Grand Junction, Colo. (18.6 percent)
• Corvallis, Ore. (11.2 percent)
• Charlotte-Gastonia-Rock Hill, NC-SC (9.0 percent)
• Eugene-Springfield, Ore. (6.9 percent)
• Spokane, Wash. (6.1 percent)
• Seattle-Tacoma-Bremerton, Wash. (5.3 percent)

Most-depreciating metropolitan areas (year-over-year):
Sarasota-Bradenton, Fla. (-16.4 percent)
• Melbourne-Titusville-Palm Bay, Fla. (-14.3 percent)
• Stockton-Lodi, Calif. (-13.5 percent)
• Charleston-North Charleston, SC (-12.8 percent)
• Daytona Beach, Fla. (-12.5 percent)
• Modesto, Calif. (-12.4 percent)

Most expensive metropolitan areas:
San Francisco-Oakland-San Jose, Calif. ($685,653)
• Honolulu, Hawaii ($632,270)
• San Luis Obispo-Atascadero-Paso Robles, Calif. ($537,722)
• Los Angeles-Riverside-Orange County, Calif. ($525,175)
• San Diego, Calif. ($505,334)
• New York-Northern New Jersey-Long Island ($445,435)

Least expensive metropolitan areas:
Jackson, Tenn. ($91,563)
• Greenville-Spartanburg-Anderson, SC ($101,178)
• Tulsa, Okla. ($102,876)
• Dayton-Springfield, Ohio ($108,121)
• Rockford, Ill. ($116,475)
• Columbia, SC ($116,865)

Source: Zillow

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Wednesday, August 08, 2007

Top Ten Reasons to Buy Bradenton, Florida Real Estate

When is the best time to buy real estate? When it is a buyer’s market, right? So, what are you waiting for? Our Bradenton real estate market is a ripe opportunity for investing in real estate or buying your dream home.As I sat down to write this article I thought I’d write about the Top Ten Reasons to Buy Bradenton Real Estate. These thoughts are coming to me as I type:

1. Bradenton has a wonderful, desirable location. Bradenton is located in Manatee County which is between Sarasota and Tampa on Florida’s West coast. The largest city in the county is Bradenton, but the name Bradenton is used for most of the unincorporated area of the county as well. Other cites include Palmetto, Ellenton, Parrish, Bradenton Beach, Holmes Beach, and Anna Maria. Bradenton offers easy access to all of central Florida, including Orlando.The Manatee River runs through the county and provides easy access to the Gulf of Mexico. Boating, fishing, and water sports are great area attractions. Or maybe, you’d prefer relaxing on some of the best beaches in Florida.

2. Bradenton has a huge supply of inventory, but it seems to have topped out. Excess inventory is what drives prices down, but just as importantly, it gives you plenty of choices. Just two years ago if you could find five homes in your price range, you were lucky. Now you can select from among hundreds of homes. Better selection equals a better purchase.Now that our inventory is beginning to shrink, it may signal that the bottom has already occurred. Buy now before the seller’s market returns.

3. Bradenton prices are down. Our residential prices are down over 20 percent from the high of 2005. This is unprecedented and represents a great buying opportunity. If you were to tell someone that you could buy real estate at a 20 percent discount, they would call you a genius. Opportunities like this don’t last long.

4. Interest rates are still near historical lows. Ask anyone in the business where interest rates are going to go over the next few years. Everyone believes that rates will go up. For every increase in interest rate, thousands of buyers are shut out of the market. Your dollars will go farther today than they will a year from now. Taking advantage of today’s rates is like buying your house at a discount. Financing guidelines are tightening on a daily basis. This is a sure sign that rate hikes are coming.

5. In Bradenton it is still possible to buy with little to zero down. 100% financing has all but disappeared. However, it is still available for many. Then there are other options like 97% percent, or 95% financing. On top of that, today’s sellers are willing to pay some or all of the buyer’s closing costs. We have seen many buyers get into the home of their dreams with virtually no money out of pocket.

6. The baby boomers are coming to Bradenton. A few short years ago Money magazine named Bradenton, Florida as one of the top five places to retire. Well, it’s an even better area today than it was five years ago. Our proximity to the white, sandy beaches of the Gulf of Mexico is quite attractive, since we are a coastal county. We are also located near two major airports (Tampa and Sarasota). The Interstate highway system provides great access to Manatee, Sarasota, Pinellas, and Hillsborough Counties. As long as it keeps snowing up North the baby boomers will keep coming here. Our area is just a fantastic place to live, work, and play.

7. Bradenton sellers are motivated to sell. Some homes have been on the market for over a year. They have reduced their price again, again, and again. Some are desperate and most are quite motivated. Having practiced real estate for thirteen years in Bradenton, I have never seen sellers so motivated. Now is the time to get a great deal!

8. Bradenton’s foreclosures and short sale market is a once-in-a-lifetime opportunity. Since many speculators overextended themselves in 2005 our foreclosure and short sale rate has skyrocketed. If you are an investor, this represents a tremendous buying opportunity. Your strategy should be to buy at a discount, hold for a few years, and then sell for a big profit. Put a tenant in the property and allow them to pay down your mortgage for an even greater profit. If you are buying a home to live in, the advantage is even greater.

9. New home builders in Bradenton are offering unprecedented incentives. Buy a new home, get a free pool. Need help with financing? No problem. One builder is offering to hold a 15 %t second mortgage for five years, no interest, no payments. Others are offering $10,000 or more towards closing costs. All of this is on top of the $50,000 to $100,000 price reductions. Your Realtor will know where the best deals are.

10. The Bradenton real estate market is poised for a quick rebound. It is predicted that our market will experience what’s called a “V” recovery. It was quick to go down and it will be quick to recover. If you are the type of buyer waiting to find the bottom you have probably already missed it. Even if you believe the bottom is still to come, buying today locks in your discount during a historical opportunity. Waiting now may only mean paying more in the future.

Well, there you have it. Here are my thoughts on the Top Ten Reasons to Buy Bradenton Real Estate. Actually, it was quite easy to come up with these ten reasons. There are probably ten more I could have written about.

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