SI Real Estate Tampa and The Beaches

New Home Sales on the Rise Due to Pandemic   New stats have come in via LinkedIn that shows an interesting real estate market trend. New home sales have jumped a whopping 55% since last year.      This is a HUGE increase! We are observing that more and more people are taking a preference towards less congested areas with their own living space. This is not only due to COVID and the lockdown, but many millennials have begun to settle down and have families. The mortgage rates also have increased buyer interest in homes of all types!   New construction homes are gaining more popularity as well for the following reasons:  1. There is limited inventory as many occupied resale homes have been pulled from the market due to Coronavirus. Sellers do not want showings in their homes while they are still occupied which is understandable. If the home is vacant, by the time buyers submit their offers, the home of interest is already under contract. 2. The Millenni...

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...

You Cannot Hold a Good Buyer Down! They say that the strong forge forward, this adage is true in real estate as well. A recent article published by Realty Times explains that despite date on the job market and adjusted home values over the past several years, real estate home buyers are still pushing forward in pursuit of the dream of homeownership. Real estate ownership is a desire goal and many are striving to move forward to achieve their real estate goals. A study of over 3000 adults over the age of 20, results in more than 59% of renters and 99% of existing homeowners feel that homeownership is important. Of those surveyed, a large majority also felt that homeownership is an economic cornerstone. Additionally, real estate makes a huge impact on the overall economic vitality of a region or city. It certainly has in Tampa. The most important result of this study is that as many as two million people are waiting to purchase a home when the time is right. Of those surveyed 62% 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...

More good news in the Tampa real estate market this week, Tampa ranks in the top ten cities for rentals. This information was provided by CNN Money . According to their report, the labor market is on the rise, down a point in the last 12 months to 10.5% and this coupled with demand is expected to raise rent 12% over the next three years. What does this mean to consumers? If you are in a position to purchase a home, now is the time! Prices are increasing, our last blog, Tampa Bay Housing Prices on the Rise we shared that prices have increased by 18.5 percent over the last 6 months steadily. With prices on rentals increasing and home prices starting a slow incline, get the best deal you can now. If you are an investor or ever thought of getting an investment property, don’t wait any longer to find your property. This steady increase in price we expect to continue and with rising rent rates, now is the time to buy in order to get a great return on your investment over the long run. I...

Buying a new home can be very exciting, it is important that still being a savvy buyer while getting what you want in your new home. One of the most overlooked factors in a new home purchase is buyer representation . Although many builders are great and have great new homes sales consultants, as a buyer you need to have your own personal advocate and representative! Before viewing new construction homes and reviewing options, it is prudent to speak to a local agent who is familiar with the process and the area. The prime example of real estate buyers seeking to go it alone is on new construction. Builders make it so convenient and easy to walk into a new community and get set up for your new home. Why would anyone consider having a buyer’s agent with them when viewing new construction? The following represent a few examples of your benefits: Free Representation The most important factor for any buyer having a designated agent is representation. This professional is your expert ...

In a real estate market where everyone is holding their breath and waiting for updates on where the market is going, it is important to remember the basics. The reasons you should buy a property or reasons to sell a home. Below is list of the most common reasons to sell your home. Ability to make Profit Real Estate is a large investment, for most families the largest they have. When there is an abundance of equity in a property, or if they owners feel they can benefit from taking advantage of the buyers' market, it is a good time to sell. The real estate market is changing every day, right now we are in a buyer’s market but that may be changing. Take advantage of the rush of buyers while they are available. Relocation Relocation may be a necessary next step in your life, maybe to follow a job, or maybe to choose a new location. Whatever the reason for relocation, homeowners have a big decision to make. Owners can turn into landlords or sellers. Most individuals feel more pe...

When undertaking the experience of purchasing a home, there are lots of important decisions to make. For instance, if you want a detached home or a community lifestyle, how many rooms, what are you willing to spend? The first and most important question any buyer or investor should ask is what locality do I want to be in. You hear real estate professionals stress this factor often, location, location, location! It truly is the single most important factor on any real estate purchase. If you put the exact same house on two different lots in different areas of town, they will hold different values. How do you decide what vicinity is the best for you? Economic Factors Does this city have a high percentage of unemployment ? Are there a large number of foreclosures? This is a shaky topic for a lot of Americans right now. Many people have unfortunately been let go of their jobs and are forced to default on loans and are not finding work easily. However if an area’s unemployment rate i...

