Federal Jobs Report Shows Biggest Increase Since 2008

The Bureau of Labor Statistics (BLS) issued its Job Openings and Labor Turnover report for February on Tuesday, June 9th, 2013.

The data was mixed with preliminary figures for all non-farm jobs increasing from 3.62 million jobs in January to 3.93 million jobs in February.

This was the highest month-to- month increase in jobs since May 2008. 

Non-farm jobs increased by 399,000 jobs from 3.53 million in February 2012 to 3.93 million jobs in February 2013, an increase of 10.2 percent year-over-year.

More Jobs Means More Opportunities For Home Ownership

More jobs generally means higher incomes and stability which enable more families to buy homes and qualify for mortgage loans.

Hires between January and February 2013 rose from 4.30 million to 4.43 million hires, an increase of 2.70 percent.

Hires between February 2012 and February 2013 fell from 44.9 million to 44.2 million, a decrease of 1.6 percent.

Total non-farm job separations changed little month to month, and remained exactly the same year-over-year at 4.20 million separations.

Numbers of hires and separations surpass job numbers due to workers being hired on and/or separated from more than one job during the reporting period.

Regional Non-Farm Employment Shows Job Growth

• Northeast: Non-farm jobs fell from 688,000 jobs in January 2013 to 647,000 jobs in February 2013, but increased year-over-year from 589,000 jobs to 647,000 jobs.

• South:  Non-farm Jobs fell from 1.56 million jobs in January 2013 to 1.50 million jobs in February 2013. Jobs increased year-over-year from 1.34 million jobs in February 2012 to 1.47 million jobs in February 2013.

• Midwest: Non-farm jobs grew from 712,000 in January 2013 to 780,000 jobs in February 2013 and increased from 740,000 jobs to 780,000 from February 2012 to February 2013.

• West: Non-farm jobs increased from 806,000 to 830,000 between January and February 2013; on a year-over-year basis, jobs showed noteworthy growth from 650,000 jobs to 830,000 jobs between February 2012 and February 2013.

It's A Great Time To Buy Or Refinance A Home

Improving labor data indicates that the economy is on the mend, but this could cause mortgage rates and home prices to rise as the economy expands.

A gradual economic recovery suggests that home buyers and others seeking lower mortgage rates and refinancing can still find favorable mortgage terms.

But it would likely be best to take advantage of the still historic home purchase and financing opportunities that are available today.

Contact your trusted, licensed real estate or mortgage professional today to learn how the growing economy can benefit your family as well.

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New Homes: Best Choice for Tampa Bay Home Buyers

Tampa, Florida has seen the home market react to trends throughout the real estate. While we are still finding our way back to “normal” we are noticing a new trend catching fire.


New construction home interest and purchases have spiked at rates that new home builders cannot keep up with. Homebuilder Lennar Corp. posted first quarter results that showed a 40% increase in revenue from this time last year! CEO of Lennar, Stuart Miller recently stated, “Our first quarter results clearly reflect continued improvement in the marketplace. Current market conditions are driven by strong demand resulting from low interest rates and attractive home price, which have led to very affordable monthly payments, compared to increasing rental rates.”

Real Estate in the real world: Our firsthand experience in Tampa’s real estate market reflects the national statistics. We are being inundated with buyer prospects that are tired of wasting money on renting, exhausted from competing with cash investor buyers, and are now charged up and ready to become new home owners. Our owner occupant buyers are choosing to buy new because of low interest rates and buyer incentives new home builders’ offer. The other type of real estate buyers are the internationally known cash investors. They have kept our market alive for years, but now are finding out that there are no longer deeply discounted properties to choose from anymore. The days of low ball offers are definitely gone, gone, gone..

The available land sites are dwindling and there are very few homes that are “move-in” ready. Lennar also shared in the report released by HousingWire that their number of backlogged homes has increased to 82%. These homes include new homes that are in the process of being completed. K-Hovnanian CEO says they cannot build homes quickly enough. Every area in Tampa that was under construction has now come back to life.

Homes by WestBay in Watergrass, a recent recipient of a Parade of Homes blue ribbon award, have reported great increases in buyer interest in their higher end semi- custom homes.

