Our neighbors to the North: Key Players in Florida Real Estate

Home prices and exchange rates play a huge role in the number of Canadian's who own homes in Florida. Over a half million Canadians call Florida home and that number is continually growing. Follow the link for more details. 

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!” 

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=289951  

Real Estate: Buyers and Sellers Activity Increasing

As a new demographic of real estate buyers and sellers enter the market, economists point out that the timing of younger millennials and older baby boomers coming to the closing table could not be more opportune. A recent study released this week from PulteGroup Inc. finds that demand for housing from people between ages 18-34 is rising at the same time that baby boomers are beginning to sell their homes. The percentage of buyers ages 18-34 with an average income of $50K or more has risen significantly since this time last year. On the same note, baby boomers entering 65 or older are expected to test the waters of the real estate market and list their homes for sale, says Arthur Nelson, professor of urban planning at University of Utah.


Pultegroup also pointed out that about 30 percent of 2012 real estate sales were to first time home buyers. Vice President of Pultegroup, Fred Ehle added to the surveys finding by saying, “the combination of incredibly low mortgage rates, rising rental rates and very low inventory levels, millennials realize now is a good time to purchase a home.” Many of the soon to be home buyers are already making financial decisions in order to achieve this goal. Obstacles such as student debt, down payment cash and advanced career placement are finally being subdued by a more promising economic outlook.

Nelson also mentions that home owners sell at a much higher rate once they hit age 60. This could represent a huge supply of home as 80 percent of adults own homes by the time they are 65 years old.

If you are thinking of entering the real estate arena, whether buying or selling, now may be the most opportune time we have seen in years! Buyers should take advantage of current real estate market conditions while sellers should catch the tailwind of all this activity.

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!”

New Homes: Best Choice for Tampa Bay Home Buyers

Tampa, Florida has seen the home market react to trends throughout the real estate. While we are still finding our way back to “normal” we are noticing a new trend catching fire.


New construction home interest and purchases have spiked at rates that new home builders cannot keep up with. Homebuilder Lennar Corp. posted first quarter results that showed a 40% increase in revenue from this time last year! CEO of Lennar, Stuart Miller recently stated, “Our first quarter results clearly reflect continued improvement in the marketplace. Current market conditions are driven by strong demand resulting from low interest rates and attractive home price, which have led to very affordable monthly payments, compared to increasing rental rates.”

Real Estate in the real world: Our firsthand experience in Tampa’s real estate market reflects the national statistics. We are being inundated with buyer prospects that are tired of wasting money on renting, exhausted from competing with cash investor buyers, and are now charged up and ready to become new home owners. Our owner occupant buyers are choosing to buy new because of low interest rates and buyer incentives new home builders’ offer. The other type of real estate buyers are the internationally known cash investors. They have kept our market alive for years, but now are finding out that there are no longer deeply discounted properties to choose from anymore. The days of low ball offers are definitely gone, gone, gone..

The available land sites are dwindling and there are very few homes that are “move-in” ready. Lennar also shared in the report released by HousingWire that their number of backlogged homes has increased to 82%. These homes include new homes that are in the process of being completed. K-Hovnanian CEO says they cannot build homes quickly enough. Every area in Tampa that was under construction has now come back to life.

Homes by WestBay in Watergrass, a recent recipient of a Parade of Homes blue ribbon award, have reported great increases in buyer interest in their higher end semi- custom homes.

An important piece of legislation would help push these new home construction starts along. A bi-partisan bill called The Home Construction Lending Regulatory Act of 2013 would substantially improve the efforts to help the flow of credit to the real estate industry. This would have a positive effect on jobs being added to the workforce and would most importantly aid in the regulatory impediments to the credit needs of new home builders nationwide. Chairman of the NAHB, Rick Judson, is promoting the bill and adds that constructing 100 new homes creates 300 jobs and almost $9 million in federal, state and local tax revenue!

If you are thinking of entering the Tampa, Florida new home purchase arena, call us today to find out how you can maximize your buying power.

