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 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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Tampa Real Estate Sales Still Rising

Although there has been a high number of a sale in the Tampa Bay real estate market the last couple of months, the industry is sending some mixed signals. What is happening in our changing market?

According to The Tampa Tribune, “Homes sales are climbing, up 16 percent from a year ago and 24 percent from last month”. However since there is such a high number of bank owned and distressed properties, the median sale price is only $111,100.

Of the 2,375 real estate sales in Tampa in February 2011, a large majority were bought by investors. They see properties in distress, prices continuing to decline and investors are cashing in.

The spring selling season is around the corner however, and projections are expecting more traditional homebuyers to start jumping in. Most first time and repeat homebuyers are not interested in the distressed properties. They start off looking at the price tag, but are not prepared to deal with the challenges once viewing the property. They see the value in finding a home that is ready for them to enjoy immediately. New construction home sales are up and with the new selling season, median sales price is expected to increase.

All of these statistics are causing one more interesting trend in Florida, real estate sales agents are increasing. According to The Orlando Sentinel, After a slump in the real estate market in mid-2007, the pool of real estate professionals has dropped more than 13%, however Since the beginning of 2011, the numbers have been edging back up, it is predicted that 268,257 registered brokers and agents were active in Florida’s real estate market by the end of February 2011.

With homes sales rising, positive projections of buyers confidence in purchasing real estate again, and professionals confidence in real estate careers, Tampa bay may be shaping up for some market improvements. Now is your time to move forward.

SI Real Estate works with Buyers, Sellers, and Investors to get the most out of the Tampa real estate market. Call us today at 813.631.5144 or email us at YourHome@SIRealEstateInvestments.com.

SI Real Estate is also looking for qualified agents, whether you have 20 years experience or just received your license. Contact our office to start your real estate career with SI Real Estate. You will see that we are “Global Real Estate in Every Way”.

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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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SI Real Estate Has Its Finger on the Pulse of the Real Estate Market in Tampa Bay

Pulse 1 ~The Buyers Real Estate Market


Local, national and international buyers are purchasing real estate here in the Tampa Bay area and around Florida like there is no tomorrow. The real estate market is booming with sales. Real estate prices are fantastic, mortgage interest rates are great, and people are taking advantage of the opportunities that are available.

At this point in time, it is becoming more the norm to have multiple offers on properties for sale, indicative of the swarm of buyers into our real estate marketplace in Tampa Bay. First-time home buyers, along with move-up or repeat home buyers, and local and international investors are all jumping in with both feet to get their piece of the action during these unprecedented times.

Pulse 2 ~The Real Estate Rental Market

In an article titled, Cheaper to Buy Than to Rent in 72% of Largest U.S. Cities by Inman News dated January 24, 2011, “Despite the rising number of renters across the country, it is cheaper to buy a home rather than rent one in 72 percent of the 50 largest cities in the U.S., according to an index released by real estate search and marketing site Trulia.”

There has been a large influx of people entering the rental market due to the economic downturn. Prices are rising for rentals as a result. The economics of supply and demand are taking affect. Pete Flint who is the CEO and co-founder of Trulia stated, “Since the start of the 'Great Recession,' many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets."

The article continued to say that it is less expensive to buy a two-bedroom home than to rent one in 36 out of 50 of the country's most populous cities. Interestingly, some of the cities include many areas that have been hit hard by foreclosures, such as Las Vegas, Phoenix and California.

Pulse 3 ~ The Sellers Real Estate Market

Although we are in a strong buyer’s market, sellers of real estate are also witnessing strong interest in their properties. Multiple offers are being made on many properties which lead to bidding wars and helps increase the price of homes, townhomes and condominiums that are on the market.

With all of the talk about it being a “buyer’s market” not as much has been said about the direct affect on the “seller’s market”. In an article titled, Home Price Stabilization Seen in Most Metro Areas during Fourth Quarter, Sales Up, Lawrence Yun, NAR chief economist, stated he is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”

With buyer’s feverishly grabbing up real estate, inventory is being reduced leading the way to recovery in the real estate market and the overall economic health of this country.