An important piece of legislation would help push these new home construction starts along. A bi-partisan bill called The Home Construction Lending Regulatory Act of 2013 would substantially improve the efforts to help the flow of credit to the real estate industry. This would have a positive effect on jobs being added to the workforce and would most importantly aid in the regulatory impediments to the credit needs of new home builders nationwide. Chairman of the NAHB, Rick Judson, is promoting the bill and adds that constructing 100 new homes creates 300 jobs and almost $9 million in federal, state and local tax revenue!

If you are thinking of entering the Tampa, Florida new home purchase arena, call us today to find out how you can maximize your buying power.

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Why Buying Real Estate Can Be A Smart Financial Move

Buying Seattle real estate doesn't just give you a place to live; it can also be a very smart financial move.

This is because owning a home can be like having a forced savings account, which you are committed to for the long term.

Consistent Saving On Autopilot

Sometimes saving money on our own each month is difficult. It takes a lot of discipline to maintain a consistent savings plan.

However, paying your mortgage every month means that you are paying down the principal and working toward eventually owning the property outright.

In the early years of the mortgage, the payments will go primarily to the interest on the loan.

But over time, the portion of your payment dedicated to principle increases, which accelerates paying off the entire mortgage.

Make Yourself Wealthy Instead Of Your Landlord

In the long term, owning your own home may be a much better financial arrangement than renting a home. No matter how long you pay monthly rent, you will never own the real estate that you are living in.

When you are renting your home, it may also be possible for your landlord to increase your rent every year.

On the other hand, paying a mortgage on your real estate means that every month you get closer to owning the home.

In fact, most home mortgage lenders offer a fixed interest rate mortgage. This gives you a sense of control over how much you are paying every month, year to year. 

In a fixed rate mortgage, every mortgage payment pays down a portion of the principle on your mortgage loan.  In many cases this builds equity in your property and increases your net worth.

It's a good idea to check with a professional mortgage lender to get an idea of the most up-to-date programs available.

Real Estate May Increase In Value Over Time

Over the years, your home might appreciate in value. Many experts say that the average home value increase each year over longer stretches of time, although this will vary according to the area you live in, the current economy and other factors.

Your home’s value may very well fluctuate throughout the years, but history has shown that over the long term, buying a home can be a very beneficial financial decision.

Understanding the benefits of home ownership, including the potential financial upside of purchasing your own home, can be an excellent way to further your overall personal financial plan. 

 

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Real Estate Market Pulse | Who’s Market is it?

As we continue to see the ever changing real estate market take a positive turn upward, some people are asking themselves what to do in these times. Based on recent home sale statistics, homes are being sold at a much faster rate than we have seen in years. A healthy real estate market usually has about 6 months of supply at any given time. Today we have seen that number cut in half, and the shelf life of homes for sale has dropped to about 69 days. A clear sign that the real estate has shifted to a seller’s market.
August 2012 posted numbers for existing home sales that surpassed 9% increases from this time last year! Chief economist of the National Association of Realtors, Lawrence Yun said, “The Florida market is experiencing inventory shortages, which are placing pressure on prices.” This shortage of real estate inventory could lead to other advantageous recovery factors like new construction projects, which in turn stimulates the market with job growth.


Lending conditions also play a significant role in the way the market continues to shake out. Yun also noted that at least a half million more homes could be sold in the coming year if the tight credit standards that exist today are modified. The time it takes to process a real estate loan application is far too long and the documents borrowers are required to show is considered excessive in the eyes of many realtors. Last month alone, 53% of loans went to borrowers with credit scores above 740. Last year the 12 month default rate was at 0.4% compared to 2007 when it was closer to 3%.

Shelf life, inventory, and recent home sale trends combined with loosening these tight restrictions and guidelines would all stimulate job growth in the related trade and service industry. All of these factors play a key role in how and who is influenced the most by these changes and trends in the real estate market.


SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!” How can we help you?

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Real Estate Prices to Increase for Rentals | Fence Sitters May Sway Towards Purchasing

