Tampa Bay Luxury Homes May Soon Be Bargains for Those with Cash

The subprime mortgage crisis is having an effect on an unexpected sector of the Tampa real estate market - luxury homes and condos.

The drop in high-priced Tampa Bay home sales may be traced, slightly to troublse in the sub-prime mortgage sector, but it's also because fewer investors are willing to buy packaged jumbo mortgage portfolios. In the past, banks catering to the high-end real estate market were able to limit their exposure by packaging up "jumbo" loans (those above Fannie Mae, Freddie Mac and Ginnie Mae limits) and selling them to investors. Such investors are now hard to find.

Banks and mortgage companies that write jumbo loans are having to keep those loans on their own books and they're not happy about it. To compensate for this extra risk, they are charging much higher interest rates on "jumbo" loans. Some jumbo mortgages are now incurring interest rates 3% or more higher than what was charged a few months ago and that is depressing luxury homes and condo sales.

The problem is troublesome in the Tampa Bay Florida real estate market with its large inventory of homes and condos in the $500,000 and up price range for sale.

Soon, luxury home and condos owners who need to sell will start reducing their asking prices substantially if they want to see a "SOLD" sign in their future. As a result, those with cash on hand will be able to purchase a Tampa Bay luxury property at an attractive price.

When you're ready to start looking, contact Cheryl Stimac, Tampa Bay Florida real estate expert.

Great Time to Buy Tampa real estate.

Sales of residential properties in Tampa Bay are down more than 30% over this same time last year.

That makes this an outstanding Buyer's Market. There's never been a better time to be buying a home or condo in the Tampa Florida real estate market for buyers who are ready to buy now and willing to use an experienced Realtor as their price negotiator.

Sellers who price realtisically are selling their homes even in this slow market. So, Search the Tampa MLS today for the home or condo of your dreams. You may be able to get it at the lowest price you're going to see in a long time. It may take some serious negotiating because many sellers are clinging to the vain hope that they can still get the high prices of a year or two ago. They won't get those prices and eventually they'll recognize that.

If you keep in touch with that seller with a reasonable offer, given today's market conditions, they may eventually accept your offer. Cheryl Stimac would be happy to act as your Buyer's Agent and help you get that home of your dreams.

Selling Tampa Real Estate More Quickly

There are really 3 main factors that affect Tampa Bay real estate selling time:
- price
- condition
- terms

Price is the single biggest factor. If the condition of your property is equal to others for sale in your neighborhood, and you're offering comparable terms, it will sell in about the average amount of time your Realtor can suggest. If you want or need it sell it more quickly, you may want to adjust your price down slightly to present "a better value" to prospective buyers.

Terms offered are another factor which can be used to attract buyers. You may offer to pay a portion of the buyer's closing costs, therby reducing the amount of cash a buyer needs and that will attract more first-time buyers. Consider including some major appliances if they are in excellent condition. Again, you'll be assisting first-time buyers. As your Realtor, I can also suggest other "terms" which will attract buyers in your locale or even a whole new group of potential buyers.

Condition of your home alone can prompt a faster buying decision by an anxious buyer, fearing that your home will be "snapped up" because it is so desirable. Consider investing in attractive, popular upgrades and cosmetic improvements. Start with your home's "curb appeal" - fresh paint, a flawless roof and landscaping. Inside, the biggest payoffs are in the kitchen and baths. Think about replacing "tired looking" appliances, faucets, countertops and flooring. Make your tubs and showers sparkle. Here again, I can tell you which improvements offer the best payback.

While Price, Condition and Terms aren't the only factors, they are surely among the most important. Vist my website or call me for advice if a quicker than average sale is your goal

Welcome to Our Tampa Real Estate Blog

Welcome to my blog. I encourage your participation so that this may become a useful communications tool. If you are interested in buying or selling residential or investment real estate property in Hillsborough or Pasco County Florida, I invite you to join in the conversation and to visit our website at tampafloridahomes.net or redshoerealty.com where you'll find lots of useful information about the Tampa Bay locale, its amenities, its communities and its real estate market.