Hi Everone!
Well another year has past us by. It's amazing, everything my parents told me as a kid were correct. None more than when you get older time goes way to fast! Boy that's an understatement. So here I sit on New Years Eve with my three cats and my dog. Jeanette, my wife, had to go to CA for an emergency the day after Christmas and she is still out there. The best part of this is that there are three differenct CSI, Law and Order marathons on tonight! Ok, I must be getting old.
Anyway, this isn't really about real estate as it is about reflecting on the past year in the Real Estate business. It's been a tough year for a lot of my fellow Realtors. I know of many that have had to get jobs and move onto different careers. It's really a shame since many of these people are really good, honest, ethical and trustworthy people. On top of the Realtors, there are the people that bought homes in 2004 and 2005 only to watch their home values fall aproximately 30%. Like I said, it's been a tough year. All those consumers who have homes on the market are well aware how tough it is has been this year. If you listen to the media, the end of the world is coming in the housing market. Yes it's been tough, yet there are still people buying and selling homes. Approximately 5% of the homes that are listed, are selling each month. We have been telling people lately, do you want to be on the market or in the market. Only 5% of the homes will be in the market. Each month less than 500 homes are selling. I would venture to say that these people are all happy and relieved that they sold their properties. Whether people want to hear it or not, pricing is what is going to drive your home to a sale. If you are not below everyone else in the neighborhood, then the home may sit there for a long time. Of course there are some exceptions, however not many.
Ok, I really didn't want to get into the doom of the past year. Let's look at the good stuff. As a company, thanks to all of you, our customers, Tropical Realty of Suntree is the number one office in Brevard County for working with buyers. Our small staff did a tremendous job this past year in keeping everything rolling. This coming year we expect to beat 2007 numbers and sell even more homes. One thing I have always believed and have spent my entire business career doing is taking care of people. The more you take care of people and provide exceptional customer service, the more people would prefer to work with you. My staff, your Realtors, are great people. They all sincerely care about our customers before they think of themselves. Do you know how rare that is in a sales environment? It is quite a remarkable feat to have not lost any Agents over the past few years with the exception of two that changed careers. The reason is, we have a very caring, sincere, funny, honest, ethic, smiling group of people who fill out our Realtors and our Admin staff. We all get along great and I believe this shows when we are helping our customers.
So for 2008 I wish all of you a great year. If you are trying to sell your home, no matter what state you reside, and you need help or suggestions, please don't hesitate to ask. There are a few things we have tried that have worked pretty well. I also have an entire network of Realtors that we work with around the country so if you need to sell your home outside of Florida and would like my help in getting a good Realtor in your area, just drop me a note. My email is mitch@mitchrealty.com and phone number is 321-258-4150.
Happy New Year!!!
Mitch
Monday, December 31, 2007
Monday, December 17, 2007
What's the deal with Foreclosures? What is the alternative?
Hi Everyone!
We are getting tons of calls these days with customers wanting to take advantage of the "lucrative" foreclosure market. I figured it was time for me to throw in my two cents to all of you. In this market, foreclosures are not the best deal. Yes, you heard me right. Foreclosures are not what they used to be and there is a logical reason for this comment.
Firstly, five years ago foreclosures were running at about 50% of the value of property. They were great deals. The reason was simple. When a person went into foreclosure, they usually had put 10% or more down on the property. Also, as the years have gone by, prices in our area increased. With more equity in the property and prices skyrocketing, foreclosures made a lot of sense. Let's look at an example:
A person buys a property for $100,000. He puts 10% down for a mortgage of $90,000. Over the next three years the property value went up to $130,000. Once this person goes towared a foreclosure, he has $40k equity in the property. The bank is also willing to take less of a payoff to avoid going through the legally taxing foreclosure property. Ultimately the buyer can buy this home from approxinmatley $75,000 or so and with a built in equity of $55,000.
Ok, now let's fast forward to the fall of 2007 (no pun intended). A person buys his property two years ago for $300,000. As with most people during that time period, he financed 100% of the propery and now has a mortgage of $300,000. Now in 2007 he needs to sell his home or go into foreclosure. The problem we run into now is that property values have dropped around 30% since 2005 when he bought the home. Therefore, his home is now valued at $210,000. This means, if the bank goes into foreclosure, they are going to sell the property at market value to recoup as much as they can to minimize their losses. The buyer of this property is buying the property at market value and is not going to see much, if any, equity upon the purchase.
With all that said, you can see that foreclosures today are not going to offer you the best bang for your buck. So what is going to get you the best deal. If you are looking to get your best deal, look for homes that have been on the market for more than 6 months and have been owned by the owner for more than 5 years. This will most likely insure two things unless the seller had refinanced in the past two years and taken equity out of the home. First, the owner might have only paid $125,000 for that same house that sold for $300,000 in 2005. If he needs to sell the home, he can lower the price of the way below market value and still make a decent profit from the home. If the market value is $210,000 as we figured in the above example, then selling the home for $199,000 would still offer the seller a tremendous profit while offering the buyer a great deal below market.
Hopefully this all make sense to you. If you have any questions please don't hesitate to call or write. We are always here to help you accomplish your Real Estate goals!
Have a great day!
Mitch
We are getting tons of calls these days with customers wanting to take advantage of the "lucrative" foreclosure market. I figured it was time for me to throw in my two cents to all of you. In this market, foreclosures are not the best deal. Yes, you heard me right. Foreclosures are not what they used to be and there is a logical reason for this comment.
Firstly, five years ago foreclosures were running at about 50% of the value of property. They were great deals. The reason was simple. When a person went into foreclosure, they usually had put 10% or more down on the property. Also, as the years have gone by, prices in our area increased. With more equity in the property and prices skyrocketing, foreclosures made a lot of sense. Let's look at an example:
A person buys a property for $100,000. He puts 10% down for a mortgage of $90,000. Over the next three years the property value went up to $130,000. Once this person goes towared a foreclosure, he has $40k equity in the property. The bank is also willing to take less of a payoff to avoid going through the legally taxing foreclosure property. Ultimately the buyer can buy this home from approxinmatley $75,000 or so and with a built in equity of $55,000.
Ok, now let's fast forward to the fall of 2007 (no pun intended). A person buys his property two years ago for $300,000. As with most people during that time period, he financed 100% of the propery and now has a mortgage of $300,000. Now in 2007 he needs to sell his home or go into foreclosure. The problem we run into now is that property values have dropped around 30% since 2005 when he bought the home. Therefore, his home is now valued at $210,000. This means, if the bank goes into foreclosure, they are going to sell the property at market value to recoup as much as they can to minimize their losses. The buyer of this property is buying the property at market value and is not going to see much, if any, equity upon the purchase.
With all that said, you can see that foreclosures today are not going to offer you the best bang for your buck. So what is going to get you the best deal. If you are looking to get your best deal, look for homes that have been on the market for more than 6 months and have been owned by the owner for more than 5 years. This will most likely insure two things unless the seller had refinanced in the past two years and taken equity out of the home. First, the owner might have only paid $125,000 for that same house that sold for $300,000 in 2005. If he needs to sell the home, he can lower the price of the way below market value and still make a decent profit from the home. If the market value is $210,000 as we figured in the above example, then selling the home for $199,000 would still offer the seller a tremendous profit while offering the buyer a great deal below market.
Hopefully this all make sense to you. If you have any questions please don't hesitate to call or write. We are always here to help you accomplish your Real Estate goals!
Have a great day!
Mitch
Wednesday, November 21, 2007
Happy Thanksgiving!
Hi Everyone!
So it's 2:15am and I'm sitting here doing a little bit of work before I go back to bed. I do need to get a life! As I"m sitting here thinking about Thanksgiving, so much goes on in my mind. I get a little misty around the holidays. I guess the older you get the more you realize how precious life is and that we have only one shot. It's definitely not easy some times, but it's the life we have so we might as well have fun. For those of you who know me, you know fun is what I'm all about. I don't take to much to serious when it comes to day to day life. Believe me, in this business if you are to serious you would go crazy!
It's this time of year that I become very thankful for everything I have now and have received in my life time. I was blessed with two great parents that died much younger than they should have been allowed. Were they perfect, no. Did they do everything in their power to guide me through my youth and young adulthood, yes. I learned from them the most important rules that I follow every day. That is to be honest and to really care about people. They taught me even though there are some evil people out there, that most people are good and want to be good. They were very right!
Ok, so here is the rest of my list of what else I am thankful for: My beautiful and loving wife, Jeanette. She makes me smile and she takes the brunt of when I'm not happy. (yes, even I have my days!) My four awesome ,way to old children in Jon, Matt, Amanda and Michael. My precious granddaughter Lola who lights up the room as soon as she walks in...sometimes she strolls in I guess since she is only 19 months old! My very cool, fun, caring, and great staff who makes coming to work every day so much fun! My friend Wayne's two girls who were shot this year are both out of the hospital and doing great! My brothers who have been my friends for my entire life. My friends that I grew up with and that I"m still close with...I'm lucky to have several friends that I could count on if I needed anything...how cool is that! And finally and not least are my customers who have helped me grow a company that is well respected and successful. As we all know, without great customers like you and with my great staff I don't have a company!
On this day, Thanksgiving, give thanks to everything in your life that is good. Remember that sometimes things don't go exactly as we plan but there is always a lesson to be learned. I have gone through some very hard times and come away with many great lessons of life.
