As someone who has witness and participated in one of the most dramatic real estate declines on record, I continue to get frustrated by things that continue to bring down real estate values.
Yes, there was abuses in the system where individuals and companies grossly inflated speculative homes and home prices. I am now seeing the opposite effect caused by the stringent regulation of appraisers. In the past few months, I have experienced 3 cases where homes that the buyer and seller agreed to a fair price but the appraisal came in substantially lower. In each of these instances the market was dominated by short sales and foreclosures and now that these can be used as comparables, the purchase price was significantly off.
How can we see appreciation of these assets so home owners are not underwater? We need to account for our losses and move on to the new market and let valuation be market driven.
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com
Wednesday, December 21, 2011
Sunday, July 17, 2011
Tampa Bay Real Estate Inventory Tightens
If you are looking for property in the Tampa Bay area, be aware that availability has decreased significantly over the past year.
For example last year there were over 15,956 available homes in the Multiple Listing Service (MLS) where as currently 6,741. The funny part about this is that the news does not seem to have caught on that the trend in pricing and available properties is changing.
In today's market, they key goes back to the old adage--Location, Location, Location! Homes that are in good condition and reflect today's discounted market pricing are selling. What many buyers are finding is that those Short Sales and Foreclosure which are highly sought after have the most competition so moving quickly really matters.
If you look in South Tampa at inventory, you see that good homes priced well move fast, while homes that have deficiencies sit on the market. Buyers are swooping in and picking out the gems particularly when it comes to waterfront and "good neighborhoods".
While we still hear about the gloom and doom of the shadow inventory, national debt and upside down mortgage; smart investors are snapping up deals.
Steve Armstrong, Realtor GRI Smith & Associates Real Estate http://www.UniqueTampaHomes.com
For example last year there were over 15,956 available homes in the Multiple Listing Service (MLS) where as currently 6,741. The funny part about this is that the news does not seem to have caught on that the trend in pricing and available properties is changing.
In today's market, they key goes back to the old adage--Location, Location, Location! Homes that are in good condition and reflect today's discounted market pricing are selling. What many buyers are finding is that those Short Sales and Foreclosure which are highly sought after have the most competition so moving quickly really matters.
If you look in South Tampa at inventory, you see that good homes priced well move fast, while homes that have deficiencies sit on the market. Buyers are swooping in and picking out the gems particularly when it comes to waterfront and "good neighborhoods".
While we still hear about the gloom and doom of the shadow inventory, national debt and upside down mortgage; smart investors are snapping up deals.
Steve Armstrong, Realtor GRI Smith & Associates Real Estate http://www.UniqueTampaHomes.com
Thursday, April 7, 2011
Fortune Magazine says Tampa #5 place to Buy Real Estate
As the news changes, so does our attitude toward real estate.
Here is a great article http://money.cnn.com/galleries/2011/news/1103/gallery.best_cities_for_buyers.fortune/5.html
2011 is ready to be an exciting year in real estate
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com
Here is a great article http://money.cnn.com/galleries/2011/news/1103/gallery.best_cities_for_buyers.fortune/5.html
2011 is ready to be an exciting year in real estate
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com
Tuesday, March 22, 2011
CNBC Realty Check Blog — Olick: Is Housing Really in Recovery? — CNBC.com Real Estate News - CNBC
With a quick spike in activity, all of a sudden once again we are feeling a quite spell. Oil prices and consumers waiting out the recovery may be a temporary stop.
One recent observation: Intown prices are rising and availability is shrinking....The suburbs are still quite slow. Once again the real estate rule of Location,Location, Location Holds True.
There are some great deals and good properties are selling.
Here is what CNBC commentary had to say.
CNBC Realty Check Blog — Olick: Is Housing Really in Recovery? — CNBC.com Real Estate News - CNBC
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders CoalitionSmith & Associates Real Estatehttp://www.UniqueTampaHomes.com
One recent observation: Intown prices are rising and availability is shrinking....The suburbs are still quite slow. Once again the real estate rule of Location,Location, Location Holds True.
