best times for real estate sales in the area

[Sally]

http://www.waltonsun.com/news/sales_1399___article.html/year_market.html

Vacation rentals, title orders give hope in market
May 8, 2008 - 11:23AM
By Nate Kelly
Since 2005, the real estate market has been in decline. Many homes are sitting on the market and not selling. However, there are some signs of improvement in certain segments of the industry, such as vacation rentals and title orders.

"Its going to be a very good summer, we've seen an increase of 12 to 15 percent in rental bookings compared to the last few years," said Vicki Warner, marketing director for Resort Quest.

The Sandestin Golf and Beach Resort is also predicting a healthy season, with rental numbers similar to those last year, which was a good year for the resort, according to Colleen Kirsch, public relations manager.

Title companies are also seeing an increase in business.

"We have been very encouraged by what we're seeing," said Richard McNeese, owner of McNeese Title, LLC. "In the last six to eight weeks we have seen an increase in orders and closings have been up, too."

"Sellers are being a whole lot more realistic in this market, those who need to sell are pricing them to do so," said McNeese.

In contrast, real estate sales still vary wildly. Walton County real estate sales for March 2005 totaled more than $400 million with 925 properties selling. In comparison, during March of this year, sales totaled only $19.5 million from 41 sales, a 95 percent decrease, according to the Walton County Property Appraiser's website.

Although, the total number of sales dropped, the average price per sale did increase by 10 percent year over year, from $432,929 to $476,851.

The sales for March of 2006 and 2007 were wide-ranging, with sales declining in 2006 to about $90 million from 233 sales, and then increasing in 2007 with 361 properties selling for $170.5 million.

"Until 2006, during the prior five to six years, the entire year was spectacular in volume of sales," said Patrick Pilcher, property appraiser for Walton County.

"Late summer and early fall are usually the best times for real estate sales in the area, said Pilcher.

 

[SHELLY]

So what they're implying is....now's a great time to buy??

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[GoodWitch58]

So what they're implying is....now's a great time to buy??

.

Not yet...late summer, early fall.

 

[Franny]

So what they're implying is....now's a great time to buy??

.

Shelly, I certainly can not say this is the time to buy, my darn crystal ball isn't working , but there sure are a lot of buyers that are ringing the phones, looking at property and yes buying. I have also had three low ball offers written on behalf of a buyer that was totally rejected. Of course there are properties that are 'over' priced or perhaps the owners do not have to sell but there are also some realistically priced properties that are selling. Now back to work!

 

[30ashopper]

"Late summer and early fall are usually the best times for real estate sales in the area", said Pilcher.

Historical data tends to debunk this claim, the spring selling season is without a doubt the best period for sales in Walton.

 

[SHELLY]

I have also had three low ball offers written on behalf of a buyer that was totally rejected.

Trying to gage what constitutes a "Low Ball Offer:"

Can you show the "Ask" and "Bid" price of these three?

...failing that, how about a percentage of the Bid vs the Ask price?

I know one guy who turned down what he termed a "low ball" offer last year--problem is he's still holding on to his condo and he's listing it at a "lower-than-low-ball" price this year.

Buyers who are making "low ball" bids (assuming they have the financing) are pricing in their anticipated losses of buying into a declining market...time and money are on their side of this trade--can the sellers say the same?

.
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[Franny]

From this particuliar experience the customer offerred approx. $400,000 less the asking price. Based on actual sales for that particuliar condo development $200,000 less than asking would have made the deal, but the buyer would not go up and the seller would not come down. One of the seller's appeared pi$$ed because of the low offer and would not budge. I hope this answers some of your questions.

 

[SHELLY]

From this particuliar experience the customer offerred approx. $400,000 less the asking price. Based on actual sales for that particuliar condo development $200,000 less than asking would have made the deal, but the buyer would not go up and the seller would not come down. One of the seller's appeared pi$$ed because of the low offer and would not budge. I hope this answers some of your questions.

...some of my question, but not all. Hard to gage, since $400,000 off of a $4M condo is 10% of asking...a good offer, but not lowball. Now if it was $400,000 off of an $800,000 unit....?

The seller may be pi$$ed off--but at least he now knows what the "buyer's market price" was for his unit. Did the buyer leave behind his business card with the offer and expiration date on the back?

.

 

[TheSheep]

Trying to gage what constitutes a "Low Ball Offer:"

Can you show the "Ask" and "Bid" price of these three?
...failing that, how about a percentage of the Bid vs the Ask price?
I know one guy who turned down what he termed a "low ball" offer last year--problem is he's still holding on to his condo and he's listing it at a "lower-than-low-ball" price this year.

Buyers who are making "low ball" bids (assuming they have the financing) are pricing in their anticipated losses of buying into a declining market...time and money are on their side of this trade--can the sellers say the same?.
.

Perhaps, S., you have hit upon Meaning In Life? Lowball? Anger? Pride?

Let's join together in a novel idea. Shelly we?

Realtors take any offer to Owners. Owners have told Realtors the truth about where their "Go-No Go $$$ are". Owners grow up and disengage fantasies from the fact that their home, even in SoWal, is just another commodity.

All emotions roll out the door and Owners can go about their daily routines unencumbered by feelings of lowball shame. They realize that shysters/opportunists exist and swat them away like drosophilia on a 3 day old orange at the Piggly Wiggly.

 

[Ohio Girl]

I've never understood the concept of owners being "insulted" or "pi$$ed" when someone offers a lower price than what they're asking for. Or realtors saying "you can't insult the seller". All they have to do is just say No and move on.