Lastly, please take a moment while you are sitting down to eat that yummy turkey to say a prayer for all of our troops scattered around the world in harms way. We are blessed to have such a fine group of men and women who are wiling to be away from their families during the holidays and put their lives on the line on a daily basis all in the name of freedom.
Happy Thanksgiving!
Mitch
So it's 2:15am and I'm sitting here doing a little bit of work before I go back to bed. I do need to get a life! As I"m sitting here thinking about Thanksgiving, so much goes on in my mind. I get a little misty around the holidays. I guess the older you get the more you realize how precious life is and that we have only one shot. It's definitely not easy some times, but it's the life we have so we might as well have fun. For those of you who know me, you know fun is what I'm all about. I don't take to much to serious when it comes to day to day life. Believe me, in this business if you are to serious you would go crazy!
It's this time of year that I become very thankful for everything I have now and have received in my life time. I was blessed with two great parents that died much younger than they should have been allowed. Were they perfect, no. Did they do everything in their power to guide me through my youth and young adulthood, yes. I learned from them the most important rules that I follow every day. That is to be honest and to really care about people. They taught me even though there are some evil people out there, that most people are good and want to be good. They were very right!
Ok, so here is the rest of my list of what else I am thankful for: My beautiful and loving wife, Jeanette. She makes me smile and she takes the brunt of when I'm not happy. (yes, even I have my days!) My four awesome ,way to old children in Jon, Matt, Amanda and Michael. My precious granddaughter Lola who lights up the room as soon as she walks in...sometimes she strolls in I guess since she is only 19 months old! My very cool, fun, caring, and great staff who makes coming to work every day so much fun! My friend Wayne's two girls who were shot this year are both out of the hospital and doing great! My brothers who have been my friends for my entire life. My friends that I grew up with and that I"m still close with...I'm lucky to have several friends that I could count on if I needed anything...how cool is that! And finally and not least are my customers who have helped me grow a company that is well respected and successful. As we all know, without great customers like you and with my great staff I don't have a company!
On this day, Thanksgiving, give thanks to everything in your life that is good. Remember that sometimes things don't go exactly as we plan but there is always a lesson to be learned. I have gone through some very hard times and come away with many great lessons of life.
Lastly, please take a moment while you are sitting down to eat that yummy turkey to say a prayer for all of our troops scattered around the world in harms way. We are blessed to have such a fine group of men and women who are wiling to be away from their families during the holidays and put their lives on the line on a daily basis all in the name of freedom.
Happy Thanksgiving!
Mitch
Tuesday, November 20, 2007
Brevard County Properties Sold through the end of October 2007
Hi Everyone!
I have been promising stats for quite a bit but have been so busy I hadn't had a chance to do them. Well I finally got them done. Below are all the homes, condos and townhomes, and land sold for the year. As you can see the numbers are very low. At the bottom of the chart are all the current active properties for each category. The good news of course is that your negotiating power is very strong right now. If a home has been on the market for more than 6 months there is a good chance you can get the home for 10% or more off the listing price.
Month /Residential/ Condo&Townhouse /Land
January /342 /109 /45
Feb /465/ 121/ 43
March/ 519/ 143/ 63
April /510/ 127/ 64
May/ 471/ 131/ 60
June/ 487/ 128/ 53
July/ 447/ 122/ 50
August/ 447 /117 /54
Sept. /297/ 70/ 45
October /356 /83 /47
Currently
Active/ 7563/ 2987/ 4120
As I have said many times, this is a great time to buy. If you are interested in finding out more about the opportunities in Brevard, please don't hesitate to call or email us.
Have a great day!
Mitch
I have been promising stats for quite a bit but have been so busy I hadn't had a chance to do them. Well I finally got them done. Below are all the homes, condos and townhomes, and land sold for the year. As you can see the numbers are very low. At the bottom of the chart are all the current active properties for each category. The good news of course is that your negotiating power is very strong right now. If a home has been on the market for more than 6 months there is a good chance you can get the home for 10% or more off the listing price.
Month /Residential/ Condo&Townhouse /Land
January /342 /109 /45
Feb /465/ 121/ 43
March/ 519/ 143/ 63
April /510/ 127/ 64
May/ 471/ 131/ 60
June/ 487/ 128/ 53
July/ 447/ 122/ 50
August/ 447 /117 /54
Sept. /297/ 70/ 45
October /356 /83 /47
Currently
Active/ 7563/ 2987/ 4120
As I have said many times, this is a great time to buy. If you are interested in finding out more about the opportunities in Brevard, please don't hesitate to call or email us.
Have a great day!
Mitch
Monday, November 12, 2007
Veterans Day
Hi Everyone!
This is just a quick note to remind all of you to take a minute and think about our young adults that volunteer to protect our country. Whether you are for the war or against the war is not relevant. Either way, it is important to support our troops. Those are our kids out there putting their lives in danger every day. So while you are walking around enjoying the beautiful weather, take a moment and say a prayer for our troops. Pray that they all come home safely to continue their roles as husbands, wives, fathers, mothers, sons and daughters. Remember that because of our hero's both the past, the present and the future we will have the freedoms to walk around and enjoy such a beautiful day.
Have a great day today!
Mitch
This is just a quick note to remind all of you to take a minute and think about our young adults that volunteer to protect our country. Whether you are for the war or against the war is not relevant. Either way, it is important to support our troops. Those are our kids out there putting their lives in danger every day. So while you are walking around enjoying the beautiful weather, take a moment and say a prayer for our troops. Pray that they all come home safely to continue their roles as husbands, wives, fathers, mothers, sons and daughters. Remember that because of our hero's both the past, the present and the future we will have the freedoms to walk around and enjoy such a beautiful day.
Have a great day today!
Mitch
Sunday, November 11, 2007
I need your help!
Hi Everyone!
If you have been reading what I've been writing lately you have noticed that I am in the middle of making a bunch of changes to our company. For that reason I am looking for help from you, our customer.
1. We are getting ready to launch a new site - http://www.melbournehomesearch.com/ - Please check it out when you get a chance and send me your feedback. The MLS search function is working but we are still working on the saved listings portion to allow you to continue to save homes into your personal folder. Please email feedback at mitch@mitchrealty.com whether it be good, bad or indifferent. My goal is to create a site that is easy to use and has all the information you need. With your help, I can accomplish this goal!
2. Consumer Forum - I would like to get two different groups of customer together. The first group would be our customers who have already bought homes through Tropical Realty. The second group would be from customers who have not bought anything yet.
The purpose of these to forum's is to learn from you what we need to do to be a better company. I work very hard, as do all my Agents, to insure that our customers are getting the service that they desire. I will be taking you to dinner and discussing what we need to do on our end to make everything the best experience for you.
This past year has been a great year for us here at Tropical Realty. While most companies are struggling, we have been hitting our goals almost every month. Of course I only have you to thank for that. I appreciate your busines and your trust that you have in our company. I think I have the best Agents in the county ( I may be a little bias) if not the state. Every person on my staff from the admin (Pat and Krystal) to my Agents, to the Mortgage Dept of Pedro (my partner), Carolyn, Jeff and Greta cares about our customers as much as I do. I have always instilled in my staff that if you work hard and create the best customer service experience for your customer, you will always succeed. I can honestly say I know that they value our customer more than the buck! We all go out of our way to be the best we can be for you.
With that said, I know we have to improve in certain areas and I would like help finding out exactly what we need to improve. Please take a few minutes and write me a review of our new website at http://www.melbournehomesearch.com/ and let me know your thoughts. They do matter. Also, if you would like to be involved in my customer forum, please email me at mitch@mitchrealty.com and let me know. I will be taking everyone out to dinner to discuss how I can make Tropical Realty a better company and a great experience for our customers.
I look forward to hearing from you. Have a great night!
Mitch
If you have been reading what I've been writing lately you have noticed that I am in the middle of making a bunch of changes to our company. For that reason I am looking for help from you, our customer.
1. We are getting ready to launch a new site - http://www.melbournehomesearch.com/ - Please check it out when you get a chance and send me your feedback. The MLS search function is working but we are still working on the saved listings portion to allow you to continue to save homes into your personal folder. Please email feedback at mitch@mitchrealty.com whether it be good, bad or indifferent. My goal is to create a site that is easy to use and has all the information you need. With your help, I can accomplish this goal!
2. Consumer Forum - I would like to get two different groups of customer together. The first group would be our customers who have already bought homes through Tropical Realty. The second group would be from customers who have not bought anything yet.
The purpose of these to forum's is to learn from you what we need to do to be a better company. I work very hard, as do all my Agents, to insure that our customers are getting the service that they desire. I will be taking you to dinner and discussing what we need to do on our end to make everything the best experience for you.
This past year has been a great year for us here at Tropical Realty. While most companies are struggling, we have been hitting our goals almost every month. Of course I only have you to thank for that. I appreciate your busines and your trust that you have in our company. I think I have the best Agents in the county ( I may be a little bias) if not the state. Every person on my staff from the admin (Pat and Krystal) to my Agents, to the Mortgage Dept of Pedro (my partner), Carolyn, Jeff and Greta cares about our customers as much as I do. I have always instilled in my staff that if you work hard and create the best customer service experience for your customer, you will always succeed. I can honestly say I know that they value our customer more than the buck! We all go out of our way to be the best we can be for you.
