Historically Low Mortgage Rates & Home Prices - A Perfect Time to Buy

Mortgage interest rates in Tampa Bay, Florida are at the lowest levels since record keeping began.  These attractive mortgage rates make that home you've been wanting even more affordable than ever.

Zillow Mortgage Marketplace shows that, for buyers with 20% down and excellent credit scores (740 - 850), the Annual Percentage Rate (APR) for a 30-year fixed-rate mortgage can be as low as 3.69% for the week ending February 26, 2012.  15-year rates are even lower falling this week to as low as an APR of 3.0%.

Similarly, Bankrate shows 20% down/excellent credit 30-year mortgages available at an APR of 3.67% and 15-year fixed rates for the same qualifiers available as low as an APR of 2.96%.  30-year FHA mortgages requiring only 3 - 5% down payments are shown to be available for an APR as low as 3.85%.

Those with less than excellent credit scores will, of course, be required to pay somewhat higher interest rates but, in any case, home mortgage rates have never been lower than they are right now. And, they cannot be expected to fall much further.

Combine these home mortgage interest rates with the fact that Tampa Bay home prices haven't been as low as they are right now in over a decade and you see the opportunity lying before you.

"But," you ask, "what is the outlook for the rest of 2012 and beyond?" The U.S. economy continues to grow at a slower rate than one might hope for, but it is continuing to improve. With the lower value of the dollar and maybe even just a touch of patriotism by corporate executives, manufacturing jobs are beginning to come back to America. Consumers are beginning to feel more confident. The predominant things holding back the economy right now, in our judgment, are the concerns about the fate of European country debts and, of course, the uncertain outcome of the 2012 elections here in the U.S. Both will be resolved within the next 6 to 12 months.

Economists are more optimistic about the outlook for 2012 for housing starts, employment and business spending than just three months ago according to the National Association of Business Economics' latest survey. Housing industry forecasters and home builders similarly expect the housing industry to be on a gradual road to recovery across the U.S., and in Tampa Bay particularly, because of unusually affordable financing options and historically low home prices.

Clear Capital, a California-based home valuation firm reported last month that, after years of falling home prices, Tampa Bay is one of large metropolitan areas predicted to show home price increases in 2012. Tampa ranked sixth in the nation for predicted home value increases

These forces will have two effects over the next couple of years:

• Home prices will begin to rise as demand for homes increases with more prospective buyers in the market and as the current large overhang of foreclosure and short-sale properties are cleared from the market by increased demand from both investors and single-family home buyers.
• While the Fed continues to forecast interest rates remaining low, it is inevitable that mortgage interest rates will begin to creep upward as the economy recovers.

If you are one of those astute enough to have maintained an excellent credit score inspite of the tough economic times of the past 3 years, or, even if you have a few points shaved off your credit score, this is the right time to meet with a licensed real estate broker like Cheryl Stimac and begin the process of qualifying for a mortgage and looking for your first home, the larger home you've been wanting for your family, your second or seasonal-getaway home, or your retirement home.

Stop collecting rent receipts and start moving toward one of the most important investment decisions you'll make during the coming decade - buying a home. DO IT NOW while both home prices and mortgage rates are at all time lows. Don't be caught next year wishing you'd made the commitment. I'd be delighted to help you get started. Call me at 813-263-6806 or visit my website and fill out my brief Request For Tampa Real Estate Information.

Are Your Familiar with Pasco County, Florida

How familiar are you with Pasco County, the county just north of Tampa, Florida?

Pasco County stretches across the northern edges of Pinellas County (the home of Clearwater and St. Petersburg) and Hillsborough County, (the home of Tampa) between those two counties and Hernando County to its north. Pasco County has a land area of approximately 745 square miles. The county is a high-growth area having grown as as the suburbs of Tampa Bay spread northward. Pasco County includes over twenty-five golf courses, three State of Florida designated canoe trails and enormous areas set aside for outdoor recreation.

