Open Forum in The Villages, Florida
This weekly podcast will cover in detail, people, clubs and activities here in The Villages, Florida. Each show will run 10-30 minutes. Become a Supporter of this show for $3/month. Supporters will have access to all episodes. Our newest Supporters will get a Shout-out during a show.
Open Forum in The Villages, Florida
What you need to know about Real Estate in The Villages, Florida area
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As of March 2023, the real estate market in The Villages, Florida remains highly active and vibrant. The Villages has experienced a robust market with strong demand for properties. The community's reputation as a desirable retirement destination, coupled with its extensive amenities and active lifestyle, contributes to a consistent demand for real estate in the area. However, it's essential to consult up-to-date market reports or local real estate professionals for the most accurate and current information.
- Selling a home in The Villages, Florida is proving to be more challenging compared to a year ago, there are several strategies potential sellers can employ:
a. Pricing: Accurately pricing your home is crucial. Consider analyzing recent comparable sales and market trends to determine a competitive listing price. Overpricing can deter buyers and prolong the selling process.
b. Marketing: Invest in a comprehensive marketing strategy to maximize exposure for your property. Utilize both online and offline channels, including professional photography, virtual tours, open houses, and targeted advertising.
c. Flexibility: Be open to negotiating and consider potential concessions to attract buyers. Flexibility on closing dates or offering incentives can make your property more enticing in a competitive market.
- Yes, realtors play a crucial role in the process of selling a home in The Villages, Florida area. An experienced realtor can provide invaluable guidance throughout the entire selling journey. They possess the expertise to accurately price your home, market it effectively, negotiate on your behalf, and handle the intricacies of the transaction.
- Buyers in The Villages, Florida area can greatly benefit from working with an MLS realtor like me. Here's why:
a. Local Market Knowledge: Realtors are well-versed in the local market, including current inventory, pricing trends, and neighborhood-specific information. They can help buyers identify properties that meet their criteria and provide insights on the best investment opportunities.
b. Access to Listings: Realtors have access to the Multiple Listing Service (MLS), which contains a comprehensive database of available properties in The Villages, Florida area.
c. Negotiation Expertise: Realtors act as advocates for buyers during negotiations, leveraging their negotiation skills to secure the best possible deal. They have experience in navigating counteroffers, inspection contingencies, and other aspects of the transaction.
d. Guidance and Support: Buying a home can be a complex process, especially for first-time buyers. Realtors provide guidance and support throughout the entire journey, helping buyers make informed decisions and addressing any concerns or questions that may arise.
- In The Villages Florida area, you may encounter both MLS (Multiple Listing Service) realtors and VLS (Villages Listing Service) "realtors." The difference lies in the specific listing service they primarily utilize & who they work for.
Whether buyers and sellers should use one over the other depends on their specific needs and preferences.
Open Forum in The Villages, Florida is Produced & Directed by Mike Roth
A new episode will be released most Fridays at 9 AM
Direct all questions and comments to mike@rothvoice.com
If you know a Villager who should appear on the show, please contact us at: mike@rothvoice.com
Welcome to the Open Forum in the Villages, Florida podcast. In this show we are going to talk to leaders in the community, leaders of clubs and interesting folks who live here in the villages to give perspectives of what is happening here in the villages. We hope to add a new episode most Fridays at 9am. We have converted all of our shows to Buzzsprout. Of course, you can still listen to Apple Podcast, Amazon Music and about 20 other podcast platforms. Your favorite podcast player will still work. We are now a listener-supported podcast. You can become a supporter for only $3 or you can choose to pay more per month. Go to OpenFormintheVillagescom and click on Support in the black box. There will be a shout out for supporters in episodes. This is a shout out to supporters. Tweet Coleman, Dan Capellan, Ed Williams, Alvin Stenzel and major supporter Dr Craig Curtis at K2 in the Villages. We will be hearing more from Dr Curtis with short Alzheimer's tips each week.
Mike Roth:This is Mike Roth on Open Forum in the Villages. I'm here today with Dr Jamie Noel. Some of you may remember Jamie was with us about two weeks ago and she was talking about food and nutrition, and today I've asked her to put on her realtor hat and she's going to be talking about the real estate market here in the Villages. Jamie, thanks for joining us.