With that said, I know we have to improve in certain areas and I would like help finding out exactly what we need to improve. Please take a few minutes and write me a review of our new website at http://www.melbournehomesearch.com/ and let me know your thoughts. They do matter. Also, if you would like to be involved in my customer forum, please email me at mitch@mitchrealty.com and let me know. I will be taking everyone out to dinner to discuss how I can make Tropical Realty a better company and a great experience for our customers.
I look forward to hearing from you. Have a great night!
Mitch
Saturday, October 27, 2007
Media and the Real Estate Market
Hi Everyone!
So I am sitting here getting ready to watch my Boston Red Sox try to make it three wins straight against the Rockies. I'm very excited. Of course nothing will compare to the Sox World Series of 2004. It's amazing how long it took!
We were having a discussion this week about the media and its affect on the public. We all know that the media spins its stories in whatever direction it wants to go. When something is "hot" they are all over it. Of course "hot" in their opinion is bad. You don't hear to many good things on the news...the truth of the matter is that good news doesn't sell. Bad news creates viewers which creates sales. It's all about the buck!
Right now we are in a changing Real Estate market and we have been for one and a half years now. Nobody really knows when the market is going to hit bottom, or if it already has hit bottom. Depending upon who you ask, you might get a different answer. My take is that this is probably the best time we have had to buy Real Estate in the past 4 years. Prices are pre 2004 and I tend to doubt they will go any lower. With that said, there are some great deals out there too. People who bought their homes prior to 2003 are willing to take a modest profit instead of the monster profits we were seeing in 2004 and the first half of 2005.
Anyway, back to our discussion about the media. I believe that the media (being on the left side of the isle) were motivated to insure a Democratic Congress. Unfortunately for them at the time, things were not going to badly in this country. Of course this is all relative, but as far as the economy, things are, were, pretty strong. The media knew if they were going to affect the election they were going to have to put the breaks on our economy. The only way to do that at the time was to destroy the housing market. The housing market affects many other markets then just buying and selling houses. It affects construction workers, appliance sales people, the banking industry, rug manufacturers and so on. I think you understand. By putting the breaks on the Real Estate market they pretty much shut down a major part of our economy. Let's face it, at the time, May of 2005 was the peak, house prices were starting to level off and interest rates were still at 6%. Houses were selling in 30 days or so and the economy was strong.
In May 2005 the media made their run to alter politics. They started with the simple, "the housing bubble is going to burst". Within a few months as they hammered this home to our country, the market did start to slow. From there they took it and ran. Once they created enough data to show the market was slowing, they made it the most talked about headlines in the country. Within a year, by May of 2006 they completely destroyed the Real Estate market. Anyone trying to sell their home over the past year knows what I am talking about here.
Ok, let's fast forward to October 2007. The market is still hurting badly and there is talk of thousands of foreclosures. Many of the sales we do are "short sales". Short Sales are sales in which the seller will sell their home for less than they owe on it. They can only do this with the permission of the bank. It is much easier and less expensive for the bank to do a short sale than to go into foreclosure. Believe me, the bank does not what all those homes.
This month is supposed to be the peak of the "resets" of the adjustable rate mortgages. It will be interesting to see what is going to happen. Although with that said, Countrywide mortgage has decided to help out about 82,000 of its customers by not adjusting the mortgage at this time. This should help. I have been saying for quite a while now that if the banks don't want to go into foreclosure on these homes, they are going to have to do something about the resets. Finally someone is listening. Many more lenders are going to have to follow suit if they don't want to be handed a ton of homes.
So what am I really talking about here. The reality is if you are looking to buy a home, this is a great time to buy. If you are thinking about buying a condo, this is an excellent time to buy. There are a ton of condos on the market and they are not moving. If you are thinking about buying a piece of land, this is an awesome time to buy. I think last month out of the approximately 4100 lots for sale, only 47 sold. Lots in Palm Bay have come down from a peak of $70k to around $30k or a little more and sometimes a little less. The point is, if you need a place to live or are looking for a home you are going to stay in for a long time, then you should be very excited about the quantity of homes on the market. Think of all the choices you have to find that home you have always wanted.
As always, we are here to guide you in the process of buying a home. Since we have switched to a Single Agency (we represent you) the response has been overwhelming. Our clients love the fact that we have a legal responsibility in the transaction. It gives them a more secure feeling knowing that we are going to go the extra mile for them...you.
Have a great Saturday Night and Sunda. Go Red Sox and we can't forget to say Go Pats! It's a good time to be a Boston fan these days!
Mitch
So I am sitting here getting ready to watch my Boston Red Sox try to make it three wins straight against the Rockies. I'm very excited. Of course nothing will compare to the Sox World Series of 2004. It's amazing how long it took!
We were having a discussion this week about the media and its affect on the public. We all know that the media spins its stories in whatever direction it wants to go. When something is "hot" they are all over it. Of course "hot" in their opinion is bad. You don't hear to many good things on the news...the truth of the matter is that good news doesn't sell. Bad news creates viewers which creates sales. It's all about the buck!
Right now we are in a changing Real Estate market and we have been for one and a half years now. Nobody really knows when the market is going to hit bottom, or if it already has hit bottom. Depending upon who you ask, you might get a different answer. My take is that this is probably the best time we have had to buy Real Estate in the past 4 years. Prices are pre 2004 and I tend to doubt they will go any lower. With that said, there are some great deals out there too. People who bought their homes prior to 2003 are willing to take a modest profit instead of the monster profits we were seeing in 2004 and the first half of 2005.
Anyway, back to our discussion about the media. I believe that the media (being on the left side of the isle) were motivated to insure a Democratic Congress. Unfortunately for them at the time, things were not going to badly in this country. Of course this is all relative, but as far as the economy, things are, were, pretty strong. The media knew if they were going to affect the election they were going to have to put the breaks on our economy. The only way to do that at the time was to destroy the housing market. The housing market affects many other markets then just buying and selling houses. It affects construction workers, appliance sales people, the banking industry, rug manufacturers and so on. I think you understand. By putting the breaks on the Real Estate market they pretty much shut down a major part of our economy. Let's face it, at the time, May of 2005 was the peak, house prices were starting to level off and interest rates were still at 6%. Houses were selling in 30 days or so and the economy was strong.
In May 2005 the media made their run to alter politics. They started with the simple, "the housing bubble is going to burst". Within a few months as they hammered this home to our country, the market did start to slow. From there they took it and ran. Once they created enough data to show the market was slowing, they made it the most talked about headlines in the country. Within a year, by May of 2006 they completely destroyed the Real Estate market. Anyone trying to sell their home over the past year knows what I am talking about here.
Ok, let's fast forward to October 2007. The market is still hurting badly and there is talk of thousands of foreclosures. Many of the sales we do are "short sales". Short Sales are sales in which the seller will sell their home for less than they owe on it. They can only do this with the permission of the bank. It is much easier and less expensive for the bank to do a short sale than to go into foreclosure. Believe me, the bank does not what all those homes.
This month is supposed to be the peak of the "resets" of the adjustable rate mortgages. It will be interesting to see what is going to happen. Although with that said, Countrywide mortgage has decided to help out about 82,000 of its customers by not adjusting the mortgage at this time. This should help. I have been saying for quite a while now that if the banks don't want to go into foreclosure on these homes, they are going to have to do something about the resets. Finally someone is listening. Many more lenders are going to have to follow suit if they don't want to be handed a ton of homes.
So what am I really talking about here. The reality is if you are looking to buy a home, this is a great time to buy. If you are thinking about buying a condo, this is an excellent time to buy. There are a ton of condos on the market and they are not moving. If you are thinking about buying a piece of land, this is an awesome time to buy. I think last month out of the approximately 4100 lots for sale, only 47 sold. Lots in Palm Bay have come down from a peak of $70k to around $30k or a little more and sometimes a little less. The point is, if you need a place to live or are looking for a home you are going to stay in for a long time, then you should be very excited about the quantity of homes on the market. Think of all the choices you have to find that home you have always wanted.
As always, we are here to guide you in the process of buying a home. Since we have switched to a Single Agency (we represent you) the response has been overwhelming. Our clients love the fact that we have a legal responsibility in the transaction. It gives them a more secure feeling knowing that we are going to go the extra mile for them...you.
Have a great Saturday Night and Sunda. Go Red Sox and we can't forget to say Go Pats! It's a good time to be a Boston fan these days!
Mitch
Wednesday, October 3, 2007
The never ending quest to become the best Real Estate company in the World!
Hi Everyone!
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
I'll be writing another blog shortly with all the stats from the third quarter. In the meantime, as I sit here in my house with my favorite cat laying next to me (don't tell my other two cats or the dog as they all think they are my favorite) I am thinking of the shape and destiny my company is headed. In two and a half years we have built a wonderful company with a great staff and great customers. I am truly blessed to be around so many awesome people every day! Part of the reason of this blog is to share what goes on in building a company and what goes on in my mind while in the process of building the compay. Hence the name, The Day in The Life of a Real Estate Broker.
I just finished reading the book Good to Great for the third time in the past month. Along with eMyth, it is one of the best business books out there. Many of the things I read in eMyth which I have implemented have been a huge success for me. If you own a business or are planning on starting a business, you need to read these two books now.
With my new found knowledge I went on to analyze my company...the good, the bad and the ugly. I will be the first to admit that no matter how much I have tried to be the best, we haven't been. We have been very good, but there is still room for improvement. So the question that I have to figure out is what can we be the best in the world at as a company. Interesting stuff. Have you ever thought what you could be the best in the world at? It's a very difficult question if you can face the brutal facts about your company. I spent several days pondering this question and trying to figure out the answer. Then while driving to work one day it occured to me that we can be the best in the world at two things.
