How Does a Home Seller Price In Updates?

The 80s called and they want their hair and decor back...said no one ever. 

No seller ever wants to get feedback from a prospective buyer about their home needing updates.  But that is a common opinion expressed by potential buyers.

First of all there is one maxim about buying and selling anything...

Buyers will always look for reasons to pay less while sellers will always look for reasons to charge more.

When preparing a home for the market knowledgeable sellers (and their agents) understand this and will counsel sellers on the art of preparing a home for the market.

Here are some articles relating to getting a house prepared to sell:

• Show Your Home. Not Your Everything!
• Impress Early, Close Sooner.
• Home Seller Tip:  Vanilla with No Sprinkles, Please
• So Your Home is Not Perfect.
• Placing Your Home on The Market Without Preparing to Market
• Great Staging Will Not Overcome Deficiencies
• Selling Your Home is All About the Senses.
• Should a Seller Have a Pre-Listing Home Inspection?
• Don't Neglect These Items to Sell Your Melbourne, Florida Home

Now back to the subject of updates.... 

First of all do not confuse update with maintenance. 

Deferred maintenance has a big price tag.  If the roof needs replacement or the air conditioning does not work expect this to limit offers.  And if an offer does come expect it to be reduced to reflect the defect plus the effort and time to repair.  I have seen offers where buyers wanted a $1500 "credit" for a $250 fix.

What is the cost of updating?  If it is purely cosmetic then the hit should not be as bad.  Still, expect the hit to be substantial. 

My suggestion when updates are anticipated...

Get estimates and price them in at the time of listing.  With documentation to support the list price (comparable, estimates) a seller can proceed more confidently and get their Melbourne, Florida home sold.

Ready to sell your Melbourne, Florida home?  Call text me at 321-693-3850 for your market analysis.

Brevard County, Florida Townhome and Condo Market Summary September 2017

Presented below is a summary report of the Brevard County Townhouse and Condo Market for September 2017 as provided by the Florida Realtors®:

• Closed Sales are down -25.9% for September 2017 in which the number of units closed was 163 compared to 220 in September 2016 with a decrease in cash sales of -43.7% compared to September 2016.
• New Pending Sales are down -35.7%.
• New Listings are down -36.4%.
• Median Sales Price for Townhomes/Condos is up 17.5% to $163,000 compared to a year ago which was $138,700.
• Months Supply of Inventory did not change. It was 3.4 months in September 2016 as well as in September 2017.
• Traditional Sales decreased -24% with a median sales price of $165,250.
• Foreclosure/REO Sales decreased -60% and had a median sales price of $101,500. 
• Short Sale Closings decreased -50% with a median sales price of $60,000 in September 2017.

For information on buying a condo or townhouse in Viera, Florida, please call or text me at 321-693-3850.

Not all 55+ Communities are the Same - Consider Pine Creek in Melbourne, Florida

"What will it take to put you behind the wheel of this car?"   That is my worst nightmare.  It means I am at a car dealership. 

Why do I hate going to a car dealership?  Take a look at the movie Car Dogs and you will understand. 

What does this have to do with a house for sale in Florida?   Nothing really.

When I started to write an article about the Pine Creek subdivision Melbourne, Florida  home I have listed for sale I thought to myself "What would it take to get someone in this house?"

No, I am not hear to twist anyone's arm to buy this house.  I asked myself the question because I wanted to present the information that would make anyone looking for a Florida 55+ community home for sale want to look at this house.

When I compare the Pine Creek development to some of the other Brevard County, FL 55+ communities I see many similarities.  I also see many of the differences.

One of the similarities is the development is newer. Another is it is gated. Another is the clubhouse and community pool (albeit smaller).

One of the key differences among the Brevard County, Florida 55+ communities is the monthly association fees. While the communities in Viera run near or over $300 a month for dues, Pine Creek association fees are about $166 per month.  Another community in Viera is the Indian River Colony Club which is total maintenance, member owned with its own golf course where fees are closer to the $800 to $1,000 per month based on specific floor plan.

Another difference is the community as a whole is smaller.  Is this good or bad?  Why do some people choose to live in smaller towns while some want larger cities?  Its simply a matter of taste.

