JADs-Notebook is brought to you by John A. Dolloff REALTOR® / Sales Associate of Coldwell Banker Riverland Realty 11824 N. Williams St. US Hwy 41 Dunnellon, FL 34432 Wilbur Vanwyck, Broker. 800-927-4837   352-489-4511   352-489-9976 fax, Email: RiverlandRealty@Bellsouth.net

5/2/08

Dear Friends

Thank you for being patient.

I know that some of you visit this web site looking for monthly statistics on vacant land in the Dunnellon – Ocala area. My apologies … for not updating the site last month.

About two weeks ago I completed two online classes that enable me to meet the requirements needed towards my ordination requirements. I still have work to do towards the ordination, but the schooling requirements are now complete.

Now, about real estate in the Dunnellon – Ocala area …

I’m not going to lie to you; I am going to give you the truth straight away.

The movement of real estate has been slow for the past 18 - 24 months. We are still selling real estate, however it is a much more normal pace and our sales prices have gradually reduced over that time. We peaked in August of 2005 and since that time the market has been readjusting. Our current sales prices today (May 2, 2008) are very similar to where we were in the spring to early summer of 2004.

 Tax Bills and Just Value …

Unfortunately, some of you have been looking at your tax bills and see a just value for your land or house that is based upon old sales statistics. Yes, compared to the current actual market sales prices the just values on your tax bill are inflated – not wrong, just not reflective of current market value. The good news is (depending on how you look at it) Marion County Property Appraiser’s have been out reassessing property values, so I would suspect the coming tax bills to have some sort of an adjustment.

What does all this mean to you?

Realistically, the market value of your property has dropped.

Here is my suggestion, and it is only a suggestion …     

If you NEED to sell your property –

then you need to price your property

within a few thousand dollars of the recent average SALES prices –

not the average of asking prices.

Accurately pricing your property, whether it is a residence or vacant land, is very important … and that is where I come in. As a real estate professional it is my area of expertise to estimate and forecast market conditions. My knowledge of the current market combined with my real estate services for advertising are an advantage you can not bypass if you are going to try and sell your property.  Of course you could try to go it alone or randomly try and chose hit or miss with another real estate agent (cringe) who may only tell you everything you want to hear. That is your choice. I hope that you will at least consult with me first.

What the immediate future holds …

Contrary to what some have said about the market leveling off and that prices should start rising again soon … my being a ‘watchmen’ of the overall world – economy, political, religious and other areas of influence …

I foresee at least another 12 – 18 months of cautious movement within the real estate sector.   

But don’t be dismayed – there are still people who are looking to buy real estate, but as a seller you have to be willing to listen to the suggestions and advice of your real estate professional. And if you are looking to purchase real estate - now is an excellent time to purchase as you can negotiate some really good deals …waiting is not going to change things too much as I don’t expect prices to fall to much further (unless something really foolish happens some place in the world) or interest rates to drop. For real estate to be great in 2008 all parties will need to be willing to negotiate.

Well folks, that’s where we stand today … it’s not a negative, but a strength to have knowledge of the current market. Because I have this knowledge I can work with you to help make your real estate transaction as advantageous as possible.

I look forward to hearing from you and working with you in the future.

Respectfully,

 
John