Sarasota Florida Flat Fee MLS Listings FSBO – Discount Realtor & Broker

Sarasota real estate market remains hot as temperatures cool

The Sarasota real estate market remained hot in November 2009 with overall sales nearly 86 percent higher than November 2008.  Total sales stood at 578 in November, mirroring last month’s total of 574 and much higher than the 311 sales reported in November 2008. The breakdown was 417 single family homes and 161 condos sold last month.
 
The fall has proven to be a busy one for many local Realtors®, and the trend doesn’t seem to be slowing down. Pending sales stood at 793 in November, just below last month’s total of 839, and far higher than last November, when only 504 pendings were reported. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity. Some experts had predicted pending sales might slow because of the uncertainty over the extension of the first-time homebuyer’s tax credit. But that fear has proven unfounded in the Sarasota market.
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Flat Fee MLS Listings show Innovation & Creativity among Real Estate Corporations: Finally, an Option for the Owner Wanting to Save Money & Sell Fast

The competition for listings between so-called “traditional” realty brokerages and commission discounters kicks up a lot of dust, but when the air clears it’s apparent that cut-rate brokerages aren’t the only force putting downward pressure on realty commissions as a percentage of the home sales price.

Fee-for-service brokerages, Internet-savvy buyers, skyrocketing home prices, a dearth of listings in some markets and some sellers’ notion that they can sell their home without paying an agent are among the other factors bearing down on conventional realty pricing structures.

Brokers and agents for decades have feared and resisted changes that would restructure commissions and traditional business models. But experts say change is unavoidable due to the new breed of real estate consumer created by the Internet.

“Real estate for almost a hundred years (considered) the end-user as being the agent and the brokerage, not the consumer. With the advent of the Internet, the entire paradigm is shifting and our end-user is definitely the consumer, not the agent,” said Julie Gardon-Good, founder and president of the National Association of Real Estate Consultants, a 1,000-member group formed in 1999 to assist realty practitioners in reframing their focus as real estate consultants.
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Florida’s consumer confidence rises as economic fears ease

GAINESVILLE, Fla. – Sept. 30, 2009 – Belief that a national economic recovery is under way boosted Florida’s consumer confidence three points to 74 in September, according to a new University of Florida survey.

“I think Florida consumers are buying into the argument that the worst of the recession is over and we have avoided a complete meltdown,” says Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “Once again, they have surprised us with a higher-than-expected index.”

This month’s three-point rise follows a four-point revised increase in August. Of the five components that make up September’s index, three rose, one declined and one was unchanged. Perceptions of personal finances now compared with a year ago remained unchanged at 44, only five points above its all-time low of 39 in December. Expectations about personal finances a year from now fell three points to 81.

In contrast, perceptions of U.S. economic conditions over the next year rose three points to 75, while expectations about economic conditions over the next five years rose five points to 86. Perceptions of whether it is a good time to buy big-ticket items, such as appliances and cars, rose nine points to 84.

“It is worth noting that the two index components that gauge perceptions of personal finances both now and in the future are flat or down,” McCarty says. “All of the increase is in perceptions of future economic conditions, and in the perception that if you have the money, it’s a good time to buy.”

There are some signs that the economy is improving, he says.
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ORLANDO, Fla. – Aug. 31, 2009 – International home buyers make up a significant part of the Florida real estate market, and are an important part of many Florida Realtors®’ businesses. According to a study conducted for the Florida Association of Realtors® (FAR) by the National Association of Realtors (NAR), a majority (54 percent) of Florida Realtors worked with an international client within the past 12 months.

The typical Florida Realtor participating in the survey worked with three international clients; 10 percent of respondents worked with 11 or more international clients in the past year.

Not all client interactions result in a transaction. In the past 12 months, 34 percent of Realtors who worked with international clients reported that none of their international clients purchased a home. However, this does not mean that those international clients will not ultimately buy in Florida.

Other study highlights:
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(When Small Business Loans Double over the course of the 1st Quarter 2009, that is a Very Positive Sign for Economic Recovery)

What shape is the recovery in?

NEW YORK – Aug. 14, 2009 – With the launch of an economic recovery all but certain this year – many experts say it’s already begun – the debate among pundits has turned decidedly alphabetical. In other words, what letter will the rebound resemble – U, V or W?

