Real Estate: Buyers and Sellers Activity Increasing

As a new demographic of real estate buyers and sellers enter the market, economists point out that the timing of younger millennials and older baby boomers coming to the closing table could not be more opportune. A recent study released this week from PulteGroup Inc. finds that demand for housing from people between ages 18-34 is rising at the same time that baby boomers are beginning to sell their homes. The percentage of buyers ages 18-34 with an average income of $50K or more has risen significantly since this time last year. On the same note, baby boomers entering 65 or older are expected to test the waters of the real estate market and list their homes for sale, says Arthur Nelson, professor of urban planning at University of Utah.


Pultegroup also pointed out that about 30 percent of 2012 real estate sales were to first time home buyers. Vice President of Pultegroup, Fred Ehle added to the surveys finding by saying, “the combination of incredibly low mortgage rates, rising rental rates and very low inventory levels, millennials realize now is a good time to purchase a home.” Many of the soon to be home buyers are already making financial decisions in order to achieve this goal. Obstacles such as student debt, down payment cash and advanced career placement are finally being subdued by a more promising economic outlook.

Nelson also mentions that home owners sell at a much higher rate once they hit age 60. This could represent a huge supply of home as 80 percent of adults own homes by the time they are 65 years old.

If you are thinking of entering the real estate arena, whether buying or selling, now may be the most opportune time we have seen in years! Buyers should take advantage of current real estate market conditions while sellers should catch the tailwind of all this activity.

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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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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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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Existing Home Sales Rise As Home Inventory Shrinks

Home sales rose for the 11th consecutive month according to the National Association of REALTORS® Existing Home Sales Report for January.

This is the first time this has occurred since the period between July of 2005 and May of 2006.

National Average Home Price Up Over 12% Annually

The national average home price in January was $173,600, which is 12.3 percent higher than for January 2012. 

Calculated on a seasonally-adjusted annual basis, Existing Home Sales data is compiled using completed sales of single family homes, condominium units and co-ops.

January's existing home sales rose by 0.4 percent to 4.92 million sales nationally as compared to December's revised annual rate of 4.90 million sales nationally.

National sales of existing homes increased by 9.1 percent as compared to January 2012.

Regional Home Sales Support Housing Recovery

Regional home sales for January suggest more good news for housing markets. Seasonally- adjusted annual home sales rose in all regions of the U.S. except in the West, while median home prices rose for all regions.

Northeast: Home sales were up by 4.8 percent in January to 650,000 sales, which is 12.1 percent more homes sold than for January 2012. The median home price rose by 2.4 percent from January 2012 to $230,500.

Midwest: Annual home sales in January increased by 3.6 percent to 1.16 million; this is 17.2 percent higher than for January 2012. The median home price in the Midwest rose to $131,800, an increase of 8.6 percent as compared to January 2012.

South: Home sales were up by 1 percent to 1.96 million sales in January; this represents a 14.0 percent increase in annual sales as compared to one year ago. The average home price for the South was $152,100, an increase of 13.4 percent over January 2012.

West: Home sales fell by 5.7 percent to an annual rate of $1.15 million. This represents a 5.7 percent decrease in sales from one year ago. The median home price in January was $239,800 and was 26.6 percent above the region's median sale price for January 2012.

A falling inventory of homes for sale may be holding back buyers; the inventory of homes for sale fell to a 4.2 month supply from December's 4.5 month supply of homes. A 6-month supply of homes is considered average.

Home Prices May Rise Quickly

While the spring home buying season will likely see more homes come on the market in Kent and the surrounding area , economists caution that home prices could rise faster than expected due to increasing demand. A seller's market could be in the making.

Mortgage rates also appear to be rising; now may be your best time for gaining the advantage of relatively low home prices and mortgage rates.

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Is Downsizing The Next Big Trend In Homes?

The real estate market has started to recover from the downturn over the last few years in many areas of the country, and more people are thinking about buying a new place to live.

With this new energy in home buying, an interesting trend seems to be developing.  

Instead of going for larger homes, which was an overwhelming trend in years past, many people are choosing micro-dwellings.

What is a micro-dwelling?

There are a number of different styles of micro dwellings being built.  This is a relatively new concept for homes in the United States and individual creativity abounds in this space.

The most common factor in micro-dwellings are their size. They tend to be less than 500 square feet of living space.

Some densely populated metropolitan areas like San Francisco and New York City are planning apartments as small as approximately 300 square feet!

