Ocala, Marion Market Report 1st Quarter 2011

Posted by Duke Rountree on

Ocala homes for sale and they always will be! How is that for a bold prediction.

Now for the meat of this blog post. What is our local housing market doing and which direction are we going?

Well, we are taking a beating in Ocala with the median home price at $75,400, compared to U.S. at $157,933. However this does mean Ocala is probably one of the most affordable cities to live in(BRIGHT SPOT!) 1 year Appreciation is at -18.8% and 3 years sits at -48.2% or a negative housing equity gain of -$70,100. If you’ve owned own your home for  7 years the Housing Equity Gain(?) is -$20,800. IN SHORT, the recent correction in local home prices wiped out most of the 7 years of gained equity.

Why the drastic drops?

Unemployment has lead to tremendous number of foreclosures on the market not just locally but throughout the state. The State of Florida foreclosure rate is around 14% with the National Average around 5%. Marion Counties current unemployment rate hovers around 12.5% compared to 8.8 nationally, both numbers are down slightly from one year ago which is a good sign.

What to expect?

Well I am surely no professional analyst soon to be hired by Fox or one of the alphabet channels, but I do study and know what’s happening locally. My lovely wife, the appraiser, says the market is still being adjusted at approx. -2% per month and our month to month comparisons from 2010 to 2011 reflect the same trend. Many experts think the end of 2011 will be the stabalizing point for the housing market. The best part about real estate is there is always a good market, for someone, whether its buyers or sellers. Do you know, or have you heard about shadow inventories?

For The Full Report: http://www.realtor.org/files/research/localmarket/fl_ocala.pdf

UNTIL NEXT TIME.

How to Use Comparable Sales to Price Your Home

Posted by Duke Rountree on

  • What are comparable sales?
  • Where can you find comparable sales?
  • What do the sales mean and how does it affect the value of my home?

    • These are all great questions and the answers can vary depending on your location. Comparable sales are sold homes similar/comparable to yours. The trick is to find the closest match; including, but not limited too, location (same subdivision would be ideal or within certain radius of miles), home type (single family residential, waterfront, farm, acreage, etc.), upgrades(pool, oversized garage/workshop), sale date (in todays current market we only look at the previous 3 months).

    Comparable sales can be found much easier with the accessibility of the Internet. But, you do need to know where to go. Marion County Property Appraisers has tons of great information @ http://www.pa.marion.fl.us/ including property details, assessed values, legal descriptions, links to court filed document, and so much more right at your fingertips. The coolest part is the spatial mapping data where you can check school & flood zones, utilities, elected officials, previous sales, Sheriff locations and on and on and on. OK WAIT! I got off track, the comparable sales for an area can be found with the above mentioned mapping, and then researching each sale and property carefully. After the data is collected I create a Comparable Market Analysis making adjustments for the differences in each comparable property. You will be left with an Adjusted Recommended Sales Price.

    OR

    visit “zillow.com” for what they call their “Zestimate”. Beware, the “Zestimate” should only be used for general information purposes and other tools should be used in determining your ideal listing price.  The website has some great information about many neighborhood features including schools, sales trends, homes for sale, etc. www.zillow.com

    Pricing of your home should not be taken lightly! It may be best for a seller to view comparable properties for sale in the area before deciding on list price. When selling your home there are 2 choices, #1 is living in Fantasy Land and #2  in Reality land. The fantasy is you can ask anything you want for your home; the reality is, what is a ready, willing, and able buyer willing to pay for your home? More importantly, if an appraisal or bank financing is needed will the comparable homes in the area support your contract price. I always say, “THE PROOF IS IN THE NUMBERS!”

    Comparable Market Analysis are always “FREE of Charge” with me. Contact me today for more details.