MARKET WATCH
Here are the numbers for my home area. Even if you live out of State just the thought that one of the hardest hit areas in the U.S. had a Great Winter Selling Season should get you fired up about your home town.
But like any other area if your home was over priced it's still on the market. So let's look at some of the numbers.
34286 Sold Homes: Jan: 30 Feb: 37 Mar: 50
34286 Median Sales Price: Jan: $ 92,350 Feb: $ 106,500 Mar: $ 94,570
34286 Avg. Days On Market: Jan: 85 Feb: 101 Mar: 98
34286 Avg. Sale To List Price: Jan 96.03% Feb: 87.63% Mar: 91.60%
34286 3/2/2 Rental no pool $ 950 to $ 1100 per month
34287 Sold Homes: Jan: 46 Feb: 54 Mar: 59
34287 Median Sales Price: Jan: $ 68,000 Feb: $ 67,600 Mar: $ 71,550
34287 Avg. Days On Market: Jan: 113 Feb: 159 Mar: 107
34287 Avg. Sale To List Price: Jan 86.37% Feb: 86.20% Mar: 87.19%
34287 3/2/2 Rental no pool $ 800 to $ 1000 per month
There is definitely a difference between the two areas: Price alone is $ 23,015, days on market 9, and sale to list price is 4.41% difference. How can you use this information to make better investing decisions? Depends on if you are fixing and selling or holding for rental. If you buy a rental in 37287 3/2/2 $ 1000 *12= 12,000 income. Avg. sale price $ 71,550 income to price is 16.77%.
If you buy a rental in 37286 3/2/2 $ 1100 *12= 13,200 income. Avg. sale price $94,570 income to price is 13.96%. Yes, I know you will have other expenses but this is just a gross to gross comparison for a quick snap shot to see if you want to move to the next step of your due diligence producer. Remember you have to start somewhere and looking at the price to gross income is a good start.
Special Training Seminar
Short Sale or Foreclosure?
On Saturday, May 12, at 10 AM I will be one of the speakers at a special seminar for people who are considering a Short Sale or Foreclosure on their homes.
The other speakers will be:
Jason Lucas, Foreclosure Defense Attorney
Kristi Service, Short Sale Negotiator
Stephanie Belknap, Mortgage Specialist
Cornerstone Title Services
Seating is limited. If you would like to attend or know someone that would benefit from this seminar please call me at 941-716-2597 and I will reserve you a seat. Paul
FOR MORE INFORMATION OR TO RESERVE YOUR SEAT CLICK BELOW.
CLICK HERE FOR MORE INFORMATION
6 EXTRA COSTS TO BE AWARE OF BEFORE BUYING A HOME
1. Property Taxes: you will get credited on the HUD from the seller but you will be responsible for the whole year's taxes in November.
2. Services Charges: If you're planning to rehab you will need water and electricity and you may be required to give them a deposit till you establish a good record with the provider.
3. Legal Fees: If you don't have $500.00 for a lawyer to look over the deal you don't really have a deal.
4. Maintenance Fees: If you're buying a town house condo or HOA property you need to get the monthly fees as well as any costs that may be assed in the future (and get it in writing.)
5. Local Improvements: You need to check with all County and City departments to make sure they will not be having any special assessments that come out of the blue.
6. Buying A Partially Completed House: In some areas you will need to apply for permits again and pay impact fees and this can run tens of thousands of dollars.
And I am sure you can think of many more. But we have lots of new investors in the group and they may not be sure of all the little things that can pop up.
Good Luck,
Paul
