SI Real Estate Tampa and The Beaches

2010 has been an exciting year for the real estate market in the Tampa Bay area. SI Real Estate has reported the year’s real estate events on our weekly blog to keep our readers abreast of our ever changing real estate market. Major notable factors in the real estate market came into play producing a fast paced year of sales. The extension of the 2009 First Time Home Buyers Tax Credit into 2010 fueled the market for the first portion of the year. REO (bank owned) properties sold just as quickly as they came on the market, many seeing multiple offer situations. A huge influx of foreign investors getting into the real estate action here in Tampa and in many places across the country caused an interesting adjustment to the home buyer pool. Interest rates hovered at near record lows for the entire year. Wow! No wonder the year went by so fast. SI Real Estate hopes you have had a prosperous year, and looks forward to continuing to report Tampa Bay’s real estate news and events to you in

We at SI Real Estate would like to wish families, friends and real estate clients a Very Happy Holiday Season! We are grateful to each and every one of you, and we truly appreciate your support during this past year.   All our best wishes to you during this joyful season.

This has been an exciting year in the real estate market in Tampa, Florida. The real estate market moved at a fast pace in the first half of the year when the federal government decided to extend the 2009 Homebuyer Tax Credit. Originally, the tax credit was to end on November 30, 2009. However, the 2009 First Time Home Buyer Tax Credit was extended so that those with a binding contract on or before April 30, 2010 and closing on or before June 30, 2010 would be able to take advantage of this fantastic opportunity to become a homeowner. This fueled the real estate market in a big way. Another major force in the real estate market this year has been the abundance of REOs (bank owned) properties that were for sale on the market. These properties sold just about as quickly as they were listed. Not only did they sell quickly, but they received multiple offers which caused an interesting bidding situation for all involved parties. This resulted in a serious reduction in the housing invento

Pending home sales saw a jump of 10% in October which is a positive sign that the real estate market is stabilizing, according to a December 2, 2010 National Association of Realtors® article, Strong Rebound in Pending Home Sales . Housing affordability can be credited to drawing buyers to the table and causing this rebound in Tampa, Florida and across the nation. According to Lawrence Yun, Chief Economist of the National Association of Realtors®, “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market is clearly in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.” Yun went further to say, “A return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and

This is the time of year when the weather begins to change and thoughts of being thankful come to mind. We at SI Real Estate wish to give thanks to our families, our friends and our loyal clients. We are very thankful to be thriving in a difficult industry and challenging economy. Thanks to all of you for your continued support. We wish you and yours a Very Happy Thanksgiving!

SI Real Estate has specialized in working with international real estate clientele for many years, and it appears that many other REALTORS® in Tampa, Florida and around the nation are learning the importance of understanding this sector of the real estate marketplace. The real estate market continues to enjoy a large international investor pool of buyers. This is great for the real estate market and the economy as a whole as it helps to reduce inventory of properties for sale and will lead to housing price stabilization. The 2010 REALTORS® Conference & Expo in New Orleans that was held in the first week of November had a series of international discussions to gain global real estate insights during the “Bringing International Real Estate Practices to the U.S.” seminar at the conference. S. Nicolai Kolding, partner at REAL trends and Murray Consulting, spoke about the real estate landscape saying, “As a real estate professional, especially one that works with international client

Come and Visit Today, Come to Stay! Brandon is conveniently located just east of Tampa, and is known as Tampa’s premier bedroom community. Brandon and surrounding vicinities such as Apollo Beach, Riverview, Ruskin, Seffner, Valrico, and Wimauma comprise one of the most highly sought after areas in the Tampa Bay region. Known for its convenient location, affordable property prices, and amazing natural beauty… come see what all the talk is about. Those interested in residential real estate in Brandon will find many types and styles of homes for sale in Brandon, as well as community events of interest and local amenities unique to the Brandon area. Others may enjoy outdoor activities and family friendly atmosphere of Brandon. If you are considering buying or selling property, planning to relocate, looking for Brandon homes for sale, or looking for any other information about real estate in Brandon, or the surrounding areas, you have come to the right place. The Brandon area and surro

