Housing Boom DON’T MISS OUT ON THE OPPORTUNITY TO PURCHASE OR REFINANCE WHILE RATES ARE AT HISTORIC LOWS! Rates have never been so low, and now might be a great time make a move on your home. Here’s what the experts are saying:
BILLI WEST
“Even with everything going on in the broader economy, we’re still seeing record levels of refinancing out there, simply because rates are so low.”
Branch Manager Network Funding NMLS# 306348
Andy Walden
3521-B US Hwy 17 Fleming Island, FL 32003 (904) 269-5992 billi.west@nflp.com www.teamnetwork770.com
“With rates near historic lows, millions of consumers have an opportunity to find savings by refinancing and, in many cases, significantly lowering their interest rate and monthly payments. We feel that the low-rate environment is likely to persist well into 2021, and a great amount of focus in the lending community is on building capacity to meet the explosion of consumer demand.”
Director of Market Research Black Knight
Will Pendleton
Senior managing director of third party originations Home Point Financial
Ready to make your move?
To get a FREE analysis of your financial situation and to see if you could benefit from refinancing, contact us today!
Apply now at nflp.com/billiwest Call (904) 269-5992
ABOUT NETWORK FUNDING: Network Funding has served the Jacksonville area for over 10 years. We value simplicity and reliability, so our team works with you personally to create the best plan for your home-ownership goals and get you home as fast as possible! Regulated by the Division of Real Estate. Georgia Residential Mortgage Licensee #18150 *https://www.housingwire.com/articles/the-refinancing-boom-is-just-getting-started/ by James Kleinman
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In Your Corner
GARAGE ORGANIZATION TIPS
Community Property
SIX MUST-SEE MURALS IN JACKSONVILLE
Market Update
CURIOUS IF PRICES ARE UP? WHAT’S THE MARKET DOING? WE’VE GOT ANSWERS!
Feature Story
8 SELLER TRUTHS THAT NO LONGER HOLD TRUE TODAY Despite the abundance of information that’s out there about selling a home — along with numerous TV shows highlighting everything from flipping, renovating, buying and selling — there are still a lot of old-school beliefs when it comes to putting property on the market.
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Top Tips for Keeping Your Garage Neat and
The following is a guest post by the Closet Works Inc., originally published on Blue Matter, Coldwell Banker’s blog.
The garage ranks high along with the basement for spaces where families tend to dump things they don’t know what to do with. It’s easy to store a box you never unpacked, some outdoor equipment or some unused paint in your garage and simply ignore the fact that it’s there when you pull in your car each night. But the clutter becomes more difficult to ignore when, for example, you’re stuck clearing snow off your car or running out to your driveway during a downpour because you’ve filled your garage with too much stuff. You can’t ignore your messy garage forever; and in fact, spring is an excellent time to clean and organize it. It’s not too hot, and you’ll probably need to get to items in your garage like lawn and garden equipment and your kids’ outdoor toys. Here are our top tips for organizing your garage so it stays neat and tidy.
Clean and Sort Everything If you actually do park your car in your garage, pull it out into the driveway or, better yet, park it on the street so you’ve got plenty of room to clean out your garage. Unload everything first, even the boxes that haven’t been emptied since you moved in eight years ago. It might be helpful to lay a few tarps on the ground to protect your goods while you do this. Arranging specific piles of your stuff on tarps is also a helpful way to force yourself to keep a smaller number of items—keep only what you can fit in a given area. Sort your goods into a few piles—what you want to keep, what you’d like to sell or donate, and what should be thrown out. Importantly, if you’re getting rid of paint, paint thinner, used motor oil or household chemicals, be sure to dispose of them properly. After the space is organized, you’ll have plenty of room for a garage or yard sale to get rid of those unwanted items at a later date.
Figure Out How You’ll Organize Your Stuff Garages typically house a unique mix of car-related items, tools, gardening equipment, bikes, kayaks, fishing gear, snow removal tools, beach items and more. It can be a challenge to figure out how
d Organized
exactly to store everything. To give things their own place, you might want to consider a custom garage storage solution with options to store a wide range of items. A design professional can create a plan that affords you enough space to add a workbench with drawers and cabinets for tool or hobby storage. For the gardener in your family, you could also add a potting area with a work surface. During the cleaning phase, you should inventory any dangerous chemicals to see if they’re still usable. Then you can add locked cabinets to keep those dangerous chemicals and sharp tools safely away from curious kids. The garage is a prime area for storing sports equipment like bikes and skis and gardening tools like a hose or rake, which can all be stored off the floor with wall racks. You can also add baskets for bulky things like balls, gloves, masks or pads. Cabinets, both with swing-out and sliding doors (if space is tight when cars are parked), can house many other items you need to store like bottled water, things you buy in bulk or even outdoor furniture accessories.
