buying

The Real Estate Must-Haves No Buyer Should Overlook

September 11, 2014 by Lance Mohr

In the world of buying real estate, it is important to know what you are doing so that you don't get taken for a ride. That is where a lot of research on real estate buying protocol comes in handy. Follow these tips to help you get a good deal when purchasing real estate and to avoid scams.

Determine if your desired property is in an economically viable area. Find out if property values in the area are rising or declining. Check with your city's economic office about the recent history of income from the area. This can be a determining factor in whether or not the property will appreciate or not.

Take the time to investigate the inspector for your potential property. You should make sure that they are certified, work for a reputable company and if possible are with an inspector association that is non-profit. If not, their credentials may be supplied by a non-reputable organization that supplies them for nothing more than a fee.

If you've dreamed of having a vacation home, now is the time to buy. Home prices have gone down in popular vacation destinations like Florida, Las Vegas, and California, and so have interest rates. It sounds risky, sure, but as they say, you have to spend money to make money; and you can easily rent out your second house while you're not using it. It's definitely a good time to buy.

By searching for the best prices one can assure that they will be making the most of their money. Homes that have been foreclosed on can be found for attractive prices although more money may be needed to be invested in the home. Other homes can be bought for more but may require less money invested.

Potential buyers should be sure to get everything in writing. This is especially important when working with a builder, as options and upgrades which are verbally promised may not end up being honored. Make sure you have a knowledgeable Realtor that knows about new construction and a the local builders. This can help you to avoid frustration and confusion during and after your home closes.

One important tip when it comes to real estate is to make sure that you do your homework on what agent to choose. This is important because this may be the largest investment of your life and you need to make sure you are in good hands. Be sure to do background checks, read reviews, and try to find out their track record.

When you are moving, pack a suitcase full of things that you may need for a few days. Include things like clothing and toiletries. Keep this suitcase separate from everything else so that you can have easy access to things that you would need until you can get totally unpacked at your new home.

As you can see from the previous list of tips, buying real estate can be quite an undertaking even if you have done it before. It takes some work, research, and common sense to avoid making a poor purchase, but it is all worth it in the end to make a smart property purchase.

Please give me a call so I can help you with your real estate needs.

Renters Are Getting The Shaft From Their Hedge Fund Landlords

October 25, 2013 by Lance Mohr

With so many renters getting ignored by their hedge fund landlords it would be wise for them to start know their rights as a tenant. As a landlord of over 18 years I can tell you that most states have very strict guidelines of what a landlord can and cannot do. If the landlord keeps crossing this line they are going to pay a hefty price. If you know anyone who is going to be renting a home they need to read below.

Here's What Happens When Wall Street Builds A Rental Empire
“There's no escaping the stench of raw sewage in Mindy Culpepper's Atlanta-area rental home. The odor greets her before she turns into her driveway each evening as she returns from work. It's there when she prepares dinner, and only diminishes when she and her husband hunker down in their bedroom, where they now eat their meals.

For the $1,225 a month she pays for the three-bedroom house in the quiet suburb of Lilburn, Culpepper thinks it isn't too much to expect that her landlord, Colony American Homes, make the necessary plumbing repairs to eliminate the smell. But her complaints have gone unanswered, she said. Short of buying a plane ticket to visit the company's office in Scottsdale, Ariz., she is out of ideas.

Most rental houses in the U.S. are owned by individuals, or small, local businesses. Culpepper's landlord is part of a new breed: a Wall Street-backed investment company with billions of dollars at its disposal. Over the past two years, Colony American and its two biggest competitors, Invitation Homes and American Homes 4 Rent, have spent more than $12 billion buying and renovating at least 75,000 homes in order to rent them out.”

Good video on hedge funds buying up homes in Atlanta, GA

Renters need to understand how is renting the home to them and by all means get familiar with your rights as a tenant in the state you live in.

If you have any questions about real estate in Tampa Bay please get in touch with me by going to my website Tampa2Enjoy.