1. Buyers Agents - Currently most of our business comes from buyers. We do listings of course like all Real Estate companies, but when it comes down to it, we are really a Buyers Agency. I realized we could be the best Buyers Agency in the world. Big statement, but I have big beliefs and work ethic to make this happen. Now that I understand that we can be the best Buyers Agency in the world, it changed the way I do several areas of my business. Most importantly it affected how I look at listing houses. By being the best Buyers Agency in the world, it actually works toward being a great Listing Agency too without having to focus my business in that arena.
2. Customer Service - In my opinion most Real Estate companies have a very limited, if any, customer service programs. The second thing I realized was that I can create the best Real Estate customer service in the world. Again another big statement and again I believe that I have the staff and the company which can do just that! Once I realized this, I went to work developing our Over the Top Customer Service Program. This program is under development and is shaping up nicely. Once developed, it will fit into my core business of working with buyers. Currently we have finished our Tropical Realty Tid Bits booklet which can be found on our site at: http://www.mitchrealty.com/bin/web/real_estate/AR79959/ACTIVATE_FRAMES/RELOCATION/Melbourne/1190730422.html
If you haven't read this yet and you are planning on moving to Brevard County, then take a few moments and go through it. We will be expanding it as time moves on but currently there are several pages of great info for your move. This took several months to put together and Kelly, our office manager did the bulk of the work. Thanks Kelly!
That is the start to our customer service. Some of the things we are implenting as part of our new customer service program are simple things like having cold bottles of water in a cooler whenever you take someone out to see homes. It's amazing how great a cold bottle of water feels after you have looked at 5 houses in the first couple of hours.
As with everything in our company, we will create our Over the Top Customer Service program into a system which will be easy for all of our staff to implement. Everyone at the company is very excited about this program. We all want to be the best at what we do, but sometimes it takes a bunch of people getting together and brainstorming to come up with just how to accomplish these goals. By November 1, 2007 we will be rolling out the program. I have a very busy October planned.
As you can see my fun never stops. I really feel that by my Agents and myself helping as many people as possible we save them the chances of not getting quality advice and help in buying their new home. Unfortunately, as with most industries, we have our share of evil. Just because an Agent or Agency does huge numbers doesn't mean they are an ethical and honest company. I prefer to only hire the best people. I always believe that if you are a good human being you will always do well. So far this has proved true to myself, my company and my Agents. In the reality, it's not hard to be honest and ethical. Personally I find it very easy!
That's it for now. If you have any questions or need any help don't hesitate to call or email me at mitch@mitchrealty.com. Also, if you are in business or are starting a business don't hesitate to call or email for advice. I am always willing to help people in Marketing and other aspects of business.
Have a fun night!
Mitch
Friday, September 21, 2007
The Bottom is here!
Hi Everyone!
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm
We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.
One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.
If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com
Have a great weekend!
Mitch
Tuesday, September 18, 2007
A note to buyers - Single Agency vs. Transaction Brokers
Hi Everyone!
I know that everyone wants to get the best deal possible for their homes. Keep in mimd that if you have a lot of homes on the market, such as today, you may have a great opportunity for success in finding a home you love and at a price you can afford.
By using one of our Tropical Realty Realtors, you can have the security that every one us is going to put our best foot forward and devote 150% and More. Whatever it takes to get the job done!
In a recent move, we have switched our company from Transacdtion Brokers to Single Agency. Why the change when in fact almost all the companie are automatically considered to be Transacdtion Brokers?
First you have to understand the main difference between the two agencies. Both are similar with one major exception. Transaction Brokers represent the transaction. They don't represent the buyer or the seller. As Single Agents, we work for you. We have a legal responsibiity to look out for your best interests. With that said, there are certain instances inwhich we must transition to a Transaction Broker.
This is a major switch towards our new culture of over the top customer service. We hope that all our customr have started to notice the switch. There is much more to come! If you have any questions on Agency and how it works in Florida, its time to pick up the phone and call our office or email me at Mitch@MitchRealty.com or 321-259-9115.
Have a great night!
Mitch
I know that everyone wants to get the best deal possible for their homes. Keep in mimd that if you have a lot of homes on the market, such as today, you may have a great opportunity for success in finding a home you love and at a price you can afford.
By using one of our Tropical Realty Realtors, you can have the security that every one us is going to put our best foot forward and devote 150% and More. Whatever it takes to get the job done!
In a recent move, we have switched our company from Transacdtion Brokers to Single Agency. Why the change when in fact almost all the companie are automatically considered to be Transacdtion Brokers?
First you have to understand the main difference between the two agencies. Both are similar with one major exception. Transaction Brokers represent the transaction. They don't represent the buyer or the seller. As Single Agents, we work for you. We have a legal responsibiity to look out for your best interests. With that said, there are certain instances inwhich we must transition to a Transaction Broker.
This is a major switch towards our new culture of over the top customer service. We hope that all our customr have started to notice the switch. There is much more to come! If you have any questions on Agency and how it works in Florida, its time to pick up the phone and call our office or email me at Mitch@MitchRealty.com or 321-259-9115.
Have a great night!
Mitch
Tuesday, September 4, 2007
August 2007 Stats and a personal note
Hi Everyone!
I hope your Labor Day Weekend was fun. We just hung around the pool and went to the movies. It was a very quiet and peaceful weekend....very much needed!
Last week was a very difficult week for myself as well as many of my close friends. One of our close friends exwife was murdered and two of his three daughters were shot at close range and are still in critical condition. I flew up to MA right away upon hearing of this tragedy. We all read about things like this in the paper but when it happens to you or somebody you love, it changes everything. I have vowed to spend more time with my wife, call my kids a little more, and tell the people I love, that I love them. Sometimes we spend all our time chasing our dreams without realizing some of our best dreams are right in front of our noses. If you have a moment, please say a prayer for Brittany (12) and Danielle Cann (15). They could surely use them right now!
The Brevard County Real Estate Market seems to be holding steady. Below are the stats stating the amount of homes on the market as well as the amount of homes that sold in August. The numbers have held steady now for a few months. My belief we are pretty close, if not, at the bottom of the reduction in prices. As I have mentioned over the past few months, this is a great time to buy.
New Single Family Listings - 1,495
New Condo/TownHomes Listings - 429
Active Single Family Listings - 7648
Active Condo/TownHome Listings - 3122
Active Lot and Land Listings - 4184
Active Rental Listings - 2320
August Sold Single Family Homes - 388 (5.1% of listed single family homes )
August Sold Condo/TownHomes - 102 (3.3% of listed condos/townhomes)
August Sold Lots and Land - 51 (1.2% of listed lots and land)
August Rentals Leased - 579 (25% of listed rentals)
Average Days on the Market for all residential properties - 118 Days (Condos and TownHomes are averaging 168 Days on the Market.
This is your update on the current market conditions in Brevard County. At the end of September I will do my quarterly stats for you all to see. With interest rates threatening to increase and tax reform (hopefully) right around the corner. The time to buy is now before prices start to edge upward and interest rates rising. As always we are here to help you succeed in the purchase of your new home. If there is anything we can do for you, don't hesitate to call or email us.
Have a great day!
Mitch
I hope your Labor Day Weekend was fun. We just hung around the pool and went to the movies. It was a very quiet and peaceful weekend....very much needed!
Last week was a very difficult week for myself as well as many of my close friends. One of our close friends exwife was murdered and two of his three daughters were shot at close range and are still in critical condition. I flew up to MA right away upon hearing of this tragedy. We all read about things like this in the paper but when it happens to you or somebody you love, it changes everything. I have vowed to spend more time with my wife, call my kids a little more, and tell the people I love, that I love them. Sometimes we spend all our time chasing our dreams without realizing some of our best dreams are right in front of our noses. If you have a moment, please say a prayer for Brittany (12) and Danielle Cann (15). They could surely use them right now!
The Brevard County Real Estate Market seems to be holding steady. Below are the stats stating the amount of homes on the market as well as the amount of homes that sold in August. The numbers have held steady now for a few months. My belief we are pretty close, if not, at the bottom of the reduction in prices. As I have mentioned over the past few months, this is a great time to buy.
New Single Family Listings - 1,495
New Condo/TownHomes Listings - 429
Active Single Family Listings - 7648
Active Condo/TownHome Listings - 3122
Active Lot and Land Listings - 4184
Active Rental Listings - 2320
August Sold Single Family Homes - 388 (5.1% of listed single family homes )
August Sold Condo/TownHomes - 102 (3.3% of listed condos/townhomes)
August Sold Lots and Land - 51 (1.2% of listed lots and land)
August Rentals Leased - 579 (25% of listed rentals)
Average Days on the Market for all residential properties - 118 Days (Condos and TownHomes are averaging 168 Days on the Market.
This is your update on the current market conditions in Brevard County. At the end of September I will do my quarterly stats for you all to see. With interest rates threatening to increase and tax reform (hopefully) right around the corner. The time to buy is now before prices start to edge upward and interest rates rising. As always we are here to help you succeed in the purchase of your new home. If there is anything we can do for you, don't hesitate to call or email us.
Have a great day!
