Parkland Parrot

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.

5 Parkland Seller Tips To Make Your Home Stand Out In A Foreclosure Market

Calling All Parkland Real Estate Sellers – 5 Tips To Make Your Home Stand Out In Today’s Market!

1. Foreclosures & Short Sales Lurking In Your Neighborhood: According to Zillow.com, more than one out of every five homes sold in the entire United States were bank foreclosures.  In Zillow’s analysis, bank foreclosures typically sell between 18–59% less than comparable homes in the same neighborhood.  Like it or not, regular sellers must consider these bank foreclosure as their major competition.  But how can regular sellers in today’s market make their home stand above the competition, get traffic to the home, and ultimately sell for fair market value?  Below, please find some more helpful suggestions when selling in a foreclosure or short sale dominated market:
2. Advertise The Upgrades & Features: Normally, traditional sales are in much better condition than foreclosures or short sales.  Foreclosures are usually unkempt, stripped of appliances, and possibly in need of significant structural repairs. Also, banks typically sell their listings in “as-is” condition, which means that the buyers will be responsible for the necessary repairs. Before putting your home on the market for sale, it is important to make any necessary repairs, increase the curb appeal, and paint in order to freshen up your home for buyers to see.  As a result, your home will stand above the competition of the foreclosures and short sales competing against you.  Also, these improvements will be showed off in the listing photos and during the showings.
3. Photos, Photos, & More Photos: Most foreclosure and short sale competing listings only have one or a few pictures of the listings.  Make sure to take professional photos of your home.  The Multiple Listing Serivce (MLS) allows up to 16 photos to be included in each home listings, and Realtor.com permits up to 25 photos.  In a market where everyone is visual and is looking online for available homes, it is imperative to make your home show at its best.  Take photos of every features and benefit, so the potential buyers can see a pictorial tour of your home online.
4. Promote A Faster & Seamless Closing: Foreclosures and short sales are notorious for not closing quickly.  There can be delays due to liens on the properties, necessary repairs needed, and a plethora of other title or related issues that can delay the closing dates by weeks or even months.  If it is possible for you to close in 30-60 days, it is important to market that your home is in move-in condition and can close in an expeditious manner.
5. Spruce Up Your Neighborhood: It also important to know that buyers do not just buy a home.  They first buy a neighborhood.  As buyers drive around homes for sale, they will notice if there is other homes that have unkempt lawns and landscaping.  It could turn a buyer off to your home.  As a result, you should offer to cut the neighbors lawn or even the vacant homes in your community.  It will certainly help sell your home.  We had a seller that had two vacant properties next to them.  After agreeing to cut the 2 neighbors’ lawns, the home received an offer in a week and closed in less than 30 days.

We know the numbers, we analyze the market, our clients make better decisions. If you are interested in selling or buying a home 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 Home Sellers- Don’t Be Stuck On Your Price

Don’t Be Stuck On Your Parkland Listing Price

In today’s ever changing real estate market, it is imperative that a real estate listing agent and his/her seller continuously re-evaluate the current market value of a home in a particular neighborhood.

Rosy and I had a listing in Pine Tree Estates that required a price reduction due to two other homes selling that brought the values down.  Fortunately, we immediately met with our clients and advised them of the last closed sales.

As soon as we adjusted our asking price, we received a 100% increase in the number of showings from potential buyers.  As a result of our readjustment, we put the home under contract in 2 weeks and closed earlier this month.

The moral of this story is that listing agents should be on top of all sales that effect the value of the listing.  Real estate agents should not wait until the listing agreement is about to expire to advise the sellers to reduce the price.  The agent is only hurting himself/herself as well as the seller.  Today, the current average listing agreement is for 6 months.  In this time frame, the market can change dramatically.

If you currently have your Parkland or South Florida home on the market for several months and have not reevaluated the price, it is probably necessary for you to speak with your Realtor to do so.  Don’t be stuck on your price, or your home will not sell!

We know the numbers, we analyze the market, our clients make better decisions.  If you are interested in buying or selling real estate in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 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 followup email.

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Don’t Lose Your Friendship Over Real Estate … Is It Really Worth It?

Do Not List Your Home For Sale With Your Realtor Friend!

I have recently heard horror stories from Parkland homeowners that had awful experiences listing their homes with friends in the real estate business.  It is always more difficult to work with a friend or family member when trying to sell, especially in today’s real estate market.

Business is business!  Selling one of your largest financial assets is a very important decision!  Your friend or family member might not have the experience necessary to help negotiate the best sales price and terms!

If you still decide to list your home with a friend in the real estate business, then make sure to interview and demand the same hard work and dedication that a top-producing agent in your area would provide!

I wrote a recent article entitled: 23 Questions Sellers Must Ask When Interviewing A Realtor which should come in-handy when interviewing the RIGHT agent for the job of selling your home.

I have seen some sellers lose a tremendous amount of money by entrusting their listing to a friend or family member in the business.  Is it truly worth loosing a lot of money and your friendship or family too?

If you are thinking about selling your Parkland home, please contact us at 954-609-0591 for a free comparative market analysis and customized marketing plan

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