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Earlier this year Dave Ramsey, financial author and Radio Talk Show host, was on CNN Larry King Live touting what a great buy Tampa Bay housing is right now. He was on The CBS Morning Show this week again commenting on the real estate market from Nashville Tenn. He said “There is no longer a national real estate market. We are made up of local real estate markets which may be completely different.” He further said, "If I was in Tampa, Florida and I am a buyer this is a great time to buy!”
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
This is one of the most encouraging articles I've seen for a recovery this year. This also follows my personal opinion as a Real Estate Agent in Tampa, Fl. The trends we are seeing are a huge increase in buyer activity here in Tampa because the word is out "Now is the time to Buy" We are also noticingan increase of overseas investors interested in our Tampa Bay Real Estate Market, which tells me that the word is getting out on a global level.
With the housing market moribund, it's fitting that the man dubbed the Grave Dancer sees the long-awaited end to the slump. "I think (new home) starts have already pretty much bottomed out," said billionaire Sam Zell. "I think the housing market this spring will begin its recovery phase." Zell made the comments on Tuesday morning on CNBC.
Zell is calling the bottom of one of the worst housing slumps in decades. Standard & Poor's said Tuesday that home prices plummeted 8.9% during the fourth quarter from a year ago, the largest decline in the 20-year history of S&P's home price index.
When Zell speaks about real estate, it's worth listening. The 52nd richest American earned his moniker by buying run-down properties nobody wanted and then flipping them for a handsome profit. Last year, Zell sold his Equity Office Products, which owns 540 office buildings, to The Blackstone Group for $39 billion.
Office and retail property have faced headwinds over the past year, but the housing market is struggling against gale-force gusts. Supply is abundant after years of heavy building. Mortgage companies are restricting lending to potential buyers following the subprime meltdown. Toss in the daily parade of negative headlines and its no surprise many buyers are sticking to the sidelines.
Zell sees the market righting itself because slipping home prices throttled new construction. The U.S Department of Housing estimates that new home construction was down 33% this January from a year ago.
Many investors are agreeing with Zell's assessment that the bottom is near. They are rushing into homebuilders, which were battered throughout 2007, in anticipation of better times ahead. In the past three months, shares of D.R. Horton, Pulte Homes, and Lennar have each rallied at least 40%.
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
Just wanted to share with you some of the trends we are noticing right now in the Tampa Bay Real Estate market.
One, the buyers market is starting to pick up. You see all the ads, billboards saying NOW IS THE TIME TO BUY. That statement is true and here's why.
I've been working with 2 buyers and the usual amount of homes we see are six. In both cases, Two, of the the six are usually in a Short-Sale or Pre-Foreclosure status. Another two of the six are priced below what they paid if they purchased in the past 2 years. That's a total of 4 out of 6 properties that you can get a really good deal on.
People are selling their homes for various reasons now. Not because they want to "see what they can get. " Everyone already knows now is not the time to be a seller. Sellers and buyers are hearing that the market won't pick up until the end of 2008. Why wait? If a home is on the market it usually means they HAVE TO SELL. Whether it is because of a job relocation, divorce or they just can't afford to make the payment due to the increase in taxes and insurance the past 2 years.
Sellers have gotten in over their heads, and those who care about their credit would rather just take a loss, then risk foreclosure. The loss can be taken as a tax write off. People who make money need it anyway.
Sellers also receive a tax credit if they sold their home for less than what was owed; which is retroactive to 2007.
If you've been on the fence about buying a home in Tampa; and after reading this article you decide to start your search process, please contact us.
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
Thursday, Feb. 14, 2008 Ignore the Headlines By Dan Kadlec Correction Appended: February 19, 2008
Famed Money Manager is perhaps best known for his timeless wisdom that you can beat the pros by focusing on stocks of companies where you either work or shop or have some other edge. But a more relevant Lynchism today is this gem: Ignore the headlines.
That's no easy thing. How do you tune out all the chatter and ink on recession, housing, subprime woes, the credit crunch, rogue traders, insolvent bond insurers, $100 oil and nukes in Iran? It's enough to make you sit on your thumbs and wait before making any big moves. But what, exactly, are you waiting for?
