SI Real Estate Tampa and The Beaches

For those selling your home, you may have seen an influx in Generation Y, or “Millennial” buyers flocking to your open house in recent years. Yet, with the most recent U.S. Census confirming that Millennials have surpassed the Baby Boomers, it’s no surprise the number of Millennial home buyers is on the rise. So what does this mean for the housing market? According to Realtor.org, “For the third straight year, the largest group of recent buyers were Millennials, who composed 35% of all buyers, more than the combined amount of younger and older Baby Boomers at 31%”. Millennials are a new brand of home buyer. Contrary to previous generations, Millennials are delaying marriage and family to a later time in life. Whereas, home buying is at the forefront of their priorities. Seen as a smart investment, these young purchasers are seeking the stability and security of home ownership. In most markets, Millennials are finding that renting is more expensive than buying - even aft...

Since 2010, the Floridian housing market has been stabilizing, and this pattern continues through 2014. According to Florida Realtors Association, Florida’s housing market has had an increase of sales and median prices since 2013.   In fact, the statewide total for single-family houses sold in October was over 21,800, an increase of nearly 18% since October 2013.   Statewide, even the sales price of single family residences has increased nearly 5%. Be assured, these are signs that the housing market is not only gaining momentum, but truly stabilizing and becoming a healthy and prosperous industry once again.  According to Sherri Meadows, President of Florida Realtors , October of this year marks the 35 th month in a row (nearly 3 full years) that the state wide median sales prices have rose for both single family homes, and for townhouse-condo properties. Florida is on track to close out 2014 with tremendous momentum, more than we’ve had in years. The statewide...

On M arch 4 th , 2014, the Homeowner Flood Insurance Affordability Act was passed overwhelmingly by the U.S. House! Thousands of realtors across the United States have already expressed their excitement about this newest development. Since the beginning of 2014, over 40 000 home sales have been lost because of unreasonable premiums on flood insurance. Once again, the housing market became once again more affordable. Homeowners and home buyers no longer have to be afraid of once again increasing flood insurance rates. Here at SI Real Estate , we had our own experience with the flood insurance and saw contracts go south because of unrealistic premium charges, which our customers couldn’t afford. Thanks to the National Association of Realtors (NAR) which is the largest trade association in the United States, the housing market will feel immediate relief as flood insurance won’t be such a huge obstacle in the way of buying a property to call home. NAR was the leading advoca...

The Tampa Bay area is a very high-paced growing metropolitan area, and it is home to many major corporations, health centers, and educational institutions. Whether you live in Tampa, St. Petersburg, Clearwater, or Sarasota, there are many intriguing business opportunities for hard-working people of all ages. Here at SI Real Estate, we proudly support local business and we diligently work with people from all parts of the greater Tampa Bay area. In the past we have had the privilege to work with professors, students from the University of South Tampa and the University of Tampa, and many others purchasing their first home. The SI Real Estate team believes that education is one of the most important investments one can make, and that is why we have actively participated in the award-winning Marketing Practicum course offered by USF for years. Many of our former and current marketing coordinators and agents are USF graduates, and we enjoy long-lasting relationships with the loca...

After a double digit increase in home prices and sales occurred in 2013, this positive trend in the real estate market will continue throughout 2014 as well. As greater Tampa Real Estate professionals, SI Real Estate team is confident that the recovery of the housing market, job growth, and lower unemployment rate will continue to make housing more affordable. Here in the greater Tampa Bay area, there will be more homes available than there have been in several years. Homebuilders have regained enormous trust in the housing market and have started building more new homes than we have seen in many years!   They cannot build homes fast enough. This will help to increase real estate inventory and satisfy the high customer demand for both new and resale properties. In addition, according to Lawrence Yun, chief economist as the National Association of Realtors , “2013 has marked the second straight year of a very respectable recovery with a 20% cumulative increase in exi...

If the time is now, consider Tampa, Florida for your next luxury real estate purchase. Wealthy borrowers with real estate mortgages that exceed $1 million are foreclosing or turning to short sales at almost double the average U.S. rate. Payments on about 12% of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3% on loans less than $250,000 and 7.4% on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, Calif.-based research firm. Many home buyers are taking advantage of the current prices on these “McMansions” that will already have instant equity in them at the time of closing. Atlanta Falcons’ linebacker, Porter Michael Peterson recently purchased a mansion near Tampa, Florida for $1.1 million – That is almost half of what the sellers paid for it 3 years earlier! Before you try to find your dream home, keep a few things in mind: Know your budget and pre-qualify with a lender…Can you really affor...

