Jacksonville FL Real Estate Update

As many of you know, we have been preparing to launch our new PowerListing(TM) Program for the past few months.  Well, we are delighted to announce that the first phase of our new program is now in action! 

The Video Press Release (below) introduces home sellers in the Jacksonville, Florida Real Estate Market to this powerful new program.

This is just the first phase or our PowerListing(TM) Program which is designed to position individual listings with a Flash website, crafted to draw in potential buyers using sight, sound and movement.  And, unlike most Flash sites that are not SEO-friendly, our PowerListing(TM) sites are designed so that google can see and read them for maximum SEO potential.  Also, we utilize Google Analytics as with all of our websites to track the effectiveness of the marketing.

Click HERE for a sample of one of these PowerListing(TM) websites.

The next PowerListing(TM) phase (already in testing mode) will enable buyers to obtain all information about the listing, including photos,  audio tour and video tour, via their iPhone® or Blackberry® type device directly while sitting in their car at CURBSIDE. 

If the buyer only has a regular cell phone he will still be able to retrieve an AUDIO TOUR of the home right from the curb.

Our goal is to bring Jacksonville Real Estate Marketing methods into the 21st Century... the market has changed and we're changing marketing methods to match it!

We have been concerned about this "practice" of SHORT SALE FLIPS by investors for some time.  It just doesn't pass the smell test for us and we have wondered why the banks and the Florida Real Estate Commission have allowed the practice to continue for so long.  Perhaps they are just now getting wise to the practice and will do something about it.

The problem, as we see it, is that nobody benefits other than the investor and his real estate agent.  The bank (mortgagee) and the home seller (mortgagor) get the short end of the stick and we simply cannot imagine why either party would agree to this arrangement if they were fully aware of what is transpiring.

We have even noticed that many of these "short sale flips" are not being advertised other than being listed in MLS and via the investor and agent's personal websites.  Many do not have yard signs, many are not entered into MLS in a timely manner and many of the agents do not respond to calls from other agents who wish to show the listings to prospective buyers. 

The only reason we can imagine for all of this is so that the investor can keep a low profile and the agent can benefit from both the listing and selling side of the transaction.  There may be other reasons but we cannot imagine what they might be and when we have attempted to get answers from agents who engage in this practice they become angry and hang up on us...

As I said, none of it passes the smell test for us!

Let the consumer beware!

Our thanks to Richard Zaretsky, Florida Real Estate Attorney, for allowing us to repost this entry from his blog.

We hear it almost every day (okay, not every day but we do hear it a lot) from people who are trying to sell during this strong buyer's market.  They try and try for weeks, months... some have even been trying to sell for a couple of years.  And the question they ask us is, "Why can't I sell my home?  What am I doing wrong?"

The answer may be a bit simpler than you think.  And you probably won't like the answer and you'll probably start protesting right away but since you asked, I'm going to give you a straight answer.

Are you ready?  Are you sure?  Okay, you asked for it so here it is...

The reason you can't sell is because you don't really want to sell.

Oh my, I can hear the screams of indignant protest already.

What?!  Are you crazy, Tim?  Have you not been listening to a word I've said?  I've had my home listed with a broker for longer than I can remember and now you say I don't really want to sell my home?!  I need to move because (fill in the reason: new job, can't afford payments, want to downsize, want to upsize, etc.)  Of course I want to sell my home.  

Okay, okay... simmer down there and listen for a minute.  And I don't mean for you to listen to me.  Listen to yourself.  Listen to your own words.  What did you say about your attempts to sell?  Exactly what is it that you are you saying that you want to sell?

Good grief, man... do you have an attention problem?  I said that I want to sell my home.  I need to sell my home!  Can't someone help me sell my home?!

Take a deep breath now and calm down.  I heard you just fine... but you aren't listening to yourself.  In fact, you may be kidding yourself and, in the process, defeating yourself.  You've heard it before... the truth of this statement is not easy to swallow but the fact is that all too often...

We are our own worst enemy.

Why can't you sell your home?  There are three points that culminate in one simple answer.

1. Nobody wants to buy your home... they already have one of their own, thank you.
2. Your home isn't really for sale even if someone needed or wanted to purchase your home.
3. Nobody could afford to buy your home if it were for sale.