A recent study done by Marcus & Millchap, shows that rental prices in Florida may see an increase in the last half of 2012. They cited improving job rates, less apartment inventory, and declining vacancy rates as the main contributing factors to the expected increase in rental costs. Larger cities like Miami, Tampa, and Orlando may feel the increase more so than smaller markets such as Sarasota or Bradenton because the smaller markets usually have somewhat higher vacancy rates. Here in Tampa, Florida, we have seen this trend first hand with our investors and landlords expecting increases in rental rates. This has proven to be an attractive component for international investors who are constantly looking to Florida, especially Tampa, for investment opportunities. Real Estate management companies can present higher return opportunities to these investors who usually hand the keys over immediately after closing on properties. Condo communities in Tampa such as Courtney Palms, Valhalla, Cordoba Beach Park and many more are seeing these increases already. Being that these rental prices are already on the path to spike, tenants who have been on the fence about buying, are being encouraged to step up to the plate and make the move into home ownership. With mortgage rates at a record low, 3.75%, more and more people are seriously considering their purchase options. This alone will not fuel a full recovery, but with the help of an improving job market that now boasts an extra 1 million jobs since the beginning of 2012, it will definitely have a larger impact for the rest of the year. The last couple of months have shown increases in real estate sales and new construction homes at the highest level in many years. We encourage all prospective home buyers, investors, and renters to ask themselves, “Am I ready to purchase a home”? The answer may come easier by having a casual conversation with one of our experienced real estate professionals and getting in front of someone who can actually crunch the numbers before you embrace or simply dismiss the idea. SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

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Homes Are Now More Affordable Than Ever

A recent study conducted by the National Association of Realtors shows that housing affordability has been at an all time high thus far through 2012. The Housing Affordability Index is relative to median home prices, median home income, and average home mortgage rate. Buying power is the result of a higher index. Here in the Tampa, Florida market, the Housing Affordability Index is higher than most cities in the country. President of the National Association of Realtors, Moe Veissi, says the most recent study highlights the opportunities that more and more people are ready to buy, and some may not even know it. The “100 point” mark is reached when a median income level producing household is ready to purchase a median priced existing single family home. Being that the index is above 200 right now, the majority of Americans have double than what is actually needed to buy a home. Florida’s Bay area, which includes Tampa, St. Petersburg, and Clearwater, is currently at 154.4 as it relates to housing affordability. He also went on to say that housing inventory has dropped and that the decline in supply should help the housing market stabilize throughout 2012. If access to credit is made easier, we should see home prices and sales going up more and more as we head into the second quarter of this year. As mortgage rates remain at all time lows, and mortgage applications stay high, more activity is soon to come. If these record low rates can remain available for an extended period of time, we can begin to see light at the end of the tunnel. If you would like to receive information on what your buying power is, please leave a comment or contact us directly so we can send you information that your will find informative. You could stop wasting your money renting an apartment next to the noisy neighbors. Buy your own home and let SI Real Estate help you along the way. SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

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Real Estate Tips: Be a Savvy Buyer

In 2011, real estate remains a true buyer’s market. In Tampa, prices are the lowest in the last decade and interest rates at historic lows, now is the time to purchase real estate. Whether it is your dream home, a vacation home, or an investment property you need to make sure you are looking at the big picture. Buyers now more than ever need to be savvy to recognize the good value when they see it.


Realty Times just published an article this week, “Savvy Buyers Know Value When They See It”. In this PJ Wade, compiles a list that all buyers should review before their next real estate purchase. She reminds all buyers that you do not need to approve of a sellers color scheme or décor, rather look beyond superficial things to the bones of a home. To help keep you on track during your purchase remember this important tips.

Be prepared if the first showing is the right place

Most buyers are anticipating the first house to not meet their expectations. If you go into the first house and it is what you are looking for, don’t wait too long to put in an offer. The good properties go quick if you delay two weeks to see other properties just for comparison, you may miss your opportunity completely. Be prepared before you start view real estate listings to know exactly what you want and be prepared to act right away.

Experience the property

The goal is a real estate showing is not just for you to take a quick glance from each doorway. You need to step inside each room, get a feel for it, and move around. See if the space is adequate for the furnishings you prepare to put in it. Real Estate is a large investment, make sure you are getting a true perspective in if this is the right property for you or not.

Don’t consider just the property alone, surrounding neighborhoods is key

No property is completely alone in a certain area of town. You cannot make a wise decision on a real estate choice until you have seen the surrounding neighbors and community. Most real estate professionals will instruct you to drive around, check on sources of noise (parks, schools, development. Make sure you will be happy knowing all the information you experience in the community. Check on zoning if you intend to have a home business for instance.

Get all the knowledge you need before making an offer

Sit down with your real estate agent and ask some important questions. Look up taxes, utility costs, and sales history. Get an idea of what to expect before you make an offer. This is a very important step that may get rushed over when you get excited about your new home. Be diligent, after the sale is complete this will help counteract any potential buyers remorse.

