Tampa Homes Best Buys Blog

The latest news is that the number of foreclosures is starting to finally fall.

I did a search of tax records for the number of homes Citibank owns in Tampa and the number was significantly lower than the last time I check a few months ago.

This will add more chaos to next year’s home sales when first time home buyers realize they are running out of inventory for selection when they go shopping.  Smart buyers will start looking now while most people are involved with the holidays.

Now the credit bureaus are going to start looking at child support payments, rent payments, payday loans and utility and cell phone bills to see if you are paying on time.

If you need help getting your credit up to speed, I have two major banks that do free credit counseling. Don’t pay someone to do this for you. It’s not that difficult to do it yourself. And the banks’ loan agents will tell you which things need your attention vs. what’s not that important.

Call 813-956-3563 or email me today to get started on your loan approval.

1. Equity: When you pay rent, you never see that money again. It is lining the landlord’s pocket. Yes, buying a home may come with some hefty initial costs (down payment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Home ownership is about building long-term wealth. Homes in Florida will eventually go up in value again.
2. Relationships: Renters tend to see their neighbors come and go quickly. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress. Put down some roots for your family to enjoy for years.
3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it’s predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Home ownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year what you need to spend to maintain your home in good condition.
4. Ownership: Home ownership means you “own” your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart’s desire. You can plant trees, install a pool, expand the patio, or do holiday decorating. The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet and cheap kitchen cabinets and noisy neighbors that have been standard apartment decor for 20 years. Now is your chance to be creative!
5. Great Deals: It’s a great time to buy. Interest rates are at historic lows. We’re talking 4.0 percent instead of 6.0 or higher. This means big savings for today’s buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a down payment, then be sure to talk to me about what homes in your area could be a fit for you. Home ownership can be a real joy. It’s time to get off the fence and into a home that is right for you! Don’t let this chance slip by. You must take action and call today to get started.

Six months has always been the dividing line between a seller’s or buyer’s market. August inventory fell to less than half of what we had in January! I tell my first time home buyers this whenever we have our initial consultations. Especially for those buyers looking in the $180k or less price range, be prepared for a competitive bidding process!

Tampa home prices rose 1.3% in the last 60 days. Prices in the Tampa area have been at the 2000 levels. An unofficial statistic that I watch on my own is the percentage of all listings in our MLS that are short sales. During the worst of the mortgage melt down in 2008 to 2009, about 60% to 70% of all listings were short sales. My last check showed short sales down to 40%. We are working off the inventory of condo conversion resales. I used to be able to pull up 10 to 20 for sale in each building I like to sell, but now I only get 1 or maybe 2 for sale. So the inventory is certainly moving out!

The papers all have articles about our historically low interest rates. Now is great time to sell your home and move up to that dream home you’ve been waiting for! If you would like a valuation on your home, see my website at www.TampHomeValues.com

The market is definitely picking up. I wrote a contract for a newer foreclosure last weekend. 3 bed, 2 bath, move in ready for around $100k. Just found out they got 8 contract offers on it. Amazing….this reminds me of the real estate boom a few years ago.