Mostly residential, the Pasco County lifestyle puts you within an easy commute of all that the Tampa Bay has to offer including Busch Gardens, the Florida Aquarium, the Lowry Park Zoo, historic Ybor City, the Straz Performing Arts Center and countless museums and galleries in Hillsborough and Pinellas County, but without the traffic and congestion generated by the crowds of tourists attracted to those cities during the “snowbird” season.

The county seat of Pasco County is Dade City. Other cities and towns within Pasco County include Holiday, Land O’Lakes, Lutz, New Port Richey, Odessa, Port Richey, Trinity, Wesley Chapel and Zephyrhills. Getting around the county is convenient due to Interstate I-75 and the Suncoast Parkway running north to south providimg easy commuting to the Tampa International Airport, downtown Tampa and MacDill Air Force base. Crossing the county from east to west are recently expanded roadways including State Roads 52, 54 and 56.

Many builders offer new homes in Pasco County. New construction homes start in the low $100’s although larger and more luxurious homes in gated golf and waterfront communities are available in price ranges up to $850,000 ,to $900,000 and more. Existing home sales cover the entire price range depending on their size, location and amenities provided.

High quality education is offered at Pasco County’s 48 elementary schools, 16 middle schools and 18 high school and education centers. Visit the Pasco County Schools website for more information. Post-secondary education is also readily available through nearby Pasco Hernando County Community College and Hillsborough Community College. University-level studies are available at the University of South Florida in northeastern Tampa and the University of Tampa as well as several vocational and-technical schools. Further information on this most attractive place to find your new home is available on the Pasco County Board of County Commissioners website.

Think of Pasco County as having all the desirable traits and amenities of Tampa Bay in a more affordable and more relaxed atmosphere.

I would be delighted to introduce you to Pasco County and its many attractive communities; one of which is bound to fit you and your family’s need and desires perfectly. Call me at (813) 263-6806, E-Mail Me with your questions or visit my Tampa Bay real estate website to review profiles of several of my favorite Hillsborough and Pasco County communities.

Carrollwood - A Very Attractiive Tampa Bay Community

Carrollwood is a unincorporated planned community in northwest section of Hillsborough County, Like other suburban communities around Tampa, Carrollwood was built in the early 1960s and remains today one of the more popular residential areas being only about 7 miles from downtown Tampa and an even shorter drive to the Tampa International Airport.

It was one of the first planned communities within the State of Florida and the first in Hillsborough County. The community spread westward during the 1970′s and 80′s and the subdivisions of Fairway Village and Carrollwood Village were created.

The boundarties of the Carrollwood include Lake Magdalene to the north, the city of Tampa to the east, Egypt Lake on the south, and Carrollwood Village to the west. The community occupies areas to both the east and west of Dale Mabry Highway, the major north-south thoroughfare connecting Carrollwood to the metropolitan and downtown areas of Tampa.  

Carrollwood includes homes and maintenance-free townhomes and condominiums in many styles, sizes and price ranges, some with golf course and lake views. Children living in Carrollwood go to school in the Hillsborough County School District. There are also several private schools in the area.

Carrollwood Village is the heart of Carrollwood and includes about every sort of shopping and dining venue you might want.

Golfers will appreciate the presence of several golf courses and country clubs in the area. Right within Carrollwood Village there is the Emerald Greens Golf and Country Club, a 27-hole course. Nearby is the Northdale Golf and Country Club, a 18-hole, par-72 course.

For professional singles, families and seniors alike, Carrollwood is an attractive place to live and enjoy the amenities so abundant in the Tampa and Tampa Bay area.

If you find Carrollwood as attractive as I do, I invite you to visit my Tampa Bay real estate website. Or, for more immediate assistance, call me at 813-263-6806 or E-Mail Me today. I would be delighted to answer your questions and show you just how attractively priced Tampa Bay homes are right now.

Tampa Home Sales Continue Improving

According to the Greater Tampa Association of Realtors,1,523 properties sold during November, 2011. The average sale price of homes sold in November was $146,436, down slightly from $151,329 in October.

