The Future Is Now in Home Searching

We have a special home tour we want to show you today. Get ready to go 3-D.

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Today we’re doing a virtual tour on one of our new construction properties in West Bradenton with a new technology called Matterport. Matterport is a specialized 3-D camera that allows you to do virtual tours or walkthroughs of properties prior to actually seeing them in person.

We feel strongly that it’s our duty to provide a better service than our competitors. That’s why we have invested heavily in this technology—so we can bring it to more of our clients than other Realtors.

For our customers’ sake, we’ve invested heavily in this technology.

In the video above, you can see what the camera looks like. To see the virtual tour of this wonderful new property and immerse yourself in it, click here.

Needless to say, this technology is a godsend for our international or out-of-state clients looking to buy a home in our Sarasota/Bradenton market. In fact, we recently got an offer on a house just three hours after it was listed from a couple all the way in Germany!

If you have any questions about how this technology can help you, whether you’re a buyer or seller, don’t hesitate to call us, email us, or visit our website. We look forward to hearing from you!

6 Things Buyers Should Never Say During a Home Tour

More and more listing agents are attending home showings these days. As a buyer, there are six things you should never say during showings if you want to get the house.

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One mistake all of us make during open houses or home showings is talking too much. You need to look at the home buying process as a poker game; you don’t want to show all of your cards. Many listing agents offer accompanied showings, which means the listing agent is present during an open house or showing. So, while you’re looking at a house, here are six things you should never say:

1. I love it! Again, do not show them all of your cards. You may say “I love it,” but they hear, “I’m going to pay more than the asking price to get this home.”

‘I love it’ means you will pay more than asking price.

2. That is hideous! Whether it’s a piece of furniture, a picture, or wallpaper, don’t express your negative opinions about the seller’s decor. The seller will hear your feedback and they may be so offended that they decide not to negotiate with you. Don’t worry if you don’t like their velour couch from 1980. The couch is not going to be left in the home, and even if it is, you can always put it out on the curb.

3. The house is overpriced. If you say the house is overpriced but then you make an offer, who holds the cards in that situation? The seller. If you make an offer, they know that you love the home, and they will negotiate your price up.

4. Why are the sellers moving? Don’t worry about asking the listing agent why the sellers are moving. Let us negotiate that with the listing agent later. If you ask that question, you are putting yourself in a poor position to negotiate.

5. How are the neighbors? We can do that background work on our own. If you ask the listing agent, they will just tell you what you want to hear, not what you need to hear.

6. Will the seller take X amount? Again, don’t throw your cards on the table. Walk away and leave a neutral impression behind. Then, we can see what we think the home is worth in the market and strategize about what kind of offer we can make later.

Overall, the important thing to remember is to not reveal your hand. Play your cards wisely when walking through an open house or going to a home showing. Talk to your agent after the fact to figure out the best strategy to purchase the home.

If you have any other questions about buying a home or about the real estate market in general, give us a call or send us an email. We would be happy to help you!

Don't Buy the Boat, Buy a Duplex

Should you buy a boat or invest in a duplex? Here’s how you can do both and still have enough money to finance your lifestyle.

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We all know that the Sun Coast area is a great boating community, but before you go out and buy a boat, I’d like to ask you one question: have you considered investing in a duplex instead?

This may sound like a strange comparison, especially when you see all of the pictures of your friends and family on Facebook showing off their updated boats and boat accessories, but let’s break the cost of a boat down.

Believe it or not, the average cost of a nice boat is probably close to $50,000. If you have $50,000 cash to buy a boat, that’s great! You can slap that $50,000 down and sail away with no payments or taxes, right? Wrong. This is the worst thing you can possibly do in my estimation.

What if you took that same $50,000 and put it toward a $150,000 duplex? There are duplexes in our area available for this exact price. If you were to do this, you would have a $100,000 mortgage. At 4.5% or 5% interest, plus taxes and homeowners insurance, your monthly payment would be about $800 on that duplex.

Why does it make more sense to pay $800 a month for a duplex than it does to buy a boat straight up? Rental rates right now are about $800 to $850 anywhere in town. If you were to rent out both units of that duplex, that property would be bringing in $1,700 every month with only an $800 payment on your end. That’s $900 of income in your pocket each month!

Owning a duplex can net you an extra $900 each month!

Let’s revisit the boat scenario. If, instead of buying the boat in cash, you were to finance the boat at the going interest rate of about 4.5% with a 20-year payment plan, your boat payment would be about $350 per month. If you financed the boat at the same time you rented out the duplex, you could potentially use that extra $900 per month to make your $350 boat payment and still have $550 left over each month. Now you own a boat and a duplex!