Mitch
Sunday, August 26, 2007
Our Customer Service Culture
Have you ever wondered what makes a company great? This is something that I have thought about for a long time. In the end, it still comes down to the old age issue of customer service. The reality is that most of us feel that customer service seems to be a thing of the past. I know that is something I have thought and seen for so long. It's not the norm to get great service. How many times have you gone to a great establishment with great customer service? You can probably count them on one hand.
With that said, I have made the decision to become the best customer service focused Real Estate company in the country. Ok, I know that is a big claim, but I am certain that it will take our already superb service and make it even better. So how do we do that? We currently work extremely hard for our customers and are available at all times to help them in any way possible. All of our Agents at Tropical Realty work hard. If you have worked with us already, you know that. If you haven't and are planning to come to the area soon, you will see what I mean. I am truly blessed to have some of the best people working for me. However, because we are so busy helping our customers, sometimes the little things get left behind. My goal over the next few months is to figure out what you would like, as the customer, for us to do when we meet you, when we write a contract for you, and what we can do after the sale for you.
For as good a job as we currently do, I want to make you walk away from your transaction with the same feeling you get when walking away from a great restaurant. It is my belief that if you walk away with that feeling, you will have received the best service humanly possible. That is my goal and that is what we are going to accomplish.
In the very near future I will be posting some of the changes we are going to implement to insure you have the best real estate experience you have ever received. When you sit in your new home you are going to feel that joy that comes with a great transaction. You will feel complete! Ok, I stole that from Jerry Mcquire!
I'm also open to suggestions from you. If there is anything that you feel a Real Estate Company should do for you that we are not currently doing, please email me at mitch@mitchrealty.com. I am here to listen. I am here to give you the best there is in the country.
As always we are all here to help. If there is anything you need at all, don't hesitate to call or email us. We respond to everyone as quickly as possible.
Have a great night!
Mitch
With that said, I have made the decision to become the best customer service focused Real Estate company in the country. Ok, I know that is a big claim, but I am certain that it will take our already superb service and make it even better. So how do we do that? We currently work extremely hard for our customers and are available at all times to help them in any way possible. All of our Agents at Tropical Realty work hard. If you have worked with us already, you know that. If you haven't and are planning to come to the area soon, you will see what I mean. I am truly blessed to have some of the best people working for me. However, because we are so busy helping our customers, sometimes the little things get left behind. My goal over the next few months is to figure out what you would like, as the customer, for us to do when we meet you, when we write a contract for you, and what we can do after the sale for you.
For as good a job as we currently do, I want to make you walk away from your transaction with the same feeling you get when walking away from a great restaurant. It is my belief that if you walk away with that feeling, you will have received the best service humanly possible. That is my goal and that is what we are going to accomplish.
In the very near future I will be posting some of the changes we are going to implement to insure you have the best real estate experience you have ever received. When you sit in your new home you are going to feel that joy that comes with a great transaction. You will feel complete! Ok, I stole that from Jerry Mcquire!
I'm also open to suggestions from you. If there is anything that you feel a Real Estate Company should do for you that we are not currently doing, please email me at mitch@mitchrealty.com. I am here to listen. I am here to give you the best there is in the country.
As always we are all here to help. If there is anything you need at all, don't hesitate to call or email us. We respond to everyone as quickly as possible.
Have a great night!
Mitch
Monday, August 13, 2007
What's the story with Foreclosures
Happy Monday Everyone!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Well as you all have heard the news...the banks are hurting and foreclosures are on the rise. We get tons of emails and phone calls from so many people wanting us to find them foreclosures. I figured it's a good time to set the record straight for those of you who don't understand how these homes are priced.
Flashback 5 or 6 years ago and foreclosures were a great deal. I sold many of them back then that were 50 cents or less on the dollar. Unfortunately this isn't the case anymore. Foreclosures are no longer the bargain they used to be.
For instance, if a home goes into foreclosure, the bank will hire a Realtor to evaluate the property. Our job as Realtors is to let them know the retail value of the property and the appoximate cost of repairs. At that point the lender sets the price. These days, unlike the past, the banks are taking the retail value and subtracting the approximate repair costs and that is the price. Keep in mind that most foreclosures have a loan amount higher than the value of the home and they were usually bought with zero money down. There just isn't any room for the banks to play.
So what does this all mean to you, the consumer looking to get a good deal on a foreclosure, there aren't many good foreclosures out there. Most companies that do this as a business have pulled back. They understand the current market. However, most average consumers or beginning investors don't.
Your best bet is to talk to your Realtor, hopefully here at Tropical Realty, and search for homes that have been on the market longer than 6 months. Then your Realtor can research what they paid for the home and if they have refinanced the home. I believe that is where you can get your best deal. If someone owes $100k on the home and it's listed at $200k and they need to sell, you have a lot more room to work than if someone owes $180k on the house.
I hope that helps a few of you understand the current foreclosure market. I know all those TV shows selling you kits are telling you that foreclosures are the way to go. However, keep in mind that this is one of the best buying opportunities we have seen in several years. If you are thinking about buying, this is the time!
As always if you have any questions or need any help with anything, don't hesitate to call or email me at mitch@mitchrealty.com.
Have a great day!
Monday, August 6, 2007
Back from Vacation and Ready to Roll!
Hi Everyone!
I'm sorry I haven't been writing much lately. I have been extremely busy growing the company as well as finding a little time to take a vacation. I had the pleasure of playing golf at Pebble Beach and a few of the other great courses in the area. The golf was incredible and you are a golfer I highly recommend spoiling yourself at least once in your life. I don't know that I would drop that much money again, but it was dream golf!
The Real Estate Market in that area (Carmel) was amazing. If you live in CA you know what I am talking about. Most of the homes on Pebble Beach were in the $30 million range. Yes you heard me right! The next time someone says that Brevard County Florida has gotten too expensive I'm going to send them the Real Estate Magazine I brought back.
So what should you do about buying a home in Florida? Right now is a great time as it has been for the past year. Interest rates are starting to go up with the problems that the lenders have had lately. If you are planning to buy, this might be a good time to get serious. I have heard that rates could go above 8% shortly.
As many of you know, I am getting ready to expand the company. We are in the process of getting our legal work done to franchise throughout the state of Florida. Our name will remain Tropical Realty of Suntree, but we will now be part of the eHomes Realty family. It was a tough decision to do this but in the end I think it will be a great benefit for both our company as well as our customers. We have many customers looking to relocate in other areas of Florida and we have not been able to help them as best as I wish we could. By opening the franchises, we will have access to help our customers anywhere in the state.
That's about it for now. I'll write more about the growth shortly once we are ready to get going. As always if there is anything we can do for you don't hesitate to call or email.
Have a great day!
I'm sorry I haven't been writing much lately. I have been extremely busy growing the company as well as finding a little time to take a vacation. I had the pleasure of playing golf at Pebble Beach and a few of the other great courses in the area. The golf was incredible and you are a golfer I highly recommend spoiling yourself at least once in your life. I don't know that I would drop that much money again, but it was dream golf!
The Real Estate Market in that area (Carmel) was amazing. If you live in CA you know what I am talking about. Most of the homes on Pebble Beach were in the $30 million range. Yes you heard me right! The next time someone says that Brevard County Florida has gotten too expensive I'm going to send them the Real Estate Magazine I brought back.
So what should you do about buying a home in Florida? Right now is a great time as it has been for the past year. Interest rates are starting to go up with the problems that the lenders have had lately. If you are planning to buy, this might be a good time to get serious. I have heard that rates could go above 8% shortly.
As many of you know, I am getting ready to expand the company. We are in the process of getting our legal work done to franchise throughout the state of Florida. Our name will remain Tropical Realty of Suntree, but we will now be part of the eHomes Realty family. It was a tough decision to do this but in the end I think it will be a great benefit for both our company as well as our customers. We have many customers looking to relocate in other areas of Florida and we have not been able to help them as best as I wish we could. By opening the franchises, we will have access to help our customers anywhere in the state.
That's about it for now. I'll write more about the growth shortly once we are ready to get going. As always if there is anything we can do for you don't hesitate to call or email.
Have a great day!
Monday, July 2, 2007
2nd Quarter Stats!
Hi Everyone!
Well it's that time of the year again where I let you know the current stats going on in our Real Estate market in Brevard County. The market seems to be holding steady. It's not getting any worse and it's not getting much better. At the moment the interest rates are right around 6.875% which are a little down from over 7% last week.
Stats for the 2nd quarter of 2007 (April 1 - June 30) are as follows:
Single Family Homes
Currently on the Market - 7,727
Units Sold - 1,402
Condos and Townhomes
Currently on the Market - 3,183
Units Sold - 368
Lots and Land
Currently on the Market - 4,333
Lots Sold - 168
Average Single Family time on Market - 101 Days
Average Sales Price to Listing Price - 93%
The best deals to be had our in the condo market. As you can see by the stats they just are not selling. Two years ago it was unheard of to find an Oceanfront unit anywhere in the county for under $300k. Now there are close to 50 units in that price range. Of course some of them are small. My favorite is one of our listings at Ocean Club in Melbourne Beach. This is almost 1,300 sq. ft. with two master suites, both with great Ocean views. This condo is currently listed for $299,900. My guess is this will sell fairly quickly because of the bargain price. We also have another condo that just dropped its price to $199,900. This is a riverfront condo on the 7th floor and over 1,500 sq. ft. This 2 bedroom 2 bath condo is located in the center of Merritt Island across the street from the mall. Great location and great price. This unit 2 years ago would have sold for as high as $300k. Such a deal! If you would like more details about either of these properties don't hesitate to call or email us. Our phone number is (321) 259-9115.
