With the soaring home values in the [tag]Tampa Bay[/tag] area, residents are finding the dream of [tag]homeownership[/tag] more difficult to realize. According to the [tag]Office of Federal Housing Enterprise Oversight[/tag], 2003 was the last year of single digit home appreciation rates, ending a decade with an average annual increase in home values in the bay area of under 6%. Since then home increased in value 15.25% in 2004 and 22.73% in 2005. While the [tag]Tampa-St. Petersburg-Clearwater[/tag] MSA enjoys a median home price under the state’s value, it is 8% higher than the national average at just over $224,000 according to Enterprise Florida.

You may even gain additional [tag]mortgage interest tax deductions[/tag], further reducing your monthly housing expenditures. Work with a knowledgeable and experienced mortgage broker. Going through a broker may reduce your “total cost of money” by allowing you to buy the loan rate down. There are also generally many more loan programs available from brokers than are from a bank. Most importantly, if you have any past credit issues, you can do better finding a loan through a broker. Finally, work with a seasoned real estate agent. As our mortgage money markets worsen, housing inventory will be more readily available, and at better prices. We are already seeing a slowdown in existing home sales and your [tag]real estate agent[/tag] may have better luck finding an affordable home or getting sellers to contribute to your loan costs.

click here for article