Tampa Condo Blog- Tampa, Florida

Is now the time to buy a condo?

Realtor ranks likely to drop in soft market

Real Estate Market Sales Drop-Tampa, Fl

Real estate sales continue to diminish
Tampa Bay Business Journal - August 15, 2006

Sales of single-family existing homes dropped during the second quarter, according to the Florida Association of Realtors.

Statewide, sales dropped 27 percent, to 53,161, compared with the same period last year. In Tampa Bay, there were 10,187 sales, 31 percent fewer than last year's 14,768.

"Sales of existing single-family homes in Florida behaved like much of the U.S. in the 2006 second quarter, with the declining strength of the domestic economy continuing to act like a stiff wind in the face of the existing real estate market," David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida, said in a release.

The statewide existing-home median sales price rose 9 percent to $254,800 in the second quarter; a year ago, it was $234,500. Tampa Bay's median price rose 21 percent to $232,200 from last year's $191,700.

This environment is likely to endure across the remaining months of 2006 owing to several factors, Scott said, including the declining rate of growth in the real gross domestic product, a tepid increase in the number of jobs being created over the past three months, rising conventional mortgage rates and a rising inventory of homes for sale. He said the rising costs of gasoline and energy are starting to strain many household budgets while wages are just barely keeping up with the recent price inflation of about 3.6 percent a year.

The latest economic outlook from the National Association of Realtors notes that the housing market is in the process of stabilizing with little change in overall sales volume expected over the balance of the year. Analysts report that the level of activity remains high historically and 2006 is expected to be the third best year for existing home sales. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed- rate mortgage averaged 6.6 percent in first quarter 2006; last year, it was 6.24 percent.

The Florida Association of Realtors provides programs, services, continuing education, research and legislative representation to its nearly 155,000 members in 68 boards/associations.

To view property listings anywhere in the Tampa Bay Area visit:
www.TampaBayDwellings.com

Buying New Construction versus Resale-Tampa, FL

Real Estate Contracts- Tampa, Florida

When is a contract ratified and binding? When both the buyer and seller have signed and initialed off on changes. There may be a loop hole if you aren't careful. If the expiration date for an offer of acceptance has passed then the contract becomes unenforceable.

For example, an offer on a home is received and the buyer gives the seller until 5pm to respond. The sellers make changes, initial the changes and sign the dotted line. The seller would then put an expiration for their counter offer to the buyer, let's say 5pm the next day. The buyer doesn't get the initialed changes back to the seller until after 5pm. Technically, there is no obligation for the seller to go through with the offer because the offer expired.

It can also work in the reverse. The buyer's offer expires and the seller's think they have a contract because they signed it and sent it back. Even if the seller didn't make any changes to the contract if they didn't get it back to the buyer within the time specified on the contract there is no deal.

Why would this become an issue? What if the seller gets a better offer, or the buyer finds another home they like better? Both parties can miss out on opportunities.

When it comes to contracts and selling a home let the professionals handle the details. A qualified Realtor would know when a contract is binding and what the stipulations may be. Too many times there have been cases where the moving truck is coming, arrangements have been made to purchase another home or rent, and the buyer finds a way to back out of a deal at the last minute.

How to Avoid New Construction Nightmares-Tampa, Fl

Avoid New Construction Nightmares, Tampa Fl

Selling your home 2008-Tampa, Fl

What are you doing differently now to sell homes than you were a year ago? Here are some posts from local Realtors.

"We are lowering prices, raising commissions and staging vacant homes. In some segments of real estate, there is 800 percent more inventory than there was a year ago.

"It is said that we have the same amount of buyers as last year, and even so, only one out of eight homes will sell this summer. We are advising sellers to make their homes as most attractive as they can, not only physically, but priced attractively as well."

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"A year ago, we were in a seller's market. Now we are in a buyer's market. We are advertising more, marketing ourselves more, showing buyers more property because there is more to choose from. Buyers are now more selective.

"We are also educating more sellers and teaching them how to price realistically. A year ago, everything sold no matter what condition, but that is not the case this year. We have to teach more curb appeal now and price more in accordance with the market."

"A year ago, we didn't have a chance to negotiate with buyers and sellers.