With that said, single family homes are down in price over 20% from 2004 with lots of great deals out there. This is the best buyers market we have had in a long time. With over 10,000 single family dwellings on the market, there are a lot of motivated sellers out there. This is great news if you are a buyer.
I have heard from some buyers who are wanting to wait until the market is at the bottom. As you may or may not know, there is no way to tell that we are at the bottom. I can tell you this, housing prices appear to be holding pretty steady right now. Those who told me they wanted to wait are now faced with houses that were the same price a few months ago and the interest rates are up over 1%. So in the long run, they have already missed the lowest price based on both sales price and interest.
One last thing. If you haven't seen it yet, we are holding our first annual customer appreciation night at Space Coast Stadium in Viera this Saturday Night. We will be enjoying a baseball game with the Manatees and fireworks after the game. If you haven't reserved your ticket and would like to go, please contact us immediately so we can get you on the list. The game starts at 6pm.
As always, if there is anything I can do for you, don't hesitate to ask. We are always here for you.
Have a great week and a Happy 4th of July!
Mitch
Well it's that time of the year again where I let you know the current stats going on in our Real Estate market in Brevard County. The market seems to be holding steady. It's not getting any worse and it's not getting much better. At the moment the interest rates are right around 6.875% which are a little down from over 7% last week.
Stats for the 2nd quarter of 2007 (April 1 - June 30) are as follows:
Single Family Homes
Currently on the Market - 7,727
Units Sold - 1,402
Condos and Townhomes
Currently on the Market - 3,183
Units Sold - 368
Lots and Land
Currently on the Market - 4,333
Lots Sold - 168
Average Single Family time on Market - 101 Days
Average Sales Price to Listing Price - 93%
The best deals to be had our in the condo market. As you can see by the stats they just are not selling. Two years ago it was unheard of to find an Oceanfront unit anywhere in the county for under $300k. Now there are close to 50 units in that price range. Of course some of them are small. My favorite is one of our listings at Ocean Club in Melbourne Beach. This is almost 1,300 sq. ft. with two master suites, both with great Ocean views. This condo is currently listed for $299,900. My guess is this will sell fairly quickly because of the bargain price. We also have another condo that just dropped its price to $199,900. This is a riverfront condo on the 7th floor and over 1,500 sq. ft. This 2 bedroom 2 bath condo is located in the center of Merritt Island across the street from the mall. Great location and great price. This unit 2 years ago would have sold for as high as $300k. Such a deal! If you would like more details about either of these properties don't hesitate to call or email us. Our phone number is (321) 259-9115.
With that said, single family homes are down in price over 20% from 2004 with lots of great deals out there. This is the best buyers market we have had in a long time. With over 10,000 single family dwellings on the market, there are a lot of motivated sellers out there. This is great news if you are a buyer.
I have heard from some buyers who are wanting to wait until the market is at the bottom. As you may or may not know, there is no way to tell that we are at the bottom. I can tell you this, housing prices appear to be holding pretty steady right now. Those who told me they wanted to wait are now faced with houses that were the same price a few months ago and the interest rates are up over 1%. So in the long run, they have already missed the lowest price based on both sales price and interest.
One last thing. If you haven't seen it yet, we are holding our first annual customer appreciation night at Space Coast Stadium in Viera this Saturday Night. We will be enjoying a baseball game with the Manatees and fireworks after the game. If you haven't reserved your ticket and would like to go, please contact us immediately so we can get you on the list. The game starts at 6pm.
As always, if there is anything I can do for you, don't hesitate to ask. We are always here for you.
Have a great week and a Happy 4th of July!
Mitch
Monday, June 18, 2007
Summer Time is Almost Here! Is this a good time to buy?
Well here we are getting ready to take the turn into The Summer of 2007. This will be an interesting summer to say the least. We keep hearing of all this doom and gloom, but we really aren't seeing it that way. Yes, foreclosures are up and will continue to rise. This is very unfortunate as many of these people were sold a bill of goods from mortgage companies by doing the easy to qualify for adjustable rate mortgages...with 100% financing. Those 4% intro rates are now coming in at 7%, 8%, and 9% or more. The problem of course is that the home values have dropped 20% or more and therefore we can't refinance these homes and the owners are stuck. Many of the homes going into foreclosure were from investors who came in and took advantage of some of the financing options. Those homes remain vacant and the owners are having trouble carrying several mortgages.
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
So what is the good news? The good news is that it is now very affordable to buy a home in Brevard County. With prices at a 3 year low, you can now find many homes in the $150k or less price range. Our average sale has dropped from $250k to $200k. That is quite a drop. People who couldn't afford to buy a home in 2003-2005 can now afford their new home. In fact, there are many homes that are brand new, vacant and listed for less than $200k. These same homes were selling for $275k back in 2004.
With that said, interest rates have started to creep up with most rates right around 6.75% - 7.5%. I believe that they will continue to go up and down as they have the past few years. Last month the rates were as low as 6%. Of course your credit score and the amount you borrow will make the difference on your interest rate.
One last thing. The condo market. Yes, this is by far the best time we have had in almost 4 years to buy a condo. There are currently approximately 3200 condos and townhomes on the market with less than 118 selling the past 30 days. If you have ever wanted to buy an oceanfront condo, this is the time! For instance, we have a 2 bedroom 2 bath Direct Oceanfront condo in Melbourne Beach listed at $319,900. You couldn't have touched this for under $475k two years ago. There are 120 Oceanfront units for under $275k. Unbelievable!!!!
It's time to get to work and help everyone with all their stuff! Don't forget that we are always here to help you accomplish your Real Estate goals. Whether you are an investor, first time home buyer, looking for your 2nd home or relocating here from there, we have plenty of homes for you to see.
Don't hesitate to call or email us anytime.
Have a fun day!
Mitch
Wednesday, May 30, 2007
Holding Steady and How to Really Sell Your Home!
Hi Everyone!
Well here we are at the end of another month in this fun year of 2007! The market is holding steady as prices have stabalized and sales are consistent. Finally sellers are realizing that if they want to sell their homes, they will need to lower their prices. We have spent most of the past year and a half turning down listings. Certain death of an Agent is taking on listings that will not sell because they are over priced. One reason they are so over priced is the competitive market amongst Realtors. Most sellers will have 2 or 3 Agents come to their home to tell them their thoughts. Of course Realtors know that if they tell the homeowner the homes is worth more than it is, they will most likely get the listing. At that point, a month into the listing, they are telling the seller that their price is to high and they need to come down. It sounds to me like a bait and switch tactic which I don't approve of and will not allow my Agents to do in this office. Honesty will always prevail! Hopefully!
So let's talk about listings for a few minutes. I was on the plane this week after going to South Carlolina for a meeting. What a beautiful area of the country that I have only driven through in the past. The hardest part was understanding their language! Anyway, I was on the plane and met a woman from Virginia who is trying to sell her condo. That area, as with most of the country, has been hit hard with the slow down in the market. The first thing she wanted to do was to tell how her Agent just wasn't doing a good job. The property was shown the first few days and hasn't been shown since...I think it's been three months since it was shown last. After explaining to her that the condo not selling most likely has less to do with her Agent and more to do with the Condo market, she started to listen to what I was saying. (FYI - The condo market in Florida is down 32%) So let's touch on what I believe will help sell your listings:
1. Price is still and will always be a motivating factor. If you are priced higher than other similar properties, there is a good chance your home will be on the market for a very long time. With the amount of inventory out there, you are now competing with your neighbor who is trying to sell their home. Whatever homes sold for in the past is not relevent anymore. Price your home lower than everyone elses and you will get more showings and most likely the home will sell quicker.
2. Offer more to the Buyers Agent. I have never quite understood why Listing Agents get paid the same as the Agent who has brought the buyer to the seller. In every other business I have been involved with, the person who brought the buyer got paid. I can see a lot of Realtors not wanting me to say this, but I'm going to. If you have a 6% listing, tell your listing Agent to take 2.5% and have your Agent payout the Buyers Agent 3.5%. Keep in mind that all Agents are commission only. Put yourself in their shoes, especially in this market. If they are not selling many homes and they are working with a buyer. They are more apt to show homes that pay more commission. It's just human nature. A Realtors job is to narrow the search for the customer. If there are 20 homes that are similar and you are offering 3.5% or more to the Buyers Agent, which home do you think will be shown more. The second portion of this is to offer a bonus to the Buyers Agent. Instead of lowering your price $5k, offer the Buyers Agent $5k bonus with an acceptable offer. If you are lowering the price more than $5k then offer the $5k while lowering the price the difference. Remember, reward the Buyers Agent and you are more likely to get showings! I'm probably not making to many Realtor friends at this point!
3. Expectations - One thing for sure is to keep your expectations realistic. Most homes are sitting on the market for several months right now. Don't be in such a rush to shoot your Realtor. Also, don't ignore their advice only to wait until the listing expires, then with a new Agent do exactly what your original Agent was suggesting. That is very frustrating from an Agent's perspective. When talking with your Agent, ask them when they "Really" believe this is going to sell and how long you can expect the home to be on the market. If they tell you it's going to sell real quickly, tell them to get lost!