There has rarely been a moment in history when you couldn't scare yourself into doing nothing. And yet, as Lynch observed nearly 20 years ago, "in spite of all the great and minor calamities that have occurred ... all the thousands of reasons that the world might be coming to an end--owning stocks has continued to be twice as rewarding as owning bonds."
A top reason to not buy stocks, in Lynch's view, is if you don't already own a home--in which case, that should be your first investment, since an owner-occupied home is nearly always profitable. Through a spokesman, Lynch reaffirmed these views to me--housing debacle and all.
When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger excel in the long run. As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets." And the streets are stained crimson.
Start with stocks. They have been pummeled this year. GDP braked sharply last quarter, and there has been plenty of panic about a recession. The Federal Reserve is slashing short-term interest rates at the fastest clip in decades. But if you stick to your steady, diversified plan while everyone else is retreating, you will be happy years from now.
For one thing, Fed rate cuts always lift the economy eventually, and the stock market typically starts responding just as headlines get gloomiest. Sure, the market could fall again before recovering. But the recession may be half over already--or we may avoid one altogether. You just never know.
As for housing, certainly some skepticism is in order. Formerly sizzling markets in Florida, Nevada, Arizona and California probably haven't seen the worst headlines just yet, though they may well be close. And "jumbo" mortgages, those more than $417,000, are likely to remain artificially high for a few more months while banks work through their credit issues.
But let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.
Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you'd have saved nothing.
Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you'd rather not be.
It's more complicated if you must sell before you can buy. But that logjam won't persist forever--and if it appears you'll be trapped for a few years, try to refinance at today's lower rates. Risks always seem most acute when the headlines give you ulcers. But that's exactly when you should think long term--and get off your thumbs.
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744 Rae Catanese and Michelle Jordan Realtors.
Tampa Palms Townhome I have been hesistant on posting articles related to foreclosures in the Tampa Bay area, however I found this article and thought it had enough info worth while. If you are looking to purchase foreclosures in the area check out these statistics. It may help you decide where the best places are to purchase your next property.
Foreclosures Skyrocket- from the Tampa Tribune
Carriage Pointe is just one example of what's playing out in hundreds of neighborhoods throughout Florida and the Bay area. The Sunshine State's foreclosure rate of one filing for every 248 households is second only to Nevada. In Hillsborough, Pasco and Pinellas counties, the number of foreclosure filings through September was 19,226, up nearly 131 percent compared with the same period last year, according to RealtyTrac, a California company that tracks foreclosures. That's up from 9,476 in 2005, the first year the company began its reporting.
Just last month, there were 4,365 filings in the three counties, and lenders took the keys back from 502 homeowners, RealtyTrac said. The Tampa Tribune set out to find pockets of the Bay area that are feeling the foreclosure pinch more than others. The Tribune interviewed experts and homeowners, and analyzed public records and data provided by RealtyTrac and ForeclosuresDaily.com, a local company that sends researchers to courthouses daily. The data show no neighborhood or price range is immune. Those in default are a mix of investors and people who bought primary residences. Neighborhoods with clusters of foreclosures were typically popular with speculators who purchased multiple homes. Many bought beyond their means with adjustable-rate and interest-only mortgages that fueled the 2005 real estate boom in Florida. The idea was to sell or refinance before the low teaser rate went up. Now that the real estate market has slowed, that's no longer an option for many. Homes are sitting on the market for months, and prices are dropping. The Bay area real estate market is expected to stabilize over the next two years, but experts say the neighborhoods where foreclosure rates are highest could suffer much longer. "Those neighborhoods will have sharper drops in prices because you'll see more aggressive pricing to move homes," said Mike Larson, a real estate analyst with Weiss Research in Jupiter. "And when there are a lot of renters, prices could drop because renters don't typically take as good of care of the home as homeowners do." RealtyTrac's data show the ZIP codes with the most foreclosure activity were in Port Richey, New Port Richey, Wesley Chapel and Riverview. The areas tended to be more densely populated and, in most cases, had intense residential growth. But out of 145 ZIP codes in Hillsborough, Pasco and Pinellas counties, the one for Port Richey in Pasco topped the list with 716 filings, RealtyTrac data show. As retirees have moved out in recent years, first-time homeowners have moved in, often using nontraditional financing. The area also was a hot spot among investors looking for rental property. In Pasco, foreclosures in New Port Richey and Wesley Chapel, where hundreds of new homes were built during the boom, have risen dramatically in the past year, too.
