Fort Lauderdale Real Estate News

This past Friday I drove up to Orlando to attend an all day BloodhoundRealty.com Unchained Seminar hosted by Greg Swan and Brian Brady. I have been a member of the community online for some time now and it was a treat to finally meet many of the contributing members in person.

Along with Greg and Brian were several guest speakers; Sherri Chris, Terri Lussier, Kelly Koehler, Mitch Ribak, John Rowles, Sean Purcell and Eric Blackwell sharing ideas on marketing real estate on the internet, IDX and Search Engine Optimization (SEO).

Once common thread among the attendees is that we have all embraced the advantages and the opportunities the internet provides and have broken away from the traditional ways of selling real estate. This escape from the chains that bind makes us Greeks (per Greg).

If you have veered from tradition, you may be Greek as well, and you are in luck because I took a plenty of notes:

The Unchained Epiphany:

• You are free to thrive
• You are free to starve
• But you are NOT free to escape the necessity of making a choice or the result of whatever choice you make

Marketing Real Estate the Bloodhound Way:

When asked what we do for a living, typical responses are:

• real estate agent
• real estate adviser
• consultant
• specialist
• and the list goes on…..

In reality we are all those things and more, however, a more fitting response is we are “marketers”. We market real estate for a living.

We should be Present in the moment, Oriented toward our goals and Purposeful (POP). Most importantly, we should be passionate about what we do and that passion should be transparent from the For Sale signs we use to the marketing materials we create for each listing.

MLS is one of the most underused marketing tools because the mls brochure is a chance to not only describe the benefits and features of a home for sale, but also the opportunity to tell a story about the property or the home-owner. Use photos and videos.

This is a golden opportunity to “speak to the buyer” and take the buyer from their present home and get them excited about the new home for sale.

The MLS property listing brochures are primarily seen by other Realtors. Empower them with enough information to sell the home.

Most MLS listings have remarks for the buyer and a separate remarks section for brokers. Use these areas well.

Fliers are another opportunity to “speak to the buyer”. Don’t waste this opportunity with photos of the outside of the home. The buyer is most likely standing in front of the house and can very well see what the exterior looks like. They are more interested in the interior and back yard photos.

Web-blogs

If you don’t have a blog, you need one.

A web-blog:

• Doesn’t have to be perfect
• Doesn’t have to be momentous
• Doesn’t have to be written (video blogs)

But it does:

• Have to be updated (often)
• Have to be on-topic

Building a Community through blogging.

What it is:

• Providing Value
• Establishing Authority
• Local Conversation
• Local Connection

What it is NOT:

• Business Card Exchange
• Online Lead Generation System
• Online Cold Calling
• Online Door Knocking
• Growing Links

Getting Started with web-blogging:

Search Google for local blogs in your area to get ideas. Search suburbs and subdivisions. Search often, because new blogs are created all the time. If you find a blog you like, comment on it. Commenting on other blogs with value will lead to other bloggers commenting on your blog.

Google Alerts

• Set up Google Alerts for your area

Twitter:

• Tweetscan
• Twitterlocal.net
• Tweet solds, listings, community info (from Google Alerts, tweet the link to the news in the community)

Online Forums

• Local Forums
• Community Forums
• Sports Forums
• Hobby Forums

Its all about connecting

• People want to know what they write has an impact. Let them know if you are touched by what you read.
• Find common ground and let them know
• Build relationships
• Find Realtor blogs in feeder places for your area

If you are not blogging your listings and sales, you should be. If your blogging efforts are not going toward attracting and working with clients, you are wasting valuable time and squandering your freedom.

Social Media

Social Media began as a platform to meet and congregate. Early platforms of social media were:

• Dating sites
• Yahoo IM/ Geocites
• Yahoo Forums (Groups)
• IM communities (ICQ)

MySpace entered social media marketing and changed everything.

• Free advertising supported
• All about the User
• Open Access

Social Media evolved into social media marketing whereby an individual or company can use online social platforms to promote a brand and connect with influential customers.