4. Condition of the Home - Your home must show like a model. Your home must be kept in excellent shape and have great curb appeal. It's worth spending a few bucks to spruce up the house. While I am on that subject, put yourself in the buyers seat. When you are looking at houses what turns you off the most. Usually the home that is not well kept or when you drive up the homes looks like a mess. If your home looks like that home, the buyers will be thinking the same thing!
5. Marketing Your Home - Again, I'm not going to make to many Agents happy right now but the truth is the truth. Most Agents will take your listing and put it in the MLS. They will then tell you that they will also put it in Realtor.com, Yahoo, Google, and possibly a few other Real Estate sites. The reality is that once a Realtor puts the listing in the MLS it automatically goes into all those Real Estate sites. Those sites have feeds sent to them on a regular basis of all the new listings. Internet Marketing has changed the way to market homes. The most important feature is to be in the MLS. You then have, as in our case, thousands of Realtors wanting to sell your home. Again, once it is in the MLS, it will be on the other sites. At Tropical Realty and MitchRealty.com, we have chosen not to do any print advertising. We have chosen to do only online marketing since 80% of the people looking for a home start on the Internet. Currently we are receiving 55,000 visits per month from potential buyers. Our average listing gets seen 250-300 times per month. This much more than your listing will be seen in the Real Estate Magazines. Ask your Realtor how much money they spend on Internet Marketing and how many people a month come to their site. If they are not generating thousands of people, then you are not getting great marketing. The magazines are becoming antiquated! Don't be fooled by any of those buy back schemes or some fancy marketing they are saying they are doing. Basically you want to know how many people a month will look at your home. It's that simple.
Well that's it for now. If you have any questions or need any advice, don't hesitate to call or email me. We are always here to help!
Have a fun day!
Mitch
Well here we are at the end of another month in this fun year of 2007! The market is holding steady as prices have stabalized and sales are consistent. Finally sellers are realizing that if they want to sell their homes, they will need to lower their prices. We have spent most of the past year and a half turning down listings. Certain death of an Agent is taking on listings that will not sell because they are over priced. One reason they are so over priced is the competitive market amongst Realtors. Most sellers will have 2 or 3 Agents come to their home to tell them their thoughts. Of course Realtors know that if they tell the homeowner the homes is worth more than it is, they will most likely get the listing. At that point, a month into the listing, they are telling the seller that their price is to high and they need to come down. It sounds to me like a bait and switch tactic which I don't approve of and will not allow my Agents to do in this office. Honesty will always prevail! Hopefully!
So let's talk about listings for a few minutes. I was on the plane this week after going to South Carlolina for a meeting. What a beautiful area of the country that I have only driven through in the past. The hardest part was understanding their language! Anyway, I was on the plane and met a woman from Virginia who is trying to sell her condo. That area, as with most of the country, has been hit hard with the slow down in the market. The first thing she wanted to do was to tell how her Agent just wasn't doing a good job. The property was shown the first few days and hasn't been shown since...I think it's been three months since it was shown last. After explaining to her that the condo not selling most likely has less to do with her Agent and more to do with the Condo market, she started to listen to what I was saying. (FYI - The condo market in Florida is down 32%) So let's touch on what I believe will help sell your listings:
1. Price is still and will always be a motivating factor. If you are priced higher than other similar properties, there is a good chance your home will be on the market for a very long time. With the amount of inventory out there, you are now competing with your neighbor who is trying to sell their home. Whatever homes sold for in the past is not relevent anymore. Price your home lower than everyone elses and you will get more showings and most likely the home will sell quicker.
2. Offer more to the Buyers Agent. I have never quite understood why Listing Agents get paid the same as the Agent who has brought the buyer to the seller. In every other business I have been involved with, the person who brought the buyer got paid. I can see a lot of Realtors not wanting me to say this, but I'm going to. If you have a 6% listing, tell your listing Agent to take 2.5% and have your Agent payout the Buyers Agent 3.5%. Keep in mind that all Agents are commission only. Put yourself in their shoes, especially in this market. If they are not selling many homes and they are working with a buyer. They are more apt to show homes that pay more commission. It's just human nature. A Realtors job is to narrow the search for the customer. If there are 20 homes that are similar and you are offering 3.5% or more to the Buyers Agent, which home do you think will be shown more. The second portion of this is to offer a bonus to the Buyers Agent. Instead of lowering your price $5k, offer the Buyers Agent $5k bonus with an acceptable offer. If you are lowering the price more than $5k then offer the $5k while lowering the price the difference. Remember, reward the Buyers Agent and you are more likely to get showings! I'm probably not making to many Realtor friends at this point!
3. Expectations - One thing for sure is to keep your expectations realistic. Most homes are sitting on the market for several months right now. Don't be in such a rush to shoot your Realtor. Also, don't ignore their advice only to wait until the listing expires, then with a new Agent do exactly what your original Agent was suggesting. That is very frustrating from an Agent's perspective. When talking with your Agent, ask them when they "Really" believe this is going to sell and how long you can expect the home to be on the market. If they tell you it's going to sell real quickly, tell them to get lost!
4. Condition of the Home - Your home must show like a model. Your home must be kept in excellent shape and have great curb appeal. It's worth spending a few bucks to spruce up the house. While I am on that subject, put yourself in the buyers seat. When you are looking at houses what turns you off the most. Usually the home that is not well kept or when you drive up the homes looks like a mess. If your home looks like that home, the buyers will be thinking the same thing!
5. Marketing Your Home - Again, I'm not going to make to many Agents happy right now but the truth is the truth. Most Agents will take your listing and put it in the MLS. They will then tell you that they will also put it in Realtor.com, Yahoo, Google, and possibly a few other Real Estate sites. The reality is that once a Realtor puts the listing in the MLS it automatically goes into all those Real Estate sites. Those sites have feeds sent to them on a regular basis of all the new listings. Internet Marketing has changed the way to market homes. The most important feature is to be in the MLS. You then have, as in our case, thousands of Realtors wanting to sell your home. Again, once it is in the MLS, it will be on the other sites. At Tropical Realty and MitchRealty.com, we have chosen not to do any print advertising. We have chosen to do only online marketing since 80% of the people looking for a home start on the Internet. Currently we are receiving 55,000 visits per month from potential buyers. Our average listing gets seen 250-300 times per month. This much more than your listing will be seen in the Real Estate Magazines. Ask your Realtor how much money they spend on Internet Marketing and how many people a month come to their site. If they are not generating thousands of people, then you are not getting great marketing. The magazines are becoming antiquated! Don't be fooled by any of those buy back schemes or some fancy marketing they are saying they are doing. Basically you want to know how many people a month will look at your home. It's that simple.
Well that's it for now. If you have any questions or need any advice, don't hesitate to call or email me. We are always here to help!
Have a fun day!
Mitch
Monday, May 14, 2007
Tropical Realty MS Golf Tournament
Hi Everyone!
I trust everyone had a great weekend. This past weekend on the 12th of May we held our 3rd Annual Golf Tournament for MS. This year, as always, the tournament was put together with the help of our staff with special thanks and effort going out to Co-Chairs Debbie Sanders and Melissa Goldman, Kelly Richard (especially for the great cookies) and Pat Bertrand. It was a great time with over 80 Players. The weather was typical beautiful Florida weather and the food after was great.
If you have ever put on a tournament then you know how much work it is. We start working on it the beginning of the year by working on getting sponsors and players. It doesn't stop until we have everything very organized, lots of sponsors, great prizes and a bunch of happy golfers. One thing that we do well is our prizes. All of our players go home with a prize and a gift from Tropical Realty. This year we gave away nice divot repair tools and ball markers. They were well received by all!
I think the hardest part of putting this on is that most golfers wait until the last minute to sign up. We did better this year in that department by offering a discount for golfers registering before April 15th. At that point I think we had received 3/4 of the players. We will certainly do that again next year. Usually we are two weeks away with 2 foursomes and we a stressing out. Well actually Debbie does most of the stressing for all of us!
I don't have the amount of money we raised this year as it is still be accounted. I believe we raised around $7,000 or so. Not bad but below our goal of $10,000. This year was a little tougher for many of our sponsors as the Real Estate slowdown has affected businesses that are affiliated with Real Estate. With that said, we had 18 Hole Sponsors, A Food, Putting, Long Drive, and Cart Sponsors. Without our sponsors we couldn't do this so I do thank all of them.
That's about it for today. Hopefully next year you can join us as we hit the links!
Have a fun night!
Mitch
I trust everyone had a great weekend. This past weekend on the 12th of May we held our 3rd Annual Golf Tournament for MS. This year, as always, the tournament was put together with the help of our staff with special thanks and effort going out to Co-Chairs Debbie Sanders and Melissa Goldman, Kelly Richard (especially for the great cookies) and Pat Bertrand. It was a great time with over 80 Players. The weather was typical beautiful Florida weather and the food after was great.
If you have ever put on a tournament then you know how much work it is. We start working on it the beginning of the year by working on getting sponsors and players. It doesn't stop until we have everything very organized, lots of sponsors, great prizes and a bunch of happy golfers. One thing that we do well is our prizes. All of our players go home with a prize and a gift from Tropical Realty. This year we gave away nice divot repair tools and ball markers. They were well received by all!
I think the hardest part of putting this on is that most golfers wait until the last minute to sign up. We did better this year in that department by offering a discount for golfers registering before April 15th. At that point I think we had received 3/4 of the players. We will certainly do that again next year. Usually we are two weeks away with 2 foursomes and we a stressing out. Well actually Debbie does most of the stressing for all of us!
