Ten Step Process for First Time Home Buyers

The Key to a Stress-Free First Home Purchase

If you are a first-time home buyer in the Tampa Bay, Florida area, this is a great time and the real estate market right now is perfect for you because:

• You do not have another property to sell that you might lose money on.
  
  
• Mortgage rates are extremely low right now, and
  
  
• Price reductions have made homes much more affordable than they've been in over 10 years.

But you do need to understand that buying a home is a fairly complex process that takes time, some knowledge and the guidance of a real estate professional to make things go as smoothly as possible and for you to get the best possible deal. Here are 10 steps that will help you accomplish your goal of buying a first home that meets your needs and desires at a good price.

1. Buy a Notebook and get organized. Use this notebook exclusively for planning your first home purchase.

First, think about and then write down a summary description of the type of home and type of neighborhood you would like to find. Is it a ranch, a bi-level or tri-level, a two-story home, a duplex where you can rent the other half, or a condominium? Do you want a small lot to maintain, a maintenance-free community or a large lot of land where you can pretty much do whatever you wish without offending your neighbors? Do you prefer living in the city, the suburbs or in a more rural area?

Now, and this is a really important step, write down those things you REALLY NEED TO HAVE in the home for it to meet your needs for the next 7 - 10 years. Also list those things you’d REALLY LIKE TO HAVE but, if you had to, you could do without.

Keep this list handy and use it as a guide to judge every home you look at whether it’s a model home, an open house or part of a tour a Realtor has arranged for you.

2. You need to learn early on how much home you can afford. So, make a budget of your current expenses and use this to pinpoint how much you are willing and able to pay for the buying and maintenance of your new home. As a “rule of thumb,” keeping your monthly housing cost to 25% to 35% of your gross monthly income is a good place to start.

3. Meet with more than one mortgage lender. Bring you budget of current spending with you. Learn how much each lender believes you can afford to spend on a home and how much down payment will be required for the various types of mortgages available. Ask each lender for at least a pre-qualification statement. When you are reasonably sure which lender you would prefer to borrow from, ask if he or she will provide you with a "pre-approval" letter which you can attach to any offer you might make. Having a pre-approval letter already in place is a powerful price negotiating tool when you're ready to make an offer.

4. Introduce yourself to an experienced, full-time Realtor like Cheryl Stimac of Red Shoe Realty, Inc. Get to know the Realtor and make sure you feel comfortable dealing with him or her because you are going to be spending a fair amount of time together. Ask that realtor to act on your behalf as your "Buyer's Agent." Only when acting as your Buyer's Agent is a Realtor required to work for your benefit and yours alone. The Realtor whose name is on a For Sale sign in front of an Open House or a sales representative at a model home is NOT looking out for your best interest. They are working for and looking out for the Seller, not you.

5. Your Buyer's Agent Realtor will help you understand how your your housing affordability and your list of needs and wants fit with the market of for sale homes in Tampa Bay. He or she will then research the best home values and neighborhoods that meet your criteria and provide you with a list of homes currently on the market that fit your criteria.


6. With or without your Realtor, drive around visiting the neighborhoods with homes in your price range and identify those two or three neighborhoods and school districts you would most like to live in. This step will save both you and your Realtor a lot of wasted time and also help you to focus your criteria. After this step, you may want to sit with your Realtor again and adjust your list of "Needs and Wants" and make changes to your priorities of needs versus wants, if necessary. Remember, this list is only as useful as you have kept it in touch with the realities of your situation. It is natural to have started out with higher expectations than reality will allow, so do not be embarrassed or concerned if your list changes somewhat at this point. Update your list, share it with your realtor and carry on.


7. If you want to include "Short Sale" and "Foreclosure" homes in your search, be sure you fully understand how these procedures work (or in many cases, don't work) and the amount of time those processes can take. Your Realtor can explain the process by which these types of transactions occur and clarify for you the pros and cons of each of these home buying processes versus a normal purchase transaction.

8. Now get out there and get serious about finding that most perfect first home for you. There are wonderful homes available in Tampa and the Tampa Bay area at very attractive prices right now.

But, you need to be ready to act when you find that perfect one. The most desirable homes at the most attractive prices don't sit on the market for long, even in today's marketplace. Your "Needs and Wants" list, that hopefully you've kept up to date, will help you know when "this is the home for us."

9. Work with your Realtor to decide upon your offer price. Your Tampa Bay Realtor will help you by analyzing comparable properties in comparable neighborhoods to decide on an appropriate offering price. If you have secured a pre-approval letter from a lender, make sure it is still in effect, and attach it to your offer.

10. With the terms of your purchase contract agreed to by both you and the Seller, you will work your way through the multi-step contract-to-closing process. This process will include a home inspection, finalizing you mortgage application, and several other steps all of which your Buyer's Agent Realtor and your lender will help you with.

Eventually, on closing day, you will sign more papers than you'd ever imagined possible at the closing and then you'll be ready to move into your first home. Congratulations will definitely be in order at that point !!

