Good News for Tampa Bay Buyers

Good news for one is sometimes bad news for another. The good news is we (Tampa Bay) is not in the “Top 10 markets for rising list prices”. Of course the good news is really for buyers and people relocating to Tampa Bay and not for sellers unfortunately. Sellers have been waiting patiently for prices to go back up and we believe that will take time but keep in mind that supply and demand always wins.

With the turn of the new year we have seen the market change in terms of buyers buying more than they have in the past few years. Many of our listings are being put to pending contract status within 1 or 2 days of being on the market. Also, the number of new listings coming on the market has decreased over the last 6 to 8 months. Will prices ever start to increase here in Tampa Bay? Our guess is yes but at a slower pace as other areas around the country and this is the good news for buyers. Thinking of relocating to Tampa Bay? Now is the time! Call us at 888-423-5775 or visit our website at www.lipplyrealestate.com

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Prices Increase in the Real Estate Market

Housing is a Major Concern of Voters in 2012 Presidential Election

The 2012 Presidential Election is approaching quickly. Thanks to a survey conducted by the National Association of Home Builders (NAHB), we know what the current concerns of voters are. There are many concerns, from education, to jobs to eco-friendly topics. But, according to the poll, the number one concern of the American voters is homeownership.

Number 1 Voter Concern: Homeownership

Homeownership is at the top of the list of concerns US voters currently have. Voters are seriously concerned with how hard it is to obtain these days. We still put a high value on homeownership, and truly appreciate the mortgage interest deductions. We would like for the federal government to continue their efforts to help those who can qualify for 30-year mortgages that they can afford.

Home ownership is still considered to be the “American Dream” that we all wish to achieve. Helping us with this accomplishment will help to maintain a flourishing middle class economy. It will also help to get our housing market, as well as our economy as a whole, back on the successful track we’re used to.

The Housing Market Ripple Effect

As we have seen from past experience, the housing market can have a ripple effect. This results in a direct effect on the nation’s economy. The housing market stimulates many other industries, including construction, remodeling, even the retail sales of home improvement and decorating goods. The more we spend, the more jobs there are. More jobs not only means a better economy, but it also means more home buyers.

Here are some of the results of the NAHB survey:

    75 percent US voters would like to see more tax incentives for homeowners.
    Two-thirds of the voters want the feds make 30-year fixed-rate mortgages more affordable.
    73 percent of American voters are opposed to getting rid of the mortgage interest tax deduction.
    96 percent of homeowners are more than satisfied with their choice to own vs renting.

Builder Confidence on the Rise Again

Builder confidence began to decrease during the ARMs and other real estate crisis of 2007. According to the poll, this began to change in January, 2012. Builder confidence is currently at its highest levels since the housing crisis began in 2007, for the fourth month in a row.

Now that consumers are showing more interest in home ownership again, builders are preparing for a spike in sales. This means an increase in the demand for new home construction projects. This is sparked by an increase in the sales of single-family homes nationwide. Proof of this can be found in the stats of the Market Index.

Although builders have great reason to begin to feel confident again, there is still some cause for concern. They still worry about potential home buyers being able to qualify for mortgage loans. As of today, the number of applications for mortgage loans have increased for two weeks in a row. This may indicate that buyer confidence is also on the rise, as fears are subsiding in this buyer’s market.

What 2012 Candidates Should Be Concerned With

Now that the 2012 election is getting closer, it only makes sense that candidates would address the issue of home ownership. White House and Congress candidates need to take heed of US voters’ deep need to achieve the American Dream. They need to support legislation that encourages home ownership and oppose policies that make it next to impossible for the middle class. And, more than anything, they need to ensure that mortgage interest rates will not be rising anytime soon.

Looking to buy your first house, your dream house, or scale down for retirement, Lipply Real Estate is well experienced on any front ~ let’s keep the American Dream alive! Give us a call, we are Tampa Realtors here to help. 888-423-5775.

Thinking About Short Sales? Here’s What you Need to Know

In 2012 more home owners across the United States are considering short selling their homes than ever before because, banks like short sales more than foreclosures since it saves them up to 30% on any costs that they may have to spend during a foreclosure. Banks also love short sales because, they can get a home back on the market quickly compared to waiting up to one year to relist a home if it were to go through foreclosure.

A short sale is also better for the home owner because, it leaves less of an impact on the home owner’s credit report and the borrower will be able to buy another home in four years or less, depending on the lender.

Who Qualifies For Short Sale?

In today’s world home owners who are considering the short sale are those individuals who are living in a home with a mortgage that’s underwater or they have recently suffered economic hardship due to a job loss, job transfer, and prolonged deployment in the military or financial hardship due to a medical crisis.
In many cases, banks will also approve a home owner’s strategic short sale, even if they are able to still afford making their monthly mortgage payments but can prove that they owe more on their home than what its worth and continuing to make their monthly mortgage payments is creating a significant financial hardship.

How to Start the Short Sale Process

The first step to starting the short sale process is hiring a real estate agent who specializes in short sales because, a qualified real estate agent will be able to guide the home owner through the process of writing a hardship letter and collecting the documents that their bank requires.
Due to the popularity of short sales, there are many lawyers and companies in Florida and across the United States that charge a fee to help home owners with their short sales, the benefit of working with a real estate agent who is a short sale specialist is that, real estate agents don’t charge the home owner a fee to start the short sales process and they only get paid when the homeowners short sale is approved.

More Banks Approving Short Sales Quickly

Bank of America announced recently that they are now intent on moving short sales forward in as little as 20 days compared to 120 days or longer that most banks are having home owners wait to approve their short sales.
More good news for home owners is that lenders like Chase are also paying home owners to short sell their homes, up to $30,000, so it makes sense for home owners who are considering short selling their homes to start the process now, especially since the short sale income tax credit ends on December 31st 2012 and home owners who are considering short selling their homes after this date could end up having to pay the short fall or balance owed on their mortgage.

Can we answer questions about your potential short sale in Tampa? Let us know if we can help, we have sold many short sales and can help you avoid foreclosure too.

Real Estate Market in Trinity FL

Is the real estate market getting any better in Trinity? Based on these raw figures for 1st Quarter 2010 through 2012, it appears there are signs of improvement. Homes are selling! Take a look…

1st Qtr 2010:
total homes sold: 39
average sold price: $264,226

1st Qtr 2011:
total homes sold: 51
average sold price: $241,962

1st Qtr 2012:
total homes sold: 62
average sold price: $237,994

The figures above tell a positive story for Trinity, Florida. Despite the drop in home prices over the years, homes are selling here. The buyers are out there, they just took their time and waited for prices to drop. The average sales prices in Trinity right now are 10% lower than they were in 2010, making this an attractive time for a buyer to make an offer. If a seller needs to sell due to relocation or other reason, there are certainly buyers out there. In fact, there have been 38% more homes sold so far in 2012 than there were this time in 2010.

Although higher priced homes linger longer on the market, some lower priced homes are selling in under 30 days. But in any market, homes that are priced right will sell. If you are thinking about selling your home in Trinity, give us a call and we can give you more detailed information.

For individual Trinity subdivision information and sales visit our website.

Joe Gibbons is a Professional Real Estate Sales Agent with Lipply Real Estate and has made the Trinity community his home since 2005. As a long term resident, he is knowledgeable about the real estate market in his own neighborhood, as well as the broader Tampa Bay area. Joe also appeared in HGTV’s House Hunters in an episode featuring Trinity that aired in August 2008. Let his expertise guide you as you consider buying or selling a home here.

Call Joe at 727 688 0699 for more info or to discuss selling your home.