Selling Poinciana One Property at a Time.

As some of you may remember I was a HUGE fan of Range Pricing for many years. When we first opened Tutas Towne Realty 13 years ago Range Pricing was our UVP (Unigue Value Proposition).

I haven't used Range Pricing since the market changed in late 2006. It made a lot of sense when the market was moving upward. It doesn't make sense today.

You can see by the comments in this article that many agents didn't get it and some buyers didn't like it. But none the less it worked. My properties sold quicker and for more money using this technique. Fortunately for me I worked for the seller and didn't really care what the agents or buyers thought. I just wanted to sell the property for my seller.

In my market right now properties are selling on average for 102% of the asking price. So it's really no different than when we used Range Pricing. Back then, 2006 and earlier, my properties were selling for almost 104% of asking price.

In the current market, where banks are pretty much controlling things, the technique being used is pricing low and creating bidding wars. It's like the old days of Range Pricing. The only difference is there is no top of the "Range" being mentioned. 

Foreclosures and Short Sales are now selling with multiple offers to the highest bidder. What I was doing 15 years ago, that was very controversial then, is now the norm. Funny how that happens. I guess we were just way ahead of our time.

My advice to buyers now is the same as it was then. Make your offer based on the value of the property NOT based on the asking price. The asking price doesn't mean squat. It could be too low or it could be way high. Have your agent do an analysis on the property and then submit an offer that has a chance of getting accepted.

Buyers who base their offers on asking price instead of the value of the property will end up without a property to buy. This is true in ANY market.

By the way here's a link to a market analysis I did for one of our buyers. He was well informed and his offer was accepted. What say you?

Have you ever thought about purchasing a holiday home in Central Florida? Florida may be known mostly for it's beaches but don't ever forget we have so much more to offer. Hundreds of lakes with some of the best bass fishing in the World. And of course Disney World, Sea World, Wet N Wild and Universal Studios.

Here's a little peak at my world.

Hi Folks. As we all know, nothing can derail a real estate transaction faster than a home inspection that uncovers "serious inspection issues".

Recently I had a home inspection done on one of my pending listings. It was an older property and I was a little bit nervous and hoping there wasn't going to be any major issues to deal with.

Anyway, shortly after the inspection was completed I get the e-mail from the selling agent to let me know we have "serious inspection issues." She also sent me a copy of the inspection report and the WDO (wood destroying organisms) report. Darn it!!! We have termites!,  wood rot and major AC issues.

Well, being the good little Broker that I am, I pick up the phone and call my "peeps", Wendal my HVAC guy, Dan the Termite Man and Khan my handyman and wood rot specialist. They all return my call within 5-10 minutes and stop what they are doing to go by the house and check it out. Within one hour, I have writen estimates from all three and time set aside on their schedules to get the repairs taken care of.

OK, now I'm prepared to call my Sellers. So I give them a call, explain the situation, go over the estimates and within 10 minutes I have authorization to move forward with the repairs.

Smartly, I had spent time during the listing presentation discussing inspections and repair issues and my Sellers were prepared. They understood that these were serious issues and would not just go away. So, they agreed to "let's solve the problem and close the transaction."

Now, a little over an hour after receiving the inspection report and e-mail from the selling agent, I give her a call. Folks, for some reason she seemed to be surprised that I called back so quickly, not to moan and groan about a problem, but to let her know the problem had been solved, repairs had been approved and scheduled and the signed repair addendum was on the way over from the Sellers. I think this REALTOR(R) will be happy to show and sell my listings in the future.

What could have been a deal breaker was not even a bump in the road. It was just a few calls to the right "peeps" and a well informed Seller. We were back on track.

Folks, it's all about educating your customers/clients and having people that you have worked with for years who are willing to drop everything and help you out when you need them.

So, have you built and nurtured your business relationships("peeps")? Are you in a position to solve problems this quickly? Are your Customers/clients educated and well aware of issues that my arise during the contract period? I hope so. There's a lot more involved with being a listing Broker...... than marketing.

Broker Bryant's Tips

1. Educate your Sellers at time of listing
2. Get estimates for repairs so the seller can make an informed decision. It's rarely as bad as they will imagine.
3. Have "peeps" that you can depend on. Make sure they get paid quickly. 
4. Repairs issues will not just go away. The seller will pay one way or the other. Best to just do them and close the deal.

That's it. What say you?

Real Estate Market Report for Kissimmee Poinciana Florida for 2009

Comments from Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc

OK so that chart was fun. I wanted to give a picture of the market in Kissimmee-Poinciana Florida from 2007 to the end of 2009. Check out the depreciation. Property values are down 67% during this 36 month period.

But the good news is values only fell 7% for 2009 and it looks like property values have not only started to level off but may be slowly increasing. 

Here’s another little goody for you. In 2007 there were only 420 sales. 2008 this number increased to 627. In 2009 Poinciana Florida broke an all time record with the most resale property sales in their HISTORY with 1,596!!! That’s awesome!!

Of those 1,596 sales 1,303 of them were either a Foreclosure (1,083) or Short Sale (220). That means that 82% of the property sales in Poinciana Florida for 2009 were distressed properties.

Currently there are 507 properties on the market in the neighborhoods of Poinciana. 102 are foreclosures. 291 are Short sales. 114 are regular listings.

Inventory is real low. It is getting very difficult to find a property in Kissimmee-Poinciana Florida.

Folks if you want to buy in Poinciana now is the time. Do not sit on the side lines any longer or you will be out of luck. If you find a property you like be prepared to make an offer of asking price or more.

