February Home Sales Indicate A Rapidly Improving Real Estate Market

The Tampa Florida real estate market continued to show consistent improvement in February, 2011 with 1,591 homes of all types sold versus 1,427 sold in January. The average sales price also improved from $133,426 to $135,140.

This trend, if it continues as it surely appears it will, will accelerate the return of the Tampa real estate market to equilibrium during 2011.

There were improved sales volumes across all types of homes with 1,141 single-family homes and villas sold in February versus 1,016 in January. There was also good news in condos and co-op sales with 405 sold in February versus 370 the prior month. In other categories, there were 45 sales versus 41 in January.

Perhaps, most significant as a predictor of a future trend, the inventory of unsold homes on the market in Hillsborough County dropped from 15,152 or an 10.6 month supply down to 13,948 or an 8.8 month supply. This means that at the current rate of sales all existing homes on the market would be sold in 8.8 months. A real estate market is considered to be in equilibrium between buyers and sellers when the months of supply reaches about a 6 month supply. Things are clearly moving in that direction at this point giving us reason to feel very positive about a Tampa real estate market recovery in 2011.

Home prices here in Tampa Bay are now at levels lower than they have been in many years, but as the statistics above reflect, the real estate market is improving. Prices will not stay this low for much longer.

If you have been wondering whether you should buy a year-round or seasonal home or condo here in Tampa Bay before you head back North this year, I invite you to call me at 813-263-6808 while prices are still depressed.

I would be pleased to listen to your wishes and then show you homes here in Tampa Bay that will meet your every wish at prices you will find very attractive. Then next year and for years after that, you will get to enjoy the friendly, sunny Tampa Bay lifestyle in a home of your own.

I would enjoy helping you make that dream come true.

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.

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.

Tampa September Home Sales Statistics Are Encouraging

The following update on Tampa area real estate sales was recently issued as a news release by the Greater Tampa Association of REALTORS® (GTAR)

"With negative news emanating from virtually every area of the economy, September real estate statistics in Hillsborough County offer encouragement for the local market.

"In statistics released by the Greater Tampa Association of REALTORS® (GTAR) and the Mid-Florida Regional Multiple Listing Service, two important figures, total home sales and inventory of homes on the market, improved in September over the previous month. Sales rose to 1,345 last month, up slightly from the 1,327 sold in August. The number represents the highest monthly sales in the county since June, when 1,394 homes sold.

"The inventory of homes on the market in Hillsborough County dipped to 14.21 months, down from 14.68 months in August, the lowest inventory figure since June of this
year, but more significantly, the second lowest figure since December, 2006, when the
figure stood at 9.04 months.

“Most economists believe our recovery will be slow and steady,” says Carol Austin, CEO of GTAR, “and these latest figures, while not dramatic, reflect that forecast.” Deborah Farmer, President of the REALTOR® association, believes the latest statistics offer more hope for the real estate market in the future. “The fact that inventory levels are down significantly since the beginning of 2008 is a number that should not be overlooked,” she noted. “The January 2008 inventory stood at nearly 26 months. To see that figure at its current level is more than encouraging,” Farmer said."

My belief is in line with these thoughts. The Tampa and Tampa Bay real estate market is beginning to show real signs of life again. The $8,000 first-time home buyer tax credit has helped drive this upturn and it seems likely to me that Congress will extend, and may even expand, that program in 2010.

As it starts getting colder up North, it's time to start looking for that primary or seasonal home you've been wanting here in warm, sunny and inviting Tampa Bay Florida. Don't miss out on the current very attrative price levels. Prices will inevitably start moving up again as the economy improves and the inventory of unsold homes on the market contiues to fall.

Planning to Sell - Focus on Your Kitchen

When it's time to put your home on the market, many real estate experts recommend that you focus on updating the kitchen first. For many potential buyers, especially the wives, the kitchen may be the most important room in the home. The condition and appearance of the kitchen has the power to make or break a sale.

So, if you want your home to sell quickly at a good price, do everything you can to enhance it before you start showing the home to buyers. Remember however as you appraoch this task that the money you spend is a cost of selling. Don't do a complete remodelling unless the kitchen really needs it. A good Realtor, like Cheryl Stimac, a Tampa Bay Florida real estate expert can give you advice on the extent of remodeling that you should invest in.