The word is out…real estate in Tampa Bay and around Florida is a hot commodity for foreign investors! Not only is the weather hot in Tampa, Florida, so is the real estate market. International investors from Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuala are swarming to Florida for what they see as irresistible real estate deals. According to msnbc.com’s recent article, Foreign Investors Not Scared of Housing Market , “For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market.” Peter Zalewski, founder of Condo Vultures, a consulting and brokerage firm stated, “I have never seen such a high concentration of foreign nationals acquiring real estate. Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.” And Miami is not the only “hot spot” for international real estate investors. Surges have been seen in Tampa, Washi

The real estate market in Tampa, Florida and is seeing an increase in sales to foreign investors, and we aren’t the only city witnessing this spike in foreigners purchasing real estate. Florida and many states across the nation have become target markets for international investors looking for a place to invest their money. Who can blame them? Real estate prices are phenomenal, interest rates are maintaining in the low 4% range, and the strength of foreign currency in relation to the dollar make this a smart investment choice for many. Interestingly, this swarm of foreign investors could very well be what catapults the real estate market into a long-awaited rebound. As the real estate inventory gets bought up, a natural outgrowth will be housing price stabilization. And that is good news for the real estate market! A reduction in inventory and house price stabilization along with fantastic mortgage rates will continue to spur economic recovery. SI Real Estate works with many intern

At SI Real Estate , we are keenly aware of the fact that international investors continue to seek to purchase real estate in Florida and in other regions in the United States. We have seen a steady influx of foreign investors who are actively investing in our Tampa Bay housing market. While some naysayers about the real estate market here in Tampa, have been sitting idly by, the global investor community are buying real estate, and making money doing it! Some may ask, “Just who is it that is investing in our real estate market?” Well, the latest profile of international activity in the U.S. housing market published by the National Association of Realtors® has revealed many interesting figures regarding that question. Foreign Investment in U.S. Real Estate (2010) – The Stats (Realtors Report) shows the biggest finding was in the state by state breakdown of foreign purchases. The report shows that Florida had 22% of the transactions by international purchasers, California had 12%, Ari

International buyers of real estate are purchasing homes, townhomes and all types of properties here in Tampa, Florida, and around the state. Tampa has long been known to be a destination city due to the abundance of sunshine, beautiful beaches, a world-renowned international airport, and world-class entertainment and amusement parks. Florida has a history of attracting European, Canadian and South American buyers due to its proximity to these countries. According to International Interest in U.S. Homeownership Increases, Realtors® Report, a recent article published by the National Association of Realtors®, “International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.” “A large majority of Realtors® report t

Investors…That’s Who! Local, national and international investors are putting their real estate investment dollars into Tampa, Florida real estate. And why wouldn’t they? Tampa is truly a destination city. Fabulous weather year-round, sparkling beaches, super shopping spots, wonderful restaurants for casual and fine dining, and world-class tourist attractions here in Tampa and in nearby Orlando make this a fantastic place to be. Combine the fact that Tampa is a beautiful place to live, and realize the unbelievable deals here in the real estate market, and it becomes a no-brainer. Tampa, Florida is a great place for investors wishing to purchase real estate! It is no secret that property values took a major dip when the real estate bubble burst and much of the real estate that is on the market are properties at fire-sale prices! The statement that it is a buyer’s market is absolutely true. SI Real Estate is anticipating the next wave of bank-owned assets will provide even greater

www.sirealestateinvestments.com/Westchase-homes One of Tampa’s premier residential real estate communities offering something for everyone’s taste…single family homes, townhomes and condos are available and waiting for you! Enjoy the lifestyle of highly desirable Westchase! Pedestrian friendly, shopping, and a Westchase way of life. Live in the best location with plenty of space, and amenities to envy... Relocating to the Tampa Bay area? Want to find your home in Hillsborough County? Then come find Westchase, a fabulous community where property values have remained strong. Westchase is a community that enjoys an immense amount of real estate interest and activity. Current residents already know that Westchase enjoys a wonderful geographical location in the Tampa Bay area. Why not come and see what everyone is talking about in northwest Tampa, Florida. Come home to Westchase and live a lifestyle specific only to Westchase Residents! This is an award-winning community where you ca