Westchase - One of Tampa Bay's Premier Communities

One of Tampa’s premier communities that offers something for everyone is award-winning Westchase. It is a master-planned, deed restricted community encompassing over 2,000 acres located on the west side of Tampa in Hillsborough County near the Pinellas County line. It is conveniently located a 20 minute drive to the Tampa International Airport, the Westshore Business District and only 25-35 minutes to St. Petersburg and the some of the best beaches in all of Florida.

There are over 3,500 single-family homes, town homes and condos in 29 separate "neighborhoods." Each distinct neighborhood offers a different style of living including condominium, town home, villas, neo-traditional, porch style townhomes and single family homes as well as traditional Florida-style homes. Prices in Westchase range from the mid-$100's to approximately $850,000. There are also several gated neighborhoods and neo-traditional neighborhoods that feature alleys. In keeping with the planned unit development concept, Westchase also offers apartment living in West Park Village.

Each neighborhood has its own hub of activity all of which come together at the two Swim and Tennis Centers, two playgrounds, sport fields, picnic pavilions and the two Westchase Town Centers. The community includes hundreds of acres of preserved land, playgrounds, clubhouse, an 18-hole golf course, parks, nature trails, a soccer field and two swim and tennis centers, and most importantly for families, an A-rated school district.

The Westchase Golf Club, opened in 1992 as the centerpiece of the Westchase master-planned community. The club is a premium daily-fee facility recognized by the National Golf Foundation for its outstanding course conditions, service and value. The 6,710-yard, par 72 course winds through natural wetlands, wooden bridges and bulkheads. Called "one of the most beautiful public-access courses in the Tampa Bsy area," Westchase has earned a high rating from Golf Digest. The club has a beautiful 9,500 square foot clubhouse used by residents and others for a wide variety of events, group outings and weddings.

While Westchase was designed to be pedestrian-friendly, it is also close to three major malls, Westfield Citrus Park, International Plaza, and Westfield Westshore Plaza as well as a wide variety of theaters, retail shops, cafes, banks, professional offices, pre-schools, coffee shops and gyms.

While there are several other master-planned communities in Tampa Bay, Florida, residents of Westchase feel there are none quite as nice and quite as complete as Westchase. Here you will find a lifestyle and a housing option perfectly suited for young professionals, retirees and young families.

You deserve the best possible representation on the largest investment you may ever make, your new home in Tampa Bay Florida. I would be happy to introduce you to the many amenities of Westchase as well as other golf course communities and Tampa homes for sale.

I invite you to request my free Tampa Florida Information Package including information on Westchase and other communities or E-Mail Me or call me at any time.

For outstanding Tampa Bay real estate service, you cannot do better than selecting Tampa Bay real estate broker, Cheryl Stimac of Red Shoe Realty, Inc. You may contact Cheryl by E-Mail or for more immediate assistance, call her cellphone at (813) 263-6806

Chihuly Exhibit Offering Annual Passes

Good news for Tampa Bay newcomers, visitors and especially those residents who have lots of visitors during the upcoming Thansgiving and Christmas holidays and then the snowbirds from up North. The Morean Arts Center in St. Petersburg now offers an annual pass to the Chihuly Collection for just $99.

If you are a visitor to Tampa Bay or a resident who is not familiar with Dale Chihuly's unique, and gigantic, glass works, you should pay a visit yourself. You'll be amazed at what you see.

The Chihuly Collection includes Chihuly’s spectacular large-scale installations such as Ruby Red Icicle Chandelier created specifically for the Collection along with several popular series of his works including Macchia, Ikebana, Niijima Floats, Persians and Tumbleweeds which have thrilled audiences around the globe.

A pioneer of studio glass art movement, Chihuly is credited with transforming the methods of creating glass art leading the development of complex, huge multi-part glass sculptures and environmental art. He has created a number of memorable installations including “Chihuly Over Venice” with the sculptures installed over the canals and piazze; "Chihuly in the Light of Jerusalem”, attended by more than a million visitors, and the “Chihuly Bridge of Glass” in Tacoma, Washington.

The Chihuly Collection is now permanently located in a new 10,000 square foot exhibit hall at 400 Beach Drive, St Petersburg in St Petersburg's downtown waterfront at the heart of the most vibrant tourist area. The exhibit is within walking distance of the Vinoy Resort and Golf Club, the St Pete Pier, the Museum of Fine Arts, a multitude of galleries, restaurants and shops, and in January, 2011 the new Salvador Dali Museum.

 
This presentation is the first installation of Chihuly art in a building designed specifically for that purpose. The facility has been designed so the art and architecture work together to create a visitor experience unlike any other exhibition of Chihuly’s art. The entrance to the Collection has an iconic 20-foot sculpture created especially for the site.