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...

The housing inventory is moving quickly in the Tampa Bay area, a definite change from previous months. Buyers who are looking for rock bottom prices are finding their search to be more difficult than originally expected. Multiple offers, fewer days on the market, and a rise in home sale prices are all evidence of this new market shift in the Tampa Bay area real estate market. For example, three months ago the Mid-Florida Regional Multiple Listing Service reported over 600 bank-owned properties in Tampa Bay. This number has now been reduced to fewer than 370, as the inventory continues to be quickly absorbed. In 2008 we were looking at a vastly different real estate inventory with a much higher number of bank-owned and short sale homes in Tampa, giving buyers a wide selection to choose from. In our current condition, buyers who are looking for a “best buy” need to be ready to act fast. With multiple offers being placed on low-priced real estate, sellers are now receiving offers at even ...

Excellent news - the U.S. real estate market is rebounding faster than expected. For the first time in five years, existing home sales have increased for four consecutive months., the National Association of Realtors announced today. Existing home sales, including single-family homes, townhouses, condos, and co-ops rose 7.2 percent to a total if 5.34 million in July. An NAR survey showed that 30 percent of the homes purchased in July were by first-time home buyers, as buyers have started to come off the fence to take advantage of the $8,000 tax credit. The National Association of Home Builders/Wells Fargo Housing Market Index reached 18 this month, its highest level since June 2008. The numbers show that confidence among home builders is continuing on a steady rise. This increase can be contributed to buyers taking advantage of the dramatically discounted home prices, with nationwide housing affordability continuing to hover near its highest level in more than 18 year and the $8,000 ...

An Extension Could Mean More Jobs and Stronger Economic Stabilization Home builders, finally seeing positive movement in the housing market, are fighting to extend the $8,000 first-time home buyer tax credit for an additional year. As members of Congress return home for the August congressional recess, the National Association of Home Builders is urging its more than 200,000 members to contact their lawmakers, asking them to help create more jobs and set the stage for a strong recovery by extending the credit program. "If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts, creating nearly 350,000 jobs over the coming year." said the NAHB Chairman Joe Robson. "That's good for the economy and good for America." Mark Zandi, the chief economist at Moody's Economy.com, says a healthy housing market is one of the leading indicators for an economic recovery. A secure real estate market is a n...

June saw a rise in pending home sales for the fifth straight month, according to the National Association of Realtors. This increase of 3.6 percent to 94.6 is an encouraging sign for the U.S. housing market as it makes its way toward recovery. According to an article by Inman News , the increase in pending home sales marks the first five consecutive months of gains since July 2003. The largest jump was seen in the South, where pending home sales rose 7.1 percent. All regions saw at least a minimal increase with the smallest seen in the Northeast, at just .4 percent. Almost all regions were significantly higher than in June of 2008. "Historically low interest rates, affordable home prices and a large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower prices homes." said Lawrence Yun, NAR chief economist. In addition to the increase in pending U.S. home sales, home resales have also risen for three months in...

One of the best real estate successes offering aid in this troubled housing market is the FHA loan program. What exactly is an FHA loan? For those who might still be confused about their financing options, an FHA loan is a United States federal assistance mortgage loan insured by the Federal Housing Administration. The loan program, usually issued by federally qualified lenders, can provide an affordable financing option for many first-time and second home buyers. The current property prices offer an excellent opportunity for investing and because of this cash buyers have taken an active role in today’s real estate market. For home buyers who have had trouble competing with these cash investors but have 3.5 percent to put toward their purchase, finding an FHA approved condominium communities is an excellent option. FHA recently came out with its long-awaited rules on condominium loans, and they are a mixed bag for investors, second home and other buyers and sellers. FHA has said it wil...

Consumer confidence recently saw its most dramatic rise in eight months, showing Americans are regaining their confidence in the U.S. economy. According to the Conference Board Consumer Confidence Index , which had improved considerably in April, May saw an even larger increase. The Index now stands at 54.9, up from 40.8 in April. May’s level is the highest since last September’s level of 61.4 According to Lynn Franco, Director of The Confidence Board Consumer Research Center, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. The survey also reported that there was a rise of 23.1 percent in consumers who are expecting business conditions will improve over the next six months. While confidence is still weak by historical standards, it seems that as far as consumers are concerned, the worst is now behind us. According to a Bloomberg article, the gain...