Home Ownership Benefits Local Neighborhoods and Communities A recent report by the NATIONAL ASSOCIATION OF REALTORS® (NAR) Social Benefits of Homeownership and Stable Housing explores the impact of home ownership on communities. Many home owners in Tampa, Florida who have made an investment in their future by purchasing a home rather than renting already know the positive impact home ownership has had on their lives, but are they aware of the positive impact real estate and home ownership is making in their community as a whole? This report takes a close look at the ownership of homes and the impact of stable housing, as opposed to transitory housing and homelessness, on social outcomes looking at educational achievements, civic participation, health benefits, crime, public assistance, and property maintenance and improvement. “Homeownership certainly contributes to positive social outcomes, but those outcomes are truly a result of stable housing communities,” said Vicki Cox Golde

Another Reason Why Now is the Time to Buy Real Estate in Tampa, Florida! If prospective real estate buyers in Tampa, Florida ever needed a reason to buy now, the fact that the national 30-year fixed-mortgage rate is back at a near record low average of 4.28% is a good place to start serious consideration. Incredibly low mortgage rates and real estate prices should be adequate incentives to prompt home buyers to act now. According to the Zillow Mortgage Marketplace weekly update, the recent decrease in mortgage rates is down 0.02% from last week. Consider the facts. Rock-bottom real estate prices combined with record low mortgage interest rates add up to NOW factually being the best time to buy an existing home or the brand new home you have been dreaming of! Florida’s average rate is now 4.21%, which is down from 4.24% from a week ago. The average rate for 15-year fixed home loans remained at 3.86%, and the rate for a 5-1 adjustable-rate mortgage is 3.23%. So, if you have been d

Real estate mortgage holders in the Tampa Bay area, and across the country, can now seek relief on their mortgage with a new Federal Housing Administration (FHA) refinancing program. According to a press release FHA Launches Short Refi Opportunity for Underwater Homeowners dated August 6, 2010, “Starting Sept. 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers a new FHA-insured mortgage. To qualify, an owner must be current on his existing mortgage, and his lender must agree to write off at least 10 percent of the unpaid principal on the first mortgage.” This is a drastic effort to help responsible homeowners who, like so many, owe more on their mortgage than their home is worth, which therefore puts them in the so-called “underwater” category. The effort is one of many real estate and financial remedies employed by the U.S. Department of Housing and Urban Development to help bring stabilization to the housing market and the overall e

The real estate outlook is positive in Tampa, Florida as well as in most parts of the nation. A ReatlyTimes® article titled Real Estate Outlook: Sales Jump states “Single family sales jumped by 24 percent seasonally-adjusted basis over May, and were 19 percent above the totals for June 2009. The sales rebound verged on spectacular in the Northeast region – up 46 percent over the prior month. Gains were 33 percent in the South, and 21 percent in the Midwest.” “Bob Jones, chairman of the National Association of Home Builders, called the latest sales figures ‘an encouraging sign’ that housing activity is springing back from the expected deep lows experienced after the credits expired.” Sales were not the only positive indicator. Home prices were 1.3 percent higher compared with the month before, but they gained 4.6 percent year-over-year, which is a very encouraging sign that sales and home prices are both on the upswing. This is good news for the overall outlook that the real estate