Why Tampa is The Leading Place to Buy a New Home

June 24, 2012 by Lance Mohr

Tampa has grown from a small community of retirees to a booming international location. It is the premier locations of international trade, tourism and healthcare in the entire state of Florida. Innovation, entrepreneurship, and small business are encouraged by many factors in the Tampa Bay markets.

Florida is the premier destination of many of the world's largest high tech companies. Companies like Lockheed martin, Boeing, and even special contractors for MacDill air force base. All of these companies are located in the heart of Tampa Bay. This has made Tampa Bay one of the most ideal places in the south to come.

They have huge tourist attractions that are within a short drive. They have the national Florida aquarium, Disney, Bush Gardens and many other places for you and your family to enjoy. The white sandy beaches of Clearwater have been ranked number on in the U.S. two years running. This is truly paradise living at its best. Along with a world class football, baseball, and hockey team Tampa is one of the best places for the sports enthusiasts.

What does this mean for homebuyers searching, for the ideal place to live? It means great deals that from exclusive condos and resort living on the beaches to living in suburban Tampa. The job markets have made Tampa Bay one of the best places to come and settle with the family. During the recession, Tampa was able to weather the storm much better than any other city in Florida. Since 2010, the Tampa Bay housing market has sky rocketed up 5% or more year after year.

Tampa Bay luxury home market is one of the strongest in the nation. Many luxury communities being built are being sold out at an amazing pace before the homes are never thought. Foreclosures are some of the lowest in the nation. However, if you search soon, you might be able to get a great deal on a new home in Tampa.

Tampa Rental Prices Forecast to Go Up in 2012

June 1, 2012 by Lance Mohr

Throughout Florida, such factors as an improving job market, a lack of new apartments construction, and declining vacancy rates has Marcus & Millichap forecasting apartment rent hikes in most of the state’s major markets this year.

Bryn Merrey, vice president and regional manager in the firm’s Tampa office, remarks, “We’ve started hearing very frequently that people were able to raise their rents for the first time in a long time.”

However, there may be a bit of a lag in some areas, because such smaller markets as Bradenton and Sarasota have traditionally been slower to attract investment and have had somewhat higher vacancy rates than such cities as Miami. [Read more…]

Is Now The Time To Buy A Home?

April 22, 2012 by Lance Mohr

Five decades after the U.S. actual property break sent revenue and costs crashing, the springtime home-buying period is directing to a long-awaited restoration.

Reduced costs, record-low increasing, greater leases and an improving job industry appear to be emboldening many would-be customers. Start homes are drawing packed areas of people. A wave of home foreclosures is leading traders to pick up bargain-priced homes.

And many individuals seem to have determined that costs won’t drop much further. In some places, costs started to check up.

Interviews with more than two dozen audience, sellers, brokers, Agents and economic experts suggest that assurance is up and that revenue will edge but continuously greater.

“The biggest task that we’ve had over the last four decades is worry – worry that the economic climate is failing, that property principles are failing, that the world is originating to an end,” says Mark Prather, a agent at ERA Buy America Real Estate in La Palma, Calif. “The worry aspect is all but gone.”

Prather says the number of prospective customers who approached his organization last 1 month was about 35 % more than a period ago.

The springtime purchasing period got an early lift-off from an uncommonly warm Jan and Feb – a winter that was the best for revenue of previously filled homes in five decades. Permits to build homes and apartments increased in Feb to their maximum stage since 2008.

“People experience much more assured,” said Bob Brown, co-owner of realty organization Irongate Inc. of Dayton, Oh, who says revenue hopped more than 16 % for the first two several weeks of 2012 over the same period last period. “There’s no question there’s a good feeling in the marketplace.”

Some experts recognized a minor uptick in costs for Feb and Apr. CoreLogic, a actual property information organization, says costs for homes not at risk of property foreclosure – about 60 % of the industry – increased 0.7 % in Feb. It was the first increase in four decades. Cost profits took place both in some hard-hit places, such as Arizona, and some still-thriving places like New York and Florida.

In Las Vegas, the normal revenue price has increased 14 % in the last period, according to Trulia, a actual property information organization. In Arizona, the normal is up 13 %, in Pittsburgh 9 %.

