Everything about Ocala Florida real estate

It’s A Changing Market

What are we projecting?  I had the privilege of sitting down with Debbie Cowan, Branch Manager with Prime Lending here in Ocala. So what Debbie is telling me about where we will be next year is that all projections so far show we may see lower rates again faster than what was projected last quarter.

We could be in the mid 5’s again by the end of first quarter 2023. The Feds are still talking about raising rates in December, but instead of the original thought of 75 basis points, we are hearing just 50 basis points, which is a win for everyone…  It is apparent the economy may be peaking. The great news is, we are seeing a good amount of inventory which is amazing from where we were 6 months ago, and she has a plethora of products available to assist all buyers with financing options, and she also offers a rate redo so when rates come down, which they most likely will, you can refinance with no lender fees.

Buyers, for the time in 2 years, YOU are in the driver’s seat so take advantage, and remember, marry the house not the rate.

I look forward to hearing from you and if you would like to have a conversation with Debbie Cowan, call her at 352 433-7846.  You won’t be disappointed and please tell her I sent you!

Valerie Ostrom, REALTOR®, SRES

Fontana Realty – West

7668 SW 60th Avenue, Suite 200

Ocala, FL  34476

www.OcalaHouseHunter.com

www.OcalaRealEstateTalk.com

352-875-8818  Call Or Text

Punxsutawney Phil 2022

 

I always found it fascinating and fun to see my favorite little ground hog on the television.  The whole affair of predicting the weather without radar, Doppler and satellites is amusing.  Seeing Punxsutawney’s handlers all dressed up with their suits and top hats has always brought a smile to my face.  I mean, who wants another 6 weeks of winter, right?  All that cold, windy, snowy stuff to deal with is not fun.  Well, Punxsutawney Phil saw his shadow this morning so there is 6 more weeks of winter for folks in other parts of the country.  The good news (and don’t ruin it for the little ones) is he is only 40% accurate.  I heard he took the first flight to Florida he could today to get out of the cold!

We don’t really worry about 6 more weeks of winter in Central Florida.  We had a freeze for a couple of nights last week and they tell us one of those nights was the coldest in 4 years. It was pretty cold!  However, as it always happens in Florida it warms back up again.  Tomorrow we are going to experience 80 degrees and sunshine!  I have a lunch date with a colleague tomorrow.  I am going to head over in my golf cart because I can.  Talk to you soon!

 

Christmas Is Over!

Christmas in Florida

Christmas is Over!

I have a confession to make.  I knew when we booked our cruise for the end of November 2021 that it was going to cut into the Christmas season and therefore, I made an agreement with my husband that there would be no need to decorate our home – much to his relief!  However, when we got on our cruise on the day after Thanksgiving, the ship was not decorated for the holidays – not until the cruise after ours (what the what?).  We had a great time in our suite and on ship for 7 days.  What was not to like about having lots of room, a double balcony and even a bathtub in our cabin? We arrived home and I felt a little sad about not having decorations to enjoy.

I have been busy with Real Estate, my husband has been busy with being an over the road truck driver – but I ached for Christmas in our home!  So, as wonderful husbands do, George got all the stuff out of storage to decorate our house:  The 9 ft tree, the Thomas Kincade Santa ornaments, the nick knacks, all of it.  Friends told me, “Don’t worry about it!  Decorations can stay up until January 6th!”  I liked this way of thinking, buying more time and all!  Now, fast forward a little and we accepted the opportunity to go to Destin for a long weekend right after the New Year.  No problem, I was able to work from the car, the time share or from anywhere at any time – and I did!  The problem is when we got back it was January 10th and my tree was still up!  Dang it!!  I will have it put away this week, but I really love the holidays here in Florida – when the weather is 80+ degrees and sunny!  There is so much to do like golf carting, walking, biking, pickle balling, golfing, quilting, railroad making, Veteran fellowshipping, swimming, working out, taking classes and/or field trips and so much more – nothing but a smile and a kind heart is required (and maybe a nice pair of shorts).  So here is the picture I wish to remember during this past holiday season.  I had waited so long to get poinsettias that all I could find were these little ones but that is OK because on this January 10th, they still look good after a little water.  I am going to give them to some friends and neighbors starting with my next-door neighbor.  The wonderful thing about living in a great 55+ community is helping others to smile…  Are you ready to enjoy people again?  Give me a call.