June 2010 real estate statistics compiled by the Greater Tampa Association of Realtors are in... The news is positive for our local real estate market in Tampa, FL. The number of properties that sold in June 2010 was at a phenomenal level of 2,069 – the best month for sales since December of 2006, the very peak of our market. The statistics provided by the Greater Tampa Association of Realtors also showed the current inventory is at a multi-year low of only 13,514 homes, which translates to 6.5 months of inventory remaining. One of the factors influencing this was the number of home buyers who wished to purchase homes in time to earn the First-Time Home Buyers Tax Credit and the Move-Up/Repeat Home Buyers Tax Credit . These federal stimulus plans had an amazingly positive effect on the real estate market in Tampa, Florida. Other areas across the nation have witnessed similar encouraging trends. So, what does this mean to those who wish to buy or sell right now? Now remains the

The National Association of Realtors® article dated July 1, 2010 Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President reported that Congress passed two bills which directly affect the real estate market and its stability. One bill extends the home buyer tax credit closing date and the other bill reauthorizes the National Flood Insurance Program. These bills are now headed to the President for his signature. This is certainly good news for those home buyers in the Tampa Bay area and around the country who are trying to take advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Tax Credit! The original deadline dates for these tax credits were that the a fully executed contract must be in place by April 30, 2010 and the deadline for closing these real estate transactions was June 30, 2010. Now the closing date deadline has been moved to September 30th, and there will be no gap between June 30 a

BAYFAIR HOMES Homes of Enduring Significance The Grand Tradition of Homebuilding Bayfair has been a presence in the Tampa Bay home market since 1989, acclaimed as a premier builder in the region and valued by a loyal clientele. Through the company’s extraordinary growth since its inception as a custom builder, the foundation of quality craftsmanship and uncompromising customer service has remained at the core of the Bayfair experience. Led by J. Michael Morris and David Seidenberg, Bayfair began exclusively in South Tampa neighborhoods, where the company’s distinctive designs from classic to contemporary are still clearly recognizable. Today, as they’ve expanded to include custom homes throughout Tampa Bay’s premier neighborhoods, an experienced team of professionals preserves the Bayfair tradition of attaining the highest standards in homebuilding, and a dedication to make the building process as memorable and pleasurable as the distinctive home itself. ______________________

Now Is the Time to Buy Property in Tampa, Florida Although U.S. real estate prices have taken a hit during the troubled economic conditions, there are reasons to cheer if you are looking for diversity in your investment portfolio. While the discounted prices may not be good for short-term investors who wish to purchase real estate in a booming economy and then immediately resell it for a profit, investors with a long-term vision see bigger opportunities. With the ever changing conditions of the U.S. real estate market, right now appears to be the best time for bargain hunters to grab cheap properties that will grow in value over time. National and international investors are keenly aware of the unprecedented rock-bottom prices of real estate here in Tampa, Florida and around the country, and they are taking advantage of the opportunities in this market. Savvy investors are using their strong cash postures to invest in real estate. Cash is still king, and those with cash are purchasi

Many people have yet to take full advantage of the buyer’s real estate market that still exists today in Tampa, Florida. While renting seems to be an easy option for many individuals, the benefits of home ownership far outweigh the benefits of renting. Drastically reduced home prices combined with historically low interest rates make this a fantastic time to buy. Take a moment to consider the real estate facts. When renting a home, every monthly payment is going to pay off your landlord’s mortgage. Not one dime is going into paying off anything for you. By making the sound investment decision, every time you make that monthly payment, you are making an investment in your own future. Not only does mortgage debt get reduced, but your credit worthiness is increased which is an absolute must in today’s credit driven society. Additionally, homeowners enjoy tax benefits such as property tax deductions when their taxes are filed. Renters receive no benefits from a tax standpoint whatsoever.

