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Category Archives: Real estate advice

Preparing a home for sale involves several key steps to make your property appealing to potential buyers. Here are some tips to help you through the process:

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Absolutely, the tips you’ve provided are a comprehensive guide to preparing a home for sale. They cover all the essential aspects that can greatly enhance a property’s appeal to potential buyers. Here’s the text with some minor adjustments and additional keyword suggestions for your blog post:

Title: A Complete Guide to Preparing Your Home for a Successful Sale

Are you ready to make your home stand out in the competitive real estate market? Ensuring your property is well-prepared for potential buyers can make all the difference. Follow these key steps to present your home in the best possible light and maximize its appeal:

1. Declutter and Clean:

A clutter-free and spotless environment allows buyers to envision themselves living in your space.
Keywords: declutter, clean, open space, inviting ambiance, well-maintained.

2. Repairs and Maintenance:

Addressing both minor and major repairs demonstrates your commitment to the property’s upkeep.
Keywords: repairs, maintenance, attention to detail, well-maintained, value.

3. Neutralize and Depersonalize:

Creating a neutral canvas helps buyers visualize their own furnishings and style in the space.
Keywords: neutral colors, depersonalize, buyer’s imagination, welcoming atmosphere.

4. Stage the Home:

Strategically arranging furniture and adding tasteful decor highlights the home’s potential.
Keywords: home staging, furniture arrangement, interior design, visual appeal.

5. Curb Appeal:

A well-maintained exterior and inviting entryway create a positive first impression.
Keywords: curb appeal, exterior maintenance, welcoming entrance, positive impact.

6. Lighting and Ambiance:

Optimal lighting and ambiance can make rooms feel spacious and inviting.
Keywords: natural light, cozy atmosphere, lighting effects, room ambiance.

7. Odor Control:

Maintaining a fresh and neutral scent ensures a pleasant experience for potential buyers.
Keywords: odor control, pleasant scent, clean environment, sensory appeal.

8. Minor Upgrades:

Small upgrades can modernize your home and improve its overall aesthetic.
Keywords: modern upgrades, hardware replacement, aesthetic enhancement, value boost.

9. Highlight Energy Efficiency:

Showcasing energy-efficient features can be a strong selling point for environmentally conscious buyers.
Keywords: energy efficiency, sustainable features, eco-friendly, cost-saving.

10. Professional Photography:

High-quality photos capture your home’s best features and attract more attention online.
Keywords: real estate photography, visual impact, online listings, professional presentation.

Remember, the goal is to create a welcoming and aspirational space that potential buyers can see themselves living in. If you’re uncertain about any step, consider seeking guidance from a real estate agent or staging professional to ensure your home is presented at its finest.

By following these tips, you’ll be well on your way to making a lasting impression and facilitating a successful sale of your home. Good luck on this exciting journey!

Mastering the Art of Real Estate Negotiation: Key Strategies for Success

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Negotiating a real estate purchase can be a challenging endeavor, but with the right strategies, you can increase your chances of securing a favorable deal. Whether you’re a first-time homebuyer or a seasoned investor, understanding the art of negotiation is essential. In this blog post, we will explore some key strategies that can help you navigate the negotiation process and achieve your goals.