Why Engage in Social Media:

• It works
• Connect with past customers
• Connect with new customers
• Develop referral/ affiliated relationships
• Its free (but it is not cheap). Requires a lot of time
• Your customers are there - (ask them where they are)

Examples of Good Social Media platforms:

• MySpace
• LinkedIn
• Meetup
• Zillow
• Facebook
• Youtube
• Twitter
• Yahoo
• Activerain
• Gather
• Tulia
• RSS
• Vlog
• Google Chat
• Flickr
• Sharethis
• Myblog

Most of these sites allow you to create a profile. Create a profile and make sure it is a good one. Most sites allow links back to your website/blog from the profile page. Every bit of this activity will link back to you, (dropping breadcrumbs) enabling potential clients to find you and check you out. Make sure what you are writing is what you would want to say if you were in front of the person. Remember, the internet is forever.

Using Google Adwords

Google Adwords are the sponsored results you see on Google when you type in a search query and google displays a page of results. Usually these results are at the top and right side of the page. When a user clicks on one of those results, the owner of the ad is charged.

This is in addition to the organic results (usually 10) that you also see on the page.

For more basics on Google Adwords you can search Google’s Adword learning center

Google Adword Ads:

• Have to be concise
• Have a clear benefit or unique angle
• Describe an action

Create an ad that is interesting and compelling for something interesting and compelling you have on your site.

Create a list of keywords that are relevant to your ad and your site.

Keyword Selection Theory. Pick Keywords that:

• Are highly relevant to your ad and your site
• Have business value - indicate readiness to take action
• Have high traffic
• Have low competition
• Are inexpensive

Your goal with Adwords is to create an ad which is clicked on by users and make sure you are sending the users to a relevant Landing Page. The Landing Page is usually NOT your home page. The Landing Page is the page that is relevant to the user’s search and the ad you created. By doing this well you should receive a high Click Through Ration (CTR) which means your ad is being clicked on often by users and the users are satisfied with the page they landed on.

You improve your CTR by improving keywords and improving ads. A high CTR can lead to a high Quality Score which is Google’s way of rewarding you for creating relevant ads.

Google is all about the user experience. Is the user being directed to a page that is relevant to their search? A high Quality Score may cause Google to serve up your ad more often even if you are not the highest bidder for the keyword term.

Improve Click Through Rate to improve Quality Score. Improve Quality Score to pay less for the same click.

More about Landing Pages

Landing Pages are:

• Where you send people from your ad
• Probably have a goal that can be measured
• Reinforce the scent trail

Best Practices for Landing Pages:

• De clutter. Less is usually more
• Consider removing navigation to unrelated items
• Keep the main focus above the fold
• Pages are understandable at a glance
• Reinforce the scent trail - use the same keywords as in the ad
• TEST, MEASURE, REWORK AND REPEAT
• Click on your ad - check to make sure it is going to the right place
• Win the small battles. Go niche
• Improve Click Through Ratio (CTR), improve Quality Score and pay less
• Monitor your campaigns
• Simplify and TEST

Lead Capture

• Landing pages can be set up to be city specific or neighborhood specific
• You should always have some form of capture on your Landing Pages
• Most agents and brokers just use the site’s homepage as their Landing Page. This just makes it harder for the user to find what they are searching and even harder for them to give you their contact information
• Quality Landing Pages will increase your capture rates (Adwords)
• Landing Pages should utilize “simple navigation”-allowing users to easily navigate around the site

Forced Registration

• Requires user to register prior to viewing any mls listings
• Great for capturing leads
• Ability to capture enough information to help Lead Conversion Rates
• Creates a large volume of leads to work
• Cost per leads (Adwords) potential to be low (higher conversion rate)
• Business is predictable

Unforced Registration

• Does not require user to register prior to viewing listings
• Few leads as a result
• Leads received are usually good because the user initiated contact
• Cost per leads high (Adwords) (lower conversion rate)
• Business is not predictable

Information needed to help convert leads to customers for life

• Name, email and telephone number (telephone number can be optional)
• Landing page should be city related to help understand customer’s needs. This gives you the ability to set up search defaults
• Questions such as: How soon are they buying? Do they have a home for sale? Are they interested in financing?