I don't have the amount of money we raised this year as it is still be accounted. I believe we raised around $7,000 or so. Not bad but below our goal of $10,000. This year was a little tougher for many of our sponsors as the Real Estate slowdown has affected businesses that are affiliated with Real Estate. With that said, we had 18 Hole Sponsors, A Food, Putting, Long Drive, and Cart Sponsors. Without our sponsors we couldn't do this so I do thank all of them.
That's about it for today. Hopefully next year you can join us as we hit the links!
Have a fun night!
Mitch
Thursday, May 3, 2007
To Grow or Not to Grow!
Hi Everyone!
What a year this has been so far! We have been working like crazy lately and have just finished hiring our last Agent we will hire in this office. We are now officially full! Now we have 20 Agents to help you accomplish your goals of finding your own little bit of paradise. Does that sound like a commercial or what!?
So why are we so busy and most Real Estate Companies are struggling? I think the biggest reason is that we have a very loyal base of customers. Our past customers have always been our greatest allies and they continue to send us new customers all the time. That says alot for my team of Agents and Support staff here. We also generate a bunch of new buyers each month through the Internet and we continue to educate and train our Agents to be better and better. The beauty of our systems, is that we don't lose Agents. We have not lost an Agent to another Agency since we opened our doors in 2005. The winner in this of course is our customers. All of our Agents main goal is to help our customers. They come first in all of our minds and it's great!. I believe that is our biggest asset and appeal.
Just today I had a first time homebuyer in our office. He had called me last week about one of my listings and told me that he was calling all the listing Agents to find out more about the homes. He didn't realize that we all have access to the same homes. We all share the same MLS. The difference of course is that nobody would really give him their full attention when they found out he is hopping from one Realtor to the next. Anyway, to make a very long story short, I explained to him the benefit of sticking with one Realtor. We hung up the phone and within a few minutes he called back and thanked me for being so honest and that Ned, one of our Agents ,was assigned to him and he would meet him. We found him a home within a day or so and he also is using Tropical Mortgage Group. When he was in our office today he came to my office and thanked me for explaining how it all worked and that everyone from Ned to Pedro to Kelly have been so helpful and friendly. I love hearing this of course. It's music to my ears.
Now I have some decisions to make since we have maxed out our current office space. I can either open more offices around the county and beyond or franchise our systems throughout Florida. Franchising seems to be the way to go since I would have control over who owned each office. It would also make managing 50 offices much easier. If I open new offices, I have to do all the hiring, the traiing and all else involved in opening an office. Of course Franchising has its problems too. First and foremost is the cost. Have you ever checked into it? It's very expensive and would take a very large investment of both time and money. Do I have that in me at 46 years old?! Good question. I'm going to be doing the research over the next month or so and make some decisions soon. I'll keep you updated.
In the meantime, as always, thank you for using Tropical Realty and MitchRealty.com and if there is anything we can do to help...you know where we are!
Have a fun night!
Mitch
What a year this has been so far! We have been working like crazy lately and have just finished hiring our last Agent we will hire in this office. We are now officially full! Now we have 20 Agents to help you accomplish your goals of finding your own little bit of paradise. Does that sound like a commercial or what!?
So why are we so busy and most Real Estate Companies are struggling? I think the biggest reason is that we have a very loyal base of customers. Our past customers have always been our greatest allies and they continue to send us new customers all the time. That says alot for my team of Agents and Support staff here. We also generate a bunch of new buyers each month through the Internet and we continue to educate and train our Agents to be better and better. The beauty of our systems, is that we don't lose Agents. We have not lost an Agent to another Agency since we opened our doors in 2005. The winner in this of course is our customers. All of our Agents main goal is to help our customers. They come first in all of our minds and it's great!. I believe that is our biggest asset and appeal.
Just today I had a first time homebuyer in our office. He had called me last week about one of my listings and told me that he was calling all the listing Agents to find out more about the homes. He didn't realize that we all have access to the same homes. We all share the same MLS. The difference of course is that nobody would really give him their full attention when they found out he is hopping from one Realtor to the next. Anyway, to make a very long story short, I explained to him the benefit of sticking with one Realtor. We hung up the phone and within a few minutes he called back and thanked me for being so honest and that Ned, one of our Agents ,was assigned to him and he would meet him. We found him a home within a day or so and he also is using Tropical Mortgage Group. When he was in our office today he came to my office and thanked me for explaining how it all worked and that everyone from Ned to Pedro to Kelly have been so helpful and friendly. I love hearing this of course. It's music to my ears.
Now I have some decisions to make since we have maxed out our current office space. I can either open more offices around the county and beyond or franchise our systems throughout Florida. Franchising seems to be the way to go since I would have control over who owned each office. It would also make managing 50 offices much easier. If I open new offices, I have to do all the hiring, the traiing and all else involved in opening an office. Of course Franchising has its problems too. First and foremost is the cost. Have you ever checked into it? It's very expensive and would take a very large investment of both time and money. Do I have that in me at 46 years old?! Good question. I'm going to be doing the research over the next month or so and make some decisions soon. I'll keep you updated.
In the meantime, as always, thank you for using Tropical Realty and MitchRealty.com and if there is anything we can do to help...you know where we are!
Have a fun night!
Mitch
Wednesday, May 2, 2007
First Quarter of Brevard County Real Estate
Sunday April 15, 2007
First Quarter in Brevard County
Hi Everyone! So the first quarter has past for Brevard County Real Estate. Some people are saying the market is starting to pick up, others say it's still at a stand still. I'm a believer in letting the numbers do the talking so let's look at them!
As of today, April 15th:
Single Family Homes on the Market: 7471
Condos and Townhomes on the Market: 3435
Land on the Market: 4398
Sold Numbers are from Jan. 1, 2007 - April 15, 2007
Single Family: 1414
Condos and Townhomes: 374
Land Sales: 168
I think you might be getting the picture right now. Compared to 2004 when prices were 20%-30% higher we had around 1200 single family listings including condos and they all sold within 30 days. We also only had 1,000 land listings and they all sold within 30 days. It was a great time if you were selling your property but a terrible time if you were trying to buy. We had priced first time homebuyers out of the market and many of our buyers that would have liked to move up couldn't because they couldn't afford the next house. Crazy Times!
So here we are now on April 15th, 2007 and things have certainly changed. Sellers are starting to realize they need to lower their prices dramtically if they want to sell and even then they should plan on 3-6 months listing times. In 2004 you would have been blessed to find a home under $200k. Today you can buy a brand new home for under $200k. So we have completely changed from a sellers market to a buyers market. This is cetainly the time to buy a home. With interest rates staying around 6.5% or less, and home prices 20%+ lower than two years ago, this may be the best time to buy a home!
Of course one piece of great news for us, Tropical Realty and MitchRealty.com is that our sales have been excellent. We are currently ranked number 2 in the county out of 392 Real Estate companies in working with buyers. Keep in mind we are ahead of companies that have hundreds of Agents where between our two offices we have a total of 30. Obviously we are exceptional at helping our customers which is why our business is extremely strong right now. I definately want to thank all of our buyers who have chosen us to help them purchase their homes. Honestly and Integrity surely pays off!
Well that's about it for now. As always, if there is anything we can do to help don't hesitate to email or call us. We will do anything in our power to make sure you make the right decisions on your next purchase!!
Have a fun Sunday and take care!
Mitch
First Quarter in Brevard County
Hi Everyone! So the first quarter has past for Brevard County Real Estate. Some people are saying the market is starting to pick up, others say it's still at a stand still. I'm a believer in letting the numbers do the talking so let's look at them!
As of today, April 15th:
Single Family Homes on the Market: 7471
Condos and Townhomes on the Market: 3435
Land on the Market: 4398
Sold Numbers are from Jan. 1, 2007 - April 15, 2007
Single Family: 1414
Condos and Townhomes: 374
Land Sales: 168
I think you might be getting the picture right now. Compared to 2004 when prices were 20%-30% higher we had around 1200 single family listings including condos and they all sold within 30 days. We also only had 1,000 land listings and they all sold within 30 days. It was a great time if you were selling your property but a terrible time if you were trying to buy. We had priced first time homebuyers out of the market and many of our buyers that would have liked to move up couldn't because they couldn't afford the next house. Crazy Times!
So here we are now on April 15th, 2007 and things have certainly changed. Sellers are starting to realize they need to lower their prices dramtically if they want to sell and even then they should plan on 3-6 months listing times. In 2004 you would have been blessed to find a home under $200k. Today you can buy a brand new home for under $200k. So we have completely changed from a sellers market to a buyers market. This is cetainly the time to buy a home. With interest rates staying around 6.5% or less, and home prices 20%+ lower than two years ago, this may be the best time to buy a home!
Of course one piece of great news for us, Tropical Realty and MitchRealty.com is that our sales have been excellent. We are currently ranked number 2 in the county out of 392 Real Estate companies in working with buyers. Keep in mind we are ahead of companies that have hundreds of Agents where between our two offices we have a total of 30. Obviously we are exceptional at helping our customers which is why our business is extremely strong right now. I definately want to thank all of our buyers who have chosen us to help them purchase their homes. Honestly and Integrity surely pays off!
Well that's about it for now. As always, if there is anything we can do to help don't hesitate to email or call us. We will do anything in our power to make sure you make the right decisions on your next purchase!!
Have a fun Sunday and take care!
Mitch
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