Don’t just look for a “dream house”, be realistic

All of these steps lead to one conclusion-be realistic! The excitement of your new home may inflate your expectations of the real estate market and what you can afford. Please savvy, know a good value when you see it, and be smart about the research you conduct before making an offer. You are not expected to be an expert on real estate, do not try and do all the work yourself. Have a licensed real estate agent you can trust in your corner to help you make the best purchase.

If you are looking for more tips on being a savvy buyer, or to find a trustworthy real estate agent to help you navigate through the buying process call SI Real Estate at 813.631.5144 or email us at Yourhome@SIRealEstateInvestments.com.

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Real Estate Essentials: Choosing the Right Location

When undertaking the experience of purchasing a home, there are lots of important decisions to make. For instance, if you want a detached home or a community lifestyle, how many rooms, what are you willing to spend? The first and most important question any buyer or investor should ask is what locality do I want to be in.


You hear real estate professionals stress this factor often, location, location, location! It truly is the single most important factor on any real estate purchase. If you put the exact same house on two different lots in different areas of town, they will hold different values. How do you decide what vicinity is the best for you?

Economic Factors

Does this city have a high percentage of unemployment? Are there a large number of foreclosures? This is a shaky topic for a lot of Americans right now. Many people have unfortunately been let go of their jobs and are forced to default on loans and are not finding work easily. However if an area’s unemployment rate is increasing, that means more people are struggling and home values decrease with them. Foreclosures have a direct impact on comparatives sales in an area used to appraise your homes value. When looking for a new home, examine these factors and ask a real estate professional to help you compile past data to support your home buying decision.

Education

School systems are always important to consider. If you already have children or plan to in the future, the explanation is not needed, you want the best education for your kids. Even if you don’t use the school system, they can affect your sales potential when you go to resell, always keep this in mind when viewing real estate.

Condition of Homes and Businesses

It is very important to examine the surrounding homes, businesses, and overall condition on surrounding area. This is a time to see yard maintenance of neighbors (this will affect home values), back streets and alleys, and also look for empty businesses in the area. All of these factors reflect the health of the neighborhood. Real estate values are subject to all the factors of a given area and appearance plays a big role!

Entertainment and Recreation

What entertainment options are important to you? Do you want to be near parks and reservation areas? Is shopping and restaurants a high priority to you? Do you enjoy the arts culture? All of these questions might seem minor compared to previous factors to define a district but in the long term, they will be a blessing or a curse depending on what you prefer to do in your spare time.

Here in Tampa Florida, SI Real Estate has experts in the local community. He can highlight some of the best areas for your desired needs and budget. We encourage you to look at New Tampa or Brandon and Riverview for some high demand communities. SI Real Estate utilizes our vast real estate experience and extensive Tampa Bay area knowledge to meet the needs of buyers, sellers, investors, landlords, tenants, and relocations. Contact SI Real Estate today to find your perfect location at (813)631-5144 or email us at Yourhome@SIRealEstateInvestments.com.

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Real Estate Truths: Rent vs. Buy

There is so much news on the health of the real estate market every day. Many people are waiting until the market fully recovers before investing in real estate but some are not waiting. What if experts suggested however that buying a home is actually cheaper than renting?

The newest studies of 50 of the largest cities in America are suggesting that it is a smart decision to buy and cheaper than rent in the same area. Trulia just released a new chart with varying factors that show which of the 50 largest cities is better to buy vs. rent a home. The results boast 39 of those cities are cheaper to purchase property than rent.

Trulia is not the only one spreading the good news however, check out Inman News this week. The news source is reporting that 78% of the major cities in the U.S. it is cheaper to buy real estate than to rent a home.

How does the Tampa Bay Area compare? Tampa, Florida is not one of the top 50 cities by population in the US therefore it doesn’t make most of the list, however using our own knowledge of the Tampa Bay Area we can figure out statistically if it is a better idea to buy your home or rent locally. Using the rent ratio described by the NY Times, a formula created by taking purchase price of a property and dividing it by the annual cost to rent the exact same property. The rule of thumb is less than 20; usually better idea to purchase a property. If the ratio is over 20 you should at least consider renting.

