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.
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.
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.
One of the most significant pieces of information required for taking advantage of the great home values in Tampa, FL is your FICO score. Consumers are more familiar with phrases like “credit rating” and “credit score”, but they all mean the same thing: the resulting number that determines your credit risk, whether it is a new truck, credit card or home for which you are applying.
Fair Isaac Corporation, or FICO, waited until the 1980s to start building credit scores, about thirty years after the business started. The credit scores, the industry standard for years, are used by most lenders to determine loan approval. The numerical result is achieved by looking at a consumer's credit file information, weighting each relevant item with a number, and determining the potential credit risk, or FICO score.
The higher a person's score, the better the indication that the debt will be paid as agreed. Lower credit risk during a period of economic recovery makes it easier to qualify for a mortgage and get ideal terms, such as a lower down payment, higher pre-approved amount and excellent interest rates. Although the scores range from 300 to 850, the common numbers for the US are between 500 and 799. The optimum number of 750 takes conscientious effort to reach. Those trying to get a good deal for a mortgage have been seeking a more equitable method of evaluation.
A New Mortgage Credit Score
Recently FICO and CoreLogic responded to the request to reconsider how the mortgage credit score is determined. Rather than the traditional method of using the same scores that determine loans for vehicles and credit card approval, more information will be considered when a person applies for a mortgage. Potential homeowners that have put their dream of living just an hour away from Walt Disney World in a beautiful house in New Tampa on hold can now reconsider that option. Lines of credit, home equity loans and first and second mortgages will be reviewed with the newer standards.
It is a winning situation for lenders that are in the process of rebuilding their mortgage origination volumes. It will have a positive influence for the real estate market and those wishing to purchase a home before prices escalate. Reestablishing confidence in lending and consumer faith in the way credit worthiness is evaluated is an important step in economic recovery.
In this time of Baby Boomers, Gen-X, Gen-Y and a variety of other terms for those born in select eras, there is a not-so-common group that is just now coming into its own. Those born between 1965 and 1991 have faced the challenge of either caring for both children and parents, typically in the parents’ home, or have been unable to find equitable full-time work, leading to house-sharing or property rental. A lost generation, their financial situation is stabilizing, allowing them to look towards areas with economic recovery and good places to live. The news about better situations and lifestyles in Florida is spreading around the world. Home values in Tampa Bay are on the rise, although there is still the chance for first-time buyers to find a desirable home in that region of the country.
Good news in the change of calculating risk for approval of mortgages. That benefits potential home buyers in the 21 to 47 year-old range that, to date, have only rented property. Putting money aside to take care of incidental home purchase fees such as the down payment and closing costs is a significant step towards qualification. Making payments on time and clearing debt such as student loans, car payments and credit cards will also increase credit scores. An excellent record of paying rent timely emphasizes credit worthiness. Lenders burned in the past place high value on that behavior.
Having experienced many different homes, this group will be more interested in buying real estate that will be a profitable investment. Patience has been learned during the last ten years, resulting in the acceptance that value will build slowly. The real estate market in Tampa is capable of taking care of nearly anyone’s idea of home. Convenience in commuting is a significant feature for those looking at the many different styles of homes in Citrus Park. Close to nearly any part of Tampa, shopping, schools, dining and employment opportunities bring the best of life to residents.
One community receiving attention is Fawn Ridge, beautiful 3 and 4 bedroom homes with 2 baths and spacious lots. The HOA is focused on providing a great living experience for all residents and encourages families to take part in meetings and decision-making. This is a great opportunity to have a positive home-owning experience, regardless of your age or the number of times you have owned a home. If you are considering a purchase in the Tampa, Fl. Area or have questions about what is available to a first-time buyer, please visit www.tampa2enjoy.com.
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.
Many of us have dreamt about the home we will someday own. When the opportunity finally presents itself, our dreams about what is included in our dream home might suddenly change. There is still time to take advantage of the low prices on short sales and REO’s in the Greater Tampa area, although it is turning back into a seller’s market.
Some of the features that typically raise home values may not carry as much weight while the economy is rebounding. Sellers should be prepared to bargain on extra features, unless, of course, the right buyer comes along looking for the same things that first sold the home.
How many times have you heard someone say, “I always wanted a house with a view”? That view might result in your dream home being outside your financial capability, even with the recession prices. If, however, the price is no problem when it gives you what you have always wanted, make a note that in the event you decide to sell the home down the line that may not be the case for prospective buyers.
One advantage of the market right now is that counteroffers are perfectly acceptable. As hard as it might be, do not gush over the house. That will make it hard to convince the seller, whether it is a person, the bank, or an investor, that you are serious about paying less. There is an advantage if you have a Realtor, because that person can advise you of the prices of similar homes in the area with the same features.
Another item with value is landscaping. The problem arises when the buyer is not a fan of yard work and does not want to bear the burden of paying for a yard that looks beautiful, but has too much in the way of shrubs, flowers and other plants that needs care. These two examples show how something with value might lose its charm quickly. Be prepared to negotiate to compensate for the price of the view or the extreme landscaping, and if you feel it is too much to handle, look at other beautiful homes in Tampa Bay.
For information on home values in Tampa please visit Tampa2Enjoy.com.
A big drop in inventories of for-sale homes across the nation has led to a buying frenzy in some sought-after neighborhoods, real estate professionals report. A gradual gain in home prices is also following suit, they say.
Last week, the National Association of Realtors® (NAR) reported an increase in pending home sales in every region in the country. The number of contracts signed in May for existing homes jumped 13 percent from a year ago, according to NAR.
NAR projects a 3 percent nationwide rise in existing-home prices this year and a 5.7 percent rise next year.
But more buyers are discovering a shrinking supply of homes on the market. New construction has slowed dramatically – to record lows – the last few years. A backlog of distressed homes has not yet hit the market. And many homeowners are waiting to list their homes for sale until prices rise more. View the rest of this article: Read more
The housing market in Tampa has taken a turn for the better due to several factors, the first of which is the significant return to a seller’s market. One of the areas in Florida that is benefiting from the status of more buyers than sellers, the demand is driving up housing prices in Tampa Bay.
At the same time, short sales in Tampa are having better results with completion, reducing the amount of foreclosures and resulting in a better ending for all concerned. Accepting less than the balance owed is a less bitter pill for the lender than foreclosure. A new owner now has a desirable piece of property at the agreed price. The seller typically receives a 1099-C, used for cancellation of debt, by the end of January the following year. The amount forgiven is considered income and must be reported when filing taxes.
How have banks managed to find the way to improve the results of short sales? The inventory of distressed sales was moving slowly at first. Short sales, which accounted for more than half of that inventory, forced the banks to rethink their methods in working to get the sales closed. Approving the seller’s request for the property’s short sale meant reviewing the offer from the buyer and determining its merit. In addition, realtors in Tampa familiar with short sale requirements and forms assisted sellers with the documents needed to shorten the months of waiting for approval.
Other things that have affected the housing market around Tampa are low home prices and the opening of new businesses and centers. The unemployment rate is dropping as more positions become available. As potential homeowners and investors take note of the stimulated economy in the area, homes are being bought up, leading to the seller’s market previously mentioned.
Homeowners that have been considering putting their property up for sale recognize the signs of recovery. If there is no pressing need to list their home at this time, such as relocation or late payments, the prospect of waiting for a higher selling price induces them to wait. That has contributed to the inventory reduction, bringing it down to a three-month supply. The result emphasizes the need for additional for-sale properties, as this is the time of year when families traditionally consider moving to another area.