Celebrate Miracle Jeans Day with me!

 

I will be participating in Miracle Jeans Day with my associates at RE/MAX South Shore.  We are a "Miracle Office" where a portion of EVERY transaction gets donated to the Children's Miracle Network!  This year, Miracle Jeqans Day is Wednesday, September 12th.  Dress casual for kids and please donate to the cause by visiting miraclejeansday.com in support!  Thank you!

This week's Interest Rates.... Up for 4th week!

Interest rates have risen for the 4th week in a row.  Although they are still at historic lows, each increase means higher payments or less house one is able to afford.  Couple that with low inventory, it has become difficult to find good housing at this time.  Click on the link below for the complete article.

Interest Rates Rise 4th Week In a Row!

Riverview, Florida makes the "Best Place To Live" list!

Riverview, FL a pretty nice place to live!

I knew when I moved here that Riverview, Florida was a nice place to live.  Now, the world will know it, too!  Should you or anyone you know want to experience Riverview, have them contact me!  I would love to show the Riverview area to folks and let them see for themselves why I love to call this place..... HOME!

Click on the above link for the complete list and article.

Lower Inventory Means Higher Home Prices!

With inventory being as low as it is, comparable to 2005 levels, the price point for average sale's price is moving higher.  Multiple offers are causing foreclosures and short sales to not be as good a deal as they once were, because of increased bids.   Closing cost assistance is drying up and low ball offers are just declined and not countered.   Click on photo to enlarge.

Tampa Bay Housing Inventory Down!

We've been telling you for months that the housing inventory has been declining!  We are seeing multiple offers on all properties that are priced appropriately in the market, including foreclosures, short sales
and there are folks who are "settling" for properties because the perfect ones are not available.

Click on the link below to see the complete article:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=277097

In foreclosure in 2009 or 2010?

"Were you in Foreclosure in 2009 or 2010?"
Have you been involved in a foreclosure? Even if your foreclosure has already been
completed, there may be an opportunity to have your loan file reviewed. If the review
finds errors in how your foreclosure was handled, you may be eligible to receive
compensation.
Click here for PSA: In foreclosure in 2009 or 2010?

Multiple Offers on Properties Becoming Common!

Get Ready For Multiple Offers!

We are seeing this happen more and more and in some communities, a couple thousand over is not going to be enough.  Many of the short sales are experienceing multiple offers and homes priced appropriately in the regular market are also getting some pretty good action in the offer department.  Why?  We are now below 4 months supply of inventory and 38% of that figure is still short sales and distressed properties.  Plain and simple there is not a lot to choose from, so you better be ready!  Click on the title above and it will take you to the complete article.

Prices Are Rebounding in Tampa Bay!

Listen to your Realtor!  They are in the trenches every day and understand the market like no other.  Your Tampa Bay Realtor knows that inventory is VERY low in all categories and that multiple offers on most homes is common these days and that the short sale/distressed properties as a percentage of the market has been shrinking and that prices have been starting to creep upwards!  Don't delay.  There still are some good deals to be had!

You Could Lose a Property With Lowball Offer!

The days of low ball offers are dwindling in the Tampa Bay marketplace.  If you are a serious buyer, you will already know that inventory is quite low and that multiple offers are being placed on what inventory is out there, especially if a property is appropriately priced to begin with.  Click on the title for the complete artilce.
       

Inventory Nearing "Boom Period" Lows!

If you account for about 40% short sales/foreclosures still remaining in the market, this brings the "traditional" single family home inventory to around 4881 units, which is nearing the "boom" inventory.  This could be the summer one could miss out on the best deals if a decision to purchase is delayed.  Coupled with record low interest rates, the time is really NOW!  Let me know how I may assist!

Expecting Addition to Family?

Come talk to me about your real estate needs, whether you are needing to upsize, downsize, purchase your first home or perhaps your last!  Click on the link above to see the latest RE/MAX commercial to hit the airwaves.  I'd love to help!

Reminder: 3.8% tax is not a transfer tax on real estate

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=271865

Click on the above link for the complete article.  Within the article is a link to the brochure put out by the National Association of Realtors with the most accurate information on this.  Please take the time to review and understand, so you don't readily accept the rumors out there regarding a transfer tax on all real estate in 2013.

Short Sales May Get Taxed in 2013!

The IRS may begin taxing the short sale deficit in 2013. The current program expires at the end of this year. Click on the title to read the complete story! You may wish to start your short sale now, to avoid.

Wow! Interest Rates Below 4%!

Just when you think rates cannot get any better, here you go folks! Rates have fallen below 4%. If you are able, now is a perfect time to refinance or search for that next great home! Click on the title for the complete article.

Rates just above 4.5%!!

