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Time to Sell?
Have you been waiting for the right moment to sell? We are currently experiencing a strong demand but very low inventory of homes available for sale. The combination of low supply, high demand and low interest rates is creating a seller’s market like we haven’t seen for several years. Right now might be the best time to get the highest price possible. To find out how you can benefit from … [Read more...]
Wesley Chapel Market Update
Wow! What a difference a year makes. The Wesley Chapel real estate market continues to build momentum. Historically low interest rates and improving economic conditions have spurred demand. Low prices have caught the attention of home buyers and investors. At the same time, we have seen fewer foreclosures, fewer short sales and fewer new construction options. The data shows 34% fewer homes were … [Read more...]
Short Sale Tax Foregiveness Extended!
Taking a hit on your credit is bad enough, but did you know that you almost had to pay income tax on the bank’s loss? As part of the fiscal cliff negotiations, the Mortgage Forgiveness Debt Relief Act (HR3648) was given a one year extension through 2013. Homeowners who sell their primary residence in a short sale will not have the added burden of having to pay taxes on the uncollected debt. … [Read more...]
Short Sale Cliff? HAFA Short Sale Program Expiration
Time is running out for Tampa area homeowners looking for government short sale assistance. The bell-cow program, know as the Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative (HAFA) program, will expire on December 31, 2012. If you are tying to take advantage of this program that offers federal money to sellers while prohibiting banks from perusing a deficiency judgments, then … [Read more...]
Tampa Bay Home Prices Rise
The September S&P/Case-Shiller Home Price Index was released last week. The 20-city composite index posted a 3% increase on a year-over-year basis. According to Case-Shiller, home prices in the Tampa Bay area were up 5.93% compared to twelve months ago. Tampa Bay home values have increased 9% from the bottom. However, Tampa home prices are still down 43% from the peak of the housing … [Read more...]
Refinance Your Undwater Mortgage
Tampa Bay homeowners current on their mortgage payments may now have the option to refinance into a lower interest rate even if the value of their home has declined through the Home Affordable Refinance Program (HARP). That's right - no equity required! HARP can help you secure a more affordable, more stable mortgage. Like any loan, you would need to complete a loan application, go through … [Read more...]
Hedge Funds Buying Tampa Homes
As listing agents for REOs, and as a real estate agents who carry traditional listings in the Tampa Bay market, we are seeing something new. Nearly every new listing brings in bids from real estate investors. We are not just talking about local fix and flip investors...but rather hedge funds looking to buy and hold. While some bids are low, we have seen hedge funds win bidding wars in many cases. … [Read more...]
Market Pulse
Waiting for a bargain? That ship may have sailed..at least for now. Low inventory levels, low days-on-market and price increases throughout the Tampa Bay region indicate that we now have a seller's market. See this Monthly Indicators Report from the Tampa MLS. The combination of low interest rates, low prices and fear of missing the bottom has spurred fence-sitters to act. We have also seen … [Read more...]
More REOs on the Way! See The Charts
While there are sign of a real estate market recovery, there are some causes for concern on the horizon. Mortgage defaults continue to be high. While we have seen fewer distressed properties for sale in the MLS, another wave of short sales and bank owned foreclosures is in our future. Check out these Calculated Risk has some very nice charts that show defaults by loan type. … [Read more...]
Buy 26% More For The Same Payment
How much impact will an interest rate change have on your next Tampa Bay home? You can borrow 26% more for the same monthly payment if the mortgage rate is 4% rather than 6%. Many potential Tampa Bay home buyers are still sitting on the fence, just waiting for the right time to buy real estate. Let's look at how much house you can buy for a $1,000 per month mortgage payment at various … [Read more...]
