Melbourne Real Estate News, Brevard County FL Real Estate by Sandy Shores REALTOR®

A large percentage of home buyers decide whether or not to look inside a house based on its curb appeal or exterior appearance. What they see when they drive by or arrive for a showing sets an immediate impression and often determines if they want to come inside.

First, You Have to Get Detached

We are all proud of our homes, but when you are getting ready to sell it, you must try to detach yourself from the home and remember this is going to be a business transaction. Try to look at your house in the same way a potential home buyer may.

The next time you come home, stop across the street or far enough down the driveway to get a good view of the house and its surroundings.

• What is your first impression of the house and yard area?
• What are the best exterior features of the house or lot? How can you enhance them?
• What are the worst exterior features of the house or lot? How can you minimize or improve them?
• Park where a potential buyer would and walk towards the house, looking around you as if it were your first visit. Is the path clean and tidy?
• Start making a list of your positive and negative feelings about the property's appearance.
• Take photos of the home's exterior. If you have a digital camera, view the color versions first, then switch the photos to greyscale, because it's easier to see problems when color isn't present to affect our senses.

In the evening and the weekend do a driveby on the house again.  Stop across the street, as you did before.

Lighting is Always a Plus

• String low voltage lighting along your drive way, sidewalks, and around landscaping elements.
• Add a decorative street lamp or an attractive light fixture to a front porch.
• Solar versions of outdoor lights are quick and easy to install, but only work when they receive full sun each day.
• Lighting that's visible through front windows should enhance the home's appearance.

Don't Forget the Rear View

Buyers doing a drive by will try their best to see your back yard. If it's visible from another street or from someone's driveway, it should be addressed as well.

Curb Appeal Starters

• Kill mold and mildew on the house, sidewalks, roof, or driveway.
• Pressure wash siding and decks.
• Keep sidewalks and driveways clean.
• Stow away unnecessary garden implements and tools.
• Clean the windows and gutters.
• Mow the lawn regularly. Get rid of weeds.
• Rake and dispose of leaves, even if your lot is wooded.
• Edge sidewalks.
• Trim tree limbs that are near or touching the roof.
• If you can budget it, a fresh paint job does wonders.
• A more attractive front door...or replace doorknob hardware...or repaint /stain the door and polish the hardware?

I have been a landlord since 1996 and for the most part I enjoy it.  As in anything else in life, sometimes I run into a snag. Most tenants I have are really good, hard working people. Occasionally one becomes a thorn in my side, but I suppose that goes with the territory.

My broker has been in the business for nearly 50 years and he has owned investment property for all of those years. Thus, our company, M & M Real Estate Inc here in Brevard County Florida deals heavily with clients in helping them buy, sell, rent, own and manage investment property.

Owning rental real estate is not for everyone! 

Many people believe that real estate is a get rich quick scheme. I don't believe that!  And we have seen the fallacy of that theory when everyone was buying at the peak of the market. Everyone jumped in because they were following the crowd. 

I believe that in real estate estate you create wealth over time.  You must buy property and hold it.  You cannot get rich overnight.  Few do. And often the ones that do, get greedy, as we saw over the past several years, and they quickly lose their fortune.

Let me qualify my statement by adding that there are some successful investors and contracting companies that have a crew of workers, that can get in and out of a property, after completing the necessary repairs, and make a profit. Some have the skill and experience to know which properties to look for, which areas to buy in and what repairs can be cost effectively completed. These investors and contractors are professionals and have perfected their system in time. They know the importance of the saying that "Time is money." And some are earning a decent living.

In being a landlord, if you're weak at heart, or if you aren't handy, real estate investing may not be right for you.

If you have a problem with the word "NO" then it definitely is not for you! 

I have seen many easy going, happy go lucky people get into the business, thinking it is going to be a piece of cake.  They rent to friends and people they know.  They let their tenants get further and further behind on their rent. THIS IS A RECIPE FOR DISASTER! And they take tenants in that they feel sorry for! BAD IDEA!

It's not a popularity game, it is a business.

You must be firm and be able to say that enough is enough.  Some don't realize that it is a lot of hard work and it can be time consuming, sometimes. 