In Hillsborough, ZIP codes with new subdivisions were hardest hit. The Riverview ZIP code had 573 filings, more than any other in the county. But it was followed closely by an area north of Ybor City and the Sulphur Springs area in Tampa, which had 528 and 538 filings, respectively. Hillsborough and Pasco had ZIP codes with the highest total foreclosures, but Pinellas also has been susceptible. Some areas, such as neighborhoods in south St. Petersburg, have had a lot of foreclosures because of high investor activity.
Hello, This was on Forbes.com today and thought it was a very encouraging article for the Tampa area.
Towers of Channelside
Home sales have sunk to their lowest levels since 2001. Investors are jumping ship, foreclosures are mounting and lenders are exercising caution. Still, there are areas of the county where it makes sense for some to buy. That's because, in a market slump, sellers eager to unload their homes often accept less money from buyers. New construction also slows. Both bode well for those hoping to score a deal--if the market in which they are buying is expected to experience increased sales.
To find such places, we paired with Moody's Economy.com to research current home sales patterns and sales projections in the country's 40 biggest real estate markets. Based on models that estimated 2008 housing inventory, sales rates and turnover, we arrived at a list of markets that are experiencing price stalls or declines, but where over the coming year are expected to provide deals for buyers.
Tampa and Miami--are expecting to see significant pickups in sales activity, according to Moody's, and therefore become better buyers' markets because of a relatively lower risk. But economists caution that while over the next year the dust may settle in these 10 spots, buyers should be prepared for future swings. This is especially true in the case of riskier markets like Orlando and Las Vegas, where the expected increase in sales volume and housing turnover doesn't necessarily mean that the price trough is imminent.
"Housing market activity revives when house prices decline sufficiently to restore housing affordability and entice buyers to step up and make a purchase," says Mark Zandi, chief economist at Moody's Economy.com. "Some markets are already approaching those price points, in many others prices will have to decline much more to get to that point."
Your question- Why are appraisers looking at listings-When they are talking about listings - this means you can buy the same model or unit in the same area or building for a price that is equal to the appraised value of the subject property-- this needs more detail
In an open market a house will only sell for as high as its demand price this is true for an appraisal too example
Condo for sale - 3 bed 2 bath built in 2004 and is 2000 sqft on the 7th floor is listed for 300K
the subject is the same model on the 3rd floor it will appraise at 300k or likely less- because of the lower floor (Question does the buyer know about the condo on the 7th floor- probably not) Does this transaction have well informed buyers and sellers? if it is a condo it does not........this is why we are having problems in our Fl condo market with appraisals - Realtors are not showing buyers all the units for sale in the building but appraisers see all of them
From a buyers/consumers point of view why would I pay more for a home that is exactly the same as a listing with a lower price - you wouldn't
Listing are driving the market price....... 2 years ago properties were increasing in value- people were overpaying and there were bidding wars for homes ...... the appraisals were going up beyond the list price so the sold comps were driving the market......... life was good
now you have 10 sales/comps all the same house no differences -same area sales/comps 310K sold in June 308K sold in June 306K sold in July 306K sold in July 305K sold in July 305K sold in Aug 305K sold in Sept 302K sold in Sept 301K sold in Aug 300K sold in Sept
15 listings same model between 310 to 295 and they are going to sell below the list price in a buyers market, but the 295 will sell first
this is the type of DATA appraiser are looking at
2 years ago you would appraise the house 307K to 310K prices were stable or going up Now if you can buy the same home for 295 why would you not
An appraiser brings this appraisal in at 303K because of the last couple months sales/comps HMC asks why is the not worth 310K appraisers are looking at listings and next month it could be apprised at 300K....... remember the 295 Listing
This is the start of a declining market 310K to 300K is only a 3 % adjustment over 3 months (not a big deal just an adjustment period) but IF this is continuing to happen for each quarter and you will have a declining market
Appraiser has to consider what a buyer would pay for this home in an open market with well informed buyers and sellers thus listings must be looked at in today's market
this was long but there is no easy way to explain this
Tampa Bay Business Journal - August 17, 2007 by Michael Hinman Staff Writer More than half of the homeowners in the Tampa Bay region feel that this is as good a time as any to buy a new home, but getting them to buy is a different story. Sales for existing homes continue to decline as much as 35 percent in the area while median prices are dropping just 6 percent according to the Florida Association of Realtors. However, a new survey from Attorney's Title Insurance Fund says many potential buyers are waiting to see how the currently volatile market will play out.
