SI Real Estate Tampa and The Beaches

Unbeatable Perks that Help Our Veterans Purchase Their Dream Home The VA Loan Program is one of the best mortgage options out there. VA Loans are designed to make homeownership affordable for veterans and active-duty military members. There are millions of veterans and service members that are eligible, but only a few use their benefit. If you qualify for this type of loan, here are a few reasons to take advantage now!   VA Loans are relatively easy to qualify for. VA Loans are backed and guaranteed by the U.S Government. Because there is less risk involved for the bank, there is a higher chance of loan approval compared to an FHA or Conventional Loan. Additionally, lenders are more flexible regarding an applicant’s credit score.   A Down Payment is not required. This is a HUGE perk of qualifying for a VA Loan! Usually, with an FHA loan or conventional loan, you will need to pay a minimum of 3.5% - 5%. On a home priced at $300,000, $15,000 would need to be placed down ...

 Benefits of Homeownership Outweigh the Pros of Renting Making the decision to buy a home can be a daunting one. Many people rule out purchasing a house, as it can feel intimidating and they don’t think they qualify. In reality, many renters have the qualifications and ability to become homeowners. It is a major financial decision but is also extremely rewarding and empowering to be able to own where you live. Here are 4 signs you may want to consider becoming a homeowner.   You love where you live and plan to stay for a while.   Renting is great for people that are new to the area and are unsure if that is where they want to live. If you’ve been living in your city for a few years and plan on settling there, it may be best to consider buying. Also, if you’ve been living there a while and working in the same industry, that will help you qualify for a loan. Mortgage lenders typically require at least 2 years of stable employment in the same industry to approve your loan. ...

As the buzz of New Year celebrations have settled down, many people are taking a closer look at the pulse of the real estate market for the year ahead. Whether you are considering buying a new home or selling your existing home, 2017 is looking like a promising year for your potential real estate transactions! Kicking off 2017, Realtor.com has released their yearly forecast, predicting a sales volume increase of 4.17% across the southern Florida market. Despite South Florida’s strong population growth and stable job creation, 2016 saw a decrease in home and condo sales – making this year’s sales prediction music to the ears of Realtors and investors! “There is more inventory on the market [in South Florida] than a year ago and prices haven’t fully recovered so it is more of a value play for buyers than other parts of the country” says Jonathan Smoke, chief economist at Realtor.com . Additionally, our neighbors in Jacksonville and Orlando, FL are among the top 10 markets e...

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...

It’s time to take the next step and buy your first home. Where to begin, you ask? By and large we find ourselves scouring the internet for real estate listings and then driving by potential homes only to find that it’s been sold, or doesn’t live up to those beautiful online photos. Here’s the good news! Before getting too wrapped up in the home searching process, there are a few steps you should take to save yourself time, money and lots of disappointment. First and foremost: Prepare Your Credit for Mortgage Approval .  Now that you’ve decided to turn those rent payments into mortgage payments, the natural tendency may be to start looking for your dream home. But taking a step back to analyze your finances will be of absolute benefit to you when it comes to the mortgage approval part of the process!  The preliminary home search stage is the perfect time to check your credit score and the contents of your report.   If needed, you may dispute any erro...

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...

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,...

So far, 2014 has been very positive for the housing market and for the overall economy. Steady increases in home prices and home sales are indicating a continuous trend of strong buyer and seller confidence. The outlook towards real estate is improving quarter by quarter and we are expecting it to stay this way for the upcoming months and years. According to Fannie Mae’s April 2014 National Survey, “for the third month straight, the share of respond ents who believe now is a good time to sell a home increased and hit 42%, an all-time survey high.” One of the other factors feeding the economic upturn is the low mortgage delinquency rate. TransUnion’s latest mortgage report states that in the first quarter of 2014, the rate fell to 3.61% which is a 24% decrease in comparison to last year, and it is now exactly at the same level as it was in the second quarter of 2008. It’s encouraging to see mortgage delinquencies drop once again, especially during a period when mortgage origin...

The year 2013 has been a very positive year when it comes to the recovery of the housing market. We have followed the rising prices of homes, increase in newly build constructions sold,   homebuilders regaining trust and increasing the inventory, and we also witnessed people who went through a bankruptcy rejoining the housing market after rebuilding their credit. It is obvious that we still have work to do in order to reach the country’s potential but analysts agree on the fact that we are heading towards a bright future. According to David Crowe, chief economist for National Association of Home Builders, “the cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015.” What does this mean for people who have real estate needs but are not sure if it is the right time to enter the housing market? With a better inventory and more options on the market and with stricter but also more secured mortgage loans, the customers will realize that the ...

1.5 million potential buyers There is new hope on the horizon for those who lost their homes due to the recession. The current administration has created a new rule regarding the waiting period for obtaining a new real estate mortgage backed by the Federal Housing Administration .   Previously, home owners who experienced a foreclosure or bankruptcy had to wait for three years before they could apply for a new mortgage. The new regulation makes it possible for those who have repaired their credit score, can prove their income, and have gone through a full recovery, to be eligible for a new mortgage loan in as little as one year. Many agree on the fact that this is a very positive sign for the real estate market and states such as Florida Nevada, and Arizona, have already taken advantage of this opportunity by redesigning their marketing campaigns to attract clients who have proved themselves to be financially stable after going through a foreclosure. These so-ca...

