Tag: Buying home

Greatest Home Seller in History?

Recently, I was having coffee with a number of my Real Estate peers and the subject of the Saint Joseph Statue was brought up.  I had known about the Statue for some time and have even used it on hard to sell properties.  My parents’ agent used the statue years ago to sell their house.

For those of you unfamiliar with Saint Joseph, he was Jesus of Nazareth’s earthly father.  He was a skilled carpenter and taught his skills to Jesus.  He made sure his family always had a home over their head.  For centuries, people have prayed to St. Joseph when they needed help in finding or selling a home.

Legend has it a group of Nuns in the early 1500’s needed land for their cloister.  They prayed to St. Joseph and then buried St. Joseph medals and continued to pray to him.  Shortly, after their prayers were answered and they received the much needed land.  Their medals were the first “St. Joseph Real Estate Sales Kit”.  Later the medals were replaced with small statues.

St. Joseph Real Estate Sales Kit

Whether you are a believer or not, the Legend is well known in Real Estate circles.  The “Real Estate Sales Kits” are available at many Real Estate Board stores.  Thousands of testimonials are available on online websites that sell the “St. Joseph Sales Kits”.  The statue is buried head down in front of the property.  A daily prayer is recited asking St. Joseph to help.  When the house sells, the owner is to dig up the statue and take it to their new home.  The statue is then buried head up and the blessings follow the family to their new home.

So, if you have a hard to sell property, you may want to look into this historic sales kit.  Will it help?  I can’t say but a little prayer never hurts!

 

Mike Cathell,
Broker/Owner, Investment Property Consultant

Real Estate Services of SWFL, LLC
Real Estate Services of Citrus County, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com
 
#Florida Real Estate     #Cape Coral Real Estate    #Fort Myers Real Estate
#Real Estate Investing   #Property Investments   #Wholesale Properties
#Wholesale Florida Properties  #Commercial Real Estate Funding
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For House Buyers in a Seller’s Market

A quick definition of a Seller’s Market is when many Buyers are competing for a small inventory of houses.  We are currently experiencing this trend in SW Florida. The inventory has dropped significantly the past few months and new Home Buyers are migrating to Florida in record numbers.  What does this mean for current Buyers?

With a low inventory, the Buyer needs to be less selective on the features that are needed, wanted or would like to unnamedhave.  In the past I had Buyers list all the features they wanted in their Dream Home.  Then we would edit the list crossing off things that were not necessary in the decision, items that were negotiable and items the Buyer could not live without.  This list has never been more important than in a Seller’s Market.

Every Buyer needs to realize, there is lots of competition on each house.  To get the offer to contract a Buyer needs to be aggressive, have everything in order and be realistic.

First thing first.  Get your financing in place.  Sending an offer with a Bank Loan approval letter is far stronger than the Buyer who will apply after the contract is accepted.  Cash offers will always take precedence over financing, but taking this step first shows the Seller you are a serious Buyer.

If you are planning to put in “Low Ball” offers, you are wasting everyone’s time.  If the property is priced correctly, the Seller should get multiple offers very quickly.  I have had clients in shock when they lose an offer at List price.   Price is dictated by Demand.  More Buyers than Sellers + Low Inventory  =  Demand.  It is not unusual to see houses selling for higher than list price in a Seller’s Market.

Compromise in inevitable.  The chances of finding a home with all your wants and needs is very slim.  As I mentioned earlier, take your list and decide what you are willing to give up.  With fewer choices, the house with all your wants may not even be in the current sales inventory.

A Seller’s Market is not for every Home Buyer.  Buyers need to weigh the importance of buying now or waiting.  The Buyer needs to be aggressive and realistic with offers.  Most important, work with a knowledgeable Realtor.

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

 

Real Estate Services of SWFL, LLC

 

 

 

 

Property Pricing Mistakes

Property Pricing Mistakes

The goal of listing a property is to get it sold.  Here are some common mistakes with pricing.

1.  Starting too High.   Many Property Owners start too high based on emotional thoughts or advice of friends.  Buyers will only pay a price they feel a property is actually worth.  Buyers do not pay for your memories and memories do not stay with the house.  They go with you.

