2011 A Real Estate Year to Remember

Many of us in the industry have been telling people about the current opportunities in the market.  Market conditions continue to improve.

What is happening:

1) Inventory is finally starting to shrink

2) Desirable properties are getting multiple offers pusing offers off the bottom.

3) Interest rates are still at historic lows

4) The wild card is our economy which continues to show signs of life.

5) Rental Homes inventory is extremely low in key South Tampa areas.

Dont just take me word, and dont miss out on this historic set of events that have made this the time to buy.

Check this out:

Demand for Housing Will Increase in 2011

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith and Associates Real Estate http://www.UniqueTampaHomes.com

Green Tax Savings Running out

I expected many of these tax incentives to be renewed....Just in case, here is a great article that outlines some things you may want to consider before the end of the year.

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/weston-get-energy-tax-breaks-while-you-can.aspx

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Tampa Real Estate market is changing

After reading Stephanie Streeter's blog on the Smith Web Site about a recent example of how the real estate market continues to evolve, I too have stared to see a trend in investors looking for deals.   I even have a collection of buyers still waiting for that special home and wanting something of quality at a reasonable price.

 One of our latest listings was a burned out house had more interest than any other property that we have listed.

While the condo market shows little less promise, single family homes show great opportunity.  Mortgage rates are even lower now than they were during the First Time Home Buyer incentives making homes an even better deal.

I have even gotten the bug this summer and bought a vacation home in the North Carolina Mountains....

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Oil Disaster = Better Beachfront deals in Bay Area?

As someone who is very concerned about our environment, I am deeply saddened by the BP Oil Disaster. Even though we have not seen any oil here, all of the new hype has started taking their effects on people who rent beachfront properties. "the Unknown" appears to be a reason to consider other options instead of locking in that regular beachfront local.

At the same time, for long term investors, this might be a great opportunity to get an incredible deal on beachfront property with historic low prices.

This article highlights the hype and the opportunity:

http://www.tampabay.com/news/courts/civil/clearwater-couple-sues-bp-claim-spill-de-valued-their-home/1101844


Steve Armstrong, Realtor, GRI, Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Flood Insurance Challenges

For those of you buying homes in the flood zone for the next several weeks, there may be some challenges.

Congress has not extended the National Flood Insurance Program that allows new policies for flood insurance to be issued. This could be a large challenge with lenders on waterfront property.

Contact your politicians to identify this as challenge for home values and our coastal way of life. A lapse in the program doesn't help instill the ststability that we need.

Thanks,


Steve Armstrong, Realtor GRI Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

First Time Home Buyer goes into 2011 for Military Buyers

Just in case you were not following:

For those Active Military Buyers who qualify for the first time home buyer credit of $7500.00 is still live and active until April 2011.

Active Military individuals can still take avantage of a great buyers market.

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Florida Open House April 10th and 11th

If you are in the market for a house in Florida. Here is a great opportunity to preview what is out there. For a Tampa Bay list of Open Houses, please visit here;

http://uniquetampahomes.smithandassociates.com/open_houses/




Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com

Are Real Estate Auctions a "good deal" vs a Short Sale or Foreclosure?

With all of the hype and all of the opportunities for real estate deals, I have recently been on a personal mission to find a piece of investment real estate. As a result, I have spend a lot of time researching properties to find a "good deal"

My two recent attempts to get a deal made me think that maybe there are better deals in the foreclosure and short sale market, more so than an auction.

Here is what I experienced:

I recently attended the Signature building in downtown St. Petersburg auction, where it was advertised and promoted that you could get 50% off the previously advertised prices. Signature is a very impressive downtown condo project that offers a unique design and incredible views. We had set our bidding limit for a high unit with South facing Tampa Bay waterfront views at $310K, vs a minimum bid of $220K for a two bedroom. Auction day came and we watched the frenzy as hundreds of bidders quickly passed our minimum bid within minutes. The worst part was that we researched each unit extensively to see which were the best units. The amazing part was that some of the worse units went for more than some of the best because people got caught up in the frenzy. After that experience, we we contacted to buy at the Auction prices,,,.

Our second attempt at a deal was a beach front condo in the other side of Florida where we bid up to a certain point and also researched the property. The bids came in and quickly surpassed the price that unit had sold for the previous year.

Bottom line is make sure you research the properties that you interested in. Make sure you evaluate the purchase history to see if you really are getting a good deal. Short sales and foreclosures may take longer, but may be a better way to get a great investment real estate deal.

Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com

New FHA rules means Your Credit Score Matters

Today FHA outlined some new guidelines for down payments that will drive how much a home buyer has to put down. If your credit score is under 580, then we need to come up with a 10% down payment instead of the current 3.5%.

As you start shopping for a house, always check your credit and see what you can do to keep it clean. Surprises hurts.

Here is more information

http://www.realtor.org/RMODaily.nsf/pages/News2010012001?OpenDocument




Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com

Flipping is Back! FHA relaxes rules

Just a quick note to you real estate investors. There have been a few challenges in 2009 for those of you who want to buy distressed properties and resell them. The key challenge has been the ability to finance the property.

FHA being one the easiest wasy to get financing has not allowed "flipping" transactions where an investor buys a property and turns around to sell it for a profit without a minimum 90 day to "cure" title.

This restriction has now been relaxed. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=230411

Always check with your lender about their specific requirements particularly if the home does not fit into the FHA Guidelines


Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com

2010 More Great Buying Opportunities in Tampa Bay!

As 2010 rolls in, many of us are looking for opportunities for in real estate for investments, homes, offices and vacation homes.

On a positive note for buyers, prices have dropped in the Tampa Bay area further than other major metropolitan area according to the Case Shiller Index.

Case Shiller shocker: Tampa Bay is biggest monthly home price loser

Sellers will continue to struggle with the challenge of foreclosures and short sales consuming the market.

When buying property, always be aware that there are challenges when working with a Short Sale or REO (Real Estate Owned) property. It is in your best interest to work with experience representation, mortgage bankers, and title companies in the Short Sale or REO arenas. Short Sales and Foreclosures can be frustrating but also can be profitable!

Happy 2010!


Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com