Think this shrinking of real estate space applies only to multi-family dwellings?

Think again. You can also find tiny single-family homes — some of which are even portable.

If you're still not convinced, read on to discover a few of the factors drawing buyers to smaller living spaces.

A lower price tag - The cost of these homes can be significantly less than that of standard homes, which means you may not have a large mortgage over your head for the next 30 years.

More free time - A smaller house means less cleaning. Who isn't on board with that idea?

Less clutter - If your home is less than 500 square feet, you have to get rid of everything you don't absolutely need.

Mobility - Many of these tiny homes are equipped with wheels or built-on trailers, so moving is no longer the stressful and expensive undertaking it used to be. Simply close the door and go!

Smaller is greener - It makes sense that if your home is smaller, you will automatically reduce your energy consumption, which means more money in your pocket every month and a smaller carbon footprint.

Micro-living might not be for everyone.  It does offer an option for those who are just starting out, those who love to travel, or those nearing retirement.

And even if you don't opt for the smallest living space, reducing energy usage and saving money are ideas most anyone can take to the bank.

Photo Credit: Tumbleweed Tiny Homes

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New Homes | New Construction: A Real Estate Option Worth Review

In today’s real estate market many industry professionals are dealing with the lowest level of housing inventory in many years to show their ready and anxious home buyers.

On both a national level and locally in Tampa Bay, we have experienced the effects of the dwindling inventory as it relates to real estate options. We are frequently encountering multiple offer scenarios and bidding wars between buyers and sellers requesting highest and best offer. 

New home construction is gaining tremendous momentum and offers home buyers enormous options and appeal. Various areas of Tampa, Florida are on the right side of this opportunity.  We have always enjoyed the benefits of newly developing communities, new home starts, and luxury of turning to new homes as viable options for our home buyers.

The U.S. census reported that about 36.5 million people moved into a new home in 2012! The demand for homes in Tampa, Florida is clearly up and mounting. Last year concluded on a high note for most national home builders. Building permits are up about 12% from last year and builder confidence is higher than it has been in four years!

New construction homes are continuing to receive more notice this year as well.  So much so, that the CEO of national home builder K-Hovnanian was quoted in a recent business interview saying, “We can’t build homes fast enough.” Real estate agents and homebuilder sales associates are working more closely together in order to satisfy clients and close transactions. A new website designed specifically to make new home buying easier is being utilized for the benefit of all parties involved in a home purchase. BuildersUpdate.com  allows prospective homebuyers to search for new homes through their agents websites. Being that new homes are rarely advertised on the MLS, this gives agents and homebuyer a chance to see this inventory that is now or will be coming soon!  The websites goal is to increase the number of homes shown to new homebuyers and incorporate them into the real estate sales agents showing list.

Tampa, Florida has seen an increase in real estate prices for newly constructed homes.  In some Tampa areas new home prices have risen upward to $30,000. New homes have countless benefits such as a builder’s warranties, energy star certification, some closing cost assistance to buyers, and other incentives. If you are interested in exploring new home communities in Tampa Bay, call today before prices and mortgage rates rise.

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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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Why Now is a Great Time to Sell Your Home

Many real estate home owners have been waiting for the right time to sell their homes. Some stated reasons are that the market has not completed the correction, or they are waiting for home prices to continue to rise. These reasons often draw attention because some are not entirely up to the minute with real estate market pulse and how favorable the conditions are for sellers in today’s real estate arena.

Now more than ever, inventory levels have fallen more than 68% here in Tampa, Florida.  Available homes on the national level fell almost 2 million units last year!  Simple supply and demand would tell home sellers that your property is worth more because inventory is down. A national home data provider, Corelogic reported that home prices haven’t jumped this much in the last 6.5 years, and that this is mainly due to current tight home inventory. The end of 2012 showed an 8.3% increase from the prior year, an annual gain that hasn’t been felt since May 2006!

Corelogic went on to describe how the amount of homes in foreclosure is down 21% on an annual basis.  Home sellers are looking to capitalize on the depleted inventory should be doing so if you have been on the fence for years. While distressed properties dwindle, asking prices are also up in 86 out of 100 of the largest real estate markets, according to Trulia. Asking prices rose 6% from this time last year. While this sounds great, we need to take note of stronger market indicators such as job growth and record low interest rates, which also point to a healthier and longer lasting recovery. Tampa, Florida has seen this recovery in action. Our housing rebound is in full swing.