Tampa Real Estate Pulse | Discounts Are Gone

As we continue to witness the real estate recovery and its effect on our Tampa market, many home buyers and investors are scratching their heads and wondering where all the “great deals” went? Tampa, Florida has seen inventory fly out the window. Along with that inventory went most of the homes that investors and home buyers were seeking out. The FNC has recently reported that the price between homes’s foreclosed value and original market value is finally beginning to close. The average price discount for a distressed property was around 25% of the homes market value. By the end of last year this number has been cut in half and now sits around 12.2%! Not much difference anymore!  Buyers and investors are more and more being out bid by other buyer and investors.  In many cases it is simply a price gap and offers being too low. Many Tampa, Florida communities have seen this first hand and quite a few home buyers and investors are not catching on to the trend… yet! 

Single family bank owned properties and foreclosure sales made up about 18% of the real estate markets sales at the end of 2012. This is a dramatic decrease from the year prior when distressed sales were hovering around 27% of the overall real estate market activity. Buyers and investors should be cautioned that their would be “steal of a deal” is now being sold at a higher price point, and if they really want the home, they need to make serious offers reflecting today’s prices, not the prices of last year or 2011.

The Tampa Bay Business Journal repots that, “the investor market is almost gone in this general area of Tampa.” The article states that investors are “late to the party” and the lower end properties that were attractive for renting are rapidly fading away. In Tampa, Florida we have seen this bidding war activity for some time (years) now and it does not seem to be slowing down anytime soon.

If you are interested in exploring your real estate purchase options as an owner or investor, contact us today and ask how you can maximize your home buying power. If you are finding that now is the best time to sell in 5 years, you are right. Let us assist you with selling your home or investment property. 

Don’t be left behind holding on to the thought that you can still get a home at a huge discount. Fact is, prices are changing, inventory is vanishing and interest rates aren’t getting any lower.

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!”

New Homes | New Construction: A Real Estate Option Worth Review

In today’s real estate market many industry professionals are dealing with the lowest level of housing inventory in many years to show their ready and anxious home buyers.

On both a national level and locally in Tampa Bay, we have experienced the effects of the dwindling inventory as it relates to real estate options. We are frequently encountering multiple offer scenarios and bidding wars between buyers and sellers requesting highest and best offer. 

New home construction is gaining tremendous momentum and offers home buyers enormous options and appeal. Various areas of Tampa, Florida are on the right side of this opportunity.  We have always enjoyed the benefits of newly developing communities, new home starts, and luxury of turning to new homes as viable options for our home buyers.

The U.S. census reported that about 36.5 million people moved into a new home in 2012! The demand for homes in Tampa, Florida is clearly up and mounting. Last year concluded on a high note for most national home builders. Building permits are up about 12% from last year and builder confidence is higher than it has been in four years!

New construction homes are continuing to receive more notice this year as well.  So much so, that the CEO of national home builder K-Hovnanian was quoted in a recent business interview saying, “We can’t build homes fast enough.” Real estate agents and homebuilder sales associates are working more closely together in order to satisfy clients and close transactions. A new website designed specifically to make new home buying easier is being utilized for the benefit of all parties involved in a home purchase. BuildersUpdate.com  allows prospective homebuyers to search for new homes through their agents websites. Being that new homes are rarely advertised on the MLS, this gives agents and homebuyer a chance to see this inventory that is now or will be coming soon!  The websites goal is to increase the number of homes shown to new homebuyers and incorporate them into the real estate sales agents showing list.

Tampa, Florida has seen an increase in real estate prices for newly constructed homes.  In some Tampa areas new home prices have risen upward to $30,000. New homes have countless benefits such as a builder’s warranties, energy star certification, some closing cost assistance to buyers, and other incentives. If you are interested in exploring new home communities in Tampa Bay, call today before prices and mortgage rates rise.

Why Now is a Great Time to Sell Your Home

Many real estate home owners have been waiting for the right time to sell their homes. Some stated reasons are that the market has not completed the correction, or they are waiting for home prices to continue to rise. These reasons often draw attention because some are not entirely up to the minute with real estate market pulse and how favorable the conditions are for sellers in today’s real estate arena.

