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

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."

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.

You Don't Have to be a First-Timer to Take Advantage of the New Home Buyer Tax Credit

The first-time home buyer tax credit, that Realtors have reported jump-started home sales this Summer and Fall, but due to expire at the end of this month, has been extended through April 30, 2010 by Congress and is on its way to President Obama for his promised signature.

The extension expands eligibility for the home buyer tax credit to people with higher incomes as well as to people who have already owned a home for at least the past five years. In either case, the buyer must sign a purchase contract on or before April 30, 2010 and close on the purchase by June 30, 2010. The $8,000 maximum first-time buyer tax credit will continue but will now be available to individuals with incomes up to $125,000 and joint filers with annual incomes up to $225,000. Home buyers with incomes up to $145,000 and couples with incomes up to $245,000 will be eligible for somewhat reduced tax credits.

Under similar income limits, a $6,500 maximum tax credit will be available to people who already own a home and want to move up to a larger home.

Under the new income limits, two-thirds of all American families owning a home today may be eligible to buy a new home. While buyers will not be required to sell their current home to qualify, the tax credit must be used to buy a new "primary residence", not a vacation home or investment property.

To keep speculators out of the program, people who claim the credit but then sell the home or no longer use it as their primary residence within three years will be required to repay the credit. The intent is to exclude from the program speculators who might purchase a home intending to flip it for a fast profit, according to Max Baucus, chairman of the Senate Finance Committee.

Here's a "heads-up" to those who may have considered buying a first home under the prior program but didn't quite get around to it.

"Contact a Realtor and get started now. You only have until April 30, 2010."

Congressional legislators in both houses have indicated that this costly part of the stimulus program will not be extended a second time. Critics point out that only about one-fourth of the homes purchased under the prior program would not have been bought anyway without the costly tax-credit program. There are also concerns that the previous tax credit program encompassed high numbers of fraudulent transactions. In this version of the program, the Internal Revenue Service has been given much wider authority to oversee the process to root out fraud.

If you are considering buying a first home or moving up to a larger home in the Tampa Bay Florida area I invite you visit my Tampa Real Estate website or for more immediate service, contact me by phone at 813-263-6806. I would be delighted to answer any questions you have.

A Magical Hidden Property For Sale in Tampa Bay

MAGICAL is the word that describes this hidden property.

Calling old-time Florida lovers, this 7 acre tract in Hudson Florida, is a hidden time machine. The words tranquil, lush, wondrous describe this land.

Once you step on this property you will experience a transition to old Florida. Grand majestic oaks and enormous pines cover this private park. Own a magical piece of Florida, as this property has 3 fresh water springs. The property is mostly fenced.

Located close to the Hudson Marina, Hudson Beach, Hudson Elementary school, grocery stores and Bayonet Point Hospital. Owner financing is a possibility. Call to walk this property today. And, it is yours today for just $139,900. Call Cheryl Stimac, Broker at Red Shoe Realty, Inc. today at 813-263-6806 or cheryl@cherylstimac.com

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.

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.

Should You Buy Now in Tampa Bay or Wait

5 GOOD REASONS TO BUY NOW

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

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

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

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

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

5 REASONS TO WAIT BEFORE BUYING

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Are You Ready For Hurricane Season ?

Well, It's June 1st and the start of hurricane season not only in Florida but all over the Southeastern coast of the United States.

Are you prepared to protect yourself and your family in case of any serious incident ? It's always better to be safe than sorry. You may want to take a few minutes now and read this Hurricane Readiness Article.

If you are interested in moving your family to the Tampa Florida or Tampa Bay area, or if you need to sell a property anywhere in Hillsborough or Pasco County, Florida, I invite you to visit my Tampa Florida real estate website.

Before you Buy That Florida Condo

Before you make a firm offer to buy a condominium in Tampa Bay, Florida, regardless of whether its a normal transaction or a foreclosure-related short sale, you need to know what else is involved other than its availability, condition, and price.