Lead Capture Forms

• Dream Home Finder
• Market Analysis Report
• Automated Listings service
• Free Home Buying and Home Selling Guides
• Relocation Packages
• Ask the Realtor

Lead Capture Summary

• Good Landing Pages are essential
• Forced Registrations provides more leads
• Collecting the proper information will allow for stronger lead conversions
• Use strategic questions in your Lead Capture Forms

The Step by Step Process and Time Frame of 100 MPH System

• Lead Comes in
• Auto Responder email - immediately
• Lead Assigned - as quickly as possible
• Thank you Letter from Agent - within an hour of receiving lead
• Agent sends list of properties - within an hour or two after sending thank you letter
• Agent places lead into listings update system - upon sending list of properties
• Agent places lead into database and drip campaign - upon sending list of properties
• Agent contacts lead - No later than 24 hours after lead has been received

First phone call:

• Build rapport
• Determine search criteria
• Determine time frame
• Determine why they are moving
• Discuss follow up schedule

After First Call

• Redo listing update with proper search criteria
• Send customer new list of properties - thank them for their time
• Set call back reminders for follow up

Drip Campaigns

• Campaigns should not be fluff, they must have a purpose
• Campaigns should be short and concise
• Customers are receiving nightly listing updates, you don’t need to bombard them with non-stop campaigns
• Do not overwhelm customers with useless information
• Monthly newsletter
• Just checking in letter every 6 weeks

Other Drips

• School information
• Important phone numbers
• Guarantee (if you provide one)
• Things a Realtor does for you

Phone Call Schedule

• Follow up phone calls are the difference between getting sales and becoming highly successful
• Follow up calls are based on customer’s time frame
• If a customer is buying in a year or so - Call once every 2 months
• If a customer is buying between 6 months to a year - Call once every 6-8 weeks
• If a customer is buying within 3 to 6 months - Call once every 4-6 weeks
• If a customer is buying within 3 months - Call them every 3-4 weeks
• If a customer is buying within 1 month - Call them weekly
• Adjust schedule to suit customers needs

Search Engine Optimization - SEO

Correct Principles & Easy Basic Steps for SEO

• What Search Engines Want
• How to give it to them while maintaining your integrity
• Content should be geared towards users, NOT Search Engines

The Basic Principle - Search Engines Crave Relevance

Relevance can be described as:

• Timely
• On subject
• Written by authority

How Does Google Determine Who is Authority?

• If everyone likes you (especially a site with authority) gives links to you, you must be adding value. Adding value over time creates authority
• Search Engine spiders can determine quickly if your site is timely. Update often
• How much text is required for Google to understand if your site is relevant? Not much!

Your site should be Search Engine Friendly

• Make it easy for the spiders to get to your site and navigate the pages

SEO - Basic Steps

• Title Tags Essential
• Appropriate use of content H1 tags
• Don’t keyword stuff
• Write for the audience, but with SEO in mind
• Don’t worry about domain names
• Don’t worry about how many pages you need in order to rank

The Link Builder’s Toolkit:

• FireFox
• SEO for Firefox
• Yahoo Site Explorer for Quick Analysis
• MajesticSEO.com for a deeper look (new)
• Josse DeValk’s plugins and tools
• Yoast.com/seo-tools/
• Check rankings manually
• Avoid automated link builders

Prioritizing Your Time Spend Choosing Online Communities:

• All online communities / social networks are NOT created equal
• Are they a competition? Could they be?
• Value (Quality of Links) (how do they RANK?)
• Stability (Quality of Community Builder)
• Growth (Steady flow of new members)
• Ability to connect to end consumer - either from ranking or via another source of traffic
• Anchor text control
• Squidoo - (example of good online community)
• Realestatewebmasters (REW) (example of good community)
• BloodhoundRealtyblog (example of good community)

Blogging Platforms:

• Use them to RANK as opposed to just linking
• Great for Less Competitive generating terms
• Create internal links to your blog or profile page by using links on the other internal pages of the platform
• Follow Terms of Service (TOS)

Using a Blog to Get and Keep Connected in High Places

• Blog posts on different platforms to gain placing (be diversified, but relevant)

Blogging Relationships:

• Blog posts on multi-author blogs versus Article Submission
• Relationships matter in the blog world

Interesting NEW Ways to Build Online Authority:

• Local Multi Author blogs
• Online News magazines
• Online Business Guides
• Online LOCAL newspapers

Relationships (links):

• How does Google find Authority Sites? Links
• How does Google know what the authority is an authority in? Anchor text, on page characteristics of the linking page and domain
• Does of age of links matter? yes.
• Does age of domain matter? probably not, however, the age of links pointing to the domain does matter.