The Collection is open seven days a week for your convenience.
Monday, Tuesday, Wednesday, Friday and Saturday, 10am–6:00pm
Thursday, 10am–8pm
Sunday, Noon–6pm
Closed only on Thanksgiving and Christmas day

Docent-led tours are every hour on the half hour. The last tour begins at 4:30pm on Monday, Tuesday, Wednesday, Friday, Saturday, and Sunday and at 7:15pm on Thursdays.

Single day passes for Adults start at $15.00 while seniors over 55 pay $13.00. Student's and children's prices are lower. The annual pass for unlimited entrances for a full year are priced at $99.00

I inivte those coming to Tampa Bay for the holidays or the winter season to visit my Tampa Bay Florida real estate to learn more about the Tampa Bay area, the enjoyable lifestyle available here, and the many homes and condos now on the market at seriously reduced prices. For more immediate assistance or for questions, please feel free to call me directly at 813-263-6806. I would be delighted to be of service.

The U.S. Economy Is In Better Shape Than is Being Reported

Although the U.S. economy is still soft and consumer confidence remains low, new data from several sources including the National Association of REALTORS® (NAR), the Bureau of Economic Research (BER) and others exhibit positive signs for the future of Americans, in general, and Tampa Bay Florida home buyers in particular.

Some of the biggest names in business have said recently that they see a bright future for the U.S. economy. Famed investor Warren Buffett declared recently that the country and the world clearly will not fall back into another recessionary dip. "I am a huge bull on this country. We are not going to have a double-dip recession at all," said Buffett, chairman of Berkshire Hathaway Inc. "I see our businesses coming back across the board."

Others agree. Steve Ballmer of Microsoft says, "I am very enthusiastic about what the future holds for our industry and what our industry will mean for growth in other industries."

Jeffrey Immelt, General Electric CEO says business at GE, one of the world's largest companies, is improving. "General Electric," he said, "is now finding it more profitable to build manufacturing and service centers in the United States rather than overseas, because it is more competitive."

U.S.-based CEOs have begun to notice that shipping costs, inefficiencies, and the longer lead times associated with building products overseas are eating up the higher profitability that was forecast a few years ago. U.S. corporations are beginning to favor manufacturing here creating American jobs. An example may be the start-up of brand new lithium-ion battery manufacturing plants in Michigan focused on taking America's participation in worldwide battery production used for hybrid and electric vehicles from its current level of 2% to 40% over the next 5 years.

Some of the key economic facts published by NAR, BER and other economic analysis sources include the following:

• The U.S. economy is growing, though slowly. The private sector is finally creating jobs, 700,000 so far this year.
  
• While consumer confidence remains low, it is clearly up from its lowest point.
  
• 30-year mortgage rates are at their lowest point in decades. 30-year mortgages are available at close to 4%.
  
• Personal income increased in July, 2010 by $30.0 billion, or 0.2%. Disposable personal income increased by $17.6 billion, or 0.2% according to the Bureau of Economic Analysis.
  
• Although bad mortgage loans during overly-loose lending practice periods are still causing foreclosures and short sales, recent home price-to-income ratios indicate that people are now buying homes they can actually afford to own.
  
• Consumers in all income brackets are paying down their credit card balances and starting to save more.
  
• Median home prices across the U.S. are stabilizing and economists expect modest home price increases in the 2011-2014 period.
  
• Real estate speculators have been driven out of the market removing a huge source of instability.
  

So why does the American public still express so little confidence in the economic recovery? To a large extent, the 7 day/24 hour cable TV news networks and Internet bloggers focus far too much attention, in my judgement, on the latest outrageous or pessimistic statement or action by someone with an agenda, rather than someone with positive news or a constructive opinion. They have painted an economic picture that is much less positive than current underlying economic indicators and the CEOs of major U.S. corporations suggest is the case.

What does all this mean for you as a potential buyer of a home on condo. particularly here in Tampa Bay? It means that the U.S. economy is finding its footing and slowly but surely beginning to rebound - not as quickly as anyone would hope but, in fact, at a faster pace than occurred in either of the past two recessions.

So if you have been delaying a decision on when to buy that Tampa Florida area home, now is the time to come to Tampa / St Petersburg, work with a professional Buyer's Agent Realtor like Cheryl Stimac, and buy that permanent, retirement or seasonal get-away dream home you've been wanting before home and condo prices start climbing again.

If you would like to know more about Tampa Bay communities, schools, and cultural amenities, request my free Tampa Bay Florida Information Package or call me directly at 813.263.6806.

Brandon Florida - A Popular Tampa Bay Community

Located in the southeastern corner of Hillsborough County, Brandon is one of the most popular suburbs of Tampa Bay with easy access via I-75 and I-4 to both Tampa and Orlando,

In 1858, John Brandon purchased 40 acres in the New Hope (the former name of Tampa) area and another 160 acres later on and then named his land Brandon. In 1890, the Florida Central and Peninsula Railroad came through the area and John's wife, Victoria, convinced a civil engineer for the railroad to survey the area and lay out a "town".