Earnings reports Saturday from two big banks suggested that more individuals are taking out home mortgages. JPMorgan Pursuit released 6 % more home mortgages from Jan through Apr than it did a period ago and got 33 % more programs. Bore holes Fargo released 54 % more home mortgages and obtained 84 % more programs.

Still, few think the actual property industry is getting close to a return to full health. For that to happen, a solid job industry would be needed. More selecting would give more individuals the cash and job protection to buy. That would help boost revenue and costs.

Such places as Atlanta, Las Vegas and central Florida show few symptoms and symptoms of restoration. And in some others – from Florida to Cleveland – home have continued to slip. The regular has decreased 9 % in Florida over the last 12 several weeks and 7 % in Cleveland.

But in many areas, including successful places of Birkenstock boston, Facilities and Florida, assurance is rising along with costs. Among the reasons:

• Hiring has increased. On a monthly basis from Jan through Apr generated a solid regular of 212,000 jobs. Lack of employment has sunk from 9.1 % in Aug to 8.2 %. More job protection tends to embolden more individuals to invest in a home. In Dayton, for example, the School of Dayton is selecting for a new technological innovation analysis center, General Electric is selecting hundreds of contractors and the nearby Wright-Patterson Air Force Base is growing.

• Loans remain cheap. The regular amount on a 30-year fixed-rate home loan is 3.88 %. That’s just above the 3.87 % achieved in Feb – the lowest since long-term home mortgages were first provided in the 50's.

• Homes are cheaper. Across the country, home are down 34 % since 2006.

• People in america are more assured. The Thomson Reuters/University of Michigan’s study of consumer assurance increased in Apr for a 7th straight 1 month to its maximum stage in 13 several weeks.

Also creating a interest are symptoms that ideals are finally backing. One aspect that had stunted buys after the actual property growth ended in late 2006 was worry that a home would lose value soon after its purchase.

But the cost decreases stunted toward the end of 2011, according to the Bore holes Fargo/Case-Shiller home price index. And CoreLogic says the normal price nationwide increased a little bit in Jan and Feb.

“Unless costs went down, I never think we would have ever been able to afford a home,” said Bob Henschel, 37, an it advisor who will shift with his household into a five-bedroom home in Wheaton, Ill., in May. “But we presume like costs aren’t going to go back down. We’re assured. So why not?”

When the property owner on their Chicago, Illinois apartment told them he was promoting it, Henschel and his spouse decided it was a chance to buy. The property they bought for nearly $450,000 could have fetched more than $570,000 six decades ago, according to actual property website Zillow.com.

On a stormy Saturday this 1 month in long-struggling Riverside, Calif., 12 family members frequented a three-bedroom home costing $199,999. Ten others ceased by in the first hour of the next everyday open home. By the end of the weekend, two customers had made provides.

“We’re seeing more buyer activity this springtime than we’ve seen in probably four decades,” said Liane Johnson, the agent who was showing the home.

Prices in the area could rise in arriving several weeks because the supply of actual property in Riverside is down – from nearly 19,000 last period to 13,000 in Feb.

Many audience are searching for deals in places that were especially hurt by the actual property break. In Texas, Fla., which features wide sugar-sand seashores, apartments are promoting for a typical of $325,000, compared with more than $550,000 at the height of the growth, said Marc Rasmussen, a agent.

Homes getting close to property foreclosure account for nearly half of all properties in the marketplace, according to the Campbell/Inside Mortgage Finance HousingPulse study. That measures up with 10 % in healthy financial systems. Many are receiving multiple provides because their costs have stepped.

In Arizona, a property foreclosure home provided for $77,000 that had been vandalized obtained 21 provides last 1 month at or near the cost – approximately the cost it sold for. The regular time a home rests in the marketplace in Arizona has decreased from 114 times last period to 90 times, according to the Cromford Report, a information analysis group.