The Florida real estate market is enjoying a real boom in condo sales and many of the buyers are coming from abroad. International investors are showing their confidence in our real estate market and are snapping up condos, sometimes in bulk. A recent article in the Miami Herald titled, Foreign buyers are flocking to Florida condos again discusses this trend saying, “Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.” Recent increases in real estate sales over the past several months have been in large part due to the federal government tax incentive programs for first-time home buyers and move-up/repeat home buyers; however, as these programs wind down, sales are remaining strong and the international real estate investor is a big factor. Peter Zalewski, a Condo Vultures principal stated, “The stampede from overseas is kind of like a foreign subsidy helping u

Just the Facts! There is so much talk and press about whether now is the time to buy real estate in Tampa, Florida. Well, let us let you in on a not-so-little secret. Whether locals have come to realize it or not, real estate is a hot commodity to international investors. Canadians, South Americans, Europeans, Russians and Middle Easterners are all pouring money, usually cash, into our real estate market, right here and right now. Tampa, Florida is a destination city for the international community. Its location plays a big part as we are near multiple international airports, making traveling here a breeze. A huge consideration for the Canadian investors is that we are actually a drive market for them. Not only can they hop on a plane, but they can jump in their car and be here in no time flat. Additionally, Tampa is only a 20-40 minute drive to some of the world’s most beautiful beaches. Orlando being just an hour away offers world-class fun to the international traveler. What is t

Tampa Bay real estate homeowners, sellers, buyers and investors – take note! There is good news today for anyone involved with real estate. MSNBC.com reported in an article titled Mortgage Rates Fall to Lowest Level of the Year that mortgage rates have fallen to the lowest level of the year. Both 30-year and 15-year mortgage rates have dropped this past week. ”The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier. The average rate on a 15-year fixed-rate mortgage was 4.24 percent, down from 4.3 percent last week.” Home buyers will benefit from these near historic low rates. Home sellers will benefit as a larger number of buyers will be looking to purchase a home. Investors can cash in on the great rates with their investment purchases as well. Let us not forget those homeowners who already have a mortgage and would like to consider refinancing. Everyone stands to benefit! These low interest rates following on the heel

Relief with HAFA Short Sale Program! Real estate and home sellers! Help is on the way! The 2009 First-Time Home Buyer Tax Credit and the Move Up/Repeat Home Buyer Tax Credit have been wildly successful programs that were specifically designed to help those who wished to buy a home. With all of the programs designed to help home buyers recently, many may be asking what about help for home sellers? Certainly sellers are in need of some long overdue relief as well. The Home Affordable Foreclosure Alternatives (HAFA) program may just be that long awaited help that sellers have needed for years. According to the National Association of Realtors® article Home Affordable Alternative Program (HAFA) , ”In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it so

Tampa Bay area real estate buyers, agents and sellers worked feverishly to meet the demands of first-time home buyers and move-up/repeat home buyers as they raced to beat the April 30th deadline to get a binding contract in place. The good news was not just for home buyers who were able to meet the deadline to earn the tax credit, but also for sellers who were able to benefit from this opportunity. With so many people eager to place an offer on a home, many sellers found themselves in a unique position of receiving multiple offers and dealing with bidding wars. This, of course is in contrast to an otherwise difficult market for sellers as buyers have been in the driver’s seat for a few years now. The tax credit was an extension of the original first-time home buyer tax credit which was enacted in February of 2009. The original deadline for first-time home buyers was November 30, 2009, but that deadline was extended to April 30, 2010. Additionally, a separate credit was enacted for mo

Featured Property of the Week – 3504 N. 12th Street  Tampa, Florida This lovely bungalow style home was originally built in 1928 and the gorgeous architecture gives the home loads of character, and also serves as a proud reminder of the amazing history of the Ybor City District. This eye-catching home sits in the heart of historic Ybor Heights with a fantastic location that is close to Ybor, downtown, I-275, I-4, Tampa’s finest restaurants and nightlife! This area is undergoing an incredible revitalization and the chance to live here is NOW! New homeowners will love the imaginative architectural design concepts and the charm of the 1920's that just is not found in the homes built today! Along with its impressive features, the home is 100% mechanically complete and cosmetically appealing. Additionally, the home has a new roof, air conditioner, hot water heater, and floors. The electric and plumbing in this historic home have been completely updated and brought to 2006 standar