2.  Odd prices.   There was once a school of thought that odd pricing, $435,982 for example, brought more attention to your listing.  Another old school of thought felt this showed the buyer you took the time to actually price every feature and detail.  Neither are true.

3.  Not using correct comparables.  Sellers many times use the “Active” listings to price their property.  Again. Active ???????????????????????????????????????pricing is what the seller wants to get for the property, not what someone will pay.  The most accurate comparison is the “Sold” list.  Find similar properties that are within a mile, have like features and sold within the last six months.  If this does not  produce a list, make expand your search area and time.

4.  “Wiggle Room”.   This is one of my favorite excuses heard.  We need room in the price because you know the prospect will come in with a low offer.  The other problem with a “wiggle room” price is no traffic.  If you price the property high then no one comes to view the house.  Without traffic, it will not sale.

5.  No flexibility.  Each offer is the chance to negotiate.  Don’t just turn down an offer because it is not your listing price.  Find buyer’s reason for offer, be willing to consider items in negotiation and counter offer.

6.  Not using a Realtor.  Realtors have training, knowledge and experience in the Real Estate market.  Their assistance 923477_10152242665456151_919425558_ncan be priceless.  Survey results conducted by the National Association of Realtors show houses where a Realtor is involved sell faster at a higher price and with more profit.

Where is this Open House flag?

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Click the picture below to find out:

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For more information, email InvestSWFL@gmail.com.

Why Move to Florida?

Florida in November

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Florida in December

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Florida in January

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Florida in February

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Northern States Same Time Frame

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Need to say more?  Call our Relocation Team NOW!

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

Stop Flipping Houses, Now is the time to Hold!

Several days ago, I did my mid-year update on SW Florida Real Estate.  One of the items I mentioned is that investors are not as plentiful because market prices were climbing. Flipping is not as popular and now is the time to adopt a “hold” investment strategy.

An article in Sunday’s Fort Myers News-Press, re-emphasized this idea with interviews of developers that are building apartments again and renters looking for housing.  (read “apartment complexes“).  One of the renters had recently sold his house to rent again.  All the renters in the article had the same comment, basically, nice apartments at a good price were hard to find.

My office does leasing.  Houses and condos have waiting lists in the Fort Myers and Cape Coral, Florida markets.  In thepointe royale 2 few weeks, we have posted 7 rentals on our site.  All received dozens of calls and emails for information.  The market savvy renters ran by our office with completed applications and application fees.  All of the properties were leased the same day as the ad posted.

I have 2 houses I am rehabbing that would make great rentals.  I have “For Sale” signs on both but almost daily, I get calls asking if the owner would rent. (Check them out here)

With this demand, I will be posting several more blogs about buying rental properties, selling rental properties at a profit and how to use crowdfunding to take down larger cash flow properties.   Subscribe to this blog so you do not miss anything!

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Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com

Buy Houses “As Seen on TV!”

I’ve always wanted to say that! Really though, we have all seen the dozens of TV shows where houses are bought under market value. The Buyers put “sweat equity” into the rehab to save money and then they have two options, sell it for profit or rent for cash flow.

I have two properties in North Ft. Myers that could work for these scenarios. I have started the rehabs on both but need to sell to move to a larger project.

One is a 2 bedroom, one bathroom, one garage house that needs about $5000 to $7000 to finish. Depending on the rehab,1870 powell Dr there can be 12 to 15% profit.

The second is a 3 bedroom, 3 bathroom, in-ground vinyl pool house near a high school and swim club. This house needs about $20,000 in rehab and a possible profit of 15% or higher,

Both are under $90,000, as a matter of fact, one is under $60,000. (The more work I put in, the higher the price.) The predicted profit is dependent on how much is spent on rehab and if you can sell under market value. A lot of sweat equity, keeping jollycosts to a minimum and deciding to hold or sell will all affect the profit. The profit figures are not guaranteed. Your planning and rehab decisions will affect your profit. We are in a sellers’ market, take advantage of it to flip these houses.

Make an appointment to see these houses now! Houses under $100,000 are getting harder and harder to find in Fort Myers.

Mike Cathell,
Broker/Owner, Investment Property Consultant
Real Estate Services of SWFL, LLC

Cell:  (239) 770-6250   Fax:  (239) 288-2505
Email:  InvestSWFL@gmail.com