So as we enter the time of year when more buyers get eager to find the perfect home, and sellers make the finishing touches on their home improvement projects before putting their home on the market, we ask you to remember that now may be the most opportune time in six years to list and sell your home. Florida sees the most home searching activity in the moths of February and March so your chances of someone expressing interest are statistically higher. Also keep in mind that mortgage interest rates aren’t getting much lower and your buyers are ready now. This coupled with the continued drop in jobless claims indicates a stronger seller’s market that is anxious for some activity.

Ask us today to ask how you can maximize your selling power during these favorable times. Do not be left on the sideline wondering how much more of the pie could have been yours, call today to find out!

SI Real Estate, “Global Real Estate in Every Way

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Tight Home Inventory Levels Affecting Buyers & Sellers

While more and more positive real estate news trickles in, we examine some of the direct causes of these seemingly endless, yet favorable outcomes.

Housing inventory has waned over the last year. So much so, that we have seen the amount of homes available on the national level drop by about 1.8 million units.  At a more local level, Tampa, Florida has seen a dramatic decrease of 68% in home inventory! 

So we ask, why so low? 

Well, about 22% of homeowners remain underwater with their mortgages. Sellers are usually deterred from listing their home if they have to bring cash to the table or embark on a short sale. Now that home values are finally bouncing back, both home values and the amount of sellers who owe more than their property is worth are two factors that will continue to have an impact on home inventory.

Investors are always trying to grab the best deals that produce the highest returns. This usually involves paying cash for real estate purchases. The rental market has seen an uptick in activity; so many investors are holding their real estate inventory while turning higher profit with rentals. Being that Tampa, Florida is a hot spot for international investors; we live this wave of activity daily. 

So while some sellers continue to wait until their homes value is closer to what is owed on mortgages; and a large volume of investors snatch up bank owned properties and short sales, we may continue to see housing inventory fall both in Tampa, Florida and on a national level.

One thing is for sure, the longer sellers wait, the more chance they have of mortgage rates ticking back up, which will restrict some buyers from entering the market.

Qualified buyers may choose to rent, but can warned that they may be missing the most opportune time to own a home ever!

About us:

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchaseand 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 Updates: What’s Up, What’s Down?

We are constantly being reminded about the condition of the real estate market, both nationally and locally. No matter which media outlet you choose to ingest, you are most likely seeing, hearing and wondering what is up and what is down, and more importantly, what it means for you. Here is a brief recap of some figures to keep in mind.

What’s Up:

We have heard this for the last few months of 2012 and will continue to hear that home building is on the uptick. Up almost 40% from the previous year, home start are on the rise. At the most recent InternationalHome Builders Show in Las Vegas, the National Association of Home Builders Chief Economist, David Crowe said, “Nearly every measure of housing market strength – sales, starts, permits,  and builder confidence – all have been trending upward in recent months and we expect to see steady growth to continue in 2013.”

Home prices also continue to rise. On a national level, we ended up with a 5.6% increase from last year. At a local level, Tampa, Florida has experienced a hefty 22% increase in homes median sales price, while the average price per square foot edged up almost 50%! If prices are up, one can imagine that more home owners are finally willing to sell. The home purchase index was 26% higher last week compared to this time last year. Tampa has seen some of the largest gains in the past year as home prices, home sales, and home building all continue the upward trend.

What’s Down:

The reason for some of the increases mentioned above are partly due to the very low home inventory both nationally and right here in our Tampa market. Home inventory is down 17% from this time last year! The national home inventory level currently shows a decrease of 26.6%. This creates multiple offer scenarios and allows sellers to hold a bidding war, which is the type of war they sure do appreciate waging.

Florida felt the brunt of the bubble burst and since then has had a high volume of short sales, REO’s and foreclosures. Luckily for both homes sellers and buyers, the time it takes to complete a short sale is getting shorter and shorter. Freddie Mac now estimates that the time to complete a short sale will decrease by 50% to 75% as a result of steps the government enterprise has implemented in order to speed it up. This also means a diminishing rate of foreclosures which will keep adding to the value of homes.

SI Real Estateoffers 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!” 

The real estate market is clearly making a turn for the positive. Call us today to discuss how you can keep up with the changes and maximize your real estate potential. 

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Housing Recovery Officially in Full Swing

If you heard that housing starts increased 12% from November to December 2012, you would probably think that it sounds like good news.  If you learned that housing starts increased almost 37% from a year ago, you may stop to think, just how significant are those numbers?

