Posted by Michael Saunders & Company on April 22, 2010
photo courtesy of dannyfranks.wordpress.com
Like the classic conundrum involving which came first, the chicken or the egg, here’s a question that never fails to ignite debate at cocktail parties everywhere:
Which matters more when selling a home? The agent you select to help you accomplish the feat; or the company he or she works for?
Needless to say, there are no definitive answers to these questions because no two transactions ever involve the exact same set of circumstances. Sometimes an agent’s track record of success helps attract a seller, while the company’s reach, reputation and resources help bring in the buyer. One thing, however, is for sure in today’s unforgiving market. Whether you personally place more emphasis on the agent than the company he or she represents—or vice versa—there has never been a more critical time to weigh the merits of each very carefully before deciding with whom to list your home.
As a company dedicated to exceptional service, we naturally think that clients and customers are deserving and entitled to both—a great agent backed by the resources of a great company. After all, at each closing, both agent and company receive just compensation for having done their fair share of the heavy lifting. Moreover, a talented and resourceful agent is of much greater value to you when backed by a company that injects even more resources into the customer service equation.
At Michael Saunders & Company we go to tremendous lengths to make sure the agents we put in service to you can do much more than simply produce a valid real estate license and occupy a desk. Although we have many of the market’s leading neighborhood and property specialists, we are determined to be known for the quality of our agents, not the quantity.
Posted by Michael Saunders & Company on April 1, 2010
The road to recovery for Southwest Florida’s real estate market has been long and arduous; fraught with an overabundance of properties for sale—many of them short sales and foreclosures. Yet following a winter in which sales of correctly-priced homes sizzled, even the most skeptical market watchers are trading die-hard pessimism for a healthy dose of informed optimism.
Prices are at long last stabilizing on properties priced below $300,000. The total number of properties for sale has retreated into a much healthier zone of balanced supply and demand; and the phenomenon of multiple offers on well-priced properties is not uncommon. The market for correctly-priced properties between $500,000 and $1 million has also begun to show signs of a slow recovery—although sales of properties above $1 million remain sluggish. Still, were it not for the 800-pound gorilla occupying the driver’s seat, some might conclude that our overall recovery is finally cruising in the fast lane.
That 800-pound gorilla is the beast called “foreclosure,” a tenacious problem applying considerable drag to the pace of our recovery. Yet, while the total number of foreclosures in Sarasota, Manatee and Charlotte Counties has essentially remained flat over the past few months, the number is still high—9,844 at last count in March—and could potentially get higher before subsiding. That’s the sobering news of the day.
But there’s good news too. Unlike earlier in the crisis, newer foreclosures are being handled somewhat more proactively by the major financial institutions, who now realize that it’s often in their best interest to strike constructive accords with “underwater” borrowers at risk for defaulting on their loans. With so many foreclosures exerting downward pressure on prices, everyone’s bottom line is better served by keeping home and homeowner together wherever possible. Thus, the result of a constructive give-and-take between borrower and lender increasingly comes in the form of a loan modification or principal reduction plan, which typically reduces principal and payments for the borrower while keeping the property lived-in, cared for, and of greater value to the lender.
Posted by Michael Saunders & Company on March 25, 2010
With the nation’s housing market behaving most untraditionally over the past few years, many would-be buyers are understandably scratching their heads, wondering if the right time to buy is now.
From strictly a local market perspective, the answer to this frequently-asked question is an enthusiastic—if qualified—“yes.” Having been among the first regions in the nation to experience the full brunt of the housing bubble—and its all-too-familiar aftermath—Southwest Florida is now ahead of the curve with respect to its recovery. More than two years of aggressive price reductions have recently restored some semblance of local stability to our market; while nationally, sales took an unexpected dip this winter—largely attributed to weather that prevented buyers from leaving their current homes to shop for new ones.
In Sarasota, Manatee and Charlotte Counties, on the other hand, the weather stopped no buyers from making their appointed rounds. Unit sales are up, pending sales are up dramatically, inventories have been reduced, and our market’s median price, no longer in freefall, is bobbing up and down marginally from month to month—traditionally a symptom of firming-up prices.
Thus, all indicators of a sustained recovery are evident throughout the region as we wrap up the first quarter of 2010. Add two seriously attractive purchasing incentives to the mix—the first time home buyer tax credit and historically low interest rates—and you’ll understand why so many people feel it’s now or never if buying at rock bottom prices is priority one.
In the following video, Michael Saunders discusses the property-buying and selling alternatives that have emerged and become more prevalent within the last few years.
Posted by Michael Saunders & Company on October 7, 2009
Photo Credit: it.toolbox.com/ bp1.blogger.com
Very few terms in the real estate lexicon have the ability to incite major heartburn faster than “short sale.” Once a largely unknown (and poorly understood) process to even the most experienced agents, the term has bullied its way into common everyday usage thanks to continued fallout from the contracting economy, the mortgage meltdown and acute sluggishness in the now-recovering housing sector. Simply put, a short sale is a transaction in which the proceeds from the sale of a property at current market value are expected to fall short of the balance owed on the loan securing it. In such a sale, the bank or lender is formally petitioned to approve a discounted loan balance once financial hardship on the part of the seller is proven. A buyer is then able to purchase the home at the agreed-upon price, which is at or slightly below the going market rate.
Alas, we wish it were as simple and straightforward as it sounds. Far from what its name suggests, a short sale is anything but speedy. Short sales are negotiated at least twice, first between the buyer and seller; then ultimately between the seller and the bank. Long vexing delays are the norm after a contract is presented to a bank for formal approval by its loss mitigation department. Typically, it takes several months—at best—to complete a short sale, with no guarantee at the outset of a positive result in the end. In fact, all efforts in the end may not prevent the property from going into foreclosure. Agents have been known to spend upwards of 120 hours on a single case; only to see their efforts amount to nothing when the lender ultimately refuses to budge. Moreover, navigating the short sale process has been compared to trying to nail Jell-o to the wall—only slower and more exasperating. The process is extremely fluid, poorly-defined; and without a clear set of procedures for agents or sellers to follow. A callback might be inadvertently missed which can rotate your file back to the bottom of the pile. Under the best of circumstances, you need the patience of Job, the persistence of a marathon runner and the nerve of a tight-rope walker to manage a successful short sale transaction.
Visitors from around the world choose Englewood for its unspoiled beaches and some of the richest fishing grounds found in the Gulf of Mexico. Staffed by an exceptional team of area specialists, our Englewood office is strategically located at the intersection of Highway 776 and Beach Road, along the shores of Lemon Bay.
How’s the Market in Englewood?
According to Barbara Fendley Saputo, branch manager of Michael Saunders & Company’s Englewood office, business to date in 2009 has surpassed 2008 in the same timeframe by 27 percent. Every component necessary to make this an opportune time for a buyer is in place:
Low interest rates
Reasonable prices
Favorable exchange rates for foreign buyers(more…)
Any seasoned Realtor will tell you that real estate markets go through cycles. No one can pinpoint the bottom of a real estate cycle but there are signs that indicate that we are on our way out of an almost 4 year decline. One such sign, as reported by the Sarasota Herald Tribune in today’s paper, states that lower priced properties are (again) seeing multiple offers. One property in Manatee county listed for $124,000 had even received 27 offers! Remarkable. Full story here.
Visitors from around the world choose 