Now more than ever, inventory levels have fallen more than 68% here in Tampa, Florida.  Available homes on the national level fell almost 2 million units last year!  Simple supply and demand would tell home sellers that your property is worth more because inventory is down. A national home data provider, Corelogic reported that home prices haven’t jumped this much in the last 6.5 years, and that this is mainly due to current tight home inventory. The end of 2012 showed an 8.3% increase from the prior year, an annual gain that hasn’t been felt since May 2006!

Corelogic went on to describe how the amount of homes in foreclosure is down 21% on an annual basis.  Home sellers are looking to capitalize on the depleted inventory should be doing so if you have been on the fence for years. While distressed properties dwindle, asking prices are also up in 86 out of 100 of the largest real estate markets, according to Trulia. Asking prices rose 6% from this time last year. While this sounds great, we need to take note of stronger market indicators such as job growth and record low interest rates, which also point to a healthier and longer lasting recovery. Tampa, Florida has seen this recovery in action. Our housing rebound is in full swing.

So as we enter the time of year when more buyers get eager to find the perfect home, and sellers make the finishing touches on their home improvement projects before putting their home on the market, we ask you to remember that now may be the most opportune time in six years to list and sell your home. Florida sees the most home searching activity in the moths of February and March so your chances of someone expressing interest are statistically higher. Also keep in mind that mortgage interest rates aren’t getting much lower and your buyers are ready now. This coupled with the continued drop in jobless claims indicates a stronger seller’s market that is anxious for some activity.

Ask us today to ask how you can maximize your selling power during these favorable times. Do not be left on the sideline wondering how much more of the pie could have been yours, call today to find out!

SI Real Estate, “Global Real Estate in Every Way

Tight Home Inventory Levels Affecting Buyers & Sellers

While more and more positive real estate news trickles in, we examine some of the direct causes of these seemingly endless, yet favorable outcomes.

Housing inventory has waned over the last year. So much so, that we have seen the amount of homes available on the national level drop by about 1.8 million units.  At a more local level, Tampa, Florida has seen a dramatic decrease of 68% in home inventory! 

So we ask, why so low? 

Well, about 22% of homeowners remain underwater with their mortgages. Sellers are usually deterred from listing their home if they have to bring cash to the table or embark on a short sale. Now that home values are finally bouncing back, both home values and the amount of sellers who owe more than their property is worth are two factors that will continue to have an impact on home inventory.

Investors are always trying to grab the best deals that produce the highest returns. This usually involves paying cash for real estate purchases. The rental market has seen an uptick in activity; so many investors are holding their real estate inventory while turning higher profit with rentals. Being that Tampa, Florida is a hot spot for international investors; we live this wave of activity daily. 

So while some sellers continue to wait until their homes value is closer to what is owed on mortgages; and a large volume of investors snatch up bank owned properties and short sales, we may continue to see housing inventory fall both in Tampa, Florida and on a national level.

One thing is for sure, the longer sellers wait, the more chance they have of mortgage rates ticking back up, which will restrict some buyers from entering the market.

Qualified buyers may choose to rent, but can warned that they may be missing the most opportune time to own a home ever!

About us:

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!” 

Real Estate Updates: What’s Up, What’s Down?

We are constantly being reminded about the condition of the real estate market, both nationally and locally. No matter which media outlet you choose to ingest, you are most likely seeing, hearing and wondering what is up and what is down, and more importantly, what it means for you. Here is a brief recap of some figures to keep in mind.

What’s Up:

We have heard this for the last few months of 2012 and will continue to hear that home building is on the uptick. Up almost 40% from the previous year, home start are on the rise. At the most recent International Home Builders Show in Las Vegas, the National Association of Home Builders Chief Economist, David Crowe said, “Nearly every measure of housing market strength – sales, starts, permits,  and builder confidence – all have been trending upward in recent months and we expect to see steady growth to continue in 2013.”

Home prices also continue to rise. On a national level, we ended up with a 5.6% increase from last year. At a local level, Tampa, Florida has experienced a hefty 22% increase in homes median sales price, while the average price per square foot edged up almost 50%! If prices are up, one can imagine that more home owners are finally willing to sell. The home purchase index was 26% higher last week compared to this time last year. Tampa has seen some of the largest gains in the past year as home prices, home sales, and home building all continue the upward trend.