The national 2012 year over increase shows that newly constructed homes totaled 954,000; a hefty increase from the previous year, which only recorded 697,000. Not only are new houses being built for current and future home buyers, but they are also being completed at a much higher rate.  About 80,000 more homes were completed in the last year compared to 2011.  A contributor to these upticks includes the authorization of building permits, which are also up close to 200,000 units from the previous year.  So what..?

Clearly the housing starts are indicative of real estate market that is showing impressive signs of growth. These home starts show that builder confidence is at a peak and they are springing into action.  Positive outcomes are being produced.  This also is related to falling home inventory levels in the real estate market. In the last year, the real estate market has seen a 27% decline in the amount of homes for sale. Simple supply and demand would tell you that prices will continue to go up as inventory declines, which is further fueled by the availability of credit and the growing demand for home ownership.

Even Deutsche Bank analysts have taken note of the housing market index, citing,” if the pace of housing starts increases over the next year by the amount that home builder sentiment implies, then the contribution from residential construction in the GDP accounts should double as well…”. With the index gaining 22 points over the last eight consecutive months ( something we haven’t seen since the mid- 1980’s), it has positioned the housing market to be a helping hand in not only the real estate market, but in the economy as  whole.

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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Housing Affordability Peaks as Home Buyers Get Serious

Tampa’s real estate market continues the upward trend that 2012 produced. Buyers and the affordability of housing are getting noticed. 

Following 11 months of positive data from the National Association of Realtors regarding housing affordability and mortgage rates, we can expect to see more and more home buyers step into the home purchasing arena. Jobless rates continue to fall according to Trulia economist, Jed Kolko, especially for 25- 34 year olds which make up the prime age for housing demand. The national unemployment rate dipped down to 7.7% in December for the age group most ready to purchase real estate. Construction jobs also posted strong gains which not only equals more housing availability, but more people with jobs and paying taxes.

Housing affordability is measured on an index which takes in account the median home price, median household income and average mortgage rates. The higher the number, the more home “purchasing power” buyers possess. We ended the year at an index of 198.2 for 2012, and many see this number increasing in 2013 due to such tight underwriting practices being changed.

The amount of shadow inventory has had an effect on home buyers and sellers also. The number of homes that are either in foreclosure, or are seriously delinquent, has dropped 300,000 units from October 2011 to October 2012. An increasing number of loan modifications and short sales have helped keep negative pressure off prices of homes located near these distressed properties.  Investors will continue to snag any remaining “real estate deals” as we progress through 2013,  but should also be advised the property availability is low.  Acting swiftly will be key if they are looking for a higher return.

Real estate is swiftly moving to a seller’s market.   More to come on how seller’s are stepping in with confidence.

Whether you are a cautious home buyer or seller, a sophisticated investor, or a renter who is tired of wasting money on a home you cannot call your own; give SI Real Estate a call today so we can discuss the steps that will lead you to your real estate goals.

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2012 Wrap Up and Thank You

We would like to wrap up the year by saying thank you to all of our friends, families, clients, followers and supporters. We would truly be nothing without you. SI Real Estate is honored to represent you through your real estate transactions in the past, present and future. 2012 has treated the real estate industry quite nicely and we hope that next year sees similar, if not more improvements to the market in which we are all involved in.

We hope that you all stay safe through this holiday season. Whether you are visiting family and friends, remember the roads and airways will be busier than usual, so please exercise caution. Please keep all the less fortunate people in your thoughts and remember to be grateful of what you have and where you live. We have seen tragedies such as natural disasters to the East coast, innocent children’s lives taken and political / financial turmoil in foreign countries. 2012 also offered bright spots like amazing performances from the US Olympic teams, many of our troops return home from combat and continued growth in the real estate market. We hope that we can all learn something from the events that rang around the world and take something positive from it all.

Have a great New Year and a prosperous 2013!

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Healthcare Providers Push Forward with Significant Construction or Renovation Projects

Some healthcare providers are making large capital investments in their facilities.  Here are some articles that evidence this:

For plenty of good news from Kentucky, see Hospital Boom Continues in Kentucky at http://www.lanereport.com/10881/2012/09/hospital-boom-continues/. 

For some good news from Florida, see Florida Hospital to announce $270 millions plan for three women’s health towers at http://articles.orlandosentinel.com/2012-09-18/health/os-florida-hospital-womens-health-20120917_1_orlando-health-towers-capital-investment.

