The Sandberg Team @ Ponte Vedra Key Realty

Real Estate Sales & Service in Nocatee, Ponte Vedra & Jacksonville, Florida

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904.703.4715 | Kim@KimSandberg.com
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Snowmageddon and Some Perspective on Place

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Today, as a blizzard hammers Chicago, I’m sitting with the windows open and a warm breeze blowing in down here in Jacksonville, Florida. I’m not gloating. I grew up in the Chicago area and have so many wonderful memories of my time there. I went to high school on the North Shore, where much of the John Hughes cannon was created. I met my husband in Chicago. And my daughter was born in the western suburbs. I even have fond memories of the last great snow event, the Blizzard of ’79. Though that phrase doesn’t pack a fraction of the apocalyptic appeal of “Snowmageddon”.

Again, my point isn’t to gloat about our great weather here in Florida. Rather, I’m thinking about how easy it can be to let nostalgia cloud our vision of the here and now. Because right now, here in Ponte Vedra near Jacksonville, things are pretty good.

I’ll always miss Chicago. But let me tell about a few of the places and things I’m finding here in northeast Florida that make living here great. You know, besides no snow and lots of sunny weather… [Read more…]

The Homebuyer’s Home Stretch

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5 Tips to Help Keep Your Home Loan on Track After Application

Tips for getting a mortgageSo you’ve found the perfect house. The offer has been accepted! And you just made formal loan application for your mortgage. Nothing left to do now but coast to the closing, right?

Well…sort of. While you’ll naturally want to start planning for your move, and thinking about all the things you might need to buy for your new home, there’s one very important thing to think about.

[Read more…]

George Bailey is Alive and Well and Living in Jacksonville

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It’s Christmas Eve. For those of us of a certain age, the only banker that could ever come to mind on this day is George Bailey. But in 2010, you’ll be forgiven if that’s not the first banker’s name that comes to mind, and if “warm and fuzzy” is not the feeling that wells up in your heart.

Wall Street, of course, is still much on our minds this year, especially as Main Street sees more and more distressed properties on the real estate market. Many homeowners are trying to do the right thing and hold on to their homes, and they’re asking the banks for help. But red tape seems to be the fashion trend at the banks this season, rather than red holiday gift bows.

Unless you know where to look…

[Read more…]

Don’t Forget to Turn Right (North!) Off of the Nocatee Parkway Exit

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Or you could be missing some of Nocatee’s best new home values!

Here in Ponte Vedra and Ponte Vedra Beach, we’ve finally gotten used to using the new Nocatee Parkway (aka County Road 210). And, if you’re like me, you’ve probably gotten used to exiting the parkway into Nocatee just west of Davis Park and Ponte Vedra High School. That is, after all, where the new Publix is…

However, if you only turn one way off Nocatee Parkway, instead of the other, you could be missing some of the area’s best values in new construction. It’s a neighborhood called Kelly Pointe and I recently took a quick tour of the area with the assistance of a couple of great builder site agent representatives who have the inside track on what’s happening back “off the beaten track”. [Read more…]

The Buyer’s Market and Internet-Induced ADHD

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A non-scientific, non-peer reviewed discussion of an all too common affliction affecting some homebuyers

By now, we all know the stats. According to NAR, nearly 90% of homebuyers begin their home search online. The question is, when do they stop?

With so much inventory available in today’s market, and more coming on everyday, it seems some buyers are having a hard time quitting the home search habit. Even after they’ve made an offer.

These days, it’s pretty common for me to be negotiating an offer for a client at the same time that they’re emailing and texting me with a list of additional homes to research. This isn’t necessarily a bad move if the idea is to have some backup options if the current deal doesn’t go through. But some customers continue looking even after their offer has been accepted!

[Read more…]

Crystal Ball or Time Machine?

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Like the in-laws or that old friend from high school, the economic downturn has been an unwelcome guest in all of our homes for some time now. And I’m starting to wonder if part of the issue isn’t our own timidity.

I was talking to a mortgage banker friend of mine here in Jacksonville recently who put this thought into perspective for me. For instance, she showed me an excerpt from an article in Time magazine:

“But the US economy remains almost comatose…. Unemployment is still high; real wages are declining…. The slump already ranks as the longest period of sustained weakness since the Great Depression.