You need to gather and understand a fair amount of information other than just its availability and price. Read this article about Questions to Ask Before Buying a Condo and then call me at (813) 263-6806 or email me at cheryl@cherylstimac.com

For more general information on Tampa Bay real estate opportunities, I invite you to visit my full Tampa Bay Florida Real Estate website.

Welcme to Tampa Bay Florida

Tampa Florida is the "heart" of Tampa Bay, an ideal hometown for young families and retirees alike. Tampa Bay's weather is delightful. The average year-round temperature is 72°, a refreshing 60° in January and an average of 82° in August.

Our phenomenal weather fosters an abundance of outdoor recreation. The Hillsborough River, stretching 56 miles, offers fishing, canoeing, and boating. There are numrous camping areas and hiking trails as well as nearly 200 parks, 136 picnic areas and 80 playgrounds. There are swimming pools, tennis and racquet ball courts, and dozens of golf golf courses as well as professional baseball, hockey and football teams including the Super Bowl-winning Tampa Bay Buccaneers.

Lovers of art, music, dance and theater enjoy a wealth of galleries and museums like the Tampa Museum of Art, Museum of Science & Industry and University of South Florida's Contemporary Art Museum. Broadway musicals and operas excite patrons continually at the Tampa Bay Performing Arts Center. Lowry Park Zoo entertains families with frequent events as does the award-winning Florida Aquarium.

The Tampa lifstyle is further enhanced by several annual events including the Gasparilla Pirate Fest, Tampa's own version of Mardi Gras, the annual Strawberry Festival, and the MacDill AFB Air Show. Thanks to wonderful weather there are dozens of arts and crafts shows, parades, street festivals year-round.

The University of South Florida, University of Tampa, and Hillsborough Community College campuses plus other smaller insitutions of learning add an academic flavor to the area.

World-class medical care is available at Tampa General, University Community Hospital, Memorial Hospital of Tampa and at St Joseph's Women's Hospital and Children's Hospital and many other smaller health care providers.

In Tampa and the surrounding Hillsborough and Pasco County communities of Temple Terrace, Brandon, Lutz, Wesley Chapel, Land O'Lakes and Zephyrhills, there are homes and condos from the most luxurious to the very affordable. There is something for everyone on the Tampa Bay Florida real estate market. And with recent home price declines, there are very attractive bargains to be found right now.

For more information on popular Tampa Bay communities, including golf course communities, visit my Tampa Florida website. I'd be delighted to show you all that Tampa Bay Florida has to offer. You may also E-Mail Me or call me on my cellphone at (813) 263-6806 for immediate service.

Selling Your Tampa Bay Home Now Might Be A Smart Move

At first it might sound odd, but right now might be the best time to sell your Tampa Bay, Florida home.

Every home has things about it that you wish you could change. You may or may not have noticed these issues when you bought the home but you can't fix them now for various reasons. Maybe the cost would drive your investment in the home beyond what the local neighborhood would support. Or, maybe your home cannot be changed to suit your current needs and desires because of its physical structure, the lot size, it's locale, or changes in youe own personal circumstances. Maybe it was near a great school when you bought it, but now the kids are grown and that school nearby is just a source of noise and traffic congestion. Realtors call these home problems, it's "unchangeables."

"But why is right now a good time to sell when prices have dropped as much as 20%," you ask. Here's why. While the price you can get for your current home may be down, so is the price of a home that doesn't have it's drawbacks, or "unchangeables." With recent home price declines and interest rates at historically low levels, NOW may be the right time to step up to the home you originally wanted but just couldn't afford.

Let's take an example. Supposing you bought your home three or four years ago for $300,000, but it has lost 20% of its value and can now be sold for closer to $240.000 -- down $60,000. But, the home you originally wanted that sold then for $425,000 is now down by that same 20% to $340,000, a drop of $85,000, almost one and a half times the reduction your own current home took.

