foreclosures in Tampa

Is Tampa Turning into a Seller’s Market?

April 12, 2012 by Lance Mohr

Over the last couple of months, a number of Florida property sellers have been surprised to find their properties sold at above their asking price within a few short weeks. It had been predicted that the real estate market was soon going to turn, and it's beginning to look like we are right on the precipice. Overall, the state still has far too many foreclosure properties still on the market; however, certain areas that have few foreclosure and short sale properties are seeing an interesting turnaround, and it is here that residents and out of state real estate owners have not been in a hurry to sell.

Tampa home prices for single family homes rose by $7,000 over the last year. It comes as no surprise then that property owners in areas like Bel Mar Shores are being faced with a buyer’s market. Other figures on house inventories for realtors in Pinellas and Hillsborough Counties indicate there are not enough houses to go around in several desired neighborhoods and buyers are competing seriously to snatch up these properties.

Medical innovations to Boost Tampa Appeal

April 10, 2012 by Lance Mohr

To say that Tampa attracts a mainly adult population would be an understatement. The recent positive trend in unemployment means more people are headed this way. Also, many Tampa communities have been specifically designed to cater to retirees; therefore, healthcare is a major issue for its residents. Well, Tampa residents will now enjoy the benefits of having an advanced health training facility at their doorstep.

The University of South Florida has recently opened its all new Center for Advanced Medical Learning and Simulation (CAMLS). This high tech facility will not only bring in an additional 150 jobs to the community, it will attract over 30,000 international health care professionals each year, and it is projected to have an annual economic impact of over $5 million. These professionals will come to the center to learn about the latest advancements in the biomedical field and attend medical conventions. With all those medical experts passing through, the area can also expert to see an increased representation of pharmaceutical, medical device and other health care companies.

This kind of traffic will also be a great boon to the hotel industry that will need to cater to these people. The real estate industry is expected to pick up as an increased number of affluent people visiting the area are sure to cause a rise in property sales. Tampa home prices are also likely to trend upwards as the prospective clientele will come from healthcare professionals who are likely to be in higher income brackets. Even real estate owners who invested in second homes in the area are likely to profit from their investment, as there will be a larger number of clients looking for rental properties. With the introduction of this high tech facility, Tampa is all set to become one of the world’s most recognized medical innovation capitals.

Tampa Named Among Top 10 Global Hotspots

April 10, 2012 by Lance Mohr

A recent report by Inman news places Tampa real estate as the 9th highest property market for foreign buyers, right behind Honolulu. According to the report almost 3% of all property sales conducted between May 2011 and January 2012, were made to buyers with foreign addresses. Pinellas County saw the most action with almost 5% of their property sales going to foreigners. Majority of these sales were made to buyers from South America, Israel and Canada.

According to reports from realtors in the area, most buyers went for high end homes with 3 or 4 bedrooms. Resale condos proved most popular with them. It would seem these buyers were attracted to the good reputation of the area and affordable Tampa home prices with the median sale price on condos coming in at under $64,000. The homes being bought seem to have been for investment purposes, as most have gone on to be listed as rental properties. These investors are guaranteed a good return as the rental market in Tampa is still thriving with many rental properties being grabbed up almost as soon as they are listed.

Florida has done well for itself when it comes to foreign real estate investment. There are five other Florida areas in the Top 10 including Lakeland-Winter Haven, Cape Coral-Ft. Myers, Orlando-Kissimmee-Sanford, North Point-Bradenton-Sarasota and Miami-Fort Lauderdale-Pompano Beach. Due to the still high number of foreclosure and short sale properties available, many investors are taking advantage of the reduced prices on properties to snatch up new and older properties. New developments in North Tampa and Central Pasco County are seeing increased interest from these foreign investors.

B of A Make Chances on Their Short Sales – Do You Believe That?

April 9, 2012 by Lance Mohr

Bank of America is set to roll out a new short sale process and documents designed to reduce the approval process to 20 days.

The changes are so extensive that the Equator platform will be down for 10-12 hours during the overnight hours starting Friday, April 13.

If you’ve submitted a short sale with Bank of America, be aware that before April 13 you must complete the following tasks or risk having your file declined: Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents in Equator.

Links to these documents and other vital information is available at the Bank of America Short Sale Resource Center. Consider bookmarking this page and subscribing to email updates.

On April 14, Bank of America’s short sale process will change as follows:

Five documents will be required for short sales initiated with an offer:
• Purchase Contract including Buyer’s Acknowledgment and Disclosure
• HUD-1
• IRS Form 4506-T
• Bank of America Short Sale Addendum
• Bank of America Third-Party Authorization Form

New timeframes. Currently, salespersons have 14 days to submit a counteroffer in Equator. On April 14, that will be reduced to five days. What’s more, Bank of America is limiting prospective buyers to two counteroffers. Responses will be given within three days.

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.

What You Should Consider When Buying Your First Home

April 8, 2012 by Lance Mohr

Buying your first home is exciting, as well as daunting. The most important aspect in this regard is to have your finances in order. Being pre-approved for a mortgage means that you know what you can afford. Be ready to pay a 10 to 20 percent good faith deposit on the home, and don’t forget to take into account incidental expenses such as association fees, inspection fees, taxes etc. so that you will not be caught off guard with unexpected costs.

When buying a new home, real estate agents consider the location as the most important factor. Your choice of property will depend on many things such as your work place, children’s schooling, and proximity to the city etc. or, in the case of retirees, how secluded and peaceful it is. For those who prefer the hustle and bustle of city life might have to settle for a smaller house if the location is exactly right. Properties on busy streets tend to be cheaper because of the dust and noise, not forgetting the limited space children have for play. Houses in rural areas, on the other hand, are bigger and expensive but not quite what the office worker in the city wants.