Think about other things that your duplex income would allow you to afford: college, a new car, land, or maybe a second home? Which other investments can you think of that would generate you this kind of income while allowing you a tax write-off at the end of the year?

Investment properties can not only pay for your new toys, but will set you up to be in good financial standing in the future.

If you think that investing in a duplex is a great idea too, or you have any other questions about buying or selling real estate in our area, give me a call or send me an email anytime. I’d be happy to point you in the right direction!

Should You Be Buying or Selling in Bradenton?

Is it a buyer’s market or a seller’s market in the Bradenton area? The answer is both.

Overall, when you look at the larger numbers, the inventory levels are favoring buyers. In breaking down each individual house in each individual neighborhood, however, the market is favoring sellers.

If you’re in the lower price point (under $350,000) anywhere in the Manatee-Sarasota area, for instance, you’re very much going to be in a seller’s market. If your home is priced effectively and accordingly, it will sell very quickly. If you’re in a higher price point ($500,000 to $700,000) anywhere in Northwest Bradenton, you’re looking at about nine to 12 months of inventory, which makes it a buyer’s market.

Is it a buyer’s or seller’s market? The answer is both.

Whether you’re buying or selling, it’s important that you look at your price point and your neighborhood to find out which market applies to you. If you’re a seller, you need to do the updates and upgrades and price effectively and accordingly. If you’re a buyer, you need to do your homework regarding inventory. The good news for buyers is that there is more inventory coming up, so you will have more choices and more opportunities to make a better deal.

With that being said, the market is slowly starting to favor buyers. Houses will still sell, but you have to provide the best value if you want yours sold in a timely manner. If you have any other questions about our real estate market, give us a call or send us an email. We look forward to hearing from you!

What Should You Expect From Your Home Inspection?

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I think it is important to have a home inspection on every single property you buy. If you’ve bought or sold homes in the past, you’re probably wavering on the necessity of a home inspection, but you need to know as much information about the home as you can.

There are several types of home inspections, but the one you want to start with is the general overall home inspection. Expect the general inspection to last from two to four hours. You don’t necessarily need to be there for the whole process, but it is important that you show up sometime near the end. The inspector is going to take photos and notes on anything they find along the way so that they can go through the information with you point-by-point and advise you on how to resolve any problems. Houses are built with time, money, and effort, and keeping up with repairs is no different.

Let’s say the inspection does bring an unexpected issue to light. What we would do in that case is approach the seller and, depending on what kind of contract you’ve agreed to, negotiate with them on how to fix it. This is why it’s very important to have an expert Realtor handling the process. Along the way, you want to feel comfortable that you’re getting a good deal.

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You want to feel comfortable that 
you’re getting a good deal.

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A home inspection isn’t 100% failsafe. It’s possible that the AC unit will wait to go haywire until after you buy the home. What I recommend, then, is that you buy a home warranty after the inspection to protect yourself against any major setbacks. You always have the option of extending it past that time period.

If you have any questions, please feel free to give us a call or shoot us an email. If you’re looking to buy or sell a home, then we would love to help. Have a great day.

Is Seller Financing Right for You?

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Just the other day I had to assist a seller with some seller financing. It’s not all that common, and that’s why I think it’s important for you to know about. Seller financing can be a useful tool because it allows sellers to move a home faster and get a sizable return on the investment. Buyers may benefit from less stringent qualifying and down payment requirements, more flexible rates, and better loan terms on a home that otherwise might be out of reach.

Before I begin, I’d like to preface this information by telling you that you’ll likely need a lawyer if you wish to obtain seller financing. This is not something that I can do, and it’s not something you want to do on your own.

From a seller’s perspective, you need the buyer to put enough money down to protect yourself. You don’t want 100% financing, but you do need enough skin in the game so that the buyer doesn’t walk away. If the buyer does walk away and you have to foreclose, then you do have some reserves to fix the property if you need to. Most of the time you’ll be looking at 30% to 60% down.

One caveat to this strategy is that you cannot have a mortgage and do seller financing. However, if you agree to a 6% rate on a $200,000 home, you would end up pocketing roughly $12,000 per year. That’s nothing to shake your head at.

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You’ll need the help of an 
attorney to pursue owner financing.

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But on the flip side, how should buyers walk into a situation like this? You should prepare to put a very sizable down payment on the home. Sellers are put in an awkward position if you cannot put at least 20% to 50% down. Using owner financing also narrows the amount of homes you can look to purchase, because you’ll need a home without a mortgage on it.

