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Real Estate in Jupiter and Beyond

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  • Blog

The Pitfalls of Overpricing Your Home

April 22, 2018 by gailmarcarelli Leave a Comment

The Importance of Intelligent Pricing

Determining the best asking price for a home can be one of the most challenging aspects of selling a home. It is also one of the most important. If your home is listed at a price that is above market value, you will miss out on prospective buyers who would otherwise be prime candidates to purchase your home. If you list at a price that is below market value, you will ultimately sell for a price that is not the optimum value for your home. As Figure 1 illustrates, more buyers purchase their properties at market value than above market value. The percentage increases as the price falls even further below market value. Therefore, by pricing your property at market value, you expose it to a much greater percentage of prospective buyers. This increases your chances for a sale while ensuring a final sale price that properly reflects the market value of your home.
Percentage of Buyers by Asking Price
Another critical factor to keep in mind when pricing your home is timing. A property attracts the most attention, excitement and interest from the real estate community and potential buyers when it is first listed on the market (see Figure 2). Improper pricing at the initial listing misses out on this peak interest period and may result in your property languishing on the market. This may lead to a below market value sale price (see Figure 3), or, even worse, no sale at all. Therefore, your home has the highest chances for a fruitful sale when it is new on the market and the price is reasonably established.
Activity versus Number of Weeks on the Market
The Effect of Overpricing on Sales Price
 
We can give you up-to-date information on what is happening in the marketplace and the price, financing, terms, and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

How much is your home worth?

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Filed Under: Financing, For Sale, Home Purchase, Real Estate Tagged With: Pricing

Moving? How to break it to the kids.

January 6, 2017 by gailmarcarelli Leave a Comment

You have just found the perfect home for you and your family. Your next challenge is to prepare your kids to for the move the new home, new neighborhood and new school. How can you keep the drama to a minimum?

Five steps to ease the pain when moving with kids.

The younger the child, the less able he or she is to “see into the future.” Children tend to focus on losing what’s familiar, and they worry about missing friends and family. Before you sit down to tell your children about an upcoming move, prepare a comforting strategy:

  1. Let your children know, step by step, what is happening and what is likely to happen next.
  2. List all the advantages in the move. For example, will the family be closer to a favorite person, place, or activity? Will your children be able to see old friends and family?
  3. Share as much as you can about the new home, such as where their rooms and baths are and special features like a new playroom or swimming pool.
  4. Introduce your children to their new home online and in person, if possible. Show them where schools and parks are, and other points of interest to help them orient themselves in their new surroundings.
  5. Be ready for “What about me?” questions. Contact organizations for information about ways to continue your child’s special interests. Knowing they won’t have to give up favorite hobbies or sports goes a long way toward helping children adjust to a new environment.

Your preparedness will go a long way in reassuring your children that their needs are being considered, even while big changes are happening around them as your family prepares to move into a new home.
Tequesta Intracoastal
See what the Town of Jupiter and the Village of Tequesta have to offer your family.

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Filed Under: Buyers, For Sale, Home Purchase, Jupiter, Tequesta

Speed up your home purchase

December 28, 2016 by gailmarcarelli Leave a Comment

Purchasing a home can be an excruciatingly slow process. It usually starts with an online search but the real work begins when you begin visiting homes. When you find the home you want to purchase, things can really start to get bogged down.  Between making an offer, obtaining financing, establishing  and meeting deadlines, dealing with contingencies, all of which require loads of paperwork, have the potential to create speed bumps that can significantly slow the processor or roadblocks that can bring it to a full stop.
Here are 10 practices which can help you keep your home purchase on track and get you in your new home as soon as possible.

1. Enlist the help of a REALTOR®

Find a Realtor intimately familiar the town or towns and types of neighborhoods you would like to live in. Be sure you choose a Realtor who communicates and listens well.

2. Get all the information you need up front

The home-buying process can be confusing—especially if you’re a first-time buyer. Your Realtor can answer all your questions and provide you with information you didn’t know you needed. You shouldn’t feel guilty about peppering your agent with questions, but getting the most important ones resolved early on will help maneuver those speed bumps and road blocks.