Find a New Home for These Items Consider a new home for some items which are best stored in areas other than your garage. • Paint should be stored inside where the temperature remains somewhat consistent. Store it out of reach of children and pets in your basement or a closet. •Propane tanks shouldn’t be stored in your garage; a spark could ignite the tank. Instead, store the tank upright and outside in a well ventilated area away from any ignition source. • Paper towels, plates, napkins, cardboard and other paper goods are better kept in your pantry if the packages are open. Storing them in your garage could attract bugs. They could also get damaged by moisture. • Pet food also belongs inside; storing it in your garage could attract mice, rats, possums and other creatures you probably don’t want hanging out there. While your initial garage organization effort may not be the most fun chore, you’ll be glad you tackled the clutter and created a better storage system later in the year. Rather than spending precious time searching for your kids’ bikes and skateboards, you’ll be able to easily find them and enjoy yourselves.
You Don’t Have to Go Far to See the Bigger Picture La Verdad No Tiene Forma by Dourone 123 N. Julia Street, Jacksonville, FL Photo Credit: Wescover.com
Uplift by Steven Teller 125 N. Market Street, Jacksonville, FL Photo Credit:Art Republic
Earth Gods by Shaun Thurston 100 E. Adams Street, Jacksonville, FL Photo Credit: ShaunThurston. com
(Bill) Murray Hill by Jason Tetlak 1187 Edgewood Avenue S., Jacksonville, FL Photo Credit: News4Jax.com
Flora + Fauna by James Reka 245 Water Street, Jacksonville, FL Photo Credit: Rekaone.com The Dance of the Seven Sins Muses by Okuda 927 E. Forsyth Street, Jacksonville, FL Photo Credit: 927 Events
AVERAGE DA ON THE MA
AUGUST 2
68 NEW LISTINGS
Single Family
69
3,441 Pending Sales
3,487
3,059
Closed Sales
AVERAGE SALE
$318,30
$
Data Source: Northeast Florida Association of Realtors
$264,182 August 2018
A
$
AYS ARKET
2020
8
14%
$149,999 or less
11%
$150,000 - $199,999
27%
$200,000 - $299,999
27%
$300,000 - $499,999
6,403 Single Family: 81%
Condo/ Townhouse
65
19%: Condo/Twnhse 15% 6%
$500,000 - $900,999
Pre-Owned: 81% 19%: New Construction
$1,000,000 and up
INVENTORY OF HOMES ON THE MARKET
PRICE $
08
August 2019
$288,770
MARKET UPDATE AUGUST 2020
A look behind the curtain: 8 seller beliefs that no longer hold true today Written by Cara Ameer, broker associate with Coldwell Banker Vanguard. Originally published in Inman News.
Despite the abundance of information that’s out there about selling a home — along with numerous TV shows highlighting everything from flipping, renovating, buying and selling — there are still a lot of old-school beliefs when it comes to putting their property on the market. These beliefs can lead to a long and difficult process. When reality doesn’t meet expectations, the seller’s property might not sell as a result. So, here are eight outdated seller beliefs — busted.
1. ‘If I price it high, they will still come’ Despite the emphasis on pricing correctly the first time, many sellers still subscribe to the idea that they can price a property as high as they want, and buyers will come to see it. After all, they can always reduce the price later, and a buyer can still make an offer, right? Unfortunately, this theory does not play out as a seller expects. The home usually sits with little showing traffic, and the feedback is that it’s overpriced. When this happens, the seller comes up with a million other reasons as to why the home is not getting the attention it deserves from the marketing, property descriptions, photos, video, where it turns up on consumer search sites, etc. The reality is, when you price a home too high, the buyers that are looking in the same price range as the home can afford more and usually want something else. You risk eliminating the very buyers the home would be an ideal fit for. The price sends a signal to potential buyers and agents as to what kind of seller you are — realistic or unrealistic, flexible or difficult. Savvy agents are quite astute at reading the tea leaves and can often decipher a situation based on the pricing.
