On-Line Property Evaluations

Melissa Yardy St. Pete Beach

As a result of the recovering real estate market, homeowners are wondering what the current value of their home is.  In this day and age, the first thing most people do is to start googling and they’ll find a plethora of what we refer to as on-line home evaluation web sites.

Some of the most popular and common sites are Zillow, Trulia and Smartzip.  Zillow has even come up with their own term of “Zestimate”.  Sometimes these methods are useful but, in reality, they can only be somewhat accurate if you live in a cookie-cutter neighborhood in which the homes were all built the same time and have the same features with the same views.

All of these on-line evaluation sites use averages from computer based systems that simply take the information for a particular area either from public records or our Multiple Listing Service otherwise referred to “MLS”.  The computer program then uses the surrounding homes as comparables and therein lies the problem.

In most neighborhoods there are homes that may even be as close as next door, with the approximately the same sq footage but one of the homes has been totally updated and the other home is all original. Obviously, they are not worth the same in the real estate market.  Another common occurrence in our area is there are homes on one side of the street are waterfront and the other side non-waterfront and naturally the sq footage price would differ immensely but are counted as part of the numbers to average for a particular area.  

According to Zillow’s website Pinellas County gets 2 stars for their ‘Zestimate Accuracy’ and it uses the following figures to back this statement up: out of the 429,000 homes in Pinellas County with Zestimates, 29.3% are within 5% of the Sale Price, 49.5% are within 10% of the Sale Price, and 77% are within 20% of the Sale Price. While these figures don’t seem that bad, you have to think of the other side of these statistics. If 29.3% of the Zestimates are within 5% of the Sale Price, that also means that, for an average $300,000 home, more than 70% of the time the Zestimate will not be in a $15,000 rage of the true value. Also, if 49.5% are within 10% of the Sales Price, for an average $300,000 home, more than 50% of the time the Zestimate will not be in a $30,000 range of the true value. Herein lies the biggest downfall to these home valuation websites.

The best and most accurate way to get the true value of your home is to ask your real estate professional to prepare for you a Comparative Market Analysis, also known as, a CMA. While taking the time to prepare your CMA, your agent then gets a chance to view your home and observe any upgrades and additions you may have made to your home over the years which would add value to your overall home valuation. Your agent will also compare current listed properties, properties that are pending under contract, and sold listings. Knowing the true value of one of your biggest assets is vital in today’s real estate market. Call me today for your free CMA report.

 

Melissa Yardy

Real Estate Consultant

President Broker-Owner

RE/MAX Preferred

 

 

 

Melissa Yardy St. Pete Beach-

I am so proud to announce that my office, RE/MAX Preferred has been a Miracle Office for the last 15 years. A Miracle Office simply means that every closing we have in our office and out of every commission, a donation is made to Children’s Miracle Network (CMN) and all proceeds go to All Children’s Hospital, a non-profit pediatric hospital in St. Petersburg, Florida.

All Children’s Hospital, a member of Johns Hopkins Medicine, is the most advanced children’s hospital on Florida’s west coast and a U.S. News & World Report Best Children’s Hospital, ranking in the Top 50 of three specialty areas. With over 50 pediatric specialties and 259 beds, All Children’s is dedicated to advancing children’s health through treatment, research, education and advocacy. Programs that include a Clinical and Translational Research Organization, pediatric biorepository and a new pediatric residency program are driving innovation in personalized pediatric medicine and child health. A network of 10 outpatient care centers in eight counties along with affiliate programs at regional hospitals makes All Children’s a leading provider of care for Florida’s children.

Children’s Miracle Network provide 32 million patient visits every year. One interesting fact is that 62 children enter a Children’s Miracle Network Hospital for treatment every minute – that’s one child every second. And provide $3.4 billion in charity care annually.

You might be asking yourself, “Where do all these donations go”? What’s raised, stays right here, helping every single child that walks through the doors. Recently, on April 18, 2015, Miss America contestants and volunteers joined forces and participated in community service activities like visiting their local Children’s Miracle Network Hospital, cleaning a park, beach or neighborhood, assisting youth and senior organizations, visiting nursing homes or collecting clothes, stocking food pantries or feeding the homeless – all while collecting donations for the local Children’s Miracle Network Hospital.

