Friday, September 2, 2011
Inventory in general has been shrinking in Hillsborough and Pinellas counties in the Greater Tampa Bay. Median home prices increased in first 6 months of 2011.
Median home prices increased in the first six months of 2011 and inventory decreased, according to data compiled by Trendgraphix from the MidFlorida Regional MLS. At the root of the trend are model perfect, well-priced homes selling swiftly resulting in a shortage of homes on the market. What does that mean for buyers and sellers in the market now? For buyers, it means there are less homes to choose from in their desired market. Not only are there less homes, but the homes that may be left on the market may not be very desirable either in floorplan, location, upgrades or price point. This is confusing to local buyers who keep hearing it's a "buyers market." It is still is a buyer's market in terms of great rates and home prices, but due …
Thursday, August 25, 2011
As regulators and politicians talk about how to reduce toxic debt on the bank’s balance sheets, could we feel the effects in Westchase?
The powers that be in Washington are knocking around a proposal for bulk purchase of foreclosure properties. What is a bulk purchase? Who will be making the bulk purchases and why? At what prices will these purchases be made, what will happen after the purchase and will we feel the effect in Westchase? This proposal is being considered because of the backlog of foreclosures that have mostly not yet hit the market yet. The number of foreclosed homes cannot be pinned down but large numbers in excess of 4 million nationwide have been used in discussions in Washington. This possible bulk purchase plan is an idea that bundles of mortgages will be purchased, akin to a portfolio of mortgages, for approximately 35-40 percent of their appraised…
Thursday, August 18, 2011
Historic South Tampa homes and the newer West Park Village share similar architecture and community feel.
Craftsman bungalows and salt box and center hall colonials are not only found in South Tampa. In West Park Village, these styles of homes line the streets. You’ll also find cars parked up and down the streets like in the City of Tampa and retail & eatery establishments within walking distance. It feels strangely reminiscent of South Tampa. The six villages that comprise West Park Village in Westchase are different from the rest, the architecture and urban style offer that same feel of South Tampa more commonly found in Hyde Park or New Suburb Beautiful. South Tampa is steeped in tradition and is a historical delight. Of course, there’s no replacing original hardwood flooring, the unique trim work, original glazed windows or the …
Thursday, August 11, 2011
As fear causes investors to sell their equity, what will the current economic climate mean for local buyers and sellers?
Will the increase in debt ceiling and S & P downgrade affect sales in Westchase? On Friday night when the news broke of the S & P downgrade of the United States rating pushing it from the iconical AAA to the AA+, many held their breath for the markets to open on Monday. While many market experts said the downgrade had already been priced in, that didn’t hold true as the market slipped below their lowest after the 2008 financial crisis time period. So what does this really mean for buyers and sellers? For buyers, it could actually be a good thing, at least through the next election. Many predict that the Federal Reserve will keep rates artificially low to spur on the housing sector. Rates were fantastic on Tuesday, when I wrote this …
Thursday, August 4, 2011
Homes in the Northwest of Tampa Bay that push the $1 million-plus price point
You may have seen or heard about the Bravo series Million Dollar Listing. The show is set in California and features super high-end, luxury listings and completely over-the-top real estate professionals in Hollywood, Malibu and Beverly Hills. The greater Tampa Bay area has its fair share of luxury listings. There are 627 listings over $1 million in Hillsborough and Pinellas counties. About 41 of those are in the Northwest area of Tampa Bay, including Westchase, Keystone and Odessa. The Keystone-Odessa region is especially ripe with million dollar listings. The area's ski lakes provide a perfect backdrop for these luxury properties, which range in price from $1 million to $3.75 million. Since Jan. 1, 14 of these luxury listings have sold…
Thursday, July 28, 2011
How changes in the Federal Housing Administration loan limits will affect local buyers.
