SI Real Estate Tampa and The Beaches

The SI Real Estate team would like to wish everyone Happy Holidays! This time of year is truly magical as we get to spend the last days of the year with those who matter the most to us. As we look back on the year 2013, we should cherish all the wonderful moments and also know how to appreciate everything we have as many around us do not have the luxury of spending the last days of the year with our loved ones. As we are coming together to celebrate the holidays at the end the year, we exchange gifts, cook meals, decorate our homes, and partake in many other meaningful activities that bring us closer to our friends and families. Our entire team wishes you all the best for the upcoming year of 2014 and we wish you success, prosperity, and most of all happiness in your personal and business life.   SI Real Estate has enjoyed a wonderful year and we know that without our customers and friends, we would never have been able to do so. No matter where in the world you are spending yo

New home sales are an integral segment of the continual stabilization of the real estate industry, especially in recent years, and the relationships between home builders and Realtors are allowing for the increased volume of sales. E.J. Atchner, Senior Vice President of Bank of America, notes that ‘many builders, regardless of their size, are taking a much more collaborative view of partnering with Realtors than in the past.’ An incredible 66% of all new homes sold in 2013 were original prospects of Realtors that were introduced to home builders, according to the National Association of Realtors’ 2013 Buyer Profile Survey, and 88% of potential homebuyers said they will contact a Realtor to assist them through each step of the buying process. The regional marketplace expertise possessed by many Realtors provides clients with an added sense of comfort and security through the memorable, milestone purchase in becoming a homeowner. Many clients of Realtors are eager, willing, and

Home ownership has been always a big part of the American dream. Owning your home has a huge impact not only on you but also on people around you. For every sold property in the United States, jobs are being created; generated revenue is making the economy stronger, communities are becoming more stable, and all this contributes to the process of the housing market recovery across the country. SI Real Estate takes the educational part of homeownership very seriously and we believe that is extremely important for our clients to know the advantages of owning your home instead of renting. Here in the Tampa Bay and anywhere else in the United States, being able to purchase your home has been always a sign of responsibility and a source of security for the American middle-class. After the financial crisis in 2008, many Americans have lost their jobs and their real estate went into foreclosure. President Obama and his administration made the housing recovery to one the main goals o

It’s that time of year again! Thanksgiving is appreciated by many for the great family, friends, and feasts that come together on this special day. It is a time to be with the ones we love, cherish the relationships we’ve made, and reminisce on the good times we’ve had. In today’s day and age, it is far too easy to take all of the wonderful components of our lives for granted.   The added stress and responsibilities of everyday life, ranging from financial demands to work deadlines, can make it difficult to remember the things that we are truly blessed to have. No matter the obstacles, always remember that there is much to be thankful for. Here at SI Real Estate, we are so thankful for the relationships we have made with clients, colleagues, and friends from all over the globe.   We have created enduring friendships with phenomenal people that are sure to last a lifetime. We are grateful to live in a country that grants us freedom. We are honored to serve our community in this great

The 21 st century revolutionized the way we are living and everything around us and the Real Estate industry is not an exception. With introducing new ways of communicating with clients, auctioning properties online, marketing listings on the internet, and in some cases even working with customers living in other countries and purchasing properties they have never seen in real life, the Real Estate professionals had to adjust in order to stay successful. Here at SI Real Estate, we have managed to develop the perfect set of marketing efforts which enabled us to stay strong during the financial crisis and even evolve in a more successful entity during the recent years of the market recovery here in the greater Tampa Bay area. The year 2013 has been our most successful year ever and we are excited to see what the upcoming years will bring.  However, with all great achievements and growth which we have experienced as a company, we have never forgotten about the group of pe

For those that do not know, “shadow inventory” refers to the real estate property inventory that is either in foreclosure and has not been sold, or properties that have been withheld from the active market with hopes of a price improvement.  With seller uncertainty of the best time to list properties, this shadow inventory causes data on housing inventory to understate the actual inventory levels in the real estate market. High levels of shadow inventory, especially in the form of underwater, modified, and delinquent mortgages, pose as a significant factor to the recovery of the housing market, but refinancing and strong investor demand for distressed properties have helped bring many properties out from the shadows and into the sunlight.   Active, Pending, and SOLD! As the largest quarter-over-quarter decrease since the beginning of the credit crisis, shadow inventory dropped from 3.28 million loans in Q1 of 2013 to 2.99 million in Q2. This represents a 35% drop based