Typically, sharp downturns like the current one yield equally rapid, or V-shaped, upswings. But the worst recession since the Great Depression has been anything but typical, with housing and credit markets devastated. In a USA TODAY survey, 63 percent of economists said the recovery will be slow and gradual, or U-shaped.

Yet 37 percent said it will be moderate or fast. And a smattering of experts say the rebound will look like a W, with a precarious economy sliding back into recession before turning around for good. USA TODAY presents the case for each scenario:

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MIAMI – Aug. 4, 2009 – Jose Garcia looks over the contract for his Gables Estates home with Realtor Audrey Ross, who deals with the ultra-luxury housing market. The price of Garcia’s home: Just under $20 million.

Elite Realty. “Now, we’re getting five, six, 10 families coming through. I’m really praying and keeping my fingers crossed this is a permanent thing.”

Confidence seems to be returning, as well as a rising tide of money from outside the country, positive signs for both the high-end housing market, and the real estate market in general. Demand fed by foreign money has always been a critical piece of the real estate puzzle in South Florida.

“We’re on our way out of the worst (of the economic downturn)” said Manny Mesa, a Doral-based trial lawyer who is hunting for a bigger home for his wife and four children.

On Thursday, he toured the digs of former Miami Heat point guard Tim Hardaway. Hardaway is asking $3.9 million for the five-bedroom, five-bath home on almost two acres in the Pinecrest area. It boasts a six-foot coral rock wall for privacy and a closet the size of a very large bedroom.

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Florida’s existing home, condo sales up in May 2009

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housin May existing-home sales continue rising trend, says NAR
g data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.

Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

According to NAR’s latest housing industry outlook, buyers are responding to favorable market conditions. “The $8,000 first-time buyer tax credit is beginning to impact the market,” said NAR Chief Economist Lawrence Yun. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers.” Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should “set the stage for healthy market conditions going forward.”

In Florida’s year-to-year comparison for condos, 4,839 units sold statewide compared to 3,998 units in May 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $113,400; in May 2008 it was $181,700 for a 38 percent decrease. May’s statewide existing condo median price was the same as January’s statewide median, and was higher than the median reported in February, March or April. The national median existing condo price was $173,900 in April 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Melbourne-Titusville-Palm Bay MSA reported a total of 584 homes sold in May compared to 491 homes a year ago for a 19 percent increase. The existing home median sales price was $123,700; a year ago, it was $163,100 for a 24 percent decrease. In the year-to-year comparison for the existing condo market, 123 units sold in the MSA last month, up 6 percent compared to 116 condos sold the previous May. The market’s existing condo median price last month was $134,400; a year earlier, it was $144,300 for a 7 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS

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May U.S. housing construction jumps by 17.2 percent

WASHINGTON (AP) – June 16, 2009 – Construction of new U.S. homes has jumped in May by the largest amount in three months, providing an encouraging sign that the nation’s deep housing recession was beginning to bottom out.

The Commerce Department says that construction of new homes and apartments jumped 17.2 percent last month to a seasonally adjusted annual rate of 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction had fallen in April to a record low of 454,000 units.

In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose by 4 percent in May to an annual rate of 518,000 units.

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Young homeowners gain despite stagnant economy

ST. LOUIS, Mo. – June 15, 2009 – If the real estate bust has a bright side, it’s this: People like Lilly Thomas, Stephanie Driskell and Dexter Wuller can finally afford homes.

Falling home prices and an $8,000 federal tax credit are putting homes in reach of young people who couldn’t afford them a few years ago. As a result, real estate agents say starter homes are the only part of the real estate market that’s showing some life.

It’s not a lot of life. House sales this year are down by a third from the boom year of 2006, and the bust spans all price classes. But the lower end of the market – houses priced under $200,000 – is suffering less, and there’s some evidence that a comeback could be beginning.

Now, real estate agents are starting to worry that rising mortgage interest rates may dampen buyers’ enthusiasm. Rates on 30-year mortgages jumped to an average of 5.59 percent last week, up from 4.84 percent a month ago. Meanwhile, many FHA lenders have raised their credit score requirements to 620 from 580, which will seal some people out of the home market.

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