Why Are You Still Waiting?

When the topic of real estate has come up in conversation with friends, family, or coworkers, you may want to listen up and chime in next time it happens. HousingWire reports that fixed rate mortgages have hit a new all time low at 3.84%! Not only is 30 year FRM dropping, but 15 year FRM are too. A popular financing choice by many, 15 year FRM has dipped down to 3.07%. Both rates are lower than previous months and lower than the previous year in that respective month. Just the facts: Home affordability is also at an all time high, home buyers are actively entering the housing market in search of great real estate values. The Tampa Florida market is seeing an increase in activity sooner than other cities in Florida. Tampa Bay has seen an increase of about $5000 on average listing prices from last year as well. Many listings are being sold for well above the listing price. Trulia reports that New Tampa communities such as Tampa Palms, Hunters Green, and Live Oak are among the most active real estate communities and most popular right now. Also ranking high in activity and popularity are Ballast Point and Old Seminole Heights. So I ask you again, why are you still waiting to get back in on this unprecedented market? Whether you are an investor looking for great ROI, or are in need of a single family home for yourself, the time to wait is over! Don’t be one of those home buyers who look back and say to themselves, “I wish I would have purchased sooner”. By that time it is too late, and you would have missed the most opportune time to reap what the market is currently offering. If you would like to search for homes for sale in the Tampa Bay market, click this link and you will be directed to the Tampa Bay ListingBook page where you can create a free account and take charge of your real estate search. See what your agent sees by looking through the mid- Florida listings and have automatic updates sent to an agent who can help you achieve all of your real estate needs. 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. 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!”

Increase In Pending Home Sales

Pending home sales see a 4.1% increase from February to March 2012. These figures have increased 12.8% since last year at this time, which is also the highest it has been since April 2010. Lawrence Yun, chief economist for the National Association of Realtors, says, “The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions… which also means home prices will be rising in more areas as the year progresses.” This information is simply information, unless you use it to your benefit when mapping out your Real Estate Goals. Call SI today to talk about how you can take advantage of a changing market!

Homes Are Now More Affordable Than Ever

A recent study conducted by the National Association of Realtors shows that housing affordability has been at an all time high thus far through 2012. The Housing Affordability Index is relative to median home prices, median home income, and average home mortgage rate. Buying power is the result of a higher index. Here in the Tampa, Florida market, the Housing Affordability Index is higher than most cities in the country. President of the National Association of Realtors, Moe Veissi, says the most recent study highlights the opportunities that more and more people are ready to buy, and some may not even know it. The “100 point” mark is reached when a median income level producing household is ready to purchase a median priced existing single family home. Being that the index is above 200 right now, the majority of Americans have double than what is actually needed to buy a home. Florida’s Bay area, which includes Tampa, St. Petersburg, and Clearwater, is currently at 154.4 as it relates to housing affordability. He also went on to say that housing inventory has dropped and that the decline in supply should help the housing market stabilize throughout 2012. If access to credit is made easier, we should see home prices and sales going up more and more as we head into the second quarter of this year. As mortgage rates remain at all time lows, and mortgage applications stay high, more activity is soon to come. If these record low rates can remain available for an extended period of time, we can begin to see light at the end of the tunnel. If you would like to receive information on what your buying power is, please leave a comment or contact us directly so we can send you information that your will find informative. You could stop wasting your money renting an apartment next to the noisy neighbors. Buy your own home and let SI Real Estate help you along the way. 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. 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!”

Florida to Reap Benefits of Real Estate Owned to Rental Investors

Florida’s abundance of REO inventory could be a blessing in disguise for national and international real estate investors. According to Core Logic, the single family home rental market is stable and shows a good amount of activity. This has the potential to give these investors return on investments that are far above most in the country. The predictions come from examining the capitalization rates amongst many different markets nationwide, and Florida, coupled with a few states in the mid-west, are at the top of the list. The rates are calculated by assessing the annual cash flow relative to the price at which they purchased the property. This has been our reality and has been relatively stable since 2010 in Florida. A factor that is causing our capitalization rate to increase partly stems from the discounts investors receive when purchasing real estate owned distressed properties, which is usually around 30%. If more sales come to fruition, these discounts could be larger for investors, yielding even higher capitalization rates. Core Logic reports that some areas in Florida are at the 12% range in regards to cap rates, while the national average was 8.6% in January. According to the Federal Reserve, during the last five years, completed foreclosures have transformed over 3 million homeowners into potential renters. Some investors are chomping at the bit to get in on this trend and make their dollars stretch that much further. Here in Tampa, Florida, we have seen a competitive trend with investment properties on the market for sale. No longer are the first offers being accepted. Investors are competing more and more for properties that were once available for longer periods of time. The listing prices and sale prices are moving upward. If you are considering your real estate options, and you think you are ready to invest in today’s real estate arena, contact our investor specialists today to learn how you can take advantage of the real estate market during these unprecedented times. 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. 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!”

