SI Real Estate Tampa and The Beaches

Flipping through the television channels and social media, you may have noticed that many people are shifting towards downsizing their living space. Shows like  Tiny House, Big Living  and  Tiny House Nation  document the trending transition to tiny homes. So why are so many Americans jumping on the tiny home bandwagon? According to  TheTinyLife .com , the average home is 2600 square feet – compared to the minimal square footage for tiny homes, averaging between 100 – 400 square feet! Those joining the Tiny House Movement are doing so to protect the environment, live frugally and have the freedom to travel. With their petite structure, m any tiny house homeowners have found financial freedom that would have been difficult to achieve had they opted for a mortgage on a traditional home. The savings from high property taxes, lower maintenance costs and less major repairs are illustrations of many sources of household savings through  Tiny Homeown...

Now that the Real Estate industry has final numbers from 2015, they are releasing that data and the subsequent results of last year. As we have reported many times throughout the last 12 months, 2015 was a very strong year in the housing market. After reflecting on 2015, FL Realtors President Matey Veissi states “Florida’s economy is in growth mode, more jobs are being created and mortgage interest rates remain at historically low levels which will continue to drive the state’s housing market in 2016.” Let’s see what else the 2015 FL housing market report says and the impressive numbers it contains. We are going to grade the major indicators we talk about and how we feel they did in the last year’s market.   Total closed sales on existing homes  is always a leading indicator for housing market experts. In 2015, there were 274,769 resale transactions! That is an increase of 12.4% from 2014, which is enormous. On the pricing side of resales, there was another sharp increas...

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,...

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...

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...

As the 1 st quarter of 2014 comes to a close, it is a great time to monitor the good news published across the Sunshine State in real estate headlines. In a recent report from Freddie Mac, utilizing its Multi-Indicator Market Index, analysts discovered that Florida’s housing market showed the most improvement in the entire country during 2013.  It also continued to show the most improvement month-to-month in January. The goal of the market index is to effectively measure the market’s stable range, proximity to “normal” and current trends. In an article by Florida Realtors, Freddie Mac Deputy Chief Economist Len Kiefer said, “a better employment picture, along with some income growth, makes it possible for more people who are considering buying a home to stay within reasonable payment-to-income ratios on their monthly mortgages.” Employment opportunities and income growth are essential components to the continual housing market stabilization in Florida, as well as nati...

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 ...

We are hearing more and more about Millenials in the news, and how this new group of 90 million “Generation Y-ers” is finally reaching the time to consider homeownership. While many will point out that student debt and credit standards may keep these potential homebuyers on the sideline, even more hold high expectations that the largest demographic in the nation’s history will continue to be a major player in today’s real estate market. Encouraging signs that timing is working in favor of the Millenials show that median debt of households made up of people ages 35 and below has diminished by 29% from 2007- 2010. For example, a recent survey by a national home builder shows that over 65% of renters’ ages 18-34 have an income of more than $50K. This same survey shows that 30% of home sales are to first time home buyers who fall into the 18-34 year old age group. Tampa, Florida has seen increased building permits and home starts this year as inventory continues to evaporate and a lar...

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 t...

While more and more positive real estate news trickles in, we examine some of the direct causes of these seemingly endless, yet favorable outcomes. Housing inventory has waned over the last year . So much so, that we have seen the amount of homes available on the national level drop by about 1.8 million units.  At a more local level, Tampa, Florida has seen a dramatic decrease of 68% in home inventory!  So we ask, why so low?  Well, about 22% of homeowners remain underwater with their mortgages. Sellers are usually deterred from listing their home if they have to bring cash to the table or embark on a short sale. Now that home values are finally bouncing back, both home values and the amount of sellers who owe more than their property is worth are two factors that will continue to have an impact on home inventory. Investors are always trying to grab the best deals that produce the highest returns. This usually involves paying cash for real estate pur...

We would like to wrap up the year by saying thank you to all of our friends, families, clients, followers and supporters. We would truly be nothing without you. SI Real Estate is honored to represent you through your real estate transactions in the past, present and future. 2012 has treated the real estate industry quite nicely and we hope that next year sees similar, if not more improvements to the market in which we are all involved in. We hope that you all stay safe through this holiday season. Whether you are visiting family and friends, remember the roads and airways will be busier than usual, so please exercise caution. Please keep all the less fortunate people in your thoughts and remember to be grateful of what you have and where you live. We have seen tragedies such as natural disasters to the East coast, innocent children’s lives taken and political / financial turmoil in foreign countries. 2012 also offered bright spots like amazing performances from the US Olympic te...

With the New Year in full swing, many Floridians are curious to see where the economy will head this year. According to recent national data, unemployment had finally dipped to 8.5%, while nonfarm payroll employment rose in December 2011. The labor department also recorded significant increases in transportation, retail trade, and health care jobs to name a few. Construction employment also saw an increase, which will help offset the two previous months, and give us a positive outlook on new real estate. Generally speaking, fewer Americans are jobless which strengthens the economy as a whole. Florida closed out 2011 in good fashion as far as the unemployment rate goes. The last two months reported the second sharpest decline (2.1%) of unemployment in the country, only falling behind New Mexico. Tampa, Miami, and Jacksonville will to have to carry the state through 2012 if we are going to see the unemployment rate drop, and stay, below 8%. Tourism and travel could also lend a helpin...

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...

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...

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. ______________________...

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...

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...