If you look at SI Real Estate’s recent sales, we will compare some of our recent purchases. A South Tampa condo in Cordoba Beach Park (2BD/2BA) just sold for $130,000. The same condo rents for about $1550. So using the rent ratio formula you get 7.0. If you compared a new construction home is New Tampa, a very nice 3 bedroom 2 bath house in a great neighborhood would run about $205,000. Let’s say if it was rented at $1700, the ratio is still only 10.05. Both examples are well below the 20 point rule of thumb given.

If you don’t like math check out this website at NY Times, it lets you plug in your own numbers and see whether purchasing or renting is a better idea. Have fun and when you are ready to start house hunting call SI Real Estate at (813)631-5144 or email us at YourHome@SIRealEstateInvestments.com.

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Younger Generation Predicted to Turn Real Estate Market around

Since the slump in the real estate market started everyone has wondered where and when relief would be found. There is a new group of people that are drawing confidence in the housing recovery.

A new study was released in March by the National Association of Home Builders states that, “Generation X –young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway”. Gen X as they are referred to makes up 32% of the home-buying age population. They are not the largest group (Baby boomers make up 41%) but they are the most mobile. They are fully engrossed in careers and need to expand to accommodate larger families. When surveying 10,000 potential buyers in 27 metro areas, between 85-89% said now is a good time to buy!

What does this Generation of home buyers want?

More space! Most are growing in careers and families and want a bigger home than they currently live. In addition to space inside they want more space on their property. Although amenities seem like a hot button item, 46% said they would prefer a home in a larger lot versus 21% looking for a neighborhood in walking distance to everything. Finally 70% stated they would be willing to spend an additional $5,000 for a green home. Another very important feature that helps makes the sale to this individuals-design. They are willing to pay a premium for things such a modern architecture and dark wood cabinets.

Strategy Changes for Selling to Generation X

This younger generation of real estate purchasers is not the same as the generation before them. They have grown up in a world of skepticism and work independently to see what they want and what they should pay for it. They are willing to do research and utilize technology to get answers. What do you need to concentrate on when selling a property to this group?

Most important difference between a younger generation of buyers versus their older peers is technology. Technology is very important to these innovative individuals. Often referred to as the “MySpace generation”, the term is widely misleading. They may spend time on social networking and entertainment but they also turn to the virtual world for information. They are inundated but they absorb exactly what they need and are prepared when making a purchase decision. As a seller or real estate agent, remember to utilize the virtual tools that draw this generation in and respond quickly before they move on to the next prospect.

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Owning a home is Still Cool: Here are the Real Estate Reasons

• Long term Investment

According to Realty Times,” An average appreciation rate during normal times is around 6.5 percent a year. That means if you buy a home for $100,000, in just ten years you will have a home that could feasibly sell for around $174,000”

• Personal and Community Stability

Owning a property creates a sense of community and accomplishment. People take better care of property; have higher graduation rates and lower crime rates in more stable communities with large percentages of homeowners.

• Tax-Breaks

Tax benefits are a huge asset to many Americans, you can deduct mortgage interest, and there are tax credits and money back for making energy efficient upgrades. These breaks might not seem like a lot at first but for middle income families they can add up fast.

• Benefit to Economy and Job Growth

According to Houselogic, “For every two homes sold, one job is created in the U.S.” Each housing purchase is estimated to generate $60,000 towards economic activity. This is a huge advantage to consider in the long term picture of our country’s and communities’ financial recovery.

• Making Your Property a Home

One of the largest advantages in owning a home comes down to making it your own. You can accomplish this by doing whatever upgrades, decorations, and changes you would like without approval from a landlord. Over time, the investment pays off by creating a home for you, friend, and family to build lasting memories and enjoy a home base.

What are you waiting for? Call an SI Real Estate professional at (813)631-5144 or email us at YourHome@SIRealEstateInvestments.com to start finding your new home today.

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Tampa Real Estate Trends for Buyers/Sellers

The Real estate market is still changing. Homes are selling every day however, buyers have changed their expectations. Keeping you informed on what to expect when buying or selling a property in today’s market.


1. Buyers are opting for smaller homes

Constraints on housing market really have made buyers reevaluate what is necessary in their next home purchase. A study conducted by the National Association of Home Builders (NAHB) reveals that homes are expected to be ten percent smaller in the next couple of years. “To save on square footage, the living room is high on the endangered list-52 percent of builders expect it to merge with other spaces in the home by 2015 and 30 percent said it would vanish entirely.”

