SI Real Estate Tampa and The Beaches

Real Estate Pulse:  Recapping 5 years! Active Housing Market keeps persuading buyers and now sellers The last 5 years of the real estate market has been a wild ride to say the least. In 2010, first time home buyers increased dramatically over the norm due to the large tax credit given out by the federal government.  That triggered the highest number of first time buyers ever. While this group accounted for half of the homes purchased in 2010, the other key players were the international (cash) investors who were purchasing the rock-bottom-priced inventory. This same group of investors and first time home buyers were the main consumers of real estate through 2012.  By this time, the excess inventory had been purchased one way or another.      In 2013, values of homes were finally catching up and or exceeding the mortgage pay off(s).  Finally sellers and their listings began trickling into the market. This segment of the housing market was prev...

All year long we have been watching the real estate market heat up in Florida. There are many reasons why we are seeing a different resurgence this year!   A few of the key catalysts are: the Florida Legislature, interest rates and PMI insurance reductions. Each of these played a high valued role in the 2015 housing market. Combining all three, we can see housing is more affordable and there are a lot more people looking for housing!   Florida Governor Rick Scott is very enthusiastic about the housing market citing this past month as another remarkable one for the state. He is particularly proud of his tax cuts, saying “our work to cut taxes and create a business friendly environment is creating jobs and attracting more families to Florida because there are so many opportunities for success.” The team at SI Real Estate could not agree more. We have been helping families relocate to the Tampa area all year long, and know many more families are relocating this year,...

Happy Thanksgiving everyone! This year has been a true gift to the Real Estate world. All of us here at SI Real Estate are thankful for: Property values are rising back up, families are finally able to sell their homes for a fair price, interest rates are staying low and many other wonderful things! We hope all of our family and friends have a very happy Thanksgiving! May you all enjoy a bountiful Thanksgiving. Wishing you a year filled with warm and cherished moments! -SI Real Estate Team

Tampa Bay investors are finding out how hot the area is lately, ranking #6 among the top 50 cities for Real Estate investing. Everyone likes generating wealth, especially if the return (ROI) is on a real estate investment. It is extremely satisfying when you put your money to work for you. Real Estate investors look all over the place searching for the best property to invest their money in. Their money has been working extra hard here in Tampa. Over the past 12 months, Tampa’s investors have averaged 16.7 percent gross return on their investment. That is incredibly high, a very attractive rate of return and savvy financial or real estate professionals know it!  Good numbers equal good returns.   The housing market has been on a steady and stable uptick all year. This has led to the increased activity in the real estate market that we are now seeing.  As more people learn and hear about the stabilization here in Florida, they want in on the action. Not so fast, ...

It’s no secret by now that Florida is pushing past the recession this year in 2015. Economists and experts have been optimistic all year, and the data is continuing to back them up. Sean Snaith, a highly respected economist at UCF says Florida’s GDP will continue to climb at least through 2018. Could we really see economic growth lasting that long? Snaith fully believes so, citing average housing prices up, payroll being up and real gross state product steadily rising for a while now. The SI Real Estate team fully agrees, as we are seeing rising home prices as well as increasing rents here in Tampa, Florida. After all, our state boasts sunshine, beaches, palm trees, sand, and year-round weather which are all basically recession proof. The desire for people to own homes in Florida or relocate here has never dwindled. The appeal of Florida has always been strong considering all that this state offers. The issue people were facing was selling their current homes, whi...

2015 has been a pleasant year for the Tampa Bay real estate market, marking a full resurgence. Normally sales fall off during the summer vacations, but not this year!  Homes listed for sale are continuing to seek out higher prices, while buyers are actively finding properties to put contracts on. A local North Tampa homeowner listed their house at $ 450,000 3 weeks ago and had a pending contract 8 days later, including backup offers. SI Real Estate has also participated in this high level of activity, selling three different properties in less than 10 days recently. While we normally see soft interest during summer months, especially July that has is not the case in 2015! ”Statewide in July, the inventory of available homes tightened to a 4 1/2-month supply. Most analysts consider a six-month supply to be evidence of a balanced market between buyers and sellers,” said John Tuccillo, chief economist of Florida Realtors. He is demonstrating here that inventory is d...