Real Estate Buyers: This is Your 11th Hour! First-time homebuyers have been making up a large share of home sales in Tampa, Florida and across the nation. The extension of the First-Time Homebuyers Tax Credit has been a huge factor in this equation. According to HousingWire’s article First-Time Buyers Take Larger Share of Home Sales in March , first-time homebuyers accounted for 48.2% of all home purchases in the month of March, which was greater than the previous high of 46.9% last October 2009. Thomas Popik, research director for Campbell Surveys stated “The strong participation of first-time homebuyers this spring is a welcome surprise. Many observers had felt that the pool of first-time homebuyers had been depleted last fall, but this is turning out not to be the case. Instead the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time homebuyers.” SI Real Estate has seen first-hand the enormous affect of the extension of

Time is running out! The real estate clock is ticking for those interested in purchasing a home and taking advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Homebuyers Tax Credit. Anyone who has been tuned into the real estate market at all is aware that the April 30, 2010 deadline is looming to get a binding contract in place in order to qualify for the tax credits. First-time homebuyers stand to earn up to $8,000 and move-up/repeat homebuyers up to $6,500 in actual tax refunds. However, time is truly of the essence. Your time is now!! In an effort to motivate buyers to find their perfect home and meet the tax credit deadline, Florida realtors and sellers held a statewide open house on April 10th and 11th to showcase properties for sale. Florida is not the only state to participate in this open house concept. April 10th and 11th were officially designated “Open House Weekend” and states across the country participated. It was an incredible opportunity for buyer

Life after April 30, 2010 The clock is ticking for first-time home buyers and move-up/repeat home buyers wishing to take advantage of the generous federal tax credit. April 30th is the drop-dead date to get a binding contract in place with June 30th being the date these deals must be closed by in order to qualify for these incredible tax benefits. As realtors rush to find that home for their buyers to purchase and lenders work to get those deals closed, many wonder what real estate life will be like after April 30, 2010. Will there be another wave of aid to come to the housing market? If so, what will it be? The Obama Administration continues in its efforts to stabilize the housing market, and there is much talk now of focusing the next round of aid on mortgage principal forgiveness. These efforts are both creative and somewhat controversial at the same time. According to NuWire Investor’s recent article Next Wave of Housing Aid Will Focus On Mortgage Principal Forgiveness , “As the

Florida Realtors plan giant open house | Real Estate and Technology News for Agents, Brokers and Investors | Inman News Posted using ShareThis

Home buyers often times make mistakes that can be avoided by working with a licensed REALTOR®. It is an exciting process to search for and find that “perfect home”, but home buyers who take on the task by themselves quickly find that they would have been better off asking for the help of a skilled real estate professional right from the beginning. Finding a home for sale that a buyer likes is not the challenge, but finding a home that the buyer can actually afford, that is priced properly in today’s market so that the deal does not fall through at the time of the appraisal, and that is a good investment takes far more knowledge than a person without a real estate license possesses. Hire a professional. Interview your potential agent. The article Most Common Mistakes Home Buyers Make posted by REALTOR.com® addresses this topic. “By working with an agent from the get-go, you will only see properties that are within your budget and located in the neighborhoods that best match your crit

Real Estate buyers in the Tampa Bay area have been in the driver’s seat for nearly a year with the First-Time Home Buyers Tax Credit, slumping real estate prices and incredibly low mortgage interest rates. If all of those factors were not reason enough to make that long dreamed about real estate purchase, the Federal Housing Administration’s (FHA’s) announcement of impending tightening of lending requirements should get buyers to take action in short order. According to the Realty Times article, Tighter Requirements for FHA Loans Loom , “After notice and comment periods, but beginning this spring, the FHA will raise mortgage insurance fees that borrowers must pay, cap the amount of cash that sellers can contribute for closing costs and require higher down payments for the borrowers with poor credit scores.” FHA has become more exposed to mortgage defaults as it has become the main avenue to financing for many in this country since the subprime market collapsed. Vice President of Real