What’s Down:

The reason for some of the increases mentioned above are partly due to the very low home inventory both nationally and right here in our Tampa market. Home inventory is down 17% from this time last year! The national home inventory level currently shows a decrease of 26.6%. This creates multiple offer scenarios and allows sellers to hold a bidding war, which is the type of war they sure do appreciate waging.

Florida felt the brunt of the bubble burst and since then has had a high volume of short sales, REO’s and foreclosures. Luckily for both homes sellers and buyers, the time it takes to complete a short sale is getting shorter and shorter. Freddie Mac now estimates that the time to complete a short sale will decrease by 50% to 75% as a result of steps the government enterprise has implemented in order to speed it up. This also means a diminishing rate of foreclosures which will keep adding to the value of homes.

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!” 

The real estate market is clearly making a turn for the positive. Call us today to discuss how you can keep up with the changes and maximize your real estate potential. 

Housing Recovery Officially in Full Swing

If you heard that housing starts increased 12% from November to December 2012, you would probably think that it sounds like good news.  If you learned that housing starts increased almost 37% from a year ago, you may stop to think, just how significant are those numbers?

The national 2012 year over increase shows that newly constructed homes totaled 954,000; a hefty increase from the previous year, which only recorded 697,000. Not only are new houses being built for current and future home buyers, but they are also being completed at a much higher rate.  About 80,000 more homes were completed in the last year compared to 2011.  A contributor to these upticks includes the authorization of building permits, which are also up close to 200,000 units from the previous year.  So what..?

Clearly the housing starts are indicative of real estate market that is showing impressive signs of growth. These home starts show that builder confidence is at a peak and they are springing into action.  Positive outcomes are being produced.  This also is related to falling home inventory levels in the real estate market. In the last year, the real estate market has seen a 27% decline in the amount of homes for sale. Simple supply and demand would tell you that prices will continue to go up as inventory declines, which is further fueled by the availability of credit and the growing demand for home ownership.

Even Deutsche Bank analysts have taken note of the housing market index, citing,” if the pace of housing starts increases over the next year by the amount that home builder sentiment implies, then the contribution from residential construction in the GDP accounts should double as well…”. With the index gaining 22 points over the last eight consecutive months ( something we haven’t seen since the mid- 1980’s), it has positioned the housing market to be a helping hand in not only the real estate market, but in the economy as  whole.

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!” 

Housing Affordability Peaks as Home Buyers Get Serious

Tampa’s real estate market continues the upward trend that 2012 produced. Buyers and the affordability of housing are getting noticed. 

Following 11 months of positive data from the National Association of Realtors regarding housing affordability and mortgage rates, we can expect to see more and more home buyers step into the home purchasing arena. Jobless rates continue to fall according to Trulia economist, Jed Kolko, especially for 25- 34 year olds which make up the prime age for housing demand. The national unemployment rate dipped down to 7.7% in December for the age group most ready to purchase real estate. Construction jobs also posted strong gains which not only equals more housing availability, but more people with jobs and paying taxes.

Housing affordability is measured on an index which takes in account the median home price, median household income and average mortgage rates. The higher the number, the more home “purchasing power” buyers possess. We ended the year at an index of 198.2 for 2012, and many see this number increasing in 2013 due to such tight underwriting practices being changed.

The amount of shadow inventory has had an effect on home buyers and sellers also. The number of homes that are either in foreclosure, or are seriously delinquent, has dropped 300,000 units from October 2011 to October 2012. An increasing number of loan modifications and short sales have helped keep negative pressure off prices of homes located near these distressed properties.  Investors will continue to snag any remaining “real estate deals” as we progress through 2013,  but should also be advised the property availability is low.  Acting swiftly will be key if they are looking for a higher return.

Real estate is swiftly moving to a seller’s market.   More to come on how seller’s are stepping in with confidence.

Whether you are a cautious home buyer or seller, a sophisticated investor, or a renter who is tired of wasting money on a home you cannot call your own; give SI Real Estate a call today so we can discuss the steps that will lead you to your real estate goals.