I began purchasing rentals 12 years ago.  And I remember people asking my husband, my father and I why we were buying those 'little rental houses.'  Today, even with the rollercoaster ride that our real estate market has seen, my properties today are worth 2 to 3 times what I paid for them 8 to 12 years ago.

IN REAL ESTATE INVESTING, YOU DO THE OPPOSITE OF WHAT EVERYONE ELSE IS DOING!

Visit my website at www.SandyShoresMelbourne.com

Walt Disney World is just a 40-50 minute drive from our home here in Melbourne Florida here in Brevard County.

I love driving over to Orlando and visiting one of the many theme parks there.

Disney has announced that beginning in 2009 they will be offering FREE ADMISSION to the Magic Kingdom on your birthday!  You must provide proof of your birthday upon registation. Log on here to register. You must have a valid registration confirmation with proof of birthdate.

This is a $75 savings!

And if you've decided to head over to the Magic Kingdom for a day, then be sure to check out this website. It is full of oodles of discount coupons to use on your trip.

I know that times are tough.  Will it get tougher in the coming weeks and months ahead, before it gets better?

None of us really knows what the future will hold for any of us.

We have just heard that Bernanke has dropped the Fed funds rate  down to 1.5%.  Will that bring confidence to the market? 

We have heard that banks and lenders have tightened their guidelines on lending money for mortgages.  How tight will it get? Will it be harder for buyers to get loans or are we just bringing some "normalcy" back to our mixed up markets?

We have seen many creative marketing tools being used to help sellers move their homes more quickly off the market. 

So, is it time for owner/seller financing to make a comeback? 

Or has it already come back in some areas of the country?

A large number of homeowners are not in a position to offer favorable financing options to potential buyers in the market. Many are going into foreclosure or short sale.

But, owners that purchased more than 5 years ago and own their homes free and clear may be excellent candidates to offer a buyer a low rate, owner financed loan. Essentially the owner agrees to hold a purchase money private mortgage on the home.  The buyer makes their mortgage payment to the owner, instead of an outside lender.

Ten years ago, I purchased several rental houses with seller financing here in Brevard County Florida.  The sellers and I were able to work out favorable terms for both parties.  I paid those loan payments every month for years, until interest rates dropped and I refinanced the loans for lower interest rates, and paid those seller financed loans off.

Considerations of owner/seller financing for a seller*: 

The owner may be able to sell the home more quickly, than a home that requires a new first mortgage from a lender or a bank. 

Often qualifying is easier for a buyer on owner financed homes.  It depends on the seller's criteria.

The owner typically gets a sizeable down payment upon the sale of the property.

If the house is an investment property, then capital gains can be deferred on the home.  The owner must only pay gains yearly on the amount they receive, as they receive it. They don't have to pay gains in one lump sum in the year of the sale* (please check with your accountant). 

The seller receives monthly principal and interest payments.  Thus, they may net more for the home over a period of time, because the buyer is paying interest on his principal loan amount.

Typically, the interest rate on an owner financed property is a bit higher than lender rates, because of the favorable terms of the loan and no closing costs to the buyer, and the riskiness of the loan.

REMEMBER:

There is a certain amount of risk involved in holding a private mortgage for a buyer.  Owner financing will not allow a seller to completely walk away from a property at closing.  The seller will still have a long term relationship with the buyer. If the buyer does not pay the mortgage, property insurance or the taxes, the seller may be forced to foreclose.

Considerations of owner financing for a buyer*:

Often times easier qualifying than going to an outside lender.

Typically, no closing costs, that are otherwise required by a lender.

May be able to purchase a home that a lender with tight restrictions would not have lent you money on.

REMEMBER:

Owner financed homes may require a more substantial down payment than a lender financed property.

*Please be advised, I am not an accountant.  Owner/seller financing is not for everyone.  Please discuss your indivdual situation with an accountant to determine what the best course of action for you is.

So, will we see a comeback on seller financed homes? 

Or have sellers in many parts of the country already offering it?

Attendance at open houses on homes for sale here in Brevard County Florida has slowed to a crawl.  Many REALTORS are finding that they are not drawing the crowds they were in the past. Some REALTORS have noted that they haven't had a single visitor to their last open house; not even a neighbor!

