Should You Buy Now in Tampa Bay or Wait

5 GOOD REASONS TO BUY NOW

1. Prices in the neighborhoods you prefer are currently relatively stable -- either holding steady or increasing slightly, or, -- the pace of price declines has slowed dramatically meaning the major decline is over. If you are ready to move, the small penalty you might pay by missing the absolute bottom of the market may not mean much.

2. You plan to stay in the home for five years or more. If you plan to stay that long before selling, leading economists say you will probably have gotten beyond this price downturn and you'll come out ahead on price when you sell the home.

3. Your rent is relatively close to what your mortgage payment would be. If you qualify for a mortgage, you will be building equity in your new home and you will be able to deduct the mortgage-interest and property taxes on your federal income taxes.

4. You've found the perfect home in the right area. The schools are great. You know it will be hard to find another home as nice as the one you have your eye on. In a better housing market, you might have much more competition for that home and end up paying more for it if its even available at that point.

5. You've built equity in your current home and are moving to a place where homes prices are lower in a market where your money will go a lot further.

5 REASONS TO WAIT BEFORE BUYING

1. If you have lived in your current home for less than 2 years, there is a good chance that you haven't accumulated any real equity in your home. In fact, you may have negative equity, (you owe more on your mortage than the home is now worth) if you live in certain areas of the country.

2. Your job isn't secure. If you may get laid off or lose your job altogether, it's better to stay where you are until things improve. If you lose your job and have to move some distance, it'll be much harder to come out ahead selling a home you just bought.

3. You don't plan to stay in your next house for at least 5 years. While it's not important to buy at the exact bottom of a home price curve, it is important that you stay long enough to ride out the cycle. Prices will certainly recover but it may take a few years.

4. You don't have good credit or a sufficient down payment. Because of the sub-prime mortgage mess, lenders are more careful today about who they'll give a mortgage to. Speak with a number of lenders about different programs they offer, but don't be surprised if you are turned down completely.

5. You have an existing home to sell in an area where prices are still falling or where many homes are in foreclosure or already bank-owned. In such a "distress sale" neighborhood, your buyer prospects may be just "bottom-feeders" looking to buy a home well below its real market value if the market were in a normal situation.

For more information on Tampa Bay real estate opportunities, I invite you to visit my full Tampa Bay Florida Real Estate website and then call me at (813) 263-6806 or email me at cheryl@cherylstimac.com
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What Is a Buyer's Agent, Why Would You Want One

First, let's define the roles a real estate agent can choose to play. Licensed Realtors®, by law, can act in a number of roles. A real estate professional acting in the role of a Listing or Sellers Agent represents the Seller and is obligated by law to help the Seller get the best price and terms.

A Realtor acting in the role of a Buyers Agent works for the Buyer and must
legally and ethically look out for the Buyer's best interest, not the Seller's.

Some Realtors act as either Sellers Agents or Buyers Agents exclusively. Other Realtors have the knowledge and experience to provide service to both Buyers or Sellers, but with few exceptions, on any given transaction, they can act only in one of the roles. Either they represent the Seller or they represent the Buyer, not both
at the same time for that would present a conflict-of-interest.

In some states, including Florida, real estate agents can act in a special role called various things but most commonly, as a "Transaction Broker". When acting in this role, the Realtor must declare to you that he or she is acting in that role and is, in fact, representing neither the Buyer nor the Seller but simply acting as a "facilitator of a transaction."

In general, you, as a buyer, are best served by a Realtor acting specifically as your Buyers Agent.

The details of buying a home can be overwhelming. A professional Tampa Bay real estate Buyers Agent can guide you through the entire process and make the experience much easier, less frustratiing and more enjoyable. And buying a home should be just that -- an enjoyable experience.

- A Buyer's Agent can advise you on many important considerations about a neighborhood you may be considering...the schools, children in the area, traffic volumes, etc.

- He will help you determine the price home you can afford and search the Tampa Florida Multiple Listing Service for homes that fit your needs and affordability. Ther are few things more frustrating than viewing homes you cannot afford.

- With access to homes as soon as they’re on the market, your Buyers Agent schedule a tour of every home that comes on the market tha fits your situation saving you time wasted driving around looking at homes from the outside that don't fit your situation anyway.

- He or she can screen homes on the market to assure they're reasonably priced and in good condition before taking you to see only those in your price range with the amenities you want.

- Your Tampa Florida realtor will point out ways to structure the deal to save you money, explain the advantages of different types of mortgages, guide you through the paperwork, protect your interests during inspections, and answer any questions as you make an offer, negotiate the final price and sign the closing papers.

In most instances, you don’t pay your Buyer's Agent anything at all for all these services. Payment for all the work a Tampa buyers agent does for you comes from the home seller under the terms of the listing contract.

Remember, if you see a home in a Tampa newspaper, real estate book or on the Internet, and you contact the Realtor in that ad, you're calling the Listing Agent,
who is looking out for the Seller, not you. If you want someone looking out for your interests, not the Seller's, you want the services of a Tampa Florida Realtor acting as your Buyers Agent.

So, how do you find a Buyers Agent in the Tampa real estate market? It's easy! Just ask a licensed Tampa area Realtor if he or she is willing to act as your "Buyer's Agent. He or she will most likely be happy to provde that service.

And why use a Buyers Agent A Buyers Agent Realtor looks out for your interests and desires, in most cases, at no cost to you. A better question might be, "Why not use a Buyers Agent since it generally costs you nothing.".