Getting you to the closing table on time!

Nowadays, just getting an accepted offer can be a challenge.  There are things you can do once you decide it is time look:

  1.  Have your financing ducks in a row.  I can help you with that, but days are gone where you can find a house first and then figure out your finances later.  During this time, you can secure me as your agent and start having conversations on what you would like to see in a home.  Make sure you are being e realistic – just because it would be nice to find a retirement home for $100,000 doesn’t make it so.  I will say this:  Once in a while you might just find that deal.  7 years ago, when the market tanked, I did buy my current villa in On Top of the World for $38,000.  It needed a lot of work, did not have a dishwasher, had pink walls, yellow appliances, popcorn ceilings and green carpet.  What an eyesore!  In today’s market, my villa is worth around $165 maybe a little more.  I still have lots of work to do on it!
  2. With the financing and realtor in check it is time to house hunt.  I will set you up on the MLS to receive a specific list of homes currently available and any new listings that might pop up with your criteria.  Not seeing enough homes might mean we need to adjust the criteria to be more realistic or to capture more.  It is a process.  Once you are on the MLS with me, you can go in and heart, discard or make notes on properties.  Take notes so we can discuss your questions.  What are your hobbies, what is important to you?
  3.  You see a home you love, great!  It is time to write the offer.  As your agent, I am looking at this home in the background – looking for clues, such as age of roof, HVAC and evidence of any other permits.  We will discuss the bones of the home and you decide what to offer.  Strong “Ernest Money Deposits” are always encouraged.  It shows strength.  In the Ocala area, we deal in a lot of cash sales right now.  We still have value here compared to many other places in the country.  Having cash doesn’t mean you can get a deal – it just means you are more favorable in the eyes of a Seller (being a Seller’s Market).  Having financing isn’t always bad, but I find it is best to use a good local lender who understands our market.
  4.  Once the offer has been submitted, we wait.  It will be agonizing for some Buyer(s) and I wish I could make this part easier.  Just this week, I had one for $10,000 over asking denied, and a full price offer accepted.  It just depends on what ‘the other guy’ has on the table.  Unfortunately, we don’t or won’t know what that is.
  5.  If our offer has been denied, we move on.  If it is accepted, then our timeclock starts.  It is important to get everything to the lender and when they ask for it!  Closings can often take longer than 30 days – so it is important to stay on task.  A conventional loan can often be done in 30 days (barely) and it takes longer on an FHA or VA.  As to a reason, I believe the lenders are overwhelmed.  There are so many people wanting to live in the Sunshine State!
  6. Inspection time!  It is important to get a good inspector and within the allotted time on the contract.  I always recommend doing this.  The report will be back in our hands by same or next day and we will discuss it.  Get your movers secured and utilities ready to move over.  Don’t forget your internet!  We will be in touch a lot during this time.
  7.  Your lender and I will stay in contact.  We work together to make sure everything behind the scenes is being addressed and before you know it, it is time to close and to say CONGRATULATIONS!!!

Ocala Real Estate Market Report – November 2021

Market Report
CLOSED SALES 668
MEDIAN SOLD PRICE $250,000
AVERAGE SOLD PRICE $305,211
MEDIAN % ORIGINAL LIST PRICE 100 %
MEDIAN TIME TO CONTRACT 12 days
MEDIAN TIME TO SALE 60 days
NEW PENDING SALES 589
NEW LISTINGS 608
ACTIVE LISTINGS 871
MONTHS SUPPLY OF INVENTORY 1.3 months

Inventory is 1.3%, down 40.9% down from last year.  This is a serious Sellers Market.  Even though inventory is down and sales prices are up, Ocala is still an affordable place to live compared to the rest of Florida and the rest of the country.

