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Aaron Novello

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Displaying blog entries 1-10 of 81

Reflections on a Successful First Quarter

by Aaron Novello

We have just completed the first quarter and the market place has continued to be strong in specific pockets.

Due to artificially low interest rates, single-family residential properties in certain price points ($450,000 and below) are in very high demand.

In the higher price points ($600,000 and above) the inventory is growing and demand is not as strong.

The condo segment of the market is the place where I have seen the most change. The inventory has grown dramatically in the last 12 months and as it sits now, if no one put a new condo on the market, it would take eight months to sell all the ones currently listed. There are also many new-construction condo projects going up, as I am sure you have seen with all the cranes in the sky.

All in all, the quarter was great for the market and great for The Novello Group. We had the good fortune of helping 61 people in the first quarter buy or sell a home.

We look forward to the opportunity to be of assistance to you and yours. Should you have any questions, please feel free to contact us.

Kind regards
Aaron Novello

Selling Probate and Estate Properties

by Aaron Novello

In South East Florida we have a large elderly population, so a lot of our clients find themselves needing to sell property when a family member passes away.

This can be a challenging experience for two main reasons.

There is obviously the emotional component, which we are obviously very sensitive to. Then there's the practical component which can be extremely overwhelming, particularly if clients aren't based locally.

There are four key steps in this complex process:

Probate - This requires the family to hire a local attorney. This is helpful because local attorneys are more familiar with the county that the family member lived in and/or where the property is located. In our experience this can help to dramatically expedite things.

Dealing with contents (tangible personal property) - Having a local area agent who is very familiar with these types of transactions can be very helpful as that person can connect you with licensed, bonded and insured professional vendors who can help with contents, perhaps arranging an estate sale for items of value or clearing out property and donating to local charities or carrying out some handywork to prepare the home for sale and maximizing value.

Deciding what to do with the property - There are usually some clear options here. Sometimes the decision will be to keep the property in the family. Another choice is to rent the home out. The other normal option is to sell the property. We often find that in these dynamics that family members get solicitations from neighbors and investor types whose intention is to purchase at a discount and make a fast profit. They will typically make an offer 20-30% below fair market value. If the goal and objective is to sell and if there has already been some interest, listing the house for sale on the open market forces everyone to compete and will attract much wider interest. This often results in multiple offers.

Selecting a real estate agent - If the decision is to sell the home, it's critical that the agent you choose has a vast knowledge and experience of the legal aspects of probate. This ensures that they can help to efficiently guide you through the process and work in tandem with the appointed probate attorney to ensure everything goes through smoothly and efficiently, because this type of transaction is a little different in terms of closing and all the appropriate documentation that's required.

We have had the good fortune to have helped a lot of families in these circumstances. If you are in this situation and would like to sell a property, we would be delighted to assist. Our intention is to take the weight off your shoulders at a difficult time and put it onto ours.

Please don't hesitate to contact us today if you have any queries or concerns in this area.

Kind regards
Aaron Novello
 

Dealing Successfully With An Early Offer

by Aaron Novello





On the face of it, the sooner your home sells for the right price, the better.

That being said, receiving an offer only a few days after a property has been listed often creates uncertainties in the minds of sellers. With such a buoyant market at present, this is an increasingly common situation.

Quick offers can cause a real dilemma for sellers, especially those who aren't entirely focused on the need for a very fast sale.

Because the home has sold so rapidly, there's often a nagging suspicion that maybe there are better offers out there and sometimes sellers will decide to wait and see if they get anything better.

This is, of course, a high risk strategy. One of the key reasons buyers are so enthusiastic at the moment is because they want to find the right property as soon as they can and lock in an ultra-low mortgage rate. But that is a scenario that could quite quickly change.

Whereas you may think that patience will be rewarded, it's extremely unlikely that the person(s) who made you a quick offer will have the same mindset.

I jokingly tell people there are two times in our relationship that they may be upset with me. The first is if the property sells too quickly and the second is if it takes too long to sell.

When a seller expresses the wish to keep the home on the market after an early first offer, there are two things that I cannot predict with a high level of confidence:

- How long might it take to receive another offer?
- Will the next offer be better than the first one?


My suggestion to clients is to always take a very serious and close look at all offers, irrespective of how soon they arrive. We will have priced your home so that you have the maximum opportunity to get the very best return on the sale, so using that asking price as a measure, you can instantly gauge the quality of each and every offer.

Of course we do not leave you alone in this process and will talk through every offer in detail with you and express our thoughts as to its quality, based on our deep experience of current and historic market trends.

Take a look at the Zillow review in the sidebar of this message for a great example of how we recently handled a very quick sale to the complete satisfaction of the client.

We'd be delighted to provide you with further assistance and advice on any aspect of selling your home, so please don't hesitate to contact us today.