Pulse 4 ~ SI Real Estate is Working in All Aspects of the Real Estate Market

SI Real Estate works in all aspects of the Tampa Bay area real estate market and truly feels the pulse of this marketplace. With expertise in buyer and seller representation, property management, bank owned/REO and short sale property acquisition and sales, finding a company more diverse in its offerings will be hard to find. Combine our real estate expertise with our superior customer service, as evidenced by our loyal client base, and you won’t want or need to look any further for your real estate company. Call SI Real Estate at (813)631-5144 today and put your finger on the pulse of the real estate market right here in Tampa, Florida. It is an exciting time to be in real estate!!!

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Foreign Investors Buying Up Property in the U.S.

The real estate market in Tampa, Florida and is seeing an increase in sales to foreign investors, and we aren’t the only city witnessing this spike in foreigners purchasing real estate. Florida and many states across the nation have become target markets for international investors looking for a place to invest their money. Who can blame them? Real estate prices are phenomenal, interest rates are maintaining in the low 4% range, and the strength of foreign currency in relation to the dollar make this a smart investment choice for many.

Interestingly, this swarm of foreign investors could very well be what catapults the real estate market into a long-awaited rebound. As the real estate inventory gets bought up, a natural outgrowth will be housing price stabilization. And that is good news for the real estate market! A reduction in inventory and house price stabilization along with fantastic mortgage rates will continue to spur economic recovery.

SI Real Estate works with many international investors and is well aware of this trend. In a recent article Foreigners Buying Up U.S. Property, Jack H. Levine, chairman of the board of the Miami Association of Realtors recently commented on this as well saying, “Record affordability, a wide selection of properties to choose, and an enviable lifestyle continue to attract both international and U.S. buyers.” Many know that we are definitely in a buyer’s market, but what they may not be aware of is that this is very much an international buyer’s market.

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SI Real Estate News in Tampa, Florida

Home Ownership Benefits Local Neighborhoods and Communities

A recent report by the NATIONAL ASSOCIATION OF REALTORS® (NAR) Social Benefits of Homeownership and Stable Housing explores the impact of home ownership on communities. Many home owners in Tampa, Florida who have made an investment in their future by purchasing a home rather than renting already know the positive impact home ownership has had on their lives, but are they aware of the positive impact real estate and home ownership is making in their community as a whole?

This report takes a close look at the ownership of homes and the impact of stable housing, as opposed to transitory housing and homelessness, on social outcomes looking at educational achievements, civic participation, health benefits, crime, public assistance, and property maintenance and improvement.

“Homeownership certainly contributes to positive social outcomes, but those outcomes are truly a result of stable housing communities,” said Vicki Cox Golder, President of the NAR. “With strong social ties and a cohesive community, home owners can enjoy not only the long-term financial benefit of owning a home, but also a more satisfying life – which is what’s really at the heart of the American Dream.” After all, homeownership has been a key element of the American Dream for decades and remains very much alive even today.

Homeownership plays a key role in educational achievement as students from families who own their homes are more likely to stay in school. Students from families that rent move more frequently and this has a negative impact on the level of stability and achievement in academic settings.

Civic participation is more likely from those who own their own homes, as opposed who rent as homeowners have a vested interest in their community. Homeowners are more likely to vote and be active in an effort to bring about positive change in their own communities.

Golder adds, “The research shows that home owners report higher self-esteem and happiness than renters, resulting in better overall health, both physically and psychologically.”

It only stands to reason that home owners are more vested both emotionally and financially in their property than renters. Therefore, property owners are more likely to establish crime prevention programs designed to keep their neighborhoods safe and their property values high. Neighborhoods with higher rates of renters tend to be less stable, and many times the result is social disorganization, which ultimately leads to higher rates of crime.

Those who own their own homes spend more time and money maintaining their homes than renters will. Property values and stability are therefore higher in neighborhoods with higher rates of homeownership.

SI Real Estate believes that homeownership is at the heart of the American Dream. Call an SI Real Estate Specialist today to learn how you can become a homeowner and start living the American Dream.

SI Real Estate is a full-service real estate company that can assist you with whatever your real estate needs may be. We provide the complete spectrum of real estate services, utilizing our thorough real estate experience and extensive Tampa Bay area knowledge to meet the needs of buyers, sellers, relocations, investors, landlords, and tenants.

Call us at 813.631.5144
E-mail us at YourHome@SIREalEstateInvestments.com
Visit us at http://www.sirealestateinvestments.com/

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