Growing rapidly from its origins as a rural area, Brandon has become a place of refuge for families seeking a peaceful and convenient location. The population of Brandon stood at 90,470 as of 2007 up by 16.1% since the 2000 census.

Known for being one of Tampa's premier bedroom community, Brandon has the usual population of strip malls but it also has one of the largest and nicest regional malls in Florida. Quality schools also make Brandon a favorite community for families with children.

There is a wide variety of nerighborhoods - something to suit every taste and lifestyle. New and resale homes are for sale in neighborhoods such as Brentwood Hills, Heather Lakes, Hickory Lakes, Providence Lakes, and Sterling Ranch. Home prices appeal to a wide range of housing needs and lifestyles, and are range from the mid $100's to over $1 Million.

You deserve the best representation available to you on what may be the largest single investment you ever make, whether it is in one of our Brandon neighborhoods or elsewhere in Tampa Bay, Florida.

I invite you to request my free Tampa Florida Information Package or E-Mail Me or call me at (813) 263-6806 at your convenience.

For outstanding Tampa Bay real estate service, you cannot do better than selecting a competent and experienced Tampa Broker like Cheryl Stimac of Red Shoe Realty, Inc.

No Oil Spill Impact on Tampa Bay Beaches

Tampa Bay Florida beaches, including those in Pinellas, Pasco and Hillsborough counties remain untouched by the Gulf oil spill and are as clean and as pristine as ever.

On August 4, the National Oceanic and Atmospheric Administration (NOAA) forecast that what few patches of oil in the Gulf of Mexico as a result of the explosion and sinking of the Deepwater Horizon drilling rig 130 miles southeast of New Orleans, remain well to the south and west of Florida.

No oil has been observed on the Florida coast for several weeks and it was reported this week at a White House briefing that the "static kill" process to seal worked exactly as expected with no oil escaping into the Gulf. Thad Allen, a retired Coast Guard admiral and director of the federal goverment's response continues to insist that crews complete and then shove more mud and cement down through the 18,000-foot relief well which should be completed shortly as the final step to permanently seal the well.

Governor Charlie Crist, the State Emergency Response Team and the Florida Department of Environmental Protection (DEP) continue to actively coordinate the state's response to the Deepwater Horizon incident. They also reported that no recoverable oil has been seen through over-flights of the spill area since July 31. Satellite data analysis shows no new Florida shorelines impacted or expected to be impacted at any time in the foreseeable future.

All Florida beaches are now open. NOAA further announced this week that its latest analysis shows Southern Florida, the Florida Keys, and the East Coast are unlikely to experience any effects at all from the little oil remaining on the surface of the Gulf.

Only in the most northwestern-most Panhandle areas of the state have a few tar balls and light sheen been reported. Nonetheless, as a precaution, five state-leased skimmers remain on standby in that area to protect sensitive inland water bodies. All supplemental booms are being removed and stored in the area in the unlikely case they are needed at some point in the future.

The Florida Oil Spill Information Line continues to be available to answer your questions at:

• English – (888) 337-3569
  
• Spanish – (877) 955-8773
  

If you have been concerned about how the Gulf oil spill might affect your vacation plans or your interest in investing in a Tampa Bay area home or condominium on the waterfront, close to our gorgeous beaches, or in a golf course community rest assured. All Tampa Bay beaches and beach communities remain untouched by the spill and remain as attractive to visitors and investors as ever.

Come experience Tampa Bay and learn about the wonderful lifestyle that only Tampa Bay Florida has to offer whether you are a single, a young couple or active retirees.

If you would like to know more about Tampa Bay Florida real estate, our golf courses, soft beaches, friendly neighborhoods, and cultural amenities, request my free Tampa Bay Information Package or call me directly at 813-263-6806.

Intro to the Live Oak Preserve community in Tampa Bay

The Live Oaks Preserve community was designed and constructed by the developer, Transeastern, to complement the 100-year-old oak trees in the area. Located in the New Tampa area on 1,300-acres northeast of I-75 Exit 270, bounded by Bruce B. Downs Boulevard and County Line Road, the community features several village-themed developments including Cedarwood, Cypresswood, Laurel Oak, Brentwood, Maplewood, Oakwood and Weatherwood. Over time, eighteen unique villages are planned to lie within the boundaries of Live Oak Preserve.

This spectacular private, gated community offers quiet and tranquil neighborhoods with 362 acres set aside for wetlands and picturesque wildlife, ponds, and conservation area vistas. Located just outside the community gates there is an abundance of restaurants, parks, professional offices, and retail shopping. University of South Florida and Busch Gardens Amusement Park are less than a 15 minute drive away. You also have convenient access to downtown Tampa via I-75 and I-275 with all of its cultural and recreational attractions including the Florida Aquarium, historic Ybor City and the Tampa International Airport just a 30 minute drive away. Disney World and Universal & MGM Studios are about an hour's drive to the East. And, the beaches of the Gulf of Mexico are less than 30 miles to the west.