I would like to take this time to thank all of my clients and customers for their never ending contributions and support of the Children’s Miracle Network, it warms my heart to know that these individuals care as much as I do about such a wonderful organization.

Getting Expert Guidance towards that Dream Home

Navigating the real estate market is never so daunting until the day comes when looking at internet lasting has grown tiresome and maybe even a little frustrating, especially when your dream local is thousands of miles away. Florida is an especially big draw for many people who like to get out of the cold weather and escape from those chilly winter months to a place a little more accommodating to some outdoor activities. If the St. Petersburg area happens to be the prime location of your choosing, then you should look up real estate agent Melissa Yardy.

Quite naturally, waterfront property in Florida is highly-prized and draws a lot of attention from the many people who want to look out their water at the pristine waters of the Atlantic. Ms. Yardy has access to many of the most beautiful and revered homes, condos and even cottages the Pinellas County area, which includes Clearwater, Tampa, St. Petersburg, and its barrier islands where an amazing tranquil bay awaits the many diverse residents who call this area home.

Melissa Yardy is a licensed real estate agent and knows the St. Petersburg market better than anyone after selling real estate around the area over the last 30 years. Whether you are looking for a beachfront home for an entire family to call it your permanent place of residency, a condo you would like to have available for seasonal residency, or a simple cottage overlooking the bay adding elegance and beauty to a simplistic lifestyle, Ms. Yard has the tools, resources, and knowledge to find the dream home or sanctuary you have always desired in south Florida.

To learn more about Melissa Yardy, her experience, and the knowledge she brings to the real estate market when it comes to Pinellas County in Florida, visit her website today and get partnered with someone who has front row seats to some of the best real estate available in the area. 

Melissa Yardy St. Pete Beach http://melissayardyremax.blogspot.com/

The Closing Adventure

 The purchase of a home should be a joyous occasion. But closing on a home can prove a stressful experience, too, as buyers scramble to provide plenty of documentation to secure financing, quickly uncover imperfections that could prove costly later, and review and negotiate terms

  Experts advise those in the market for a new home look to partner with trusted professionals, from a real estate agent, mortgage lender, home inspector, and title agent. All of whom should advocate for their best interests to avoid closing issues.Even experienced buyers who think of closing on a home as old hat sometimes encounter unexpected snafus.

  It’s impossible to ensure that the whole process will be smooth, there are always little hiccups. That’s why it’s smart to hire an agent.Hiring a Buying agent is also a good move. An ideal individual is someone who is a full-time real estate pro, is quick to respond to communications, knows the area, and has the necessary computer skills and marketing tools.

  Before starting your home search, it pays to get pre-approval for a home loan through a mortgage professional. This way, when you put an offer on a house, you know what you’re going to work with on financing. Ask questions until you feel comfortable, whether it’s one question or 10. Securing financing in advance helps you steer clear of surprises later.

  Don’t forget one person that will make a huge difference in the process; the home inspector. Regulations vary by state and not all require licensure for home inspectors. Still, hiring an inspector to look at the whole house is much wiser than hiring an individual contractors to look at each part. Home inspectors look at the house as a system. Paying close attention to who you put in this role is very important.

  While no guarantees come with any home purchase, experts reiterate that hiring professional advocates who put buyers first from loan to title work remains the best bet for the smoothest close. For title work, always get quotes in writing. Ask your agent for a list of title companies, but because affiliations sometimes exist between these parties, further evaluate these options before deciding to hire.

  When you prepare for a storm, you are able to ride it out in the worst case scenario. Who knows, you may get lucky and have clear skies.

Real Estate Prices in Pinellas Bump Up

Melissa Yardy St. Pete Beach

Tampa Bay Times quoted today that "Hundreds more homes sold across Tampa Bay last month than the year before, as tight supplies sent prices rising and helped the market build in strength."  CoreLogic said this week that there is a nationwide surge as values climb and supplies dwindle after the market's six-year slump.  American home prices rose 5 percent in September, the biggest yearly increase since 2006.