2. ‘Open houses bring ready, willing and able buyers’ Before the proliferation of the internet, open houses were heavily relied upon as a marketing tool to generate potential buyers. COVID-19 aside, buyers are more aware than ever of properties for sale as a result of listings syndicating from the MLS to several hundred websites. Their phones chime with the latest market activity on properties. Although buyers have attended open houses during pre-pandemic times and may be venturing out in those markets that are actually hosting them, the reality is that most open houses tend to bring out more curiosity seekers and neighbors than buyers who’re ready to buy now. Some of this may depend on the market you’re located in. In some cases, buyers coming through may have an agent, but don’t want to share too much information with the hosting agent as to who they are or what their status is. They may want to browse in person in “stealth” mode and
then arrange a private showing with their own agent. That’s not to say that open houses (in person or virtual) don’t have their place in an overall marketing strategy. They do. However, sellers should not heavily rely on them to generate a buyer when their home is not selling. There is such a thing as too many open houses, and as agents, we’ve all seen ones in our market that are open weekend after weekend. Everyone grows numb to them. They start to hypothesize on why the home is not selling and think the seller might be desperate. So, they end up focusing on more recent properties for sale.
3. ‘Why do I need to substantially improve my home before putting it on the market? It is what it is”
Ah, the great debate over what to fix, change and improve before putting a home on the market. The agent’s recommendations can seem endless. Many sellers still believe they shouldn’t have to do those things or not nearly to the level of what their agent is suggesting. After all, a buyer is going to come in and do what they want anyway. “Why do I need to give them new appliances and countertops in the kitchen or even new flooring?” They think. “Repairs? What repairs? Everything in this house works just fine — why should I have to try to figure out what’s wrong with it? Isn’t that the inspector’s job?” Where to begin! As a seller, you never get a second chance to make a first impression. If you start off on the market on the wrong foot, you’ll have a very difficult time capturing buyers who would’ve been interested in your home had you done the necessary prep recommended by your agent. Failing to properly prepare your home for sale may communicate the message that your home isn’t maintained and is in need of a lot of repairs. It makes the buyer wonder what else may be seriously wrong that they can’t see. In short, it might look like a money pit, and it will cause buyers to eliminate it or make a low offer. Even if the improvements or repairs are not costly, a couple of thousand dollars — or even a few hundred dollars — spent could net a much stronger offer price because you can’t assume buyers and their agents have a realistic grasp of the costs involved to fix up the house. Oftentimes, armchair estimates can be overinflated for things like painting and repairs such as caulking, grouting or replacing a carpet. A deep cleaning also goes a long way to inspiring buyer confidence. A clean space sends the message that the home has been taken care of. Many sellers say they can always tackle prep-for-sale things if they become an issue after the house is on the market. It doesn’t quite work like that. By the time a seller’s home has hit the market, it’s already been replicated across numerous websites, and a host of marketing activities (print, digital, 3D videos, in-person and virtual open house events) are well underway. Interest and attention is always at its peak when a property first hits the market. Therefore, a poor first impression will not generate the excitement and motivation for buyers to run over to see the house and make an offer. Often, the seller starts to chase the market by doing what should’ve been done in the first place. The agent then has to run interference with re-promoting the listing, which could involve new photos, marketing and exposure with the hopes that people will reconsider if they eliminated it or attract some new attention. After doing prep-for-sale work, many sellers think they can raise their asking price because they simply repaired or replaced things that needed to be done in the first place. Again, it does
not work like that. The market won’t pay more for maintenance, but it will result in better showings and the likelihood of strong offers.