And with so many homes currently on the market, if the seller of that $425,000 home that's now worth only $340,000 needs to sell, it is very possible that, with the help of an aggressive Realtor, you can negotiate that price down even lower. Chances are that if you could afford the home you paid $300,000 for 3 or 4 years ago, you can probably afford the home you always wanted if you buy it now that prices are so depressed.

As a bonus, when home prices start to rebound, you'll not only have the nicer home, but that new home's price will rise even faster than your old one with those troublesome "unchangeables."

For help in finding the right Tampa Bay Florida home for you and your family, visit Cheryl Stimac's Tampa Florida Real Estate website. For more immediate help, call Cheryl at Red Shoe Realty, LLC on her cell phone at 813-263-6806 or E-Mail her today. You'll be glad you did.

Baby Boomer Retirees Will Drive Tampa Bay Real Estate Comeback

It was the prospect of baby boomers retiring en masse to Florida that fueled the Florida real estate boom, and it now looks as though the actual arrival of thousands of baby boomer retirees over the next few years will be what it takes to help the Tampa Bay real estate market rebound from its current doldrums.

Speaking at a forum sponsored by the University of South Florida's Institute for Public Policy and Leadership, Brad Edmondson, the former editor of American Demographics magazine, said there has been some decline in the rate of population growth in Southwest Florida as evidenced by the fact that school enrollment is slightly below forecasted levels.

Edmondson predicted that Southwest Florida and Tampa Bay populations will not decline as some as predicted. Once the current housing correction passes, the region will grow again thanks to an influx of those new baby boomer retirees.

"The supply of retirees for the Tampa Bay, Florida area is about to grow explosively," Edmondson said. Edmonson believes that even though only 20% of Americans aged 60 and older move across state lines when they retire the Tampa Bay area will get more than its share. "The number of people entering their 60s will grow 5 times as fast as it did during the 1990s," Edmondson said. "This is an age group that thinks Tampa Bay is a very attractive place to live."

While not all forum participants were quite as positive, one area developer and home builder said he was sure that Florida will going to continue to grow.

If you're interested in buying Tampa Bay real estate, you may want to buy now before the big surge of baby boomer retirees starts driving prices back up again. For more information and assistance in achieving your retirement real estate goals in Tampa Bay, Florida, please contact me at (813) 263-6806 or visit my Tampa Bay real estate website today. You may also just E-mail me. I'd be happy to be of assistance to you.

Florida foreclosures will impact home sales for a long time

September is the month when we usually enter a seasonally slow real estate market and it normally continues until about January of next year., August numbers show that foreclosure activity rose by 77% over the month of July. We expect continued record increases in the foreclosure rate in October. In total almost 34,000 foreclosures were filed in Florida, or one in every 243 households filed for foreclosure. While some so-called experts predict that the Florida real estate market will recover by the end of 2008, each new monthly report shows we are not on the path to recovery.. certainly at least not yet.

Reports also show that, based upon the number of home buyers that took out adjustable interest rate loans back in 2004 to 2006, many of whom are bow nowing into foreclosure, more and more home buyers will face financial difficulty and be forced into foreclosure. I believe this adjustable rate mortgage crisis will keeping forcing homes into foreclosure for many many months to come, maybe even for a few years. We could be looking at as much as four more years of declining Sarasota home prices, not just one year.

Buyers can get it great deal on a house right now but one ought to understand what is involved. Foreclosure real estate isn't usually that cozy little home in perfect shape you may envision. Read my article on buying foreclosure real estate to get an appreciation of what is involved..

If you find yourself needing to buy or sell real estate anywhere in Tampa Bay or Hillsbough County, Florida, call upon me. I'd be happy to help.

New Hillsborough County Tax Exemption Calculator

The Hillsborough County Property Appraiser’s website has a great tool that homeowner’s can use to gauge the benefits (or lack thereof) of the so-called Super Exemption that will be on the ballot come next January.

Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.

The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.

So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.

The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".

These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.


For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at http://www.tampafloridahomes.net/

Selling Tampa Real Estate More Quickly

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

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

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

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

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

Welcome to Our Tampa Real Estate Blog

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