SEO In conclusion:

• Building relationships online over time will be much more rewarding than trying to game the system. Authority takes time to achieve, but if you are caught gaming the system, it takes only a second for Google to respond by de-indexing your site.

IDX - Internet Data Exchange

Since I already have an IDX on my site, I did not take notes. From what I remember, John’s IDX product uses Google technology matched with the searcher’s query to display property listings. For more detailed information, click on John Rowles’ name above.

In closing, the Bloodhound Unchained was exceptional and exceeded my expectations. I wish to thank Greg and Brian for hosting the event (especially in my backyard) and to all of the guest speakers who made the event the success it was.

Statistics released by foreclosure listing service Realty Track report by year end, one-third of all properties for sale nationwide will be sold by banks.

Third Quarter 2008 foreclosure filings were up more than 70% from same time last year.   Almost 766,000 homes received foreclosure notices between July and September.

Approximately 60% of all homes in foreclosure are in Florida, Nevada, Arizona, Ohio and Michigan.  California accounts for 1/4 of all US foreclosures.  The Fort Lauderdale Real Estate market has certainly seen its share of foreclosures and short sales .

Florida ranks 2nd for nationwide foreclosures per the Tampa Bay Business Journal and Fort Lauderdale ranks 5th in the top 100 metropolitan cities with the highest foreclosure rate.

Ohio and Michigan foreclosures can be attributed to the high rate of unemployment and the job crisis related to the auto industry.

Florida, Arizona, Nevada and California foreclosures are attributed to the enormous unsustainable housing appreciation sometimes in excess of 50% per year.

In a FOX News interview with Barry Habib, Chairman of the Board of Mortgage Success Source, Mr. Habib advised “anyone heading into foreclosure may stall the process by asking for proof of payment history when served.  Since the loan may have been sold a few times, asking for proof of payment history may give you some extra time.”

The most important thing to remember is to communicate with your lender.  Banks want to work with you and avoid foreclosure if possible.

When asked if now was a good time to buy real estate, Mr. Habib replied that “this is a great opportunity to buy real estate.  The reason why there are few rich people is because it is hard to do what everyone is saying not to do.”  He went on to say while everyone is saying real estate is bad, advising to stay out of it, perhaps it is the right time to get in.

He added, buyers are in the driving seat, able to buy properties 10-15% or more below market value.  Even if prices come down another 5-10%, so what?  There is plenty of inventory for buyers to choose from.  Since the average person holds on to a home for 14 years, when the market recovers, there is the potential for a great profit.

For more information about buying or selling a home in Fort Lauderdale, or Fort Lauderdale Condos for sale, contact John Sabia at 954-850-2397.

Return to Fort Lauderdale Real Estate home page

Snowbirds and current residents alike can save big by buying a new home in Fort Lauderdale or any one of South Florida’s most affordable neighborhoods.

From South Beach to Palm Beach, millions of tourists flock to South Florida in droves every year to soak up gorgeous weather, take in breath-taking scenery and experience endless outdoor activities.

Clearly, South Florida cities, such as Fort Lauderdale, Miami Beach and Boca Raton, have a lot to offer those that visit — and those that already live here. Tourists and snowbirds looking for a place to settle down or reside for an extended vacation should consider owning residential real estate in Fort Lauderdale. In the current unnerving economy, it’s smarter than leasing a property or overspending at an expensive hotel.

While the Fort Lauderdale area, for instance, boasts a large concentration of wealthy neighborhoods such as Las Olas, Bay Colony, Coral Ridge, Harbor Beach, Rio Vista Lauderdale by the Sea, Sea Ranch Lakes and Fort Lauderdale Beach lined with luxurious homes and exclusive properties, a good chunk of this extraordinary city offers plenty of affordable homes in premiere neighborhoods.