"We have to educate buyers and sellers on price and interest rates.

"The real estate market has cooled down and changed. We have 18,000 homes this year on the market as opposed to the 3,200 we had last year.

"Buyers were trying to buy homes faster last year, the demand was high and the supply was low. But this year, that is not the case."

For more tips on home buying and selling visit:
TampaBayDwellings.com

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TAMPA REAL ESTATE......... DO BUYERS WANT TO BUY? TAMPA, FL

SELLING A HOME...............BUT DO BUYERS WANT TO BUY? TAMPA, FL

It seems as though the whole Real Estate industry is at a stand still. At least in Tampa, FL where for the past 4 years we have seen a big boom.So what happens when sellers want to sell their home and the buyers aren't BUYING? The answer is NOTHING until something changes.

With interest rates higher than the past few years and insurance rates doubling and tripling in some areas my guess is the prices will have to come down. We are seeing insurance at 3,500 per year for an average 1,500 sf home in Seminole Heights. Add that on to your monthly payment and what you can afford will come down by nearly $300 per month. Stephanie D'attoma, with SunTrust Bank, figured that on a regular 30 year fixed loan, that the extra $300 per month would equate to approximately $46,300 less that a buyer can spend. Likewise, an interest only loan would be equal to approximately $52,500, which is what most home buyers are doing.

Many sellers many not want to hear that they may not be able to get the highest price as their neighbor who sold last year at this same time. Looking back on the past few years one could say it was a feeding frenzy to get a buyer's offer accepted. Once you submitted an offer there was always that intense waiting period when the buyer would want to know if another offer came in behind theirs and beat them out. I would always say to my clients, "if you really want this home your offer has to be very aggressive". I had one client last year offer 10K above the asking price because he really wanted the home.Fast forward 1 year, and I cannot say those same words to my clients looking to buy. In fact, buyers have become a hot commodity in this section of the State.

When my Real Estate partner, Michelle Jordan and myself attending the Greater Tampa Realtor Association Meeting a couple weeks ago, we heard that GTAR was expecting a 25% decrease in membership in the next year! Our guess is because of the lack of buyers in the market. Sellers are being told to expect for their home to be on the market 6-8 months, instead of the abnormally quick 2-3 month listing period last year.

What to do if you are a Buyer?If you are a buyer and are considering purchasing a property have a Realtor search properties that have been on the market at least 90 days. There's a pretty good chance that the seller is getting tired of waiting for a buyer and may be more motivated to sell.

If you are searching on-line, you don't have a way of knowing how long that particular home or condo has been on the market. A Real Estate Salesperson can give you that information. We can also tell you if the home had been previously listed and taken off the market. Why would someone want to know that? A property that has been listed since October of last year, had 3 price changes before listing with a new Realtor. Chances are that the sellers are very motivated and a lower offer with no Contingencies may get accepted.

Make sure you are pre-qualified with a lender and get a "good-faith estimate" This will detail your closing costs, estimated taxes, insurance and your monthly payment. This should be a free service that lenders provide. Ask your Realtor to look at the estimate to make sure it is a realistic amount for Home Owner's Insurance and Taxes. We are seeing buyers become unqualified because their lender didn't estimate the correct amount and the whole deal falls apart, sometimes at the last minute.

Sellers, hire an experienced Real Estate Agent.If you are selling your home make sure the Realtor you choose is doing the appropriate marketing for your property.

Do they have a website?How many websites will your property be submitted to? There's always Realtor.com that once a property is listed in the MLS it also goes on Realtor.com.
Does your Realtor pay for extra pictures on Realtor.com, or is there just one picture?
What do the pictures look like? With so many homes on the market your home should stand out with professional looking high quality images.Has your Realtor suggested de-cluttering your home? This will make a big difference on how the home presents itself.

Ask for feedback on showings at least one time a week. This will help you determine why your house isn't selling.Price the home competitively.Take a preview of other homes for sale in your neighborhood. How does yours compare?Is there new construction in your area? If so, what are they selling for? Expect to be priced less than a brand new home.

Rae Catanese, a Realtor who specializes in the Tampa Bay Area, can be reached at Prudential Tropical Realty- South Tampa at 813-784-7744or on-line at: http://www.tampabaydwellings.com/