It is hard to believe that I have not posted to here in a while.
As you read the news you will see some great trends in real estate sales specifically in the 200K to 400K range where homes are selling!!!!
why is this? I would say the $8000 tax credit is driving first time home buyers into the market and the deals are amazing.
It is harder and harder to find a short sale or foreclosure property on something that is a good property. Jump in now!
Steve Armstrong, Realtor
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com
Monday, August 17, 2009
Friday, February 27, 2009
Tampa Bay 2002 Home Prices and a Tax Credit of $8,000
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
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 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
Monday, January 26, 2009
Homes Sales up in Tampa 2008 over 2007
Well the end of the world has not yet hit us and since we led the nation into the foreclosure/credit crisis, there appears to be many people taking advantage of the deals in Tampa Bay.
As the news gets updated you are going to see some interesting trends:
* Home buyers picking up short sale and foreclosed properties as investments and as homes
* Less available choices for homes as less people list their house unless they have to.
* People realizing that interest rates cant stay this low for long based upon how the federal government is subsidizing our economy.
*Condo towers converting to rentals absorbing a lot of inventory...examples in downtown Tampa--Element, The Place, Grand Central which amounts to over 700 Condos off the market in one year.
Accelerating trends like you see in the news are just the beginning of this:
Then nationwide this: http://www.cnbc.com/id/28854489
Of course the national economy is the big question and how our new government handles it. 2009 could be an interesting year in real estate....is it the bottom of the market or just a temporary stop?
As the news gets updated you are going to see some interesting trends:
* Home buyers picking up short sale and foreclosed properties as investments and as homes
* Less available choices for homes as less people list their house unless they have to.
* People realizing that interest rates cant stay this low for long based upon how the federal government is subsidizing our economy.
*Condo towers converting to rentals absorbing a lot of inventory...examples in downtown Tampa--Element, The Place, Grand Central which amounts to over 700 Condos off the market in one year.
Accelerating trends like you see in the news are just the beginning of this:
Then nationwide this: http://www.cnbc.com/id/28854489
Of course the national economy is the big question and how our new government handles it. 2009 could be an interesting year in real estate....is it the bottom of the market or just a temporary stop?
Tuesday, January 20, 2009
The Short Sale Process reviewed
I continue to get more questions about how Short Sales work. I am participating in the Short Sale process on both sides of the transaction. I am working with buyers interested in a good deal and sellers needing to get out of a property.
There are 2 key steps for a seller in getting their home listed as a short sale:
Approval to Market Home as a short sale
The bank must agree that they will entertain a short sale offer on a property based upon the seller submitting the information about their financial situation, property information, and a hardship letter.
Approving an offer on a short sale
Subsequent to the approval to market the home as a short sale, the seller can then call the listing a short sale and apply a price to the property. The bank does not review the short sale price unless and until an offer comes in. At this time the bank does either a BPO (Broker Price Opinion) or an appraisal.
Once the bank has created a value to the home, the listing agent can advertise a short sale as an "Approved Short Sale". A bank reserves the right to keep offers coming in while the property is being marketed to ensure they maximize the value and reduce their losses.
Remember there is still an outstanding issue of a deficiency notice where the seller may still be responsible for the loss on the property. The seller may need to be prepared to negotiate with the bank once the offer comes in.
Many times the paperwork does not move quickly in a short sale but that is more bank specific. Generally plan on 3 to 6 months to get a short sale sold.
There are 2 key steps for a seller in getting their home listed as a short sale:
Approval to Market Home as a short sale
The bank must agree that they will entertain a short sale offer on a property based upon the seller submitting the information about their financial situation, property information, and a hardship letter.
Approving an offer on a short sale
Subsequent to the approval to market the home as a short sale, the seller can then call the listing a short sale and apply a price to the property. The bank does not review the short sale price unless and until an offer comes in. At this time the bank does either a BPO (Broker Price Opinion) or an appraisal.
Once the bank has created a value to the home, the listing agent can advertise a short sale as an "Approved Short Sale". A bank reserves the right to keep offers coming in while the property is being marketed to ensure they maximize the value and reduce their losses.
Remember there is still an outstanding issue of a deficiency notice where the seller may still be responsible for the loss on the property. The seller may need to be prepared to negotiate with the bank once the offer comes in.
Many times the paperwork does not move quickly in a short sale but that is more bank specific. Generally plan on 3 to 6 months to get a short sale sold.
Sunday, January 18, 2009
Super Bowl XLIII...The Next Big Tampa Open House
I have been asked a lot lately whether the Super Bowl will have any impact on the real estate market in the Tampa area this year.
MY ANSWER IS
YES!!!
Lets look at the basics:
MY ANSWER IS
YES!!!
Lets look at the basics:
- International TV coverage in 223 countries and territories and 30 languages !
- Over 100,000 people coming to play in our great cities!
- An economic impact regionally of $300 million.
- Cheap prices and real estate deals in Tampa Bay!!!
- Events all around the area ranging from beach activities to some great parties in downtown Tampa, Channelside, YBOR city.
- Money being spent in the Tampa Bay area to help our economy overall
- People in a good mood with money to spend and leisure time
Also think about this: 13the worst for foreclosure real estate market according to RealtyTrac. Talk about deals to buy. Be ready for this great event!
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