Jamie Noll:Thanks for having me, Mike.
Mike Roth:After Jamie's 35 years in the pharmaceutical industry in a hospital setting and not being one to want to stop learning and doing. Jamie is in the pursuit of becoming a top real estate agent within the Villages. She's an independent realtor with realty executives here in the Villages. Realty executives enjoys the number one slot here in the Villages for market share of all MLS companies doing business in the Villages. Jamie, my first question might be how do the independent MLSs rate themselves? How do you measure market share in the Villages?
Jamie Noll:It's in dollars by how much is sold within the Villages.
Mike Roth:Okay, so it's not the number of units, it's the number of dollars, correct? Okay, great. Now, jamie, could you tell our listeners a little bit? here we are at the end of the May 2023. Tell our listeners a little bit about what the real estate market looks like here in the Villages.
Jamie Noll:Sure. Well, the most recent data we have from the MLS shows us that it's still a seller's market, but a bit less than a year ago. But we have to keep in mind that a year ago we were still dealing with the pandemic and that result in influx of buyers, So it's really not surprising that we're seeing a little bit of pullback from the last year. As of the most recent data that we have available, in the Villages we have about three and a half months of inventory, which is up from 1.2 months a year ago, And the median time to contract is now 44 days, up from five days a year ago.
Mike Roth:That's a significant change?
Jamie Noll:Yes, it is, And again we have to take into account that the pandemic really influenced those numbers quite a bit.
Mike Roth:And how many days or months supply and realty is in the inventory now?
Jamie Noll:About three and a half months.
Mike Roth:Wow, That would leave me with the suggestion that the average buyer might be stuck in their house 90 to 100 days after they listed Three and a half months about 100 days.
Jamie Noll:Three and a half months.
Mike Roth:Worth of inventory.
Jamie Noll:Worth of inventory, meaning that if we sold every house that's on the market within three and a half months, we would have nothing to sell. If that number is less than six, it indicates it's a seller's market. If it's greater than six, it indicates it's a buyer's market.
Mike Roth:Oh, thanks for clamor-fying that.
Jamie Noll:Absolutely. You know also Now the median percent of original list prices 94.8%, down from 100% a year ago. So we do have some funny numbers in the villages, but we have to keep in mind that the market here changes very rapidly And we really don't want to look back more than 45 days when it comes to evaluating, doing comp analyses, etc. Interestingly, the percent of cash sales in the villages is around 57%, up from 35% a year ago.
Mike Roth:How would you explain that?
Jamie Noll:I don't have an explanation for it. I wish I did.
Mike Roth:It seems strange in a rather inflationary market, it would seem that the number of mortgages would be going up, not down.
Jamie Noll:Right, exactly, so I don't have an explanation for that.
Mike Roth:So, jamie, it seems that's a little bit more challenging to sell home the villages now than it was a year ago. What advice would you give potential sellers at this point in time?
Jamie Noll:Well, my first seller should understand that there is a balance between the price they list their home versus how fast it will sell. So while of course we want top dollar for our homes, it doesn't really help us at all to price a home too high such that it's not getting shown and there are no offers coming in. A seller only gets one chance to be the shiny new penny. Pricing a home too high and having sit on the market accumulating days on the market with no activity is risky In that eventually it's no longer the shiny new penny and people are wondering what's wrong with the house, why it isn't selling. So you want to hit the market with a reasonable price based on the current comps for the best and least painful experience.
Mike Roth:And that's always a difficult equation for most homeowners. The real estate market might not support that price.
Jamie Noll:Correct, and this is why most fizzbos or for sale by owners don't succeed. Within about 30 days, the homeowner realizes that they need help, the help of a realtor.
Mike Roth:And that's help in marketing and in pricing.
