SI Real Estate Tampa and The Beaches

  A Reflection on How the Unprecedented Events of 2020 Changed Our Real Estate Market If someone told us in 2019 what was to happen the following year, we would not have believed them. From second graders learning through Zoom to one-way arrows in supermarket aisles, all aspects of our everyday lives have been impacted. The lockdowns in early spring especially affected those in the service industry. Restaurants relied on curbside pick up and hotels adopted new cleaning processes and precautions. The real estate industry was no different. Masks, gloves, and sometimes shoe coverings became a requirement during home tours. Virtual consultations replaced coffee shop meetings and closings moved outdoors. How the pandemic affected the real estate market and buyer trends made residential real estate one of the most interesting industries to watch in 2020. The national lockdown in the US began around mid-March. Springtime is usually the busiest time of the year for real estate, but t...

Recently, bankers have joined loan guarantors to push the ease the proposed capital rules for mortgage insurers. The bankers advised that easing up on the proposed rules will make real estate financing even more affordable for buyers seeking a new home and loan.  Along with the bankers, the National Association of Realtors discussed the importance of having accessible mortgages for first time home buyers. According to the Wall Street Journal , Citigroup and Bank of America are providing mortgages at discounted interest rates as a part of their efforts to help borrowers with low incomes or lack luster credit histories. These discounts are larger than what other banks currently offer on fixed-rate mortgages with high credit scores. This new home loan program encourages borrowers to pay points as a means to receive an even larger discount rate. A point upfront fee lowers the interest rate on a mortgage, and one point is equivalent to 1% of the loan. If you have a $100,...

May 2014 was a spectacular month for the real estate market throughout the nation. If you don’t feel like the market is recovering, here are some facts for you to consider. 1.     Total existing home sales , including completed transactions such as single-family homes, townhomes, and condominiums, grew 4.9% to an annual rate of 4.89 million in May 2014. This gain is the highest increase since August 2011. Higher sales volume is a great sign for the market as buyers are being more confident. According to National Association of Realtors (NAR) chief economist, Lawrence Yun, “home buyers are benefiting from slower price growth due to the much needed, rising inventory levels. Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.” 2.    Total housing inventory in May increased by 2.2% and reached a total number of 2.28 million existing home available for sale. The number of homes represents a 5.6 ...

If the thought of buying a home has crossed your mind lately, market conditions suggest that now may be the right time to make your move. The Real Estate market is reaching a critical point for home-buyers and conditions have not been better in the past 12 months. Many people dream of becoming homeowners, and mortgage rates, the qualification process and more seem to keep some home buyers on the side line.  Conditions for purchasing real estate have greatly improved. For example, according to this Housingwire article, 30-year fixed mortgage rates have hit a nine- month low.  In fact, mortgage rates have been declining for 5 weeks straight. Some may attribute this to 2014’s slow start to the fiscal year, but it’s evident that now is the time to buy a home to ensure the most affordable rate to make a house your home. If you’ve been renting or leasing a home over the past few years and are thinking about becoming a homeowner, the New York Times posted this in dep...

Great news for those wish to buy a home or sell your real estate in Tampa, Florida! Mortgage rates are hovering at near record lows. Freddie Mac performed a Primary Mortgage Market Survey® and the results show that 30-year fixed-rate mortgage (FRM) averaged 4.93 percent. The 15-year FRM averaged 4.33 percent, and the 1-year Treasury –indexed adjustable rate mortgage (ARM) averaged 4.23 percent. What does that mean in the big scheme of things for the real estate market? It means buyers have the ability to obtain financing at near historically low rates. It is also good news for sellers as buyers have more reasons to get off the fence and purchase that home they have been dreaming of but thought they could not afford. It’s a win-win for buyers and sellers. We have heard for months that the time to buy is now! It could also mean the time to list or sell your home is also now. Buyers are abundant. RealtyTimes® article Mortgage Rates Hover Near Record Lows adds “The National Association ...

Economists Annouce that the Three-Year Housing Slump is Coming to an End The positive real estate and economic recovery news is hard to ignore these days. Although there may still be some mixed signals, overall economy and real estate trends look encouraging. Some of the most recent upbeat news this week was from one of the country's top group of forecasters. The National Association of Business Economists declared that the 22 month recession is finally over! After its latest survey of members, the NABE stated "The good news is that the deep and long recession appears to be over, and with improving credit markets, the U.S. economy can return to solid growth next year without worrying about inflation." The association also said that the three-year downturn in the housing market appears close to an end. As reported by BusinessWeek , more than 80 percent of economists believe the recession is over and an expansion has begun, though it is expected that the recovery will be s...