Parkland Parrot

Archive for May, 2011

Sun Sentinel Quotes Parkland Parrot Real Estate Team On Foreclosures

Data Shows That Foreclosure Listings Starting To Loose Appeal From Parkland & South Florida Buyers

Michael Citron, Parkland Realtor and co-founder of ParklandParrot.com, was quoted in today’s Sun-Sentinel cover story supporting recent statistics showing how Parkland and South Florida bank foreclosure listings are loosing their popularity among current home buyers.

According to RealtyTrac Inc., the Tri-County area (Palm Beach, Broward and Miami-Dade counties) posted that in January, February, & March of 2011, there was a total of 8,878 foreclosure sales, which was a 11 percent decline from the fourth quarter of 2011.  Even more dramatic from a year ago to date, there was a 20% decline in foreclosure sales.

One factor that has slowed down the sale of bank foreclosure inventory is that many distressed homeowners were being unlawfully foreclosed upon.  As a result, many banks slowed down their foreclosure process and even implemented moratoriums on future bank foreclosure proceedings.  This caused a dramatic decrease in available bank foreclosure inventory.  But, will the banks start listing their foreclosure inventory for sale soon?

Another factor is that buyers are not as enamored with buying distressed properties as they were in the past.  Many savvy buyers are seeing that foreclosures or even short sale listings are requiring a lot of out-of-pocket costs to fix damage to properties that were possibly left vacant for many months and even years.  The numbers sometimes just don’t add up, and potential buyers are seeking regular listings, where they can purchase move-in-ready properties.

Finally, regular home sellers are starting to become aware that distressed listings (bank foreclosures and short sales) are their competition and are instead pricing their homes at appealing asking prices in order to compete with the distressed listings.  Among many Realtors, we are emphasizing to our home sellers how appraisers are using distressed sales when appraising properties.  As a result, we are better preparing our sellers to list their homes more competitively in order to beat their competition.  Instead of overpricing, which results in helping to sell the competition, sellers are now starting to price their homes correctly from day one!

In South Florida right now, nearly 4 out of every 10 home sales involve a foreclosure.  Many experts still believe that the drop in South Florida foreclosure sales is due mainly to the freeze from the banks.  Only time will tell, but we definitely see more and more potential home buyers seeing the advantages of purchasing a regular sale over distressed ones.

We want to thank Paul Owers of the Sun-Sentinel for thinking of our team when providing expert advice and opinions in regards to the South Florida and Parkland real estate market.  We encourage all readers to check out his articles as well as his contributions on the House Key Blog site.

Know the neighborhood.  Know the value.  Know your hometown agents:  The Parkland Parrot Real Estate Team.  If you are interested in buying or selling in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

Appraisals: Why You Must Now Sell Your Parkland House Twice

Due to the large inventory of bank foreclosures and short sales currently on the market, banks and lending institutions are becoming even more stringent when qualifying potential real estate buyers for mortgages.  As a result, banks want to make sure that buyers have the ability to pay back money owed on the loans.

Banks also protect their mortgage investments by making sure that the mortgage’s collateral backing is secure.  The appraisal is now more important than ever, as banks want to make sure that if the borrower fails to make their payments on the loan, then the bank will be able to sell the home for at least the amount equal to the mortgage balance.  As a result, you cannot just find able and willing buyers to purchase properties at agreed upon sales prices.  Now, you have to take the extra step and sell these sales prices to appraisers.

Last week, the National Association of Realtors’ Existing Home Sales Report showed how appraisals are negatively impacting residential real estate transactions in the United States.  In fact, 14% of all transactions in April were either cancelled or renegotiated to a lower sales price, because of low appraisals!

Bottom Line:
When considering listing your home on the market, please work with a Realtor that can answer all of your questions and concerns regarding appraisals.  Remember, you will have to sell your home twice: first to the buyer and then the appraiser.  Do not get all excited when you agree on terms with a potential buyer, as that is only half the battle.  The second half is having the home appraised.  The Parkland Parrot Real Estate Team emphasizes to each of our sellers that the appraisal is probably the most important aspect of the real estate transaction.  As a result, your Realtor should meet the appraiser and present him/her with the the following items:

1. Upgrades & features of the home
2. Floor plan
3. Survey
4. Clean copy of the purchase agreement
5. Comparable closed sales in the past 6 months

Remember, banks cannot have direct contact with appraisers.  So, the only individual that communicates with the appraiser is the listing agent in order to allow the appraiser access to the property.  Make sure your Realtor does their homework and meets with the appraiser at your home.  Appraisers come from all over South Florida and might not be affluent with your particular community.  As a result, make sure that you and your Realtor put together a plan for both the buyer and appraiser.  If you are thinking about selling your home and would like us to explain the home selling process as it relates to appraisals, please give us a call at: 954-609-0591.

