Central Florida Real Estate

Swimming Pools 101 – Types/Materials

~ Jacqueline Johnson ~ Leave a comment
Swimming Pools 101
Swimming Pools 101

If you read our last article, you know a swimming pool can add home value. Did you know, 92% of people with swimming pools installed reported a greater desire to stay at home once completed? In addition, roughly 80% of Florida homes feature a pool. With numbers like those, we thought it important to get some basic swimming pool information out there.

Types of Swimming Pools

While the most common pool is a concrete pool, there are actually a number of ways to build a swimming pool. Choosing between the style of pool, the material of the pool itself, and whether you want to use a salt or chlorine system, make a pool project a rather large endeavor.

Inground Pools

Fiberglass Pools: Built off site and delivered to your home, the surface has a gel coat, making the surface virtually non-porous. This means a fiberglass pool will not have the same water chemistry/ algae growth issues a concrete pool has. When compared to a concrete pool, you will spend roughly 75% less time and money on a fiberglass pool, according to River Pools and Spa. These pools are incredibly durable, lasting 30 years without resurfacing. They are also easy to maintain and are compatible with salt systems. Not to mention the speedy installation, taking just weeks to install versus the months a concrete pool will take to construct.

The biggest downside to fiberglass pools is they are not customizable in size and shape. So while getting a kidney shaped fiberglass pool or a 10 foot depth is not possible, the pool itself can feature customized colored finishes, ceramic tile, tanning ledges, water features, water lights, and more.

Concrete (or Gunite) Pools: The most common type of pool because concrete pools are customizable in size and shape. They also have the highest initial cost as well as the highest cost of ownership of all the types we will discuss. This actually makes concrete pools the most expensive and the most desired. Made with concrete pools and reinforced with steel, they are incredibly durable. However, the concrete is porous, and algae sticks/ imbeds easily in it. This translates to more chemical costs as well as more time simply cleaning the pool. Paying for a pool cleaning service is usually recommended for these types of pools. They will not only keep the pool clean but also make sure the water chemistry stays balanced. While you can use a salt system with a concrete pool, the salt could erode the concrete making maintenance more expensive.

Concrete pools have the highest cost of ownership of all pool types mentioned. They require an acid wash every 3 to 5 years and refinished every 10 to 15 years. This, in addition to chemical/service cost, and an estimate higher usage of electricity.

Vinyl Pools: The vinyl lined pool has the lowest initial cost for an inground pool. It is completely customizable in size and shape, which allows for your creativity to shine. The liner is non-porous, making it easy to keep clean and the water balanced. However, there are areas, behind lights for example, where the water does not circulate and algae can grow. The liners themselves need replaced every 5 to 9 years, making this type of pool more difficult to maintain than a fiberglass pool but less than a concrete one. Vinyl pools are compatible with salt systems however, make sure the side walls are plastic, not metal. The water/salt will erode when the liner leaks, which it will do.

Swimming Pools 101 - Types
Swimming Pools 101 – Types

Above Ground Pools

The most economical option for the pool owner is the above ground pool. Above ground pools, as they state, sit above ground in your yard. Sometimes they feature a deck or patio around the pool. The construction of these pools include aluminum, steel, or resin, and vinyl liners. Sometimes referenced as a DIY pool, it can be purchased at the local pool store and constructed at home. One of it greatest appeals is that it can be disassembled and taken if you move. While the pool can last between 10-20 years, the liner will need to be replaced every 5 years. Above ground pools can also be made into semi inground pools, partially burying the pool bridging the gap between the top of the pool and the ground. These pools are also compatible with salt systems, just remember to be diligent with leaks if your framework is metal.

Stay Tuned

Choosing the best option for you may take some research. As you get into deck and patio options, the project becomes even larger. However, there is no shortage of companies to interview to help determine the best option for your future plans. We always recommend calling at least 3 companies, no matter the service provided.

Stay tuned for our next article explaining specialty pools and the difference between a salt and chlorine system!

Swimming Pools 101 - Types
Swimming Pools 101 – Types

Sources:

Seller’s Market, What Do You Mean??

Seller's Market
Image ~ ~ Jacqueline Johnson ~ 1 Comment

Investopedia.com defines a “seller’s market” as, “A market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller.” In general, a seller’s market means that more buyers looking for homes exist than homes on the market, in that area or price range. In fact, both price range and area affect which type of market situation you experience. For example, homes priced under $250,000 in Central Florida sell extremely fast, however, if you go up to $400,000 the market shifts and you start to see more homes on the market than buyers shopping for them. As a result, those homes will sit on the market for upwards of 3 months instead of 2 weeks.

