FLORIDA NO. 2 FOR NEW RESIDENTS

Tampa, Fl June 19,2008
About 40 million Americans move each year, and Florida is the No. 2 spot for relocation, second only to California, according to a survey conducted by Relocation.com. The survey finds that 19 percent of those relocating went from owning their own homes to renting, with only 15 percent shifting the other way. Only 14 percent of the 1,237 respondents owned their previous residence and moved to a newly purchased home, and the majority (52 percent) went from one rental situation to another. The survey shows that most people relocate for a new job, a transfer within their current job or to seek a new lifestyle, including retirement. About half the moves were from one state to another. Two-thirds moved more than 100 miles and 54 percent moved more than 500 miles away. California is the number one destination state with 6 percent of the total sample moving there from another state, while 5 percent of all relocations move to Florida, followed by Texas (4 percent), New York (3 percent) and Georgia (2 percent).

Source: Relocation.com (06/17/2008)© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688

Will increases in the cost of gas increase your home value?

Tampa, Fl June 19,2008
The cost of gas is redefining the definition of "location, location, location." After potential buyers weigh commuting expenses, demand goes up for homes near jobs, bus terminals or train stations. If gas prices continue to rise, some neighborhoods could experience price gains at the expense of other neighborhoods that see a drop in demand.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-061908.cfm

Top three reasons most buyers will miss the bottom in the Tampa real estate market

May 15, 2008 Tampa, Fl

With all the talk of declining real estate prices over the last 18 months its no wonder that most buyers waiting on the fence will in fact miss the bottom of the market and end up paying more for the house they want in the future. Why will this happen you ask? In a nut shell, its the same reason most sellers didn't sell at the peak. It is the old adage "Pigs get fed, hogs get slaughtered". The same human emotion of greed works on the buy side as well. Today's buyer's are trying to time the market and therefore maximize their profits by buying at just the right time and paying the lowest price possible for their home. It's human nature and we all at some level access both our fear and greed emotions when deciding on investing our money. Now to the top three reasons why buyers will miss the bottom.

Reason Number 1.
Greed. I think buyers are becoming greedy today when making offers on homes and are walking away from some very attractive prices on some very nice affordable homes because they think that prices will go lower and if they wait they will get a better deal. This is one of the many signs that a bottom has already occurred. The best time to buy is when fear is at it's highest point. That occurred in March and April of 2008 and will probably be proven to be the very bottom of the Tampa Bay area real estate market. The window of opportunity is closing and prices have already started to level off and sales trends and buyer traffic are increasing on a weekly basis.

Reason Number 2.
Affordability. With homes prices in the Tampa Bay market down over 20% in some areas and the increase in income levels over the past 8 years combined with historically low interest rates makes affordability the lowest since the year 2000. The same factor that contributed to the decline in home prices over the last 2 years is the same factor that will help home prices bottom out this year. Another contributing factor is lower home owners insurance rates and lower property taxes. This actually is one of the lowest risk times to buy a home in the last 10-15 years.

Reason Number 3.
Rental Market. The rental market is strong and the need for housing in the Tampa Bay area will continue to grow. The strong rental market is giving seller's an alternative to dropping their prices to unrealistic levels when they can rent their home and wait out the market. As the bottom in pricing forms, sellers are less willing to sell at the bottom. Sellers are actually listing their homes for sale or lease. This is putting buyers in competition with renters looking for homes to lease. This is also helping to lower available inventory in the Tampa Bay area.

My prediction is that there will be a lot of buyers kicking themselves a year from now about why they didn't buy at today's attractive prices. The amount of buyers who will miss the bottom will probably be the same number of people that wished they had sold at the peak in late 2005. Real Estate will once again stop being a dirty word and the talk at the water cooler will start to turn positive in the months ahead. Of course by that time you will have missed the bottom.

Tom Burkett calls a bottom for Tampa Bay Real Estate

Tampa, Fl May 13, 2008.
From everthing I see, read and hear the Tampa Bay area real estate market hit bottom sometime between February and April of 2008. If you have been sitting on the fence and waiting to time the market and buy at the bottom, now is the least riskest time in over 10 years to buy a home. Read on:

Florida Realtors reported positive signs in their local housing markets during first quarter 2008, noting a slower rate of expansion for inventory levels and an increase in pending home sales in some areas. Another positive note: A total of 8,581 existing condos sold statewide during the quarter, up 8.3 percent over fourth quarter 2007. "If we look at what is happening month-over-month for 2008, it appears that the bottom may be here," says 2008 FAR President Chuck Bonfiglio. "We are now seeing more activity, more sales and even prices starting to rise in some markets."

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-051308.cfm

Is This The Bottom For Tampa Bay Real Estate?