Jamie Noll:Absolutely. It's a delicate balance and it's not an exact science. You know, a professional realtor within the villages knows the market and hiring a realtor ensures you're getting the most recent comparative analysis, which includes houses sold in the last 45 days and currently active comparative homes, which is your current competition. Now realtors do often work with people who want their house listed well above where it should be based on the current data. But for those sellers, i would remind them that. Number one keep in mind that the more money your home sells for, the more money the realtor makes on the deal. So if your realtor is suggesting a lower price, it's because he or she is acting in your best interest to get the home sold. It certainly doesn't make the realtor more money to suggest a lower price in your home. So understand that the realtor is trying to strike that balance of price versus time on the market for you.
Mike Roth:Well, you do have those unfortunate situations here in the villages where the original homeowner has died And it's a family member from another area of the country attempting to unload an unwanted home. They certainly don't need to live in the home and a lot of them don't care how long it lays on the market, so they might want to overpriced their home.
Jamie Noll:Yeah And you can do that. But again you're taking that risk of you only have that one chance to be the shiny new penny. And once the house is on the market for so many days in comparison to other homes on the market, people start to wonder well, what's wrong with that home? Why isn't it selling? So it's okay really to overpriced the home in the beginning. I mean, it's not a great idea, it's okay, but you have to quickly adjust to what's happening in the market.
Mike Roth:Quickly reduce the price to the market for that particular.
Jamie Noll:Absolutely. Don't sit on it.
Mike Roth:This is Mike Roth with Dr Craig Curtis for today's Alzheimer's tip. Dr Curtis, in past tips you've told our listeners to walk as a good exercise five days a week. Is there any other exercise that they can do which will be beneficial to their brains, which is not going to be terribly exerting or can be accomplished by people who have weak hip joints or weak knee joints or shoulder joints?
Dr. Craig Curtis:Absolutely Any type of exercise what we call moderate exercise can help brain health, such as a stationary bicycle, simply pedaling a stationary bicycle. It's very low stress on the joints, it's very good for your heart and very good for your brain.
Mike Roth:Thank you, Jamie. let me ask you another question. What about buyers? How should they use a realtor, an MLS realtor, in the villages?
Jamie Noll:Well. Working with a competent realtor in the villages ensures your best interests are being represented. Realters not only help you find homes that suit your criteria, they negotiate on your behalf for the best deal and then they see the deal through to successful closing. This ensures that needed repairs are done, warranties are acquired as desired and that the buyer has all the information needed to start their utilities. Amongst many other expected and unexpected obstacles that can arise from contract to closing, another thing I'd like to point out to buyers is that it doesn't cost them anything to be represented by a realtor. The seller pays commission based on an agreement that was made when the listing contract was signed between the seller and the listing agent. So if it doesn't cost the buyer anything to have his or her interest represented, why make the decision not to be represented?
Mike Roth:So that raises a couple of other interesting questions. I know people don't like to talk about price, but I do. If you listed your home with a MLS agent on average, what kind of Cost would they have?
Jamie Noll:the buyers would have no cost okay, the sellers the sellers agree on the rate of commission at the time They list the house with the realtor average five percent, six percent.
Mike Roth:What is it? around five percent on average, i would say okay and based on your knowledge, if it was listed with the villages, with the commission rate be the same.
Jamie Noll:I really don't know what the villages does. They're not very forthcoming with their own data.
Mike Roth:Mm-hmm, no one's told you. In the villages, we have both types of realtors the MLS realtors and the Villages realtors. What's the difference in? why should buyers choose one over the other?
Jamie Noll:Well, the VLS or the villages listing service, is the proprietary listing service that the villages provides for potential buyers and sellers. Their sales agents work for the developer and, while they're licensed through the state, they are not part of the MLS and and really they are not realtors. They are sales agents for the developer and, although they can sell new or pre-owned homes in the villages, they do not represent the interests of the buyer. They represent the interests of the developer. So that's one thing for buyers to keep in mind.
Mike Roth:So now they are agents of the developer.
Jamie Noll:Correct, so they are. they are sales agents for the developers, they are not realtors.
Mike Roth:Okay, in in Ohio, where I came from, working for a developer, you didn't have to be a licensed realtor.