Let’s break this down by perspective –

 

Seller Perspective in a Seller’s Market

As a home owner…… what a great time to sell! A Seller’s Market means as long as you price your property according to what the market suggests, you could end up exceeding your list price. Many sellers can find themselves in a “multiple offer situation”. This gives them the ability to choose the best offer for their situation – which does not always equate to solely money! Sometimes flexibility in various ways wins out over a higher net profit.

The one thing we cannot stress enough however…. A seller’s market does NOT mean you can price your home as high as you would like and someone will buy it. Not the case at all. In order for the property to sell, you must price it according to similar properties in the same area. This is where a CMA comes into play.

 CMA in a seller’s market

A CMA, or a Comparable Market Analysis, gives a detailed report on a subject property and the market around it. Calculated by Real Estate Professionals, we use this report to find the value of any property a client would like to sell or purchase. The value comes in the form of a range a values with a suggested target value. The “suggested value” depends on the current features and upgrades the property has. We recommend using this value as a starting point to help determine the price at which to list the home. The range gives you an idea of what you could sell the property for, provided specific upgrades are completed.

When a seller decides to list their home within the range but higher than the suggested list price, this is what we call “pushing the market”. When done accurately, a CMA gives you an idea of the value the appraiser will find. A CMA completed by a Realtor is NOT an appraisal nor can a Real Estate Professional legally call a CMA an appraisal however, it is the standard for pricing a home to sell and also finding the value to make an offer in the Real Estate Industry.

Read more here about How A Home Appraisal Kills The Deal

How to handle being a Seller in the Seller’s Market

  • First and foremost – you should always work with a trusted Real Estate Professional for any Real Estate transaction! We help facilitate the deal and get everyone to the closing table smoothly.
  • If still living in the home, you will need to prepare yourself for Realtors to show the property. Real Estate is all about numbers, the more buyers we can show the property to, the more chances there are for offers. We recommend to our clients that are still living in the property they are wanting to sell, to leave for the first weekend to allow access to as many buyers as possible in that first weekend. This is especially true is you are looking for a niche buyer i.e. selling a home in a 55+ community or a cash only sale.
  • Know your bottom line. Negotiating can be much easier and go a lot more smoothly if you have an idea of what your absolute bottom line is and what that means for your sale. This is especially true for sellers pushing the market to purchase their next home. Understand if you are pushing the market with price and won’t budge from the top of the range, your home will more than likely sit on the market longer which means dealing with the hassle of showing for longer as well.

Buyer’s Perspective in a Seller’s Market

If you’re a buyer… it’s a great time to buy! While the national interest rate stays relatively low,  the value in most areas continues to increase. At the current rate of value, year over year, the same home could cost you up to $40,000 more to purchase if you wait. So – don’t wait!

Buyers in a seller’s market

One of the main challenges for buyers in this market pertains to multiple offers. Many times a “multiple offer situation” for a seller becomes a “highest and best situation” for the buyers. This means they need to decide what their limit is and make the strongest offer they can. Sometimes the strongest offer is one that is flexible and open to the seller’s needs. Many times this will create a situation where the seller accepts an offer higher than the price they listed for.

Property values in a seller’s market

Now, this doesn’t mean buyers are “overpaying” for property – the property still has to appraise. If it doesn’t appraise for the loan amount the parties will have to renegotiate the terms of the contract. The buyer can choose to pay out of pocket or walk away and get their escrow deposit back. Regardless, it does mean that seller’s are pushing the market and buyers are eating it up. So let’s discuss how to handle being a buyer in a seller’s market.

How to handle being a Buyer in a seller’s market

  • Again, hire a trusted and experienced Realtor! This point is even more important from the buyer’s perspective. There are more hurdles to overcome when you purchase a home versus when you sell a home. Also, in case you didn’t know, the sellers pay our commission so you should not go without representation.
  • Know what you have to work with. This one seems obvious but time and time again seems to be forgotten. Something small will come up and our buyers will lose the home they wanted because they didn’t think ahead. Sometimes getting into your dream home could mean a monthly mortgage payment just outside of the comfortable budget you set for your family. Perhaps for your dream home closings costs and fees exceed what you budgeted. You will need to come up with just a little more which means dipping into savings you previously said you did not want to touch. These are all possible situations we have seen buyers go through. You need to know your limitations from the beginning. This will help with not only finding the right home but then negotiating when you find it, if need be.
  • Don’t be afraid to be aggressive. This one has a few caveats which we will discuss in a moment. However, if you are getting ready to put an offer in on your dream home, be aggressive and make a strong offer based on the  current market in that area and your specific situation.