And of course we can’t forget the $1.1 billion project by Johns Hopkins, which some have called the “hotel-like hospital project”.  Here is just one of many articles on this project:  Johns Hopkins unveils new hospital, at http://www.baltimoresun.com/health/bs-hs-new-hopkins-hospital-20120126,0,5336130.story.

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Tampa Real Estate | 2012 Year in Review

The real estate market has seen an abundance of activity in 2012, both positive and promising.  The local Tampa real estate market has shown significant growth since January.   It continues to point in the right direction.

We started the year off hoping that the unemployment rate would continue to fall. To our benefit, it has fallen over 1.7% which is far better than the national average.  There were also predictions of an increase in new home construction stemming from depleted inventory resulting in a more balanced supply and demand curve.

Jumping forward, September realized more new home starts than any month in the past four years!  Not only is this a strong indicator of builder confidence, which was the highest it has been in six years, but new home starts result in construction jobs created.  Economists from the Home Builder Group suggest that with each new home built, three additional jobs are created and about ninety thousand dollars in tax revenue are generated.        

Back to spring of 2012, home prices and home sales were on the rise, as expected. Chief economist Lawrence Yun suggested that this was due to a recent rise in job growth and the rising prices of rental properties. It made sense to purchase a home!  Tampa, Florida was mentioned as one of the highest ranking recovering cities by Clear Capital Research, only behind two other metro cities in the United States. The light at the end of the tunnel was clearly visible for the Florida real estate market in the early spring 2012.  However, there were still some claiming it was too early to say for certain.

As the year progressed, more and more real estate headlines offered data about home affordability.    The real estate experts explained the factors that were driving home affordability to new levels that made it a clear choice to be a property owner.  For example, in April the housing affordability index in Tampa, Florida market was higher than most cities in the U.S.  Moe Veissi, President of NAR, suggested that if mortgage rates continued to fall, we would realize a larger increase in real estate activity nationally, and in the Tampa market.   Little did he know that in November 2012, our national mortgage rates would drop to the lowest all time rate of 3.31%, while only a year ago, rates hovered around 3.94%!   National and international buyers fueled the Florida market during this part of 2012.  The Tampa / St. Petersburg areas made the “top ten” list of U.S. hotspots for foreign real estate investors. These cash ready investor buyers accounted for 31% of all real estate transactions in Florida!

As the summer continued in Tampa, Florida signs of growth were sustained.  The average listing price of a property had increased 14% from the previous year.  The gap between listing prices and home sales price was rapidly widening.  Further, we saw homes being sold for $126K when they were purchased for the $80k range only a year ago.  Now the average median sales price has increased about $15k. Property inventory plays a big role in this real estate market trend. A decrease of inventory in the range of 24% from the previous year, coupled with new short sale guidelines set forth by the FHFA,  are influencing factors to the upward trend of the real estate market as a whole in Florida. These guidelines have helped to diminish the activity of short sales and foreclosures, which previously were a drag on home values in many communities.  As a result of these influences, multiple offer scenarios became commonplace in Tampa.  Bidding wars produced quicker and higher home sale prices.  The burden of showing homes for sellers was minimal.   On the buyer side, the scenario spelled out higher initial offers and taking advantage of “cheap money” due to low interest rates.

As we close out 2012 on an encouraging note, it is prudent to recap this year’s improvements in Tampa, as well as on a national level. Real estate closings for existing home sales are up 25.3% from a year ago while the prices of these homes also increased 11.4%.  Even Dr. John Tuccillo, Chief economist of Florida Realtors, was impressed of the year over gains and took note of the depth of our real estate recovery.

We would be glad to discuss your real estate goals for 2013 at your earliest convenience. We encourage everyone who is able to take advantage of this market to do so, whether you are a real estate buyer, a conventional or short sale seller, an investor, this opportunity is golden. Best wished to you and your family in 2013!

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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Why Choose SI Real Estate to Sell Your Home

SI Real Estate prides itself on first class personalized services that are second to none. Client’s needs and expectations are highest on our list of priorities and we do our best to exceed them at every opportunity. Our real estate professionals have extensive experience in the field and are equipped to handle any situation that may present itself through the selling process. We have sold homes that come in all shapes and sizes and will not be satisfied until the job is done and YOU are happy.

