Ramesh Nyberg's Real Estate Blog

Today's Miami Herald front page featured an article about the increase in sales in the ultra-luxury market.

I said in this blog some months ago that the steady absorption of foreclosures would fuel buyer confidence, and eventually pave the way for other price ranges to get healthy again. While it may not be time to do cartwheels, the consistency we've seen in increased market sales and the decrease in inventory has to factor into all the other positive things people are saying about the housing market (which includes a remarkable S&P report on the increase in new construction.)

I should have the July sales data posted on this site in the next couple of weeks. Stay focused, and stay tuned, here!

By now you've heard about your ability to petition the County to lower your real estate taxes. Well, you just don't call up and start complaining--there is a specific procedure, and in case you missed it, the detailed instructions are right here on this website on the homepage, or you can click right here to download the document.

If you are starting to hear more positive news from various sources, it's no coincidence--so are we in real estate. If you've been reading this blog, you are aware of the upward sales trend locally, but nationally, sales are up 7%, from last year, and that's nice to see.

Recently, Forbes magazine had an article about the top cities likely to experience recovery in the housing market, and Miami-Ft. Lauderdale was ranked #1.

Good news for tenants: A new law doesn't leave renters out in the cold if their landlords are in default or foreclosure-- the Protecting Tenants at Foreclosure Act gives tenants the right to stay in the property until the end of the lease, unless the property is sold to a new owner making it their primary residence. If that's the case, tenants at least get a 90 day notice to vacate with the new law.

Little by little, slivers of reason are peeking out among the storm clouds. Now, Congress, jump on short sales, and let's get something logical going there, like a limit on how much time a bank can take to make a decision.

Hey, cash-for-clunkers might be over, but the real estate version of it sure isn't...one more reminder (ok I'll probably give you another one before its all over), that you have until November 30th to close on your purchase if you want that first-time homebuyer tax credit.

The first week of school brought deadly silence to the real estate world over the weekend, and the beginning of this week, but we all expected it. Everyone is busy getting logos on uniforms, buying protractors (do they even use them anymore) and pencils and organizers, and settling into new schedules.

That was ok--I enjoyed some nice pool and game time with my daughter both days. Hey if anyone tells you that your memory is better than a 6-year old, try playing one of those "match" games with one-- you know, where you have to turn over the cards and have to try to remember where they were? -- well, I lose this contest about 75% of the time to this little tyke.
But it sure is fun.

In the course of a week, I come across dozens of listings. What amazes me is the wide range of service people pay for. This is really good stuff to know, especially if you are planning to sell.

In this business, the Realtor Code of Ethics prohibits us from talking bad about other Realtors or brokers. Ok, I'm not going to do that, because I'm not going to name them. But I'm doing the consumers in my area a disservice if I don't at least point to some red flags you should be aware of.

I see listings with no pictures all the time, and I don't understand it. How long does it take to snap a few digital photos, and upload them? The MLS lets you post up to 16 photographs of the property. Our company does not allow us to list a property without at least six photos on the MLS. I just love the ones that say, "Must see! Gorgeous home!"...and there are no pics.
Okay, let's say the place is a dump. Take one picture of the outside, and take five more of the park down the street, the nearest school, etc. Anything like that is better than nothing. I'll tell you this much (and other Realtors tell me the same thing) --when I am searching for properties for my customers, I most often skip right over the ones without pictures because there are enough to see that have them.

They also give us 500 characters with which to describe the property. I try to use every space.. wouldn't you? I see many listings with a line or two saying, "Great house in beautiful neighborhood." That's it. Why not tell people about the brick fireplace, the lush landscaping, the proximity to "A" schools, and all that good stuff?

What is appalling is that this lack of effort is seen in high end homes as well as small, inexpensive ones. A seller is paying a commission for this!

Finally--and I'll stop my tirade here soon--is real estate agents who don't return phone calls, or can't even be reached on the weekend. How do you not work on the weekends in this profession?

The moral of the story here is this: The market is tough enough--people who are selling need top notch service, multiple photos (and good ones, not pictures of the garage door), full detailed descriptions of the property, and, oh yes: a Realtor who is motivated to sell the property!_______________________
Speaking of selling-- I've noticed a lot less people listing to sell and instead either renting or staying put. That has been one of the big factors in the decrease in inventory I've been talking about here for the last 7 months.
Result? The conditions for selling are getting better, because the market isn't generating as much competition anymore.

August and September are notoriously slow, because of the beginning of the school year. But it can be a good time to house hunt too, because you have people leftover from summer who have moved and really need to sell that house desperately. (Let's hope their listing says more than "Nice house")

I spent almost 15 minutes this morning on Circle Mortgage's radio program, which airs every Sunday morning at 8am, on WFTL, 850 am. Brian Lewis, Joe DeSanti, and Joyce Kaufman were gracious enough to keep me on that long (that's a long discussion for radio) to talk about foreclosures, home sales, and the market in general. Many thanks to them.

I can't say enough about how important a solid lender is. Many people don't know the difference between a mortgage broker, and a direct lender. A broker is just that--someone who finds you a lender, and charges you a fee for it. If you could buy furniture without the middle man, wouldn't you, and save some bucks? In this world of constantly changing government programs, rules, and guidelines, you need someone competent to handle your loan. I could go for a while about this, but I won't. In short, you need a reputable lender? Call Brian or Joe at Circle, 954-981-6800, they are awesome. We have done several deals together, and when I needed some help getting a good faith estimate for a customer today, Brian was on the phone with me from his office--yes, on a Sunday.

July's stats are out, and the weather isn't the only thing that's hot. The inventory continues to be the centerpiece I am watching. Unsold single family homes in Miami-Dade dropped to below 10,000 (9768, to be exact) - that is a 43% decrease from July of 2008, when the inventory peaked at 17,070. Pending sales continued to climb: 1,443 homes went under contract, compared to 733 a year ago--yep, nearly 100% increase.

For more details, and charts on all these, including Pinecrest and Palmetto Bay's numbers, click on $ales by the Numbers, from the menu to the left.

As I always say, it's no bed or roses yet, but heck, we're not even looking for a bed of roses, just some sprouts of green from the dusty desert we've been used to.. and things are blooming--these numbers reflect it.

For those who shrug all this off as "just foreclosures", I say this-- what's wrong with that? I showed a foreclosure today that was a "Homesteps" property (Freddie Mac special program)--it was clean, fixed up, the electricity was on, and they were offering a 2-year warranty on all the appliances, plumbing, and electrical system.

Tomorrow kicks off a full week, with more showings, some training classes I have to take (we have to do 14 hours of continuing education classes a year to keep our licenses current), and a closing.

Speaking of kickoffs, I'm getting ready to watch the NFL Hall of Fame game in about 15 minutes. Yes, it's only exhibition, but it's the start of the season, and I'm pretty jacked up about that.