That was the last time the economy struggled under as many “structural” burdens, as opposed to the familiar “cyclical” problems…. The structural faults … represent once-in-a-lifetime dislocations that will take years to work out. Among them: the job drought; the debt hangover; … the banking collapse; the real estate depression; the health care cost explosion and the runaway federal deficit.”

[Read more…]

Realtors – Don’t Be Neutral About Net Neutrality

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 The issue of net neutrality has been in the news again lately. And if some of the geeky discussions about packet throttling, peer-to-peer networks and torrents tempts you to tune out, don’t. Net neutrality is an important issue, especially for Realtors and other small businesses.
 
At the heart of the issue is whether or not Internet Service Providers (ISPs) such as Comcast, Bellsouth, Brighthouse and the like can give some content on their networks priority over other content. Basically, without net neutrality, content providers could be asked to pay a fee to have their content prioritized, or even streamed at a better/faster rate, than other content. Great news for deep-pocketed content providers (think Disney, Time-Warner, Fox, etc.) ready to expand their reach and influence. Not so good news for the millions of individuals and small businesses who rely on the Internet to maintain a level playing field, Realtors included.
 
For example, do you currently post videos/virtual tours to YouTube? Without net neutrality, consumers may find it more difficult to locate and access your content…unless you pay a fee of course. Or maybe your website, along with all your listings, photos, etc., won’t load as quickly as your competition’s website.
 
Of course, some of the large national/international real estate firms could potentially pay to ensure all of their agents’ content gets top priority online. But let’s face it, those costs will be passed on to you, the agent, one way or another.
 
When the Internet first moved into the mainstream in the early ‘90s, it was widely hailed as the great equalizer. Individuals and small businesses could publish online just as quickly and cost-effectively as major corporations…maybe more so. The result was a whole slew of innovation and new businesses, including some of the household names we know today.
 
For instance, without net neutrality, we might never have heard of companies such as Amazon, eBay, Zappos, YouTube, MySpace and others. We might not have ever heard of a small movie called The Blair Witch Project, or ever had access to a little social network run out of a college dorm room called Facebook.
 
Of course, we wouldn’t have had to watch the Dancing Baby, Keyboard Cat or Trololo man. And nobody would have ever been Rickrolled. But that’s beside the point.
 
The point is, an Internet that treats all legal content equally, and gives all users access to that content equally, is what has led to much of the growth and innovation we’ve experienced over the last 15 to 20 years. The Google/Verizon discussions are even more troubling, as they aim to essentially eliminate net neutrality on the fastest growing segment of the Internet, wireless networks (consider how many people access your content from smartphones or a laptop using a 3G connection). Surrendering control of online content to a cabal of large corporations and government bureaucrats is a recipe for disaster.

To learn more about net neutrality:
 
L.A. Times

PCWorld
 
Senator Al Franken

 

Where the Buyer’s Market Ends

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Getting a great house at a great price still requires realistic expectations.

There’s no doubt that today’s real estate market is still a buyer’s market. Short sales and foreclosures continue to provide great opportunities for buyer’s willing to do their homework. And distressed property pricing continues to exert downward pressure on home prices overall.

So while pricing is almost all plus side for today’s home buyer, it’s important to remember that there’s still a process for buying a home. And that process is largely out of the buyer’s control. Especially when it comes to short sales and foreclosures. And often times, that’s where the trouble starts…

Let’s take the example of “Dan,” a buyer who is familiar with the local market and ready to take advantage of a good deal on a short sale property. He’s researched properties online, found a few he likes and even had a local friend check them out in person. He settles on a property, has his Realtor present a cash offer and he’s ready to go.

Or so he thinks. The thing is, Dan didn’t really make an offer to a homeowner. He made an offer to a bank or group of investors. So Dan just went from being king of the hill, the buyer that everyone is courting, to a number. In the seller’s lender’s eyes, Dan’s offer is simply one figure in a complicated equation designed to limit losses for the bank/investors. And if Dan’s offer doesn’t fit the equation, there are plenty of other buyers out there that are willing to play ball.