There are some great deals and good properties are selling.
Here is what CNBC commentary had to say.
CNBC Realty Check Blog — Olick: Is Housing Really in Recovery? — CNBC.com Real Estate News - CNBC
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders CoalitionSmith & Associates Real Estatehttp://www.UniqueTampaHomes.com
Monday, January 31, 2011
Recession's grip on Bay area spelled out in census numbers
Well the stats still say we are challenged and activity has its spikes and valleys. With 2011 in the beginning stages, a jobs recovery could spell a great opportunity for Tampa Realestate
Recession's grip on Bay area spelled out in census numbers
Recession's grip on Bay area spelled out in census numbers
Saturday, January 22, 2011
Selling your property as a Short Sale
Many of us in this market come the realization that our home that we have spent time effort and money on is no longer worth in the market what we paid or invested. A " short sale" is a financial sale of a property where the sale price is less than the mortgage value and the owner is coming up "short" on being able to make the transaction work.
At times a difficult decision must address our ability to afford our home or our need to relocate for work. We have worked with many individuals making these painful decisions on what to do next. Here are a few pointers to get started:
Contact your Lender- It is important to document and disclose your challenges to the owner of your mortgage. Many times a lender will allow you to "modify" your original terms and conditions to keep you in the property If you are attempting to stay current on your obligation, many lenders look at this favorably.
Ask for a Short Sale Package- If you are convinced that you need or want to sell the property. As for a package which will outline the documentation and requirements will place on you to sell your home.
Don't fall Prey to "Short Sale Negotiators"- Always evaluate the "paid for" advice you are receiving and the cost associated with having someone perform the the short sale paperwork for you. There are qualified individuals as well as many dishonest individuals to look out for.
List the Property at a Market price- The lenders will not consider your short sale package until you have an offer in hand. Don't wait if you have started the short sale process, get your home on the market with the expectation that the process doesn't really start until you have accepted an offer. Additionally the final sales price will be based upon the lenders assessment of value by a third party evaluation.
Short Sale Contingency- Remember that the final sale of the property is contingent upon you accepting the terms and conditions that the lender has outlined. The bank's offer to you needs to be inline with what you are willing to accept. The Short Sale Addendum reserves your right to reject the deal based upon the lenders terms and condition.
Contact Caryn or Steve if you have question. we will be happy to discuss how we can help as well as point you the resources that can assist you. A fair experience honest approach to a short sale will make this process much less painful.
Steve Armstrong, Realtor GRI
http://www.uniquetampahomes.com/
At times a difficult decision must address our ability to afford our home or our need to relocate for work. We have worked with many individuals making these painful decisions on what to do next. Here are a few pointers to get started:
Contact your Lender- It is important to document and disclose your challenges to the owner of your mortgage. Many times a lender will allow you to "modify" your original terms and conditions to keep you in the property If you are attempting to stay current on your obligation, many lenders look at this favorably.
Ask for a Short Sale Package- If you are convinced that you need or want to sell the property. As for a package which will outline the documentation and requirements will place on you to sell your home.
Don't fall Prey to "Short Sale Negotiators"- Always evaluate the "paid for" advice you are receiving and the cost associated with having someone perform the the short sale paperwork for you. There are qualified individuals as well as many dishonest individuals to look out for.
List the Property at a Market price- The lenders will not consider your short sale package until you have an offer in hand. Don't wait if you have started the short sale process, get your home on the market with the expectation that the process doesn't really start until you have accepted an offer. Additionally the final sales price will be based upon the lenders assessment of value by a third party evaluation.
Short Sale Contingency- Remember that the final sale of the property is contingent upon you accepting the terms and conditions that the lender has outlined. The bank's offer to you needs to be inline with what you are willing to accept. The Short Sale Addendum reserves your right to reject the deal based upon the lenders terms and condition.
Contact Caryn or Steve if you have question. we will be happy to discuss how we can help as well as point you the resources that can assist you. A fair experience honest approach to a short sale will make this process much less painful.
Steve Armstrong, Realtor GRI
http://www.uniquetampahomes.com/
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