If you’re considering purchasing a home or buying a condo in Fort Lauderdale, every cent counts in today’s market, so it’s critical to invest in a property that will create long-term wealth. Buying a new home makes good financial sense. For consumers who want to save money, new construction homes save them the headache of dealing with maintenance woes that come with buying older properties. Because mortgage interest and real estate taxes are tax deductible, consumers have another big opportunity to save.

A knowledgeable Realtor can show you a variety of homes for sale in Fort Lauderdale and surrounding areas that feature the latest and greatest in energy-efficient heating and air conditioning systems. Buying new construction in Fort Lauderdale also allows you to chose the exact home you want — from the layout design, crown molding in the living room to the appliances and kitchen counter tops. With pre-owned homes, it can be difficult to adjust to the past owner’s taste.

A Fort Lauderdale Realtor can not only show you a wide variety of homes but they can also show you an array of Fort Lauderdale condos in the heart of the city as well as Fort Lauderdale beach condos. Fort Lauderdale’s most modern facilities offer just the right mix of design and practicality — all just blocks from the city’s entertainment and recreational hub. For those with a desire for waterfront views, Fort Lauderdale has plenty of waterfront properties on canals and other waterways.

Once you’ve settle into your new home, you have time to sit back and enjoy all the exciting events and activities Fort Lauderdale has to offer, including air and boat shows, arts and crafts fairs, fashion shows, boat parades, street parties, concerts, food festivals and so many more outdoor activities.

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia at 954-850-2397 or visit the Fort Lauderdale Real Estate website.

Study shows hesitant buyers settling for condo and apartment rentals.

While many first-time home buyers wait for the residential real estate in Fort Lauderdale market to stabilize, some are opting to take shelter in many condo and apartment rentals, which are very abundant in the area.

According to Commercial Real Estate Outlook, a study published Sept. 17 by the National Association of Realtors (NAR), apartment rentals are expected to rise at a respectable rate due, in part, to a healthy demand for rental units.

The apartment rental market remains optimistic. Multifamily vacancy rates are forecast to rise 5.9 percent in the second quarter of 2009 from 5.4 percent in the second quarter of this year. Average rent will most likely jump 3.9 percent in 2008 and 4 percent next year — up from a 3.1 percent increase in 2007.

The figures are a result of would-be-buyers putting real estate purchases on hold while they wait for the shaky Fort Lauderdale Real Estate market to calm. Stricter lending rules as a result of the mortgage crisis have also barred some home buyers from entry into home ownership. Not too long ago, home prices were appreciating and everyone wanted a piece of the pie.

Today, there are fewer vacancies and landlords are taking advantage of the trend by raising rents. However, in some bubble markets, such as Palm Beach, rents are slightly declining due to a large surplus of condos being rented out — the result of many apartment buildings being converted to condos during the housing boom. In the second quarter, rentals in Palm Beach dropped 0.5 percent, according to the NAR.

While there are plenty of bargain homes available for current renters who think they can’t afford to be buying a home in Fort Lauderdale right now, there are a lot of affordable condos and apartments for rent with luxury amenities and plenty of extras. A reputable real estate agent who is familiar with the local market can show you a variety of available units that go above and beyond your desired criteria and expectations.

Downtown Fort Lauderdale rentals at Nu River Landing, WaterGarden, Symphony, 350 Las Olas, Waverly at Las Olas, Las Olas, Las Olas River House and Las Olas Grand offer a luxury downtown experience with restaurants and shops a short distance away.

Avenue Lofts, The Mills, Foundry Lofts, Strada 315, Exchange Lofts, Nola Lofts and Bamboo Flats feature urban loft living in Flagler Village.

Tides at Bridgeside Square, Vue Residences and L’Hermitage are just a few of the many condos available for rent at the beach.

Do your own research ahead of time before meeting with a Realtor, so you can better describe what you’re looking for. You can’t tell too much about a neighborhood by simply driving through it. If you find a rental you’re really happy with, it may be worth looking into purchasing it at a later date.

Eventually, the rise in rents will plateau and hesitant home buyers — tired of turning over their paychecks to their landlords — will once again become bargain hunters looking to build their own equity.

