Tampa Real Estate Market on the Move: February Update

Every once in a while we like to examine data compiled from Trulia about the local Tampa Bay real estate market. Real Estate Facts: Tampa has seen a 6.1% increase in median home sale prices from November 2011 to January 2012 compared to this time last year. Also increasing is the price per square foot in Tampa which is up 19.3% from this time last year. High demand and popular communities that are seeing more activity than others are Tampa Palms, Bayshore Beautiful, Old Seminole Heights, Hunters Green, and Ballast Point. Increases are nice to see in areas such as the ones listed above, but declining numbers also show signs of a rebound in some aspects. Research done by CoreLogic shows that foreclosures decreased by 8.4% in 2011. More stringent credit conditions helped these numbers drop as much as they have. Additionally, there is more caution being shown by lenders who have been scrutinized in recent years for the way loans and foreclosures were handled in the previous years. Banks are lending a hand in these decreasing foreclosure numbers by enabling borrowers to modify home loans more frequently, expediting short sale processes, and liquidating bank owned assets at fire sale prices. Clear Capital released a recent report stating that Florida will experience a bounce back this year as well. At one point Hillsborough County’s supply of unsold homes was cited at 25 months worth of inventory. With the increasing number of short sales and the declining number of foreclosures, this inventory has dropped to only 6 month’s of real estate inventory. They also predicted Tampa, Florida would be in the middle of the housing rebound nationally with a 7.4% increase in home sale price. Other Florida cities such as Orlando, Miami, and Jacksonville also top the national list of areas expected to see such increases. If you or anyone you know wants to further examine these real estate trends, kindly contact SI Real Estate today to learn out how we can make your real estate goals your reality. In this very long and forever memorable real estate correction, we are now well past the bottom of the market. And, if you strike now while the iron is hot, you can be one of many who derive benefit from solid information and the shift in the market. SI Real Estate: Your Tampa Source for Real Estate Updates, Trends and News.

What is the Pulse of Your Market?

Tampa Real Estate Pulse: Our market is again on the move in 2012 and we are reminded that our local market is above national averages. What’s your pulse? We would like to know how the real estate market in your area is doing. Tampa has seen significant increases in the last couple of months in both home sale prices and mortagage applications. With the continous flow of foreign investors coming with cash,Tampa's housing market is sure to pick up in 2012.

Real Estate Super Bowl Commercial: What Do You Take from It?

If you were one of the 111.3 million people who watched the Super Bowl, I’m sure you have an opinion on which commercial you enjoyed most. Whether you liked the punches being exchanged by auto makers, or dancing M & M’s, you may have noticed one that was out of the ordinary. The Century 21 thirty second spot was the first real estate commercial to be aired on Super Bowl Sunday in 21 years! The commercial featured Donald Trump, Deion Sanders, and Apolo Ohno. You may ask yourself, “is this really going to make people pick up the phone and call a realtor”? No, that was not the intent says Bev Throne, Chief of Marketing for Century 21. Their goal was to plant a real estate seed in Super Bowl viewer’s minds, and use this as a springboard as the busy spring home selling season approaches. The National Association of Realtors estimates that 4.5 million real estate transactions will take place in 2012, which in turn, equals 9 million agent commissions. The idea was to provoke a buying and selling thought process that people who are watching at home may have never considered. Hopefully the numbers that the NAR predicted are spot on or lower than what will actually come to pass. The National Association of Home Builders recorded 29 more cities to the list of improving housing markets. This is the sixth month in a row that has seen such increases. News releases such as this, paired with expensive 3.5 million dollar Super Bowl commercials will hopefully add a feeling of confidence for anyone thinking about investing, selling, or buying a home in the coming year. SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations to Tampa. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

International Real Estate Investors Look to Florida for Property Purchases

Once again, the Tampa Bay real estate market is seeing a significant increase in international real estate interest. A report published by Point2homes, cited by HousingWire, says that Florida home sale listings are viewed and clicked on more often than any other state. Florida remains first. These figures are being helped by our national neighbors, Canada and Mexico. Being that these are drive markets, we attract these types of investors and cash buyers more so than Arizona and Nevada, who placed second and third in the rankings. Canada and Mexico are not the only countries expressing interest in Florida’s real estate market. The U.S. Commerce Department projects 1.5 million Brazilians will come to the U.S. next year, most of them with Florida on their radar. Brazilians outnumbered all other international visitors by 41% in 2011; a number that many predict will continue to climb in 2012. President Obama hopes to speed up the Visa approval process, which in his opinion takes far too long to complete. Brazilians have to wait an average of 76 days just to initialize the process at the largest U.S. consulate in Sao Paulo, Brazil. As an alternative, many are choosing to visit European countries just because it is easier to get approved for a Visa there. Many businesses and local markets, like Tampa Bay and Miami Dade, in Florida are hoping the Visa process is revised and can be expedited in their favor. With high end real estate costing about $1000 per square foot in Brazil, many investors are taking advantage of similar Florida real estate that is significantly less. Whether investors are coming from our direct neighbors, or countries with favorable exchange rates, an increase is none the less a great sign for the Tampa Bay real estate market. The National Association of Realtors was recently polled on their outlook for 2012. Optimism for single family home prices and sales are up from last year’s figures in January, as well as 4Q numbers for 2011.