The Federal Housing Administration monitors median home prices throughout the nation. Its determination of median home prices in a particular area is what drives the FHA loan limit. This limit varies in different locales. What is the current and new loan limit? What is the criteria for an FHA loan? And what does the reduction in available FHA loan limit mean to local buyers in the market now or the future? The Tampa Bay FHA current loan limit is $292,500. Over the past 3-4 years, FHA loans have come back into fashion. Fifteen to twenty years ago, they were all the rage. As no documentation, stated income and low money down loans became easier to come by, FHA fell out of favor. With the credit crisis, this loan is now the most …
Thursday, July 21, 2011
After a strong 2010 year end real estate finish and two quarters where sales were up -- should we be optimistic?
Market trends give us reason to be cautiously optimistic as inventory in the Tampa Bay area, including Hillsborough, Pasco and Pinellas counties, trends down. Less homes on the market means buyers are buying and there is less to choose from for other qualified buyers. That is certainly true for Westchase, where inventory has been low through our first two quarters. Westchase’s strong first and second quarter is a positive sign for our area. Inventory is low because residents are staying in their homes unless they have to move and they have resources to fall back on to pay monthly bills if they find themselves unemployed suddenly. You may remember in April that the Tampa Bay Business Journal reported that 33626 was one of the wealthiest zip…
Thursday, July 14, 2011
A breakdown of real estate statistics in Northwest Hillsborough County.
As we entered 2011, Westchase had faired the best out of Westchase, Countryway and Keystone-Odessa regions and showed a strong stabilization coming into the year. As of March 31, 2011, I reported that sales were up and short sales were flat. Where are we now 3 months later and in the midst of the hot Spring/Summer selling season? Let’s look at the statistics first quarter over second quarter. 33626 33556 33635 Sold Q2 over Q1 166/136 110/63 38/50 Sold Foreclosures Q2 over Q1 30/27 28/15 7/21 Short Sales Q2 over Q1 29/33 19/18 11/17 Normal Sales 107/96 63/28 20/12 Current Pending Sales 170/169 112/119 70/47 Current Active Listings 188/246 234/239 69/26 What percentage of Active Listings are Foreclosures? 3.72% or 7 3.84% or 9 5.79% or…
Thursday, June 23, 2011
Lenders have recognized that many potential borrowers have extenuating circumstances. The waiting period may be short than you expect!
Last week I discussed the effects of the credit blemishes left after a short sale or foreclosure on a credit report. I also explored how to rent after the devastating loss of a home and what a potential tenant and landlord can expect during the process. So how long will a borrower with a short sale credit blip have to wait to buy another home? There used to be a hard and fast rule of two or more years. Now, the answer to that question is subjective. “It differs based on the type of loan and how the underwriters look at the extenuating circumstances on an independent case-by-case basis," said Robby Molony, senior loan officer at PHH Home Loans in Tampa Bay. Robby Molony provides the outline below as a guide for the different types of …
Thursday, June 9, 2011
There are few rentals especially in Westchase, which is creating a Landlord's market. Renters must educate themselves.
Homes for rent in nice neighborhoods in good condition are few and far between these days. But that doesn't mean there aren't plenty of renters looking for homes. There are several different types of scenarios where people decide to rent instead of buy. Some of the more common reasons include: (1) moving from another city and current home hasn't sold, (2) starting a new job and want to settle into job and determine best neighborhood to suit their styles, (3) coming out of life change situation like divorce, short sale, foreclosure, bankruptcy or other distress or possibly (4) saving for their first home. With many owners opting to sell rather than rent, tenants have few rentals to choose from currently. But that doesn't mean renters …
Jason & Dyan Pithers
8:12 am on Sunday, August 21, 2011
Hi Grant ... thanks for your comments. I love your different viewpoint from a more historical perspective. I note that you specialize in revitalization, gentrification and preservation of historic areas. Any area that is newer and "modeled on" another area will never carry the historic charm of the "real thing". Important in this article is the ability for a homeowner that may like that style but… more ›