If you are considering buying, selling or interested in condos for rent in Fort Lauderdale, contact John Sabia today at 954-850-2397.

Go to the Fort Lauderdale Real Estate home page

Recent Sale at the Pilot House Condo in Fort Lauderdale, Florida

Clients from Canada just recently bought this 2 bedroom 2 bath condo at Pilot House Condo in Fort Lauderdale, Florida, a condomininium situated directly on the Intracostal Waterway.

The Purchase Price was $270,000 which respresents 83% of the listed asking price of $325,900.

Pilot House was built in 1978 and stretches the entire northeast to southeast point lots boasting incredible Intracoastal views with comfortable living. Residents at Pilot House have a choice of floor plans from townhomes and condos and when available, deepwater dockage for their boat.

If you are looking to buy, rent or sell a Fort Lauderdale Condo or home, or another one of the many Condos for sale in Fort Lauderdale, please contact John Sabia today.

Return to the #1 Fort Lauderdale Real Estate Website

Protect yourself against storm damage by asking the right questions before closing on a home.

For newcomers and locals alike, South Florida offers a treasure trove of gorgeous beaches, beautiful homes and spectacular shopping and dinning opportunities. This time of year, however, the threat of serious property damage from relentless tropical storms and hurricanes are a harsh reality — and enough to make some homeowners question their purchase.

 

But dealing with unfavorable weather in South Florida shouldn’t be a factor that prevents a buyer from purchasing real estate in Fort Lauderdale or elsewhere in the state. In fact, there are plenty of precautions homebuyers can take to protect themselves against the onslaught of brewing trouble in the tropics.

 While Florida building codes go a long way to protect homeowners by requiring reinforced roofs, strong garage doors, impact-resistance glass or window shutters in remodeled homes, it’s important to keep insurance in mind throughout the entire purchasing process.

New homeowners should get replacement coverage to cover property damage and make sure their policy defines exactly what will be covered in the event of a hurricane or serious storm. Most standard home insurance policies cover the damages that hurricane-force wind and lightning causes under the wind and hail portion of the policy. Purchasing flood insurance is also a good idea since the damages from a flood are not covered in a standard homeowner’s insurance policy.

Be sure to carefully examine the home-inspection report before closing and use it as a maintenance checklist. Go through the list and inspect all areas of the home, including bathrooms, laundry room, kitchen, roof, electrical system and plumbing. A lot of small problems can easily be dismissed and overlooked when purchasing a home because buyers become so focused on closing the deal. Being proactive is key.

A knowledgeable Realtor should be able to assist you in finding proper resources, such as a licensed home inspector, that will guide you through the process. Most importantly, don’t be afraid to ask the inspection company questions, such as how long it has been in business and how well your home should hold up in the event of a hurricane or flood.

In terms of homes for sale in Fort Lauderdale and surrounding markets, it’s likely prices will drop in the next several weeks as the state feels the effects of another active hurricane season. Buyers should continue to check with their agents to see what deals are available as many frustrated sellers and anxious lenders are looking to get rid of their bank-owned homes and excess inventory of condos.

In South Florida, hurricane season not only means stocking up on supplies and being prepared, but it also means getting your finances in order in the event a great deal on a new home arises.

For more information about buying or selling your home in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate website.

 

Find Affordable Fort Lauderdale-Area Foreclosures

Fort Lauderdale Foreclosures are at an all-time high as well as in other areas in South Florida and nationwide, and they offer the perfect solution for buyers who are interested in purchasing a new home at a cost below market prices. Along with a wide variety of properties, there are several types of foreclosures, including pre-foreclosures also known as “short sales“, bank foreclosures and HUD foreclosures.

When a homeowner is unable to make the payment of the requisite amount in the agreed time period, the property is reposed by the lender and resold in an auction in an effort to recover the amount that was lent.

While many banks and government agencies publish lists of their foreclosed properties, real estate agents can help save buyers money, time and stress when finding and securing a foreclosed home. Realtors can obtain information on foreclosed homes from title companies, lenders and a variety of resources at their disposal.

