Tampa2Enjoy.com
Here's the latest and most accurate Tampa housing market report for November.
I am very surprised how strong the Tampa market is for November. Usually it really slows down from October to November, but this year it got better. WOW!
Don't forget to visit our Tampa Bay real estate website at www.tampa2enjoy.com and call or text me if I have help you.
Please contact us if you have any question about the Tampa real estate market or visit our real estate website at www.tampa2enjoy.com.
If you live in a rural area the government shutdown can end up having a sizeable impact on you selling your home. Since a lot of potential home buyers don’t have much money saved up for a down payment and mortgage closing costs they rely on the USDA loan. The loan allows buyers to get 100% financing and the seller can pay a percentage of the buyers closing cost. With the government shutdown the Department of Agriculture will not make or guarantee any loans.
Government shutdown will freeze USDA mortgage operations
“One of the biggest questions regarding the shutdown and how it will affect housing has revolved around the mortgage market, specifically prospective buyers’ access to new home loans. After all, more than 90% of all loan activity is underwritten, insured, or owned by the government and its affiliated entities.
Initially at least, the mortgage market is likely to be only minimally impacted. New loans will continue to push through most government agency pipelines. What will change is how long the process takes, as many agencies expect to experience delays.”
If the shutdown last for more than 10 days you will not only see potential buyers and seller get hurt, but consumer confidence will start to drop and that will hurt the real estate market in the long term. Let’s hope that our public officials can put their differences aside and do what is best for the American people.
There is encouraging news about an upsurge in home sales. Summer Greene, 2012 Florida Realtors President, states that Florida’s real estate market has retrieved its ‘sizzle’. Credit for the hot market is due to things like the shortage of for-sale homes.
The regional manager for Fort Lauderdale’s Better Homes and Gardens Real Estate Florida 1st, Greene is in a position to observe market trends. More jobs and a better economy are bolstering consumer confidence for 2013. Mortgage rates are expected to remain low.
The Chief Economist for Florida Realtors, Dr. Jon Tuccillo, endorsed the optimistic outlook. Growth in home prices is the result of a solid recovery in real estate in Tampa Bay and other parts of Florida. Average prices have soared, resulting in actual marketplace appreciation. that impacts median prices, which usually would be less as investors take on the lower end of the market inventory.
Freddie Mac reports the average interest rate dropped from 3.99 percent in November 2011 to 3.35 percent for November 2012 on a 30-year fixed-rate mortgage. The overall savings that result led to an increase in Florida’s housing market pending and closed sales, as well as average and median prices. Florida Realtors reports a noticeable reduction in the inventory of condos and homes for sale during the final months of 2012.
According to industry analysts, a balanced market between sellers and buyers features a 5.5 month supply. November 2012 inventory statistics for Florida single-family homes showed a supply for 5.1 months. Townhome and condo properties also reported a lower amount, with a 5.3 month’s supply.
Statewide sales of townhomes and condos are up 18.3 percent from November 2011. November 2012 registered the monthly sale of 8,079 units across Florida. Pending sales, which are signed contracts that have not been closed or completed, have increased 30 percent when compared to townhome-condos statistics for November 2011. Although lower than the national condo median price reported by the National Association of Realtors (NAR) for October 2012, the $112,000 Florida townhome-condo median reflects a 23.1 increase from last year.
Single-family existing homes statewide have a median sales price of $150,000. That represents an increase of 11.2 percent in the year from November 2011. In the same amount of time, pending sales show a 45.8 percent increase. Median prices across the nation include California ($341,370), New York ($209,000) and Massachusetts ($287,000). As of October 2012, the national median sales price raised 10.9 percent to $178,700.
Data from 10K Research and Marketing as well as Florida Realtors Industry Data and Analysis, showed 17,072 existing single-family homes sales closed statewide in November. That is an increase of almost 25 percent in just one year. Once the sales contract was written, closing generally took between 30 and 90 days.
Median prices reflect the midpoint. Half of the sold homes are less than that amount, while the remaining half represents a higher sale price. Factors affecting the median price in Florida and nationwide include discounted prices for distressed properties and foreclosure sales. Those prices are typically less than that of a well-kept, traditional home.
For more information on Tampa Bay home prices please visit http://www.tampa2enjoy.com.
Recent sales of foreclosure properties in Tampa, Florida show a decline in those sales. One reason is the increase in price and another has to do with other homes being placed on the market. Empty homes tend to lose the sparkle possessed by those that are occupied.
Think about model homes that are shown with beautiful comfortable furniture, quality draperies and matching appliances. Buyers tend to select based on what they see. It is easy to be swayed by an enticing example.
Just because a home has sat empty for awhile does not mean it has been neglected. There are foreclosed homes in fairly good condition on the market, but they are few and far between. As the holiday season approaches, people traveling to this area will visit neighborhoods to see friends and family. Local businesses, especially boutiques and restaurants, are gathering points. If those guests are considering the purchase of Tampa homes, an empty home is easier to move into.
Home sales are closing faster as all parties involved are anxious to get deals completed before the end of the year. The luxury of bidding wars and long, drawn out negotiations will hamper that goal. Buyers must come to the table qualified for a loan or holding ready cash. The bank must know its bottom line and be ready to act.
A qualified local Realtor is an invaluable asset. Awareness of current market conditions and special considerations for different areas helps a prospective buyer find the right home. In some cases, the story behind the house is part of the information. Being able to pull down any liens or other data about interesting homes helps narrow the list of homes to view.
If the foreclosure home is a starter home for you, think ahead to resale value. Look at the other homes in neighborhoods you are considering. Is curb appeal present? Find out about the crime rate and the schools. What local facilities are available for families and for senior citizens? Homeowners are reverting back to the old tradition of getting a home with the intent to remain for life. If that is your mindset, this is a great area to select.
Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®.
“With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”
Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4 percent compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2 percent over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.
The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”
Florida real estate news portrays a positive outlook, including current and future housing projection. One indication of this upward economic trend is evidenced by decreasing market home availability. Other signs are increased opportunities of employment in the housing and construction markets. The Department of Economic Opportunity (DEO) of Florida is most happy to have good news to report about jobs returning to Florida.
This is fantastic news for an economy on the rebound. The buzz in the air has home buyers, sellers and builders optimistic that the distant bright future will now arrive sooner than expected. Governor Rick Scott recently noted that these actions show a renewed sense of faith in positive economic stability across the state.
There has been a decrease in the amount of homes in Tampa Bay, as well as other areas in Florida, being put on the market. This is due in part to mortgage adjustments through reduced principal and lowered interest, resulting in more affordable house payments. As the housing situation improves, homeowners realize value that lessens the underwater amount faced for the last few years.
New construction requests are being presented to the City Planning Commission. That demonstrates the rebound in the construction field. That indicates the availability of more employment in building-related jobs. In addition, it appears the construction industry will experience a respectable recovery from recent financial hardship in the real estate market.
Specific details include:
There was 20 percent increase in housing starts for the month of August 2012 alone. This is very promising news combined with a reported increase in home sales of nearly 7 percent. Houses available on the market in the Florida area are reportedly down by a whopping 40 percent. Governor Scott made the observation that the housing and construction industry is an important part of Florida's economy. Building or buying homes demonstrates the confidence of residents in economic growth. In turn, thousands of workers are finding or returning to employment in areas related to that industry.
Many Florida homeowners may have received or should soon receive a share of $7.5 billion as a result of the national mortgage settlement. Meanwhile, the State of Florida is in possession of $300 million paid directly to the state as part of that settlement. An incredible windfall towards the rebuilding of the local economy, lawmakers and the Attorney General (AG) of Florida, Pam Bondi, have settled on how the money will be distributed.
Earlier in November, 2012, Bondi, 2013 House Speaker Will Weatherford and 2013 State Senate President Don Gaetz announced the decision to apply the funds towards housing. That announcement ended the dispute over which entity was authorized to decide upon disbursement of the funds, the state legislature or the attorney general.
Most residents in the Tampa area know of or perhaps are part of the large group of families and individuals that were affected by foreclosure properties. Current AG plans for the state's award include using $40 million for civil penalties and $60 million for:
a. Initiatives to relieve the backlog of Florida foreclosures.
b. Down payment assistance.
c. Enforcement efforts by the AG office.
d. Legal assistance in foreclosure matters.
The legislature must first review and approve Bondi's request. Meanwhile, Weatherford and Gaetz have targeted approximately $200 million to use towards housing issues during the 2013 legislative session. Operating under the flexible authority of lawmakers, possible uses being discussed include:
a. legal, homebuyer and renter assistance.
b. affordable housing.
c. foreclosure prevention and counseling.
d. neighborhood revitalization.
Working together to resolve some of the issues still resounding from the economic problems over the past few years is a mark of a cohesive group of elected officials. The benefit of using the funds to directly address concerns facing housing in Tampa and other areas across the state will help close the disaster brought by so many foreclosures.
Perhaps the most positive step of the settlement is the directive for reforms in mortgage servicing practices by banks. A wiser group of lawmakers, citizens and lenders will hopefully prevent the foreclosure activity seen during this century from happening again.
Florida’s housing market had higher pending sales, higher median prices and a reduced inventory of homes for sale in September, according to the latest housing data released by Florida Realtors®.
“Florida’s real estate market is no longer in recovery mode – stability and growth gain solid footing,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Realtors across the state are reporting consistent increases in home sales and median prices, and multiple offers from buyers isn’t unusual. In fact, increasing buyer demand in many local markets is creating inventory shortages – and that’s putting pressure on prices. For sellers who may have been reluctant to enter the market, it’s now time to reconsider. Conditions are turning to a sellers’ market.”
Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.1 percent over the previous September. The statewide median sales price for single-family existing homes in September was $145,000, up 7.4 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2012 was $188,700, up 10.2 percent from the previous year. In California, the statewide median sales price for single-family existing homes in August was $343,820; in Massachusetts, it was $317,750; in Maryland, it was $255,498; and in New York, it was $225,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 7,329 units sold statewide last month, down slightly (-2.9 percent) from those sold in September 2011. Meanwhile, pending sales for townhome-condos in September increased 30.6 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $105,736, up 18.8 percent over the previous year. NAR reported that the national median existing condo price in August 2012 was $176,700.
Last month, the inventory for single-family homes stood at a 5.2-months’ supply; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“The onward march of Florida's housing market continues,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Inventories have now tilted to the point where we truly have a sellers’ market forming. Prices are up smartly and have been for quite a while. It’s getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.47 percent in September 2012, lower than the 4.11 percent averaged during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors website (www.floridarealtors.org) and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the September report. Or go to Florida Realtors Media Center (http://media.floridarealtors.org/ and download the September 2012 data report PDF under Market Data. (http://media.floridarealtors.org/market-data)
Recent housing indexes have shown single-family home prices are on the rise, providing more evidence that the “bottom” of the market is already behind.
“We’re wiping out just about all of the decline,” Joel Naroff, chief economist at Naroff Economic Advisors, told NBC.com about recent housing data showing home prices inching up. “It indicates the market has turned the corner on the pricing side.”
Some recent housing indexes suggest that the “bottom” of the market was reached in January 2012. Since that time, housing prices have been picking up in many housing markets.
But “the turnaround in home prices was unexpected,” says Patrick Newport, an economist with IHS Global Insight. “The conventional wisdom in February, following that landmark agreement (of the $26 billion mortgage settlement with the nation’s five largest banks), was that we would see a surge in foreclosures of some size that would lead to lower home prices. This surge never materialized and home prices have turned.”
Newport points to several signs of a housing market on the mend. For one, housing starts are up after reaching a low in the fourth quarter of 2011. Also, he says the Federal Housing Finance Agency’s (FHFA) monthly House Price Index shows a 3.7 percent increase in May year-over-year, which he notes is higher than inflation and “means that real housing wealth, a consumer spending driver, was also up.”
The increase in home prices is also leading to a fewer number of homeowners underwater on their mortgages. The number of underwater homeowners fell from 12.1 million at the end of 2011 to 11.4 million at the end of the first quarter this year, according to CoreLogic data.