Viewing Entries Tagged: florida real estate market
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Wednesday, February 15, 2012
First-time buyers are making compromises
Posted In Categories: Florida Homeowners, Tampa Real Estate
The National Association of Realtors reports that first-time home buyers are more willing to compromise than repeat buyers. Most first-time home buyers have a long lists of things they want in their dream home however in the end they value affordability more. Choosing a home with an affordable monthly payment seems to be one of the most important factors. A majority of first time home buyers are willing to sacrifice square footage to achieve their financial goals with median home size being 1570 sq feet for first-time buyers. Although, there are still some things that a majority of first timers will not compromise on including purchasing homes that require many repairs. Due to lack of experience with home maintenance, many first time buyers opt to purchase homes that are move-in ready requiring little to no immediate repairs. With lots of inventory to choose from, most of these buyers are able to find the move-in ready home they require for the right price.
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Monday, February 13, 2012
Florida in top 5 for best place to do business
Posted In Categories: Tampa Real Estate
Despite the florida real estate market, Florida has still ranked in the top 10 for being one of the best states for taxes on businesses.The top 5 in this year’s index according to the Tax Foundation’s State Business Tax Climate Index:
1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida
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Tuesday, February 7, 2012
Tampa Real Estate Market Poised For Rebound
Posted In Categories: Florida Homeowners, Tampa Real Estate
Waterset, Tampa, FLWaterset™ is a new master-planned community located between the established Newland communities of Covington Park and MiraBay in the Apollo Beach area of Tampa. The community has been envisioned and planned to create a “real town” based on the principles of diverse, authentic architecture for all homes and civic buildings; utilizing unique neighborhood design; celebrating local art and making the best use of additional authentic design principles.
Planned to open late 2012.
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Thursday, February 2, 2012
Tampa Bay Home Prices could get a boost due to fewer Foreclsoures
Posted In Categories: Florida Homeowners, Tampa Foreclosures, Tampa Real Estate, Tampa Short Sales
Tampa Real Estate prices could get a boost due to fewer Foreclosures in the Bay area in 2012. Banks are allowing more short sales to prevent foreclosures from entering the market. With fewer Tampa Foreclosures available demand increases among investors looking for good deals. Local real estate experts are hopeful that this trend will help rejuvenate the Tampa Real Estate market in 2012.
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Wednesday, February 1, 2012
Old Apartments Help Tampa Real Estate Market
Posted In Categories: Tampa Foreclosures, Tampa Real Estate, Tampa Short Sales
The Tampa Real Estate market has a high demand for rental properties. Cash investors are buying up old apartment buildings, many of which were foreclosed on, and doing major renovations to attract renters for higher monthly rents.
Many people who lost homes due to foreclosure are forced to rent because of the impact of the foreclosure on their credit. These previous homeowners typically do not want to lower their standard of living and want apartments that are newer with more upgrades.
Another benefit these newly renovated apartment buildings brings to the market is the opportunity for jobs for contractors and the increased neighborhood values and higher rents. Rentals are in high demand in the Tampa area and the once negative perception of renting is going away. Tampa homeowners who have recently done short sale or gone through a foreclosure are prime candidates for these newly renovated apartment buildings throughout the area.
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Friday, January 27, 2012
Don’t Blame the Appraiser
Posted In Categories: Florida Homeowners, Tampa Foreclosures, Tampa Real Estate
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.
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Wednesday, January 25, 2012
5 ways to Gain Confidence in Short Sales
Posted In Categories: Tampa Realtors, Tampa Short Sales
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.
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Tuesday, January 24, 2012
Florida’s Insurer Citizens is Reducing in Size
Posted In Categories: Florida Homeowners, Tampa Real Estate
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.
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Friday, January 20, 2012
Florida Foreclosures at Lowest Level since 2007
Posted In Categories: Tampa Foreclosures, Tampa Real Estate
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.
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Thursday, January 19, 2012
Homeowners Who Short Sale May Owe Federal Income Taxes in 2013
Posted In Categories: Tampa Foreclosures, Tampa Short Sales
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.
