Posted March 30th, 2009 by Sheila
I have seen a strong influx of first-time homebuyers coming off the fence and helping the housing market and the economy. The $8000 tax credit that became effective as of January 1st this year is apparently working. Not to be mistaken with a tax deduction, this is a true tax credit. The benefit of a tax credit is that is a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1000 to $1500 when all is said and done. The best thing about the tax credit is it is free money that does not have to be paid back!
Buyers need to act fast! This credit is currently set to go away December 1, 2009.
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Posted March 19th, 2009 by Sheila
How does a buyer who cannot afford a hefty down payment take advantage of the great home deals on the market today? Most of the lower priced homes in the $50,000 to $90,000 price range do not qualify for a straight FHA loan because they need work. So what is a buyer to do? There is no need to fret because you may be able to qualify for a home by implementing FHA’s "Streamline (K)" Limited Repair Program! Homebuyers will be able to make repairs up to $35,000 before moving into the home under this program. The program permits up to $35,000 of additional financing into their mortgage so repairs can be made to bring the home up to FHA standards as identified by a certified home inspector or FHA appraiser. A buyer can use the loan for what is considered "simple’ repairs, meaning repairs that do not involve the use of an engineer or an architect. Basically, it will allow you to repair or replace existing structures such as roof replacement, HVAC systems, flooring, minor remodeling of kitchens, plumbing and electrical systems, painting the interior and/or the exterior, purchase appliances, etc.
So buyers, there is no need to give up! There is a way to get financing on properties that need work as long as you do your homework. A good Realtor and mortgage broker is essential to a successful home search!
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Posted March 12th, 2009 by Sheila
As a Realtor, I run my business honestly and play by the book. I get very frustrated with other Realtors who do not think as I do. I take pride in what I do and think a Realtor’s only concern should be for their customer. If you treat your customers well, they will come back to you over and over again and they will refer their friends and family to you. I find that most Realtors I run into feel the same way and they are nothing but professionals so I get very upset when the bad ones affect the good ones. There are some Realtors who are solely out to make money and they do not care how ethical or unethical their actions are. Of course, every Realtor (myself included) is in the business to make a living. I believe that you do the right thing and you will prosper. I mean, we work extremely hard for our customers. I am talking about the Realtors who are doing things below the belt just to make an extra buck. One of the things some Realtors are doing is taking multiple offers on short sale properties, but never get their seller to sign an offer and leave the property as active on the Multiple Listing Service. First of all, if a Realtor has offers on a property but choose to keep it active, they are required to insert language in the listing indicating this fact. Secondly, how is taking multiple offers from buyers and never fully executing a contract to a binding contract beneficial to the seller, the lender or the buyer? I would bet the seller is not told by their Realtor who is supposed to be representing their best interest that they have offers on their property. Basically, what the listing Realtor has is a bunch of no good contracts that bind no one to actually purchase the property. A good buyer’s agent has to weed through these listings for their buyers so they do not put the buyer in a situation where there is little or no chance of them actually getting to the closing table on this home because another buyer has put in an offer that is $100 more than theirs?
I think some Realtors who take multiple offers and practice the scenario above really think they are doing good for their seller, but this practice needs to stop. I understand leaving it on the market if you get a low-ball offer or the financing is sketchy, but you need to advise the buyer or the buyer’s agent to put in a serious offer and make sure the financing is solid. This market is difficult enough without this type of Realtor playing games.
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Posted January 26th, 2009 by Sheila
We have all read or heard about the flood of foreclosures in the housing market, but what happens to those properties after the bank takes possession? If the home doesn’t sell at auction, the bank owns the home and the debt sits on their books. Banks are not in the business of holding on to anything tangible, but they simply can’t keep up with glut of foreclosures. It is reported that 75 percent of the repossessed homes are yet to be put on the market because it takes several weeks to months for the lenders get around to listing the homes. The FDIC reports a 134 percent increase in REO (Real Estate Owned) homes from last year. Economists fully expect this number to increase as more and more people lose their jobs. More needs to be done by our government to help keep homeowners avoid foreclosure. Economically, foreclosure is a detriment to our economy and threatens to continue and worsen. Placing moratoriums on foreclosures is just putting off the inevitable and offers the homeowner no alternative to foreclosure.
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Posted January 13th, 2009 by Sheila
More and more Europeans are purchasing second homes in beautiful, sunny Florida. The National Association of Realtors (NAR) reported an increase in home sales to foreign buyers in 2008. They recognize that there are a lot of great deals and the U.S. dollar is weak. As a Realtor in Tampa, FL, I can attest to an increase in foreign buyer inquiries and purchases. More than half of the Realtors in the Florida market report they have worked with an international client in the past 12 months. The bulk of the international buyers are from Canada, the U.K. and Western Europe. The top six areas they are buying in are Miami-Fort Lauderdale, Orlando, Sarasota, Tampa, Fort Myers and Naples.
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Looking for a new home? Search the Tampa Real Estate market for a list of all available homes in the Tampa/St. Petersburg area.
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