Know the neighborhood.  Know the value.  Know your hometown agents:  The Parkland Parrot Real Estate Team.  If you are interested in buying or selling in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

Related Posts:
5 Reasons To Sell Your Parkland Florida Home Now
30 Parkland Florida Homes Sold In April 2011
Hooray For Parkland and Broward Real Estate Home Sale Increases

Will Summer Be The Busiest Parkland Real Estate Season?

Busiest Parkland Real Estate Summer In History

Calling All Home Sellers & Home Buyers! The Parkland real estate market is getting as hot as the temperature outside!  In Parkland, we are already seeing a 22% increase in sales of singe family homes from this time last year.   In fact, we are on pace to have one of the busiest real estate Summer selling seasons in history!

The Parkland Parrot Real Estate Team has been telling both potential Parkland buyers and sellers to get off the fence and make a move!  The driving force to the uptick in home sales is that buyers are are finally starting to see the values in buying a home.  These buyers are also taking advantage of record low interest rates (as low as 4.3%) as well as a low inventory of Parkland available single-family homes.   Our team alone has already put together 4 homes under contract for the month of May.

There are many more buyers coming into the market for the this year’s busy Summer selling season.  If you are thinking about selling your home, now would be the ideal time to speak with our real estate team, as your home may be worth more than you think!  Please feel free to give us a call at 954-609-0591, and we would be happy to come over and give you a no pressure home valuation and customized marketing plan.

Know the neighborhood.  Know the value.  Know your hometown agents:  The Parkland Parrot Real Estate Team.  If you are interested in buying in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

Parkland Real Estate Team Just Lists Meadow Run Home

Parkland Realtors Just List – 6280 NW 104TH WAY, PARKLAND, FL 33076

We are pleased to announce our brand new listing in Parkland’s Meadow Run community.  This home is picture-perfect.  Location, Location, Location.

Community: Meadow Run
6280 NW 104th Way, Parkland, FL 33076
Beds: 5 Plus Playroom / Man Room
Baths:  3.5 Bathrooms
Square Feet: 4,235 Under Air Conditioning
Asking Price:  $725,000
Click Here For Complete Details, More Pictures & Video Tour Of This Stunning Parkland Home

Remarks: LIVE THE PARKLAND LIFESTYLE!  Not A Short-Sale Or Foreclosure! Stunning Meadow Run Estate Home With 180 Degree Water Views, 5 Full Bedrooms Plus Huge Playroom Area, Heated Pool With Spa, 3 Car Garage On Large Cul-De-Sac Lot.This Home Features Tri-Split Floor Plan, Real Wood Floors Throughout Main Living Areas, Accordion Hurricane Shutters, Huge Master Bedroom With Sitting Area, Large Kitchen With Granite Countertops, Panel Appliances & Island, Crown Molding Throughout, Outside Built-In Grill, Surround Sound & Much More!

This home is one-of-a-kind!  The 180 degree lake views are amazing from your master bedroom, main living area, and playroom/man room.  This home also sits on an oversized and private cul-de-sac.  Meadow Run is also a man-gated community and is located in West Parkland.  For more detailed information, more pictures, and a video tour of this home, please visit: Meadow Run Parkland Listing.  If you would like to preview this home or have any questions, please give us a call at: 954-609-0591.

Know the neighborhood.  Know the value.  Know your hometown agent:  The Parkland Parrot Real Estate Team.  If you are interested in buying in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

5 Reasons To Sell Your Parkland Florida Home Now

If you been pondering the thought of making a move in the next year, now could be the best time to list and sell your Parkland or South Florida real estate home rather than waiting another year or more.  Below, please find Parkland real estate expert Michael Citron’s five reasons to consider selling now:

1. Ideal Time For Home Exposure: The spring and summer months are typically the best time for buyers looking to purchase a home before the next school year begins.  With the surge of buyer activity, your home will get the best exposure and ultimately offers from motivated buyers ready to pay top market dollar for your home!
2. Competing South Florida Short Sale & Foreclosure Listings: There are less homeowners defaulting on their mortgage payments, which is a good thing.  But, the bad news is that there is a large inventory of shadow foreclosure and short sale listings that will be coming on the market in the next 6 months.  As a result, if you list now instead of later this year, you will have less distressed home listings competing against you.  These distressed properties typically sell for 20-30% less than market value.
3. 6 Months Of Increased Mortgage Interest Rates: Currently, interest rates are again under 5%.  However, an increase of 1/2% has occurred in the past six months.  With every 1/4% increase in interest rates, approximately 250,000 buyers are unable to qualify for mortgages.  As a result, there will be fewer buyers in the near future, as well as a higher mortgage payment for you when you sell and then look to buy a new home.
4. Read the rest of this entry »