Ocala Real Estate Talk

Archive for the ‘Ocala Real Estate’ Category

Ocala home sales in April, with 382 sales were pretty similar to March.That comes out to about 19 sales every business day. Although 45% of sales were foreclosures the other 55% were traditional sales by motivated sellers.

A recent Ocala Star Banner article noted that median home prices plunge in the Ocala area. Comparing the 1st quarter of 2010 to the 1st quarter of 09, the Ocala area median home price fell 14.5%. This was the 2nd largest drop in the country exceeded by only Orlando.

Now I think in some ways these statistics are a little deceiving because they show what is selling and not what you get for your money. The median home prices in Ocala are being brought down by a lot of sub $50,000- home sales. A lot of these houses are selling to investors mostly for cash. More importantly these sub $50K sales need work and often a lot of work. They also suffer from functional obsolescence, a real estate term that means out dated in a way that’s either impossible or very expensive to correct. These are often 2 bedroom homes, small square footage, maybe only 1 full bath and not CBS construction. Also included in the sub $50K category are older mobile homes. In total there were 63 sub $50K sales in April or about 16%.

This is not to say that there aren’t great deals here in the Ocala area. In fact I think we have the best homes prices in Florida. It’s just my job to add perspective.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. Home sales are for Marion County only and do not include FSBO, homes sold by builders not listed on the MLS, commercial properties or vacant land.

Wild Flowers SW 80 Ave Ocala FL

April was cooler than normal but the first week of May has been unseasonably hot! I look forward to the first 3 weeks of May as still dry and in the high 80′s. So far this month we have been above 90 and the humidity is here early. I like to finish up my yard work by the end of May and sit by the pool for the rest of the summer.

May should be in the high 80′s with the nights in the mid 60′s. That the average any way. You can see average weather statistics at Ocala Weather on my web site.

Candler Hills home for sale

This home is located in the Candler Hills community in SW Ocala. Candler Hills is part of On Top of the World but it is not a leasehold like OTOTW. In Candler Hills you do own your lot. You also have access to all the OTOTW amenities in addition to those specific to Candler Hills. There is a private club house and heated outdoor pool only for Candler residents, a 24 hour guard at the gate and discounts to golf at the Candler Hills golf course. Candler hills is a golf cart community. You can drive through OTOTW to get to shopping using your golf cart. This is the only Ocala area community where you can drive a golf cart to stores. This is a 2 bedroom, 2 bath home with an office or den. It is concrete block ans stucco and was built in 2006. The list price is only $175,000.00

To see statistics and images of this Candler Hills home click here to go to my web site.

Below are a few images of the Candler Hills area and amenities Read the rest of this entry »

There are some great deals in Ocala real estate in addition to Ocala Short Sales and Ocala Foreclosures. For example it’s no secret that Florida is full of older retired people. Often out of state relatives inherit homes that they need to sell. I refer to these as estate sales.

Unlike foreclosures, that are rare in the Ocala 55+ communities, there are an abundance of estate sales. The 55+ estate sales vary from newer homes in very good condition to older homes in need of updating such as paint, carpet or appliances.

There are also quite a few estate sales outside the 55+ communities.

In addition to estate sales there are also vacant homes owned by investors who are unable to do a short sale and homes vacated by people who had to relocate for various reasons.

Benefits of buying a vacant home or estate sale.

• Quick closing
• Excellent prices
• Exist in 55+ communities
• motivated sellers

If you are interested in vacant homes in the Ocala area or an estate sale call me, email me or use my Ocala Dream Home Finder. Be specific, I can’t send you every estate sale on our MLS. There are just too many.

Right now is the opportunity of a lifetime to buy an Ocala home. Here are 12 reasons to invest in Ocala real estate right now.

1. Interest rates are at historical low with no where to go but up.
2. Many Ocala area home sellers will pay part or all of a buyers closing costs.
3. Fannie Mae Homepath Financing doesn’t require an appraisal and also offers renovation loans for their Ocala and Marion County foreclosed properties.
4. USDA offers 100% financing with no Private Mortgage Insurance (PMI) on many Marion County homes. Mostly homes that are not in the Ocala city limits.
5. FHA loans allow the seller to pay many of the buyers closing costs.
6. Conventional loans rates are at all time lows. Local banks want to loan money to buyers with good credit. Don’t let anyone tell you different.
7. Foreclosures are selling at a 50% discount from 2005-08 highs.
8. Most Ocala foreclosures are in good condition and easily pass a professional home inspection.
9. Many “traditional sellers” have dropped their prices to better compete with distress sales.
10. In the 55+ communities there are always great deals on estate sales.
11. Estate sales also exist outside the 55+ communities and are a hidden secret often over shadowed by Ocala area foreclosures and short sales.
12. Principle, interest, taxes and insurance are often not much more than renting.

If you are a first time buyer, a renter, a retiree or investor now is the time to buy.

Foreclosures in the Ocala and Marion County Florida area are a major part of our market.  Foreclosures accounted for 38% of all residential sales in March 2010. That is actually down a little from the 46% in February. We are also seeing foreclosures in the farm and commercial industrial sectors.

