Wednesday, December 30, 2009

Is Now the Time to Buy Your Dream Home?

If the time is now, consider Tampa, Florida for your next luxury real estate purchase.
Wealthy borrowers with real estate mortgages that exceed $1 million are foreclosing or turning to short sales at almost double the average U.S. rate.

Payments on about 12% of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3% on loans less than $250,000 and 7.4% on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, Calif.-based research firm.

Many home buyers are taking advantage of the current prices on these “McMansions” that will already have instant equity in them at the time of closing. Atlanta Falcons’ linebacker, Porter Michael Peterson recently purchased a mansion near Tampa, Florida for $1.1 million – That is almost half of what the sellers paid for it 3 years earlier!

Before you try to find your dream home, keep a few things in mind:

Know your budget and pre-qualify with a lender…Can you really afford that home even at this relatively low price?

Consider what is most important to you and your family….Do you really need 6 bedrooms and 6 bathrooms if it’s just you, your spouse and your beloved dog?

Location. Location. Location…It may be your dream home, but will you be happy with the neighborhood?

Wouldn’t Tampa, Florida be a great place to start your search! Luxurious Mediterranean estates, bungalows and contemporary Florida architectural concepts abound throughout the Tampa area. Prestigious areas such as Harbour Island, Davis Island, Bayshore Boulevard and even New Tampa offer truly spectacular residences which will capture your interest.
SI Real Estate has specialists who are on-hand to assist you with your home buying needs. Contact our Tampa Bay office today to help you find YOUR luxury dream home! Please call 813.631.5144 or e-mail us at

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