New Year. New Challenges, New Opportuities.

New Year. New Challenges, New Opportuities.
2012 was quite a year but 2013 looks like it might be heading us in the right direction.
Inventory levels were at record lows in 2012.  That leaves opporunities for 2013. Prices seem to be climbing and there are fewer Distressed homes for sale.  Are we going to get hit with a boat load of them this year.  Will Financing continue to be a record lows, allowing buyers to get great deals on mortgages?
One thing is for sure, we have hit bottom and are back on the way up.  Unfortunately, there are many buyers out there who still are bargain hunting and are getting frustrated with the lack of opportunities.
I keep telling them, the deals are gone.  If you dont believe it, just look around.  They believe they can come in and underbid the listing price by unreasonable amounts.  Sellers see the inventory levels are low and know if they can hang on, they can get a more reasonable price.
Too much of what some of clients see about Real Estate is on HGTV and on the House Hunters shows.  First of all, those arent in Florida.  Second, they arent totally realistic.  Remember, its a show and they are looking for ratings. 
Bad weather up north always seems to help the Florida economy.  People get tires of snow, ice and the cold weather and then head south to get away.  When the see the beautiful weather here, it makes them dream of the possibility of moving here, retiring here, or just having a place to escape.
And when they get here, they should realize that now is the time to buy, because the prices are rebounding and if they wait any longer, it will be more expensive. 
2012 was a busy year and I see 2013 stacking up to be even busier!
Happy New Year to all!
Pete
www.yourhomeinstpete.com

July 2012 Pinellas County Real Estate Statistics

The positive housing trend continues, although the inventory levels continue to drop, making it harder to find properties for buyers.  As long as the inventory stays low, the prices will continue to climb. 
Here is the month of July 2012 stats from the Pinellas Reator Organization:

Pinellas County Real Estate Statistics for July 2012

Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period.

Single family sales were up almost 19% from 759 to 900 over the last 12 months. This puts further pressure on the months-supply of inventory, dropping it 42%, from 6 months to 3.5 months. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months. Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.
In the distressed market short sales made up 19% of total sales for July and foreclosures accounted for 14%. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and non distressed properties had a negligible drop over the last 12 months.
One bright spot has been the days on market for both short sales and foreclosures haves dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for non-distressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing, and insurance.

Short Sales Getting a Boost!

Some good news on Short Sales today!

The Federal Housing Finance Agency on Tuesday announced measures to make "short sales" of underwater homes easier for homeowners, including extending help to people who have financial difficulties but haven't missed mortgage payments.

Read more: http://online.wsj.com/article/SB10000872396390444443504577603552056318314.html

Pinellas County Real Estate Statistics for June 2012

Total residential property sales rose by almost 16% from June 2011 to June 2012, and median sales prices rose by 4.5% over the same time period. Total active listings fell over 30% for the same time period.

Financing had virtually no change over the last 12 months as cash accounted for almost 60% of all

transactions and conventional financing accounted for 25% of all transactions.

Single family sales rose nearly 17% and the median sales price rose by 8% from June 2011 to June 2012.

Listings continued their decline, sliding 32%. The month’s supply of inventory (MSI) declined over 50% to 3.4 months. To put that number in perspective, a 6 month supply of inventory is considered a normal market.

In the condo market, sales were up just over 14% and the median sales price was up 13% over the last 12 months. Active listings fell by 30% and pending sales were down 4.8%. The month’s supply of inventory for condos dropped from 9.2 months to 5.2 months over the last year.

The number of days a property stays on the market rose drastically over the last year, reflecting the

problems buyers and sellers are having with banks. For short sales, days on market increased by 56%,

while non-distressed properties days on market increased by 19%.

Statistics provided by Pinellas Realtor Organzation

For Graphic Results check:
http://www.pinellasrealtor.org/userfiles/files/stats/monthly_analysis/June-2012-Pinellas-County-Residential-Real-Estate-Report.pdf

May 2012 Pinellas County Real Estate Statistics are out!

Pinellas County Real Estate Statistics for May 2012

Pinellas County’s real estate market continued familiar patterns in May. Prices and sales are up and listings down. The National Flood Insurance Program (NFIP) was renewed. As a result, buyers weren’t trying to close before the program expired. We won’t see any slow down as a result of the NFIP expiring, either.
Single family unit sales are up 16% and the median sales price is up 15.83% from May 2011 to May 2012. The sweet spot in the single family market is between $120,000 and $140,000, with almost 10% of the closed sales in May. Listings are continuing to decline with a 35% decline over the past 12 months.
Condo sales in May were up just over 10% and the median sales price was up 18.4% as compared to May of 2011. Condos priced between $250,000 and $300,000 as well as $40,000 and $50,000 are the strongest segment of the market. Condo listings continue to decline with a 30% decrease from May 2011 to May 2012.
Distressed properties made up less than 20% of the active inventory for the month of May, with bank owned properties representing only 5% of the active listings. Median sale prices for non-distressed properties were 16% higher in May than that of a distressed home.
Additionally, the median price for non-distressed sales is up by almost 24% and up 16% for distressed. If that’s not enough good news, total sales were up from last year by close to 12%, with 69% being non-distressed homes.

Check this link:
http://www.pcrealtor.net/May-2012-Pinellas-County-Residential-Real-Estate-Report.pdf

From: Pinellas County Realtors Organization

Federal Mortgage Servicing Settlement FAQ | How To Make Your Claim

Here is some information on the Federal Mortgage Settlement. 
http://realestateinsidernews.com/breaking-real-estate-news/federal-mortgage-servicing-settlement-faq-how-to-make-your-claim/
www.yourhomeinstpete.com
www.yourhomeinstpete.com

New Listing: Beautiful Brick Home in Historic Old Northeast Neighborhood of St. Petersburg, FL

Pete McGahan | Keller Williams Realty Gulf Coast | (727) 215-7394 155 14th Ave NE, St Petersburg, FL Beautiful Pool home located in the desirable Old Northeast Neighborhood of St. Petersburg. 5BR/4BA Single Family House offered at $699,000 Year Built 1925 Sq Footage 3,589 Bedrooms 5 Bathrooms 4 full, 0 partial Floors 2 Parking 2 Uncovered spaces Lot Size 7,200 sqft HOA/Maint $0 per month DESCRIPTION Priced at $157K UNDER APPRAISED VALUE (Appraisal done 5/19/10). This home is a great value for the price. With two legal Luxury apartments located in back behind pool. Can be used for In Law Suites. Over $100K in renovations recently made. Pool area is completely private & surrounded by Tropical Landscaping. A MUST SEE! Not a Short Sale. Main home has 5 bedrooms and 4 baths. Wonderful location. This charming home is located on a brick street close to downtown restaurants, shops, museums, parks, golf, pool and tennis. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace - Walk-in closet - Hardwood floor - Living room - Office/Den - Dining room - Dishwasher - Refrigerator - Stove/Oven - Attic - Washer - Dryer - Laundry area - inside - Laundry area - garage - Balcony, Deck, or Patio - Swimming pool OTHER SPECIAL FEATURES - Heated Pool - 2 Apartments/In Law Suite in back - Large Attic for storage ADDITIONAL PHOTOS Beautiful Brick Home Heated Pool Beautiful Brick Home 2nd Floor Deck Kitchen Dining Room Living Room Master Bedroom Master Bathroom Heated Pool Apt/In Law Suite Back- Apt Contact info: Pete McGahan Keller Williams Realty Gulf Coast 3225174 (727) 215-7394 For sale by agent/broker Equal Opportunity Housing Posted: Jul 12, 2010, 10:09am PDT