The community is highlighted with multiple single family home villages and a town home village with traditional Florida charm and natural splendor in varying price ranges. There is a multi-million dollar clubhouse at the center of the community which includes a 10,000 square foot, resort-style pool, fully equipped fitness center, children’s playground, as well as tennis and basketball courts. All of Live Oak Preserver's villages, parks and schools are connected by private roads and wide winding sidewalks perfect for either active exercising or just a leisurely stroll.

You deserve the best possible representation on the largest investment you may ever make, your new home in Tampa Bay Florida. I would be happy to introduce you to the many amenities of Live Oak Preserve and other communities and homes for sale throughout Tampa and Tampa Bay.

I invite you to request my free Tampa Information Package including information on Live Oak Preserve and other communities or E-Mail Me. For more immediate assistance call me at any time at 813-263-6806.

What are the Differences Among Foreclosures, Bank Owned and Short Sale Properties

What are the differences among Foreclosures, Bank Owned and Short Sale properties you may see listed for sale? The differences are substantial and you should not underestimate the effort involved in bying a home under any of these processes.

Since I am frequently asked by prospective buyers the difference among these three different approaches to buying a home, I'll try here to answer that question as briefly as possible here.

Foreclosure Properties are property sold via an auction process. A foreclosure auction sale begins with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs associated with the foreclosure process. To bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still residing in the property. There may also be other liens against the property. Since what is owed to the mortgage holder is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned, REO or bank-owned property.

Bank Owned Properties are properties that have already gone through the foreclosure process without a successful bid being received and are now owned solely by the bank or other mortgage holder. The bank will handle the eviction of any people living in the property, if necessary, they and may or may not do any repairs. They most generally want to sell the property "as is" although that may be negotiable. The bank will also negotiate with the appropriate authorities to remove any tax liens and pay off any homeowner's association fees that are due. As the buyer of a bank-owned property, the buyer will receive a title insurance policy and the opportunity to investigate the property. The buyer's offer will be countered by the bank and it is typical for the buyer to re-counter that counteroffer.

Short Sales Properties are those homes that are still legally owned by the homeowner but the property is being listed for sale at a price that is less than the amount owed on the mortgage. Since both the seller and the mortgage holder are involved, once the seller accepts an offer, it must be submitted to the mortgage holder, who will frequently attempt to get a higher price before allowing the deal can be consummated. A home or condominium offered as a short sale may or may not already be in the foreclosure process. Short sale properties are generally sold "as is" with no allowance for inspections. The buyer may do any inspections they wish at their own expense but it is unlikely that the bank will agree to cover the cost of any deficiencies found during the inspection.

If the bank believes it can receive a higher price by taking the property through the foreclosure process, they will hold out for a higher price than the advertised short sale price and closer to what they believe to be the property's market value. Lenders generally accept short sales only when the price of the home is close to its market value. It is generally not the case that a buyer gets a significantly better deal on a short sale than on a typical purchase transaction, And, this process can take 90 - 120 days or even more.

The assistance of a professional Tampa Bay Realtor knowledgeable in the purchase of "distressed properties" will make buying a home as a short sale, at a foreclosure auction or as a bank-owned property a simpler, although surely not a trivial process. You should not attempt to procure a home by any of these three routes without the assistance of an experienced and knowledgeable professional like Cheryl Stimac, a Tampa Bay real estate expert trained and experienced at executing home purchases under these processes. Cheryl has earned the Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales.

You may also want to read my earlier post on Foreclosures and Short Sales

Introducing Temple Terrace

Home of the Temple Terrace Golf and Country Club

The community of Temple Terrace is an incorporated city in northeastern Hillsborough County, adjacent to Tampa. The city is the third, and smallest of the three incorporated municipalities in Hillsborough County. The other two are Plant City and Tampa.

Named for the hybrid "Temple" oranges and the surrounding "terraced" terrain, Temple Terrace was incorporated in 1925 and is known for its rolling landscape, bucolic Hillsborough River views, and majestic live oak trees.

The community is located adjacent to the University of South Florida campus and is, therefore, an ideal location for USF faculty as well as under-graduate and graduate students. The city has a population of about 24,000 and the median household income of Temple Terrace residents in 2008 was just over $54,000.

Temple Terrace was one of the first planned golf course communities in the United States when it was laid out in the mid-1920's with the expectation of it being both a golf course community and the home of the largest orange grove in the world. The 1920 vision of the community's founders was that wealthy retired Northerners would purchase lots in Temple Terrace, build a Mediterranean Revival villa as well as a parcel in the adjoining citrus grove to manage as a hobby or for extra income.


In 1925, the Temple Terrace Golf and Country Club, which is still in existence, hosted the first ever "Florida Open." The most distinguishing characteristic of the 18-hole, 6,414 yard private Temple Terrace Golf Course is the large, mature trees line which most of the fairways forcing golfers to hit straight shots, or suffer the consequences.