So, REALTORS are trying to throw in an added twist. 

REALTORS are opting to hold houses open in the evening, during the week, after people get off work.

How will that work? Will it make a difference? Will attendance increase? Do buyers like them better? 

Is this just another way that REALTORS are catering to the changes in our market? And catering to the needs of their buyers and sellers?

As a REALTOR, many of my listing appointments are scheduled in the evenings at the convenience of sellers.  And, often times I work with buyers on weeknight evenings. My other evenings are spent enjoying my teenage daughters many school functions.

So, are REALTOR open houses effective during weeknight evenings or are they a waste of time?

Does it depend on the type of home being offered for sale? 

So, next time you go out looking for a home, be sure to wear your jamies and bring your flashlight,  your pillow and your toothbrush!

Kingsmill Subdivision

Lake Washington Road

North Melbourne, Brevard County Florida

Kingsmill is a conveniently located subdivision close to shopping, dining, restaurants and gas, yet tucked away from the hustle and bustle of the "city". The 323 homes in Kingsmill are situated on 1/4 acre to 1/2 acre well apppointed lots. The area is well maintained. Kingsmill boasts 2 community parks. Homes are typically from 1500+ square feet to just over 2000 square feet of living, built between 1986-1989. The primary home builder is Maronda Homes, with some custom homes built on 1/2 acre lots by Joyal Construction and Tiffany Construction.

Kingsmill is centrally located, just minutes to shopping, dining, schools, Lake Washington, the Maxwell C King Center for Performing Arts, Wickham Road, I-95 and US1. Walk to groceries, shopping and fast food.

Homes for Sale

 Homes Under Contract

Homes Recently Sold

 Read the most recent Kingsmill Grapevine

These listings are being offered through various real estate companies in the Brevard County Multiple Listing Services. These properties are not being offered through M & M Real Estate Inc. nor were they sold through M & M Real Estate.  This information was obtained through the Melbourne Association of REALTORS MLS.

If you would like additional information on properties in Kingsmill, contact me at 321-253-4545.

Visit my website at www.SandyShoresMelbourne.com

Well, here it is, the 4th of the month already. My tenant's rents are due on the 1st of each month.  I have a provision on my lease that allows each tenant a grace period, until the 5th, to still pay without a $35 late fee.

I enjoy being a landlord.  However, I don't like it when tenants aren't honest with me.  And, they all know that.  I tell them at move in, "If you ever run into a problem, and you know that you aren't going to have the rent on time, just call me and we'll work it out.  Everyone has a problem sometimes." 

After being a landlord for 12 years now, I think I'm pretty upfront and straightforward.  I tell them, "don't play games with me, that's when we'll start having problems." And for the most part, my husband and I feel fortunate.  The majority of our tenants are honest, hard working people that are easy to get along with.  I really like them. And some are finding it tight in today's economy.

I don't like playing games and if I haven't heard from one of them by the 5th of the month, they know one of us will be on the phone to them or knocking on their door.  If the tenant doesn't pay, the mortgage still has to be paid.  That just means we have to front the money, until they do pay.

Last month I got a phone call from one of my tenants. She has called the last several months also.

"Sandy, I just wanted to let you know that I won't be able to pay the rent this month until around the 30th.  I have other things to take care of."

Well, anyone that has rented from us for any period of time knows that we will not let the rent carryover from one month to another.  That is an absolute recipe for disaster! I have never done it and I won't start now. If they get that far behind, 99% of the time, they will never be able to catch back up again.

"Well, what's the problem that you're having?"  I responded.

"Well, my 16 year old son (that won't go to school) went over his cell phone minutes this month and his bill is over $400, so I have to pay it, otherwise it will be cut off. I have some birthday gifts to buy. And, I'm behind on my electric bill, they are threatening to disconnect. So, you'll get the rent around the 30th," she continued.

This is not the first time I have received a similar story from this particular tenant.

I responded politely, "I appreciate you calling me ahead of time to let me know what's going on.  HOWEVER (and that's a big HOWEVER), I suppose it really isn't going to matter if your 16 year old son has a cell phone, your friend gets her gifts or whether you have electricity, if you no longer have a roof over your head!"