2. Heavy influence on purchase decisions can be swayed in favor of green and eco friendly properties

The NAHB reports that not only floor plans are changing. “68 percent of builders are including green and eco-friendly features by 2015. This includes low-E windows, engineered wood beams, water-efficient feature and energy star rating throughout.”

3. Curb Appeal is still very influential in the buyers’ willingness to buy their new home

The National Association of Realtors reports, “49 percent of buying decisions are based on curb appeal” in a normal market. Even in times of foreclosures and short sales, buyers judge whether to view a property or not by the curb appeal. Curb appeal doesn’t just affect the property being sold either; a buyer looks at the neighborhood as a whole. Improving curb appeal can be as simple as removing some weeds, retouching paint, or simply asking a neighbor to straighten their yard if you are on good terms. It may make the difference in whether you get a buyers attention or they move on the next real estate listing.

It is important as a buyer, seller, relocation, or investor to know what trends affect your real estate decision. To get in contact with a real estate expert in Tampa, Florida call SI Real Estate at (813)631-5144 or email us at YourHome@SIRealEstateInvestments.com.

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Real Life Real Estate...New Construction vs. Foreclosure

A hot topic for potential homebuyers is, should I look Foreclosures, existing older homes, or New Construction? The hype lately seems to be on Short sales and Foreclosures. Bank owned properties are being snatched up by cash investors and we hear of bidding wars everyday in Tampa over bank owned properties. Investors have money to spend, and no desire to occupy the property personally, they can fix any issues that arise with no problems. It is very enticing for a buyer to see large discounts foreclosed and short sales but what else does a buyer need to consider when deciding on purchasing a home?


SI Real Estate has helped three clients purchase a new Construction home in the last two weeks. What made these buyers decide purchasing a new home was better than foreclosure and existing home options? There is a great website being advertised by Lennar homes, “Buying a New Home vs. a Foreclosed Home”. This website highlights advantages of purchasing new construction. Buyers need to consider all pros and cons of new homes vs. distressed properties before enduring the long process of locating an acceptable Foreclosed home or short sale, and hoping for the best.

Advantages of New Construction

• Affordability- Builder Incentives, Lower prices, and energy efficiency

• Timing- Immediate Occupancy or a set time frame you decide upon

• Customization- You can add the features you want before moving in and all of it is included in price of home.

• Warranties- Any credible builder will provide guarantees or warranties on labor, materials ad structural repairs so buyers can remain worry free.

Foreclosure Information

Florida and Tampa have both been affected by large amounts of Foreclosures for many months. It has impacted the entire real estate market. This could be starting to change however, according to Florida Trend, "For the second month in a row, no Florida cities posted foreclosure rates in the top 20 among U.S. metropolitan areas with a population of 200,000 or more," This is more important once you compare that statistic to projections in 2010 which names 9 metro areas in Florida in the top 20 foreclosures in the country.

There are advantages for certain buyers of short sales and bank owned properties. For instance, for investors with enough cash to purchase and repair the property, a bank owned property could be the best option. All buyers should consider the following precautions when considering Foreclosed properties and short sales. Distressed properties can be very difficult to find financing for. This is not an issue for cash investor and that is why they are collecting so many bank owned properties right now. Another factor to consider is timing, time frames on response and closings can vary greatly for each deal, extremes range from two weeks to two years. Finally, the most important detail to consider in any real estate purchase is knowing the condition of the property. Most foreclosed properties are bought with the understanding there will be no repairs, warranties, or guarantee of their condition.

Buying any property is a big decision, talk to an expert in the area you are considering the purchase. SI Real Estate can help you with all your real estate needs including new and existing homes, and bank owned and short sale properties in the Tampa Bay area. Please call our office at (813)631-5144 or email us at YourHome@SIRealEstateInvestments.com.

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Four Most Important Qualities in Selecting a Real Estate Agent

When it comes to buying, selling or renting real estate it is important you find the best representation to work alongside you. What qualities are the most important when selecting a Real Estate Agent to help you:


1. Trust

In making the decision to purchase, sell, or rent a property the most important quality to look for in your real estate agent is whether you trust them. They will be advising you on what the best home prices in the local market, they will be drafting legal contracts for you and you need to know they have your best interest at heart. You also need someone who is going to be honest when you need it.

