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Ocala Florida December 2017 Market Summary

For PDF file Click Here: Ocala Florida Market Summary Report Dec 2016

 

 

Active listings: How many listings were for sale during each month. The number of active listings is a “snapshot” of active listings on the 15th of the month. Rather than showing the number of all listings that were active at any time during the month, this chart displays a representation of the number of listings that were active on one day. A trend upward or downward from month to month can be established by using the same day of every month.

New listings: How many properties were put on the market during each month. It is the total number of listings newly added to the MLS system during the month. (All listings whose Listing Date falls within that particular month.)

Sold listings: The total number of listings whose sales contracts were completed, or closed, during the month.

The Listings Prices chart displays median and/or average list prices and sale prices.

An average price is where all the prices are added and then divided by the number of prices. *

List price refers to the current list price of a listing.

The Absorption Rate, in Months chart, shows how long the current inventory of properties would last at the current rate of sales.

If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market.

Absorption rate is based on two numbers:
The number of active listings
The average number of listings sold per month for the previous n months.

The number of active listings is a “snapshot” of listings active on a single day (the 15th of the month). The number of months of sold listings, here, is 12.

The Sold to List Ratio chart displays the average ratio of sale price to original list price, and to list price, in percentage.

This ratio shows how the sale prices of properties compare to their original list prices and their list prices.

Numbers below 100% indicate that, on average, properties sold for less than their original list prices or their list prices. Numbers above 100% indicate that, on average, properties sold for more.

Note that not all listings experience a price change; for those listings, the two ratios are the same.

The ratio is calculated by dividing the sale price by the original list price and the sale price by the current list price.
Sale Price ÷ Original List Price
Sale Price ÷ List Price

The Days on Market chart displays the average number of days that sold listings were on the market.

The number for each month is the average days on market for all of the listings whose sale contracts were closed that month.

CDOM is Continuous Days On Market, the number of days from the listings begins date until it was sold.

If there were any days it was off the market (ex. temporarily withdrawn), then those days are subtracted.

If the property was taken off the market (but not sold) and was listed again within 30 days, then the days it was previously on the market are added to CDOM.

The Price Volume chart shows the total value of all listings for each status.

Active list volume is the total list price value for all listings that were active on the 15th of each month. It is a “snapshot” view of active listings, and a trend upward or downward can be established from month to month.

New list volume is the total list price value for all listings that were newly added to the market during each month.

Sold sale volume is the total sale price value of all the properties whose sales contracts were completed, or closed, during the month.

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Selling Home Turnoffs For Buyers

Would you buy your home in the condition it is today?   What price would you pay for your home given a list of needed repairs and updates?    To get the best price for your home it has to be ready to move into without the buyer needing to invest 1000’s of dollars to repair, clean, and update your home.

Buyer turnoffs:

Bad Curb appeal:  Curb appeal is the first impression of a home.    Curb appeal includes the lawn, outside paint, landscaping, and how clean your home looks.  In Florida our driveways screened lanais, and roofs absorb tree pollen and black algae.  Have a professional company come clean your home if needed and then do any updating to the landscaping afterward.

Smell:  A foul smell is one of the biggest turn-offs when first walking into a home.  Do not try to hide a foul smell with chemical air fresheners, it just makes it worse.  Tackle the problem and get rid of it.

Loose Pets At Showings:  Your pets should be secured somewhere and out of the way when a buyer comes to look at your home.  No matter how sweet and adorable your pet is please abide by this rule.

A Home Filled With Clutter:  Declutter your home before putting it on the market.   The home will feel more open and bright and it allows buyers to see how big a room is.

Old Carpet:  You know the carpet that has a path worn in it, but looks great in the rest of the room.  The carpet the pets decided to use for a bathroom a few times.   Replacing old carpet makes the home smell better and looks newer.

Dirty Tile: Tile that has not been professionally cleaned should be professionally cleaned.

Old Toilets:  Replace your toilets with new modern looking toilets.

Old Faucets:  Replace old faucets.


This photo of Tres Amigos Island Villas is courtesy of TripAdvisor

Old Roof & Old HVAC:    How much would you pay for a home that only had a few years left on the roof?  How about an HVAC system that was at the end of its life?  Did you know a buyer will have problems getting homeowner insurance with a roof that has less than 5 years life expectancy on it?  Did you know the insurance premium for a home with a new roof is much less than for a home with an old roof?  These are things buyers take into consideration when comparing homes to buy.

To be ahead of your competition and get the most money for your home have your home as move-in ready as possible before putting it on the market to sell.

Clean and dust everything in the home so it smells clean when a buyer walks into the front door.

