Blog
Tampa Condo Market Sizzles
The Hillsborough County condominium market continues to sizzle as the number of units for sale falls (see Tampa Condo Analysis). The lower priced segments, particularly the under $50,000 units, are moving with extreme velocity but not necessarily at higher prices. Investors are enticed by cap rates and the stability of the rental market. We are starting to see more buyers using self-directed … [Read more...]
October Tampa Home Sales
In October 2011, the Tampa Bay real estate market experienced modest reductions in both the number of homes for sale, and number of homes that closed. As Charles Richardson of Coldwell Banker notes, "the active inventory of these in the market has been relatively stable for the past few months but the percentage of closed sales which is in one of these two categories has been trending … [Read more...]
Can’t Afford Your Mortgage? Here are new options…
Are you at a crossroads? In the midst of a massive economic downturn, the asset we assumed we could always fall back on has become a financial liability for some. A large percentage of Tampa Bay homes are now worth less than their loan balance. Low prices, reduced incomes, high unemployment and uncertain forecasts have led many homeowners to seek a dignified exit strategy. Why are some … [Read more...]
Why So Few Homes for Sale?
The number of Tampa Bay homes for sale is down 31% since January 2011. The median sales price has declined slightly over the past couple of months. Here is a chart comparing inventory -vs- price for single family homes, townhouses and condos in the Tampa Bay market: (See Complete Chart & Table) Why are so few homes for sale? #1) Sellers … [Read more...]
Help for Underwater Homeowners: Refinancing Changes
The White House announced an executive order revising the Home Affordable Refinance Program (HARP) last week designed to help homeowners who are underwater refinance. If your home is worth less than the mortgage balance and you are current on payments, then you may qualify to take advantage of today's interest rates. The previous iteration of this program excluded homeowners who were more than … [Read more...]
Comparing Real Estate Investments Using Cap Rate
Are you thinking about investing in residential real estate? Real estate has consistently proven to be a better long-term investment than the stock market, even when taking into account the recent housing crisis. Many first-time investors are intrigued by eye-popping, low prices on Tampa Bay condos, townhomes and single family homes. The combination of low purchase prices and a strong rental … [Read more...]
Short Sale Without Missing Payments
Do you need to miss payments in order to qualify for a short sale? What if you have good credit and have not had any late payments? If a homeowner has already missed payments of any kind, then lenders can look at credit reports for a clear pattern of financial distress. If payments have not been missed, however, lenders need some evidence that a financial hardship is on the horizon. … [Read more...]
Higher Down Payments Ahead
Is it absolute madness that buyers can still purchase using an FHA insured loans with only 3.5% down? Does it make sense for the federal government to insure 92% of all new mortgages? Do such buyers have enough of a buffer to ride out any storms in the Tampa Bay housing market? Recent data shows that homeowners with a smaller down payments more likely to default or walk-away. A 2009 Federal … [Read more...]
Market Update For 33626 – Westchase
What is happening with home sales in Northwest Hillsborough's 33626 zip code? This popular Tampa Bay community contains 3,373 single family homes in neighborhoods such as: Westchase, Waterchase, Highland Park, Fawnridge, Twin Brach, West Hampton, Westchester and Westwood Lakes. According to Tampa MLS data, there are 146 single family homes for sale in the 33626 area. Of the homes for sale, … [Read more...]
Bank of America Speeds Short Sale Approvals
We have another closing on a Bank of America short sale today! The good news is that Bank of America continues to improve their short sale process and homeowners continue to benefit. We have seen Bank of America reduce paperwork and align their internal programs (Cooperative Short Sale Program) with government inititives such as the Home Affordable Foreclosure Alternatives (HAFA) Program, see … [Read more...]
