Q:  I keep seeing some listings online that say “AWC” or Active with Contract.  What does this mean?  Is it available or not?

A:  Recently in our Multiple Listing Service there was a pretty major change with the addition of the “Active with Contract” status.  Here’s what it means to you.

When you are searching for a home either via an MLS feed that your Realtor has set up for you, or on a website like Realtor.com – you may notice some homes say “Active” while others say “Active with Contract” or “Pending”. Here’s the difference:

Active  (ACT) – Home is actively available on the market and does not currently have a contract on it. This doesn’t mean the Seller hasn’t received any offers yet – they may have – and its up to your Realtor to ask the listing agent. It does however mean the Seller hasn’t yet accepted any offers presented.  Hurry and go see a listing that is active before it goes AWC or PNC!

Active with Contract (AWC) – This status is often seen on short sales, but occasionally you’ll see it on non-distressed properties as well. The reason “AWC” – or Active with Contract – was created was to allow Realtors to continue marketing homes that were under contract already but have contingencies. Contingencies are things like “bank must approve the sale” or “financing” or “inspections” – things which must be completed or overcome in order for the sale to close.

So why does the Realtor want to continue marketing an AWC listing? Two reasons. #1 – many short sale contracts fall through either because the bank counters the offer presented at a higher number, causing the Realtor to have to start all over marketing for a new buyer. #2 – because the Realtor wants to find buyers even though the house is under contract and sell them other Active homes.

Many times buyers ask me is it worth looking at AWC listings? The answer is probably not, if the current contract should fall through, the listing will go back to Active, and you can look at it then. No sense getting your hopes up over something that’s unlikely to come through.

Pending (PNC) – This means the home is under contract and they are not currently seeking to continue marketing the home.  Most contingencies will be removed once a listing goes “Pending”.

Read more Ask a Realtor questions and answers,

or feel free to submit one yourself!

Q: I need to sell my home and I’m considering selling For Sale By Owner instead of hiring a Realtor to save myself some money. Couldn’t I just use a Tampa flat fee MLS service to get exposure for my home?  That way I can pay 3% to buyers agents instead of a full 6%.

A: Sure you could. There are several Tampa Bay MLS Flat Fee services in the area to choose from. Most charge anywhere from $599 to $799 to list your home on the My Florida Regional MLS system. Then they’ll charge you additional fees for extras like a lockbox ($100), a professional sign ($75), a featured listing on Realtor.com ($70+ per month), listings on other real estate websites ($150+), contract negotiations and coaching ($300+), etc. Additional 6 Month Listing Term ($100).

Already you are talking about $1594 upfront for services that a Realtor can provide – included.  Services which may not get your home sold on their own.  When you list with a Realtor you don’t pay unless the house sells.  That’s right – I work for FREE until your house sells.  Think about it.  I spend my own money to market your home and I take the chance that it may not sell.  Why would I do that unless I was confident in my abilities to get your home sold?

Not to mention – and I hate to bring this up – but most Realtors can tell in the MLS which listings are flat fee services and simply refuse to show those listings.  Why, if I’m paying 3% you may ask?  Several reasons.  First of all, did you know the average Realtor sells only 4 homes a year?  Yep – many of them work other jobs or do it part-time.  If you only sold 4 homes a year, would you take a chance as a Realtor on a listing you know is a For Sale By Owner flat fee listing?  The buyer’s agent knows he or she is going to have to work both sides of the transaction and only get paid for half the work when working with a FSBO.  It’s sad but true.

Secondly, most Sellers are not prepared with the knowledge of what it takes to get a home sold and end up wanting representation too (and not wanting to pay for it) and its not fair for a Realtor to be forced to handle both sides, when he or she is a fiduciary for the Buyer.  Many Realtors simply don’t want to deal with this, so they show other homes that are listed with Realtors.

As a Seller, your home may be your biggest financial investment – do you really want to be unrepresented in dealing with such a complex transaction?  Are you aware of all of Florida’s Housing laws and real estate forms? Is it worth saving 3% if you put yourself at risk of liability because you didn’t disclose something you should have, or ended up leaving money on the table because you could have sold for higher?  Just things to think about.

As a St. Petersburg and Tampa Realtor, I eat sleep and breathe real estate. I negotiate the best pricing for my client’s listings, and I fight for my Seller’s when an agent brings us a low ball offer. I expose the property to local, national and international buyers, with hopes of driving competing offers and creating a bidding war! Many people think that when they list with a Realtor, all that Realtor does is put a sign up in the yard, put a lockbox on the house, and put the property in MLS – so why not go it alone? It simply isn’t true (of most Realtors!)

Here’s a list of 101 things your Realtor should be doing to get your home to the closing table.  There are more not included here – things like “Meet A/C guy at house to supervise repair work” – I did that at 7am Monday for one of my listings!  Or how about “Show listing at 7pm on Friday night even though buyer was an hour late“?  Realtors earn their commissions – I did that last week too!