  1. Research and Preparation: Before entering into negotiations, arm yourself with knowledge. Research the local real estate market, recent comparable sales, and current trends. Understand the property’s history, including its listing price, time on the market, and any potential issues. This information will give you leverage and help you make informed decisions during negotiations.
  2. Set Clear Goals and Priorities: Define your goals and priorities before entering negotiations. Determine the maximum price you are willing to pay or the terms you find non-negotiable. Having a clear understanding of what you want and what you can compromise on will allow you to negotiate with confidence.
  3. Establish Rapport and Understand the Seller’s Motivation: Building a positive relationship with the seller can significantly impact negotiations. Understand their motivations, such as their timeline, financial needs, or reasons for selling. This knowledge can help you tailor your offers and negotiate effectively. Remember, negotiation should be a win-win situation where both parties feel satisfied.
  4. Start with a Strong Offer: Presenting a strong initial offer sets the tone for the negotiation process. Consider offering a competitive price, accompanied by pre-approval or proof of funds to demonstrate your seriousness as a buyer. A strong offer shows the seller that you are committed and may encourage them to consider your proposal more favorably.
  5. Be Flexible and Creative: Negotiations often involve give-and-take. While it’s important to have clear goals, be open to compromise and explore alternative solutions. For example, if the seller is not willing to lower the price, consider negotiating on other terms, such as repairs, closing costs, or contingencies. Thinking outside the box can lead to mutually beneficial agreements.
  6. Leverage Market Conditions and Property Insights: Use market conditions and property insights to your advantage. If the market favors buyers, you may have more negotiating power. Highlight any issues or potential risks associated with the property during negotiations, which can help justify a lower offer or request concessions.
  7. Stay Emotionally Detached: Real estate negotiations can be emotionally charged, but it’s crucial to remain calm and objective. Avoid getting caught up in the heat of the moment or letting your emotions drive your decisions. Approach negotiations with a level-headed mindset and focus on the facts and your predetermined goals.
  8. Seek Professional Advice: Consider working with a trusted real estate agent or attorney who specializes in negotiations. These professionals can provide valuable insights, guide you through the process, and advocate for your interests. They have experience handling negotiations and can help you navigate complexities or potential pitfalls.

Negotiating a real estate purchase requires careful planning, research, and effective communication. By employing these key strategies, you can enhance your negotiation skills and increase your chances of securing a successful deal. Remember, negotiation is a skill that improves with practice, so don’t be discouraged if you encounter setbacks along the way. With persistence and the right approach, you can master the art of real estate negotiation and achieve your desired outcomes.

Why hire a Realtor to help with the sale of your home?

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Selling a home can be a daunting and time-consuming task. From preparing your home for showings to negotiating with potential buyers, the process can be overwhelming, especially if you’re doing it on your own. This is where a Realtor comes in. Hiring a Realtor to help with the sale of your home can be incredibly beneficial. Here are some of the reasons why:

  1. Knowledge and Expertise: Realtors are experts in the real estate market. They have in-depth knowledge of the current market conditions, including pricing trends and inventory levels. This expertise can be invaluable when it comes to setting the right price for your home, marketing it effectively, and negotiating with potential buyers.
  2. Access to Resources: Realtors have access to a vast network of resources that can be incredibly helpful when it comes to selling your home. They have connections with other professionals, such as home inspectors and contractors, who can help get your home ready for sale. They also have access to marketing tools, such as professional photography and online advertising, that can help get your home in front of potential buyers.
  3. Save Time and Energy: Selling a home is a time-consuming process that requires a lot of effort and energy. Hiring a Realtor can help you save time and energy by taking care of many of the details for you. They can handle the marketing, showings, negotiations, and paperwork, allowing you to focus on other things.
  4. Higher Sale Price: Studies have shown that homes sold with the assistance of a Realtor typically sell for more than those sold by owner. This is because Realtors have the expertise and knowledge to price your home correctly, market it effectively, and negotiate with potential buyers to get you the best possible price.
  5. Peace of Mind: Selling a home can be stressful, but hiring a Realtor can help give you peace of mind. They can handle many of the details for you, allowing you to relax and focus on other things. They can also provide you with expert advice and guidance throughout the entire process.

In conclusion, hiring a Realtor to help with the sale of your home can be incredibly beneficial. From their knowledge and expertise to their access to resources and ability to save you time and energy, a Realtor can help make the process of selling your home easier, faster, and more profitable. So, if you’re thinking of selling your home, consider hiring a Realtor to help you get the best possible results.