Clean the windows inside and out as clean windows do make a big difference when entering a home.

Add hardware to your kitchen cabinets and bath cabinets to give them a new look.

 

 

 

 

 

 

 

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Consumer Guides For Home Sellers and Home Buyers

Consumer Guides For Home Sellers and Home Buyers

 

Homeowners Tool KitFlorida Homeowner’s Insurance Guide:
This guide goes over the  different coverages for all
types of homes and also covers insuring homes being built.

 

 

 

We Buy Homes For Cash

Shopping Home Mortgages Guide:
Learn what you should look for when shopping
for a mortgage.  The interest rate on your home
loan is only one of the factors you should consider.

 

 

Credit Score Guide

Credit Score Guide:
How a good credit score can save you money
Where to get your free credit reports

 

 

Reverse Mortgages
Reverse Mortgage Guide:
If you’re  62 years or older you
can qualify for a reverse mortgage.
Reverse mortgages can be used to refinance
your home or purchase a new home.

 

Florida Title Insurance Florida Title Insurance Guide:
What you need to know when buying,
selling, or refinancing a home.

 

 

Florida Auto Insurance
Florida Auto Insurance Guide:

Auto insurance minimum coverage in the
state of Florida.  What is Personal Injury Protection.

 

 

sink hole
Sinkhole Insurance Guide:
Two types of sinkhole coverage

 

 

 


Small Business Owner Insurance Guide:
A guide for all small business owners and if
owner’s of business run out of their home.

 

 

 


Natural Disaster Preparation Guide:
This covers planing before and after
a natural disaster.

 

 

 

Ocala FL Guide
Ocala Visitor’s Guide:
Packed with information about
Ocala Florida and includes map of
Ocala Florida.

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Mortgage Calculator Amortization Schedule

Mortgage Calculator
Mortgage amount ($):
Interest rate (%):
Mortgage term (years):

Mortgage Calculator Amortization – Dawn Rupersburg Realtor Ocala, Belleview, and Summerfield Florida.

Documentation needed when applying for a loan

Legible copy of driver’s license and social security card
One month current paycheck stubs
W2’s – 1099
Copy of most recent asset statement such as IRA, 40lK, Money Market, CD’s, Stocks, Pension
Gifts for down payment – consult your lender for the document used to verify this
Proof of retirement Income: If you receive social security, you’ll need a copy of the awards letter and a copy of a recent benefit check
Rental income if you have investment properties – provide lease
2 most recent bank account statements
Child support documentation
Alimony documentation
If you receive alimony or child support, you may need evidence of the income (canceled checks or bank statements)
Employment verification – Employment will be verified twice
Full tax returns all pages and schedules: If you didn’t file your tax returns you will need to let your lender know.
Business tax returns –All pages & schedules
Rental verification – Consult with your lender on what types of verification they will accept.
Current landlords name and contact information
Bankruptcy discharge papers
Divorce decree

If you own other real estate, you may need the lease information, property tax and insurance documents
Any assets used for the loan must have a paper trail. Consult your lender as to their guidelines. Some of your deposits may have to be “seasoned” for a period of 60 days, meaning those funds are ineligible for use toward the mortgage until two statement cycles have passed. Then those funds will be eligible.

 

Compare
Mortgage Rates

Bankrate.com

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What is a municipal lien search

Florida real estate purchase contracts call for the seller to pay for a municipal lien search under the seller closing cost section of the contract.

 

A municipal lien search looks at potential liens that are not recorded in the counties public records and includes any open permits.

The municipal lien search looks at:

Utility bills owed

Code violations

Permitting issues that may exist

Special assessments that could be due

Property taxes due

 

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Conditional vs. unconditional termination of a Florida Real Estate Listing Agreement

Real Estate Agent

Home sellers are not aware there are two ways of canceling a real estate listing agreement with their current listing agent.
I want to be clear that a Florida real estate brokerage using the Florida real estate listing agreements has no obligation to
do either.

Many agents will tell sellers they can cancel anytime during the listing presentation. First make sure it’s in writing separate from the listing agreement and second confirm if the cancelation will be conditional or unconditional.

Conditional vs. unconditional termination: What’s the difference?

By Joel Maxson
 

June 5, 2017 – Part 1 of this 3-part series explained that the Florida Realtors residential listing agreement requires the seller to get the broker’s consent to terminate; otherwise, the seller could be exposed to a claim for damages for possible breach of contract.

Today’s post (part 2) summarizes conditional and unconditional termination. Part 3 will cover the legal and ethical risks when a seller wants to discuss terminating another company’s listing agreement.