If you are looking for that first home, there is no better time than right now to purchase. These interest rates are CRAZY LOW!!! Take advantage of the market. The market is improving and non short sale properties are much harder to find these days and even with those distressed properties in inventory there is only about a 6 month supply of homes available. (About 2 months supply of non-distressed properties which was about the same amount during the boom period!!) Distressed properties are keeping those great "traditional sale" homes at bargain prices..... but for how much longer? Interest rates are poised to go up as well. Click on the title for the complete article.

The Single Buyer!

More singles are entering into the market! Properties make a great investment and could be turned into rental property should marital status change. Click on the title for the complete article!

First-time Buyers Prepare for Best Market in Recent History

Click on the title to get the complete article and tips on preparing to purchase your first home. This is a GREAT buyers' market and I can help you make the best deal possible!

Existing Home Sales Trend Upward

We're getting there, people... slowly but surely. Still a lot more mess to get through, but progress is being made. Rates continue to be at historic lows and there are many bargains out there. If you are able to purchase, now is a great time to do so. Click on the title for the complete article.

15 yr. rate below 4% and 30 yr. still below 5%!

The signs are still there that this is a great time to purchase that home! With rates this low, it makes sense! Click on the title for the complete article! There are a lot of options out there. Let me know how I may assist you in your next purchase.

Interest Rates Creep Upward!

Interest rates have moved up slightly this past week. Click on the title for the complete article.

Rates drop under 5%!

Rates took a dip, under 5% this week. Click on the title for the full article. Prices are low and rates are low.... Perfect combination to purchase!

Welcome to the Strawberry Festival!

The Florida Strawberry Festival kicks off today! Weather is absolutely GORGEOUS, so head on over to Plant City for your festival food and all the strawberry shortcake you can handle! Click on the title for the Florida Strawberry Festival website for all of the details and the entertainment that will also be performing.... Enjoy the festival!

Interest Rates Now Above 5%

The historically low interest rates continue, however, have now gone above the 5% mark. Each increase means less buying power for those looking to purchase a home. Contact your lender today to see how much buying power you have! Click on the title for the complete article.

Florida State Fair Begins Today!

The Florida State Fair gets underway today and there are quite a few "interesting" food items this year! Click on the title and get the whole scoop! Enjoy the Fair!

Once Again, Interest Rates Rise!

While still under 5%, interest rates rose this week. These are historically low rates and will not last forever. Click on the title for the complete article, then contact your lender to see what you qualify for in a home.

Florida Real Estate Market Perking Up!

According to a University of Florida real estate survey, things are looking up! If you've been thinking about getting into the market, now may be that time to do so! Click on the title for the complete article, then contact me to find your new home!

Military Tax Credit Expiring Soon!

The tax credit for qualifying military personnel is expiring soon. Click on the title for the details. Must be under contract by April 30th and close by June 30th!

Mortgage rates Inch Up!

Rates went up this week by a small percentage. Should the rates continue to rise, your buying power decreases! Click on the title for the complete article. The time to purchase that home in NOW!

Pending Sales On Upward Trend!

Yet another signal now is the time to buy your home in the Tampa Bay area! Contact me for available properties! Click on headline for the rest of the article!

New Home Sales Jump!

Another bit of good news in the housing market here in the Tampa Bay area! I can help you with your new home purchase as well as with resale homes. Contact me for more information on homes in the area! Click on the title for the rest of the article!

Interest rates inch higher!

Interest rates are STILL at historical lows. Now is a GREAT time to purchase! Click on the headline to get the rest of the story!

Home sales up in December!

Everything is pointing in the right direction to get off the fence and purchase a home. Click on the title for the complete story, then contact me to purchase your next home!

Mortgage Rates Inch Lower

For the second week in a row, rates decreased slightly..... but how long will this last? Historically low interest rates make today a perfect day to purchase that home! Click on the title for the complete story!

Tampa Area in Top 10 Markets searched online!

Perhaps we are getting closer to recovery as three Florida markets are in the top 10 searched online. Tourism is picking up and more people are moving into Florida than relocating elsewhere. Now is a GREAT time to be purchasing that home in the Tampa Bay area!! Click on the title for the complete story!

First Time Homebuyer Credit Extension for Military and other Federal Employees

Perhaps it has been forgotten, but there are certain military personnel and other federal employees that qualify for the first time home buyer credit extension. Click on the title for the full article from the IRS.

Veterans Should Review Homebuying Benefits

It is always a good idea to review your benefits regarding home buying. There have been some changes recently that just might help. Click on the title to get the whole article from Military.com.

Mortgage Rates Rise for 5th Week!

Mortgage rates, while still at historic lows, rose for the 5th straight week. Click on headline for the complete article.