"I've had a couple of people tell me that they are going to wait to see what happens next year," said Rae Catanese, a Real Estate Agent with Prudential Tropical Realty in South Tampa. "With as many homes that are on the market right now, I think there has just been too much bad publicity lately about the market and people are scared of the unknown."
Harris Interactive conducted the housing survey on behalf of the Insurance Fund in June, asking more than 1,400 homeowners in Florida their thoughts on the current housing market.
Some 49 percent in the Tampa area said right now is a good time to buy a house or condominium compared to 42 percent last year. However, just 25 percent of those respondents said they intend to buy a home themselves in the next two years.
A January report by the Greater Tampa Association of Realtors said available inventory in the area had doubled since the beginning of 2006 and that an increased inventory played into lower prices.
Buyers waiting for larger drops may be missing an opportunity. Lawrence Yun, a senior economist with the National Association of Realtors, said new construction has been drastically reduced, causing existing home median prices to actually rise nearly 2 percent nationwide by early next year.
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With prices in many areas at a low ebb like the Tampa Real Estate Market, it might make good financial sense for Baby Boomers to buy their retirement homes now, even if they're still years away from actually moving.
They can find renters who will pay the bills until they're ready to live there.
Here’s some advice for people who are considering this strategy: Shop carefully. It's best to buy a home that can be rented for a rate that, after tax considerations, will cover the mortgage, real estate taxes, and insurance.
Study up on housing trends. Ask the local or state planning department for demographic and economic data. The information can reveal facts that will influence whether or not to buy. For example, big companies going out of business or military base closings can be bad news.
Don’t forget maintenance. Consider who’ll take care of the house in the owner’s absence. Property managers charge 6 percent to 15 percent of the monthly rent. Family members may be willing to do the job for free, but they could be ill equipped to do the job if the don't have any experience.
Consider financing. Boomers with sufficient equity in their current homes can tap it to either buy their retirement home outright or secure a much lower mortgage rate compared with a loan at the rate often offered to buyers of investment property.
Source: The Washington Post, Belly L. Kass, Esq. (08/11/07)
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Home Prices Expected to Recover in 2008 As Inventories Decline Says NAR Wednesday, July 11, 2007 -
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.
This should help the overall inventory level to move steadily into a more balanced state.”
Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800.
The median new-home price should rise 2.2 percent to $222,700 next year following a 2.6 percent drop in 2007 to $240,100.“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said. “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.”
Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.
Originator Times, a BEXT Inc. publication http://originatortimes.com/ Copyright 2006 BEXT Inc. All Rights Reserved
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The past few years home buyers were coming out of the wood work looking to purchase. Mostly first time home buyers. What has really changed? Interest rates are now the lowest they've been all year, there is inventory galore, sellers are eager................. So what is stopping people from buying?
Fear. Fear that things may get even better? My opinion is that things are pretty darn good now. Waiting may or may not be a good option for people. Once everyone figures out that now is the time to buy everything will change once again. They say it's either a buyer's market or a seller's market, not both.
Here are Four Great Reasons To Buy
If you've ever thought about buying a home, but decided that it was too big a financial gamble, think again. It's possible you haven't considered the risk of not buying a home. For the majority of working people, home ownership is the single most reliable way to achieve financial security. Without it, you may find it almost impossible to gain access to the kind of capital you'll need to support yourself in your old age, pay for your children's education or start a new business.
Since the 90's, overall housing prices have remained stable, though in some areas of the country they have fallen by as much as 25 to 30 percent, and mortgage interest rates have dropped dramatically. But, like many people, you may continue to think of home ownership as something beyond your reach. Here's why that thinking could be a big mistake.