Downtown Tampa with all of its cultural and recreational attractions, the Florida Aquarium, historic Ybor City and the Tampa International Airport are within easy driving distance. Disney World and Universal & MGM Studios entertainment centers are about an hour's drive to the East while the white-sand and warm water of the St Petersburg/Clearwater area are about an hour’s drive to the West.

Temple Terrace offers a wide variety of housing opportunities. There are newer Temple Terrace homes for sale as well as established neighborhoods with both upscale and moderately-priced homes, condos and apartments. Some home sites abut the Temple Terrace golf course. Others back to the scenic Hillsborough River as it wanders through the town. Homes in Temple Terrace range from less than $100,000 to well over $1 million.

I would be delighted to show you new and resale homes in Temple Terrace or anywhere in Tampa Bay Florida at a time convenient for you. I invite you to request my free Tampa Florida real estate information package, E-Mail Me or call me at 813-263-6806 at any time.

The Federal Home Buyer Tax Credit is About to Expire

It's Time to Get Moving before It's Too Late

The first-time home buyer tax credit program which was extended and expanded to include existing homeowners expires on April 30th.

So, if you've been delaying a decision on buying a home or condo in the Tampa Bay Florida real estate market, it's time to contact a competent Realtor® TODAY and get a home purchase contract signed right away or you're going to miss out on the opportunity to gain up to a $8,000 income tax credit if you're a first-time buyer or up to $6,500 if you're currently a homeowner.

And don't forget that, in addition to the requirement to have a home purchase under contract (that means signed by both the buyer and the seller) by April 30, you must also close on the sale on or before June 30, 2010.

Who qualifies as a "first-time buyer" for up to an $8,000 credit?
The law defines a “first-time home buyer” as one who has not owned a principal residence during the 3-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.

If, for example, you have not owned a home in the past 3 years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the tax credit. However, there are exceptions. As an example, there is a possibility for unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as if a parent jointly purchases a home with child. There are also rules about ownership of vacation or rental properties not used as a principal residence.

How is the amount of the first-time buyer tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 but there are income limits.

So, you need to speak with a competent Tampa Bay Realtor to see if you do qualify.

Who qualifies as a existing homeowner buyer for up to the $6,500 credit?
The law defines a tax credit-qualified existing or "move-up" home buyer as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date of the new home. For married taxpayers, the law tests the home ownership history of both the home buyer and his or her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. They do not, however, have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

How is the amount of the existing homeowner tax credit determined?
The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit. And, yes, there are income limitations. If your income is above the limit, you may still qualify for a partial credit.

It is very easy to become confused with the provisions of this law. Don't miss out on an opportunity that may not come again for a long. So, speak with a competent Tampa Bay real estate expert like Cheryl Stimac right now to see if you do qualify.

Aa a Realtor experienced in dealing with these types of situations, Cheryl Stimac can tell you after just a brief conversation whether or not you may qualify. But time is short so its definitely "Time to Get Moving."

Welcome to Hunter's Green

Hunter’s Green is a meticulously developed master planned community in Tampa, Florida. In Hunter's Green, you'll find everything you might ever need or want to enjoy a comfortable, convenient, and tranquil lifestyle.

Hunter's Green is located 1 mile north of the I-75 exit at Bruce B. Downs Boulevard in the area known as New Tampa and includes 23 subdivisions.

Beyond the gated entrance, you'll find a private, unspoiled world; a natural environment where over half of its nearly 1,400 acres have been reserved for conservation and recreation. Shimmering lakes, peaceful parks, and nature preserves including a feeding area for the protected woodstork and gopher tortoise are just a few of its natural highlights.

The second thing you'll notice is the Hunter's Green County Club with its 35,000 square foot elegant, yet casual, clubhouse and its Tom Fazio-designed championship 18-hole, 6,900 yard golf course designed with a strong emphasis on environmental integrity.

Hunter's Green Country Club was planned and designed as three private clubs in one: the traditional 18-hole golf course club, a premier tennis, athletic and swim club, and an outstanding dining and social club. The clubhouse is the plush center of Hunter's Green social activity. First-class dining, a cocktail lounge and private banquet and conference rooms make it the perfect place to entertain friends, family and business associates, yet the club prides itself on its relaxed atmosphere and family amenities.

Central to the club's activities is the sports center which includes a state-of-the-art fitness center, group exercise and indoor cycling studios, 17 lighted har-Tru tennis courts, a basketball court, two 4-wall racquetball courts, a sand volleyball court. a heated junior Olympic swimming pool, a children's playroom, a youth activities building, men's & ladies' locker rooms and a pro shop.

Of interest to those with young children, Hunter's Green Elementary school has earned a reputation of academic excellence and supportive community partnerships. Standardized test scores traditionally place Hunter's Green Elemenetary students in the upper 10% of Hillsborough County schools. The teaching faulty is dedicated to continuing this level of excellence and developing programs to meet the needs of every student.