The next thing to think about is the size of the house. Before making a move there are many things you must consider. If you’re planning to have children, a small two-room house may not be enough for your future plans, so you may wish to consider a larger home. Also, keep in mind that two bedroom houses have a lower resale value than bigger homes. Retirees, on the other hand, will find that a big house will be too much for them to keep clean and maintain even if they can afford it.

First time home buyers have so many options today. However, in order to make the right choice for your future home needs, a lot of research and decision making should be done to determine what is most important to you.

View our first time home buyer videos: www.tampa2enjoy.com/real-estate/advice/videos.html

Is It A Sellers Market In Tampa? Real Estate Statistics Are In… WOW!

April 6, 2012 by Lance Mohr

These are some of the statistics for single-family homes in Hillsborough County, keep in mind even if you are looking into the Land O’ Lakes and Wesley Chapel areas which are in Pasco County, the Hillsborough County statistics will be a lot more relevant.

View Video of Statistics: Tampa Housing Market – March 2012

The market has changed from a buyer’s market, to a seller’s market. The inventory of active listings has dropped considerably from February, and the total number of pending listings is higher than the total number of homes on the market. This shows a drastic change from previous months, and the current statistics and figures are similar to that of the Florida real estate boom of 2004 – 2005.

Checked Tampa House Prices Lately?

April 5, 2012 by Lance Mohr

In case you have been living under a rock for the last few years, you probably know that housing prices have dropped pretty much across the entire nation. The state of Florida is no different and the same thing goes for the Tampa area. Every Tampa community you can think of has experienced some fall in values in recent times. But when you keep in mind that every market expands and, know that the real estate market is no different.

The reality is that no matter what the market is doing at the current time, if it is your time to buy or sell then it’s just your time.

If you are the buyer
There are no greater times for buyers to buy than when the real estate market has hit rock bottom. Because these things are cyclical, getting into a home when Tampa house prices are lower just makes good financial sense. When you are in a position where inventories are high and a lot of people are looking to unload their property, there are a lot of choices available to you.

I work closely with all of my buyers to make sure that they take full advantage of the opportunities to purchase the best possible home for what they can afford to spend. When Tampa home values are below average, it’s the perfect time to take steps toward finding a property to fit you and your family’s needs.

If you are selling
Typically it is the buyer who is in the driver’s seat when home values fall. The drop in prices will probably have a direct correlation to an increased inventory of homes on the market; but this doesn’t mean that a seller shouldn’t look to make a profit on a home just because home prices have fallen in recent years.

By hiring the right realtor with experience selling homes in all types of economic climates you can increase your probability of getting your home sold at a more desirable price. I work closely with my sellers to make sure that the home shows in excellent condition. My goal is to make sure that the home appeals to the largest possible pool of buyers. With access to this type of expertise, sellers can raise the likelihood of getting their home sold no matter what’s happening with prices.

The bottom line is that if you want to purchase or sell a home right now, it is imperative that you have a qualified real estate professional representing your interests. It will help you leverage your position the best possible way no matter the market conditions. This way it won’t matter whether home price in Tampa are up or down, you can still be confident that your real estate needs are being met.

Will Housing Prices Soar By 2014?

April 4, 2012 by Lance Mohr

Real estate economists and analysts are increasingly optimistic that the housing market will have a dramatic recovery in the next two years, according to results of a new semi-annual survey of 38 real estate economists and analysts conducted by the Urban Land Institute’s Center for Capital Markets and Real Estate.

The economists predict that the national average for home prices will stop falling by this year and a subsequent turnaround will occur. By next year, they project that home prices will begin to rise by 2 percent, and then get a larger boost of 3.5 percent by 2014. The economists also predict that housing starts will nearly double by next year.

They also foresee rental prices continuing to increase for all property types, ranging from 0.8 percent to 5 percent.

The economists’ predictions were made on assumptions that the economy would continue to strengthen, including a larger drop in unemployment.

“While geopolitical and global economic events could change the forecast going forward, what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years,” says Patrick L. Phillips, ULI chief executive officer. “These results hold much promise for the real estate industry.”

Source: “Real Estate Will Rock in 2014,” RISMedia (March 31, 2012)

Great Market For Tampa Home Buyers

April 4, 2012 by Lance Mohr

For families looking to relocate to Florida for work or school, it is well worth their time to consider Tampa as their place of residence. The area is reputable not only for its great weather, but also numerous housing developments which leave homeowners with plenty to choose from. From new to pre-owned homes in various price ranges, there is a smorgasbord of houses to check out. Florida has been hard hit by the housing market crisis over the last few years and the prices are some of the lowest anywhere in the country.

Foreclosure notices still dominate in some Tampa neighborhoods although there has been a recent increase in purchasing of homes. Many non residents have chosen to purchase their second homes in Tampa so as to take advantage of the high rental yield rate. This means that while you have the chance of acquiring a very good property cheaply, the opportunity may not last long as the housing market begins to stabilize and real estate buyers’ interest is piqued.

The Tampa area has many schools from preschool all the way to college. There are private, public and religious based schools offering parents a variety when it comes to schooling options for kids. University education in the state is very affordable as much of the associated expenses are subsidized. The housing market for students is also very good with many off campus housing units available at very reasonable prices. The recent drop in crime rate also makes this area a safe place to live and raise a family.

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