Home Ownership - Still Preferred Over Renting

Do you ever hear someone say, “One day I wish to rent my very own home”? It doesn’t happen! It simply doesn’t exist. Most people today think owning a home makes far more sense than renting a home! In fact, 70% current tenants believe that home ownership is something they definitely would like to be a part of. Many consumers still value the idea of calling a home their own. Fannie Mae’s last quarterly National Housing Survey showed that the desire of home ownership among many Americans still strongly exists. Their findings were quite interesting and may be applicable to the way you feel about purchasing a home. Across a wide range of demographics, the belief is held that owning real estate is preferred over renting real estate. Factors such as school districts and safety were also reasons that influenced viewpoints of home ownership. One would question if so many people want to own, why don’t they? Financial hardships and confusion about the mortgage lending process is cited as being the top two reasons why renters are still holding out. Tenants generally are more likely to cite bad economic times as reasons why they have not stepped up to the plate and explored their mortgage options. Tampa’s home sale inventory saw a decrease from February to March this year as mortgage rates are still at an all time low. Trulia reports that median listing prices have seen an increase of 10% from this time last year. It continues to sound like the market is taking a turn in the right direction, especially for those 70% of people who wish to call themselves home owners. If you would like to have a conversation about how you can own a home, we are here for you to do just that. Being informed and educated on all of your options is the first step to home ownership. Contact us today to ask how you can relieve yourself from the 70% group of people who wish to own a home. 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. 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!”

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New Homes, Resale Real Estate: Choose Wisely

Ever wondered what it would be like to own a brand new home? Many builders in Tampa such as Lennar, Standard Pacific, DR Horton, and Pulte (to name a few) are turning these thoughts into reality in 2012, and are doing so at a great price for many buyers. New construction is looking like real estate will be “hot off the foundation”. Yes, there remain some consumers out there who have mixed thoughts about buying a new home as opposed to buying a resale home. Many home buyers may have the impression that buying new is far more expensive than it actually is. Builders are loaded with incentives, upgrades, warranties and more. A resale can sometimes become a bit more of a hassle while also taking loads of time. Confusion and complications may also accompany a resale purchase. An important factor that affects resales is the appraisal process. Real estate values are often diminished by neighboring homes going through the short sale process or being sold by a bank. Value can be influenced by the condition the home may be in and required repairs the home may need. It is likely that you may be paying more for a resale than what it is necessary. Some advantages of buying new include a builders warranty (usually for 10 years), tax benefits, newest and latest appliances and fixtures, higher standard of energy efficiency, better “green” building practices, and more structurally sound homes that are made to withstand the elements. There is always the “fall in love factor” with new homes! In order to really differentiate the benefits of buying new you have to look at it from the consumers’ point of view. For example, cash buyers who are looking for an investment rather than a home to occupy, short sales and REO’s may be a better option for them and that is exactly where they focus. Benefits: they don’t have to worry about closing dates and moving plans corresponding with each other. Owner Occupied Buyers Benefits: For the buyers who are looking for a place to call home, choosing a new home will provide a streamlined home purchase process. Other attractive components that buying new are financing options , usually offered by a builder in-house mortgage lender, new home buyers can avoid the long, drawn out, confusing financing plans that large banks offer. Ultimately, the decision is in your hands, the consumer. In any case, whether you are buying a new home, or purchasing resale real estate, do your research and know the facts. Being informed is the best preparation anyone can make before making such an important decision. 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. 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!”

Tampa Florida Real Estate Market: Stability Projected for 2012

As we continue to realize and search for positive signs of a real estate revival, some analysts are pointing to short sales boosting the Florida housing situation. Florida’s bank owned sales and short sales in 2011, hit the national average at 22 percent of all real estate transactions. What’s interesting about this is that the number of short sales has exceeded the number of foreclosures in Florida. State wide, Florida’s bank owned sales were down 32 percent, while short sales inched up 3 percent. This has a tremendous impact on homeowners who are, at times, being presented with great deals to sell their homes instead of going through the long short sale, foreclosure process. Not only is this beneficial to the homeowner, but it is also a favorable option to the banks because they essentially reduce losses. This is helping reduce inventory and increase demand, something the Tampa Bay area has been waiting to see for some years now. Aside from short sales and foreclosures, the greater Central/ South Florida region, which include Tampa and Miami, are projected to see 7 to 8 percent increases in metropolitan growth. This places Tampa and Miami among the 6 highest cities nationwide according to Clear Capital’s Market Report. REO saturation is getting lower in Florida, which is also helping the increased inventory problem we have seen for years prior. Florida markets such as Tampa, Miami, Orlando, and Jacksonville are expected to lead the nation in market recovery in 2012. Some factors leading to the predicted overall success are increases in cash buyers, increased values of lowest priced homes, and the degree in which the Florida market was hit during the downturn. If these projections stand true, the Tampa Bay area is in for quite the spike.

Pending Home Sales And Prices Are Up!

The National Association of Realtors reports that existing home sales have hit a 21 month high in January 2012. A total of 8% more contracts were signed by agents during that 21 month period. NAR chief economist Lawrence Yun says job growth and rental rates are somewhat of a cause for this recent spike. He also suggests that once credit availability becomes more regular, home sales will see a significant increase, and home prices will as well. This will in turn reduce the amount of people who are currently upside down on their mortgages. Rising rental rates may be boosting home sales as well. With the cost or renting being so close to the cost of a monthly mortgage, many prospective tenants are being asked, or asking themselves, if they have ever considered buying to save money. Here in Florida, partly due to the attraction of warm weather and comfortable retirement options, rental prices have remained high. If rental options hold their value and mortgage rates remain at an all time low, we could definitely be in store for a boost in home sales and prices. Clear Capital research reports that home sale prices are up in the Tampa, St. Petersburg, and Clearwater metro areas compared to this time last year. Not only is our immediate surrounding area seeing a price increase, but for this quarter, it is one of the highest ranking recovering cities in the U.S., only behind Pittsburg and Rochester N.Y. Now that home prices are scooting upward and home inventory is at an eight year low, and volume of sales are up double digits, we can begin to see the light at the end of the tunnel getting bigger. Don’t let the time to buy pass you by.. 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. 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!”

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.