Investors push Southern California home sales higher

Investors push Southern California home sales higher

Cramer's Plays on a Potential Housing Rebound Bullish comments reinforced by Jack Welch who thinks the housing market is looking up. http://www.cnbc.com/id/46056008

The State of the Real Estate Market in Tampa Bay, by SI Real Estate

The net sum of a great deal of graphs, much raw data, and more information from economic and industry trends analyzed by experts, and first hand experience of a professional, is that the Tampa Bay Real Estate Market is making a visible turn. There is a obvious uptick in the prices of homes overall, prices per square foot of real estate, days and overall time on the market, and even new construction starts. To recognize this trend and real estate market, it is our opinion that one must have been a vigorous professional when it was trending up, when at the peak, when at the bottom and even worked at the bottom of this market for the many years the bottom existed. We are no longer at the bottom! It is official! In fact, we have been moving away from the bottom of the market over the past year of 2011. The news is positive, the facts are affirmative. Are you ready for a full real estate recovery? What is your opinion? Here are some highlighted facts for your careful review! The average listing price for Tampa homes for sale on Trulia was $305,882 for the week ending Jan 11, which represents an increase of 4.9%, or $14,407, compared to the prior week and an increase of 3.5%, or $10,474, compared to the week ending Dec 21. Average price per square foot for Tampa FL was $97, an increase of 11.5% compared to the same period last year. Popular neighborhoods in Tampa include Tampa Palms, Old Seminole Heights, Sun Bay South, Davis Islands, Ballast Point, and Cory Lake Isles. If you have questions about real estate, we have answers! These optimistic looking figures are not only applicable to the Tampa Bay area. Nationally, mortgage rates have continued to fall further over the last 2 months. This time last year the national average was 4.74%, currently it sits at 3.89%, reported by Freddie Mac. Not only are mortgage rates down but so are delinquency rates on those mortgages. We have experienced a drop of 7.7 % from December of 2010. Lender processing Services, a company who monitors these figures, says we still have a long way to go and will report 2012 figures within a week or so. Another aspect we tend to look at when analyzing the market are those people without jobs. Jobless claims fell to an all time low in four years, which surprised many analysts because they did not predict such a plunge. The Labor Departments adjusted numbers displayed a drop in jobless claims to be in the ballpark of 50,000. A clear sign that the economy escalating, and employment development is strengthening. While local statistics in Tampa Bay related to listing prices, price per square foot, and number of days on the market are all on the upswing, it is comforting to know that other relative national figures are falling. If jobless claims, mortgage rates, and delinquency rates keep diving, we may find our way out of the housing crisis sooner than expected. At very least, we can remain positive that times are changing for the better and the Tampa Bay real estate market is due for recovery. After years of negativity, we don’t think we could be more delighted with the piqued optimism in real estate.

http://www.housingwire.com/2012/01/18/2012-the-year-of-a-housing-turnaround

SI Real Estate

Florida Ranks Highest In Foreign Investors Buying Real Estate

When it comes to foreign investors searching for a lucrative real estate return, Florida ranks number one in the US, especially among Cubans, Haitians, and Colombians. The National Association of Realtors data shows that almost a third of all home purchases in Florida, come from foreign residents. With the constant struggles of qualifying for mortgages these days in the US, many of these foreign investors are in a better position because they are cash buyers. Many Cubans see investing in Florida as a safe bet because the concept of owning real estate is still a novelty to them. Now that direct flights to and from Cuba are in full swing, the Tampa Bay area can expect to see an increase in Cuban interest. There are currently about 80,000 Cuban Americans in the Tampa Bay area, all of which are excited that they do not have to travel to Miami for a flight to the island.
Another factor that may increase investor activity is the number of home foreclosures in 2011. Down almost 34% from the previous year’s numbers, foreclosures are no longer impeding the progress of the Tampa Bay housing market. More short sales are being signed off on, which are attractive options for foreign cash buyers.
With a drop in inventory and median sales price for homes up about $10,000 from last January’s records, there are definitely some areas to capitalize on, as realtors and investors.