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,...

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...

When working diligently, it is often disheartening for a Realtor to hear from clients, “I think I’m just going to rent for a while longer.” The hard work and countless miles traveled over the last month seem wasted, but is this really a waste? It is most definitely not. You never know what that relationship could develop into. Some of the most successful real estate agents are those with strong interpersonal communication and networking skills. Those who provide an unsurpassed level of quality service for clients do not go unrecognized. Success in this industry is highly dependent on one’s ability to stay in contact with clients, even long after a phone call, showing, or transaction. In providing premium customer service for your clients, regardless of their current needs, you are much more likely to be referred to a friend, family member, or work associate in the future.  And after all, word-of-mouth marketing is still perhaps the most effective form of advertisement. ...

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 bui...

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. Californ...

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...

Back in April, we posted a blog titled, “Younger Generation Predicted to Turn Real Estate Market Around”. We focused primarily on the young families and adults that made up Generation X (32-45 year olds). New research is also putting a lot of emphasis on Generation Y (15-32 year olds). The statistics suggest they will be a strong driving force for the next ten years! Why is this group different from their older peers? The group is about equal to the baby boomer generation, about 77.4 million individuals. By sheer size alone, they are a significant percentage of the buying market. They make up over 25% of home buying age. They tend to be highly educated; more than 60 percent of them go to college. As more of this generation joins the work force there is going to be a “massive increase in housing demands”, according to University of Southern California Lusk Center for Real Estate. Below is a list of what you need to know about this group in order to market to them: Importance of ...

The real estate saying, “location, location, location” might not hold as much weight to this generations buyers. According to Realty Times , lifestyle options including health, safety, and nearby activities may be a leading factor in home buying selection. A recent survey conducted by Better Homes and Gardens Real Estate LLC and the Meredith Corporation reveal that homebuyers prefer these traits in their community: 1. Ease of commuting by car: 38% 2. Access to health and safety services: 34% 3. Family-friendly neighborhood: 33% 4. Availability of retail stores: 32% 5. Access to cultural activities: 21% 6. Public transportation access: 19% 7. Nightlife and restaurant access: 18% 8. Golf-friendly area–access to golf courses: 6% If the community a buyer is currently living in doesn’t meet these desires, 1 in 5 homeowners have moved or would like to move to better fit their lifestyle. This data lets you as a seller know how to market your property to the way home buy...

Since the slump in the real estate market started everyone has wondered where and when relief would be found. There is a new group of people that are drawing confidence in the housing recovery. A new study was released in March by the National Association of Home Builders states that, “Generation X –young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway”. Gen X as they are referred to makes up 32% of the home-buying age population. They are not the largest group (Baby boomers make up 41%) but they are the most mobile. They are fully engrossed in careers and need to expand to accommodate larger families. When surveying 10,000 potential buyers in 27 metro areas, between 85-89% said now is a good time to buy! What does this Generation of home buyers want? More space! Most are growing in careers and families and want a bigger home than they currently live. In addition to space inside they want more space on their property. Although ...

June 2010 real estate statistics compiled by the Greater Tampa Association of Realtors are in... The news is positive for our local real estate market in Tampa, FL. The number of properties that sold in June 2010 was at a phenomenal level of 2,069 – the best month for sales since December of 2006, the very peak of our market. The statistics provided by the Greater Tampa Association of Realtors also showed the current inventory is at a multi-year low of only 13,514 homes, which translates to 6.5 months of inventory remaining. One of the factors influencing this was the number of home buyers who wished to purchase homes in time to earn the First-Time Home Buyers Tax Credit and the Move-Up/Repeat Home Buyers Tax Credit . These federal stimulus plans had an amazingly positive effect on the real estate market in Tampa, Florida. Other areas across the nation have witnessed similar encouraging trends. So, what does this mean to those who wish to buy or sell right now? Now remains the ...

Tampa Bay real estate homeowners, sellers, buyers and investors – take note! There is good news today for anyone involved with real estate. MSNBC.com reported in an article titled Mortgage Rates Fall to Lowest Level of the Year that mortgage rates have fallen to the lowest level of the year. Both 30-year and 15-year mortgage rates have dropped this past week. ”The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier. The average rate on a 15-year fixed-rate mortgage was 4.24 percent, down from 4.3 percent last week.” Home buyers will benefit from these near historic low rates. Home sellers will benefit as a larger number of buyers will be looking to purchase a home. Investors can cash in on the great rates with their investment purchases as well. Let us not forget those homeowners who already have a mortgage and would like to consider refinancing. Everyone stands to benefit! These low interest rates following on the heel...

Tampa Bay area real estate buyers, agents and sellers worked feverishly to meet the demands of first-time home buyers and move-up/repeat home buyers as they raced to beat the April 30th deadline to get a binding contract in place. The good news was not just for home buyers who were able to meet the deadline to earn the tax credit, but also for sellers who were able to benefit from this opportunity. With so many people eager to place an offer on a home, many sellers found themselves in a unique position of receiving multiple offers and dealing with bidding wars. This, of course is in contrast to an otherwise difficult market for sellers as buyers have been in the driver’s seat for a few years now. The tax credit was an extension of the original first-time home buyer tax credit which was enacted in February of 2009. The original deadline for first-time home buyers was November 30, 2009, but that deadline was extended to April 30, 2010. Additionally, a separate credit was enacted for mo...

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 ...