Recent newspaper articles suggest that the average Tampa Bay area home price is down to 2002 home price levels. On February 13th, the "American Recovery and Reinvestment Act of 2009," legislation passed.
Now is the time for first time home buyers to cash in! This new economic stimulus package allows first time home buyers to get an $8,000 tax credit.
For more information visit http://www.UniqueTampaHomes.com/housingrecovery
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Friday, February 27, 2009
Friday, February 13, 2009
Financing your home in troubled markets
As the financial crisis continues, it seems like rules and financing programs change daily.
My first recommendation for anyone buying a house is work with a good Mortgage provider that communicates with you regularly. Programs seem to change almost daily as well as the rates.
One the biggest changes that I have seen is the down payment requirements on loans with the largest impact happening in the Condo market. In recent experience it has become necessary to have a 20% + down payment in specific building and areas. A huge area for challenge currently is also in the Jumbo loan market (above $417K) where rates are still very high.
My job is to keep up with the changes in the mortgage market but it is very important that each buyer educate themselves based upon their own economic situation.
There are deals out there, now is the time to find them
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
My first recommendation for anyone buying a house is work with a good Mortgage provider that communicates with you regularly. Programs seem to change almost daily as well as the rates.
One the biggest changes that I have seen is the down payment requirements on loans with the largest impact happening in the Condo market. In recent experience it has become necessary to have a 20% + down payment in specific building and areas. A huge area for challenge currently is also in the Jumbo loan market (above $417K) where rates are still very high.
My job is to keep up with the changes in the mortgage market but it is very important that each buyer educate themselves based upon their own economic situation.
There are deals out there, now is the time to find them
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Tuesday, February 3, 2009
Frustrated with Short Sales?
I have recently run into a few frustrated buyers when trying to get a deal on a short sale.As an agent in the game, I very much feel the pain of s short sale.
Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.On short sales, it takes Patience and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly.
When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Steve ArmstrongRealtor
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.On short sales, it takes Patience and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly.
When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Steve ArmstrongRealtor
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Subscribe to:
Posts (Atom)