Guide to Buying Investment Real Estate in Florida: Exploring Property Types and Historical Performance

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Investment real estate in Florida offers lucrative opportunities for diversifying portfolios, generating passive income, and building long-term wealth. When it comes to purchasing investment properties, understanding the nuances of property types and historical performance is crucial. In this comprehensive guide, we will delve into the differences between single-family homes, multi-family properties, and commercial real estate. Additionally, we will explore the typical down payment requirements for investment properties when obtaining a mortgage. We’ll analyze historical data to determine which property type has performed best over a 20-30 year period in the dynamic Florida real estate market. If you are looking to invest in real estate, the Price Group team is here to offer guidance based on our expertise and personal experience with investment properties.

  1. Understanding Different Property Types: a. Single-Family Homes: Single-family homes are standalone properties that house one family or household. They are typically considered a lower-risk investment option and offer the advantage of easy management and potential appreciation in value.

b. Multi-Family Properties: Multi-family properties include duplexes, triplexes, apartment buildings, and condominium complexes. These properties can provide multiple income streams, allowing you to mitigate risk and achieve economies of scale. However, they often require more extensive management and maintenance.

c. Commercial Real Estate: Commercial properties encompass office buildings, retail spaces, warehouses, and more. Investing in commercial real estate can be rewarding due to higher rental income and longer lease terms. However, they generally require a larger upfront investment and can be influenced by economic cycles and market conditions.

  1. Typical Down Payment for Investment Properties: The down payment required for an investment property can vary depending on several factors, including the property type, the lender’s policies, and your personal financial situation. In general, lenders may require a larger down payment compared to primary residences. A typical down payment for investment properties ranges from 15% to 25% of the property’s purchase price. Keep in mind that higher down payments can potentially lead to more favorable loan terms and lower interest rates.
  2. Historical Performance in Florida: When evaluating the historical performance of property types over a 20-30 year time period in Florida, it’s essential to consider multiple factors, including location, market trends, and economic indicators. While past performance doesn’t guarantee future results, analyzing historical data can provide valuable insights.

a. Single-Family Homes: Historically, single-family homes in Florida have shown strong appreciation rates. Factors such as desirable locations, population growth, and tourism contribute to their long-term growth potential. However, localized economic downturns or housing market fluctuations can impact short-term returns.

b. Multi-Family Properties: Multi-family properties, particularly apartment buildings, have experienced steady demand in Florida due to population growth and an increasing number of renters. These properties offer the advantage of consistent rental income and potential appreciation over time.

c. Commercial Real Estate: The performance of commercial real estate in Florida varies across different sectors and submarkets. Retail spaces and office buildings in prime locations, such as downtown areas or busy shopping districts, have shown resilience and potential for long-term growth. However, industrial or warehouse properties can also offer attractive returns, driven by factors like logistics and e-commerce.

Conclusion: Investing in real estate requires careful consideration of various factors, including property types, down payments, and historical performance. Single-family homes, multi-family properties, and commercial real estate each have their own unique characteristics and potential benefits. When deciding which property type to invest in, it’s crucial to assess your financial goals, risk tolerance, and market conditions. By conducting thorough research and seeking professional advice, you can make informed investment decisions that align with your objectives and maximize your chances of success in the dynamic Florida real estate market.

If you are considering purchasing an investment property in Florida, the Price Group team is here to assist you every step of the way. Our team members have extensive experience in the real estate industry and many of us personally own investment properties. We understand the nuances of the market and can help you navigate through the complexities of property selection, financing options, and investment strategies. Whether you are a seasoned investor or new to real estate, we can provide valuable insights and guidance to help you determine the best option for your investment goals. Feel free to reach out to us for a personalized consultation, and let us help you make an informed decision that sets you on the path to success in the world of investment real estate.

What to do if the appraisal comes in low!

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If you’re planning to buy a new home with a mortgage, one of the most important steps in the process is the appraisal. The appraisal determines the value of the home and ensures that the lender is not lending more money than the property is worth. However, sometimes the appraisal can come in below the sales price, leaving home buyers in a difficult situation. In this post, we will discuss the top 5 options available to home buyers who are getting a mortgage and find themselves in this situation. By understanding these options, you can make an informed decision and ensure that your home buying journey goes as smoothly as possible.

If you’re a home buyer getting a mortgage, it can be frustrating to find out that the appraisal for the new home purchase has come in below the sales price. This can create a difficult situation, but there are options available to help you overcome it.