Ocala Foreclosures Residential

Active 323

March sold 133

Ocala Short Sales Residential

Active 684

March sold 35

Ocala Farm Foreclosures

Active 12 from $162,900- to $2.25M

March sold 2

Ocala Farm Short Sales

Active 18

March sold 1

Ocala Commercial Foreclosures

Active 13

March sold 4

Ocala Commercial Short Sales

Active 26

March sold 1

Ocala 55+ Foreclosures

Active 19

March sold 3

Ocala 55+ Short Sales

Active 31

March sold 2

Foreclosures are still closing at a much higher rate than short sales. Just look at the ratio of closed short sales to active short sales and then compare that to foreclosures.

Foreclosures are every where in the Ocala area but some sub divisions have a large amount such as Silver Springs Shores while all the 55+ communities only accounted for 3 sales.

Don’t let anyone tell you foreclosures are in terrible condition. Some of course are but many if not most will easily pass a professional home inspection.

If you would like a list of Ocala area foreclosures call me, send me an email or use my Ocala Dream Home Finder. DO NOT ask to see all the Ocala foreclosures. I can’t send you 300 listings!! I need a price range, beds and baths, area of Marion County, lot size and anything that will narrow your search down.

You might also want to check out my Ocala Foreclosure Guide

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. All sales are for Marion County only and do not include FSBO or homes sold by builders not listed on the MLS.

Sales in March were way up over the 2 previous months so far this year. January had 227 residential sales and February had 283. Of course both those months were influenced by the holidays when you consider that it takes 30 to 60 days to close.

Short Sales and Foreclosures combined represented 46% of sales. This is a percentage that was pretty constant through most of 2009. As long as these distress sales are such a huge part of our market we will not see home prices rising. This is bad for sellers and great for buyers.

The Fed just recently stopped buying mortgage backed securities from Fannie and Freddie. A lot of people including myself were concerned that mortgage rates would shoot up because the FED was artificially keeping rates low. So far rates have edged up slightly and are up just a little over this time last year.  This is good news for both buyers and sellers but rates need to be watched carefully.

If you are a seller waiting for the market to come back forget it. Prices in 2005-2008 should never have been that high in the first place. The Ocala area never had an economy to support those high home prices and won’t for the foreseeable future.

If you are a buyer interest rates are at historical lows and the type of buyers market that we have currently will only happen once in a life time. If you are a serious buyer you need an agent. Call me or fill out my Ocala Dream Home Finder today.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. Home sales are for Marion County only and do not include FSBO, homes sold by builders not listed on the MLS, commercial properties or vacant land.

April azalea

After a freezing winter and an unusually cool March spring has finally sprung here in Ocala.  March didn’t really warm up until the last week of the month. The previous three weeks of March were unseasonably cool.

April in the Ocala area is one of the best months. There is no humidity and the temperatures are in the low 80.s. The grass which tends to go dormant and turns brown for the winter is greening up and the Azalea bushes are in bloom. If you’re up north and April is cold and wet or worse yet an actual winter month then you need to move to Ocala.

Visit my web site to see my month by month Ocala weather guide.

There were 283 sales of residential homes in Marion County during February. That’s pretty good considering some contracts were probably written over the holidays. What’s selling is still pretty cheap. A whopping 64% of sales were below $100,000-.

Foreclosures and Short Sales combined for a total of 137 sales and 48% of all sales in the month. Just 2 huge sub divisions, Marion Oaks and Silver Springs Shores, accounted for 60 of the 137 short sales and foreclosures. Both of these communities were areas of intense speculative building during 2004-2008. New homes built by investors and house flippers were never sold and have been taken by the banks.

It’s a great time to buy. Interest rates are around 5% for people with good credit. The First Time Buyers Tax Credit and Existing Home Owner Tax Credit are still available but you need to get your house under contract by April 30th. Houses in The Shores and Marion Oaks that are just a few years old are selling for under $100,000-. What are you waiting for?

Email me or use my Dream Home Finder to get a list of homes for sale in areas that interest you.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. Home sales are for Marion County only and do not include FSBO, homes sold by builders not listed on the MLS, commercial properties or vacant land.

Its termite swarm season again here in Ocala. As the weather warms up termites go out and look for a new home. You do not want that new home to be yours.

Termites cause $700,000,000.00 in damage each year here in Florida. Despite this scary statistic about half the homes in Florida have no form of protection.

There are 2 types of termites, subterranean and dry wood. The subterranean variety is considered the worst because they have much larger colonies and thus eat more wood. Obvious from the name they live in the ground and prefer moist conditions and wood. The subterranean termites enter your house through a sort of tube that connects their colony to the food source. Dry wood termites like dry wood, like the rafters in your attic. They have much smaller colonies and are harder to detect.

The University of Florida has a great web site dedicated to termites with loads of information and great color images. Take a good look at the pictures and so you can identify the little buggers if you see one.

Subterranean Termites

Read the rest of this entry »