In this ask Michael video, Michael Saunders explains the signs and trends observed that point to a market recovery.
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Ask Michael - Signs and Trends Pointing to a Market Recovery
Holli Schleicher
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The Neighborhood Report – Emerald Harbor
John Butzko
Our office on south Longboat Key specializes in communties throughout the area.
Located near the north end of Longboat Key, Emerald Harbor captures the essence of the Florida lifestyle as a quiet bayfront community. The neighborhood’s 72 homes are all set on deep boating water along extra wide canals that offer direct access to the Intracoastal Waterway with no bridges to Sarasota Bay. Owners in this desirable community enjoy deeded beach access to Longboat Key’s sandy white beaches just across Gulf of Mexico Drive for shelling, strolling and watching beautiful sunsets.
Market Activity – Emerald Harbor
There are currently four active listings in Emerald Harbor, but activity in Emerald Harbor has been brisk recently with four of the five sales in 2009 occurring in the last four months of the year. One of those sales took place within the last 30 days. Selling prices in this community have ranged from $610,000 to a high of $1.375 million. (More …)
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Looking Ahead – Top 10 Real Estate New Year’s Resolutions
John Butzko
2010: Your year to get the most from the real estate market.
As the page on our calendars turned to the fresh slate of 2010, Americans are starting to plan what will be a priority for them when it comes to real estate. Exciting things are happening in the market, and the next few months will bring an unprecedented number of opportunities and possibilities for the heads-up buyer or seller.
While existing homeowners and potential homebuyers experience different situations and needs in regards to their future goals and expectations, we present the top 10 possible New Year resolutions to help point some in the right direction for a successful 2010 in real estate:
1. Get in the Game – Join the nearly 18 percent of Americans who say they’ve resolved to become a first-time homebuyer in 2010, according to a new survey HERE. With the homebuyer tax credit extension running until April 2010, this is an exceptional time to get in the game and become a homeowner. (More …)
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Market In Review: The Wells Fargo ViewSM
Ann Stickel
Refinances and first-time homebuyer property sales largely contributed to third quarter volume
Consumers were active in the housing market during the third quarter with refinance and purchase applications. Existing homeowners fueled the refi activity, and first-time homebuyers accounted for 43% of home purchases in August, according to the Sept. 18 issue of Inside Mortgage Finance.
In a September 2009 Wells Fargo Home Mortgage survey, 56% of first-time homebuyers cited the $8,000 tax credit for their reason to purchase. Low interest rates drove 66% of these borrowers, and 74% attributed the decision to low home prices.
In the same survey, renters shared their reasons for intending to purchase their first home within six months. Roughly 84% said low home prices were the reason, 74% cited low interest rates, and 72% referenced the tax credit as the key deciding factor.
As of the publication date, there is still debate in Congress about whether the first-time homebuyer tax credit will be extended beyond the Nov. 30 deadline.
When will local housing markets recover?
Recent news released from the National Association of REALTORS® showed that pending home sales have increased for seven consecutive months based on contracts signed in August. In addition, the S&P/Case-Shiller Home Price Indices demonstrated that the annual decline in home price values continues to slow and that many markets have experienced some sustained monthly increases. -
The Neighborhood Report – Anna Maria Island
John Butzko
The laidback lifestyle on Anna Maria Island attracts many interested homebuyers.
Wonderful values make the current real estate market very appealing to buyers. Pam Ali, branch manager of Michael Saunders & Company’s Bradenton office, notices an increase in activity on Manatee County’s beautiful Anna Maria Island.
The Anna Maria area offers a true Florida island lifestyle. The quaint feeling of smaller buildings and beautiful beaches attracts buyers who are looking for a quiet place to unwind. Many of those who have purchased on Anna Maria Island have done so for either a second home or to completely relocate to enjoy the ultimate in Florida island living. Walking on the beaches, watching sunsets, kayaking the sparkling waterways and excellent fishing are the ways of life on the island, and today’s market has offered many opportunities for buyers in all price ranges to take advantage of some of the best properties available. (More …)
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The Neighborhood Report – Main Street Sarasota
John Butzko
Downtown Sarasota offers an abundance of exciting lifestyle options.
The greater Sarasota area exudes an air of relaxed sophistication, complete with an abundance of recreational activities and a variety of breathtaking cultural attractions, all surrounded by picturesque natural beauty. The residential opportunities are just as diverse, from Gulf-front condominiums, golf course villas and beach houses to traditional single-family neighborhoods. And in today’s market, the choices available are both attractively priced and sure to please any taste.
Gary Loughlin, branch manager of Michael Saunders & Company’s longstanding Main Street office, is pleased top report increasing sales activity throughout the area. New residential property sales in October were up 50 percent over sales in September and over 100 percent ahead of October of 2008. (More …)
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Recovery By Extension
Michael Saunders & Company
This is an audience participation post in which you are invited and encouraged to weigh-in with your opinions on one of our region’s most pressing economic issues. But first, read on.Counting today, there are just 30 days to go before the first time homebuyer tax credit expires. For all intents and purposes, if you haven’t gone to contract on a home by now you probably won’t complete your purchase in time to qualify for the credit.
That’s bad news for many qualified buyers who have been in the market for months only to be frustrated at every turn by a system that refuses to budge. Perhaps they’ve been denied financing due to an incompetent appraisal by an out-of-town appraiser. Perhaps the appraisal was accurate, credit scores were good, but the lenders simply refuse to lend. Or perhaps they’ve been on the buyer side of a short-sale where the seller and the lender have been locked in limbo for six months or more. For these reasons—and because the tax credit has had such a positive impact on our market—we join Congress in its support for extending the deadline at least another six months. There’s agreement on both sides of the aisle—and among leading economists—that a recovering housing market is the prime catalyst that will lead the rest of the economy out of the wilderness.
The tax credit has been so effective in stimulating sales and stabilizing home prices that continuing it seems like a no-brainer in light of a housing market that still exhibits contradictory signs of recovery. Secondly, a significant new wave of foreclosures is in the pipeline that could easily undo much of the progress that has been made toward reducing inventory and firming-up prices. One of the key benefits of the tax credit is that it ignited a firestorm of sales that has helped shore-up home prices in spite of the unprecedented number of foreclosures and short sales.
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Words of Wisdom
Michael Saunders & Company
FOR SELLERS, IT’S “PRICE”
If you must sell your home in today’s buyer-friendly market, the key word that should most inform your thinking is “price.” Even with sales perking-up considerably over the past few months, price remains every buyer’s top priority. With the sheer number of available properties continuing to significantly outstrip demand, if a home is not priced in line with—or below—similar properties that have sold in the last 60 days, its chances of selling in a reasonable amount of time are drastically diminished with each passing day. Moreover, home prices won’t stabilize until buyer demand catches up with supply.
Even though inventories of available homes are dropping significantly with each passing month, the key word that continues to affect supply is “foreclosures.” Regrettably, thousands more are anticipated by year’s end; which will continually replenish the market’s overabundance of homes.
An article in the May 5th edition of Business Week Magazine was blunt in its assessment of what sellers must do to succeed in today’s market. Its title basically says it all: “Want to Sell Your Home? Lower Your Price.” The article went on to say:
“Accepting a price reduction—even a sizable one—may be the only way to sell a house in this market. For sellers who can afford to ride out the downturn, the smart move is to take your property off the market. For everyone else it’s time to get real.”
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