If you’re looking to do down this route, please don’t hesitate to contact me. You’ll need the help of a professional.

I look forward to hearing from you!

The Luxury Home Market in Manatee County

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I’ve been seeing an increasing number of luxury properties come on the market and not sell as fast or for as much money as sellers had hoped for. In fact, in the past six months, only 28 properties have sold in Manatee County over $2 million. Nearly 23 out of those 28 properties were in Longboat Key.

In our area, anything from $750,000 on up is considered a luxury property. I’ve been seeing a lot of homes ask for luxury prices, but I’ve seen few actually get them.

Here’s a quick breakdown of the surrounding area. Lakewood Ranch has the highest concentration of luxury homes, with 60 sold properties over $750,000. Holmes Beach and Anna Maria Island also combined for 60 sold luxury properties. Longboat Key had 33, but the rest of the surrounding zip codes had less than 10 a piece.

There are about 248 luxury properties in the surrounding areas, but most of them are concentrated in a few different areas.

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Your luxury property should 
match the luxury price.

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When buying or selling luxury property, keep in mind that you’re not always going to get the price you expect right off the bat. You’ve got to do your due diligence, especially when selling, to make sure you have a luxury product to fetch that luxury price. People want high ceilings, new appliances, and more.

If you have any questions about our luxury market or if you’re looking to buy or sell in the area, give us a call or send us an email. We look forward to hearing from you!

What’s the Secret to a Successful Buying Process?

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It’s really an awkward feeling to go into someone’s home and look around while they’re not there. It almost feels like breaking and entering! However, it’s even more awkward to buy a house without doing your due diligence and finding out afterwards that there are some aspects about the house that you don’t like or that something is wrong with it! Don't let this happen to you!

1. Take time in the bathroom. It’s the hardest room to go into, but it’s one of the most important rooms you're going to have after you buy the house. Flush the toilet and make sure there are no plumbing problems, and try out the shower and sink as well.
2. Dig through the closets. I’m not saying you need to go check out all their stuff and all their things. The purpose of it is to see if the house has enough storage for you. The idea is to actually do an inventory of your personal items and check the house to ensure it has enough storage for you.
3. Poke around the attic. Disclaimer: Don’t just go poking around someone’s attic - it’s dangerous! However, there are a lot of indicators in an attic that will give you a good idea of the condition of the home. Have your inspector check the attic for termite damage, rodents, and water damage.
4. Be an amateur investigator. If something seems fishy, it just might be. Make sure to ask a bunch of questions before buying. For instance, go to the county building or city hall to ask whether there was an addition made to house and whether the proper permits were pulled. Once you buy the house, any shady things the previous owners might have done become your problem. A lot of these things you have to do yourself if you want to protect yourself against trouble down the road.
   
   
   
5. Meet the neighbors. They have no vested interest in the property you’re interested in, and some of the best information I’ve ever found out about a house in a neighborhood is from the neighbors. If you get in a conversation with them, they’ll likely start rattling off some useful information about the home, whether good or bad. Either way, you’ll probably find some good information from people who live in the area.
6. Ask questions. If it’s there and you don’t know why, just ask! You’re never going to get an answer to anything you don’t ask a question about.

If you’re uncomfortable doing these things, or if you want our help snooping around an interesting property, please don’t hesitate to ask! We pride ourselves on making the buying and selling process as easy as possible for our clients, and we would love to hear from you!  

Why are Home Warranties so Important?

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Today, I want to talk about the importance of a home warranty.

Home warranties are protection. There are so many things that can go wrong on a home you’re unfamiliar with. Even after you have already bought a property, there are so many things that can go wrong from appliances, plumbing, and so much more.

Although an inspection can identify many problems, it will only address issues at that particular time. It doesn’t mean that things in good condition aren’t prone to failing later on. Ultimately, you don’t end up with the truth and that’s the way it works. For example, a seller can replace or fix something, but it might not have actually solved the problem.

That’s why home warranties are so important when negotiating in a transaction. Buyers should demand one, and sellers should offer one. Products eventually break and fail, so you can’t guarantee things like the air conditioner unit will last forever. This is an effective way to offset any concerns a buyer or seller might have.

If you’re thinking about buying or selling a home in the Sun Coast area, give me a call or send me an email! I’d be happy to answer any questions you have about home warranties or more.

How Do You Get the Best Deal in Sun Coast Real Estate?