Start by creating space. You want you kitchen to look large, light and roomy. Clear the counters of all clutter. Take everything you can out of drawers and shelves and move it into storage. Remove all those magnets from the refrigerator and if the refrig looks scratched, give it a fresh coat of porcelain paint. What you want them to see is a warm, open and inviting space, not your old pots, pans and toaster.

Consider fresh paint. Paint is the most profitable improvement. A fresh coat of light, neutral colored paint on your kitchen walls will make them look spotless and new. Exactly the look you want.

Pay particular attention to the sink. If your faucet looks old and dated, replace it with a new one. It will go a long way towards improving the look of the whole kitchen, for very little money.

If your counter tops look old and tired, you should consider new ones. Today you can buy corian or even granite countertops at reasonable prices. Talk to your local Home Depot or Lowe's hardware satore. Remember to stick with neutral colors, nothing too flashy.

Check the stove and oven. The oven should be spotless. If the stove is a glass-top mmodel, scrub it until there is no residue at all on it. A sparkling range looks great. A dirty one laeves the prospect wondering if the rest of the house is any better maintained. Don't let them even "go there".

Freshen up the cabinets. Replacing cabinets is expensive and seldom makes a good investment. But you can paint them, or put new, modern looking pulls on them for very little money. A fresh rub-down with a good cleaner-polish will give them a fresh look.

Check the windows. You'd be amazed how many people forget to wash the window over the sink or the sliding glass doors next to the dining area. if the trim looks dull, a fresh coat of paint there will also add sizzle.

Finally, a trick that works amazingly well. Just before prospective buyers come, bake a fresh batch of cookies in your oven. And, yes, leave the cookies out for them to sample.

In short, buyers will quickly notice any shortcomings in your kitchen, so do everything you can to freshen it up and give it a modern, open, airy and spacious and "inviting" look.

The Seller Can Help You Buy Their Home

If you and your family are ready now to buy your first home, but you're not sure you have enough cash stashed away, there are ways in which a home seller can assist you in buying his home. A competent Tampa Bay Realtor can review all of your options but here are a few examples.

FHA MORTGAGE WITH SELLER FINANCED CLOSING COSTS
An FHA mortgage requires as little as 3.5% of the purchase price as a down payment. These mortgages have been available for years. Your Realtor, working with the home seller and an FHA-approved mortgage provider, can structure a mortgage loan so that the seller pays all or nearly all of your closing costs. The seller cannot assist you with the 3.5% down payment, but can pay just about everything else at your closing. In the current market environment, many home sellers are willing to participate in this type of arrangement to get their home sold.

SELLER-PAID BUY DOWNS
There are many variations of "Buy Downs," Some are permanent, where the interest rate is reduced over the full life of the loan. Other buy downs are temporary, reducing your interest rate, and therefore your monthly payment, for the first 1 - 3 years. The most popular is what's known as a "3-2-1 Buy Down." Here's how it works. For the first year your rate is 3% below the market interest rate; the second year 2% below, and for the third year the interest rate you pay is 1% below the agreed-upon interest rate. This allows you to grow into your loan payments over 3 years. If you expect your family income to grow over that period by enough to cover the eventual cost, this may be an attractive option for you. "Buying down" your first 3 years of loan payments in this manner will cost the seller about 4.5% of the loan amount. Here is an example on the purchase of a home with a $225,000 mortgage with a fixed rate of 6.5%. The full monthly rate on this mortgage would be $1,422.15/month. Using a 3-2-1- buy down, the first year's payments would be $1,010.35, the second year's is $1,140.04, the third year's - $1,277.53, and then for the remaining 27 years, $1,422.15. The "buy down" of the first 3 years payments saved you, the buyer, over $10,000 in mortgage payments in addition to making your payments more affordable for those first 3 years.

There are other buy-down processes your Realtor can discuss with you. Another popular one is a 2-1 buy-down which works like the 3-2-1 program but reduces the interest rate for only the first two years.

SELLER FINANCING
Less frequently, but occasionally, there are sellers who own their home outright (no mortgage on the property) who will agree to assist you by holding your mortgage. In this case, you do not have to qualify through the normal bank financing route. In effect the seller, instead of a bank or other mortgage company, becomes your mortgage provider. Such a mortgage can be written with essentially any terms and conditions that you and the seller agree upon ranging from financing 100% of the purchase price to requiring a minimal or larger down payment, with or without a "balloon payment" at some point in the future, and for a term of 10, 15, 25 or 30 years.