It’s time for me to retire

I started selling real estate here in Ocala in 2006. I immediately developed my website OcalaHouseHunter.com and went live in January 2007. In 2009 I started this blog OcalaRealEstateTalk.com. It’s now time for me to retire. I’ve been slowing down for the past 2 years and giving buyers to another agent from our office, Valerie Ostrom. She did a very good job and all the buyers I sent her seem happy. I am now selling Valerie my website and blog and she will continue to help people with homes here in Ocala. Like me Valerie specializes in 55+ homes. Valerie lives in On Top of the World and is an expert on Ocala retirement communities.

 

Ocala Real Estate Market Report July 2021

Market Report
CLOSED SALES 647
MEDIAN SOLD PRICE $234,900
AVERAGE SOLD PRICE $300,568
MEDIAN % ORIGINAL LIST PRICE 100 %
MEDIAN TIME TO CONTRACT 9 days
MEDIAN TIME TO SALE 62 days
NEW PENDING SALES 646
NEW LISTINGS 759
ACTIVE LISTINGS 825
MONTHS SUPPLY OF INVENTORY 1.3 months

Closed sales for July were down from the previous couple of months. Sales are typically lower in the summer here. Prices keep going up if you compare average and median sold prices to previous months. Active listing have gone up and that is good news but the months of inventory is still really low.

Ocala Real Estate Market Report June 2021

Market Report
CLOSED SALES 855
MEDIAN SOLD PRICE $235,000
AVERAGE SOLD PRICE $298,774
MEDIAN % ORIGINAL LIST PRICE 100 %
MEDIAN TIME TO CONTRACT 8 days
MEDIAN TIME TO SALE 60 days
NEW PENDING SALES 740
NEW LISTINGS 817
ACTIVE LISTINGS 757
MONTHS SUPPLY OF INVENTORY 1.0 months

Homes are selling very fast often in less than a week and prices seem to be going up constantly. The average sale price is up 30% over June 2020 and the median sale price is up 43% over the same period. New home builders are adding an escalation clause to new builds allowing them to increase the sale price since homes are taking 7-9 months to finish. I don’t see this stopping any time soon. The only positive is that Ocala still seem cheap compared to other parts of the country and further south in Florida.

Ocala weather report summer 2021

We went from a very dry may, one of the driest on record to June where I swear that it rained every day. Some summers are wetter than others and 2021 is off to a very wet start.

All summer the weather is much the same. Mid to high 70’s first thing in the morning. Heating up to the high 80’s or low 90’s with extreme humidity all day 24/7.

It’s hurricane season. Hurricane Elsa just hit north of Cedar key as a tropical storm, winds less than 75 mph and we got rain and light winds here in Ocala. The hurricane season ends in October and the chance for hurricanes increases as the ocean water gets warmer over the summer.

I like to say that the hot humid summers are a small price to pay for no winter and no snow or ice.

Ocala Florida real estate market report May 2021

Market Report
CLOSED SALES 809
MEDIAN SOLD PRICE $225,000
AVERAGE SOLD PRICE $275,132
MEDIAN % ORIGINAL LIST PRICE 100 %
MEDIAN TIME TO CONTRACT 11 days
MEDIAN TIME TO SALE 57 days
NEW PENDING SALES 792
NEW LISTINGS 759
ACTIVE LISTINGS 711
MONTHS SUPPLY OF INVENTORY 1.0 months

I’m late on my sales report because the source, Florida Realtors keeps changing the numbers because of late reports from some brokers.

We are in a severe sellers market. Homes are selling in just a few days. A buyer asked me if all homes are selling for list price. I looked at the community he liked best Stone Creek going back 60 days. There were homes that sold for full list price. There were also some homes that sold for a few thousand less but also some that sold for over list price. I think that’s how we got that 100% of list price statistic in the chart above.