I have written several articles in the past on how buyers may have to compete against investors with cash as the Tampa real estate market bottoms out. Here is an article via the St Pete times on how cash buyers are snapping up homes in Tampa Bay.
Fishhawk Tennis Courts now open in Starling. Starling is a fabulous village within Fishhawk Ranch if you are looking for Fishhawk Ranch Homes For Sale check out our local Fishhawk community website.
While I was doing some research for Fishhawk Ranch I noticed a disturbing statistic in regards to short sales. To date there has been 34 homes that have been sold and closed in Fishhawk Ranch according to the Mid Florida MLS. Guess how many of these homes that sold were short sales? If you guessed only 2 you are correct. So I was curious how many homes are currently pending contract in Fishhawk Ranch, Well there are 61 homes currently under contract and guess how many of them are short sales? There are 26 short sale homes.
So my point is and the proof is in the pudding many short sales will never come to fruition. Why would you want to sit around for months and emotionally invest yourself in hopes of the real estate gods giving their blessing on your short sale deal you are unlikely to get? When there are plenty of viable options with already foreclosed homes known as (REO) bank owned homes or new homes which have to be competitive to compete with the bank owned homes.
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For those who have been to visiting this blog for a while you gave seen some changes. The biggest change you may have noticed is the new company Zest Realty which I just started. I have opened my own brokerage and am currently in need of buyers agents to work with and handle buyer inquires to our heavily visited websites. If you are or know someone who is looking for a change and would like to work for a company who utilizes technology to the fullest and can provide you with business to make a good living in real estate then please contact me. While many real estate businesses are going out of business we have started business with a fresh approach to real estate and would love to have you on board.
Thinking of buying a home in Tampa? There really has never been a better time to buy. Here are some useful tips to help make you decision to buy a wise one.
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Here is a video from Brett Arends on why it is a good time to buy. Many buyer’s are listening to the doom and gloom and may miss out on historic low interest rates. He makes a good point towards the end of the video when he says if the math works for you then this is a good time to buy. This is similar to what I said here in my comments in this Brandon market update. Check out the video below.
Today I got to experience my first RE Bar camp event and it was great fun. Not only did I obtain great information from all the great presenters I got a chance to meet some fellow Florida Realtors that I know from Twitter and Facebook in real life.
Some of the presenters I got a chance to see were Mike Mueller @MikeMueller speaking about Facebook fan pages, Jeremy Blanton @jb140, A social media advisor with 210 consulting speaking about social media. Dakno Marketing @rewebcoach spoke on the different uses for utilizing video.
It still is a great time to buy for those you can afford to with interest rate’s at all time low rates and the Federal Reserve has pledged to hold interest rates at an all time low. With new home sales plummeting Tampa home builders are dropping their prices and offering special financing to give buyers incentives to buy new. If you are looking at buying Tampa Foreclosures make sure you consider costs for remodeling and improvements in some cases when all is said and done it you may be better off purchasing a new home in Tampa.
Fannie Mae is getting tough on seller’s who are using strategic defaults and walking away from homes they can afford. They will make it tough for you to get a Fannie Mae loan and you will not be eligible for seven years and in some cases go for deficiency judgements in where states permit. This in my opinion will not likely change anyone from just walking away when severely under water. If people were to continue to pay on a home under water they are unlikely to be able to afford to buy a home in the future anyway.
If you have a home and can’t sell but want to move into something bigger or have to relocate, then renting out your home is a smart option, although many times you still will need to come out of pocket it does help stop the bleeding. Contact our Tampa residential property management division to get your home rented quickly.
Guest Article by Mary Aldoseri
As the month draws to an end let’s have a look at the current real estate market in the news…
A Helping Hand for Struggling Borrowers
The states of Arizona, Florida, and Michigan are planning to use federal funds to bring down loan balances for struggling borrowers and to subsidize mortgage payments for those who remain unemployed. The proposals are a ripple effect from foreclosure-prevention efforts championed by the White House, which allocated $1.5 billion for Arizona, California, Florida, Michigan, and Nevada. The Treasury Department is the reviewing the plans, which will be finalized as soon as next month!
The Financial Crisis is Over… It’s Time to Raise Interest Rates
According to the National Association of Realtors, Ken Rosen, chair of the University of California Fisher Center for Real Estate, has confirmed that the financial crisis is over and that short-term rates should be 2 to 3 percent. He predicted that by keeping rates very low, we will see asset bubbles in the stock market, bond markets, and global real estate. Rosen then mentioned that demand for housing will escalate as companies hire more employees. Rosen also predicted that new home construction will remain way below the historical norm of 1.1 million homes a year for at least a couple of years and that foreclosures will set records in 2010.
Mortgage Fraud Persists…
CNNMoney.com has stated that Mortgage fraud continues to rise,
1. Mortgage Fraud rose to 7 percent in 2009
2. Mortgage Fraud rose 26 percent in 2008,
(Figures by Mortgage Asset Research Institute)
Florida is one of the 10 states where mortgage scams are most common:
• New York
• New Jersey
Mary Aldoseri writes extensively online on various Florida topics her website helps those from overseas and interstate to buy property in Florida.