4. ‘Show me the money’ As a listing agent, there’s a moment when your inner voice starts to speak to you — and that’s when sellers start to expound on all they’ve done to their house. Many sellers still believe that whatever improvements they’ve put into their home automatically translates into a higher selling price. The reality is, the market will never pay you dollar for dollar for the improvements you’ve made, and some things might be too taste-specific to motivate a buyer to pay more. Pools are a great example of this. It’s no secret that the cost of building a pool can easily hit $100,000 or more, based on size, the type of decking, screen, heater, whether or not it has an in-ground spa, etc. Although a pool does provide some value, an appraiser will not add the cost the seller incurred in building the pool to the overall value of the home. It may only be given a third or half of the price to build it, depending on what is typical for the area and the neighborhood. At a certain point, going over the top with renovations or additional features is not going to command a certain amount of money over the highest comparable sales. Although it might help the home’s appeal and overall marketability, the custom kitchen with taste-specific finishes — no matter how full of brand names it is — will not necessarily command a premium with buyers. The media room complete with projector and surround sound may not be something every buyer has to have — or even wants. They’re nice to have, but some things — like fancy summer kitchens, fire pits and garage cabinetry — don’t guarantee a buyer is going to pay over what recently closed homes have gone for, plus or minus adjustments. As a seller, it can be difficult to understand that what they feel contributes to the value of their home may be something that a buyer shrugs their shoulders at. Everyone has different priorities.
5. ‘More repairs?’ Many sellers still balk at the idea that a buyer might come at them with a repair request after inspections. They’ll argue that their home isn’t new, and if a buyer wants a new space, they should go buy one. It can be difficult for sellers to understand that if they won’t work with a buyer on repairs, they could easily lose them during the inspection contingency period. The added stigma of a home coming back on the market after inspections is never a good thing, and it tends to raise eyebrows as to what happened. Another buyer will make an offer, negotiate and likely want to have their own inspections done again. Unless the seller’s attitude shifts, the same thing might happen again. At a certain point, the seller may have to address the repairs in question, substantially reduce the price or give the buyer a closing cost credit in lieu of repairs. Certain things may have to be addressed before closing, such as replacing an older roof, plumbing or electrical issues that could pose a health or safety concern as well as impact the buyer’s ability to obtain insurance.
6. ‘I can give a flooring allowance at closing’ Speaking of repairs, many sellers think they can give an allowance toward the cost of replacing something that’s old or outdated in their home subject to an acceptable offer. Although the idea sounds practicable, this is very old-school thinking. A seller can’t give a buyer a flooring allowance at closing as a part of the official closing process. Any concession granted from a seller to a buyer is best accomplished by the seller either
reducing the purchase price accordingly or paying a certain amount toward a buyer’s closing costs. If a buyer is getting a loan, a lender won’t allow this to be handled any other way. In many cases, it may be easier for the seller to simply replace the carpet or upgrade the appliances before putting the home on the market.
7. ‘More marketing means more buyers willing to pay my price’ When a home isn’t selling, sellers might think they need more marketing. However, they often can’t really quantify what that means and don’t understand what tactics may or may not get tangible results. Sometimes, they have outdated beliefs as to what should make the phone ring off the hook with buyers. (Making the phone ring is an outdated belief within itself since people engage with agents in all sorts of ways.) Newspaper and magazine ads? Billboards? Flyers? Postcards? A listing agent often has to educate sellers as to what marketing strategies and activities will work best with their property and explain how it will be used to raise awareness and engage prospects. However, all the marketing in the world won’t attract the right buyers if the home is overpriced, doesn’t show well or looks unattractive in photos and video. A seller may also think that the thousands of views their property garnered online should translate to numerous in-person showings. An agent has to spend time educating their sellers that while those stats are encouraging, the number of views from various websites does not mean that every person who’s clicked on the listing is a ready, willing and able buyer. People surf property websites from all over the world for various reasons. They might just be dreaming about the house they’re going to get “someday” rather than being actively in the market for one right now.
8. ‘Every buyer who sees my home must want to buy it’ We wish. If only it were that straightforward. Some buyers are more specific and definitive than others. Some can articulate exactly what they want, while others have to use the property search to get some clarity on what’s important to them. If the buyer is a couple, there’s a chance they might not be on the same page — which makes the house hunt all that more difficult. Also, buyers are in varying stages of their search. A buyer who is initially exploring an area is likely going to take more time compared to someone who’s familiar with it. Some buyers are on shorter time frames to make a decision, while others might be planning on taking their time. While it would be great if every buyer that saw a seller’s house was ready, willing and able to buy it right this minute, the reality is, it’s typically a process of elimination. The good news for sellers is that, given the current COVID-19 climate, buyers looking at homes for sale are likely more serious, ready, willing and able now compared to pre-pandemic times. Given what’s involved with showing properties today — safety precautions, travel restrictions, general hesitation and uncertainty — buyers are more focused on what they want. They’re making decisions in a shorter period of time. People’s beliefs about real estate often stem from their own experiences, that of their family or friends, and of course what they see in the media, which tends to oversimplify a process that’s anything but simple. Outdated beliefs and misconceptions are common. To ensure a successful outcome, an agent must get real with their sellers about the realities of selling a home in today’s climate.
