Donna Patterson Realtor® - Fayetteville, NC Homes

Miami Home Sales Break Record in 2011

RISMEDIA, Tuesday, January 24, 2012— Regional Spotlight—Miami home sales set a new record in 2011, exceeding transaction levels during the height of the real estate boom in 2005, according to the 26,000-member MIAMI Association of REALTORS® and the Southeast Florida Multiple Listing Service (SEFMLS). Total 2011 sales, including both condominiums and single-family homes, in Miami-Dade County were 24,929, up four percent from the 24,025 in 2005 and 46 percent from 17,068 in 2010. Year-end closed sales of condominiums surged 54 percent, from 9,760 in 2010 to 15,009 in 2011. Total single-family home sales increased 36 percent from 7,308 in 2010 to 9,920 in 2011. “The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS®. “Miami is a very unique city in most ways, and the real estate market recovery proved no different.” The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 16 percent in December, from 734 to 734, compared to December 2010. Sales of condominiums increased 22 percent, from 985 to 1,200, compared to December 2010. Statewide sales dropped two percent to 6,836 for condominiums and two percent for single-family homes to 15,290. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose five percent from November and were 3.6 percent higher than they were in December 2010, according to the National Association of REALTORS® (NAR). Median and Average Sales Prices Rise in December In the Miami MSA, the median sales price of condominiums in December spiked 31 percent to $129,900 from a year earlier. The median sales price of single-family homes jumped 16 percent to $182,300. Statewide median sales prices in December increased four percent to $91,900 for condominiums and one percent to $134,300 for single-family homes. The national median existing-home price for all housing types was $164,500 in December, a 2.5 percent drop from December 2010. The year-end median sales price dropped nine percent for single-family homes and three percent for condominiums when comparing 2011 to 2010. In December, the average sales price for single-family homes in Miami-Dade County increased 8.3 percent, from $302,098 in 2010 to $327,060 in 2011. The average sales prices for condominiums jumped 21.5 percent, from $223,962 to $272,186. “International buyers and investors continue to play a major role in boosting market performance in Miami,” said 2012 MIAMI Association of REALTORS® Residential President Patricia Delinois. “Miami is the top area in the U.S. for international real estate buyers. These buyers from worldwide markets will continue to strengthen the Miami market long into the future.” Donna Patterson, Realtor Direct (910) 988-7641 Email: Donna@DonnaPatterson.com Website: www.DonnaPatterson.com

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10 mistakes to avoid when selling your home

Buyers of single family homes have a lot to choose from these days our market flush with properties. Anything buyers perceive as a negative can become a reason to pass on your offering. If you’re going to list your house or condo, be aware that one or more of the following can cause a potential sale to quickly die before it has a chance.

#1 Pricing your home higher than the average of similar sold properties in the area is an invitation for your house to languish on the market for months to come. Decide if you can afford that. Add up your current mortgage payment, heat, electric, water, sewer, garbage pick-up, taxes, insurance and ongoing maintenance costs against the list price you’ve set and how long it may take to get it. At the very least, try your wishful price for no more than a couple of weeks. If no one shows interest, make a significant reduction in price that’s more in line with, or even less than, other neighborhood sales.

#2 Too many restrictions on the days and times you will allow showings can make it too difficult for busy buyers to arrange a time around your schedule. They’ll go where it’s easy to get an appointment. Most buyers have a limited amount of time to search for homes.

#3 Dirty, smelly homes can turn people off immediately. Put effort into preparing your home for showing. Many buyers today are looking for the listing that’s considered move-in ready. It’s got to be clean, with no strong odors. Roofs should not have leaks, windows and screens should function properly. Appliances should all be in working order, including the heat and air conditioning units.

#4 Refusal to use a lock-box can significantly limit the numbers of visits. Buyers and their agents want to maximize the time they have to look and it’s much easier to get access to homes with a lock-box arrangement. Don’t be afraid that a lock-box situation will result in missing or damaged items. A buyer’s real estate agent is the only one who can access the lock-box (besides the owner) and they will take great pains to ensure your home and possessions are safe during a showing.  

#5 Insisting on hanging out at your house or condo, following the buyers from room to room while it’s being shown, makes buyers uneasy. They’ll spend less time inside and quickly move on to the next one. Sometimes sellers feel they must be present to answer any questions a prospective buyer may have. If a buyer is not accompanied by a real estate agent you will, of course, not want to leave your home while they look around. However, if an agent is also present there is no reason to stick around and it can even be detrimental to the sale. Give buyers plenty of time to look around, feel comfortable, and begin to visualize themselves living in the home. If they have any further questions, their agent can contact you later.

#6 Specifying rooms or areas of the home that are locked, or off limits during a showing, can raise a red flag that something serious is wrong. If you have valuables in the room you’re locking, store or remove them to another location. A barking dog behind a closed door is also scary to buyers.

#7 Being slow to respond to time limits set forth in a purchase offer can cause frustration and sets a bad tone for the rest of the process. A buyer may have a couple of good properties in mind so it’s wise to make your decision within the designated time. Once all parties have signed off, the offer becomes a legal contract. A seller should also make every effort to respond in a timely fashion to any further questions a buyer may have. If one seller responds more quickly than another, it can be the difference of which listing the buyer makes an offer on.

#8 Being unwilling or unreasonable in negotiations can be an immediate deal breaker. Give consideration to buyer requests and then counter-offer, if possible, so that both parties can be satisfied. Be sure to make it clear in the marketing of your house if there are any items that are not part of the sale. That might be the washer or dryer, the chandelier over the dining table, the kids play swings, the ornate mirror hanging in the entry hall, the wine rack on the wall in the kitchen, the shelving in the den. Just be advised that the more items eliminated from the sale, the less a buyer may be interested.

#9 Requesting an unusually long time to close the deal and move out can be a problem for a buyer needing to find a place to live within a limited period of time. Consider ways that you could accommodate the needs of a buyer to close quickly, before you put your house or condo on the market. Typical closings come approximately 30 days after a contract is agreed upon. However, in the case where there is a cash deal the buyer may want to move in sooner than that. If you can’t be flexible, the buyer will be forced to look elsewhere.

#10 Hiding or withholding important facts about the home, i.e. attempting to paint over the signs of a recent roof leak, putting a rug over a severely damaged wood floor, unresolved survey disputes, covering up evidence of live termite damage, liens against the property, etc. can result in charges of fraud and initiate litigation. Be up front about any significant problems and work to get them resolved. If it’s an issue of needed repairs or replacement, negotiation between willing parties can often produce a workable solution.

 

http://www.fayettevillencrealestate.info

Email: Donna@DonnaPatterson.com

Direct (910) 988-7641

• 2 bath, 3 bdrm single story - MLS® $129,900

Elk Ridge, Hope Mills  -  Very nice ranch style home, offers 3 bedrooms and 2 full bathrooms, a split plan. Living room has vaulted ceiling and a real wood burning fireplace., formal dining room and an eat in kitchen with a pantry.
The master bedroom has a walk in closet, the master bathroom has a separate tub and shower.
Some new fixtures, the carpet is less than 1 year old. Nice size fully fenced yard with a deck.
Very convenient to schools, and shopping.

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