Based on numerous conversations with members who call into the Legal Hotline, brokers honor a seller’s request to terminate a listing agreement more often than not. When this happens and a broker uses the form Modification to Listing Agreement (MLA-5x), the broker is faced with two similar-sounding termination clauses that have very different meanings.

Conditional Termination
This termination fits a seller who no longer wants to sell the property. If this turns out not to be the case, full commission would be due if the seller transfers (signs a deed), contracts to transfer (signs a purchase and sale agreement), or contracts to lease the property or any interest in the property “from the date of the conditional termination through the actual Termination Date and Protection Period, if any.”

Unconditional Termination
This termination fits a seller who wants the option to continue marketing the property, with or without the help of another broker, after the termination. Under unconditional termination, both sides agree to powerful release language, as they release each other from “all obligations under the Agreement and … any and all actions arising from or related to the Agreement.”

Joel Maxson is Director of Member Legal Services

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Broker advises Seller and Buyer to verify all facts

Verify Property Information

Broker advises Seller and Buyer to verify all facts

Professional Advice; Broker Liability: Broker advises Seller and Buyer to verify all facts and representations that are important to them and to consult an appropriate professional for legal advice (for example, interpreting contracts, determining the effect of laws on the Property and transaction, status of title, foreign investor reporting requirements, the effect of property lying partially or totally seaward of the coastal construction control line, etc.) and for tax, property condition, environmental, and other specialized advice. Buyer acknowledges that Broker does not reside in the Property and that all representations (oral, written, or otherwise) by Broker are based on Seller representations or public records. Buyer agrees to rely solely on Seller, professional inspectors, and governmental agencies for verification of the Property condition, square footage, and facts that materially affect Property value.

 

The above paragraph is in all Florida Realtor purchase contracts and really addresses both the seller and the buyer.  It’s in the best interest of the seller to verify what is being published about their home when listed for sale.  The seller does not want their home misrepresented to the public and typing errors can occur when placed in multiple listing service.  

It’s in the best interest of the buyer to hire the appropriate professionals to verify the following on the property:

A survey can provide the properties legal description, boundary lines, easements, zoning, flood zones, utility lines, buildings, fences, ingress & egress, and encroachments. 

A home inspection can provide you the condition of the home, appliances, and mechanics.  However, a home inspection does not look inside HVAC units nor can it tell you if you have water leaks under the slab.There are separate tests for radon gas, mold, and lead paint in addition to a regular home inspection.

Test the water when there is a well on the property.   Have a professional septic company look at the septic system

An appraisal will provide the buyer an opinion of value and the gross living sq. ft. of the home.  

Use a environmental consultant if buying a large property or commercial property as there may be a hazard waste liability on the property

Protect your investment with A Title search and title insurance policy will discover recorded liens on the property, who has the right to sell the property, history of ownership, tax search, unsatisfied judgements against the property, 

Homeowner Associations –  ask questions directly to the homeowner’s association especially when it comes to pets, commercial vehicles and sheds or better yet get a copy of the current homeowner association covenants, conditions, restrictions manual and the bylaws manual. 

The bylaws govern how the HOA operates and contain the information needed to run the HOA as a business.

The CC&R are the rules of the neighborhood.

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Florida Room Square Footage Is It Considered Living Sq. Ft.

Living Sq. Ft. Florida

Make sure when your looking at homes you know the true gross living sq. ft.  of the home .   You may think your buying a 1800 living sq. ft. home as advertised, but in reality your buying a 1600 sq. ft. living sq. ft. home.  Living sq. ft. as defined for the main home in Florida is all space under roof and central heat and air.  This does not apply to space where the floor drops from the main floor of the home as in a garage or lanai.

Florida rooms are  a prime example of space that gets added into the total living sq. ft. on home listings.

In order for an appraiser to add living sq. ft. for a Lanai that has been turned into a Florida Room the Florida room must meet the following criteria.

Must have glass windows

Must have central heat and air not a add-on uint

The floor must be at the same level as the house

No patio doors from main house to Sun Room

All permits must be pulled and is it recognized by county assessor as gross living sq. ft. 

If any of the above criteria are not met an appraiser cannot count the sq. ft. in the room as part of the gross living sq. ft. 

True living sq. ft. affects the value of the home and comparing other homes of like kind in making a buying decision.

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Adverse Possession In Florida

Adverse Possession

Adverse Possession In Florida

Squatters, trespassers, and encroachers may, over time, gain ownership rights to Florida property.

There is no single statute in Florida that spells out the elements that a trespasser must establish to prove adverse possession.

Read More Here

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