July New Home Sales up 25%! If you have been following SI Real Estate’s blog this year… we have been tracking the housing market from January all the way through now.  As predicted, the market has been rebounding all year! The most recent news is fantastic, with New Home Sales up 25% in July 2015 versus July 2014.  That is a LARGE rebound in a short amount of time. Another pertinent statistic for tracking the real estate market: we saw an increase of new home sales from June to July, up 5.4% or 26,000 more home sales in July. The numbers that were just released reflect what we are seeing here in Tampa Bay. SI Real Estate’s most recent for sale listings have been extremely active, one of which went under contract in just 6 days - pretty much for the exact listing price too. Homes priced at $750,000 + have been seeing increased activity as well.  Around 6% of all new home sales in July 2015 were at the $750K+ price range.  That is 3% more than June, ...

It’s no secret the housing market is making a strong comeback. Inventory is incredibly scarce.  Buyers are confident enough in the economy to be actively searching for real estate to purchase. This is leading to a shortage of ready-to-move-in homes. When there is a housing shortage, buyers need to act quickly and sellers are now stepping in. This has been the driving force behind skyrocketing pending home sale statistics. Probably the most positive statistic (there are many this month) is “45% of homes sold within 30 days of being listed”. That is a staggering number compared to what we were seeing since the recession began. Another major factor leading to the housing market surge is because of the historically low mortgage rates. If you could afford a $300,000 home last year, you can get approved for a $330,000 mortgage today. This is due to rates hovering right at 4% and buyers have more purchasing power after sitting out last year. We have not seen this much bu...

Real Estate Pulse:  Tampa’s Rental market is on fire!   Act on it or the property will be gone in a flash! SI Real Estate is a full service real estate boutique in Tampa Bay, including property management.  We have seen a significant increase in rental activity since February, 2015. As the year has progressed, so has the interest in Tampa’s rental market!  Right now, our agents are finding that rental listings are gone in a New York minute.  We are receiving calls and emails from an abnormal amount of new residents relocating to our area, causing the demand to drastically outweigh the supply. This trend has not gone unnoticed by property developers in the area especially our urban core. They are purchasing land and building multifamily high end rentals, rather than luxury apartments or condos for sale.  Jeff Vinik has been at the forefront of this new demand. Starting with revitalizing the Channelside District.  The city of Tampa an...

Big gains in March Home Sales Florida and National market is heating up in 2015 SI Real Estate has been monitoring and reporting the increased activity in the housing market this year. Last month we reported about skyrocketing first quarter new home sales. This month all of the home-sales reports, including both new homes and resale homes echo those same sentiments. Some of the markets reporting sharp rises in March 2015 home sales include the following: Minneapolis, Washington D.C., Atlanta, San Antonio, Jacksonville, Houston, and Seattle. The Real Estate market in Florida has been scorching hot, especially in Miami, Boca Raton and Tampa Bay. Our neighbors to the North (Georgia) are also seeing the same trends. Nancy See, of Atlanta Fine Homes says “I’m seeing a lot of multiple-offer scenarios when a house is well-priced… Buyers are having to act very quickly to get the house they want. It’s almost like a buying frenzy”. This type of great news has not been reported since ...

SI Real Estate has been watching the market in Tampa Bay closely this year. We have reported several times since the beginning of 2015 that the market is on the upswing, with statistics to back it up. Hillsborough County just released more first quarter data, and the real estate market is continuing to surge! Housing data released Monday by Florida Realtors showed 3,213 single-family homes sold, 28.6 percent more than February 2014. Buyers are finding that inventory is still thin, causing prices to rise. The Tampa Tribune interviewed Thomas O’Bryant, executive director of the Greater Tampa Association of Realtors. “Home prices are going up,” he said. In Hillsborough County, the median price for a house in February was $177,000, up 7.3 percent over February 2014. “Sales of townhomes and condos also were on the upswing in Tampa Bay (Hillsborough, Pinellas, Pasco and Hernando counties) The median price was $106,400, a 12.1 percent bump” from February 2014. We are seeing more activ...

