Tampa Homes For Sale | Tampa Real Estate Listings and News

The Appraisal Institute says don’t blame the appraiser if your house isn’t worth what you thought it was.  The Tampa Real Estate market was hit hard with distressed sales leading to some homes not appraising.  Some say appraisers are at fault for producing opinion’s of value that don’t match the sales price or what Buyers and Sellers feel a home is truly worth. But, appraisers wouldn’t agree.

The purpose of an appraisal is to help lenders make a decision to finance, not reinforce a listing or sale price.  A sales price may not be a correct representation of a home’s actual market value. Appraisers are third party experts that are sent by lenders to produce an unbiased opinion of price.

Unfortunately, with the depressed market many homes simply aren’t worth in today’s market what homeowners think they are worth. In many cases, it is necessary to use distressed sales as comparables due to the high number of distressed sales in the area. The Florida Real Estate market was especially hit hard with distressed properties, so some homeowners should expect those properties to be used as comparables by appraisers.

1. Take a course to help you understand the Basics. National Association of Realtors Short Sale

and Foreclosure Resource Certification is one option.

2. Network with peers. Share issues and ideas to gain a well rounded perspective on the Short Sale market

3. Review pertinent federal and Florida guidelines. It’s not just the federal rules but

also what’s happening in Florida Short Sales, too.

4. Identify a Strategic Partner. That could be another salesperson in Tampa Real Estate with

 the expertise and willingness to work with you or a third party company.

5. Seek your Broker’s guidance. 

Florida homeowners know that Citizens Property Insurance is the insurer of “last resort.”  Unfortunately due to this fact, there are a gigantic number of policies in Citizen’s portfolio since many other insurers have left the state.  The companies overall exposure is estimated around $500 billion. Citizen’s would be unable to pay claims in the event of a catastrophic hurricane with it’s current portfolio which would lead to a surcharge on Citizen’s policyholders and consumers who have coverage with other companies as well. 

In an effort to reduce Citizens’ size, the Office of Insurance Regulation signed off on 30 recommendations to reduce client base and exposure.  Policies such as a mandatory 10% deductible, reduction of persoanl liabiltiy coverages, mandatory deductibles on sinkholes, and a reduction to the maximum coverage on coastal properties.

Many Buyer’s are forced to use Citizens in the Tampa Real Estate market because no other companies are issuing polcies for single family homes in certain zip codes.

Florida homeowners affect by Chinese drywall could have a settlement coming soon. Chinese drywall manufactuer, Knauf Plasterboard Tianjin Co., has agreed to pay for repairing approximately 4500 properties through an uncapped fund. The deal, winning preliminary approval by a federal judge last week, calls for Knauf to deposit $200 million in the repairs fund which will be replenished as needed.

The settlement will benefit homeowners in Florida, Louisiana, Mississippi, and Alabama. However, the Florida real estate owners will benefit the most with nearly 55% of the settlement money going to homeowners in the sunshine state.

Chinese drywall was used in construction of homes primarily in the south after a shortage of materials and series of hurricanes in 2005 that led to the purchase of the defective drywall from China manufacturers. The affects include damage and corrosion to wiring, odor in the home, and some reported health problems.

Florida foreclosures are at their lowest levels since 2007 with approximately 1.9 million homes entering foreclosure in 2011. Experts say the decline is partially due to the halt on foreclosures that was initiated by many banks in 2011.  Many banks were involved in incorrectly handling foreclosure paperwork that has recently been referred to as ”robo-singing.” While this contributed to skewed numbers for 2011 the fact remains that 2011′s foreclosures were down 34% from 2010 and have been the lowest since 2007.

The prediction for 2012 is that foreclosure rates will be higher but will still remain below the peak of 2010. The Florida Real Estate market ranks as one of the states with the highest foreclosure rates in the nation. The outlook remains positive for Florida however with December’s foreclosure filings showing 20% lower than the prior year end figures.

Homeowners who have a short sale or foreclosure after this year may owe federal income taxes. A new law effective January 1, 2013 states that the amount the lender forgives in either a short sale or foreclosure for a primary residence will be subject to federal income taxes. 

In order to avoid this tax liability homeowners should complete short sales in 2012 and the bank must officially sign off in writing by December 31, 2012 forgiving the loan.

Incentives for Tampa Real Estate

The federal government expanded its efforts to promote energy efficiency in dwellings

and commercial real estate. The most generous credits, for investment in alternative

energy systems for houses extends through 2016. These credits are likely to to  play

key roles in Forida homeowners’  housing choices in the coming years. Energy guzzling houses will command lower prices and less attention from Tampa real estate buyers then those that minimize energy expenses. Florida tax payers can claim their credits using IRS form 5695,which can be downloaded at the IRS website www.irs.gov

According to the latest reports from the Federal Reserve the Florida Real Estate market has more to celebrate than most of it’s counterparts in the Southeast region.  Most districts reported modest or moderate growth. International buyers and investors purchasing with cash can be attributed to some of Florida’s recent rebound.

South Florida in particular has been seeing evidence of a strong tourism rebound and increased hiring due to the health care and hospitality industries.

Florida realtors and brokers should celebrate these gains in the maket. Since 2008 sales are up 47% in Florida putting it ahead of most states.

Rates on 30-year mortgages hit record lows this week falling to 3.91% according to Freddie Mac.  Builders are hopeful that low rates in the year 2012 will help boost sales of new construction. However, many experts say that low mortgage rates have not had a significant impact on the market. Many buyers cannot qualify and many of the qualified buyers have already taken advantage of low rates.

Regardless, it is still a great time to buy for those who have not yet taken advantage. The Tampa Real Estate market should continue to offer great opportunities for potential buyers in 2012.  Many experts believe that there will be little mortgage rate change over the short term so it’s possible we may continue to see record low rates in 2012.

The Department of Housing and Urban Development (HUD) has announced it will sell homes to Florida Home Buyers for only $100 down. 

 Buyer’s Eligibility Requirements

 The $100 down payment program does have specific conditions for Buyers to be eligible. Buyers must occupy the home as a primary residence, pay full listing price, and obtain an FHA loan.

 Typically, FHA loans require a 3.5% down payment but now Buyers can save the money to put it towards upgrades or repairs or they can simply keep some extra cash in their pocket. HUD will sometimes pay up to 3% of the Buyer’s closings costs as well.

 Buyers searching in the Tampa Real Estate market should look for HUD homes to take advantage of this new program.