Real estate conditions in Tampa, Florida make it genuinely a “Buyer’s Market” now. Whether you are a first-time home buyer, a move-up home buyer, vacation or second home buyer, or a real estate investor, THE TIME TO BUY IS NOW!!! Take into account the fact that interest rates are hovering at near record lows. For those buyers are able to take advantage of interest rates at or below 5%, it is simply a smart business decision. The combination of fantastic interest rates bundled with record affordability of property prices makes it a no brainer. Right now appears to be the best time for bargain hunters to grab aggressively priced properties that will grow in value. Consider the fact that housing prices have fallen dramatically in many areas. As Warren Buffet says, “Buy low and sell high”. As prices stabilize and the market conditions change, smart investors are realizing tremendous financial potential by taking advantage of current real estate market conditions. Wouldn’t you like to b...

First-time home buyers dominated the Tampa real estate market in 2009 and that trend is expected to continue into the first quarter of 2010. The 2009 First Time Home Buyer tax credit has been extended so that those with a binding contract on or before April 30, 2010, and closing before June 30, 2010, will be able to take advantage of this fantastic opportunity. That combined with fire sale real estate prices will create a second wave of first-time home buyers eager to take advantage of the benefits of homeownership. It will be forthcoming first quarter 2010 according to real estate market forecasts. Paul Bishop, vice president of research of the National Association of Realtors stated in an article titled  NAR Survey First-Time Home Buyers Set Record in Past Year that “several factors have been at play. Tax incentives, record high affordability conditions and pent-up demand brought a record share of first-time home buyers into the market. These buyers are critical to housing and ...

Tampa’s real estate recovery has surely been underway in 2009, with changes in the housing market taking place throughout the Bay area. Appropriately priced Tampa homes spent fewer days on the market this year, banked owned property inventory saw depletion, and new home starts began to increase in mid-2009. The first-time home buyer tax credit gave way to significant results in the Tampa real estate market, with home sales soaring during the last few months leading up to its anticipated expiration date. Multiple offers were placed on discounted properties as many first-time home buyers hurried to take advantage of unprecedented deals. The Internal Revenue Services reported that more than 105,000 Floridians had applied for the credit prior to its extension. This positive rise in real estate market activity was not restricted to the Tampa Bay area in 2009. The St. Petersburg Times reported in November that all 19 Florida metro areas reported year-over-year gains in home sales. Tampa, bei...

With economic and housing market stabilization underway in many metropolitan areas, investors are becoming increasingly interested in the real estate market again. The abundance of available housing at rock bottom prices makes this an appealing time to boost property holdings. Markets such as the Tampa Bay area have seen an increase of both seasoned and new real estate investors interested in taking advantage of our developing city. If you are considering a real estate investment, there are many details you will need to take into account. Here are a few tips to help in your property investment decision: Weigh the rewards and risks –Investing in real estate carries great potential for wealth. However, such opportunities rarely come without making difficult decisions. Before investing, consider your options. Are you qualified to handle evictions, time management, repairs, reinvesting into the property, and keeping up with documentations and inspections on your own? If the demand seems t...

USA Today recently released an article naming the “ Destinations to watch in 2010 ”, and guess which booming metropolitan hub made the list? With its vastly expanding cultural and entertainment offerings, thriving business environment, swiftly stabilizing real estate market and its well-connected location to the rest of the U.S., 2010 is expected to be a banner year in Tampa Bay. Tampa Bay has continued to grow towards being one of Florida’s top business and leisure destinations, while gaining significant recognition on both national and international levels. New developments slotted for the bustling city in 2010 include the addition of Busch Garden’s newest theme park, the opening of a new children’s museum, and the finalization of the Tampa Museum of Art’s newest downtown facility, providing visitors with even more reasons to explore the Bay area. Foreign and national real estate investors are taking note in Tampa’s bright economic future as they search for the best buys in the Bay a...

According to recent statistics posted by the Greater Tampa Association of REALTORS® ( GTAR ), June saw a significant increase in home sale prices and properties sold, as well as a notable decrease in days spent on the market. While we may not yet be out of the woods, this raw real estate data shows significantly improvement conditions in the Tampa Bay market. According to June’s market statistics, units sold were up by as much as 14 percent from May 2009 and 23 percent from last June. Year to date, home sales are up by approximately 20 percent. The days properties spent on the market were down by 7 percent from June, with an average of 110 days for the entire Tampa Bay area. The most positive shift in June’s statistics was the increase in home sale prices throughout the Tampa Bay area. All sub-areas of Hillsborough County saw an increase in selling price with the exception of Town n Country. The average home price was up by $14,000 from May with the average selling price at $191,160. P...