If you need to sell…well chances are you will need to do a Short sale. If that’s the case…give me a call. If you are waiting for your homes value to go back to 2006 values…..it ain’t going to happen for many, many years, if EVER, so just get that thought out of your head.

OK that’s it for me. Any questions?

Awesome 5 bedroom 2.5 bath home in exclusive Windermere Florida. Located minutes from historical downtown Windermere. This property has many upgrades including tile flooring, crown moldings, chair railings, gas fireplace, formal dining room, screened and covered lanai overlooking the pond, tile roof, all stainless steel appliances and much more.

You really need to see it to appreciate the craftsmanship that went into this home. And best of all it can be yours for the incredible price of $289,000. Call today 407-873-2747 or email at BrokerBryant@gmail.com

Hi Folks. I went out last week and did a photo shoot for a property I sold back in late 2005. It sold for $170,000. Now it's a pre-foreclosure Short Sale and will be going on the market for around $50,000.

When I first listed this property back in 2005 the owners were so proud of it. It was their little peice of paradise and it was in immaculate condition. It was purchased by an Investor in September of 2005 By early 2006 the market had crashed and this house has sat empty ever since.

The difference between what it looked like then and what it looks like now is striking. Sad.

What does it say about a real estate market when I won't even place my sign in the yard?

Hi folks. Did you know, when I wake up in the morning the first thing that comes into my head is, "What can I Blog about today?" Then the phone rings and my question is answered.....

"Good morning, Tutas Towne Realty, this is the incredibly good looking and intelligent Broker Bryant speaking, how may I help your dreams come true today?"

"Hi Broker Bryant, this is your Seller over at 4321 Desperation Ave. I'm calling to let you know I have found a Buyer for my house. My neighbor, who has lots of money, wants to buy my house. I know he has lots of money and can pay cash for it, if he wants. I told him I would only take full price ($259,000) for it but at that price I would leave the appliances. He said something about putting 5% down and me giving him back a check for $15,000 at closing and he wants me to pay all his closing costs. Did I mention he has lots of money?"

"OK, OK, Mr. Overwhelmed, the first thing we need to do is have him call me. I need to talk to him about his qualifications and make sure he is in a position to even purchase your home. Then we can get his offer in writing so we can sit down together and go over your options. By the way, you can't just give him money back a closing, that could be mortgage fraud and we can't do that. But we will worry about that after I get a written offer from him. OK?"

"OK, but I know he has lots of money. I told him I was in foreclosure and he said he could help me out. He really likes the house, since it is the best house in Poinciana, and he has lots of money."

Anyway, I received a call about an hour later from a REALTOR®, all excited, wanting to submit an offer on this listing. She asked me the price and I told her it was $259,000. "Broker Bryant my Buyer would like to offer $225,000 and wants the Seller to pay $14,000 in closing costs. He will be getting 100% financing. Do you think we have a deal? He said he has already talked about this with the Seller."

Now folks, does this offer sound anything like what the Seller had mentioned to me earlier? Of course not. They never do. Desperate Sellers hear what they want to hear and say things they shouldn't say and Buyers will and do try to take advantage of the situation. Why would you tell a potential Buyer you are in foreclosure?

This is one of the most important reasons to hire a REALTOR®. We are not emotionally involved in the deal. We are a calming force and we are trained to weed out unqualified and unrealistic Buyers. Without a REALTOR® looking out for him, who knows what kind of a deal this Seller would agree to? You can be sure it would have cost him a lot more money than what he is paying me. This assumes he wouldn't have wasted months and months of market time, while the neighbor, with lots of money, tries to sort out 100% financing on a second home.

Hiring a professional REALTOR® who has experience and market knowledge in your area, is the best investment you can make. So before hiring a REALTOR® to sell your house ask these questions.

1. How many properties do you personally have listed on the market in my area, today?
2. How many closed transactions did you have in my area last year?
3. How many pending transactions do you have in my area, today?

There are many more questions you need to ask before hiring a REALTOR® but, in my opinion, you need to have the right answers to these three, first. And make them show you their sales record from the MLS.

By the way, I never did hear back from the Buyer or his REALTOR®. I guess I need to call Mr. Overwhelmed back and let him know the neighbor has no money. Better yet, I will send him a link to this post.

I wonder who will call me tomorrow morning?

I need a buyer quick on this one. Both lenders have approved the transaction in writing at $200,000. Approvals are good until 1/31/2010, Current buyer may not be able to close on time. Their loss may be your gain.

This is an incredible property with over 3,000 sq ft living area, pool, media room, extensive tile flooring, 5 bedrooms and 3.5 baths. Check it out.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

....and you want it to be less than 7 years old with over 1500 sq ft of living area. Maybe this will help:

Based on current market statistics, properties similar to the ones you are requesting are selling for $35 to $37 per sq ft living and 110% of the asking price. In order to stay under $60,000 you need to focus on properties with 1700 sq ft or less. 185 Conch and 1966 Michigan both fit.

The stats that are below show that since 10/1/2009 there have been  29 sales. There are 21 pendings and only 9 actives in this price range. I eliminated the short sales and the properties that are priced too low (based on market data) and that left the 2 properties mentioned above.

The average days on market are 23 and that of course includes the time it takes to get bank addenda signed. This tells me most are selling quickly and with multiple offers.

CMA 60-

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Here is some really cool stuff from my morning reading.

A soon to be released killer iPhone Ap from Realtor.com incorporating GEO tracking.

Augmented reality Who would have thunk it? What if we had business cards that did this?

Really cool video

Need to charge your phone while at the park?

Loving Google Docs

"It is possible to be busy.... very busy......without being very effective" From daily reflections for highly effective people.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved