Tampa2Enjoy.com
Hey everyone – Here's the Tampa real estate market stats for September. It's great news for home owners because it's a sellers market. If you are a buyer you better hurry because home prices are continuing to go up.
Please visit our website and give me a call if you have any questions.
Like many other cities across this great nation, Tampa home prices have taken a dive in recent years. But these times of hardship make an impact on sellers more so than buyers. For the buyer, the situation makes for a perfect opportunity to get into your first home, or at least one that you wouldn’t ordinarily be able to afford.
Take a look at a couple of the most common ways one could take advantage of property values that are struggling to hold their ground in an industry that hasn’t fully rebounded from the woes of recent years.
First Time Homebuyers
When it’s time to buy your first home, if you are like most, it’s normally a financial stretch. Lower home prices in Tampa can be the perfect opportunity to purchase a little piece of the Floridian landscape. You could be looking for a beautiful South Tampa waterfront condo or maybe even a single family home on the golf course in a community like Pebble Beach; any home has the potential of suffering from Tampa home prices that have fallen. This is where a buyer comes in and takes advantage of a property that may have sold years ago for much more and is currently being sold at a great bargain to a buyer who is at the right place at the right time.
Looking For Something Larger
Lower Tampa home prices are also a prime time for an expanding family to upgrade to a larger home. When it’s time to move out of your starter home because you and your family have outgrown it, a larger home may be in order. But what if you don’t have a lot of money and would still like to get a lot of house? The answer is in taking advantage of the good bargains that are sure to be out there when house prices decline.
This is the time to get excited and give me a call so that we can get you started on finding just the right home to make an offer on. Also keep in mind that just as Tampa home prices have fallen, eventually they will once again rise, and when they do you’ll be sitting on more equity than you could have ever imagined.
The city of Tampa, and all of its surrounding communities, is still a fabulous place to call home. There are homes available to fit every budget. Get a condo or townhouse close to town or move a little further outside of city center into a beautiful home in a gated community. With just a little bit of patience you can ride out the wave and be prepared to take advantage of the time with home values in Tampa begin rising again!
If you have any question on home prices or values in Tampa please visit our website.
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.
The recent market has seen a number of short sale and foreclosure homes in quite a few neighborhoods. The rebounding economy is clearing those homes off the books, a benefit for lenders and buyers. But what about a homeowner that has kept the home pristine and welcoming? When it is time to sell, appraisal values may be less than actual value because of lower selling prices in the area.
Appraisers frequently look at the sales price without realizing the reason for significantly lower amounts than the asking price of well-cared for homes. Lacking familiarity with the neighborhood, comparable sales prices are estimated on square footage and the type of home, rather than an empty damaged foreclosure as opposed to an elegant home with custom drapes and hardwood floors.
It is natural for a homeowner to complain if an appraisal is less than expected, but Realtors are also raising their voices in dismay. Upgrading the method of determining an appraisal amount is needed to avoid the harm being caused to home sales. Bidding wars have resulted because of the low inventory of for sale homes on the market. Yet, when a price is reached, the appraisal comes in at a lower amount because it is based on the unfair comparison to distressed property sales, affecting the sale of the current quality home.
Like other areas across the nation, homes in Tampa Fla. are involved in bidding wars due to the low inventory of homes for sale. When a contract is cancelled, delayed or renegotiated because of a significantly lower appraisal, recovery in the housing market is adversely affected. Protests by Realtors are being answered by appraisers. Testimony before Congress indicated their task is protecting the public trust by providing the lender an idea of value and that appraisers are the only party with no vested interest in the appraisal.
This is a situation that will continue to be addressed, as each side has valid concerns about appraisals in untested waters. In the meantime, prices of distressed properties are rising. That will help boost the results of newer appraisals as they are done.
Where have the bargain bank-owned properties in Tampa Bay gone? Prospective homebuyers who have put off taking advantage of the significant savings on foreclosed homes now owned by the bank are starting to ask that question. The hot tip for several years is seek out a foreclosure for an excellent bargain. The low prices were a result of the banks trying to unload millions of dollars of worthless debt from their books. Zillow recently announced the results of a study showing numbers for mid to late 2012, demonstrating the decline of savings in foreclosure purchases across the nation.
Bank owned properties in Tampa sold for nine percent less than comparable non-REO sales in September 2012. The discounted price slipped just .5 in twelve months, but represented a twenty-nine percent change from discounts of November 2008. The current Orlando REO discount of 4.6 percent is higher than the two percent discount in September 2011, but far less than the 24.4 percent discount during the first month of 2010.
The Miami-Fort Lauderdale area painted an equally dismal picture:
National Comparisons
The trend is similar on a national level:
The national September 2012 REO discount average was 7.7 percent, a drop of 1.4 percent over the past 12 months. The higher the demand is for homes in a certain area, the less foreclosure discount is offered. Two cities with high housing demand, Las Vegas and Phoenix, offer no discount on foreclosure re-sales, but successfully market those homes due to the limited number of homes available for purchase
How exciting that homes for sale in Tampa are rising once more. There is a shortage of homes on the market throughout the entire Greater Tampa Bay area. As the economy rebuilds and banks feel more secure in approving loans, homeowners that successfully stayed with the diminished market can reconsider their position. The decision to stay or upgrade to other Tampa, Fla real estate might need another look. What ways exist to discover home prices in Tampa?
History is an intangible factor that can affect value. Overlooking Hillsborough Bay, Fort Brooke was built as a military presence in 1824. Teddy Roosevelt and approximately thirty thousand Rough Riders gathered in Tampa in 1898 to prepare for their attack on Cuba. Growing from an agricultural center to a thriving, organized city has made Tampa a respected name in business, economy and housing. The military strength at MacDill AFB has the advantage of modern structure and amenities. Skyscrapers, condos and an entertainment complex complement the water and Florida Aquarium.
Of course, many forms of entertainment in or near an area builds home value. Golf courses, skateboard parks, theatres and shopping vie with water sports in this area of Florida. Visitors to Tampa and nearby Brandon are sometimes surprised to find out Disney's Hollywood Studios is less than 80 miles away. Part of the Walt Disney World Resort in Orlando, nearly 10 million guests visited Hollywood Studios, formerly known as Disney-MGM Studios, in 2011. A major attraction for guests of all ages, the benefit of owning a home about an hour away from this magical center is spectacular. It is close enough to plan a trip every few months so a day can be focused on each theme park within the resort.
The first thing you will notice is the great parking facilities, with each section identified by signs hung from the lampposts. Take the tram to the entrance and save your walking power for the inside. Hollywood Studios is very family friendly, renting wheelchairs, strollers for young children and motorized riding chairs for adults. There are activities for all age groups, including the presentation of how shows are filmed.
Special effects are part of the action for those who take the Studio Back Lot Tour and Tram Ride. Parents appreciate the opportunity to sit down and see the area without walking, while children enjoy the opportunity for another train ride. Enjoy stepping off the tram and watching how special effects are designed and scenes rehearsed for maximum effect. Afterwards, enjoy a tram ride back to your car and the short drive back to your Tampa home.
In the first part of 2012, a report from California-based Clear Capital forecast an increase in home prices in Tampa and Tampa Bay areas. A respected analytics and housing valuation firm, the increase of 7.4 percent would confirm what experts in Tampa believed to be true: Tampa was rebounding from the economic hardships of the past few years. It was estimated the increase would be noticed during the latter half of the year. Home values started rising in late April. It is hoped it will inspire homeowners that have been considering a sale to list their property.
Another desired reaction is to encourage prospective homebuyers to become serious about considering purchase of any of the additional Tampa homes for sale. One feature is that sellers are not as likely to be beaten down on pricing as badly as they have the last few years. Even with more homes listed, there is not a sufficient supply for buyers at this time.
While investors snapped up property waiting for this day, there is still a desire to purchase as much as possible while the opportunities are good. Now that buyers are willing to get into a bidding war, investors must keep on track with the new competition. Hillsborough County reflects one of the Florida areas requiring more homes for sale to fill the demand of buyers.
The city of Riverview is located in Hillsborough County and has a significant number of impressive subdivisions. Four and five bedroom homes in Panther Trace reflect the beauty of these neighborhoods. Commutes are convenient thanks to easy access to US 41, I-75 and US 301. Close to tennis courts, club houses, gigantic pools and golf courses, life starts out good for residents and continues to improve in amenities.
The city of Tampa is broken down into many sections, such as New Tampa and the neighborhoods within its boundaries. The planned community of Tampa Palms is located north of the University of South Florida (USF) following the Bruce B. Downs (BBD) corridor. Restaurants, churches, shopping and schools are but a few of the conveniences found when searching for the benefits of owning real estate in this part of Florida.
Construction of additional neighborhoods, medical facilities, malls and schools indicate confidence in the upsurge of the economy. Roadways and thoroughfares continue being upgraded while conscientious planning maintains the natural beauty of the Sunshine State.
Native plants are coming back into fashion for a very good reason: they are already adapted to the area in which they are to be planted. Regardless of where you travel in Florida, the chances are one or more of these plants will be on display in a park, wilderness center or neighborhood. Real estate in Tampa and surrounding areas, such as condos and homes in Sun City Center and Odessa, usually displays lush green lawns, one or more palm trees, and some of the colorful native subtropical vegetation that thrives in this environment.
Also called Ink-bush or Wild Olive, the Florida Privet is a creative way to make a privacy hedge for any yard. The Latin name, Forestiera segregata, designates the perfect semi-evergreen plant for homes in the Greater Tampa area; be certain the garden center or your landscaping company knows you do not want Japanese Privet, which does not tolerate this area very well. Salt spray and alkaline soil are problems that the Florida Privet adapted to long ago, as well as the incidental flooding and frost that happens in some of the coastal regions of Florida.
Fortunately, it can be left to grow together to form a sound barrier or pruned to resemble a traditional hedge, because it grows as tall as 15 feet, with a width up to 10 feet. Small yellow-green flowers appear in early spring, followed by new leaves and small berries. Birds delight in eating the tasty purple and blue fruits. Fallen seeds create new plants.
Another native Florida plant that thrives in the Tampa Bay vicinity is the Dayflower or Blue Spiderwort. This plant is beautiful in the arboretum of luxury homes in Avilla and fits right in growing on side of one of the paths at John B. Sargeant Park. Delicately beautiful blue flowers open in the. morning and close in the early afternoon during spring and early summer. If there is enough dirt for it to sprout, it will thrive, producing a beautiful groundcover. Seldom growing taller than 2 feet, it likes partial shade and the hot sun. From sand to mud, it will grow and spread quickly.
Knowing that simple to grow native Florida plants are available and will thrive with minimum care and water adds to the convenience of making your yard beautiful. That, in turn, adds to the value of your home. Nurseries and the field representative for the Department of Agriculture are available to answer questions and provide guidance regarding raising native Florida plants.
Investment opinions are like, um, noses: Everyone has one. Buy stocks, sell bonds? Go long steel and short copper? Buy sheep, sell deer?
It’s pretty easy to see both sides of an investment argument. But it’s hard to argue against buying a house now, assuming you can get a loan.
The housing cycle is a long one, in part because buying a house moves at a glacial pace, at least compared with the time it takes to buy a stock or bond. If you’re not pre-approved for a mortgage, you have to submit to a credit check, which, these days, is only slightly less intrusive than a CIA background check. You have to get the home inspected. You have to figure out the various fees your bank charges, including the one marked “Just because we can.”
How long is a housing cycle? Pretty long. A relatively modest housing bubble, by today’s standards, occurred in Boston in the late 1980s. Average home prices, adjusted for inflation, hit $310,000 in October 1987. Home prices didn’t hit that level again until May of 2000. Someone who bought at the high had a long wait to get even – particularly in light of the broker’s commission.
Home prices bottomed, however, in March 1993 – roughly six years after the top. History doesn’t repeat itself precisely, but it’s interesting to note that the top of the last housing bubble was six years ago, in 2006.
Why be bullish on housing?
Prices. You can always buy low and watch prices go lower. But by many measures, home prices are still cheap. The median single-family home price – half higher, half lower – hit its nadir in January, dropping to $154,600, the lowest since October 2001, according to the National Association of Realtors. That’s down from a high of $230,900 in July 2006.
Existing-home prices rose in June to a median $190,100, up 8 percent from June 2011. Those are still 2003 levels.
Supply. The good news is that the enormous supply on the market is shrinking. It takes a wearisome amount of time for supply to shrink, in part because there are people who have wanted to sell their homes for many years, but haven’t been able to get the price they want. As prices rise, more homes come on the market.
Nevertheless, Ned Davis Research, a respected institutional research firm, estimates that excess supply of houses on the market should be eliminated by the end of 2013. When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally.
Mortgage rates. The average 30-year fixed-rate mortgage rate is 3.59 percent, according to mortgage giant Freddie Mac. That’s above the all-time low of 3.49 percent the week of July 26, but close enough. It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation.
Assuming you financed 80 percent of the median single-family home, or $152,080, your mortgage payment would be about $691, excluding taxes and other irritations. About $5,589 of your first year’s payments would be tax-deductible mortgage interest.
Thanks mainly to low home prices and interest rates, the NAR’s housing affordability index rose to its highest level on record. (The higher the index, the more affordable the average home. The index also takes into account average family income, which has been falling since 2008.)
What could go wrong? All sorts of things. You may not be able get a loan. Bankers are insisting on checking things that seemed far too troublesome during the housing bubble, like whether you have a decent credit rating, a down payment, or a job.
The other problem is that houses are leveraged investments – that is, you borrow money to buy them. Let’s consider the example above, where someone buys a $190,100 house and finances $152,080.
Your investment is $38,020. Let’s say that the worst happens: Home prices fall, and you have to sell the house for $175,000.
Unfortunately, the bank won’t split the loss with you. You’ll get back $22,920 from the sale, and wave goodbye to $15,100 of your downpayment. That’s a 40 percent loss, even though your house has fallen 8 percent in value.
There are other risks with homeownership, ranging from termites to ghosts in the hall closet. But if you’re planning to live in your home for a long time, you have the money, and you can get financing, it’s a fine time to buy.
Article provided from USA TODAY
The last ten years has been a roller coaster ride for the economy, including home prices in Tampa and other parts of the nation. People who have never experienced late fees and unwelcomed collection calls have been introduced to that situation, not because of irresponsibility, but because they got caught up in the spills and thrills of the ride. Those considering the possibility of purchasing one of the beautiful Tampa foreclosure homes or other homes for sale in Tampa should evaluate a recent credit report.Information is reported by the three major credit reporting agencies, TransUnion, Equifax Inc. and Experian, as well as more than thirty other firms. It is important to verify your data well in advance. Proving that a debt on your credit report is invalid is a long battle and must be proven to each and every agency that reports it.
Most reported debt is public record and while satisfaction or dismissal of a debt is also open to the public, the data must be easy to follow. For instance, when a case is appealed to a higher court, it typically receives a new case number. Unless the agency clerk tracks the information back to the originating case, it may not get reported properly. In addition, some civil cases may be combined under one number. The result can be reporting of a new civil case.
In an effort to make reporting more equitable and accurate, Consumer Financial Protection Bureau (CFPB) expects to begin monitoring the thirty largest reporting firms starting September 30, 2012. The Fair Credit Reporting Act requires accurate consumer information and an investigation into challenges by a consumer. The investigative process is not defined, however, and the consumer may be asked to provide information that has been supplied to other agencies in the past or is no longer available. In effect, the consumer does the investigative work. It is expected the watchdog effect by this government agency (CFPB) will encourage the credit bureaus to respond in a friendlier, proactive manner to consumer protests, while resolving and reporting data more quickly.
Mortgage qualification for one of the Northdale homes or any of the other beautiful homes appears to be easier in the future as credit reports are more closely regulated. Reviewing your report with your Realtor during the preparatory stages of finding a home will help determine if there are any immediate situations to address.