So you ask yourself, why sell my home now?  While many consumers are still may be sitting on the fence, others are getting reconnected with the changing real estate market. One reason we encourage home owners to list with SI Real Estate now is because of the limited housing inventory available. Inventory in our local Tampa, Florida market has dipped 23% from levels of one year ago!  A healthy real estate market should have six months of property inventory available. The average “shelf life” for homes in our market today is a short 69 days. This causes multiple offer scenarios, which usually produces higher selling prices and shorter time on the market. 

Being that housing inventory is dwindling, builders too have stepped in and taken action.  Tampa home builders have started building at rates we haven’t seen in over four years. While new construction creates options for buyers, it also crates competition for sellers. Sellers haven’t seen the supply and demand curve in their favor in years, and it is finally beginning to look that way.

Along with reduced inventory come other factors such as record low interest rates and buyers wanting to take advantage of prices before it’s too late. A sense of urgency has been created and it has sprung from buyers realizing that the bottom was reached some time ago and the only way to go is up. This coupled with interest rates hovering around 3.3% are allowing consumers to seriously consider the advantages of purchasing a home.

Selling your home for a price you want is our number one goal. It involves more than balloons on the mailbox and a sign in the yard. Our experienced team of professionals at SI Real Estate will invest time, energy and effort in getting your property fully exposed on more than 85 local, state, and national websites. Your home will be added to the MLS (Multiple Listing Service) for other realtors to see and act on if they have a serious buyer lined up. Your property will be presented in the most professional way possible.  Pictures, virtual tours, and descriptive listings of the features and benefits of your home are only a few of the options we have in our marketing arsenal that we are ready to deploy at YOUR command.

Call SI Real Estate today to simply discuss some of your options. We can give you raw data on homes recently sold in your area as well as provide a comparable market analysis at no cost. We promise to lend expert advice as to how we can help achieve your real estate goals.

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New Homes in East Tampa for Sale! The Claypool starting at $205K!

Feature Property of the Week

Come home and enjoy this community of newly constructed homes which are conveniently located in Tampa Bay. This community provides the perfect blend of amenities such as resort style pools, playgrounds, and wetland preserves and is conveniently located only 10 miles from the downtown Tampa business district.

If you are looking for a luxurious home with space to grow and stretch, look no further. Upon entering the home, you are treated to a flex room which would be great for office space or a play room. The kitchen and living area provide great open space for a large gatherings or relaxing with family and friends. The kitchen boasts stainless steel appliances and a sizeable dining space. The double sinks are conveniently located in the kitchen island providing ample counter space. The laundry room and guest bathroom; also located on the first floor.

The only bedroom downstairs is the huge master suite. Never worry about counter space in the master bathroom that is equipped with double sinks and a walk in shower. Access the large walk in closet, which can easily fit not only clothes but dressers or bureaus, by passing through the bathroom. Space will never be an issue!

The top floor is a penthouse suite in its own. Upon walking up the stairs, you are greeted by a game room/den that is larger than the living room downstairs. Perfect for watching movies, getting homework done, or entertaining, this space will not disappoint.

Two of the three bedrooms upstairs have walk-in closets, and share the second full bathroom which is also equipped with double sinks and a garden tub/shower combo. The split floor plan allows for a great separation of space, while also providing adequate room and amenities for all.

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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Florida Real Estate: Impressive Year Over Gains

A recent report by Florida Realtors reports that Florida’s pending sales, median home price and closed sales all increased in the month of October. Real estate closings for existing home sales were up 25.3% from a year ago and totaled 17,779 transactions. Florida boasted a median sales price for existing homes of $184,300 in September which is up 11.4% from this time last year, according to the National Association of Realtors. This is actually higher than the national average. 

The President of Florida Realtors, Summer Greene, reported that the state’s unemployment rate fell to the lowest it has been in four years! This coupled with the increases in pending homes sales, closings and prices will bring an even brighter outlook to the real estate market in Florida. Condo sales saw a year over increase of 16.4% and a median price of $107,000, which is also up 20.2% from a year ago. 

On a national level, housing starts experienced a 3.6% uptick as well, reported by the US Census Bureau. This may seem like a small percentage, but when you look at this time compared to last year, it is up 33.6%! Builder confidence still remains higher than previous months, as we can expect to see the number of newly constructed homes continue to rise and create a healthy balance between the supply and demand curve. Dr. John Tuccillo, chief economist of Florida Realtors stated, “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”

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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