3. Get your paperwork in order

The buying process requires reams of paperwork. Get everything together beforehand: At least three months of bank statements, pay stubs, letters of explanation for any unusual expenses. Clearly document any family member’s cash gift toward the downpayment. Be aware that self-employed people and business owners will be required to provide at least 2 years of tax returns. See more about self-employed and business-owner requirements here.

3. Get pre-approved  by a trusted lender

Skip the pre-qualification and go for the pre-approval or commitment from a trusted lender. Pre-approval is not a commitment to lend you money but a lender’s way of saying they will likely lend you a certain amount as long as you clear the underwriting process. A pre-approval will be granted only after reviewing your credit score, current debt level, income and employment (past, present and future.)
Find an experienced mortgage loan officer with a proven track record. Your Realtor is a good source for lender recommendations. Many Real Estate Brokerages have lenders they partner with and they are most often the best sources for your pre-approval. Keep in mind that after the pre-approval, you can still shop around for other lenders. Thus, if you decide to go with a different lender, you will have have already gathered all of the required paperwork and will have identified any snags, however, until you have a loan commitment be aware that you may be asked to provide more information.  Our lending partner is EverBank. You can find out more about Everbank here.

4. Be narrow-minded

Whittle down your must-have list to the bare minimum and put very little weight in the nice-to-have list. Nothing on the nice-to-have list should be considered when determining which houses to view. Also, do not waste your time looking at homes that do not conform to your must-have list. Staying focussed on the must-haves will help you choose a home in short order.

5. Look for a home that has been on the market for longer than others

Homes sit on the market for a long time for a couple of reasons. Most often because they were overpriced when they first hit the market. Overpriced listings that do not have aggressive price reductions get stale and miss out on a lot of opportunities to sell. Look for homes that have had recent price reductions which are in line to current market values of similar homes. These sellers are most likely very motivated especially if the home is vacant.
Another reason a home lingers on the market is because it needs updating. Look for homes that are in good repair but have older kitchens, baths and floors. These homes generally fetch less on the market and you can use what you save on the price to update the home.

6. Make a strong offer

Don’t lowball—even if you’re convinced that the pink bathroom with formica countertops justifies a $20,000 reduction. Most homes are priced with all of the flaws taken into to consideration. Make sure to have your Realtor prepare a comparative analysis and determine what the market value is. If a home is overpriced, don’t bother making an offer. The seller isn’t ready to sell. If it is priced fairly, offer a fair price, don’t lowball.
Other ways to make your offer stronger include a large earnest money deposit – at least 5% – a large downpayment or second earnest money deposit, a quick closing for motivated sellers of vacant homes, and fewer contingencies.

7. Waiving contingencies

When you’re making an offer on a home, it’s standard to throw in some contingencies which will allow you to walk away from the deal with your earnest money deposit intact if the contingencies are not met. Standard contingencies include, but are not limited to, appraisals, inspections, and financing.
If you’re looking to buy in a hurry you may be tempted to waive some contingencies. Only do so after considering what the consequences may be and be prepared to accept them. For instance, if you forgo the appraisal contingency and the bank appraises the home at a lower price than you offered, don’t expect the seller to lower the price for you, although they may if you can’t get financing and have a financing contingency in place.  If you have committed a large enough cash downpayment you will still get your financing and will most likely pay the price you offered.
If there is any concern at all that you will not get financing for any reason including the bank appraisal, do not waive the financing contingency. If you have the cash to cover the purchase price, consider waiving it. You can obtain a mortgage after the purchase.

9. Write a letter

If you can’t eliminate contingencies or offer more money, and the sellers aren’t moved by a quick closing, consider writing them a personal letter. Tell them about the children you plan on raising in the house, or about your love for the home’s unique characteristics. Keep it short and complimentary.

10. Don’t let the seller see any signs of desperation

Beyond writing a quick closing date into your contract, don’t hint to the seller you are in a desperate need of a home as it could hamper negotiations.
Stay focused on your goal and use a Realtor who knows the area. Be candid with your Realtor about your finances and your needs. Open communication with your Realtor will help her help you achieve your goal.
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Filed Under: Financing, Home Purchase, Real Estate

More buyers are entering the market

September 13, 2016 by gailmarcarelli Leave a Comment

Competition just got tougher especially in the entry level market. However, financial challenges seem to be hampering some buyers. According to Jonathan Smoke,  the chief economist of realtor.com:

  • The share of first-time buyers has jumped to 51%.
  • 35% of buyers have just started to explore but are not ready yet to buy.
  • 59% of buyers had been looking for less than three months.