Such private lenders frequently charge a higher interest rate and may try to use this approach to get the highest possible price for their property. So protect yourself by working with a competent Realtor who can make certain that you are not over-paying for the home you want.

The point of this discussion is this. if you'd like to buy a home now, one of these seller-assisted approaches may work for you. Don't be scared off because you don't think you have enough saved up yet. The price of homes and the interest rates are as low right now as they have been in a long time. Meet and discuss your options with a competent Realtor like Cheryl Stimac, a Tampa Florida Real Estate professional. Got questions about all this? Call Cheryl Stimac today at 813-263-6808 or email her at cheryl@cherylstimac.com

You may be closer to your dream of home ownership than you have dared to hope.

Tampa Bay Real Estate Market Poised for Recovery

I read a very intriguing article this morning which was written by James A. Crumbaugh III, CEO of Allison James Estates & Homes. I am copying the content of that article here because I believe Mr Crumbaugh is absolutely right in his understanding of WHY the Tampa Bay real estate market is poised to have a much better year in 2009 than 2008 has been.
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RISMEDIA, Dec. 10, 2008- I’m always accused of being overly optimistic about the real estate market. You have to understand that after 35 + years in the business, everything is just a cycle to me and when we go through a cycle like we’ve been going through, then my thoughts become “How long will the cycle last?”

You may have read my previous article titled The Perfect Storm, where I discussed the reasons that I thought this real estate market was poised to turn around. We are seeing the market improve almost on a daily basis recently. Is it the facts that I stated in my article that is causing the turn around? Absolutely that’s part of the turnaround.

However, there is another dynamic at work here. I’ll call it the "Obama Effect." I voted for John McCain, but I’m sensing an optimism starting to build in this country. I will give President Elect Obama credit where credit is due, and I will be the first to admit that at this point he is being very proactive at turning around the financial crisis in this country.

As the optimism improves, and I think it will, from here to the inauguration, and for the honeymoon period following the inauguration, we will continue to see an improvement in the optimism in this country.

With the automotive bailout, real estate is bound to improve in the Michigan area and probably the entire rust belt, therefore improving Florida real estate. The retirees will be able to sell their homes in Michigan and retire to Florida or other states popular among retirees.

The public works project will put hundreds of thousands of workers back to work and at good wages. I still believe we have a pent up demand for the last three years of buyers wanting to buy. Once these buyers are employed again and flush with income, the market will start to improve.

Then you have very low fuel prices that allow the consumer more discretionary income to spend.

Then we have the potential for mortgage rates as low as 4½% .

When you start to take a hard look at where we are poised as an industry, no matter how pessimistic you are, you have got to believe we are in for a return of a good real estate market in Florida, if not an excellent real estate market.

The stars are lining up:

- An improved automotive market
- Low fuel prices
- Workers going back to work
- Good wages
- Low real estate prices
- Low mortgage rates

I’m becoming more optimistic just writing this article. I don’t believe you can argue the facts as I just them pointed out. Things are looking up for the Florida real estate industry..........

James A. Crumbaugh III is CEO of Allison James Estates & Homes.
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If you are a retiree, a real estate investor, or a broker or realtor, better times are coming in 2009 because the bear market in housing is about to turn around and it will turn around soon.

If you are ready to learn why, if you are going to invest in Florida real estate, Tampa Bay Florida is the right place to do it, contact me by E-Mail or complete my Tampa Florida Information Request Form. In a hurry ? Then call me directly at 813-263-6806.

More Federal Help for Tampa Bay Foreclosures May Be Coming

A number of U.S. government agencies are working together on a new plan that could help 3 million homeowners avoid foreclosures. These negotiations could still fail, but federal government agencies are contemplating using $50 billion of the recently-passed federal bailout plan to guarantee up to $500 billion of residential home mortgages. Florida, because of its enormous reliance on the real estate industry, could benefit greatly under this plan since the housing meltdown has had a major negative effect on the state's economy.

Under the plan, the government would agree to absorb half of the losses on home loans if the mortgage company agrees to lower the borrowers'
monthly payments for at least 5 years. Details f how the plan would work are still being negotiated but this is the cetnral concept of the plan at this point.

