FSBO Jane

According to this article from the Chicago Tribune, 40 percent of home sellers in the Chicago area took a loss in March. That means that even though home sales increased because of the end of the home buyer tax credit, 40 percent of sellers still sold their houses for less than they paid for them. Nationally, 23.3 percent of single-family homeowners had mortgages underwater at the end of March, which means they owe more on their mortgages than what the house is worth.

With the continued decline of home values, it is not proposed that the real estate market will bottom out until the third quarter of this year, which was initially proposed to occur by the end of the second quarter. Then it will slowly improve from there.

What do you current home sellers and buyers have to say about this? Do you think the market will finally hit rock bottom later this year, do you think it’ll continue to decline or do you think an improvement is coming?

I know the housing market is difficult now, to say the least. Stick with me and my posts. I’ll offer you as many helpful tips as I can so that you can gain the most value from your sale or purchase as possible. And I’ll lend you support, which is what a community of bloggers with common interests is great for.

Homebuyers are always contemplating how much to negotiate the price of a house. This article from Inman News blatantly points out that the asking price is not the real price. Like with all things in life, whether it is a new big-screen TV or a new house, you have to intelligently negotiate the price.

First, you need to find out how many people are interested in the house. You can’t commit to a major negotiation if others are offering a higher price. Don’t bid a price that you can’t really pay. If the interest is high among numerous buyers, and the bids are higher than what you can afford, move on.

If you are the only one or one of few interested buyers, and a negotiation seems probable, do some research on a fair amount to offer. If the asking price seems high, research what other houses are going for in the surrounding areas. If no other houses are up for sale, search for houses that are close in size and similarity. Use this information to back up your negotiation.

The truth is, with real estate, few home sellers actually expect to receive their asking price, especially in this current market. A truly interested buyer is not someone that they’ll let easily escape, so be prepared to offer an intelligent negotiation. The idea is not to snatch the house out from under the sellers, but to negotiate a fair and reasonable price for both of you.

With the recently dramatic increase in foreclosures, a new phenomenon is breaking out. Vacant homes don’t usually attract buyers, and vandalism increases when so many vacant homes exist. To assist with these dilemmas, house-sitters are emerging to care for homes until someone permanently purchases them.

Own a vacant home? Find a house sitter and increase your profits! According to Homes in Transition, a business that promotes house sitters, homes can sell for 20 percent more and 30 percent faster if they aren’t vacant.

Looking for super-cheap rent? House sitters pay an incredibly low rent, and they often pay for appliances and HOA fees too. The house remains fresh and homey. When the home sells, the house sitter moves onto another vacant home.

It would definitely be a perk for the owner of a vacant home. It could be a win-win situation for the house sitter, too. Could you handle this type of lifestyle?

For more information, read this article from Realty Times and visit HomesInTransition.com.

There are so many real estate websites out there these days that even I can’t keep up with! I mainly stick to sites dealing with FSBO, but other agent/broker sites could really benefit FSBO buyers and sellers too! As an internet enthusiast, my advice is to search out sites that are continually being updated with new features. These sites clearly want to stick out from the bunch and to help you as much as possible! Here are the latest three upgraded sites that I noticed and think you should check out.

As per usual, Buy Owner.com deserves a shout out. Though their website has always been fantastically user-friendly and organized, they now have added a Google map feature. This feature allows you to search the surrounding area of a house that you’re interested in. You can find out what’s in walking distance, what shops/restaurants/parks are in the area, and anything else that interests you! You can also zoom in on the neighborhood and view exactly how it’s set up. If you have children, check out the local schools! The surrounding areas are as important as the home itself.

Read this Buy Owner blog for more information.

www.OpenHouse.com added a new feature for agents and brokers. As any sort of buyer, you’ll want to check this site out! A new fee-based feature listing allows agents to pay extra in order for their open houses to be listed first. This way, buyers can see who is desperately trying to sell their home. In turn, they may also be willing to make sacrifices in order to make their potential buyers happy! As a seller, see what time of day brings the most potential buyers, or find out when there’s downtime for you to host your open house!

www.Condo.com has added a new feature that shows past sale and rental date for the Florida area. If you’re buying or selling in Florida, check out the prices that condos have recently been sold or rented for! It may help you decide what price to list your own condo or home for, and what price to pay for an available condo or home.

Recently, a new reader contacted me for advice on real estate.

Her main question was this: Where can I go for a reliable source of real estate info?

Well, beyond FSBO Jane (ha, ha), I’d say there a number of good, information-packed sites worth investigating online. I keep a dozen or so in a blog reader, so I can watch their RSS feeds. By far, though, I find myself clicking on the articles at the Buy Owner Blog most often.

Just go to the Buyowner.com website and click on the Learning Center tab at the top. Articles are streamed there constantly, providing a free resource for today’s homeowners. It’s filled with up-to-date real estate information and is continually growing. Whether you’re looking for information about buying, selling or the market in general, this site has great info.

And to my other readers, send questions anytime!

(Note: This is the first in a new featured series at FSBO Jane, “Profiled Communities.” I will be taking time here and there to focus on specific areas of the nation.)

The I-4 Corridor was constructed to connect Orlando to Tampa over 40 years ago, and has since become the most unique set of twin cities in America.  Once considered the cause of “malfunction junction” in the congested Tampa area, the connecting corridor is now under renovations for six lanes of traffic, with plans for up to 10 lanes of traffic by 2020.  I-4 has been a hotbed for recent home development as a result, connecting to major metropolitan areas and beaches on both coasts of Florida. The corridor passes through hot spots, such as the St. John’s River, Lake Apopka, Mount Dora and several wetland areas and manmade lakes that are apart of developments in the region. Jobs and industry have sprouted up along the corridor, and people have enjoyed rural living with state-protected wetlands in the area.

According to this article one developer is marketing an “equestrian paradise,” with a sparsely developed subdivision modeled after the rural farmland once dominating the corridor. Experts observe, according to this article, that the corridor is becoming a new mega-region in the country, as a result of the closely connected cities. 

A developing light-rail system, running parallel to I-4, will soon connect the two, further decreasing the inevitable congestion that comes with increasing development. 

Population has exploded in this developing urban area, with the “creative class” moving in and giving a fresh look and attitude to the region.  According to this article, Polk County could gain as many as 240,000 people in the next 25 years. The State of Florida is projected to double in population between now and 2060 from a population today of nearly 18 million to more than 36 million residents, bypassing New York in population.

*Picture courtesy of Central Florida World War II Museum.