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.

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.

I knew we were awfully busy lately. I told my husband the day after Christmas the phone started ringing and I went a couple of months with hardly a day off. The average sale price also rose last month in several counties around Tampa Bay.
Hillsborough county sales were up 32% in March. The housing “affordability index” is the best it’s ever been. That figure is a mix of interest rates and home prices. If you know of a first time home buyer, please have them contact me. It’s a great time to buy! Janet Montano, Keller Williams Realty, 813-956-3563
www.tampahomesbestbuys.com

If you are considering a loan modification or short sale, make sure your agent gives you the new required disclosures for M.A.R.S. These are new requirements from the Feds to make sure you do not get “taken” by any company charging up front fees to help you get a loan modification. Many times my clients have told me they gave $1500 to $3,000 to a company up front, and then had nothing to show for it. The only people allowed to charge up front for this service are attorneys. Real estate agents are paid by your mortgage company for doing the short sale. I’ve never asked for any money up front from my clients.
If you’d like copies of these forms, just send me an email or give me a call. JMontano@JanetMontano.com or 813-956-3563. www.tampa-foreclosure-solutions.com

Thinking about short selling your home? Check out our new informational website. www.tampa-foreclosure-solutions.com

But prices are still falling. The tax incentive once again pushed real estate sales in our area. Some homes saw multiple bids on them as first time home buyers competed for the best deals at the end of the tax time frame. Overall prices are still falling a little, about 1%. Other areas of the country are actually showing increases in value. To get the latest value of your home, go to www.tampahomesvalues.com

Builders are returning to Florida. They are hiring workers and placing options on lots in subdivisions. There is actually a shortage of homes starting in some areas.
Who’s buying now? Mostly first time homeowners. Who’s not buying? Investors–those that drove the scorching hot market of 2005-2006. Many of them have lost the homes through foreclosures or short sales.
If you are looking for a great deal, contact me to see some homes today! Janet Montano 813-956-3563

I had my first investor/second home condo buying tour last weekend. It had a good response. Beachwalk condos represent a good value and cash flow position now. They originally sold for $200k to $286k, now they are $40k to $90K. The higher end of the price range has a bay view.
According to USA Today, investors are buying around the country now. And most are buying with cash.
Tampa home sales are up again for Feb 2010 over Feb 2009. The tax credits are helping to stabilize prices.

You now have time to finish up a short sale purchase. I have dozens available for you to choose from. Pres. Obama extended it until April 30th.