Real Estate Experts

In the Real estate industry just like a lot of other industries some people can become a Real Estate expert just by proclaiming that they are the expert. Their opinion will apply to every situation because they are the expert.

A few months back I saw a printed ad from an expert that shouted “We are at the bottom, it is a great time for buyers” now is this fact or an opinion. In my opinion it would have to be an opinion since we are still seeing more price reductions than new listings. As always some properties are priced at the bottom and some properties are not there. Some of these properties will never be at the bottom. Now the bottom is some line in the sand that some expert will tell me when we get there. I can give you a pretty accurate market value but that figure is still missing a critical input.

Listening

The missing critical input is of course the buyer or seller’s motivation and needs.

Listening is one of the lost arts in America today. Some experts are capable of hearing their own voices but not the sound of what is coming back. They sometimes miss the critical input. The reasons for buying are always different for each buyer, the reasons for selling is always different for all sellers.

If you are retiring and you know what area you want to retire to and what you desire in a property then you are not as concerned with the price as someone who is only planning on residing in the property for a few years and then moving up. If you are concerned with what school you want your kids to attend and are willing to relocate to achieve this then the price may not be the ultimate factor to base your decision on whether to buy or not to buy the property. If you have a 2 year job commitment then price should be very important to you and your agent.

Some sellers are in a very good position still today in what they paid for their home and what the market value is today. There are some sellers who are stressed to the max on the amount of their mortgage due to adjustable rates, no interest loans due or change in their income, these sellers need immediate help with their situation and could account for short sale or foreclosure. Some sellers are at a mindset that they will not consider a short sale or foreclosure because they signed their name to the mortgage; these sellers need the experts to tell them truthfully if they can sell without bringing non-existent money to the table at closing.

The big difference is listening to each and every person as a person who has their own needs and motivation.

“Are those turnips on the side of your head?”

Thank you

Jim Bagwell

Condominium Governance Form

I seem to have neglected the condo market in both Merritt Island and Viera. Effective in Jan of 09 if you write a contract to purchase a condo you should be given a copy of the “Condominium Governance Form” this form tells you about the owner’s rights, voting procedure, board procedure and etc. Ask your agent if they do not provide you with this form.

With the mortgage rates at the lowest point in 30 years if you plan on moving to our area,
This could be a good time to look. Even if you are looking for a winter place, winter golfing residence or if you have a student in this area the buys on the table are hard to ignore.

You can still spend as much as you desire to be on the water or for a couple of million you can have various penthouses with fantastic views of the Indian River.

A couple of my favorite condos on the market are as follows:

A 2 bedroom 2 bath unit 1122 sq ft located on the Rockledge Country Club is in foreclosure and listed at $62,900.

A 3 bedroom 2 bath unit 1376 sq ft located in Viera very close to the Viera East golf course is now listed in foreclosure at $69,900.

There is also a never lived in foreclosure on the water in Merritt Island with 2122 sq ft, 3 bedrooms 2 baths beautiful views and listed at $274,900.

I hope you all have a happy and very prosperous 2009!

Jim Bagwell

"Computerized"

I was talking with a friend the other day about the state of Real Estate in our area. It is no secret that many large, medium and small companies have closed their doors. Other companies have found that using computerized programs can cut their costs. These programs include scheduling showings, agent call backs, answering phones on the weekends and many other tasks.

Here at Walker Bagwell Properties we have not cut services nor have we resorted to the computer to cut costs. We started this company with the notion that if there is one thing we excel at it would be customer service. We will continue that business model and it will always serve us and make us feel we are worthy to serve the public.

I have spoke before about the fact that most of our agents are in the business for the people. If a computer schedules your showing then you can’t give the important reasons that would make the property worthwhile to you. In my humble opinion the agent who is well versed on the market is the most valuable asset in the art of a deal...

Buying or selling Real Estate will end up being personal so do not sell yourself short with inferior service. You are in charge of the transaction!

Jim Bagwell

Distressed Property versus Distressed Prices

With a lot of talk going on concerning short sales and a lot more coming up in 2009, I have noticed that the majority of people think this happens in the low to middle income areas. We are seeing more upscale homes coming on the market and selling by foreclosure and short sales.

GOLF

One of my favorite courses in our area is “The Duran” in the Viera section. There are some very nice upscale homes on the course. These homes were custom built and range from 3000 to 7000 sq ft. Some of the builders include the Toll Brothers and designs include Christopher Burton and Arthur Rutenberg.

At the present time there are 6 active listings in this section. These homes are priced from $599,000 to $1,650,000 of these listings 3 are short sales.

There have been 3 closings in this section this year. 1st home was listed at $1,199,000 and sold for $915,000 short sale, 2nd home listed at $1,350,000 and sold for $1,150,000 again a short sale, finally a home listed for $1,299,000 and sold for $1,250,000.

Just food for thought, that the market has affected all buyers and sellers regardless of price range and the bargains are not always distressed properties only distressed prices.

Jim Bagwell