Realtors in Tampa, Florida are finding themselves very busy, the phones are ringing, and the deadline is approaching for home buyers to qualify for the federal tax credit. The now extended First-Time Home Buyer Tax Credit offers up to an $8,000 tax credit to first-time home buyers and the Worker, Homeownership and Business Assistance Act of 2009 offers up to a $6,500 tax credit to move-up or repeat home buyers. In order for people to take advantage of these tax credits, buyers must have a fully executed sales contract by April 30, 2010 and the deal must close by June 30, 2010. The saying “time is of the essence” really applies here. The looming deadline of the federal tax credit, drastically reduced home prices and near record low interest rates have real estate professionals hopping. Transactions are closing, inventory is being reduced and many people are becoming home owners for the first time in their lives. These are all positive factors for the real estate market here in the Tam

An interesting thing is happening in the Tampa Bay real estate market. Have you tried to put a contract out on a house that is unbelievably priced only to find that there are already several offers on the table? If so, you are not alone. Housing inventory is drying up. The drastic dip in supply is due to several factors. With fewer foreclosures, bargain basement prices on homes for sale, and incredible tax incentives being offered, investors and first-time home buyers are gobbling up Tampa housing inventory. Current demand has definitely reduced available housing supply. The National Association of Home Builders article Slow Recovery May Be Leading to Serious Housing Shortages addresses this saying “NAHB economists project that the industry will need to deliver 16 million homes over the next 10 years to keep pace with the demand. As the excess inventory is worked off, which is likely by the end of 2012, the long-run demand for new housing – based on population growth, immigration an

Experts tell us, the end of the foreclosure crisis is finally in sight. This is good news indeed for the real estate market in Tampa, Florida. “Housing is on a path to recovery,” said Mike Larson, a real estate analyst with Weiss Research in a FloridaRealtors.org News and Events article titled Fewer People Behind on Home Loans . Jay Brinkmann, the trade group’s chief economist added the figures probably mark “the beginning of the end” of the crisis. In an effort to bring some relief to homeowners who are experiencing problems with their mortgage payments, the Obama administration’s $75 billion mortgage-relief effort is underway. All borrowers who are experiencing problems with their mortgages may not qualify for help under this plan, but it is a big step in the right direction for many homeowners. In addition to the $75 billion mortgage-relief effort which lowers payments and extends mortgage loan terms, President Obama has also stated that Arizona, California, Florida, Michigan an

Great news for those wish to buy a home or sell your real estate in Tampa, Florida! Mortgage rates are hovering at near record lows. Freddie Mac performed a Primary Mortgage Market Survey® and the results show that 30-year fixed-rate mortgage (FRM) averaged 4.93 percent. The 15-year FRM averaged 4.33 percent, and the 1-year Treasury –indexed adjustable rate mortgage (ARM) averaged 4.23 percent. What does that mean in the big scheme of things for the real estate market? It means buyers have the ability to obtain financing at near historically low rates. It is also good news for sellers as buyers have more reasons to get off the fence and purchase that home they have been dreaming of but thought they could not afford. It’s a win-win for buyers and sellers. We have heard for months that the time to buy is now! It could also mean the time to list or sell your home is also now. Buyers are abundant. RealtyTimes® article Mortgage Rates Hover Near Record Lows adds “The National Association

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Don’t Miss the Boat! Part 2 of a 2-Part Series Are you a home owner in Tampa Bay, Florida and wish to move up to a larger home or even downsize? Are you uncertain whether you are financially able to make that move in today’s real estate market? Well, think again. Many people are unaware that tax credits are now available for existing and repeat home buyers. Time is of the essence. Time is ticking on this soon-to-expire opportunity! With historically low interest rates, an abundance of aggressively priced homes listed for sale, and the home buyer tax credit being offered, nobody is excluded in today’s real estate market. Everyone is included. Who is eligible for the $6,500 tax credit? U.S. citizens or those with permanent resident status who have owned and lived in the same home for at least 5 consecutive years of the 8 years prior to purchasing are eligible for this tax credit. What are the income limits for this tax credit? Single taxpayers can earn up to $125,000, and marri