Tampa, Fl March 26, 2008
Recognizing that the current market favors buyers, 77 percent of respondents in a MarketTools survey said that the time is right to buy a home - a 20 percent increase compared to a similar January survey.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-032608.cfm

A rising tide of Foreclosures in Florida

February 8, 2008 Tampa, Fl
The Miami-Dade County Clerk of Court’s office is expanding the number of days it auctions properties from two to three per week, as more than a thousand foreclosed homes are waiting for the auction block in February. Lenders are buying back most of the properties, officials say.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-020708.cfm

Housing Sales Trends Tampa

February 8, 2008 Tampa, Fl
NAR’s Pending Home Sales Index, based on contracts signed in December, slipped 1.5 percent to 85.9 from a downwardly revised index of 87.2 in November. Soft market conditions are expected to continue for existing home sales in the months ahead, according to NAR’s latest forecast, though analysts expect to see improvement by the second half of this year if Congress increases loan limits.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-020708.cfm

Short Sales Start to Effect Home Prices in Tampa in 2008

January 15, 2008. Tampa, Fl.

Some real estate practitioners are carving out a new market niche by specializing in short sales, in which the lender holding a home’s mortgage agrees to accept an offer for less than what’s owed and forgives the rest of the loan.

Read Full story: http://www.floridarealtors.org/NewsAndEvents/n3-010908.cfm

Tampa Bay Foreclosure Update Report

Tampa, Fl. December 19, 2007
A surprising new monthly report suggests that U.S. home foreclosures declined 10 percent in November. “This could indicate that foreclosure activity has topped out for the year,” says RealtyTrac Chief Executive Officer James Saccacio. But “the true test of whether this ceiling will hold will come at the beginning of next year.” Florida, with one filing for every 282 households, ranked second nationwide.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-121907.cfm

Florida Prpperty Tax Reform Report

Tampa, Fl November 4, 2007
The tax swap may be back. A panel of the Taxation and Budget Reform Commission, a group with the power to put an amendment directly on the November 2008 ballot, is considering a plan to reduce homestead property taxes and cap non-homestead property taxes with a temporary increase in the sales tax. FAR President Nancy Riley serves on the commission.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-113007.cfm

Florida Homes Sales Report

Tampa, Fl December 4, 2007
Disruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in October, with statewide sales of existing single-family homes totaling 9,165, a decrease of 29 percent from the October 2006 figure. The statewide existing-home median price last month was $222,100.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-112807.cfm

Modest Recovery of Home Prices Expected in 2008

Tampa, Fl November 14, 2007
A modest recovery for existing-home sales is expected in 2008 as the impact of the credit crunch subsides, according to NAR’s latest forecast. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 0.2 percent.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-111407.cfm

Florida Population Growth Report

Tampa, Fl. November 8, 2007.
UF research finds that Florida’s population grows by about 900 people per day; slightly less than the 1,100 per day a few years ago. Top counties by rate of growth, in order: Flagler, Sumter and Osceola. Top growing counties by number of new people, in order: Orange, Miami-Dade and Hillsborough.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-110807.cfm

FORECLOSURES

Tampa, Fl
U.S. House Democrats and Republicans continue to negotiate a possible compromise on legislation that would give bankruptcy judges more flexibility to alter mortgage terms for borrowers facing foreclosure.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-110607.cfm

Interest Rate Update

September 20, 2007. Tampa, Fl.
The Federal Reserve Board’s half-point cut in a key interest rate yesterday surprised most analysts who expected a more modest quarter-point cut. The move should help homeowners with ARMs and perhaps homebuyers considering an ARM.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-091907.cfm

New Home Sales Report

September 19, 2007. Tampa, Fl.
The U.S. Commerce Department reported Wednesday that construction of new homes fell by 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units – its slowest level in 12 years.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n3-091907.cfm

Real Estate Report and Update

Tampa, Fl 9/11/2007
Tighter credit for home mortgages will measurably dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008, according to NAR’s latest forecast. Still, “The volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom,” says NAR Senior Economist Lawrence Yun.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-091107.cfm

Florida Foreclosure Update

Tampa, Fl 9/10/2007.
The number of homeowners receiving foreclosure notices hit a record high in the second quarter, driven up by problems with subprime mortgages. The delinquency rate, which tracks the number of homeowners with late mortgage payments, was also up sharply.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n3-090707.cfm

Florida Foreclosure Update

Tampa, Fl.
The number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year. Florida was the No. 2 state for homes in some stage of foreclosure, with a total of 64,250, an increase of 77 percent year-over-year.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n5-073107.cfm

Florida House Price Trends Report

Tampa, Fl July 12,2007.
NAR issued its latest forecast: A pickup in existing home sales by the end of 2007 with a recovery in 2008. A rebound in new home sales, according to the forecast, will shadow the resale industry, with a turnaround in 2008. Median existing home prices should drop 1.4 percent in 2007 and rise 1.8 percent in 2008.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-071207.cfm