Difference in Realtors

Any Realtor will do a CMA on a property a client would like to make an offer on. However, a good agent will go a step further and look at the market in the area. They will give you a value for the property and also tell you how long similar properties in the area took to sell. A good agent will look at the sold properties to see if they sold for list price and if not, will look at how close it sold for. Looking at these factors plus the buyer’s specific financial situation is the best way to determine how to make an offer. Remember that you can always back out during the inspection period. Also, because the property will have to appraise for the loan amount, you do not have to worry about getting stuck paying more for a home than it is worth.

Conclusion

We always recommend to work with a trusted and experienced Realtor!! Moreover as a seller, we recommend to price the property accurately, be ready to show to prospective buyers, and know your bottom line. For the buyer we recommend you know what your hard limits are in terms of walking away from a property. You also need to be aggressive with your offer and/ or negotiations if the market suggests to do so.

Understanding the market right now is vital to getting the best deal possible. This is especially true at a time when properties sell at or above market value with inventory dwindling. This is a great time as a seller or a buyer to get into their next dream home. While a seller’s market currently dominates most areas making the process of finding a home a little harder on buyers, sellers are getting top dollar for their homes creating a great situation for most new buyers with values continuing to rise.

 

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New Home Construction – A Client’s Story (Part 2)

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New Home Construction
New Home Construction – Model Exterior

Welcome back! In our last article, we discussed wanting to provide as much information as we could about new home construction. In doing so, we decided that while the information coming from our perspective could certainly help many families, we wanted to make sure we obtained our potential customer’s perspective as well. So we contacted our past client’s, many of whom we now call friends if we did not prior to this shared experience.

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New Home Construction – A Client’s Story (Part 1)

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New Home Construction
New Home Construction – Courtesy of one awesome client and friend

As we truck along in the new year, families have started to file their tax returns.  This leads many to contemplate the option of home ownership using their tax refunds.  A number of factors have gone into the prediction that the housing market may see an extended “sellers market”.  Those looking at buying their first home, or their first home since the Great Recession may feel the effect most. This extended sellers market may lead many families to look at new home construction.   With that in mind, we wanted to share some insight from one of our past clients, and build on that experience with some (hopefully) helpful guidance.

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How A Home Appraisal Kills The Deal

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Home Appraisal Kills Deal
Home Appraisal Kills Deal

For those thinking about getting into home ownership, one issue that many forget to consider until too late includes the home appraisal. Forgive me for my marketing blurb here, this issue also points to a great reason to utilize the assistance of a real estate agent.  This article will talk about a few ways a home appraisal can kill a real estate transaction using a few personal experiences. We will also note some options to help prevent this situation.

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Houses for Rent – Can You Afford Another Year?

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Houses for Rent 2017
Houses for Rent 2017

As a follow up to our article at the beginning of last year here, we want to look at the pros and cons of renting for another year. Some families want to explore home-ownership, others prefer the flexibility of renting, while some have no choice at this time. Our goal – to cover some reasonable expectations looking forward to 2017. If you have considered houses for rent in 2017, this article may provide you some information to weigh in.

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Down Payment Assistance Program

Down Payment Assistance Program
~ Joseph DeSimone II ~ 5 Comments

As an update to a previous article about different down payment assistance programs available to home buyers here, we wanted to share one specific to Central Florida. This particular program is called the “Florida Hardest Hit Fund Down Payment Assistance Program” and may provide up to $15,000 to homebuyers in the Central Florida area.

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Down Payment Assistance Programs

Down Payment Assistance
~ Joseph DeSimone II ~ 2 Comments

“Do I qualify for down payment assistance?”

We hear this question about down payment assistance quite often, and while we would love to provide a straight answer, one does not exist.  So we want to focus on shedding a little light on this extremely common question.  Since the question itself does not have a direct answer, we will point you in the direction of the right questions to ask, and the right people to ask.

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VA Home Loan Information

VA Home Loan
~ Joseph DeSimone II ~ Leave a comment

An article about a VA Home Loan seems on point as we recognize the Memorial Day weekend, and honor the “some that gave all” and those that still endure that sacrifice. Veterans Affairs (VA) helps Servicemembers, Veterans, and eligible surviving spouses.  This article endeavors to provide information to those eligible to utilize the benefits of VA Home Loans.
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