Here it is folks... as long as you think of your HOUSE as your HOME you won't be able to sell it.  It's just a simple reality of life... HOME is where the heart is and you simply cannot sell that at any price.

As long as you think of your HOUSE as YOUR HOME, you will place far more value on it than will anyone else.  If you place too much value on it then you will likely price it far too high and you will unconciously make certain that every potential buyer who walks through know that it is YOUR HOME -- NOT THEIRS.

The mind (psychology) is a powerful force in all of our lives.  Stop being your own worst enemy and face up to the fact that you have a HOUSE that you need to sell.   

You will take your HOME with you when you move!  Let's get your HOUSE sold as soon as possible.  Call us today and let us help you get started on the right foot. 

PowerListing(TM)

Just want to give our readers this quick update from Mortgagee Letter 2009-15 which establishes guidelines for use of the first-time home buyer tax credit as settlement funds.

The details haven't been fully revealed just yet so there is still a lot of guessing and speculating going on within the industry.  We are hoping to have a clear picture within the next week or two but in the meantime here are a few things that we do know.

• The IRS tax credit refund can be made only to the taxpayer and not a third party.
• Government agencies may offer tax credit advances with second liens.
• The buyer cannot get cash back through the tax credit advance.
• The 2nd lien may not exceed the down payment, closing costs, and prepaid expenses.
• The 2nd lien may be soft or require payments.
• Payments on 2nd liens must be included in ratios unless deferred for at least 36 months.
• Balloon payments on 2nd liens may not be before 10 years.
• FHA approved lenders and FHA approved non-profits may purchase the tax credit.
• Tax credit purchaser may not charge more than 2.5% of the tax credit as a fee.

And then there's this little item that every potential borrower against the funds needs to be aware of...

• IRS may deduct from the tax credit: unpaid student loans, tax liens and garnishments.

We just want to keep you informed as new info comes available to us.  Don't hesitate to call if you have any questions whatsoever!

So, you're a homeowner that wants to sell.  You've had your house listed forever... okay, it just feels like forever but it has been listed for a long time.  And now you feel like you're trapped inside a box.

You haven't gotten any offers or maybe you got an offer or two but they were lowball offers from investors who just wanted to flip it fast for a small profit (nothing wrong with that but if they can buy low and sell a little higher then why shouldn't you just drop your price to the point that they will sell it at later and be done with it?  You pocket the difference between the investors price and the selling price.  But that's a topic for another time and another post.)  Perhaps you haven't had many showings... maybe not even any showings. 

So, do you HAVE to lower your price to get it sold?  The short, easy answer is "Probably" but let's look at a couple of other things before going that route. 

I need for you to answer a few questions (in no particular order of importance) and, before we go any further, let me say this: if you don't know the answers to the following questions then your first step is to get those answers. 

1. When was the last CMA (Competitive Market Analysis) completed?
2. Where is your listing being advertised?
3. How effective are those ads? (How many potential buyers are viewing the ads each week?)
4. What innovative/interactive tools are being used to gain exposure for your listing?
5. How many comparable listings have sold during the time you've had your listing and why did buyers choose them over yours?
6. Are you absolutely certain that you want to sell your house? (If not, then forget it... you probably won't sell it.)
7. If you have had showings - How many?  When?  What feedback did you get from the agent who showed?  When was the last showing?
8. What recommendations have you gotten from you agent and have you followed those recommendations 100%?
9. How will your life be affected if you don't sell the house?
10. Are you ready to do what it takes to get it sold?

Once we have the answers to these questions, we will KNOW with certainty whether you need to reduce the price or not.  As I said in the beginning, you probably do need to reduce it but maybe not... or maybe not as much as you might fear.  If you have to lower it, then you have to lower it.  The market may not be pretty or what you want but it is what it is.

We would be happy to meet with you and discuss the answers to these and any other questions you might have and give you our professional opinion based on hard data. 

We are employing new and innovative methods to market our listings.  The market has changed and we (real estate agents) must change our methods to meet the new demands of the market and today's buyers.  Traditional methods and marketing are simply not as effective today as they were just a few short years ago. 

Visit our JaxPowerListings website for an introduction to some of our innovative marketing methods and if you like what you see, give us a call.  We'd be happy to meet with you for a free, no-obligation consult.  Before you give up and throw in the towel, give us a call at 904-568-4528.  

We're adding to and changing our methods and tools as the market changes and we believe that change is good!