In suv Florida, D.C., Rory Obletz and his spouse have been keeping to buy after leasing for six decades. Obletz, 27, failed in two previous offers for single-family homes. He’s hoping a third bid – about $10,000 above the purchasing value of $399,000 for a home in Silver Spring, Md. – will succeed this 1 month.

“One home we went to, it was under contract by time we strolled out of the home,” Obletz said. “If you really want to get something, you never have lots of your energy and energy and effort to think about it.”

It is certainly not just bargain-hunting family members searching for homes. Investors are increasingly purchasing single-family homes, fixing them up and re-selling them or transforming them into rentals.

Investors are out-bidding many first-time customers on cheaper homes in particular. Sales of homes between $100,000 and $250,000 have hopped nearly 19 % over the last period. For homes between $250,000 and $500,000, revenue are up 13 %.

More costly homes, from $500,000 to $750,000, whose revenue tend to lead the most to the U.S. economic climate, are up a smaller 6.7 %.

For customers searching for to shift up to a bigger home or to transfer, the hardest task is often promoting your property they are in. According to CoreLogic, about 11 million house owners are “underwater” – they owe more on their home loan than their home is worth.

Yet for first-timers like Obletz, who have been keeping and watching as homes have become cheaper, time feels right.

“Rent is a little more costly, and we have the cash, so we might as well jump on it,” he says

If you have any questions about the real estate market in Tampa Bay please visit www.tampa2enjoy.com or email us.

Buying Your Second Home in Florida

April 9, 2012 by Lance Mohr

With the housing market appearing to have bottomed out during the final quarter of 2011, the time has come for real estate investors to make their killing. Although this may sound unkind, the increased demand for houses at this stage will help to bring up housing prices and restore some of the lost value. Tampa Bay has in recent months seen these prices become steady, meaning if there are people looking to invest in second homes in Florida; this is the time to do it. The housing market in Florida has always been very affordable, and with some of the foreclosure properties that have come on the market over the last few years this is the best time to find that perfect second home.

In Florida second homes account for almost a third of all new homes bought every year making this segment of the market key to the housing economy. When identifying second homes, buyers look for a place that has great weather, scenery, and entertainment activities. The Florida area fits the bill quite well with balmy weather all year round, plenty of natural landscaping and waterfront homes in Tampa Bay and the surrounding ares. The area also has a lot to offer in terms of entertainment and recreation. With the huge sports following for teams like the Tampa Bay Rays to Suncoast Seabird Sanctuary, there is a wide range of activities to enjoy.

While homeowners can expect to enjoy any vacation time spent in Tampa Bay, they can also expect to make some good returns in renting out their home as tourism does very well here making it an ideal place to have a rental property that can be sold later for profit or retired to.

The Truth About Buying Vs. Renting a Home

March 24, 2012 by Lance Mohr

Since the housing bubble explosion, it seems to be like everybody and their mother can't cease discussing just what a fantastic time it is right now to get a residence, but how great is it really? After years of watching property prices drop like flies and rental markets tightening up far better than pair of Spanx, it's safe to say that home ownership is really budget friendly practically all over. In fact, it is now less expensive to own than to lease in 98 of the 100 most populous metros– featuring (shocker!) pricey locations to live like New York, Los Angeles and Boston.

Who – you ask? Our Trulia's Winter 2012 Rent vs Get Index– that's who! To provide you a tad of background, this Index is what we make use of to figure out whether getting a house or renting in a given metro is easier on the pocketbook. To do this, we consider asking prices for rentals and properties for-sale on Trulia.com while additionally factoring additional fees like taxes, insurance and maintenance, etc.

Just view for yourself. After placing all the metros in order of where buying is most costly relative to leasing, the two metros at the top of the listing– Honolulu and San Francisco– are no where near being orange, let alone being in the red (read: renting is cheaper relative to getting). At best, they are a pleasant mustard yellow, which means that the asking price between renting and purchasing is not all that different. As an alternative, what actually matters if you're only doing a basic expense comparison is (1) your tax bracket and whether you can easily benefit from the mortgage interest deduction and (2) exactly how long you actually arrange to stay in the home.

