In this ask Michael video, Michael Saunders explains the signs and trends observed that point to a market recovery.
Latest Updates: housing recovery RSS
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Ask Michael - Signs and Trends Pointing to a Market Recovery
Holli Schleicher
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Approaching Equilibrium
Michael Saunders & Company
A moment that seemed choreographed to cause maximum confusion about whether the housing market is in recovery—or not—took place in real estate markets across Florida last week. No sooner had the National Association of REALTORS® issued its nationwide snapshot of existing home and condominium sales for the month of January than the Florida Association of REALTORS® released its own statewide recap. To say the least, the two sets of monthly statistics clashed dramatically, painting very different pictures of the market.Poised for national sales to finish up slightly in January, economists were caught off balance by NAR’s announcement that unit sales had actually declined nationwide for the second straight month, falling to the lowest level since last June. Rightly or wrongly, the result was widely interpreted as a sign that the national housing recovery might be faltering.
Then—literally moments later—January sales for Florida were released by the Florida Association of REALTORS®. The contrast between the two sets of results could not have been sharper; proving once again the old business adage that “all real estate is local.”
Far from mimicking the sluggish national trend, Florida’s existing home sales continue to blaze a trail of sustained recovery in the price ranges below $350,000. Sales here rose impressively again in January, marking 17 straight months in which statewide sales have increased in year-over-year comparisons.
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Ask Ann- Describe the Mortgage Options Available for Today's Distressed Home Owner
Holli Schleicher
We asked Ann Stickel-vice president of Affiliated Services for Michael Saunders & Company Mortgage, LLC-what government programs are available for distressed homeowners? Also, how these government loans help keep people in their homes and the foreclosure rate at a minimum.
If you have questions for Michael Saunders, email AskMichael@michaelsaunders.com.
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Ask Michael - What Surprises You The Most About the Market Today?
Holli Schleicher
As 2009 comes to a close, we ask Michael Saunders what surprises her the most in the market today.
Please view the video below, where Michael discusses our listing inventory and the price ranges we represent.
To view the video, please click here.
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The Neighborhood Report - Bradenton
John Butzko
MS&C Bradenton Office
From the shore of Anna Maria Island and stretching eastward along the Manatee River, the Bradenton-Manatee area is a remarkable place highlighted by a host of art and historical attractions, as well as a coastline of sun-drenched beaches. From adorable Florida fishing cottages and stately southern houses to luxury condominiums, modest mid-century homes and island bungalows, this Gulf Coast destination boasts a great sampling of residential lifestyle options. As proven area experts, the agents of our Bradenton office specialize in helping homebuyers and sellers throughout the communities of Bradenton, Palmetto, Anna Maria Island, Parrish, Terra Ceia and Lakewood Ranch.
How’s the market in Bradenton?
Bradenton office branch manager Pam Ali has witnessed a very active market in her area. Additionally, our Bradenton agents have recently seen a significant increase in the number of buyers and sellers making inquiries via the Michael Saunders & Company website, michaelsaunders.com. Many of these are from out-of-town potential buyers who found our piece of paradise online. Within the last 14 days, the Bradenton office has received 20 pending transactions, which indicates a healthy amount of interest in Bradenton real estate. (More …)
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The Neighborhood Report - Lakewood Ranch
John Butzko
Lakewood Ranch
Similar to the regional highs and lows of the national housing market, our local neighborhoods and communities experience differing results relating to home sales and inventories. To help you understand the ongoing dynamics that shape Florida’s Gulf Coast real estate, we shine a spotlight on each of our offices to present an intimate peek inside the conditions and trends observed by our team of branch managers.
How’s The Market?