As more people enter the market new challenges arise:

  • Supply-demand imbalance drives up home prices.
  • 9.4% of buyers report having difficulty qualifying for a mortgage.
  • 19.5% of all buyers need to improve their credit scores
  • 25% of buyers do not have enough for a down payment

Despite these challenges, the market has seen growth in part because of pent-up demand from very qualified buyers who were able to meet the challenging mortgage qualifications that are the norm these days.
If you are among those first-time buyers who are just starting to look, there are a few things that you can do now that will improve your chances of success in the future:

  • Get your financial house in order. Know your FICO score, and work to get it above 700 to improve your ability to qualify and to get a better rate.
  • Understand what you can afford to put down. The average down payment this year is 11% nationally, but it varies dramatically by market and by loan type. If you are struggling to come up with a down payment necessary for your market or type of mortgage, research down payment assistance programs.
  • Get all of your financial records organized, including recent bank and financial statements, the past two years of income tax filings, and pay stubs.
  • Record the details of any debts you may have, from revolving credit card balances to car payments and student loans. You will need all of this before you can work with a lender.
  • Finally: Find a lender and get pre-approved. We still have very limited supply, so being pre-approved continues to be a key part of a successful buying strategy if you intend to finance a purchase with a mortgage. A pre-approval letter as part of an offer will communicate to the seller that you have the ability to close.

See the full article here: First-Time Home Buyers Come Out in Force—but Face New Challenges

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Filed Under: Home Purchase, Jupiter

The Shores of Jupiter Market Update | May 10, 2016

May 10, 2016 by gailmarcarelli Leave a Comment

The Shores of Jupiter

There are currently 5 houses for sale and 11 under contract in The Shores of Jupiter.  See the chart below for the latest activity in this market.
The Shores of Jupiter Market Update - May 10, 2016 The Shores of Jupiter Market Update – May 10, 2016[/caption]
The Shores of Jupiter is an established neighborhood zoned for Jupiter’s A-Rated schools. It is conveniently located to I-95 and the Florida Turnpike. The Loxahatchee River, Florida’s Intracoastal and beautiful natural beaches and parks are within 4-10 minute drive. The homes are affordable in this well-maintained community with the price of 3-5 bedroom homes ranging from the high-300ks to the high-500ks. Most of the homes were build in the late 1980s to the early 1990s many have been updated, some have not. Those that have not been updated offer a more affordable price point and opportunity to buy in the highly-sought-after community.
See more about The Shores of Jupiter.
 

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Homes for Sale in The Shores of Jupiter

Call to schedule an appointment to tour available homes: 561-809-6746.

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Filed Under: Home Purchase, Jupiter, The Shores of Jupiter, Uncategorized

The Shores of Jupiter Market Update | March 16, 2016

March 16, 2016 by gailmarcarelli Leave a Comment

The Shores of Jupiter at the beginning of the New Year.

There are currently 6 houses for sale and 6 under contract in The Shores of Jupiter.  See the chart below for the latest activity in this market.
The Shores of Jupiter is an established neighborhood zoned for Jupiter’s A-Rated schools. It is conveniently located to I-95 and the Florida Turnpike. The Loxahatchee River, Florida’s Intracoastal and beautiful natural beaches and parks are within 4-10 minute drive. The homes are affordable in this well-maintained community with the price of 3-5 bedroom homes ranging from the high-300ks to the high-500ks. Most of the homes were build in the late 1980s to the early 1990s many have been updated, some have not. Those that have not been updated offer a more affordable price point and opportunity to buy in the highly-sought-after community.
See more about The Shores of Jupiter.
 

 The Shores of Jupiter Real Estate update

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Homes for Sale in The Shores of Jupiter

Call to schedule an appointment to tour available homes: 561-809-6746.

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Filed Under: Home Purchase, Jupiter, The Shores of Jupiter, Uncategorized

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