Welcome to.................................... The Pasco Real Estate Blog.com....... The Pinellas Real Estate Blog.com.... The Hillsborough Real Estate Blog.com, & The Hernando Real Estate Blog.com, hosted by John & Lisa Durkin, "The Topgun Team", where we discuss issues related to, and affecting Real Estate in Pasco County, Pinellas County, Hillsborough County, Hernando County, and the greater Tampa Bay, Florida area. Comments and participation encouraged. Please join our discussion!

Human Interaction Is All About Managing Expectations

Yes, it starts when we’re children, growing up, dating, married, negotiating business deals, or planning the family vacation. Let us help you manage YOUR expectations about this Real Estate market. According to the National Association of Realtors (NAR), sales of existing homes in August fell to their lowest point in five years. The NAR says it expects more dismal figures for September. Our observations of a market on life support here in the Tampa area corroborate that assessment.

A broader gauge, the S&P / Case-Shiller index showed prices in the 20 largest metro areas off 3.9% in July compared to July of last year. That’s the largest drop since the index started its decline in February.

So what’s the expectations part? Don’t expect miracles – from anyone. If you are unhappy with your current Realtor® you probably will not find a miracle worker anywhere else. If they are not doing a complete, aggressive, and total marketing campaign on the internet, they are probably not who you want. But, even if they are, they are only fighting for what few qualified buyers exist in this market. If you are not patient, or can not weather this storm, you are in for tough times. Expect the worst, and maybe you may get a small but pleasant surprise.

RECOVERY, EXPECTATIONS, MANSIONS AND MOBILE HOMES

It’s been a long time since we’ve posted anything to this blog. The reason for this is that we’ve been waiting for something positive to say about the Real Estate market and all the forces acting on it. Every time we were ready to post a little note extolling some positive little piece of news, another item would come out in the news that would totally blast down our little glimmer of hope. Quite frankly, we’ve worked real hard to not be the Chicken Littles of the local Real Estate blog circuit. With everything going on, that strategy has basically kept us in the sidelines. Our apologies to all of you who had come to rely on a steady diet of our opinions.

Well, the sky has NOT fallen. We’ve endured hurricanes and their economic impact; the resulting insurance crisis and the insurance industry’s excuse to rip us all off and rack up records profits; the rising property tax burden that has come from increased assessed values while not adjusting for reduced values; and then finally, a meltdown of the sub-prime mortgage market, that has led to a wholesale drying up of available mortgage money. The crisis in this industry is nationwide and ha gotten the attention of the President, the Congress, the Fed and Wall Street – especially as Bear Stearns lost billions on sub-prime bets, giant Countrywide has stared down bankruptcy, and many other lenders have gone out of business quickly.

So, why are we writing now? Well, the fed has dropped short term rates and although that will not quickly and directly affect available mortgage money, it has injected a glimmer of hope into the economy. Hopefully, that little transfusion will pump enough energy into housing consumer confidence that the anemia will disappear and activity will start to be evident.

In the meantime, our recommendation is to stay put if you do not have to sell. If you can buy, do it now! Prices in this area may never be lower, especially on waterfront property. The waterfront in our area is the most affordable in the entire United States. They are not making more of it, and for those with long term vision, the value will always appreciate more than property not on water.

If you have to sell, there is no one out there who does what we do, when it comes to aggressive internet marketing of your home. Please call us and let us tell you what Topgun Real Estate Marketing™ can do for the sale of your home. Let Us Accomplish YOUR Mission! ™

Finally, for all you prospective sellers, all we can say is that you MUST have realistic expectations about the market value of your home. There are virtually NO buyers out there right now, so essentially our homes almost have NO market value. For the few buyers out there, the power is in their hands. They do not care about what your home appraised for last year or that you just spent thirty grand on granite countertops. If the homes in your neighborhood are selling for $150,000 and your home is similar, you home is worth $150,000, NOT $250,000. If your home is not like the other homes on the street, but you are overbuilt, you are not going to command a premium versus your neighbors. In fact, the opposite is true. Your mansion will be dragged down in value by the rusty mobile home next door, and its price will actually go up a little because you built the mansion next door. That, friends, is true in good and bad markets.