Typical Pre-Listing Activities

• 1. Research Current Properties
• 2. Research Sales Activity from MLS and public records databases
• 3. Provide Average Days on Market Assessment
• 4. Review Property Tax Roll
• 5. Prepare a Comparable Market Analysis (CMA)
• 6. Verify Ownership and Deed Type
• 7. Verify County Public Property Records
• 8. Perform Curb Appeal Assessment
• 9. Provide Public School Value
• 10. Provide a Listing Presentation
• 11. Analyze Current Market Conditions
• 12. Present Credentials
• 13. Deliver CMA Results
• 14. Discuss Planning and Strategy
• 15. Explain Listing Contract, Disclosures & Addendum
• 16. Screen Calls from Buyers or Agents
• 17. Explain Homeowner Warranty

Selling the Property Activities

• 18. Review Title Details
• 19. Order Plat Map
• 20. Create Showing Instructions
• 21. Obtain Mortgage Loan Information
• 22. Review Homeowner Association Fees and Bylaws
• 23. Submit Homeowner Warranty Application
• 24. Add Homeowner Warranty in MLS
• 25. Review Electricity Details
• 26. Arrange Inspections for City Sewer/Septic Tank Systems
• 27. Collect Natural Gas Information
• 28. Provide Security System Status
• 29. Determine Termite Bond Status
• 30. Analyze Lead-based Paint Status
• 31. Distribute Disclosure Packages
• 32. Prepare Property Amenities
• 33. Detail Inclusions & Conveyances with Sale
• 34. Compile Repairs Needed List
• 35. Send Seller Vacancy Checklist
• 36. Install Lockbox
• 37. Make Copies of Leases for Rental Units (if applicable)
• 38. Verify Rents, Utilities, Water, and Deposits for Rentals
• 39. Inform Tenants of Listing for Rentals
• 40. Install Yard Sign
• 41. Perform Interior Assessment
• 42. Perform Exterior Assessment

Advertising and Marketing a Listing

• 43. Enter a Profile Sheet into the MLS Listing Database
• 44. Provide Copies of MLS Agreement
• 45. Take Additional Photos for MLS and Marketing
• 46. Create and Advertise Property Listing
• 47. Coordinate Showing Times
• 48. Create and Mail Flyers
• 49. Compare MLS Listings
• 50. Develop Marketing Brochure
• 51. Notify the Network Referral Program
• 52. Create Special Feature Cards
• 53. Analyze Feedback Emails and Faxes

Handling Offers and Contracts

• 54. Receive Offer(s) to Purchase
• 55. Evaluate Net Sheet
• 56. Counsel and Mediate Offer(s)
• 57. Deliver Seller’s Disclosure
• 58. Obtain Pre-qualification Letter
• 59. Negotiate Offers on the Seller’s Behalf
• 60. Mediate Counteroffers or Amendments
• 61. Fax Contract Copies
• 62. Deliver “Offer to Purchase” Copies
• 63. Assist with Escrow Account
• 64. Distribute Under-Contract Showing Restrictions
• 65. Update MLS to “Sale Pending”
• 66. Review Credit Report
• 67. Deliver Unrecorded Property Information
• 68. Order Well Flow Test Reports (if applicable)
• 69. Order Termite Inspection (if applicable)
• 70. Order Mold Inspection (if applicable)
• 71. Confirm Deposit and Buyer’s Employment
• 72. Follow Up with Loan Processing
• 73. Communicate with Lender
• 74. Confirm Approval of Loan
• 75. Remove Loan Contingency

Home Inspection and Home Appraisal Activities

• 76. Coordinate Buyer’s Home Inspection
• 77. Review Home Inspector’s Report
• 78. Interpret Loan Limits
• 79. Verify Home Inspection Clauses
• 80. Contractor Preparation
• 81. Confirm Repair Completion
• 82. Attend Appraiser Appointment
• 83. Provide Appraiser Information and Remove Contingency

Closing Preparations and Actions

• 84. Ensure Contract is Sealed
• 85. Coordinate Closing Process
• 86. Coordinate Closing Formal Procedure
• 87. Assist with Title Issues
• 88. Perform Final Walk-through
• 89. Verify Tax and Utility Preparations
• 90. Review and Distribute Final Closing Figures
• 91. Request Closing Document Copies
• 92. Confirm Receipt of Title Insurance Commitment
• 93. Make Homeowners Warranty Available
• 94. Review Closing Documents
• 95. Confirm and Assist with Final Deposit
• 96. Coordinate with Next Purchase
• 97. Ensure “No Surprises” Closing
• 98. Final MLS Update
• 99. Follow Up and Resolve Repairs
• 100. Documentation Follow Up
• 101. Hand the keys to the new owner

I don’t care if a property is $100,000 or $1,000,000 – as Realtors our job is to beautifully market a home. And yet still I see photos constantly that kill me as to why the agent didn’t retake the photo. Silly things really. Here’s today’s example. Shadow of the listing agent taking the photo in the shot. Dude – back up, or crop yourself out of it, or shoot from another angle. How hard is this? Oh and can we try to take the photo straight too, or use editing software to straighten it out?

