New Port Richey, Florida Real Estate Blog: September 2010

Homes for Sale in West Pasco FL Active Adult - Market Report August 2010

Homes for Sale in West Pasco FL Active Adult - Market Report August 2010

First thing I want to say is the market is not as bad as the pie chart below depicts.  Snowbird season has yet to begin.  I think when that happens the inventory levels will dramatically drop with an increase in sales.  As of this report there are over 21 months inventory.  In the coming weeks the Snowbirds will start to return and closings should follow a month or so after that.  With a good interest rate a 55+ Condo can go for as litttle as ~$100/month

West Pasco FL Active Adult Market Report August 2010

Below you will notice a marked difference between Active Adult communities and the rest of the county, there are few Distressed properties.  That in part is because they sold their home back up north, and paid cash for their residence.  

No mortgage = No way to get distressed

in all 3 groups (Actives, Under Contract & Sold) distressed properties make up only ~10% of the market

West Pasco FL Active Adult Distressed Market Report August 2010

We have Active Adult units listing & selling for as little as ~$25 per square foot

As you can see below over 500 listings are available for between $19,000 and $379,900 ($25-160/spft.)  How do you know you do not have your property priced correctly?  When it has been on the market for longer than the average for solds.  Solds in 55+ communities is higher than the rest of the market at 125 Days on Market (DOM.)  So if your unit is on for longer than that, like oh say for 1,395 days, you might want to reconsider the pricing.

Also worth noting below is the number of units under contract is 10% higher than the number of homes that sold in August 2010

West Pasco FL Active Adult Market Report August 2010West Pasco FL Active Adult Market Report August 2010

Somebody actually bought a home in an Active Adult community for only $22,000.  Do you really think prices are going to get any significantly lower?  I think if you have the means, this is the Snowbird season to finally pick your retirement unit that best suits your needs

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All information provided is deemed reliable but is not guaranteed and should be independently verified.

Properties subject to prior sale or rental

 

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6 commentsDaniel J. Hunter • September 11 2010 05:29PM

West Pasco FL Homes For Sale and Market Report - August 2010

West Pasco FL Homes For Sale and Market Report

Well unfortunately Inventory levels are increasing by over 100 units to almost 2900 Single Family homes for sale compared to July.  Although another key metric of the market is Solds, which is up as well over July 2010.  Unfortunately it is up only 8%.  We were expecting a lull in the business in July because of all the closings pushed into June to get the Tax Credit.

West Pasco FL Distressed Homes For Sale and Market Report

Same story as usual in the Distressed Market Report.  Approxiamately 1/3rd of Actives are distressed, over 2/3rds of houses under contract are distressed and the majority of houses that make it to closing are NOT distressed

West Pasco FL Homes For Sale and Market ReportWest Pasco FL Homes For Sale and Market Report

We currntly have housing available from $10,000 up to $3.85 million.  The cheapest home sold went for only $19,900.  And it also shows there are some incredible bargains, if you are willing to put some work into it.  I am pretty sure a house selling for less than $16 per square foot.

Quite a variety of housing eh? I see 600 Days on market, 750 Days on market AND 1269 Days on Market. And yet the average Days on Market for Sold Houses is, and has for some time, been ~90 days on the market or just about 3 months.

If you want to sell a house your listing has to be IN the market, not just ON the market

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All information provided is deemed reliable but is not guaranteed and should be independently verified.

Properties subject to prior sale or rental

 

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5 commentsDaniel J. Hunter • September 10 2010 09:03PM

A checklist of things a Seller can do before the home inspector arrives

Russel Ray is a highly regarded member of ActiveRain and from the knowledge he has shared he seems to really know his stuff.  As it is getting harder and harder to get homes to closing this list will help you eliminate lots of potential road bumps before they are a problem with regards to getting your home to closing.

Via Russel Ray, San Diego home inspector (Russel Ray, Property Consultant):

Call Russel Ray for all your home inspection needsCall Russel Ray for all your home inspection needs


A checklist of things a Seller can do
before the home inspector arrives

Doing as much as possible before the Buyer's property inspection helps ensure that escrow goes more smoothly. Following is my "checklist" of items often found during the course of a property inspection that a Seller could do or could easily hire a general handyperson to do.


OUTSIDE

  • Check that doorbells work.
  • Check for missing roof shingles.
  • Check for loose/damaged/clogged gutters/downspouts.
  • Check attic ventilation and condition of vent screens.
  • Check to see if there is standing water, especially near the foundation, after irrigation or rainfall.
  • Check for cracks in foundation walls.
  • Check structure (including attic and foundation crawl space) for pests (termites, wasps, spiders, nests, etc.).
  • Check exterior weatherproofing (stain, paint, etc.).
  • Check for any wood in direct contact with soil, including fences and gates.
  • Check for loose wiring (electric, cable, phone) and poor wire terminations.
  • Check for holes and damage to siding, doors, windows, and trim so that structure is weatherproof.
  • Check condition of fences or gates (leaning, damaged).
  • Check that any exterior outlets are weatherproofed and not in permanent use for any landscape lighting.
  • Check condition of landscape components (retaining walls, landscaper timbers, etc.).
  • Check for overgrown vegetation, especially in walkways; growing on siding, roof, chimney, fences, or in gutters; or too close to utility lines.
  • Check for trip hazards in walkways, driveways, and stairways (deterioration, vegetation, etc.)
  • Check for loose, missing, or rusted guardrails and handrails at stairways, decks, balconies, and porches.
  • Check that landscape lighting/irrigation systems work, and that sprinklers don't spray on fences or buildings.
  • Check condition of pool and spa, and related equipment and utilities.
  • Check that ponds, fountains, and waterfalls, and related utilities, work properly and are protected from children.


