Real Estate Opportunities in 2009!!!

As 2008 comes to a close, I know many of us have seen significant challenges particularly in stock and real estate markets.

With low interest rates, tax incentives, increased sales activity, and less inventory-- 2009 has the potential to be a year where Florida leads the nation to recovery.

Let's hope for great things to come!

Tampa Real Estate Inventory

This week,I noticed an interesting trend in real estate listings in Hillsborough county--less choices. As I continue to work with home buyers, I have noticed that their choices have significantly gone done in the search results. In August there were over14,000 listings in the MLS(multiple listing service), yesterday there was just over 9000.

With less choices, at some point buyers are going to continue to buy the good homes leaving only less desirable properties. This is another reason to start your New Year with real estate on your mind.

Florida Homestead deadline is March

In my UniqueTampaHomes. newsletter this week, I talked about how important tax planning is as the year comes to an end. You can subscribe to this on UniqueTampaHomes.com

New Homeowner should remember that you have until March to get your Homestead Exemption done. This exemption which is available for Florida Residents, saves you approximately $50,000.00 in assessed value of your home. I have found that Hillsborough County makes it easier to get Homestead than Pinellas. For information on the Hillsborough county forms and approach visit: http://www.hcpafl.org/www/downloads/homestead_exemption.shtml For Pinellas Homestead Exemption you have to go down to the office. Visit http://www.pcpao.org/ for more info.

You dont have to renew your Homestead unless you have moved or your exemptions have changed.

Pricing Homes in a challenging Market

I have been asked a lot about pricing lately by customers selling their home. Questions come up like, " Am I priced right?" In a declining real estate market, this is a tough question to answer and the choices that you make at this point can have significant results.

Here are a few questions to ask yourself:

1) Are people looking at my home--both online as well as in person? We all know that real estate activity is down, but are you getting some showing each month.

2) Does the neighbors house for sale next door that is $50K less compare with my home (be honest with yourself here)

3) What is the final number that I need to get out of the sale? (Always have a draft HUD done so you can see what that number is)

First Rule of Thumb: Statistics can be twisted towards the positive and negative. I remind people that the buyers can find comparables that push a price down 10-15% to justify what they want.

Second Rule of Thumb: List Price does not equal Sales price...have some flexibility but be in the range. After a quick review of South Tampa condos(MLS area 208-217), I see in the MLS that for the last 6 months (147), condos sold at 94% of list price. So on the average list price for South Tampa condso $297,518 list price, you are really looking at $286,284. This done not include any additional concessions.

Third Rule of Thumb: Price yourself "in the range" Remember the average sales price is that, the average. Consider how you compare with other similar homes.

I consistenly like to review pricing on an individual basis and look for true comparables to see if we are "in the range" You dont need to be "the average" but you also dont need to be the most expensive.

Hope this helps,

Welcome to UniqueTampaHomes.com Blog

This is the beginning of the UniqueTampaHomes.com web blog. I have been a regular blogger on other forums like City-Data.com (Tampasteve), Trulia.com and Zillow.com.

I have decided it is now time to bring it home and open it up so you can participate in a discussion about real estate, Tampa Bay.

Please feel free to participate and add your 2 cents (or more :-)

Steve
steve@uniquetampahomes.com