In 10 of the past 12 months home sales in the Tampa area have increased. The November sales total was an increase of 7% from the same month in 2010. At 9,800 homes of the market at the end of November, there is only a 6.4 month supply of homes and condos on the market. At the worst point in December, 2007, there were over 21,000 housing units on the market. Six months of inventory is the point at which buying and selling pressure are considered equal. If you add in the homes already under contract for sale, but not yet closed, the supply of homes and condos available drops even further. When the inventory of homes for sale drops below 6.0 months, the market is considered to be a "seller's market" where prices may begin to rise.

Another important market statistic, the average number of Days of the Market dropped consistently during 2011 to an average of only 103 days in November. As this number drops, it means that homes are no longer sitting on the market awaiting buyers. They are beginning to sell more quickly.

On the most attractive and attractively-priced homes, buyers in Tampa Bay are beginning to confront multiple competing offers, something that hasn't happened in a long time. Even real estate investors are finding they can no longer make ridiculously low-ball offers with any hope of success. They are finding that if they want to buy the property, they need to make an offer at or real close to what the properties are actually worth, a healthy sign.

Local Realtor Cheryl Stimac noted that, given the improving market condition price-wise, banks are increasing the pace at which they are putting their distressed properties on the market as short sales but these are expected to be bought up reasonably quickly by the increasing number of prospective buyers here during the snowbird months.

Overall, several positive forces seem to be coming together in the Tampa real estate market. The lower inventory of homes for sale is stabilizing, and will eventually put upward pressure, on prices. Banks are moving more quickly to get their inventoried properties on the market rather than letting them go into foreclosure where the condition of the home frequently degrades quickly. People are more upbeat than they have been in 3 years according to the consumer confidence index. And, with the arrival of our “snowbird” friends, there are more buyers in the Tampa Bat real estate market who are looking to buy now at these historically low prices and interest rates.

If you are visiting Tampa Bay now or planning to come here in the near future, I encourage you to call me at 813-263-6806, E-Mail Me, or visit my Tampa Florida real estate website to learn more about the many attractive golf course and other communities in our area. I would be delighted to answer your questions and offer suggestions on where to find exactly the type of home in the price range you are looking for.

Single Females - A Growing Segment of Tampa Bay Home Buyers

The National Association of Realtors (NAR) recently reported that single women are quickly becoming a significant percentage of the total number of home buyers in real estate markets all across the United States. In 2011, over 20% of all home buyers were single women.

According to the NAR, single women aren’t just purchasing more homes. And it is not just young single professional women, the range of single female home buyers varies from young singles to post-retirement women. Builders report that women have become much more savvy about the whole home buying process than many male buyers. And, they are more likely to ask piercing questions and demand straight answers.

Due to the increasing number of single women buying homes, Tampa Bay builders and real estate agents are altering their advertising and marketing approaches to appeal to this large new segment of Tampa Florida home buyers. Builders in Hillsborough and Pasco County are increasingly offering new homes with more extensive security features, low- or no-maintenance yards, gourmet kitchens, more spacious bathrooms and softer color schemes - all features that appeal much more to female than to male buyers.

“When a woman is shopping for a home with a man, she may tend to defer to the man's interest in things like a large garage, a place to put the barbecue grill or a spacious den to be used as a "man-cave. Men don't mind a home that needs some "projects" to be completed," says a noted Tampa area Realtor, Cheryl Stimac. "Conversely," she says, "when a woman is buying a home for herself, she tends to be very interested in the functionality, completeness and appeal of the kitchen and baths. Focus groups have also shown that she would like an extensive security system. And, unlike the man, she will focus heavily on how many major and minor changes she will need to make to adjust the home to her personal lifestyle, interests and needs,"

As the Tampa real estate market continues a slow process of improvement, it behooves everyone involved in the real estate business, including those trying to sell a home, to pay attention to trends like this and tailor their plans and actions appropriately.