A key difference is home price. 

• In the Pine Creek development the current single family home  listings range in price from $198,000 to about $265,000.
• In the Grand Isle community in Viera current SFH listings range $242,000 to $419,900.
• In the Heritage Isle development in Viera SFH listings run from $259,900  to $429,900.

These communities are different.  

Buyer decisions are influenced by many things including price, location, neighborhood and amenities as well as monthly fees.  Another difference could be the taxes.

If you are in the market for a home in a one of the 55+ communities in Brevard County please consider Pine Creek in Melbourne. 

My job as a listing agent is to get the most prospective buyers in my seller's property as possible and get the best offer the market will bring.

So here it is... 

Call me to take a look at this wonderful single family home located in the Pine Creek 55+ community in Melbourne, Florida.

Located at 3613 Osceola Drive in the gated 55+ community of Pine Creek in Melbourne, Florida this two bedroom two bath two car garage home is offered for $198,000.   That list price is more than $30,000 lower than the nearest competitor in the subdivision!

The highly desirable Pine Creek community is just off Eber Road and only a short drive from major shopping ares as well as easy access to I-95 and US1. 

Within the community this home is close to the club house and community pool (across street about 200 ft away!) 

With association fees at $500 a quarter the lawn maintenance and exterior maintenance is included [REVIEW HOA DOCUMENTS TO VERIFY WHAT IS COVERED BY DUES].

Some of the features offered include concrete block stucco construction; open Floor plan with 1,335 sq.ft. under air; hurricane shutters all around (back porch and garage electric, others accordion type); all electric; brick paver drive way, walks and screened back porch 

 Call or text me at 321-693-3850  for information on this home or any homes in the Melbourne area.

Phillips Landing in Rockledge, Florida - Homes For Sale - Market Update October 2017

Phillips Landing subdivision in Rockledge, Florida offers a newer deed restricted community offering good value in recent construction (since early 2000s).  List prices in Phillips Landing are, in my opinion, a bit more attractive than prices for simialr style, size and age homes in the nearby Viera planned unit development.   

Typical Phillips Landing Home

Located just off I-95 in central Brevard County, Florida, Phillips Landing offers residents a community pool, playground, parks, excellent schools within walking distance like Hans Christian Andersen Elementary and Kennedy Middle School.
 
Phillips Landing is also ideal for commuters with Orlando only a short drive as well as easy travel for those working in Melbourne, at the Kennedy Space Center, beach side or Melbourne.  

Also nearby are several golf courses as well as medical facilities (in Rockledge and Viera) including multiple physician offices, rehabilitation facilities, and hospitals ( Wuesthoff Hospital Rockledge, Viera Hospital).     The beaches and cruise terminals are only about 10-12 miles away.  

What is currently for sale in Phillips Landing? 

Currently there are only two homes for sale in Phillips Landing in Rockledge.  These homes are listed for $269,000 and $305,000.  These list prices are consistent with the recent sales in Phillips Landing. 

The highest priced listing is a two story home which is less common in Phillips Landing.  Both homes have a two car garage and neither has a private pool.  There is also one other home under contract awaiting closing.

What has recently sold in Phillips Landing?

Over the past six months there have been 8 homes sold in Phillips Landing as reported in the local Space Coast MLS system.  Selling prices ranged from $265,000 to $312,000 with a median sold price of  $305,000.  

More recently (over the past three months), there have been three homes sold in Phillips Landing.  These homes included:

• 1541 Bridgeport Circle - This 2005 built 4 bedroom 2 bath 2 car garage with 2,119 sq.ft. under air home sold for $285,000 on October 6, 2017 and was on the market for only 15 days!
• 3323 Hawthorne Avenue - Selling on July 14, 2017 for $305,000 this 2013 built home featured 4 bedroom 3 bathroom and a 3 car garage.
• 3304 Hawthorne Avenue - 2,432 sq.ft. 4 bedroom 3 bath 3 car garage home built in 2013 sold on July 7, 2017 for $309,000 and was on the market for 29 days.

For information on buying a home in Rockledge, Florida (or Viera), please call or text me at 321-693-3850.