Tampa Real Estate Blog

Tampa, FL - While talking to a neighborhood acquaintance, a nice woman who's been trying to sell her home for over 2 years, I realized that she'd been given some advice that many realtors would likely offer... "Don't do a thing to fix up your home."  While this may have been reasonable advice during Florida's real estate heyday, I disagreed with it then, and disagree even more so today.

Her home is considered by many to be a 'tear-down'.  It is very likely that a couple or a developer will build a big, new, McMansion on this property, and I do agree that this is probably a good idea.  However, this home is liveable - the seller has been living there for several years - and real estate is a game, especially when it comes to pricing strategy.

If one wants to sell a 'tear-down' for the highest possible price, a home must be attractive to buyers who want to live there.  Otherwise, there is no way anyone who intends to build something new on the property will pay top dollar.  Why would they?  If a place is not up to market standards, whatever they may be, most buyers will not pay market price.  They'll likely offer something well below market, (I'd offer at least 25% below in our current environment), especially today.  But, if the same buyer realized that the property could be used by someone else as their home, they would have to pay more - and savvy buyers know this.

Another good reason that sellers of real fixer-uppers should invest some money to make their home more appealing to folks who'd consider living there seems obvious, and is even more important in the slow real estate market we've been stuck in: A home that people would consider living in will appeal to a much larger pool of buyers.  In today's market, the larger the buying pool, the more likely that a property will sell - at any price.

One does not have to spend a fortune.  A home just needs to give a good first impression and, often, simple fixes that don't cost much can be enough to make a huge difference.  For more about pricing strategy, please visit: www.PrettyDogRealty.com.

Tampa, FL - With all the talk about the weak real estate market, one important message seems to get lost, especially in the news media.

The real estate market is not global.  It is made up of thousands of local markets and not all behave the similarly all the time - in up and down market environments - even within a very defined area.

For example, South Tampa has always been considered a market area.  During the recent real estate downturn it has behaved differently than other market areas within the larger Tampa market, such as the Wesley Chapel and Riverview areas.  Both of these have suffered many more foreclosures and downward pricing pressure than has South Tampa.  And, differences exist even within the South Tampa area.  Prices on Davis Islands have not dropped as far or as fast as, say, some of the areas south of Gandy Blvd.

So, if you're a buyer, depending upon where you'd like to buy, don't automatically assume that a seller's unwillingness to meet your price demands means that the asking price of that property is too high.  Usually, there are good reasons for one area to maintain price integrity while others cannot.  And, when the overall market turns upward, the areas that haven't dropped as far and as fast usually increase in value first, and fastest.

To optimize your buying (or selling) opportunity, think long term and try to understand the factors that cause an area to be desirable, or undesirable.  If you take this approach, you'll likely make a better overall investment and be happier with your choice.

For more information on the South Tampa, FL real estate market, you can visit our web site: www.PrettyDogRealty.com.