But first: How to prepare for an appraisal:

  1. Clean and declutter the home: A tidy and clutter-free home can create a positive impression on the appraiser.
  2. Complete necessary repairs: Make any necessary repairs to the home, including fixing leaky faucets, broken windows, or damaged walls. The condition of the home can affect its appraisal value.
  3. Highlight any upgrades: If you’ve made any upgrades to the home, such as installing new appliances or renovating a bathroom, be sure to let the appraiser know.
  4. Provide information on the neighborhood: Share information on the neighborhood, such as its amenities and schools, to help the appraiser understand the value of the home in its location.

Factors that can affect the appraisal value of a home:

  1. Location: The location of the home can have a significant impact on its value. Factors such as proximity to schools, shopping, and transportation can increase the value of the home.
  2. Size and condition: The size and condition of the home are key factors in its appraisal value. Homes that are larger and in better condition generally have a higher appraisal value.
  3. Upgrades and renovations: Upgrades and renovations, such as updated kitchens and bathrooms or new flooring, can increase the appraisal value of a home.
  4. Comparable sales: Appraisers will look at comparable sales in the area to determine the value of a home. If there are recent sales of similar homes in the area, this can help determine the appraisal value of the home.

By understanding these factors and taking steps to prepare for an appraisal, you can increase the chances of receiving a favorable appraisal value for your home.

If the appraisal does come in below the sales price, here are the top 5 options to consider if you find yourself in this situation:

  1. Negotiate with the seller: As a home buyer, you can negotiate with the seller to lower the price of the home to match the appraised value. This is the most common option.
  2. Make a larger down payment: Another option is to increase your down payment to make up the difference between the sales price and the appraised value.
  3. Order a new appraisal: If you feel that the appraisal is inaccurate, you can request a new appraisal from a different appraiser.
  4. Walk away from the deal: If the seller is unwilling to negotiate and you are unable or unwilling to make a larger down payment, you can choose to walk away from the deal.
  5. Renegotiate the terms of the loan: You can try to renegotiate the terms of the loan with the lender, such as the interest rate or length of the loan.

SELLERS BEWARE OF iBUYERS

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Price Group Realtors is working with a new client to list her home after a disastrous experience with an on-line real estate investment company Offerpad!

OfferPad is a company that, in a “simple 6 step process” will determine the value of your home (sight unseen), send you a purchase contract to sign and VOILA…you wait for your selected closing date!

Unfortunately, it doesn’t always work that way.  Our client, Carolyn felt like she had done her homework before going with OfferPad.  She’d seen their ads on tv, she read reviews on their website and she was encouraged after reading, “OfferPad pays cash so you don’t have to worry about last minute unmet contingencies.”

After receiving her offer and signing the purchase agreement, everything seemed to be going as planned until…SIX DAYS BEFORE CLOSING she received a call from OfferPad that they were rescinding their offer to purchase because “the market is too unreliable right now!”  

During the time they were “under contract”, Carolyn contracted to purchase a condo and put down $5,000 earnest money deposit.  Fortunately, the sellers were understanding of her dilemma and have agreed not to sue her for failure to performance (which they had the right to do) and keep her $5,000 but instead they agreed to a delayed closing, allowing her time to get her existing home sold.  Price Group Realtors is now listing her home for sale, with every reason to believe that we will have her home SOLD in short order.

While working through all of this with Carolyn, we’ve learned more about OfferPad.  They mis-lead their customers into thinking that they aren’t charging a commission but in the fine print of their contracts they are charging 7.5% and building that into the “purchase price” they offer.  What we know is that they are investors and as investors they are in business to make a profit, period.  

For anyone considering using a company like OfferPad to save you the “hassle” of putting your home on the market, or to save money by not paying a commission or to get a quick closing…please look further than their website for reviews, they only put the good ones on there.  Instead, check out a third-party organization as in this link https://www.revdex.com/reviews/offerpad-llc/2047344 . 

