Friday, October 19, 2012

New Home Building Data: Good News for All

A report by the Commerce Department showed that the rate at which builders started new construction on single family homes and apartments was the highest last month than it has been in four years. Plans for continued building are set at an even higher rate than we have recently seen, a clear sign of buyers taking advantage of record low mortgage rates, low inventory and builder confidence on the rise.
Not only is this good for the real estate market in general, but new home construction creates jobs which is essential in today’s economy.
In the last two months we have seen a fifteen percent increase in new construction. About two thirds of this increase deals with single family homes while the other portion is made up of apartment homes. This coupled with a twelve percent increase in building permits shows that there are no plans of slowing down anytime soon. Homebuilder stocks saw am increase as a result of the increase in permits and plans to keep building. The National Association of Home Builders reports that this new construction data pushes home builder confidence up to a six- year high, and is consistent with this year’s continual up-ward tick. Some people may ask just how much of an impact does this have on our economy. Economists from the home builders group estimate that with each new home built, creates an average of three new jobs and about ninety thousand in tax revenue.
New home sales are up twenty eight percent from this time last year. Many buyers are attracted to home builder’s warranties, higher energy efficiency standards, and a general feeling of more home for their dollar. The Florida market is part of plans for Toll Brothers Construction to continue building luxury homes in and around the coastal regions.
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!”

Monday, October 15, 2012

Property Inventory Dropping: Tampa, Florida Among The Lowest Inventory

A report published by the web based real estate company, Zillow, shows that the amount of homes for sale fell by 19.4% in the last year! Zillow divided the statistics by price tiers. The greatest reduction of inventory has come from the top two tiers.

Three metro areas of Florida made the list with Tampa, showing a year over reduction of 19.8% for the top tier, and 23.3% for the mid-tier homes. The overall average reduction in inventory was 22.9% for Tampa Florida real estate market. This should make it easy for fence sitters who are waiting on the sideline for the “right time” to list their homes. Those who have questioned selling their home for the last year are beginning to realize that they missed the bottom a while back and may be scrambling to catch up.

As far as buyers are concerned, the time has passed for them to offer $10,000 under listing price. The days of low ball offers are over. Buyers are now starting to participate in bidding wars over properties that used to be great “steals” and are finding themselves out of luck. We have seen this mix of declining home inventory, record low interest rates, and the general supply and demand curve start to look normal again for some time.

Our question to you is, why wait? Call us today to discuss your real estate goals and options, and don’t be the one on the sideline wishing you would have acted sooner.

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!”