I may have a marketing degree, but I certainly don’t think one is necessary to take a good photograph.

540 26th Ave Se, St Petersburg, FL 33705 (MLS # U7536572)

View Virtual Tour

BACK ON THE MARKET - Prior buyer's financing fell through. This custom built "Green" house is hurricane safe and features amazing water views of Tampa Bay. First floor features garage and huge bonus room which could be used as a family room, game room or home theater. Large downstairs 4th bedroom is not a true 4th bedroom but has its own bath and can easily convert to a 2nd master with the addition of a closet. Main level is on the 2nd floor and features a beautiful kitchen featuring an island, granite counter tops, Stainless appliance and more! You will love the stained and hand scraped maple wood floors, plantation shutters, and large balconies this home features. Home was built with insulated Concrete Foam with R50 rated walls and a stone coated steel roof with an R38 rating. This home is so well insulated that the average electric bill is just $120 a month for this 3,000+ square foot home! Other hurricane safe features include insulated garage doors with hurricane bars, impact glass doors and windows, and a generator system with a 1,000 gallon propane tank to provide fuel for 2 weeks should a storm occur. Low insurance due to nature of construction! Gorgeous crown moldings throughout and a winding staircase leads to the home's rooftop terrace, where you can sit and sip a glass of wine while you watch the fireworks on the 4th of July, see dolphins playing out in the bay, and enjoy views of both downtown St. Petersburg and downtown Tampa!

Property Type(s): Residential / All, Residential / Single Family

Last Updated	4/29/2012	Tract	Tropical Shores 3rd Add
Year Built	2008	Community	n/a
Garage Spaces	2.0	County	Pinellas
Total Parking	2	Walk Score ®	6

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with SMITH & ASSOCIATES REAL ESTATE

(view all details for MLS #U7536572)

This morning I had this email in my inbox:

“I have some very important news for you! Today you will begin to see the launch of the “Yes on Amendment 4″ campaign by a group called Florida Taxpayers First.

Amendment 4 will lower property taxes for new homebuyers by providing an additional homestead exemption, give the Legislature the authority to prevent property taxes from increasing while a home’s value is decreasing, and lower potential assessment increases on nonhomestead properties from a burdensome 10 percent to a more reasonable 5 percent.

The Pinellas Realtor® Organization urges your support of this good Amendment that will provide much needed economic growth in Florida’s housing market.

For more information on how you can support Amendment 4, click here.”

Interesting!  What are your thoughts on Amendment 4?

I’ve been saying that bidding wars are breaking out in Tampa Bay – but now the Wall Street Journal backs us up! Check out the video above…

Awesome description too. Way to boast about the features of the home!

Today as I was searching for listings for one of my investor buyers, I came across this beauty.  Really?  Bars on the window as a first image to display to buyers?  Wow.  Great marketing, Mr. Realtor.

For a giggle at more bad MLS photos I’ve found over time, have a look at this video I did back when I was still with Keller Williams (I switched over to Smith & Associates last November!)… Bad MLS Photos YouTube Video

So – how do you want your home marketed?  Before you hire a Realtor you might ask to see some of their current and past listing photos because, after all, a picture is worth a thousand words.  In the case of the photo above – maybe just one word.  RUN!

The CEO of my brokerage Smith & Associates Real Estate, Mr. Bob Glaser has listed his beautiful penthouse in downtown St. Petersburg! Located in the 475 condominium building, this home sits at the peak of the highest elevation point in downtown St.Pete. Featuring 14-foot high walls of glass allow panoramic views of the city of St. Petersburg, Tampa Bay, the historic Vinoy Resort, and a fabulous 300 degree view from the wrap around terrace.  Interested in viewing this penthouse, or other St. Petersburg luxury homes?  Contact me today to schedule a private showing.

We're sorry, but we couldn't find MLS # T2514554 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

As I was huffing and puffing away on the treadmill this morning at the gym, I watched the local news which displayed the headline “Real Estate Market Heating Up”.  I’ve been saying it for awhile now – the Tampa Bay real estate market is heating up.  I feel like a bit of a broken record lately!  But its true – and I’ve got some really interesting numbers to prove it.

The report below shows the number of buyers who bought homes in each given month, the average listing price, the average sold price, the list-to-sell ratio, the number of days on market, the total current inventory of homes, and the number of month’s supply we have left.  This report is for Pinellas County below.  When you hit the 6 month mark of inventory, you are a “balanced market”.  Anything below 6 indicates a Seller’s Market.