Buying Your Second Home in Tampa Florida

March 18, 2012 by Lance Mohr

With the housing market appearing to have bottomed out during the final quarter of 2011, the time has come for real estate investors to make their killing. Although this may sound unkind, the increased demand for houses at this stage will help to bring up housing prices and restore some of the lost value. Tampa Bay has in recent months seen these prices become steady, meaning if there are people looking to invest in second homes in Florida; this is the time to do it. The housing market in Florida has always been very affordable, and with some of the Tampa Bay foreclosures that have come on the market over the last few years this is the best time to find that perfect second home.

Second homes in Florida account for almost a third of all homes bought every year making this segment of the market key to the housing economy. When identifying second homes, buyers look for a place that has great weather, scenery, and entertainment activities. The Tampa Bay area fits the bill quite well with balmy weather all year round, plenty of natural landscaping and waterfront properties. The area also has a lot to offer in terms of entertainment and recreation. With the huge sports following for teams like the Tampa Bay Rays to Suncoast Seabird Sanctuary, there is a wide range of activities to enjoy.

Check out what Warren Buffett had to say a few days ago: Touch Here

Tax Break for Buying a Home

November 5, 2009 by Lance Mohr

The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The Senate's bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The Senate bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

“It's gonna put people back to work, the home builders, put people in the real estate business,” said Sen. Chris Dodd, D-Conn. “The kind of jobs that can make a difference.”

The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

“The data on the present home buyer tax credit show that the credit has had its intended impact — sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably,” said Ron Phipps, the association's first vice president, in Senate testimony last month.

The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.

It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.

“Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the Credit and receiving an erroneous refund of up to $8,000,” said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.

Source: CNN Money, November 5, 2009

Avoid These Mistakes When Buying Westchase Real Estate

September 5, 2009 by Lance Mohr

When it comes to the Westchase real estate market today, you’ve probably heard more than your fair share about how it’s a buyer’s market out there, and that you should get your hands on one of the Westchase homes. With prices plummeting to record lows and foreclosures continuing to materialize all over Florida, it should come as no surprise that there are indeed some fantastic purchasing opportunities out in Westchase for you to consider. However, don’t let the rock-bottom prices sway you from making an otherwise well-researched decision, especially if this is your first time buying one of the many Westchase homes for sale. These classic home-buying mistakes will not only ensure that you spend every last penny on your new home – they can even keep you in the cycle of debt for the rest of your life. If you’re buying a home for any of these reason, stop before it’s too late:

You Want A Quick Profit. Are you taking out a mortgage to buy several foreclosures in Westchase to add to your investment portfolio? Don’t sign that dotted line just yet. With housing prices still on the decline with no end in sight – in fact, many financial experts have estimated that the housing market won’t hit rock-bottom until 2010 – the real estate market is no place to be in if you’re looking for a quick turnaround profit. If you have the time and energy for a long-term investment, by all means take out that mortgage; just be forewarned that you won’t see a substantial return on your investment for several years.

Ignoring The Local Market. Sure, the housing date might indicate that the prices of Westchase homes for sale are on the decline nationwide – but what’s going on in the particular neighborhood where you’re considering your purchase? Are these specific Westchase home prices on the up and up? If you don’t pay attention to what the local market is doing, then it can be all too easy to make a low bid – and if the seller is getting higher bids from more savvy buyers, you can bet that you’ll be faced with rejection time and time again!

Sticking With Foreclosures. Yes, foreclosures can be a great investment if you know what you’re doing. However, foreclosures can be a drain on your resources if you don’t do the proper research before buying into one. There are several horror stories out there of new homeowners who ended up spending thousands in home repairs, so make sure you know what you’re getting into before you agree to buy a foreclosure. Above all, don’t stretch your budget in order to net that “amazing deal”; with that being said…

Ignoring Your Budget. Your budget is there for a reason; it prevents you from buying more home than you can afford! Decide on a budget before you go out real estate shopping with your family, as this will help you to avoid being tempted by too much house that will only leave you further in debt. After all, this was a major contributing factor to the current recession!

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Lance Mohr & Team