Jamie Noll:in Florida today, all, all agents have to be licensed realtors any agent that receives any type of Commission has to be licensed by the state. If they simply received, you know, a basic Salary, then they would not have to be licensed.
Jamie Noll:Okay you know, But to be a realtor, an agent has to have passed the state exam and taken oath on the code of ethics from the National Association of realtors, and in all cases buying or selling a realtor represents the interests of their client okay, if you list the house, then your client is the owner of the house, correct?
Mike Roth:and then you have to protect their interest as a listing agent.
Jamie Noll:Yeah, and an advantage of using an MLS realtor as a seller is that your home gets infinitely more exposure Once it's listed on the MLS. If you sell your home through the villages, it really only gets exposure on the village's website and in the daily sun. So consider that the majority of people, when first looking at homes, go to a website like Zillow or realtorcom. If your house is listed with with an MLS realtor, your home will show up on Zillow and realtorcom as well as a plethora of other Websites. If you list with the villages, your homes will not show up on Zillow or realtorcom. So the bottom line here is that exposure sells homes and you will get infinitely more exposure If you list with an MLS realtor than with the villages sales agents.
Mike Roth:Mm-hmm. Do you have any kind of statistics that can tell a potential seller How many times their home might be looked at on a site like Zillow or the MLS listings?
Jamie Noll:One thing I would like to point out, though, since we were talking about the difference between VLS and MLS, is, on the other hand, i'd like to point out that if you're a buyer in the villages looking for new construction, only the villages sales agents can sell those, those properties. So this is where you'd have no choice but to go through the villages. Mls realtors do not represent the developer and and therefore cannot Sell new construction. But so I think a fair analogy to compare an MLS realtor with a VLS sales agent would be to compare seeing a physician versus a podiatrist. Podiatrists are very skilled in the care and surgery for feet and ankles, but they can't take care of other health problems that may arise. On the other hand, a physician can take care of the entire body And also has the ability to prescribe medicines that the podiatrists can't. Both have their place, but it really is like comparing apples to oranges.
Mike Roth:This is one of my favorite areas of real estate having a seller of a home in the villages. who would best represent that home? a Independent MLS agent or the villages?
Jamie Noll:I can tell you that you know MLS realtors are always representing the interests of the client. But again going back to what I was saying previously exposure, sales homes and when you list with the VLS, the villages agents, your home gets listed on the villages website and it gets listed in the daily Sun. But when you list with an MLS Realtor, the house shows up on Zillow and Realtorcom and Trulia and a whole host of other websites. So it gets way more exposure than when it's listed with the VLS.
Mike Roth:Mm-hmm. And when you go on the sites like Zillow, if I'm sitting in Cincinnati or Boston or Los Angeles, the house shows up, correct, and only those houses show up.
Jamie Noll:Yeah, The VLS listed homes do not show up on Zillow, Realtorcom, Trulia et cetera.
Mike Roth:So a potential buyer would have to either call or come to the villages to contact a village's Realtor.
Jamie Noll:Or, you know, find the villagescom website, because all the homes that are for sale by the villages are listed on that website. But again, it's a lot easier when you know that 80% of people who start looking for a home start on Zillow.
Mike Roth:That's what I did.
Jamie Noll:And you know I can tell you that personally. I have listed homes that were on the market with the villages for six months and didn't sell And then when I got it and gave it all the exposure, it sold within 30 days.
Mike Roth:Mm-hmm. Is it typical for a listing contract to be a six-month contract?
Jamie Noll:Yes, i would say that's pretty typical. I mean, you can make it for as long or as short as you want. But you know, in fairness, what a lot of people don't realize is that when you list your home with the Realtor, the Realtor is investing their own personal money to get your house sold. And so, you know, some people come and they say, well, i really only want a two-month contract or a three-month contract. If you list with me, it doesn't cost you anything to get out of your contract, other than to, you know, pay the money that I have invested to market your home. If you terminate the contract before the six-month point, it doesn't cost you. I don't charge any money. I do know that the villages does charge people money if they try to get out of their contract.
Mike Roth:So I listed with the villages and in two months it didn't sell and I wanted to terminate their contract. So you didn't pay for termination.