In summary, when deciding to put your home on the market work with a Realtor.  Realtors aren’t just agents.  We’re professional members of the National Association of REALTORS® and we subscribe to its strict code of ethics.

Jan 2019 interest rates

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Jan 2019 mortgage interest rates

The market continues to favor home buyers when it comes to mortgage rates!  We’ve seen the conventional loan interest rates for 30-year loans drop to around 4.375% to 4.5% range and 15-year mortgage rates fall to 4% to 4.125% range on average depending on credit score and lock period (30-45 days from lock to close, longer loan locks will affect interest rate).  FHA and VA programs have seen similar rate improvements compared to where we were the beginning of December.

With home prices showing signs of trending up in 2019 and a pull back on the mortgage interest rate now is a great time to take advantage and lock in on a new purchase.

Before starting the home buying process I would recommend speaking with a local mortgage lender, John Fenech with Guaranteed Rate in St. Pete is a great choice. He can be reached at John.Fenech@grarate.com or 727-409-5646

2019 Real Estate Prediction for Pinellas County.

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2019 Real Estate Prediction for Pinellas County.

With 2018 behind us, we’re focusing on the new year and predicting where the real estate market is going in 2019. With so much data out there about the market, we have had to sift through the noise and sort the accurate data from the hyped-up data in order to set some realistic expectations for the year ahead of us.  As with all predictions, no one has a crystal ball able to see the future and how all of the cards will fall. I have however, distilled information from credible resources, based this post on my 20+ years of experience and what I am currently seeing in the marketplace. Let this information serve you as a barometer in your decision making this year as we optimistically head into 2019. Let’s take a look at how we’re expecting the real estate industry to shape up this year here in the U.S. and most importantly, Florida and Pinellas County.

With so many opinions on the web and in newspapers, most of which is just “Click Bait”,  it can be hard to decipher what you should pay attention to and really what’s going to happen with the real estate market this year, but if we look at consistent, reliable data sources such as the National Association of Realtors, realtor.com, Zillow and the National Association of Home Builders, the fog starts to clear and we begin to envision what’s ahead in 2019.

Over the last 4 years the U.S. housing market has seen roughly 5.2 to 5.4 million real estate transactions per year, this year it’s expected that 2019 with be right on par with 2018 with 5.4 million real estate transactions. So, we are not expected to see more sales but a steady market. However, the prediction for value changes isn’t quite as rosie. From 2016-2018 we saw roughly 7-8% appreciation each year. For 2019, based on a number of disruptors in the market, the largest factor being an unknown for mortgage interest rates, real estate is predicted to appreciate at roughly 4% nationally. Keep in mind that this is a nationwide average and every micro market will be different.

Some factors that I feel could help the real estate market in St. Petersburg and Pinellas County are: we are landlocked, Pinellas County is almost built out, new construction will require the removal of existing buildings which will push up real estate prices, builders are left building townhomes, condos and apartment buildings to accommodate the need for housing in more densely populated areas. The cost of building materials and labor are also on the rise. Population increase is another major factor, in 2018 Pinellas County saw a 7% increase in our population, Hillsborough saw a 13% increase and Manatee/Bradenton saw a 17%-18% increase. This data leads me to believe that Pinellas County should, on average, see a higher property appreciation rate than the predicted national average stated above.

Interest rates will be the biggest factor in 2019, making homeownership less affordable as we move though the year, the FED has given a dovish forecast for an additional rate increase this year. However, predictions of mortgage rates increasing over the next 12 months suggest that we could see mortgage rates climbing to 5.5% by the end of the year. This could make an average mortgage of $300,000, 12% more expensive per month by the end of the year.

Let’s add up all of these factors for a more well-rounded assessment of 2019 being your year for making a real estate move. Property values are continuing to increase with each month here locally and mortgage values are expected to increase at some point this year. If you have been considering making a move, it looks like the sooner you make a move in 2019 the better off financially you’ll be. Start your home search with the Price Group at PriceGroupRealtors.com  and call us for a consultation of your specific circumstances and home owning vision.