Realtors can also explain the government auction process and aid potential buyers in the purchase of a government foreclosure home. Quality real estate professionals work closely with banks to sell their foreclosures and put them back in the hands of homeowners. Buyers should chose a Realtor who is very knowledgeable about the neighborhoods they are interested in.

Those interested in purchasing a foreclosed home may also want to check out listings posted online, but beware that many of these Web sites, such as Foreclosure.com, require a small fee. Other Web sites allow buyers to view listings for a short trial period for free. Popular online resources include Hud.org and Realtor.com, and Web sites such as Trulia.com allow buyers to ask questions about foreclosures specific to their city, state or region.

Although challenging, buying a foreclosed property can certainly yield major benefits to homebuyers in search of a bargain. Like many aspects of the real estate world, patience is key. Find a good agent and request a full inspection of the foreclosed home before making a purchase.

While foreclosures can offer great bargains, don’t limit your search for the perfect home. In today’s market, inventory for Fort Lauderdale Homes and Fort Lauderdale Condos is presently at a 20+ month supply without any new homes coming on the market.  Privately held homes are selling below market value and the process is typically shorter than going through the bank.

When buyers go through a bank as oppose to an individual, it can sometimes take a month or two or longer to receive a response to an offer. Short sales are considerably longer.  A good agent should be able to show you a balanced mix of deals on foreclosed and privately held homes.

For more information about buying or selling a foreclosed property in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate web site.

Home and Condo Sales figures for July 2008 - Fort Lauderdale

Listing and Sales Activity in the Fort Lauderdale Real Estate market for July 2008 reports some positive news from last month, but we are headed in the right direction.

Closed Sales for single family homes in Fort Lauderdale were down just 2% while the median price was up 2% from June 2008, however an 18% decrease from July 2007.

Closed Sales for Fort Lauderdale Condos were down 14% over June, while the median sales price was also up 4% from last month. Median price from same time last year is down 16%.

Average Sales price for both property categories were down 4% and 6% respectively over last month and down 19% and 6% from same time last year.

Positive territory for New Listing Inventory reports a decrease of 11% of new properties on the market from last month and down 13% from last year.

Positive news for Total Available Inventory as well with a small decrease of 1% of properties for sale over last month and down 4% from last year.

As you can see, there is plenty room for improvement, however, the sky is not falling as you would be lead to believe by most media reporting. It is crucial to remember that real estate is local, not nationwide or statewide and varies significantly between neighborhood to neighborhood and condominium to condominium.

I learned a long time ago from real estate sales coach Mike Ferry, the secret to selling a home in any real estate market and it remains true to this day is that there are only really 2 questions to ask if you are considering selling your home:

• Do you absolutely have to sell your home? not want to, not testing the market - Do you absolutely have to sell?
• Will you price it to sell? not I need, not I want. etc.,
  Will you price it to sell based on market value, market trends and perhaps even below market value taking into consideration, short sales, foreclosures, active listings, pending sales and most importantly closed sales in past 30, 60 and 90 days, not 1 year ago or even 6 months ago.

  If your answer is not yes to both questions, you probably should not be selling your home at this time.

  If you answer yes to both questions, than your next step is to select an agent who understand this.

  All other suggestions and advice for selling a home are only complimented if Price and Motivation are the top 2 key factors in selling a home.

 

For more information about buying or selling residential real estate in Fort Lauderdale, contact John Sabia today at 954-850-2397 and visit the #1 Fort Lauderdale Real Estate web-site.

source: Realtor® Association of Greater Fort Lauderdale

South Florida May Soon Follow As Equilibrium Nears

The notion of selling a South Florida home in today’s market is daunting for some, if not disappointing for many. A second-quarter report for the Orlando, FL-based Florida Association of Realtors (FAR), however, shows progress being made in several cities throughout the Sunshine State, leaving many wondering when South Florida will follow suit.

In Jacksonville, the median prices of existing homes sold between April and June rose from $185,300 to $191,700, a 3.5 percent increase as compared to the first three months of the year, according to the report.