Last week we discussed the importance of understanding the effects that rising home prices have on mortgage rates and the buying power of consumers in the market to both buy and sell.   The recent mortgage rate activity has caught the attention of the nation, and of course our local Florida real estate market.     Since May 2013, the average rate on a 30-year mortgage rose from approximately 3.3% to 4.87% according to Freddie Mac.   Executive vice president of McCue Mortgage, Kim Neilson, states that the market hasn’t seen an increase of this magnitude in years.   Despite the recent jump, however, rates are expected to remain steady between 4-5% throughout the remainder of 2013.   There are two main reasons for this situation on the market. Firstly, the Federal Reserve chairman Fred Bernanke indicated in mid-June that he might slow down the purchase of mortgage-backed bonds. These were designed to strengthen the secondary market for lenders and ...

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 ...

The net sum of a great deal of graphs, much raw data, and more information from economic and industry trends analyzed by experts, and first hand experience of a professional, is that the Tampa Bay Real Estate Market is making a visible turn. There is a obvious uptick in the prices of homes overall, prices per square foot of real estate, days and overall time on the market, and even new construction starts. To recognize this trend and real estate market, it is our opinion that one must have been a vigorous professional when it was trending up, when at the peak, when at the bottom and even worked at the bottom of this market for the many years the bottom existed. We are no longer at the bottom! It is official! In fact, we have been moving away from the bottom of the market over the past year of 2011. The news is positive, the facts are affirmative. Are you ready for a full real estate recovery? What is your opinion? Here are some highlighted facts for your careful revie...

Another Reason Why Now is the Time to Buy Real Estate in Tampa, Florida! If prospective real estate buyers in Tampa, Florida ever needed a reason to buy now, the fact that the national 30-year fixed-mortgage rate is back at a near record low average of 4.28% is a good place to start serious consideration. Incredibly low mortgage rates and real estate prices should be adequate incentives to prompt home buyers to act now. According to the Zillow Mortgage Marketplace weekly update, the recent decrease in mortgage rates is down 0.02% from last week. Consider the facts. Rock-bottom real estate prices combined with record low mortgage interest rates add up to NOW factually being the best time to buy an existing home or the brand new home you have been dreaming of! Florida’s average rate is now 4.21%, which is down from 4.24% from a week ago. The average rate for 15-year fixed home loans remained at 3.86%, and the rate for a 5-1 adjustable-rate mortgage is 3.23%. So, if you have been d...

Real estate mortgage holders in the Tampa Bay area, and across the country, can now seek relief on their mortgage with a new Federal Housing Administration (FHA) refinancing program. According to a press release FHA Launches Short Refi Opportunity for Underwater Homeowners dated August 6, 2010, “Starting Sept. 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers a new FHA-insured mortgage. To qualify, an owner must be current on his existing mortgage, and his lender must agree to write off at least 10 percent of the unpaid principal on the first mortgage.” This is a drastic effort to help responsible homeowners who, like so many, owe more on their mortgage than their home is worth, which therefore puts them in the so-called “underwater” category. The effort is one of many real estate and financial remedies employed by the U.S. Department of Housing and Urban Development to help bring stabilization to the housing market and the overall e...

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...

Life after April 30, 2010 The clock is ticking for first-time home buyers and move-up/repeat home buyers wishing to take advantage of the generous federal tax credit. April 30th is the drop-dead date to get a binding contract in place with June 30th being the date these deals must be closed by in order to qualify for these incredible tax benefits. As realtors rush to find that home for their buyers to purchase and lenders work to get those deals closed, many wonder what real estate life will be like after April 30, 2010. Will there be another wave of aid to come to the housing market? If so, what will it be? The Obama Administration continues in its efforts to stabilize the housing market, and there is much talk now of focusing the next round of aid on mortgage principal forgiveness. These efforts are both creative and somewhat controversial at the same time. According to NuWire Investor’s recent article Next Wave of Housing Aid Will Focus On Mortgage Principal Forgiveness , “As the...

Real Estate buyers in the Tampa Bay area have been in the driver’s seat for nearly a year with the First-Time Home Buyers Tax Credit, slumping real estate prices and incredibly low mortgage interest rates. If all of those factors were not reason enough to make that long dreamed about real estate purchase, the Federal Housing Administration’s (FHA’s) announcement of impending tightening of lending requirements should get buyers to take action in short order. According to the Realty Times article, Tighter Requirements for FHA Loans Loom , “After notice and comment periods, but beginning this spring, the FHA will raise mortgage insurance fees that borrowers must pay, cap the amount of cash that sellers can contribute for closing costs and require higher down payments for the borrowers with poor credit scores.” FHA has become more exposed to mortgage defaults as it has become the main avenue to financing for many in this country since the subprime market collapsed. Vice President of Real...

Experts tell us, the end of the foreclosure crisis is finally in sight. This is good news indeed for the real estate market in Tampa, Florida. “Housing is on a path to recovery,” said Mike Larson, a real estate analyst with Weiss Research in a FloridaRealtors.org News and Events article titled Fewer People Behind on Home Loans . Jay Brinkmann, the trade group’s chief economist added the figures probably mark “the beginning of the end” of the crisis. In an effort to bring some relief to homeowners who are experiencing problems with their mortgage payments, the Obama administration’s $75 billion mortgage-relief effort is underway. All borrowers who are experiencing problems with their mortgages may not qualify for help under this plan, but it is a big step in the right direction for many homeowners. In addition to the $75 billion mortgage-relief effort which lowers payments and extends mortgage loan terms, President Obama has also stated that Arizona, California, Florida, Michigan an...