In another recent development, more than $540 million in federal funds is coming to Florida, earmarked to purchase foreclosed homes at a discount. “Florida has felt the sting of our nation’s housing market challenges, and these funds will provide a welcome boost to our state’s economy by helping Florida families stay in their homes,” said Gov. Charlie Crist.

Governor Crist credited Florida’s Congressional delegation with securing the support from the U.S. Department of Housing and Urban Development’s Community Development Block Grants under the Housing and Economic
Recovery Act of 2008 passed by Congress earlier this year. The funds will provide assistance to state and local governments to acquire and re-develop foreclosed properties that might otherwise be abandoned and blight their neighborhoods.

Florida had the nation's second-highest foreclosure rate in September, an ignominious record achieved by beating out depressed housing markets in California and Arizona, according to the firm RealtyTrac. Foreclosure filings last month afflicted 47,956 Florida properties, or one in every 178 homes. Only Nevada, with one in 82 properties facing foreclosure, is worse off. Hillsborough County showed the biggest monthly increase in Tampa Bay with 4,663 properties falling into foreclosure in the month. Pinellas County had 1,813 foreclosure cases, while Pasco and Hernando counties had 1,175 and 374 cases, respectively.

"Anything we can do to get foreclosure numbers down will quicken the stabilization of the market," said Ritch Workman, president of the 2100-member Florida Association of Mortgage Brokers.

The new federal government foreclosure-assistance program now being negotiated would be run by the Federal Deposit Insurance Corp (FDIC).

No one understands that process involved in short sales and foreclosure sales than an experienced Tampa Bay real estate professional like Cheryl Stimac. You can visit her Tampa Florida real estate website or call her directly at 813-263-6806 for further information.

Home Selling - Target Your Buyer Audience

Have you noticed how political campaigns target specific groups of voters? The needs of each group are identified and addressed separately, because politicians recognize that the voting public is not a single, generic person, but a collection of millions of different personalities.

When selling your home, targeting your home properly could be your most important strategy because buyers have different needs and desires, just as voters do. When listing your home, ask your Realtor for details about the marketing plan he or she intends to use to attract different segments of the home buying population.

"Targeted" marketing, as pointed out in Cheryl Stimac's most recent newsletter, is an extremely effective method of attracting home buyers. No one understands that process more than an experienced real estate professional like Cheryl Stimac. You can visit her Tampa Florida real estate website or call her directly at 813-263-6806. You will be glad you did. If you'd like to subscribe to Cheryl's newsletter, you can sign up at her Newsletter Request Form.

Tampa's Proposed FY 2009 City Budget

Tampa Florida's mayor, Pam Iorio, it seems to us, has performed a balancing act with her proposed budget for fiscal year 2009 running from October 1, 2008 to September 30, 2009.

The mayor's summary of the budget states that her proposed 2009 budget invests in Tampa's quality of life, including initiatives that affect neighborhood life on a day to day basis by promoting safe, clean and attrative neighborhoods, creating a downtown residential setting, making regional mass transit a reality, and promoting Tampa as a "City of the Arts." Offsetting these investments, the budget holds the line on recurring costs, especially personnel costs, since the city can no longer count on the big annual increases in property tax revenues it enjoyed in past years.

The overheated real estate market which has fallen dramatically, has impaired the flow of increased property tax revenues. In addition, the State of Florida legislature passed mandatory tax cuts and Florida voters approved a constitutional amendment doubling the homestead exemption.

To cover these decreased revenues, the mayor has eliminated more than 380 city positions in the last 2 years and, hopefully, offset those staffing reductions with improved efficiencies in the way the city government operates.

Even with the mayor's proposed cuts, the $836 million budget still represents a 9.8% increase over the FY 2008 budget, due mainly to funds for her proposed infrastructure improvements. Tampa City Council will now have to review, and amend or approve, the mayor's proposed budget.

In the judgment of many, Mayor Pam Iorio has proposed a FY 2009 budget that keeps the city of Tampa moving ahead while adjusting to the new realities of reduced city revenues.

If you would like to know more about Tampa and Tampa Bay, Florida feel free to call me directly at (813) 263-6806, E-Mail Me or visit my Tampa Florida Real Estate website. I'd be delighted to be of service to you.