FAR president Chuck Bonillo calls the new findings positive, noting he expects Jacksonville to lead the Florida market out of its slump. “Realtors are reporting heightened interest from buyers, more business activity and an increase in pending sales,” he states. “Prices also appear to be reaching equilibrium in many areas ─ another encouraging sign that could boost the market’s momentum.”

South Florida, a vibrant mecca for first-time home buyers, foreclosure bargain hunters and real estate investors, reported existing home sales in Fort Lauderdale and West Palm Beach were down 8 and 3 percent, respectively, during the second quarter as compared to last year’s second-quarter figures.

But, even with still-sluggish prices, some experts, such as those with Moody’s Economy.com, predict prices reaching equilibrium this time next year. This could be a result of fewer adjustable-rate mortgages resetting along with a steadily improving job market. A drop in foreclosures could really help jumpstart a recovery, too.

The FAR report presents a positive outlook for the state in terms of existing home sales in the next several months as we see broader gains in the fourth quarter as first-time buyers take advantage of a tax credit made available through recently approved housing stimulus legislation. Some industry insiders predict a change in the market cycle as early as spring 2009.

Moreover, people who are able to buy right now are sitting pretty as interest rates continue to drop and the selection of homes available grows. Today’s buyers have their pick of brand-new homes, not-quite-built homes and older homes in various states of foreclosure.

Home sellers are realizing they can’t get top dollar for their 25-year-old home and they’re lowering their asking price. Cases like these can result in some great bargains on homes in high-end neighborhoods that are priced cheaper than some would expect.

Even if a buyer ends up paying a little too much, it’s worth it if he or she plans to live in the home for the next 15 to 20 years. Buyers should be more cautious about overpaying for a home if they don’t intend on staying in it for very long.

Often times, the media has a tendency to take on a the-sky-is-falling mentality to real estate, painting a picture of a grim market spiraling out of control. The fact of the matter is that it’s unlikely the South Florida real estate market will stay in an ongoing state of doom as long as the long-term outlook for the state and national economies stays positive.

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Don’t Base Your Investments on National Indicators

While it may appear like you’re seeing the same home prices and sales in your local market that are being reported in neighboring counties and states, it’s important not to lose sight of the details specific to your market. Markets can vary widely from city to city, neighborhood to neighborhood or, as in the case of Fort Lauderdale condos such as Las Olas River House, Las Olas Grand,WaterGarden, Symphony, Las Olas Beach Club or L’Hermitage; building to building.

Keeping market-specific details, such as price trends, volume and inventory, in mind when buying or selling residential real estate in Fort Lauderdale and elsewhere, is the key to evaluating real estate deals.

Unfortunately, the media has a tendency to generalize and summarize what’s taking place in the real estate market and often times, both buyers and sellers end up making critical decisions based largely on prices and sales. For real-time state of the market, they should be looking at sales volume and inventory trends, which will show how active or soft a particular market is.

To be successful in this industry, you should never look at real estate through a wide-angle lens. Get a more lucid picture of what’s taking place in your local market by breaking it up and examining the details.

You can probably come up with a slew of characteristics that differentiate various neighborhoods within your local market such as Bay Colony, Coral Ridge, Las Olas, Harbor Beach, Rio Vista, Wilton Manors and Victoria Park.

It’s critical for buyers and sellers to understand these characteristics and, in turn, communicate their buying or selling needs with a real estate professional. In order to get the best advice, service and consultation, buyers and sellers need to be particularly selective when choosing an agent that is most knowledgeable about their local market and will be able to best meet their needs.

On a similar note, buyers and sellers should not get too hung up on waiting for the housing market’s bottom. Many buyers, who are now sellers, missed all the signs of the market’s top and it’s highly likely that buyers may also miss the so-called bottom — if they wait around to read about it in the news.

It takes a good four to six months for statistics to report the start of a recovery and it will be too late by the time it hits the media. While it’s easy to see a bottom coming, it’s impossible to pinpoint when it will happen exactly. People that are fortunate to buy at the bottom won’t realize their good fortune until it’s passed.

Making sure you do your homework when purchasing a home is a no brainier, but all too often people make investments based on what the media reports. One size fits all doesn’t apply to the real estate world.

If you are considering buying or selling real estate in Fort Lauderdale, Florida, contact John Sabia at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate website.