Hunter's Green is the first major community in Florida to be designated a Florida Quality Development for its adherence to strict environmental and planning guidelines and has become a prototype for residential communities around the country. The community has won numerous national and local awards, including the Aurora Award for the Top Master-Planned Community in the Southeast and the ENVY Environmental Award from the Florida Association of Realtors for the residential development that most celebrates Florida's natural quality of life.

While there are other master planned communities in Tampa Bay, Florida, residents feel confident that there are none quite as nice and quite as complete as Hunter's Green. Here you'll find a country club lifestyle perfectly suited for both the accomplished professional, retirees and young families.

Consider Wesley Chapel for Your New Home

Many people have moved into Tampa Bay Florida over the past couple decades yearning for the warmer climate and lower cost-of-living offered by Florida. As metropolitan Tampa and Hillsborough County have expanded, more and more people are finding it more convenient and pleasant to live just over the border into Pasco County in the town of Wesley Chapel.

Wesley Chapel's location has helped spur its growth. It is bordered on the south by the city of Tampa, on the east by Zephyrhills, and on the west by Land O'Lakes. To the north are the smaller communities of San Antonio and St. Leo, and Dade City, the county seat. Wesley Chapel's proximity to Interstates 75 and I-275 provides convenient access to other Tampa Bay communities, the Gulf beaches, and the Central Florida/Orlando tourist attractions.

Wesley Chapel has evolved from its early days, when cash crop farming, logging, citrus and cattle ranching were the principal activities. Today, it is a haven for residents who want the benefits of the big city and the bay area without being directly in the center of it. Wesley Chapel has established itself as an extremely desirable place to live, work, shop and play.

With about 45,000 residents today, Wesley Chapel offers a wide range of home choices from custom homes and single family homes to condos and townhomes. Saddlebrook is a stand-out Wesley Chapel community on 480 acres of wildlife, two 18-hole golf courses, tennis and a heated community pool as well as a health club, three restaurants and two bars.

Seven Oaks, Quail Hollow, Lexington Oaks, Meadow Pointe and Chapel Pines are among the many other communities offering homes from the modest single-family homes to executive mansions. Pasco County tax rates are reasonable, offering another incentive for prospective home buyers to settle here rather than within Hillsborough County.

For children, the school system features seven different schools (two private): Saddlebrook Preparatory, Sand Pine Elementary, Wesley Chapel Elementary, Seven Oaks Elementary, Victorious Life Academy, Weightman Middle School, and Wesley Chapel High School.

Right in Wesley Chapel residents have major shopping centers, a multiplex movie theater, and many casual and fine dining establishments. The community even has its own private airport, the Tampa North Flight Center, convenient for those traveling by private plane. The 143-acre District Park is the pride of the community for recreation.

A new hospital has been approved to be built in Wesley Chapel. The 52-acre campus will include office buildings and an 80-bed hospital. Nearby in Tampa, several health-care facilities including the Moffitt Cancer Center, University Community Hospital and the St. Joseph’s Women’s Hospital assure that every possible medical need can be addressed locally.

Residents of Wesley Chapel also enjoy professional sports with the Tampa Bay Buccaneers (the 2002 World Champions), Tampa Bay Lightning (the 2004 Stanley Cup Winners), and the Tampa Bay Rays (the 2008 American League Champions) all playing in venues just a short drive away. Tampa's Busch Gardens, the Florida Aquarium, Lowry Park Zoo, the Tampa Bay Performing Arts Center, Tampa International Airport, and the bustling Channelside and Ybor City areas of Tampa are all within a 30-45 minute ride.

Amid the natural beauty of west-central Florida, Wesley Chapel offers prospective residents both the opportunity to enjoy a more suburban lifestyle yet with easy access to the major-city arts, cultural and sporting venues in Tampa right next door.

January, 2010 Home Sales Volume Increase

In January, 2010, 1,830 homes were sold in the Tampa Bay area which includes Hillsborough, Pasco and Pinellas Counties. This compares with the 1,628 homes sold during January of 2009. The average price of homes sold was about $161,500 while the median price (the point at which half the homes sold above and half sold below that level) declined slightly to $123,000.

This positive news is at least in part due to the extension of the Federal Home Buyer Tax Credit Program which offers up to $8,000.00 to first time buyers (or buyers who haven't owned a home in the last 3 years) and up to $6,500.00 to those who already own a home. Owners who currently own a home must have lived in their current home for 5 consecutive years over the past 8 years. Certain income limits do apply so you may want to contact me at (813) 263-6806 for those details.

Most real estate professionals believe we are either at the bottom of the market or close enough to it that this is the right time to take advantage of both the low prices and the tax-credit program. Buyers seem anxious to snatch up good deals now since all deals under this program must be under contract by April 30th and closed by June 30th, 2010.