Florida Insurance Rates Continue to Rise

Click on title for the article.

Fewer Homeowners Underwater in 3rd Quarter

Still 45% of Florida homeowners are underwater, but had the largest decline. Click on headline for article.

Foreclosures taking longer!

BofA Sells off loans and Resumes Foreclosures

Florida's Existing Home, Condo Sales Rise in 4Q 2009!

NAR: 4Q existing-home sales surge in most states

ORLANDO, Fla., Feb. 11, 2010 – Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the fourth quarter rose 93 percent compared to the same time the previous year. This marks the fifth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The survey noted uncertainty over the tight credit market, foreclosures and the jobs outlook.

On the positive side, private investors – both foreign and domestic – are starting to “kick the tires” in many markets, said Timothy Becker, the center’s director. In addition, investor expectation for returns is starting to fall to more realistic levels, helping to close the spread between bidding and asking prices, he said.

“These developments bode well for the transaction market when quality properties start coming to the marketplace,” Becker added.

Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the fourth quarter compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $140,000 in the fourth quarter; a year earlier, it was $160,600 for a decrease of 13 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 16,255 units sold statewide for the quarter compared to 8,410 in 4Q 2008 for a 93 percent increase. The statewide existing-condo median sales price was $105,500 for the three-month period; in 4Q 2008, it was $136,600 for a decrease of 23 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.92 percent in 4Q 2009; one year earlier, it averaged 5.86 percent.

© 2010 Florida Realtors®

New Listing! South Bay Lakes

Lovely 1414sf 3/2/2 home in South Bay Lakes. No CDD fees, yet the community has a pool and playground for the residents. This home is sold in conjunction with the military HAP program and is listed at $105,000! Click on the title and it will take you to the listing for your review.

Military Sellers Reimbursed for Losses

WASHINGTON – Feb. 8, 2010 – Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department identified Florida as having the most home sellers who qualify for the program.

The Pentagon’s Housing Assistance Program now applies to:

• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed
• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative
• military personnel moving to a new base

Previously, applicants had to demonstrate that the closing of their base contributed to the decline of the area’s real estate market and a resulting loss in sales. That requirement has been waived under the expanded program.

As of Jan. 18, 2010, almost 4,000 eligible applicants for the expanded program have been identified and 429 claims have already been paid for a total $32.8 million, according to the Pentagon.

After Florida, the Defense Department says it also expects applications from California, Virginia and Georgia.

For more details about the program, including eligibility and limitations, download this PDF.
© 2010 Florida Realtors®

Tampa Bay Prices Unchanged, NOT Down!

Tampa, Florida
May 2009 Home Price Index
One-Month Change: 0.0%
One-Year Change From May 2008: -20.8%
Peak Month: July 2006
Source: S+P/Case-Shiller Home Price Index

Prices Rise for First Time Since 2006!

According to the latest S+P/Case-Shiller data, the 20-city index rose 0.5 percent from April to May, although it is still down 17.1 percent year over year from last May. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the index has now shown four consecutive months of improvement.

Pending Home Sales UP For Third Month!

WASHINGTON – June 2, 2009 – Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

“Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” says Lawrence Yun, NAR chief economist. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West, the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location.

“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans to buy down the interest rate or make a larger downpayment.”

NAR’s Housing Affordability Index (HAI) is in record territory. The index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. Tracking began in 1970.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.

“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” Yun says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Details of FHA's $8K Downpayment Advance

WASHINGTON – May 29, 2009 – The U.S. Department of Housing and Urban Development (HUD) released more details today about its program to help first-time homebuyers use a tax credit as part of a downpayment.

HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.

“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”

The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.

“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.

Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms. To read the complete overview in Mortgagee Letter 2009-15, go here.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Two Points!

The $8,000 first-time homebuyer tax credit has received a lot of attention lately, but it has also overshadowed another big reason to buy a home now: record-low interest rates.

In May, 30-year mortgage rates of 5 percent were widely available. That's down from January's already-low 5.8 percent, and two percentage points less than in August 2008.

How important is two points? On a $200,000 home, a buyer could save $257 per month ($3,084 per year) by buying now rather than last August. On a $200,000, 30-year fixed rate mortgage, the monthly payment difference is:

• 7 percent: $1,330 monthly (rates in August 2008)
• 6 percent: $1,199 monthly (rates in December 2008)
• 5 percent: $1,073 monthly (rates in May 2009)

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Home Sales UP!!!!!

Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to FAR - the third consecutive quarter for higher existing home sales. Statewide existing condo sales in the first quarter rose 19 percent compared to 1Q 2008. Nationally, NAR says sales of all housing types slipped in the first quarter.