For example, we all know how important "curb appeal" - the first view from the street - is in successfully marketing a home. If, for example, you were attempting to sell a home or condo in Tampa Bay right now, it would be worth considering what exterior and interior changes will make the home more attractive to single female buyers.

Outside, the home should be extra appealing. The paint and trim should be near-perfect, the roof should not need work, shrubs and gardens should have a low-maintenance look. Inside, she will want to see more neutral and warmer colors. The kitchen should be spotless and uncluttered. Baths should sparkle andf have fresh, coordinated-color towels. Things like this can make a big difference in the appeal of a home to a single female buyer.

If you have a home or condo to sell in the Tampa Bay real estate market, I'd be happy to help make your home more "female-friendly." Call me at your convenience 813-263-6806 or E-Mail Me.

Buy that ugly beast of a home and make it a beauty!

Foreclosures,short sales, and empty homes all lead to homes that need repairs. I can not tell you the number of times we have entered homes and discovered missing air conditioning units or missing kitchen cabinets.

Well how can you buy a home that needs so much repair? Where will you get the money after closing to fix that leaky roof? The FHA 203k loan is your answer. You can buy that beast of a home in a great neighborhood and turn it into the beauty of your dreams. You can add a new kitchen, the 13 seer Air Conditioning unit or roof to the mortgage. You can add a new master suite and bath to the 2 bedroom, 1 bath home. Do not let the condition of the home make you walk away from it. If the home is in the right location, or the lot size you have dreamed about, lets talk about how to make it into a beauty.

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.

Universal Design - A Housing Option Appealing to Seniors &Young Families Too

The term "Universal Design" refers to a wide range of architectural and construction ideas and products meant to produce buildings, products and environments that are inherently accessible to both the able-bodied and the physically disabled.

Universal design elements include such things as

• No-step entry
  
• One-story living without stairs
  
• Wide doorways (32-36 inches) and hallways (36-42 inches)
  
• Pull handles instead of knobs on cabinetry
  
• Under-cabinet lighting
  
• Adjustable rods and pullout shelving in closets
  
• Lever handles on doors instead of knobs
  
• Walk-in showers and bathtubs
  

The "universal design" concept evolved from earlier "barrier-free" concepts, the broader accessibility movement, and adaptive and assistive technology. Universal design seeks to blend aesthetics as well as functionality into products.

As life expectancy increases and modern medicine increases the survival rate of those with significant injuries, illnesses, and birth defects, there is a growing interest in universal design by many forward-thinking architects and builders. There are many industries in which universal design has had strong market penetration but there are others in which it has not yet been adopted to any great extent. For example, while curb cuts or sidewalk ramps, essential for people in wheelchairs but also used by all, are a common example, the home building industry has just recently become interested in the concept.

More Tampa Florida area homes are now being built with "universal design" features that will help boomers stay in their homes as they age. Interestingly, these features no longer evoke images of a hospital or nursing home room so they are beginning to appeal to younger demographic groups as well as seniors and the disabled.

In addition to kitchen and bathroom cabinets with pull-out shelves, kitchen counters at several heights to accommodate different tasks and postures, and walk-in bathtubs, there are now color-contrast dishware with steep sides that assist those with visual or dexterity problems. There is also growing use of lever door handles in place of the standard doorknob making it much easier for people with disabilities (as well as moms carrying a baby or bags of groceries) to open a door.

Perhaps the most interesting facet of the "universal design" concept is how quickly younger families are beginning to ask for such "ease-of-use" features in the homes they are considering building or buying.

For those interested in pursuing this further, there is a Universal Design video available for purchase that provides a lot of information about building and remodeling with universal design concepts.

As a Tampa Bay real estate agent, I have experience showing and selling homes which incorporate universal design concepts.

I would be delighted to help those who may be considering buying a home in the Tampa Bay Florida area identify builders employing "universal design" concepts in their new homes. I invite you to E-Mail Me or call me at 813-263-6806.