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.

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.

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

Florida Foreclosure Update

March 14, 2008 Tampa, Fl
Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest rates. In Florida, 32,447 homes reported at least one filing, up more than 69 percent from February 2007 and up more than 7 percent from January, according to California-based RealtyTrac Inc.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-031308.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

When is doing a 1031 exchange beneficial?

Tampa,Fl November 27, 2007

Want to know more about 1031 exchanges? Using these like-kind exchanges instead of selling the property outright will almost certainly save your seller big bucks in taxes, according to an expert in 1031 exchanges.

Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-112607.cfm

Support the Tampa-based Cut Taxes Now Citizens Petition

Tampa, Fl November 27, 2007.
Continuing to bash a property-tax plan he reluctantly voted for, House Speaker Marco Rubio is now urging supporters to back a citizens’ petition to cap the total amount of taxes paid by every property owner to 1.35 percent of the property’s value.

Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-112607.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.

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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.

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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 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

Waterchase Real Estate Report for July 2007

As of 7/12/07 there are 52 Single Family homes for sale in Waterchase ranging from $329,900 for a 2046 sq.ft home to $1,149,900 for a 4929 sq.ft 4 bedroom 5 bath home. The avg. listing price per sq.ft is $208/sq.ft. down from $215 in May 2007 and the avg. days on market(DOM) is 100 down from 118 days in May 2007. So your avg. Waterchase home is 3,128 sq.ft in size and lists for $651,259 and is a 4/3/3. That amount is $32,643 less than the $683,302 avg. price back in May 2007 which is a decrease of 4.7%. Today, I will give you a run down on Mar Azul, Allicante and Savona. In the village of Mar Azul- There are currently 7 listings down from 8 in May 2007 and ranging from $869,900 for a 3737 sq.ft home to $1,149,900 for 4929 sq.ft. home with DOM currently at 119 down sharply from 141 in May 2007. The avg. house is listed at $249 sq.ft. down from $271 sq.ft. and has an avg. price of $949,628 which is down from $1,121,991 in March. Alicante - There are currently 6 listings which is down 1 from May 2007 and ranges from $719,900 for a 2993 sq.ft home to $949,500 for 3408 sq.ft. home with DOM 77 which is down from May's 80 DOM and listing for an avg. of $258 sq.ft. or an avg. price of $864,866. Savona - There are currently 7 listings which is unchanged from May 2007, ranging from $449,900 for a 2438 sq.ft home to $675,000 for a 3000 sq.ft. home with DOM currently at 73 down sharply from 159 DOM in May 2007 and listing for an avg. of $199 sq.ft. which is unchanged from May 2007. The Waterchase Community seems to be slightly favored toward a buyers market but is starting to firm up on the sellers side.

Tampa, Fl. July 10, 2007
Freddie Mac’s top economist released his forecast for 2007 home sales yesterday: a total of 6.28 million new and resale homes for a decrease of 6.7 percent from 2006 numbers.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-071007.cfm

Florida House Price Trends Report

Florida’s housing market, thought to be stabilizing earlier this year, deteriorated in the latest quarterly UF survey, a situation likely brought on by uneasiness about lending practices, insurance rates and the state’s property tax structure, according to UF analysts.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-061907.cfm