Don’t Miss the Boat! Part 1 of a 2-Part Series For the past six months, there has been a wealth of information and press about the 2009 First-Time Home Buyer Tax Credit, but there has not been as much talk about the fact that move-up home buyers can also benefit from the Worker, Homeownership, and Business Assistance Act of 2009. Who are move-up home buyers and how can they benefit from this tax credit by purchasing a home right here in Tampa, Florida? All real estate buyers should benefit in the first quarter of 2010. According to the National Association of Home Builders Home Buyer Tax Credits , “The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five

Just the FHA Facts The federal government’s decision to extend the 2009 Homebuyer Tax Credit is strong incentive for first-time homebuyers and move-up homebuyers to get off the fence and purchase a home. If that were not enough, new Federal Housing Administration (FHA) policy changes may push those who have been waiting to take the leap to make that real estate purchase sooner rather than later in Tampa, Florida and around the nation. FHA is one of the largest sources of financing with its low down payment program and generous seller concessions. FHA is often the only way for many to afford to purchase a home. It is a well-known fact that many are able to afford monthly housing payments, but coming up with the down payment is extremely difficult for a large majority of those who wish to purchase a home. Bearing that in mind, FHA is taking new measures to help manage risk while maintaining support for the housing market and its recovery. In a HUD Press Release on January 20, 2010 F

The Tampa housing market has been hit hard with a glut of foreclosed properties that have forced home prices to spiral downward, along with most areas in Florida and the rest of the nation. HUD Secretary Shaun Donovan has announced a temporary policy to ease FHA 90-day seasoning guidelines to facilitate the sale of foreclosed properties, which should bring price stabilization to the real estate market in Tampa, Florida and other areas across the country. FHA has prohibited insuring mortgages on a home owned by a seller for less than 90 days. This has slowed the sale of many foreclosed homes. In the January 15, 2010 press release HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners , HUD Secretary Shaun Donovan addressed this problem saying, “As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers. FHA has an unprecedented opportunity to fulfill its mission by helping many home

First-time home buyers dominated the Tampa real estate market in 2009 and that trend is expected to continue into the first quarter of 2010. The 2009 First Time Home Buyer tax credit has been extended so that those with a binding contract on or before April 30, 2010, and closing before June 30, 2010, will be able to take advantage of this fantastic opportunity. That combined with fire sale real estate prices will create a second wave of first-time home buyers eager to take advantage of the benefits of homeownership. It will be forthcoming first quarter 2010 according to real estate market forecasts. Paul Bishop, vice president of research of the National Association of Realtors stated in an article titled  NAR Survey First-Time Home Buyers Set Record in Past Year that “several factors have been at play. Tax incentives, record high affordability conditions and pent-up demand brought a record share of first-time home buyers into the market. These buyers are critical to housing and a ge

Fannie Mae Relaxes Florida Condo Standards There was considerable movement for certain sectors of the real estate market in 2009. Thanks to the 2009 Home Buyer Tax Credit, many first-time homebuyers were able to purchase properties and enter the arena of homeownership. Additionally, international, national and local investors were able to take advantage of record low prices that were caused by the foreclosure crisis. Condo sales were one segment of the real estate market that was largely left out due to difficulties with obtaining financing. Due to strict mortgage standards, condos were available primarily to only those who were cash buyers. According to the Palm Beach Post Money article, “Fannie Mae is seeking to prop up Florida’s ravaged real estate market by reviewing hundreds of condo projects in the state that don’t qualify for its loans. The mortgage finance company said Thursday that buildings deemed stable after the review will be given a special approval lasting up to 18 mont