This deal is official. Tampa, Florida will be the next destination for the retail giant Amazon .   A  fulfillment center of epic proportions is going to be buil t by the end 2014. “This is bigger than landing the Super Bowl, a national Convention or the Olympics. It’s a mega storm of growth that’s hitting our county with feeder bands that will create economic growth all over this area,” said Commissioner Sandy Murman.    An immediate investment of $200 million and creation of up to 3000 jobs are some of the notable benefits of this deal. Amazon has been trying to build a distribution center in the state of Florida for the past 3 years and Tampa is always an attractive city for business. However, high property taxes and other obstacles were slowing down this Amazon goal from becoming reality. In July 2013, Hillsborough commissioners realized the potential advantages of an operation like this and voted on lowering Amazon’s property taxes which consequently sealed the whol

The year of 2013 has proven to be quite eventful for the real estate industry, both in the Tampa Bay area and nationwide.   Over the last nine months, we have been carefully monitoring the market activity and headliners, and planning accordingly in order to stay abreast of real estate from all angles.   Starting Off Strong At the beginning of this year, Tampa’s real estate market continued the upward trend that 2012 produced. Home buyers, and the affordability of housing, were finally receiving some serious recognition, and it was a strong way to begin the year.   The number of homes that were either in foreclosure, or were seriously delinquent, dropped by over 300,000 units from October 2011 to the end of 2012, and the market quickly transitioned towards becoming a seller’s market, which is in part where we are today. Home Values Soar In the first few months of 2013, Tampa experienced an astounding 22% increase in median home sale prices, while the average price

The year 2013 has been a very positive year when it comes to the recovery of the housing market. We have followed the rising prices of homes, increase in newly build constructions sold,   homebuilders regaining trust and increasing the inventory, and we also witnessed people who went through a bankruptcy rejoining the housing market after rebuilding their credit. It is obvious that we still have work to do in order to reach the country’s potential but analysts agree on the fact that we are heading towards a bright future. According to David Crowe, chief economist for National Association of Home Builders, “the cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015.” What does this mean for people who have real estate needs but are not sure if it is the right time to enter the housing market? With a better inventory and more options on the market and with stricter but also more secured mortgage loans, the customers will realize that the mark

Real Estate Pulse 2013:     It continues to be a promising year for the real estate industry in the U.S., especially in the Tampa Bay area.   We are seeing irrefutable signs of housing recovery.   The latest excitement to make headlines is the blossoming new construction occurring in today’s market.   In July of 2013, construction spending increased to the highest level in the last four years here in the United States. With the recent low inventory levels, this is exactly what some buyers have been waiting for.   Spending increased as much at 5.2% nationwide since July of last year according to the Commerce Department figures .   As for private homebuilders, spending increased .6 %, which is the greatest change we have seen since September 2008.   Private residential construction wasn’t the only category to boast large improvements, with non-residential and factory construction also climbing to  1.3% and federal spending increasing by 1.1%. What can be expected from these ne

1.5 million potential buyers There is new hope on the horizon for those who lost their homes due to the recession. The current administration has created a new rule regarding the waiting period for obtaining a new real estate mortgage backed by the Federal Housing Administration .   Previously, home owners who experienced a foreclosure or bankruptcy had to wait for three years before they could apply for a new mortgage. The new regulation makes it possible for those who have repaired their credit score, can prove their income, and have gone through a full recovery, to be eligible for a new mortgage loan in as little as one year. Many agree on the fact that this is a very positive sign for the real estate market and states such as Florida Nevada, and Arizona, have already taken advantage of this opportunity by redesigning their marketing campaigns to attract clients who have proved themselves to be financially stable after going through a foreclosure. These so-called “bo