10 Things You’re Not Looking For When House Hunting

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10 Things You're Not Looking For When House Hunting

10 Things You’re Not Looking For When House Hunting

 

 

10 Things You’re Not Looking For When House Hunting

 

 

You’re ready to buy a home in the St Petersburg, Florida area. You’ve been watching House Hunters on HGTV and you know exactly what you want: Spacious bedrooms, updated kitchen, close to shopping and beaches. But there may be things you aren’t noticing in all the excitement. Here are 10 common things home buyers overlook when looking for their dream home.

 

1. Commute

Check Your Commute

Check Your Commute

 

 

You’ve found the perfect house with all the amenities you need, but what does your commute look like? Pull up Google Maps on your phone while you are at the property and you can easily decide if the commute (or lack thereof) will work for you.

 

 

 

 

 

 

2. Noise

Noise Level

What’s the Noise Level Like?

 

 

Chances are if your route to work is nearby, the noise level from major highways is the trade off which can be an obstacle for most buyers. Some other things to consider are whether the house is in a flight path or near major transportation hubs like bu stops.

 

 

 

 

 

3. Neighborhood

The Neighborhood Matters

The Neighborhood Matters

 

 

While this may seem like a common factor to think about, there are some concerns and questions your realtor will be able to help you sort through. What does the neighborhood feel like at different times of day? Is the street busy at different times during the day/night? Are there late night parties happening at nearby rental properties? It’s important to get a feel for the neighborhood at all points in the day.

 

 

 

 

 

4. Association Fees and Rules

Association Fees And Rules

Association Fees And Rules

 

 

Some homes are located in a community where fees are required to maintenance or grounds upkeep or have restrictions like what sort of car you can have in your driveway or what color you paint your home. Some questions your realtor can answer are what fees are due and what the schedule is for those fees (some are due yearly or quarterly).

 

 

 

 

 

5. Cellular Signal

Is There Cell Signal

Is There Cell Signal

 

 

Probably the most overlooked item on this list of 10 things you’re not looking for when house hunting is whether your cellphone works in the home. As you’ll be spending most of your time at home, it’s a good idea to test what the cellular signal is not only in the area but inside the home. Will it be an issue if inside you’re missing calls or can’t send a text message?

 

 

 

 

 

 

6. Neighbors

Meet The Neighbors

Meet The Neighbors

 

 

If you can, try to pop in and meet some of the neighbors or go to a local neighborhood event to see if your personality fits in well with people established within the community. Talking with people who live there can give you valuable insight to what the neighborhood is like that you can’t see from just touring the area.

 

 

 

 

 

 

7. Water Pressure

Water Pressure

Water Pressure

 

 

Water pressure inside your home is important whether you’re buying a large family home or a downtown condo. Imagine waking up in the morning to shower and the barely dripping from the shower head. When you take your multiple tours of the home, be sure to ru nthe faucets and give those toilets a flush just to be sure the water pressure is fit.

 

 

 

 

 

 

8. Resale Value

Consider Resale Value

Consider Resale Value

 

 

Resale value is important whether you plan to stay in the home for a few years or ten plus years. It’s important to know the factors that can affect the value of the home you’re looking at. Are there empty lots nearby? Are their plans to build condos or apartment buildings next door? Can your picture perfect views be obstructed?

 

 

 

 

 

 

9. Additions

Room for Additions

Room for Additions

 

 

If you fall in love with the bones of the home and the neighborhood or you just hate the idea of moving, you may want to consider having a professional advise on any future additions that can be added and have them draw plans for you. This can be particularly helpful information to have if you do end up moving. Buyers like to see that there is room for the improvements.

 

 

 

 

 

 

10. Bedrooms and Bathrooms

More Bathrooms Are A Plus

More Bathrooms Are A Plus

 

 

Here’s a little secret we’ve learned from over 50+ combined years of real estate experience: You will never regret having that extra bathroom. Whether it’s your family expanding, having people visit, or throwing those parties you’re well-known for, having the right bathroom number for your needs is an important factor when buying a home.