PLUMBING

  • Check that seismic straps are on the water heater.
  • Check that stoppers work in bathtubs and sinks.
  • Check for clogged drains.
  • Check that toilet seat bolts and screws are tight.
  • Check that faucets don't drip or leak around the base.
  • Check stop action on faucet handles.
  • Check condition of caulk/grout in bathtubs/showers.
  • Check insulation on water pipes in foundation crawl space and attic.
  • Check for safe and easy access to water shutoff valves (street curb, water heater, sinks, toilets, etc.).
  • Check for safe and easy access to any gas shutoff valves (meter, furnace, water heater, etc.).
  • Check for loose toilets and loose toilet tanks.


ELECTRICAL

  • Check for safe and easy access to electric panels and main circuit breaker.
  • Check that ceiling fans work on all speeds.
  • Check for burned out lights, including ceiling fans.
  • Check for damaged or loose outlets and light switches, including covers for outlets and switches.
  • Check for unplugged appliances, and unplug anything that is unnecessary to facilitate outlet testing by the Buyer's property inspector.
  • Remove extension cords and outlet multipliers.
  • Check that outlets work.
  • Check for outdated two-prong outlets and upgrade them to three-prong outlets.
  • Check for properly working GFCI outlets in kitchen, bathrooms, garage, and exterior.
  • Check that exhaust fans work in kitchen, bathrooms, and laundry area.
  • Check that any electrical junction boxes have covers.


INSIDE

  • Check condition of towel holders and tissue holders.
  • Check condition of bathtubs, showers, and shower doors, and replace old shower curtains.
  • Check that safety seal shows on floor-to-ceiling windows and glass doors.
  • Check that carbon monoxide alarms work.
  • Check that smoke alarms work, and that they are present on each floor of multi-story houses.
  • Check for loose kitchen and bathroom countertops.
  • Check ease of operation for doors (including closet doors and cabinet doors), drawers, and windows, including windows nailed or painted shut.
  • Check for missing, loose, or damaged hardware on doors (including closet doors and cabinet doors), drawers (stops and guides), and windows.
  • Check for loose glass panes in windows and doors, as well as glass with holes or cracks in them.
  • Check that latches/locks work on doors (including closet doors and cabinet doors), drawers, and windows.
  • Check for damage to screen windows.
  • Remove excessive storage (closets, attic, garage).
  • Check for damage to walls and ceilings that need to be patched and painted.
  • Check for moisture stains on ceilings and walls; around doors and windows; near sinks, toilets, bathtubs, and showers; and near the dishwasher.
  • Check for loose, missing, or damaged guardrails and handrails in stairways.
  • Check for loose, broken or missing baseboards and door and window moldings.
  • Check for cracked tiles or deteriorated grouting in kitchen and bathrooms.
  • Check that kitchen appliances work.
  • Check that an anti-tip device is installed on the range.


MISCELLANEOUS

  • Let dogs and cats vacation for a few hours with a family member, friend, or at a pet spa. Check that other pets (birds, snakes, rodents, etc.) are caged.
  • Certain items should be inspected annually due to their inherently dangerous nature. These include gas-using appliances, pool/spa equipment, roof, and the fireplace and chimney. If they have not been inspected within the last 12 months, having it done now can make escrow go more smoothly.
  • Check that filters are in place and clean (kitchen range hood, heating/cooling, bathroom fans, etc.).
  • Check for soot, cobwebs, and wildlife in the fireplace and lower areas of the chimney.
  • The Chimney Safety Institute of America (CSIA) recommends that the fireplace and chimney undergo a Level II inspection any time real estate ownership is transferred, and I recommend having that done prior to the Buyer's inspection.
  • Check that the fireplace damper opens/closes easily.
  • Check for manufacturer installation guides, operating instructions, or user guides that you can provide to the buyer, especially for kitchen appliances; heating and cooling system; water heater; security, irrigation, fire suppression, central cleaning, and water modification systems; water well; and septic system.
  • Many property inspectors exclude inspection and testing of some specialized systems, such as security and irrigation systems. Once you get the Buyer's inspection report, note what the Inspector did and did not do or could and could not do. Offer to meet with the Buyer to demonstrate how those systems are operated and maintained, and provide the contact information for any companies that regularly service the systems.
  • Check for receipts and warranty papers for any work done on the property, particularly for inspections and work done to prepare the property for sale.

Readers should feel free to reblog this or even to copy it, reformat it, and print it to use in your own businesses. It's always been one of my most useful flyers.

Need an inexpensive photo? Try RusselRayPhotos.com!


Try RusselRayPhotos.com for inexpensive, royalty-free photos.

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All information provided is deemed reliable but is not guaranteed and should be independently verified.

Properties subject to prior sale or rental

 

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

All information should be independently verified.

 

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2 commentsDaniel J. Hunter • September 07 2010 07:18PM