Since 2009, existing home sales have never been so high. July 2013 recorded and increase of 6.5% in comparison to June of the same year. A seasonally adjusted annual rate of 5.06 million in June went up to 5.39 million in the month of July. This indicates a double-digit year-over-year increase in the real estate market. The median price for existing homes was $213,500 in July which was 13.7 % more than in the previous year at the same time. Also, 15% of the July sales were distressed homes foreclosures and short sales which indicated the lowest share since October 2008.   “The size of the increase was a surprise,” given the number of people applying for mortgages has dropped sharply since rates began to rise in early June, said Patrick Newport , an economist at IHS Global Insight. The increasing mortgage rates also play a big role in this.   According the Freddie Mac , “fixed-rate mortgage rose to 4.37% in July from 4.07% in June; being the highest since July 2011.   Despite th

Homeowners are thrilled to see the values of their homes continue to increase as the real estate industry is recovering and stabilizing.   The strong demand for housing and the low supply of inventory have continued to drive up home prices in the Florida real estate market, as well as nationwide!   Buyers are expected to be prepared to make strong offers due to the rising prices and mortgage rates. We have been witnessing multiple offers and bidding wars taking place in today’s market too. This appears to be great news for sellers, as they are now receiving offers equal to or above their listing prices. Sellers do, however, need to be mindful of how an appraisal can create challenges in closing their real estate transaction.   We noted earlier this year that appraisers were finally beginning to place higher values on homes, allowing for more sales to go through and for the market to gain strength. Recently, however, it appears in some cases as though appraisers are not quite k

The year of 2013 has been proven to be an eventful time for the real estate market, especially here in Tampa, Florida. So far this year, we have discussed: the impact of international investors on the recovery of the housing market, the significant presence of Millenials as first-time home buyers, the recent mortgage rate activity with predictions of what to expect, the low housing inventory levels, and the encouraging signs of home value increases. So what can we expect to see as the next big move in real estate? The latest headline to grab the attention of the Tampa market came from a CNN Money article labeling Tampa, Florida at third place out of the top ten cities with highest percentage of all-cash home sales throughout the country. This is a positive sign of correction and stabilization returning to our real estate market. An astonishing 58% of all home sales in Tampa last month were settled in cash. This group of purchasers is made up of both international inves

In the last two years, there has been an unstoppable positive turn in demand for real estate. This resulted in increased home buyer’s motivation to purchase. In addition, this newest trend boosted builder’s confidence in the real estate market as well.   According to Mr. Jay McCanless, an analyst for Sterne Agee, “Housing demand, whether its rental or ownership, is a positive indicator,” the main reason for this is a steady job creation over the past three years which especially helped the private sector. Tampa Bay area is no exception; there has been a larger demand for multi-family and single family rentals and ownership. What does this mean for potential home buyers or sellers? The overall positive attitude amongst the members of builders associations and customers seeking new homes caused an increase of six points in the Housing Market Index in July 2013. This was the strongest increase since January 2006 and it also showed that builders are being more confident in buildin

Last week we discussed the importance of understanding the effects that rising home prices have on mortgage rates and the buying power of consumers in the market to both buy and sell.   The recent mortgage rate activity has caught the attention of the nation, and of course our local Florida real estate market.     Since May 2013, the average rate on a 30-year mortgage rose from approximately 3.3% to 4.87% according to Freddie Mac.   Executive vice president of McCue Mortgage, Kim Neilson, states that the market hasn’t seen an increase of this magnitude in years.   Despite the recent jump, however, rates are expected to remain steady between 4-5% throughout the remainder of 2013.   There are two main reasons for this situation on the market. Firstly, the Federal Reserve chairman Fred Bernanke indicated in mid-June that he might slow down the purchase of mortgage-backed bonds. These were designed to strengthen the secondary market for lenders and also to keep interest rates l

In today’s real estate market, we are seeing more and more home buyers come forward in part from the low mortgage rates and increasing job stability.   The demand for home ownership continues to increase.   An increase in home prices is expected to continue throughout this year while our property inventory continues to be at an extremely low level.   Prices of homes in the U.S. rose by more than 12% since May 2012, which is the highest increase that the real estate market has seen in over seven years.   For most, this appears that the market is continuing to gain strength.   It is prudent to understand what impact home prices and interest rates have in the long run and how they may affect the rapid recovery of our real estate market in our Tampa Bay area.   Potential effects of recent mortgage rate changes may include a slight reduction in borrowing power of buyers.     However, it is possible that the rising rates could spark a new flurry of real estate activity fo