Gloria Weed, branch manager of our Lakewood Ranch office, is pleased to report strong activity throughout the communities of Lakewood Ranch. Here, our agents are consistently showing and writing contracts for the properties priced correctly—further reinforcing the importance of pricing in accordance to the market’s demand. In fact, our Lakewood Ranch agents are receiving multiple offers on some of the more aggressively priced properties, a definite sign of a vibrant market. (More …)
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Caught By The Tide
Michael Saunders & Company
Our special guest blogger, Nick Churton of Mayfair International Realty, London office offers a timely warning for those playing the real estate market in the UK (and elsewhere) this summer:
Anyone caught by a fast incoming tide will know the feeling. The children went off exploring caves and rock pools, and it was so nice sunbathing on the beach. There seemed plenty of time to get to safe ground before the tide turned. But really there wasn’t. The tide is no respecter of the tardy, the forgetful or the ignorant. It is a game of chicken with only one winner. King Canute taught the English that in the 11th century when he tried to turn back the tide. He failed.The same has just happened in the real estate market. Those who were cleverly waiting for the market to bottom out may now be too late. In certain parts of the market the tide appears to have turned. Right now it seems as if many of the ‘steals’ have been stolen. The snips have been snapped up. Property going for a song has sung. The tide has turned and – like many who wait until the ebb’s final retreat – they may be taken aback by the speed and strength of the flood.
Those who wait for the bottom of the market are invariably too late. It is never a good plan to try and second-guess the real estate market. What nobody could have possibly foreseen was that there would be a dearth of good quality homes coming on to the market this summer. This has put a premium on the price of some of those that have come on. This must not be mistaken for an increase in property prices generally. We are too early for that. Indeed figures show a slight dip in prices in May But sellers of really good homes in very popular locations are in the driving seat for the first time in a couple of years. It is the first real sign of any sort of market recovery.
Much of the unsold inventory that has been on the market for some time is now changing hands. Figures show that asking prices and selling prices are converging. Sellers pricing their homes correctly and buyers with cash or increasing access to mortgage funds are clearing the backlog. Inevitably the banks will get round to mainstream lending again – once they have capitalised sufficiently. Then first time buyers will pick off moribund new-build apartments and houses that were caught at the high water mark of 2008. Then the market will really move from slow to full ahead.
So what should opportunist buyers do now that the market tide may be past its nadir? Well there may be fresh chances in the fall if the market does a double bounce – this is a possibility as reduced public spending, and higher unemployment and taxes seem unavoidable. But to be on firm ground act quickly before the tide does come in. After all, as any coastal vacationer will tell you, it is always better to be damp than drowned.
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Nationwide Uptick Tells Only Part of the Story
Matthew Haber
NAR’s report for May shows a nationwide uptick in the sale of existing homes and sited favorable affordability conditions and the first time buyer tax credit as the primary reasons:
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
It is encouraging to see the continued trend – the first nationwide back-to-back monthly gain since September 2005 – and Michael Saunders & Company recently posted our own area trend report for Sarasota, Manatee and Charlotte counties. Unfortunately, month to month reports only tell a piece of the story. (More …)
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The Alliance of Foreclosed Properties and First-Time Homebuyers
joanerni
There have been a number of articles lately addressing the union of bank owned properties and first-time homebuyers. On Friday, May 18th, RIS Media reports:
Value-conscious, first-time buyers have become key to the housing market’s recovery, and they are snapping up priced-right foreclosures despite the warts-and-all, sold-as-is condition of the properties. Half of the sales made in the year’s first quarter were to first-time buyers and almost half of all these sales were distressed properties, the National Association of Realtors reported. Distressed properties include foreclosures and short sales, which are private transactions in which a homeowner sells the property for less than the amount owed on a mortgage.
While experience shows this true to the most part – first time home buyers are the most active market for the REO’s we manage here in the Sarasota area – there is another trend that is not addressed. That is that the bank and corporate owners’ willingness in many cases to stick less stringently to marketing their properties in distressed condition. More than half of the REO properties sold by the Michael Saundes & Company REO division have had some lender required repairs made by the bank/corporate owners to facilitate a sale. (More …)
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