Where passion meets purpose.
Coldwell Banker Vanguard associates continue to lead the way by supporting numerous organizations and hometown heroes through acts of kindness and cash grants. Coldwell Banker Vanguard agents are very much a big part of the communities they work in, be it hosting fundraising events, coordinating donation drives or volunteering at community events.
Recently, agents at the Fleming Island office hosted a blood drive in partnership with One Blood, and this month, they are hosting a food drive for Waste Not, Want Not.
Are you familiar with Amazon Smile? CBV Cares is a registered participant with Amazon Smile, a program that donates 0.5% of the purchase price of eligible products (same pricing) to the charity of your choice. All you have to do is start your Amazon shopping from this link: smile. amazon.com, be sure you select CBV Cares as your charitable organization and Amazon does the rest!
Thank you to our customers,
, agents and staff who continue to help us change lives.
5 Ideas For Dog Spaces
It is said that home is where the dog is – and creating a special place for your fur babies will provide a safe, stimulating and comfortable environment. Pets – just like people – tend to have their favorite spots in the home, and these ideas will help you make your dog’s home dreams come true.
Let sleeping dogs lie Everyone loves a comfortable bed – even your four-legged family members. Dog beds are available in a wide variety of materials, sizes and styles, so it’s best to consider your specific pooch’s needs when selecting a bed. Think about the size of the dog, their sleeping habits, do they prefer something cool or maybe they have some physical limitations that must be considered. And a removable cover is a must for simple cleaning. Certain materials resist dirt and fur yet will look stylish and complement your home’s décor. Others may soften with each wash and resist moisture, dirt, fur and dander.
Dog gates provide safety Dog gates can be a big help in keeping your dog safe and out of the way during times when you don’t need them underfoot, like during a major holiday cooking extravaganza or maybe you’re working on a home improvement project. Or perhaps there’s a room you don’t want them in. Dog gates can be just the thing! They also let you still be within sight and earshot – especially important for those dogs with a little bit of separation anxiety.
The Dog Cave Dogs are den animals, and as such, they prefer a place of their own. Kennels and crates give them a safe place to spend quiet time and nap, while feeling secure and comfortable in the confined space. Add bedding, a few toys for when you’re gone or not available and voila, they have their own enclosed place to escape to.
Big Brother is watching Who hasn’t wondered what their dog is doing when they aren’t home? With the plethora of home security cameras and livestreaming services now available, you’ll never have to wonder again! You can stream videos straight to your smartphone, use the microphone to chat with your best friend and for those feeling extra fancy, there are special dog cameras that can even dispense treats remotely!
Fido, your table is now ready Most pets have a specific eating area in the home; this helps limit the mess in the house and also trains your dog to eat in a certain place (meaning less begging at the table or expecting food in multiple rooms). To protect the floor (and make clean-up a breeze) use a petfriendly placemat that is designed specifically for pets. Use two separate bowls for food and water (dishwasher safe is another way to save valuable time); the bowls should be appropriately sized for your pet. For taller dogs, consider using an elevated feeding dish which improves digestion and makes eating easier.
Closing Bear is a fast-paced title company that offers title insurance and closings for anyone buying or selling real estate. Simply put, Closing Bear does all the paperwork when someone buys or sells property...but they do it better than anyone else.
OUR PROMISE We will take the stress out of your transaction and your closing will be a celebration, not a relief. We will add education to each customer so that you leave your transaction knowing every detail, and not asking “what did I just sign?” We will communicate with every party in the transaction in real time, clearly, and effectively. We will work harder than any title company you’ve ever seen.
ABOUT US “Closing Bear launched in June, 2019, and has quickly become the fastest growing title company in Jacksonville. By infusing modern technology and practices into an age-old industry, Closing Bear has positioned itself as the most innovative company in its market.” —Innovate Jacksonville
Chip Lynn, CEO/Managing Attorney • Chip@ClosingBear.com • (904) 738-1672 • www.closingbear.com