Almost everyone over the age of 20 has said the phrase “that’s it, I’m moving to Florida” at some point during their life. Usually it is said out of frustration with the weather, or another popular reason being high taxes elsewhere. In the 90’s and early 2000’s, Florida was an incredibly popular destination to move to. The younger crowds flocked to Miami or Tampa, the wealthy to Miami and Fort Lauderdale, and then the retirees to Naples or Fort Myers.   Since 2007 though we have been lagging behind…. Until recently. Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida, says Florida's economy is now solidly passing the Nation’s. Not only are we recovering fully, but we are about to start leading the pack again. Tourism is back to full throttle. Booking hotel rooms or going out to dinner is becoming a serious issue again with all of the traffic. People are spending money again and are confident the economy has stabi...

Earlier this year the president reduced private mortgage insurance rates. FHA loans were more attainable for first time home buyers. Home owners that wanted to refinance and reduce their monthly payments could also participate in the reduction. Now Freddie Mac is about to roll out a new appealing option for home buyers: 3% down payment mortgages coming in March! Contributing to continued Real Estate recovery and stability, the guidelines of qualifying for this type of loan will not be as loose as the guidelines from the adjustable rate mortgage disaster in 2007-2008. Donald Layton, CEO of Freddie Mac, assured everyone that the 97% loan-to-value option will be limited to borrowers who can prove a “very good income”. Basically comforting the skeptics that this option will not be available for the average loan applicant. He also reinforced that “underwriting standards are stronger than ever”. Obviously they have learned from their past mistake of handing out mortgage loans to anyo...

Early 2015 quarterly reports reflect heavy increase in real estate activity, especially new homes. D.R. Horton is a nationally recognized home builder and has developments throughout the United States. They have been the largest home builder in the U.S. 13 years in a row. On Wednesday, D.R. Horton reported a dramatic increase in new home sales highlighted by “sales orders increased 40% in value to $2.1 billion” from the first quarter of 2014 to the first quarter of 2015. These numbers are significant considering that first quarter home sales are usually lack luster. What does this tell us? With the rising consumer confidence reports, buyers are investing in real estate and new homes sales are spiking. D.R. Horton has increased their land acquisitions and developed more communities recently to keep up with demand. Donald Horton, Chairman of the Board said ”our weekly sales pace has accelerated in January 2015, and we are well-positioned to capture demand in the spring sellin...

"Latest Home Sale Data reflects strong demand for affordable homes as 2015 kicks off” Back in 2008/2009 after the Real Estate market crashed, economic and Real Estate experts were repeatedly forecasting a 6-7 year recovery period. They all highlighted 2015 as the year we would see resurrection in the housing market. Well that prediction seems to be coming to fruition now! We are seeing many positive reports and trends from late 2014 to early 2015. We are starting to see the rebound all around Florida, but extra activity in Tampa Bay. The excitement/enthusiasm is building here and our team here at SI Real Estate is noticing. Normally home sales in January are expected to be lower than in July or August. However, this month the Home Sale Data is showing that buyers are confident again. Tampa Bay has surged in January with 4,700 homes sold so far. That is 23.5% better than December ’14 and 22.8% better than January of ’14. Buyers are aggressively purchasing, and homes a...

Reduction in FHA insurance makes home buying more affordable   The President announced on Wednesday that the federal government will reduce PMI insurance premiums on FHA loans with the goal of making it easier for Americans to own a home. This is fantastic news for anyone in the market for real estate since this reduction will save home buyers an average of $900 a year. The lower insurance premium will affect 800,000 home owners immediately, as they will save on their monthly mortgage payments. This change is coming out at a great time considering all of the other positive news in the Real Estate industry the first week of 2015. Unemployment is down, gasoline prices are the lowest in 7 years and spending power is up. In the Tampa Bay market, SI Real Estate is already noticing the enthusiasm and buzz this news is bringing to the area. Federal Housing Administration loans are largely popular for many home buyers in America. “I want to talk about helping more families a...