Kind regards
Aaron Novello

How To Avoid Expensive Listing Agreement Cancellation Charges

by Aaron Novello

I take a lot of calls from clients who have hired another agent to sell their home and aren't getting the results they need and would like me to help them.

When they take a close look at their existing listing agreement with their current agent they often find that there are things in there that they weren't aware of.

One of these is a cancellation fee. Some agents will put a clause in the agreement that means there is a fee you have to pay them if they let you out of the time frame of the agreement.

In a six month agreement, for example, you might call the agent to cancel at the end of 90 days because you aren't happy with service and progress to date. Because you signed the agreement, the agent is then able charge you a certain amount of money, which might typically be $500 or $1000. In one case, I've actually seen it be as much as 1% of the list price...

If you're not careful, getting out of an agreement can be really costly, so it's something to watch out for and ask about during the realtor selection process.

You should also pay close attention to the actual time frame of the agreement. Some listing agreements are for six months, some are for a year, but in my experience if a home isn't selling in 60 to 90 days there is something wrong somewhere - usually the condition of the property and/or the asking price.

It really doesn't take much time to determine what the issues are if you are getting good feedback from your agent, including calls on a weekly basis and emails to let you know what's going on, what the traffic has been and what people are saying etc.

Here at The Novello Group we really believe that we only deserve to be compensated when we actually deliver a result. So if you feel we're not doing our job, you are free to cancel the listing agreement unconditionally, at any stage at no charge. That's how confident I am that we can give you great service.

As you can see, it really is crucial that you take great care to know what you are committing yourself to before signing up with an agent.

I hope this has been useful to you. If you are in the process of selecting an agent, we'd love to have the opportunity to be interviewed for the job.

As always, please don't hesitate to contact us if we can assist you in any way.

Kind regards
Aaron Novello


A picture is worth a thousand words" may be a very familiar saying, but it absolutely applies in real estate.

Today more than ever, high quality professional photography is a critical element in the marketing of your home.

To use another well-worn phrase: "you never get a second chance to make a first impression". These days the images that accompany the online listing of your home are usually the first thing potential buyers notice.

And yet too many homes are still shown with images that are out of focus and/or poorly composed/lit. A failure to initially impress is, of course, totally counterproductive to your goal of selling your home as fast as possible and for the best price.

Poorly presented images inevitably result in fewer viewings, hampering your chances of optimizing the financial outcome and speed of the sale.

Any set of photographs of a home should tell the story of that property - how well the rooms are appointed, the key visual features and, above all, providing enough positive pictorial evidence to ensure that your home is certain to be on buyers' viewing shortlists.

In this age of the smartphone, it's perhaps too easy for some agents to quickly take a few images and upload them to their websites. Almost invariably, however, such pictures will be poorly composed, badly lit and a simply inferior representation of your home.

Here at the Novello Group we ensure that your listed property looks as good as it possibly can, by using professional photography to do it full justice. The end result can be seen below in the high number of homes we consistently sell each month.

Why not contact us today to find out more.

Kind regards
Aaron Novello
 

An Important New Dynamic in Many 55+ Communities

by Aaron Novello

I want to share something I'm currently seeing with you that's very important for both home buyers and sellers.

In the 55 and older communities sector, I have noticed in the last 30 to 60 days that one particular segment of the buying population has changed very significantly.

We have a lot of Canadians who come down and spend time with us in South East Florida and we're very happy to have them of course.

However, in the past 18 to 24 months their currency has changed dramatically. Seventy Canadian cents is now only worth one US dollar.

In the past 30 days, I have had a few Canadian clients reaching out to me to discuss me helping them to put their homes on the market for sale as, due to the change in their currency, it is now costing them 40% more to come down and enjoy the season here.

Therefore, in certain 55+ communities where Canadians particularly like to reside, representing about 40 to 50% of buyers in some cases, the inventory is actually going up by a lot as so many homeowners are suddenly putting their units up for sale.

So we're seeing much greater availability of property at the same time as the overall pool of buyers is shrinking, reducing demand.

All this is inevitably creating price pressure and there has already been a need to make adjustments on asking prices, as there is now so much more competition in the 55+ community sector.

If you are interested in buying or selling a property in a 55+ community, or have any questions regarding this information, please contact us today. I hope this information has been helpful to you.

Kind regards
Aaron Novello

Why Real Estate Is Already Off To A Great Start in 2016

by Aaron Novello



It's really good to be able to report that the momentum we enjoyed in the South Florida real estate market at the end of 2015 has clearly continued into this brand new year.

This is, of course, great news for anyone buying or selling a home. Very high levels of positive buyer sentiment were a major contributor to an unusually busy run up to the holidays and this enthusiasm shows no signs of diminishing. Indeed, we can expect it to increase as the month progresses and more people enter or re-enter the market.