1. You may wait a long time to see rates this good again. Suzanne recently saw a house selling for $125,000. She has $20,000 in savings to use as a down payment; $105,000 30 year mortgage at 6% would cost her $629.50 a month, and she may have another $160 a month in real estate taxes and insurance, for a total of $789.50.Suzanne is hesitating: $ 789.50 feels like a stretch for her now, since she is paying only $650 for her rental. But if she waits, and prices and mortgage rates rebound to the levels of five years ago, the exact same home might cost her $150,000, and she could be paying an 8 percent interest rate. The bottom line: she would be stuck with mortgage and tax/insurance payments of $1113.90- almost twice her current rent for exactly the same home.
2. Renting deprives you of big tax breaks. Home ownership is one of the last remaining tax shelters. In the example above, Suzanne would be able to deduct about $9,000 in mortgage interest and real estate taxes on her annual tax return. She earns $30,000 a year, which puts her in the combined 31% federal and state tax bracket. Therefore, her tax savings could come to about $2,900 a year or almost an additional $250 in take - home pay each month. If she rents, she'll get no tax breaks whatsoever.
3. You need to start small to trade up. You may feel that there will be plenty of time to get into the housing market when you feel financially secure. The problem is, you'll probably need the profit you'll make by selling your "starter" house to be able to afford the one that you'll want in the future. In the last 6 years, the median price of a single-family home rose an average of nearly 8% a year, according to the National Association of Realtors.
4. Your future is going to be expensive. Financial experts generally suggest that to retire, you'll need to build up enough in savings and investments to generate yearly income of 70 % of your pre-retirement income. That's a tall order- and a reason to start amassing some serious capital soon.
Most importantly, a good Realtor can show you properties in your price range making your search almost effortless. Realtors who are "Buyer's Agents" get compensation buy the selling agent, therefore it cost the buyer nothing for having representation.
If you are a thinking of purchasing a home and would like to be referred to an agent in your area you can go to www.tampabaydwellings.com
You will be asked for some basic information regarding your home search preferences. A qualified agent will then be assigned to work with you to determine what your options are.
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Tampa Bay having a growing economy and great climate, is really a wondrous haven to live in. Money magazine predicted that Tampa Bay real estate market will be one of the toughest in the US in the next years to come. Even Fiserv Lending Solutions has the same prediction; in the recent survey it actually forecast a 2.8% growth in the housing prices in the Tampa Bay real estate market in 2006. Florida is jumping with the rise of real estate property prices. The increasing demand of the real estate properties that are most remarkable are its residential and commercial real estate markets. There are array of reasons why the homes are being bought. Holiday makers like the European and American, actually finds Florida as the greatest summer holiday site. So usually heaps of people gather to the place every summer. Florida has a lot of attractions to offer and a lot of it is in Tampa Bay, that’s why masses of visitors and tourists are fond of visiting the place. Because of the speeding growth of Tampa, Super Bowl will come here in 2009, which is actually the fourth Super Bowl held in Tampa. This has verified to have dramatic effect on Tampa’s success. Since Florida and Tampa in particular has gained a growing economy, it now becomes a good place for business and employment. Florida was ranked as the second best locations in the US for those who started a businesses. A lot of companies are being offered a corresponding grant program that has produced over $120 million in applied research, that’s why greater numbers of companies are relocating their businesses in Tampa. About 200 companies now are enjoying the benefits of the offer. In comparison with the other parts of the US, Tampa Bay real estate market enjoying the benefits of having more flattering property taxes. There are no state income taxes and have more reasonably car insurance rates in Tampa Bay and at the rest of Florida. The Tampa Bay area even offers the greatest mode of travel to work. And at the recent years, the education system has been improving. Tampa Bay is not only for those who wanted to have a second house, or for those who wanted to just enjoy the view of the beauty of Tampa Bay, or for those who wanted to increase their rental market but also for those who wanted to start up their lives or those who are in search for their retirement homes. To sum up, Tampa Bay is an area for repositioning, investment, a second home; it is indeed one of the most striking places in the US. And will still be for the other years to come… Tampa Bay real estate market’s future is brighter and shinier. Tampa Bay is certainly to be a tough real estate market, as long as it will remain the alluring opportunities that it has to offer.
“Good moves are anticipatory. That's why when things look great you sell; when things look horrible you buy.”
Elaine Garzarelli (1951) U.S. president and C.E.O. of Garzarelli Investment Management
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