In St. Pete Beach and Treasure Island statistics show a rise in condo sales:

Time Period	Number Sold	Average Sale Price
September - Novemeber 2011	23	$253,000
September - Novemeber 2012	51	$258,000

 As well as single family home prices:

Time Period	Number Sold	Average Sale Price
September - Novemeber 2011	31	$541,000
September - Novemeber 2012	28	$623,000

Inventory is at a 6 year low, making it a good time to list and sell your property in the upcoming seasonal market, January through May.  For more local real estate information visit www.MelissaYardy.com

THE END IS NEAR FOR FORGIVENESS

Melissa Yardy St. Pete Beach

THE END IS NEAR FOR FORGIVENESS

Now that the election is over and I want to make everyone aware that the The Foreclosure
Relief Act expires naturally at the stroke of midnight on December 31st, 2012 which means any short sale closings, deed in lieu of foreclosure, mortgage modifications with principle forgiveness and foreclosures with waivers of defiency, that occur, (which means it closes or is signed off by the
lender) on or after January 1st, 2013 will likely incur ordinary income tax on the borrower.

This IRS ruling on December 20th, 2007 created an opportunity for homeowners to sell their
primary residence less than what was owed, and although they would still receive a 1099 for
the difference but this phantom income was not taxable as if it was income for that year to
the homeowner. This ruling applied to most homeowners since the limit was 2 million. At the time, as a Realtor, is was a huge benefit to give these already distressed homeowners some relief and a little less to worry about.  Over the last 5 years, it has been somewhat customary and I'm sure most
Realtors and homeowners do not realize this exemption is almost at it's end.

As an example, if a homeowner has a $300,000 mortgage and the lender only receives $200,000
and cancels the debt, in a short sale then the seller would receive a 1099 for $100,000 for that
year as if they had received that much income for the year. If that taxpayer pays 15% taxes on  their income then they would owe $15,000 in additional taxes.  This additional burden would likely prohibit them from getting on their feet and moving past an already horrible situation.

I would encourage all Realtors to contact their congressman and make it known how important
that this Act be extended past this quickly nearing deadline.

Short Sales and Arm's Length

Melissa Yardy St. Pete Beach

In the homes sales market of these days, most buyers have an ample opportunity of purchasing exiting home through the purchase of what is referred to as ‘short sale’ property. Short sale describes the situation in which the existing owner is no longer capable of affording the keeping up of the repayments of mortgage or repaying of the loan. At this point, the seller can ask the bank to settle that mortgage at value that is that what the borrower owes.

In 2011, a program to assist the owners of homes that were distressed was launched by the Bank of America. According, to Melissa Yardy, this is one of those great innovations that are very vital in helping the economy in general and the owners of homes in particular. The new program is offering incentives of relocation up to $20,000 to the owners of homes that are in distress.
As a professional in real estate, Melissa Yardy believes that this will go a long way in helping very many families and owners of homes who are capable of demonstrating hardship that can be verified as well as providing the necessary paperwork for ‘unqualifying’ for the mortgage. This is without doubt a very great stride towards mending the American market of real estate.
The subsequent step is for the defaulting customers of Bank of American and it is suggested that they should contact Realtor so that they can get started. It is almost a requirement that a real estate agent that is licensed should do the marketing of this property so that he or she can find a willing buyer within arm’s length transaction. The term arm’s length describes transaction in real estate whereby the purchasers and sellers of parcel of land or property act independently in a way such that they are not in any way related to the other.
The arm’s length transaction idea offers an assurance to the real estate transactions buyers and sellers that they are acting in their best interests and they are not subjected to any form of influence from the outside. In the transactions that are not within arm’s length, there is high likelihood of some other factors which may have influence on the transaction and in some instances to the exchange value as well. This concept is very important because it is very common way that is used in determining the fair value for the market.