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Today, I’ll go over the number one step for the best real estate negotiation. This might seem obvious, but you need to hire a proven real estate agent.  When I say proven, I mean experienced. Experience doesn’t necessarily have anything to do with how long someone has been in the real estate industry. Experience is directly related to how many transactions an agent has done.

The average agent only sells 6 to 8 properties per year. That means they are only doing one deal every two months. I don’t know anybody who can be an expert at anything they only do once every 2 months.

As you might know from some of our previous videos, my team has been doing some recruiting. Some of the newer agents from bigger companies that we’ve talked to say that they’re being trained in time management or organizational skills, but not on how to put together a winning offer. Inventory is tight in our area right now, and it’s not so easy to get a buyer into a property. The ability to put together a winning offer is crucial, and these agents don’t know how to do it.

Another thing you should keep in mind is that 87% of all real estate agents fail in the first five years. That means only 13% of new agents will be successful. If you’re hiring an agent from one of these big companies, how do you know that you’re not getting one of these agents who won’t be able to get the best deal for you? How do you know you’re not getting an agent who is struggling and will quit in the next couple years?

You need to Google real estate agents before hiring them. Find their Zillow or Trulia reviews. Past customer experiences will show you how experienced these agents are. You will also want to know what their list-to-sales price ratio is. As a buyer, you want this number to be lower, because the agent will be able to negotiate the price down. As a seller, you want it to be higher so that you will net more money.

Don’t let this discourage you into selling your home yourself. For Sale By Owner properties sell for 15% less than properties that sell with an agent. You might think you’re saving money by avoiding the commission, but you will actually lose more money. If you're a buyer, don’t just call the listing agent. The listing agent is there to protect the seller’s interest.

Whether you’re buying or selling, you need a proven agent on your side. If you have any questions, give me a call or send me an email. I would be happy to help you!

The Secret to Getting Top Dollar for Your Rental Property

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I sell a lot of rental property for a lot of investors, and a lot of these investors are people who didn't initially want to be investors -- they either got stuck with a home they ended renting out or they inherited a property and don't necessarily want to have a tenant.

If you have a single-family rental property that you've had for some time and are ready to get rid of, we have some advice. If you're looking to sell your single-family rental, there is no motivation for the tenant to help get the home sold, so it's best to get them out of the house before you list it.

Renters have zero skin in the game, so they likely won't cooperate the way you would need them to in order to have a successful sale. They will not stage the home the way it needs to be staged, they will not leave the home when buyers arrive for showings, and the tenants will often exaggerate about the issues they have with the home when buyers are present. There are also times where the closing process is delayed because tenants don't move out on time, which serves to add time and stress to the whole process. Bottom line: If you want to get the best results when selling your rental property, get the tenants out of the home!

Next, let's talk about multi-unit homes. If you find yourself in a situation where you have an empty unit, whether it's a duplex or a triplex, the best thing to do is not always to get it occupied right away. I like to allow another investor or buyer to see that particular unit so you don't have to disturb your other tenants. If the investor wants to pursue it further and can verify that they're well-qualified, we can then disturb the other tenants and show the empty unit.

If you have an occupied property, make sure you're maximizing the rents. So many people have tenants in every unit, but they aren't getting the most out of the rental. If you're setting rents below market value, it's going to lower the market value of your property! Investors are going to look at that and will pay you accordingly.

If you have any questions about selling your rental property, or if you would like some advice on how to maximize your rental profits, please don't hesitate to reach out to me. I would love to hear from you!

The Importance of Prequalifying for Your Mortgage on the Sun Coast

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It’s very easy to stick out to home sellers in the Sun Coast. You just need to be pre-qualified for a mortgage. It makes you nearly as good as a cash buyer! If you’re not pre-qualified for a loan, most sellers won’t even look at your offer.

To explain some things today, I have Mike Tullio with Guaranteed Rate. Mike says that the first step in your home search process should be to get pre-qualified. The market is extremely competitive, so this is a necessity. You need a legitimate letter that proves a professional has studied your credit and finances, and can vouch for your ability to afford a home.

This will also help to determine what kind of home you can afford, and this makes the home search process much easier. This is one way to set yourself up for success. You don’t want to waste time looking at homes that you cannot afford. You will need to submit a lot of documentation to Mike, but this process is all worth it. You will be an attractive buyer, and you will also know exactly what kinds of homes to look for. This also speeds up the process for you!

Sellers on the Sun Coast should also be aware of this and only look for pre-qualified home buyers. This is the safest way to guarantee that a transaction will go through smoothly.

If you have any questions or concerns about this process, you can contact Mike here, or simply reach out to me.

I look forward to hearing from you!