Blog – Page 9

Who Is Going To Be Buying Your Next Listing?

November 11, 2021 By Deborah Ward

Did you know that knowing who your average prospective buyer is can help you sell your home? Makes sense. If you know that your average person looking at your home is a certain age range, income level, etc., you can target your efforts in marketing your home, and even in choosing a Realtor.

Know your target buyer

Let’s say that you have a condo in a 55+ community. You know that your target buyer is 55 years old or over, and probably has a certain income range. This will tell you to find a Realtor that specializes more in older clientele, who can bring them to you, but who also knows how to market to them.

So who is the average American home buyer? Depends on whether it’s a first or second home. So let’s look at both.

Average home buyer

The average home buyer in the US for a primary home is 33 years old and has an average income of $86,500.00. They mortgage 93% of the sale. If they are second home buyers the average age is 56 years old and has an average income of $112,500.00. They mortgage 83% of their purchase. This is probably because they have more savings, but also because a second home mortgage requires more down money.

So how is this useful? Well, a 33 year old is most likely settled in a career, possibly married and has a family, or is starting one. Your Realtor will know how to market your home to meet their criteria.

If you would like find out more about selling your home in the Tampa Bay area, give Deb Ward, The Irish Realtor a call today! 727-410-0336

Are We Looking At Another Real Estate Bubble?

November 11, 2021 By Deborah Ward

You’ve probably heard it on the mainstream news. Stories about how improving real estate markets are a sign that we are in another real estate bubble. Don’t believe it. Improving markets don’t mean a bubble.

Inventory

The stories often talk about homes being sold after a ton of traffic and bidding wars. It has to mean a bubble, right? Wrong. In most cases higher traffic and multiple offers are because of inventory levels.

Inventory in many markets are still at low levels. A healthy real estate market should have about a six month supply of homes. That’s not the case. The national average is 2,4 months supply of homes.

Mortgage underwriting standards

Last sign we aren’t in a bubble is mortgage underwriting standards are still quite high. In order to qualify for most mortgages, applicants need to have a FICO credit score of above 740, and have a decent amount in savings for not only a down payment, but also for living expenses for several months.

At the height of the bubble, getting a mortgage was exceedingly easy. So much so that those who really couldn’t afford to buy a home did, causing the burst.

All markets are different

There are markets where homes are overvalued, and others where they aren’t. Every market is different. When all markets start to see the loan-to-value ratio of real estate creeping back to pre-bubble burst levels, then panic. Until then, relax.

If you would like to find out more about the Clearwater Real Estate Market, give Deb a call today! 727-410-0336

5 Awesome Places To Visit In St Pete Florida

November 11, 2021 By Deborah Ward

If you’re planning a vacation in the St. Pete Florida area, there are some great places to visit. The beaches, of course, go without saying. After too many sunny beach days you might want to take a break and do some indoor activities. Not to worry, there’s plenty of that and plenty of ways to keep all kinds of interests engaged!

Museum of Fine Arts

One great place to visit is the Museum of Fine Arts located in the downtown waterfront. Rest your skin and instead soak in the beauty and history the MFA offers. They have a large permanent collection and many different traveling exhibits. Some exhibits showcase 4,500 years of civilization with many objects from antiquity to today. Drink in masterpieces from Monet, Cézanne, Renoir and more, as well as enjoying the Steuben glass gallery and sculpture garden.

Dali Museum

Enjoy even more art at the Dali Museum. Salvador Dalí’s art is brilliant, but shocking. The museum has the largest collection of Dali works in America. The museum has changing exhibits all year and activities for all ages, from children’s activities to exhibits in film, a music series and lectures. They have guided tours or you can self guide and take your time going through the museum. There is also a Spanish themed Cafe and wander the waterside Avant Garden.

Great Explorations Children’s Museum

Keep the kids happy by taking a trip to the Great Explorations Children’s Museum. The museum is designed for children 10 and under, and is filled with child friendly exhibits to excite them about learning through creativity, play and exploration. Kids can touch, explore and make a mess. what more could your kids ask for?

Holocaust Museum

On a more serious note, learning isn’t just for kids. Learning from history is important, and one of the most important learning opportunities is the Holocaust. The Holocaust Museum will remind us all the danger of not learning from history through personal testimonies, official documentation, photographs and artifacts. The museum provides a perfect opening to discuss the consequences of the Holocaust and how we, as freedom loving people, can try and keep it from ever happening again.

Baseball

Whew! After all of that learning and beauty, how about some fun at America’s favorite pastime? Head over to Tropicana Field to watch a major league baseball game. Home of the Tampa Bay Rays, plan your trip around when your favorite team is playing there!