2. Experience

Experience is one of the best ways to see how well a real estate agent has done their job in the past. The best way to judge experience may not be the highest number of listings, but instead the number of real estate buyers and investors who complete their real estate transaction with confidence they had the best real estate agent to represent them. It is also very important you choose a full-time real estate agent with experience, someone who works at the business on their “extra” time, will never have the same quality of expertise as someone who focuses on it seven days a week.

3. Knowledge

Real Estate is a specific industry. You need to make sure you have a licensed real estate agent who is knowledgeable about all types of real estate transactions and your local market. Although many real estate statistics are measured in a National or state wide level, the real estate professionals who work in your specified city and neighborhood are the most practical people to help you. The real estate agent you choose should be familiar with the city, neighborhood and community that impact your goals.

4. Dedication

You need to find a real estate agent who is dedicated to working with you to accomplish your goals whether they take a day or a year. Work with a firm that is more focused on building long-term business relationships than just hitting higher sales goals.

How does SI Real Estate Measure Up?

Building on over 40 years of experience in the industry, SI Real Estate Investments, LLC simplifies and expedites Real Estate in Every Way: all the real estate property services a buyer, seller, owner, or developer could want or need, and all with a unique level of quality and personalization. We concentrate on quality, not volume. We blend our 40-plus years of real estate knowledge and experience with an amazing attention to detail, guaranteeing exceptional quality. We know success depends on client satisfaction, which keeps us focused on our core values: honesty, integrity, trust, and dedication. We integrate these values into everything we do, using our diverse competencies to foster our clients’ purchase, sale, development and management of all types of properties. Call SI Real Estate Today at (813)631-5144 or email us at Yourhome@SIRealEstatInvestments.com and see if one of our Real estate agents is available to help you reach your real estate goals.

http://www.sirealestateinvestments.com/

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The Affordability of Housing Reaches a 20-Year Peak

We all know that the housing market has had some challenges in the last couple of years. As the real estate market starts to even out, housing affordability is higher than recorded in over twenty years. This means middle income families can comfortably afford to purchase their own home.

The National Association of Home Builder/Wells Fargo records a Housing Opportunity Index (HOI) every year. This index compares the median income of families in a specified area compared to the income needed to comfortably afford a home purchase. This year they report, “73.9 percent of all new and existing homes sold in the fourth quarter of 2010 were affordable to families earning the national median income of $64,400.” This statistic is significant because it is the highest percentage on record since they started collecting this data in 1991.

How does this compare to the Tampa Bay market? The HOI in Tampa is 78.2% in the fourth quarter of 2010, with a median income of $59,400. The Tampa real estate market is opening opportunities for more people to become homeowners.

Housing affordability is not the only good news. According to the Mortgage Bankers Association, “Mortgage applications increased 13.2 percent from one week earlier” Interest rates are still very low, and buyer confidence is increasing. Buyers are looking for their next property and sellers are should be ready to help.

SI Real Estate is in the mix of all the Real Estate Market’s changes. We work with buyers, sellers, relocations, and investors to learn what trends are taking place in the Tampa real estate market. If you would like advice from Tampa Bay real estate experts call us today at (813)631-5144.

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Owners and Renters Agree: Owning a Home is a Smart Decision

People in Tampa, Florida know that home ownership is a smart decision. It is not just here either. According to a recent survey by the National Association of Realtors®, “A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term.”

“Home owners and renters agree that home ownership benefits individuals and families, strengthen our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps. He added, “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”

According to the survey American Attitudes About Homeownership 95 percent of owners and 72 percent of renters believe home ownership makes sense, especially over a period of several years. Although owners and are in agreement about this subject, there are some differences between them. The difference is important to note as it relates to the quality of life issue. The survey found that over half of home owners are “very” or “extremely” satisfied with the quality of their family life, while only a third of renters felt the same level of satisfaction. 63 percent of renters surveyed said they were likely to purchase a home in the future, with young adults having the strongest desire to own their own home.

An important component to home ownership is that of mortgage interest deduction (MID). The survey showed that 74 percent of home owners and 62 percent of renters say that is it “extremely” or “very” important that the MID remain in place. Ron Phipps agreed with this saying, “At a time when the middle class is under increasing economic pressures, both home owners and renters agree that the mortgage interest deduction should not bet targeted for change. Given strong public support of and aspirations toward owning a home, we need to keep policies in place that support and encourage responsible, sustainable home ownership for our future.”

