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...]
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...]
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...]
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...]
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...]
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...]
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...]
We've seen a series of stories about strength in the luxury housing market such as "Who's buying homes - The rich" that cry out for fact checking. How well does this CNN template hold up? Do these national stories apply to the Tampa Bay luxury home market? Are million dollar homes selling quickly? According to MLS data, there are 632 homes for sale for over $1,000,000 in Hillsborough, Pasco … [Read more...]
What is happening with home sales in New Tampa? Rather than relying on National Association of Realtor data, what are the 33647 zip code sales numbers? Our “Year Over Year” report measures the number of home sales each month and compares it with the same month from previous years. While seasonality and previous tax incentives impact the data, distress sales (forecloses / short sales) and … [Read more...]
Karl E. Case, of "Case-Shiller" fame, has an editorial in the New York Times that basically makes that case for buying real estate today. Granted, the halcyon days of hyper appreciation are over, but the math is still compelling: money is cheap, prices are way down, you must live somewhere, the government offers tax benefits, and you may still see appreciation someday. Taking a long term view, … [Read more...]