"WHAT ARE YOU SAYING Sandy!!!!!?????," she shouted.

My resonse, "I suggest you rethink your priorities.  You have until the 10th of the month to pay me the rent, otherwise, we will have no choice but to begin eviction proceedings."

ON THE 10TH OF THE MONTH SHE PAID HER ENTIRE RENT, INCLUDING HER $35 LATE FEE.

I haven't heard whether or not her 16 year old son's cell phone or her electricity was ever shut off, or whether she was able to purchase those gifts.

The West Shore Junior/Senior High School Dance team here in Melbourne Florida will be joining efforts to win the fight against breast cancer.

On Sunday, October 12, 2008 the West Shore Dancers will join other local high schools at Florida Institute of Technology.  The schools will all be performing on stage, in an effort to raise money for breast cancer.  The event is being sponsored by the Palm Bay High School Dance team and will be held at 4:00.

Here in Melbourne Florida local law enforcement gets pretty serious about motorists speeding.

Pineapple Avenue is a beautiful shaded street that runs parallel to the Indian River Lagoon on the east and US1 on it's west side. 

There are many older homes still standing.  And, there are a handful of large, newer homes that have been built recently that enjoy the beautiful views of the Indian River. Pineapple also boasts an old historic bed and breakfast and the old school building.

But, when driving down Pineapple Avenue be sure that you follow the speed limit to enjoy the sights.  Otherwise, you will be pulled over and you will be ticketed.  The Melbourne Police takes this very seriously, as they want to keep their residents, children and pets safe, driving through this quaint residential area.

Visit my website at www.SandyShoresMelbourne.com

Today, there are many homeowners in precarious positions, financially or otherwise. Some must sell ASAP!  Do some occasionally become flexible with the truth, inadvertently or not, to that buyer that falls in love with their home? Or do some just forget about a problem lingering in the home? Hopefully not, but unfortunately some do.

"Oh, no, I don't know what those stains on the ceiling are, but the roof has never leaked."

"No, we have never flooded here."

"Electric bills, oh this house is completely energy efficient."

Today, it is important for buyers to be proactive and do a good bit of research on their own, before considering the purchase of a home! 

This is especially important on homes being sold in AS IS condition.  And what about  foreclosures? THERE ARE NO SELLERS, so it is important to be extra cautious.

Typically, in the sale of a home, a seller is required to fill out a Sellers Property Disclosure indicating any problem areas that a home may have.  These items may include items that can be seen and especially items that cannot be seen by the naked eye. 

It is always recommended that a buyer request and pay for a home inspection through a certified licensed contractor, before proceeding ahead with their financing on the home.  Have him go through the home with a fine tooth comb, and check for any problems.

Have your home inspector look at that roof to see if there is a problem leak.  If needed, have a licensed roofer check the integrity of the roof.

Here in Florida, REALTORS recommend that homeowners get termite inspections on a property they are considering buying.  Our soil here in Florida is conducive to termites.  We often kid, and say that, 'In Florida, it's not if you get termites, it's when you get termites.'  Termites cause billions of dollars in damage a year.

A licensed pest control inspector can determine if there are termites in a home.  They can also see if a home has previously been treated for termites.  If it has, go back and ask for the previous history of the termites.  Where they just treated? Are there receipts showing where the damaged wood or studs were fixed or replaced?  Were pictures taken of the repair work?

What about the area?  Is it quiet? How are the neighbors?  What about the quality of the schools?

Check these items out for yourself. Do your own homework. Go door to door and talk to the neighbors.  Drive the neighborhood first thing in the morning, after dinner and over the weekend.  Do your own research.  Call the school system and visit the schools and see for yourself.

In the current buyer's market sellers are often facing long market times, with few potential buyers.  Occasionally sellers inadvertently forget to mention a problem with the home that could potentially cost the buyer thousands in the future.  The time to find out about these items, is BEFORE you purchase the home, not AFTER.  Then, it's too late.

And, don't forget to do your final walk through inspection on the home you are purchasing a couple of hours before you go and sign the closing documents.