And this is the point where so many home buyers today get frustrated. After weeks and months of being courted, pampered and catered to, the minute they make that offer, they’re just a number. And the bank is in control.

Need to get answer on the status of your offer/contract quickly so you can move on to the next house, if necessary? Get in line. The bank will get back to you on their timeframe, if they can find the seller’s file with the proper updated info (many times it’s lost for weeks or just sits untouched).

Need to close on a specific date based on your work/family/travel schedule? No problem. If you can’t make the bank’s date, we’ll find someone who can.

You were able to get all the extra documentation and information required by the bank in their ridiculously short timeframe (usually, just a few days)? Congratulations. Now sit back and get comfortable…you may not hear back from the bank at all for months.

It’s frustrating, to be sure. But it’s also the new “business as usual” when it comes to purchasing a short sale or foreclosure. If uncertainty makes you uncomfortable, especially when making one of the largest purchasing decisions of your life, a more traditional home sale may be the best route for you. But if you’ve got the flexibility—and fortitude—to play by the bank’s rules, buying a distressed property can be a winning proposition.

My Specialty? It’s People.

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It’s funny how often homeowner’s getting ready to list their homes will ask if you’re an “insert specific type of property here” specialist. Usually, the question comes from a seller looking for an “oceanfront” specialist, for example, to sell his or her home. Ironically, this is after the last four oceanfront specialists who had it listed were unable to sell it.

What does it mean? More often than not, and especially in this market, it means the listing price has been higher than what the comparables suggest it should be. And that’s a hard sell, no matter what you’re specialty.

So here’s my take on specialties in real estate. The best realtors specialize in people. Just like the most successful sales people do. We understand what motivates buyers. We know their triggers. We know how to ask the questions that get people saying, “Yes”. And we understand how to segment our audience and sell benefits more so than features.

These are the things that all good realtors do, consciously or not, whether they’re selling a $3 million oceanfront estate or a $150,000 condo downtown. It’s also why you’ll find really good salespeople can sell just about anything, from ad space to cloud computing services. Certainly, they’ll do their homework to ensure they have a good understanding the product or service their selling. But that understanding of the product is always framed with the wants, needs and motivations of a potential customer in mind.

And the ability to do that is, indeed, a special skill.

The New Real Estate Numbers Game

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By now, we all know that the old real estate saw of “Location, Location, Location” has been replaced by “Price, Price, Price”. The numbers—sales, price reductions, days on market—tell the story. And while we’ve seen down real estate markets before, this is the first one we’ve seen in the real estate information age.

For the first time, in addition to MLS data provided by Realtors®, buyers and sellers are accessing a raft of information on web sites like Trulia.com, Zillow.com, Realtor.com and even local online news outlets. In fact, a recent Trulia.com report indicates that the Jacksonville market, where I work, has the dubious distinction of leading the nation in percent of listings with price reductions. According to Trulia, 36% of homes for sale in Jacksonville, FL in January saw an average price reduction of around 13%.

What does it all mean? Now, more than ever, job one for Realtors® is to help clients parse data into meaningful, actionable knowledge. Ultimately, it will lead to a home that is priced right and should sell quickly.

It’s a simple concept, really. Get to your lowest possible price (or close to it) right out of the gate. It’s like no haggle pricing at the car dealership. And it’s a strategy I saw work time and again in my previous life in marketing and advertising.

Buyers love it because they can feel confident that they’re actually getting a fair price. Seeing comparable pricing in the market, as well as sales vs. list price, should convince reasonable buyers that they’ve found the bottom.

For sellers, it means a quicker sale with less drama. And while they may not have gotten exactly the price they were hoping for, they can probably make up the difference with a great deal on the next house they buy.

For Realtors®, getting to the right price really means getting hyper-local and digging into the data in your own backyard. While I live and work in the Jacksonville area, where that Trulia report pegs an average price reduction of 13%, my primary market of Ponte Vedra, FL is actually trending slightly lower, with an average price reduction of about 12%. It’s a small difference, but I’m sure I’d see some wide swings simply by drilling down to a neighborhood level. Hyper-local can make a big difference…

It’s just another example why buyers/sellers need a knowledgeable Realtor® who can separate fact from fiction in the new real estate numbers game.

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