Tampa Real Estate Pulse | Discounts Are Gone

As we continue to witness the real estate recovery and its effect on our Tampa market, many home buyers and investors are scratching their heads and wondering where all the “great deals” went? Tampa, Florida has seen inventory fly out the window. Along with that inventory went most of the homes that investors and home buyers were seeking out. The FNC has recently reported that the price between homes’s foreclosed value and original market value is finally beginning to close. The average price discount for a distressed property was around 25% of the homes market value. By the end of last year this number has been cut in half and now sits around 12.2%! Not much difference anymore!  Buyers and investors are more and more being out bid by other buyer and investors.  In many cases it is simply a price gap and offers being too low. Many Tampa, Florida communities have seen this first hand and quite a few home buyers and investors are not catching on to the trend… yet! 

Single family bank owned properties and foreclosure sales made up about 18% of the real estate markets sales at the end of 2012. This is a dramatic decrease from the year prior when distressed sales were hovering around 27% of the overall real estate market activity. Buyers and investors should be cautioned that their would be “steal of a deal” is now being sold at a higher price point, and if they really want the home, they need to make serious offers reflecting today’s prices, not the prices of last year or 2011.

The Tampa Bay Business Journal repots that, “the investor market is almost gone in this general area of Tampa.” The article states that investors are “late to the party” and the lower end properties that were attractive for renting are rapidly fading away. In Tampa, Florida we have seen this bidding war activity for some time (years) now and it does not seem to be slowing down anytime soon.

If you are interested in exploring your real estate purchase options as an owner or investor, contact us today and ask how you can maximize your home buying power. If you are finding that now is the best time to sell in 5 years, you are right. Let us assist you with selling your home or investment property. 

Don’t be left behind holding on to the thought that you can still get a home at a huge discount. Fact is, prices are changing, inventory is vanishing and interest rates aren’t getting any lower.

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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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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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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