Why Pricing Your Home Right at the Start Matters

November 11, 2021 By Deborah Ward

Pricing your home correctly when you first put it on the market is very important. Starting out with the right price will mean the difference between selling quickly and possibly not selling at all.

So why does overpricing sabotage selling your home?

Let’s start with the fact that the buyers who can buy your home won’t even see it unless the price is right, and those who will see it are looking for something in that actual higher price range. When buyers look for a home they choose a price range from the highest their budget will allow to the lowest price that represents the quality of home they want. No matter if they search the internet first, or just contact a realtor to assist them, if your home is slightly overpriced, it won’t show up in that range.

Perception and market timing

Second, the market for a newly listed home is the most active in the first 30 days. Even if you think that you can drop your price later, you won’t be willing to drop your price for at least 90 days, meaning you miss the hot selling period. It gets even worse. Remember, even if you have the most fantastic house on the block, the longer it sits the more people think something is wrong with it. Perception is everything. If it was so great it would have sold already, right? Maybe not, but that’s what sellers are thinking. Even an inkling that something might be wrong and they look elsewhere and won’t buy your home. There goes your chance to get market value!

Lower offers or market value

Guess what else will happen? That idea that overpricing it will get you at least market value is also wrong. After you drop to a more reasonable price that time on the market will mean that people will offer even lower. You’ll be so tired of trying to sell it that you’ll take less. Price it right the first time and that is much less likely to happen.

Realtor Funnies | What Those Real Estate Descriptions Really Mean

November 11, 2021 By Deborah Ward

Realtor Funnies | What Those Real Estate Descriptions Really Mean If you’ve ever been on a house hunt you know that those descriptions that Realtors use say one thing but can mean entirely another. It may not seem funny at the time, but later it can seem rather hilarious. Forewarned is forearmed, so knowing about them can save you time and money.

Here is a fun list!!!

What it says:

What it means:

Lots of potential

This home is a total money pit!

Unique urban home

The building used to be an industrial location

One of a kind

Beyond ugly

Must see to believe

You won’t believe how awful it is

Starter home

Needs a ton of work so bid low

Sprawling ranch

Crazy floorplan that probably isn’t “open”

Spacious

Probably smaller than you would like

Charming

Definitely smaller than you want

Cozy

Have you heard of the tiny house movement?

Walking distance to shopping

No parking available so you have to walk

Natural setting

Deer and rabbits will eat your landscaping

Park like setting

You will have a tree, no matter how small

Secluded setting

Don’t count on your GPS actually finding it

Executive neighborhood

Taxes are through the roof

Upper bracket

If you have to ask you can’t afford it

Bright and sunny

The window coverings are not included

Lots of natural light

Light bulbs count as “natural”

You won’t believe the size of the closets

Because they are the size of a shoe box!

Original hardwood floors

Probably aren’t salvageable shape

Open floorplan

Doors are optional

Great home office space

The nook under the stairs is the office space

Needs some TLC

Run, run far away!

Waterfront location

The birdbath in the front yard has water in

Obviously not all Realtors subscribe to those descriptions, but it happens! Just remember when house hunting to keep your sense of humor and you’ll be fine!

5 Things To Consider When Buying St. Pete Waterfront Homes

November 11, 2021 By Deborah Ward

You’re looking for waterfront homes and St. Pete sounds like heaven, and it can be. Living at the water can be fun in the sun. Beach, boats, jet skis, sun. Sounds great, but there are things that you need to consider before buying your St. Pete waterfront home.

Start with flooding and hurricanes

You’ll need insurance for each. The west coast of Florida may not happen as often as the east coast, but they happen and often enough. Coverage for floods and hurricanes are not part of homeowners policies. If there is a hurricane and/or flooding, your homeowners won’t cover the damage. Having all 3 policies is necessary, and a necessary expense to consider.

Erosion

Those floods and hurricanes also cause erosion. Whether your home is beachfront or just waterfront, erosion changes your property. If you benefit from eroded shorelines by being the depository, great for you, but what if you’re the property losing beach or waterfront? It changes your property value, and not for the better.

Appreciates more

Keep in mind that while beachfront or waterfront property is more expensive, it also appreciates more than the less expensive properties further from the beach, or in communities without beachfront or waterfront. Whether you want to purchase a property as an investment or as your home, you never want to lose value.

Home inspection

Make sure that you have a home inspection by someone who is very familiar with waterfront and beachfront properties. They have special issues with water, humidity and salt damage beyond the usual home owning issues. Also get yourself familiar with ways to protect the home you’re looking to make your own from those same issues.

Don’t be afraid to make a waterfront home in St. Pete your own. Just know what you’ll be getting into!

If you are thinking about purchasing a St. Pete Waterfront home, give The Deb Ward Team a call today! 727-410-0336