Jamie Noll:Yeah, my understanding is that you would pay a fee for every month that was left on that contract. I've been told it's somewhere around $1,200 a month.
Mike Roth:And in terms of marketing a home, what are the expenses that Realtor executives has in marketing a home?
Jamie Noll:Well, it's not Realtor executives, because we're all independent contractors So we pay for ourselves. So if I list a home number one, it goes on MLS, which I pay for.
Mike Roth:It also goes in the daily sun, which I pay for I also do some How many days in the daily sun would a typical home that you list go on?
Jamie Noll:You know it depends. Every Realtor is a little bit different. For me personally, right now I have ads in the daily sun on Saturdays. Some Realtors put ads in for other days of the week.
Mike Roth:Why do the Realtors put all these pictures of themselves in the ads? It doesn't do anything for me. I say, if I'm looking for a bridge port, for instance, that's what I want to see. I don't want to see a picture of a guy or a lady or a husband and wife or real estate team.
Jamie Noll:It's a little bit of branding.
Mike Roth:A little bit of branding, okay, and that should be paid for by the.
Jamie Noll:Realtor, realtor. Well, you know, and that's a very good point, and that's why I don't charge a fee if somebody wants to terminate their contract with me, because the truth is, i do get something out of being able to list your home, and so that's the fairness. But I would ask for the amount that I have paid to put your house into pay.
Mike Roth:If any of our listeners are interested in listening their home with you, Jamie, how should they reach you?
Jamie Noll:I'd be delighted to help any of our listeners, and I can be reached by text or phone at 352-459-5892.
Mike Roth:And do you have an email address that they can contact you?
Jamie Noll:Sure JamieNolRealtorcom.
Mike Roth:Is there a specific website that you have for the homes that you've listed?
Jamie Noll:Yes, it's JamieNolRealtorcom. They can also. If you go to my website, you can also search for any home in the villages And in fact you can search by village, you can search by amenities, a number of different ways that you really can't search on Zillow or Trulia or any of the others.
Mike Roth:So, in other words, if I was looking for a home that was less than two years old and had a pool and was in Sumter County, it's.
Jamie Noll:It's a bit easier and time consuming to go to my website and look for those specifics. then it would be going on something like Zillow or realtorcom.
Mike Roth:So if I was looking for a home with a pool and a three car garage and less than three years old, how would I do that on your website?
Jamie Noll:Well, the best way to do that, mike, is to hire a really good realtor like me.
Mike Roth:So if they're looking for a special home with a four car garage, maybe an extra garage building, maybe a four car garage plus a golf car garage, what's the best way for them to find that home?
Jamie Noll:Well, when you get to that level of detail, it's not a bad option to start on my website, but it's really going to be best to just give me a call and I'll help you find that house.
Mike Roth:Your direct cell phone number is 352-459-5892.
Jamie Noll:When people buy a home in the villages, they typically buy the home they think they're going to be in forever.
Mike Roth:That's right. That's what I did.
Jamie Noll:That's what most people do Along the way. They may find that they like a different model better. They want to live in a different area of the villages. For whatever reason, They wind up selling that home. Probably 100% of the time they are going to make money off that house, And so if they're trading down, then clearly they have money left in their pocket.
Jamie Noll:If they're trading up, it's because they're prepared to do so. But the bottom line is, because of the historical sales price trend, it's really never a bad time to sell in the villages, except for maybe January of the year. That's when we always have a dip.
Mike Roth:That's when we should be buying.
Jamie Noll:Good point.
Mike Roth:Buy low, sell high.
Jamie Noll:You got it.
Mike Roth:Thanks very much for being with us today.
Jamie Noll:Jamie, Thank you so much for having me.
Announcer Joey:Mike, it's been a pleasure. Remember, our next episode will be released next Friday at 9 am. Should you want to become a major supporter of the show or have questions, please contact us at mikeatrothvoicecom. If you know someone who should be on the show, contact us at mikeatrothvoicecom. We thank everyone for listening to the show. The content of the show is copyrighted by Rothvoice 2023, all rights reserved.