One of the biggest obstacles to those who would like to purchase a home is job security. Given today’s economy, many potential home owners have a certain level of nervousness about purchasing a home due to their lack of confidence in their job security. Another issue is that of creditworthiness. Despite these factors, people still aspire to home ownership. Let’s face it…home ownership is still the American dream and will continue to be.

If you are interested in becoming a home owner, contact a real estate professional at SI Real Estate to discuss your options. You may be better able to afford a home than you think. The prices of rentals are going up and the prices of homes for sale on the market are aggressively, making them more affordable than ever. Maybe it is time for you to look into making the American dream your dream come true.

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Foreign Investment in United States Real Estate Remains Strong

At SI Real Estate, we are keenly aware of the fact that international investors continue to seek to purchase real estate in Florida and in other regions in the United States. We have seen a steady influx of foreign investors who are actively investing in our Tampa Bay housing market. While some naysayers about the real estate market here in Tampa, have been sitting idly by, the global investor community are buying real estate, and making money doing it!

Some may ask, “Just who is it that is investing in our real estate market?” Well, the latest profile of international activity in the U.S. housing market published by the National Association of Realtors® has revealed many interesting figures regarding that question. Foreign Investment in U.S. Real Estate (2010) – The Stats (Realtors Report) shows the biggest finding was in the state by state breakdown of foreign purchases. The report shows that Florida had 22% of the transactions by international purchasers, California had 12%, Arizona had 11%, and Texas had 7%.

Also shown in the report is a look at the nationalities that are most prevalent in the U.S. housing market:

Another finding in this report was the breakdown of foreign purchases by purchase price.  During recent years there was a lot of talk about prime property markets performing better than lower bands, but the NAR report has confirmed that this is not the case in the U.S.

“All in all the report contained few surprises, right down to the fact that most properties purchased by foreigners were cash-sales. None the less it is still good to get a look at how the market today compares with the last few years, and if anything the lack of differences between the market during the boom and during the bust is the biggest surprise.”

SI Real Estate has worked with international investors for many years and continues to do so. The weak dollar along with bargain-basement real estate prices in the Tampa, Florida area makes this a great place for the international investor to purchase multiple investment properties. Feel free to contact us for more information on investing in the Tampa, Florida real estate market.

Call us at 813.631.5144
Email us at YourHome@SIRealEstateInvestments.com
Visit our website at http://www.sirealestateinvestments.com/

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Who’s In the Real Estate Market Now?

Investors…That’s Who!

Local, national and international investors are putting their real estate investment dollars into Tampa, Florida real estate. And why wouldn’t they? Tampa is truly a destination city. Fabulous weather year-round, sparkling beaches, super shopping spots, wonderful restaurants for casual and fine dining, and world-class tourist attractions here in Tampa and in nearby Orlando make this a fantastic place to be.

Combine the fact that Tampa is a beautiful place to live, and realize the unbelievable deals here in the real estate market, and it becomes a no-brainer. Tampa, Florida is a great place for investors wishing to purchase real estate!

It is no secret that property values took a major dip when the real estate bubble burst and much of the real estate that is on the market are properties at fire-sale prices! The statement that it is a buyer’s market is absolutely true.

SI Real Estate is anticipating the next wave of bank-owned assets will provide even greater opportunities for smart investors. Opportunities are abundant, and more chances for finding those great real estate investments are on the way. For those investors who are already participating in the real estate market, good for you! For those who have investment dollars and are not considering purchasing real estate we ask, “Why not?” What questions do you have that we can answer for you? Just ask!

SI Real Estate has a long history of experience dealing with investors. We already know that Florida tops the nation for attracting foreign interest. That knowledge is backed up by the National Association of Realtors® summer report which places Florida first with 22 percent of all foreign clients choosing to purchase here, and California in a far second with 12 percent of the international market.

We live in a global marketplace. “While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder. “The U.S. continues to be a top destination for international buyers from all over the world”, according to an article titled International Interest in U.S. Homeownership Increases, Realtors® Report by the National Association of Realtors®.

So, if you have been thinking about investing in Tampa, Florida real estate, think no more. It is time to act. Call us today to learn how you, too, can join the ranks of the smart investor. After all, SI Real Estate is “Global Real Estate in Every Way!”

Call us at 813.631.5144
Email us at YourHome@SIRealEstateInvestments.com
Visit our website at http://www.sirealestateinvestments.com/

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