Well let’s see here – in Pinellas County we are at 4.8 months of inventory which is indicating a Seller’s Market.  I’m seeing it first hand.  Today I’m previewing a property for a client of mine who’s been search for months for a home in the Old Northeast section of St. Petersburg, and because one popped up on the MLS last night, I set an appointment to see it today.  The listing agent has already scheduled 5 showings on it in the first day its been on the market.  I listed a new property last week as well in St. Petersburg and we had 8 showings in 3 days, and it was under contract in less than 5 days.

It’s also interesting to note that in the report below, people are on average getting 93% of their asking price!

Pinellas County Real Estate Statistics

Here’s the same report but for Hillsborough County, below.  WOW.  Only 4.1 months of inventory and Sellers are getting on average 95% of their asking price!  The other thing that is interesting in this report is that the total number of buyers compared to last March in Hillsborough appears to be down a bit, but the average Selling price point has gone up over $13,897 in a year.

Hillsborough County Real Estate Statistics

As I’ve mentioned before, the naysayers say that the banks are holding back a glut of foreclosures that will soon hit the market and crash it once again.  They’ve been saying it for 2 years, but our foreclosure levels are at a record low – less than 4% of our total market in Pinellas!  Whether its true that banks are holding back foreclosures – I really don’t know.  I don’t have a crystal ball – I wish I did as it pertains to real estate.  But in this Realtors opinion, if you’ve been sitting on the sidelines and thinking about selling – maybe now is the time while we are having a bit of a switch from a buyer’s market to a seller’s market in many areas.  If you wait too long, it may be too late.

Wondering what your home is worth today?

  Contact me and I’ll let you know – no obligation!

Waterfront Homes in St. Petersburg, Florida

Did you see the front page of today’s Tampa Bay Times?  I’ve been saying for awhile that based on the Greater Tampa Association of Realtor’s statistics, we were teetering on a Seller’s Market in many areas of Tampa Bay.  According to the numbers, we are now at a 5.4 month’s supply of homes for sale (anything below 6 is considered a Seller’s Market!)

Here’s a snippet from the article in today’s paper:

“Last month, Barry Barker put his home in New Tampa on the market. He expected it would take six months to land a buyer.

The house sold in six days.

Two dozen people toured the property, producing six offers. All of them matched or topped Barker’s asking price of $225,000.

“That’s what shocked me,” Barker said Monday. “I had no idea that many people were looking for houses.”

The sudden demand has sent real estate agents scrambling.

“People are desperate now for houses,” said Tony Delgado, an agent with Homeward Real Estate in South Tampa. “It’s a seller’s market.”

That’s a phrase not uttered in these parts for years.

The housing crash and foreclosure crisis flooded the market with inventory as the recession and tight credit dried up the supply of buyers.

Recently, without much fanfare, the situation began to change.

Investors bought up a lot of bargain-priced homes available through short sales and foreclosures. An improving economy and record low interest rates sent regular buyers looking for houses in areas not saturated with distressed homes.

But owners in those areas were not putting up “for sale” signs, continuing to assume that a depressed market meant they would not get a good price for their homes.

In short: Supply went down as demand went up.”

Continue reading the rest of the article here.

In this Realtor’s opinion, I am seeing certain areas of Tampa Bay recovering faster than others.  For example, South Tampa, Davis Island, The Heights District, and much of Pinellas County – especially waterfront homes in St. Petersburg and homes in the Old Northeast Historic District of downtown St. Petersburg – are moving.  When you get out into some of the more western communities like Riverview, Ruskin and Gibsonton, prices are still quite reasonable compared to the days of 2005, but investors are buying up many of the inexpensive homes that are foreclosures and short sales so inventory is shrinking there as well.

There remains speculation that banks are “holding back” with foreclosure inventory.  I haven’t seen much of it trickle through yet, so I’m of the opinion that I’ll believe it when I see it – they’ve been saying this for over a year now.  In fact when searching for homes for buyers, I’m noticing that the foreclosure (REO) properties are often selling higher than the short sales – so I’m not sure REO inventory will negatively impact the market so much anyway if that trend continues.  Why you may ask?  Because people perceive foreclosures to be the best deal in down, and often cause a bidding war, driving the price of the foreclosure up over asking price.  This is happening with some short sales too, but I see it more with the foreclosures recently.

The moral of the story is – if you have been waiting to sell your home because you thought the market was still a Buyer’s Market – think again and get the opinion of a licensed Realtor.  Of course, I would love to be that Realtor!  (And for goodness sakes, don’t believe Zillow’s Zestimate – here’s why!)  If you’d like a free, no pressure, no obligation as to the value of your home in today’s market, please fill out this form and I’ll be in touch with you shortly.  It might just be the perfect time to sell your Tampa Bay home!