The inventory of unsold homes on the market has been reduced to it's lowest level in several years with a 24% decrease in the number of homes for sale from January 2009 to January 2010.

Whether your interest is in a home or a condo, a newly-built home or an existing home or a bank-owned or short sale property, I can help you find exactly the right property for you and your family. E-Mail Me or call me at (813) 263-6806 today. I would be pleased to answer your questions and show you the many great bargains available right now here in Tampa Bay.

The Gasparilla Invasion of Tampa is Imminent

On Saturday, January 30th, the world’s only fully-rigged pirate ship, the Jose Gasparilla, will magically appear at the south end of Hillsborough Bay. A multitude of pleasure crafts, all determined to defend the city, will boldly sail forth to meet the ship. But upon quickly seeing the error of their ways, they will join forces with the Captain and his Krewe’s flotilla. The tall-masted a 165' long Jose Gasparilla pirate ship with cannons booming will then sail across Hillsborough Bay and and attack the defenseless city of Tampa.

The colorful Tampa Bay "Gasparilla Invasion" will have begun.

In this annual re-enactment of Tampa’s historic pirate invasion, the Gasparilla Flotilla, led by the pirate ship Jose Gasparilla will dock at the Tampa Convention Center where the Mayor will surrender the Key to the City of Tampa into the hands of the Captain of Ye Mystic Krewe of Gasparilla.

Shortly thereafter, the jolly Krewe will launch a victory celebration in the "Parade of the Pirates" down beautiful Bayshore Boulevard. During the lavish parade, the captain and krewes will toss beads, coins and other items from their floats while shooting blank pistols as they proceed along bayshore Boulevard.

Average attendance for the parade event exceeds 400,000, so if you plan to attend go early to find a parking space, or better yet, take advantage of the many alternative ways to get to the event.

A week before the "Invasion" and the main parade, Ye Mystic Krewe of Gasparilla sponsors a family-oriented Children's Parade and "Piratechnic Extravaganza," with fireworks over Tampa Bay..

Shortly after the invasion celebration, a more adults-oriented Sant'Yago Knight Parade is held in the Ybor City district of Tampa running well into the early morning.

The annual Gasparilla celebration is just one of the many high-spirited events that make Tampa Florida amd its suburbs in Hillsborough, Pasco and Pinellas counties such fun places for families of all ages to live.

Another popular Tampa celebration is "Guavaween," held at the end of October. During the day, the family Fun Fest features live music, food, activities, and a children's costume contest. Other Tampa events include the annual Climb Tampa event, Race for Sight, the Gasparilla Distance Classic Marathon, the Bloom & Garden Festival and the USF Botanical Gardens Spring Plant Festival. There is an also almost constant flow of arts and cultural performances and events, many free to the public.

If you'd like to learn more about why Tampa and Tampa Bay may be just right for your next home, E-Mail Me or call me directly at 813-263-6806.

Fannie Mae Boosting Tampa Bay Condo Sales

Fannie Mae just announced that it will start a thorough review of hundreds of Florida and Tampa Bay condominium projects with the prospect of providing them with a new "special approval" label. Fannie Mae wants to restructure mortgage approvals for certain projects that currently do not fit into Fannie Mae guidelines, which has made them difficult to sell.

To this point Fannie Mae, acting under guidelines enacted in March, 2009, has refused to approve and guarantee mortgages on condominium developments where more than 15 percent of owners are delinquent on their association dues.

Under the new program Fannie Mae will also consider the building's occupancy, association dues and the financial stability and physical condition of the development. The program will still be somewhat restrictive in that it will only accept new or newly-converted developments where at least 70 percent of the units are sold or under contract. Nonetheless, this program is expected to provide a huge boost to condominium sales over the next 9 to 18 months across Florida and particularly here in Tampa Bay.

Florida Realtors have been asking Fannie Mae to revise its overly restrictive condo lending guidelines for some time. Summer Greene, vice president and regional manager with Prudential Florida 1st Realty, said "This is good news for Florida and a step in the right direction for the state's condominium market." He believes this review will help put a more positive spin on the Florida condo market that has been decimated by the housing slump. It will begin to reduce reduce the enormous inventory of unsold condo units as more prospective condo buyers are approved by lenders for loans on these properties.

More than half of all mortgages in the U.S. are backed by Fannie Mae and the similar organization Freddie Mac. It is hoped that once the Fannie Mae program starts to show success, Freddie Mac will similarly restructure its approval process.

If you have been considering buying a condo in Tampa Bay but been reluctant because it has been difficult to find attractive mortgage terms, this program may very well be just what you've been waiting for.

E-Mail Me or call me at 813-263-6806 for assistance in learning which Tampa Bay condo developments qualify and offer the best value for your money. Then let me help you pick out the condo unit that fits exactly the dream you've had of a Tampa Bay condo of your own.

You may also want to visit my Tampa Bay real estate website to learn more about the attractive lifestyle offerred here in Tampa Bay, Florida.