Friday, June 7, 2013

International Real Estate Buyers | Vital Role in Real Estate

International consumers have always played a vital role in American economy. Today, more than ever, internationals from neighboring and distant countries are contributing to our real estate recovery both on a local and national level. Individuals from a variety of countries have homeownership increasing to around 36% from 2000 to 2010 and by 2020, it is expected that 50% of all home buying will be fueled by international home buyers. If those numbers don’t seem significant, consider 100 billion worth in mortgage loans!

Florida is a “gate way” state in which many internationals choose to invest. Our close proximity to Mexico and other Caribbean countries makes it attractive for those desiring the “American Dream”. Many foreigners find our Florida market so attractive because of favorable exchange rates and similar climates. Our Canadian neighbors to the north are streaming into states like Illinois, New York and New Jersey at rates we haven’t seen in quite a long time.

California seems to be getting a great deal of foreign attention, but other areas should not go unnoticed either. States like Florida, Texas and Arizona are also being soaked up by foreign investors and homeowners due to their affordability and location.

If you have questions about the housing market in these desirable “gate-way” states, especially Tampa, Florida, call us today to find out more. You will be shocked when you learn about some of the options the local Tampa, Florida market can present to someone who is looking for a place to call home or in search of a turnkey rental property. In today’s buyer market, you will see how lucrative and/ or wise your investment will be.

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!”

Tuesday, June 4, 2013

Florida Real Estate Sales, Prices and Closings Are Up!

Recent data released by Florida Realtors Association indicates that the Florida housing report for Q1 was quite favorable. In fact, sales, pending sales, median prices, and closings all saw increases! Single family homes, townhomes, and condo properties experienced increases in median sales price, which is the 15th consecutive month we have seen such an increase in Florida! All of this real estate activity continues while housing inventory and mortgage rates remain extremely low.

Home buyers are feeling the constraints of the low levels of inventory, especially in the new home purchase arena. Prices continue to climb, some on a month-to-month basis and others less frequently. The median days on the market for a home to sell has dipped down to only 57 days for single-family homes and 61 days for townhomes / condo properties. At least 50% of the homes in Florida re selling in less than 2 months, GREAT NEWS!

Closed property sales, typically 30-90 days after buyers and sellers go to contract, of single-family homes in Florida were up 9% from Q1 last year totaling 19,631. Meanwhile, pending sales are also up in the range of 23% compared to the end of Q1 in 2012, and the average price of these single-family homes is around $160K, a 15% increase from this point last spring.

Not only are single-family homes seeing huge increases in real estate activity, but townhome, condo properties are experiencing the same. Pending sales for these types of properties are up at least 10% from Spring 2012 and the median prices are also in the green by 15% (about $120K).

Single-family home inventory stands around a 5.3 month supply while condo/ townhome supply is around 5.8 months according to Florida Realtors.

“We continue to be encouraged by the depth and breadth of the housing recovery. State numbers are up in virtually all important categories and down where they should be down”, says Florida Realtors chief economist, Dr. John Tuccillo.

Our first hand experience with the current conditions in the local Tampa, Florida market has mirrored what is going on statewide. We have seen many builders cut back on their home buyer incentives and prices rise at faster rates we are used to. A recent first time home buyer of ours was appalled on how quickly the prices rose on a townhome she viewed only 6 weeks prior.

Do not allow this opportune time to pass you by. Many real estate consumers (all of us at some point or another) will soon look back at this time and wish we could have done more. If you are a curious buyer or eager home seller, consider putting a SI Real Estate professional in your corner so you can prepare yourself to reap big time rewards!