We're already seeing plenty of evidence to substantiate realtor.com's prediction that this will be the best year for real estate in a decade. Significantly, millennials are expected to be the largest group of buyers this year, giving entry level housing sales, in particular, a further very welcome boost, after the return of the first time buyer during 2015, following a long absence.

A fluid entry level will benefit the entire selling chain and current market conditions and rock bottom mortgage rates can only make this more likely.

My immediate advice would be to not delay listing your home. In the coming weeks we'll witness the arrival of many new sellers and the gradual return of all those sellers who, unwisely in such favorable conditions, put their plans on hold for the holidays. Listing right away will mean that you're ahead of the arrival of more competitors in the market.

Why not call us today and get things under way.

Kind regards
Aaron Novello

Looking Ahead To A Great Year In South Florida Real Estate

by Aaron Novello

No one has a crystal ball, including me. What we do have, though, is an upfront seat to the South Florida market, so here is what I am seeing and expect to see in 2016.

Firstly, I have already noticed that inventory, particularly for condominiums and townhomes, has started to rise. This is a key indication of the market transitioning in that particular sector. As the supply of homes goes up, there will be more choice for buyers and, therefore, there will be a little pressure as far as prices are concerned.

The second thing that I have started to see and expect to continue is that, with interest rates rising for the first time in many years and likely to continue to do so over the next 18 months, homes will become more expensive, even without any price changes. That will end up affecting property, especially at higher price points, where inventory will increase as the number of qualified buyers reduces.

Certain segments of the marketplace will however remain very robust. Demand for anything below $350,000 for both single family residential and condominiums will remain strong with plenty of buyers, as long as it is postioned competitively and is a good product.

All in all, it promises to be a great year. Please don't hesitate to contact us if we can be of assistance to you and your family.

Kind regards
Aaron Novello
 

Why It Pays To List Your Home In The Holiday Season

by Aaron Novello

The festive season is almost upon us and, inevitably, some sellers will temporarily take their homes off the market until after the holidays, in the misguided belief that there is now no chance of a sale until the New Year.

It's a huge and widespread myth that homes do not sell at this time of year.

Buyers right now rank among the most serious and motivated of the entire 12-month real estate cycle. There are often tax incentives to buy before year end and it's also a traditionally busy time for essential relocation in advance of new jobs/promotions that will start in early January.

Also remember that buyers will soon have more spare time than usual to view property! The holiday season also encourages them to be in a more emotional state to make positive decisions.

Of course with some sellers withdrawing their homes, even in spite of good advice not to do so, there is simply less competition around at the moment. Your asking price will inevitably be more robust while there is less supply and plenty of very active buyers out there.

Also consider how attractive your home is going to look to potential buyers over the next few weeks. Seasonal decorations are a one-off, annual chance to greatly enhance the staging of your home. This is so inviting for home viewers and really increases the likelihood of them falling in love with the property.

Wait until 2016 and the decorations are packed and your home is back to normal and you'll also notice a number of other sellers following suit, with the end result of greater competition out there at every price point, when right now there's less choice for buyers, who often don't have the luxury of waiting until the New Year.

Showings can always be scheduled so they don't interrupt your traditional holiday celebrations.

There really is nothing to lose, and everything to gain, by keeping your home exposed to end of year buyers ready to make that all-important purchasing decision.

Call us today to discuss how to make the most of these great opportunities.

Happy Holidays
Aaron Novello
 

How To Choose The Right Agent To Sell Your Home

by Aaron Novello

Today we're going to look at how to hire a real estate agent for the job of selling your home.

There are four main criteria to focus on:

How many homes has the agent sold so far this year? - This is a specific question that is geared towards productivity. Anyone can tell you that they're great. The question is can they demonstrate this to you in their track record?

How many homes does the agent currently have listed for sale? - The agents who have the most inventory almost invariably are the ones who are working with the most buyers. This greatly increases the probability that the agent is going to be able to find a buyer for your home.

How many homes does the agent have pending (under contract waiting to close)? - This is another important question about productivity. You want an agent who is actually selling homes for people just like you in your neighborhood and the surrounding ones.

Go online and do your homework! - Check out the agent's business Facebook page and reviews on Zillow.com to see the level of service and results being delivered to clients just like you.

Following these simple tips and pointers will help you get the results you want in the timeframe you want which, in the end, is what your choice of agent is all about.

We'd be delighted to provide you with further assistance and advice about choosing the right agent, so please don't hesitate to contact us today.

Kind regards
Aaron Novello
 

Displaying blog entries 1-10 of 81

Contact Information

Photo of Aaron Novello -The Novello Group Real Estate
Aaron Novello -The Novello Group
Keller Williams Realty
FL
954-653-4406
Fax: 954-809-3003