June was a great month for writing new sales contracts. A whopping 46% more properties went under contract than occurred in June a year ago. True, a lot of the contracts were on foreclosed homes—but it’s a good thing as these properties tend to close more quickly. In the second quarter 2011 the average single family price was $173,100 and average price for condos was $119,900. The average quarterly price for the Tampa Bay area (Hillsborough, Pasco, and Pinellas Counties) was $190,800 for single family and $148,300 for Condos.
With the inventory currently at its lowest point since December, 2005, you would expect prices to begin rising, and it seems they did. The median price in June was $132,100 for single family homes and $95,000 for condos, the highest so far this year in both categories. Granted, one month doesn’t make a trend, but there has been a steady upward trend for the first six months this year even though year over year the median price is still down.
Overall residential market sales increased from 1,226 to 1,320 or 7.7% from June 2010 to June 2011. The median sales price for the same time period dipped 11% from $135,000 to $120,000, but is up $20,000 month over month. Active listings fell by 22% from June 2010 to June 2011.
Single family listings are down from 6,479 to 4,655 or 28%. The median sales price is down from $144,000 to $132,000, an 8.8% decline from June 2011. Single family sales showed a 2% decrease for the same time period.
Condo sales from June 2010 to June 2011 are up nearly 26%. The median sales price for condos has been fluctuating between $75,000 and $95,000, for June it is $95,000, a decrease of 17% from June 2010. Condo listings decreased from 5,344 to 4,584 or 14% for the same time period.
The number of properties available is nearing 2005 levels when we had a boom market. Over half the properties sold in June sold within the first 90 days. The average days on market for foreclosures was 77 days. Non-distressed properties took an average of 113 days to sell and short sales as always are taking the longest amount of time to sale at 179 days.
Wednesday, August 3, 2011
Monday, August 30, 2010
Great article for First Time Home Buyers
First-time homebuyers almost always make a few mistakes when buying their home. Perhaps they pay too much, choose the wrong type of mortgage or neglect to budget for needed home improvements.
Working with a trustworthy, experienced lender can help prevent such mistakes. But consumers also need to take responsibility for their budgets and choices.
[Click here to check home equity rates in your area.]
"Before buying a home, consumers need to develop a short- and long-term perspective on their purchase," says Michael Harrison, area director for MetLife Home Loans in Southwest Ohio.
Following are the four biggest financial mistakes of first-time homebuyers:
1. Spending the Maximum on Housing
Lenders qualify buyers based on their incomes and debt-to-income ratios without considering how much the borrowers spend on items such as transportation, savings, food and other necessities.
"A lot of first-time buyers are optimistic about the future and excited about buying a home, so they borrow the absolute maximum they can afford instead of allowing themselves wiggle room for a partial loss of income or for future expenses such as children," Harrison says.
Financial experts recommend that consumers decide how much they want to spend each month on housing before meeting with a lender.
"Every buyer should create their own budget and know their limits," says Stephen Adamo, president of Weichert Financial Services in Morris Plains, N.J.
Adamo says many first-time homebuyers experience a sizable change in their housing payments. Some new owners may go from $500 per month in rent to a monthly mortgage payment of $2,000, he says.
"You need to deal with payment shock," Adamo says.
2. Not Getting Prequalified Early Enough
Meeting with a lender for a buyer consultation and prequalification for a mortgage should be the first step toward homeownership. Yet many first-time homebuyers wait until they are ready to start house hunting before contacting a lender.
"It's never too early to set up a free buyer consultation with a lender," Adamo says. "Every buyer needs to get prequalified early enough in the process so that they can make some changes if they need to or correct errors on their credit report."
Some buyers may need to spend up to a year saving more money, increasing their incomes or cleaning up their credit before making an offer on a home.
A buyer consultation should include creating long-term financial goals and strategies for buying property, Adamo says.
3. Misunderstanding the Importance of a High Credit Score
While most consumers know it's important to have a high credit score, not everyone understands how costly a low score can be.
"All mortgage lending is done with a tier of interest rates and terms based on consumer credit scores," Harrison says. "A credit score of 720 or above will earn you the best rates and can potentially save you thousands of dollars."
A score of 680 to 720 can get you good mortgage rates, while a FICO score of 620 is usually about the lowest score to qualify for most loans, Harrison says.
Consumers should learn about credit scores the minute they start working, Harrison says.
Websites such as Bankrate provide information about how to improve your credit score.
Even after a mortgage approval, consumers must avoid applying for new credit or taking on new debt, Adamo says, because a second credit check is often required before settlement.
4. Choosing the Wrong Mortgage Product
First-time homebuyers today typically opt for a 30-year fixed-rate mortgage. Their conservatism is a reaction to stories about the dangers of interest-only mortgages and adjustable-rate mortgages.
But Harrison says home loan alternatives to a 30-year-fixed sometimes make more sense. For example, buyers certain they will be relocated by their companies within five years may find a 5/1 ARM "could be a much better mortgage," he says.
"There's no reason to pay a premium for a product you don't need like a 30-year loan," Harrison says.
Homebuyers eager to build equity in their homes or who are older and want to live mortgage-free in retirement should consider a 15-year fixed-rate loan or, if they can afford it, even a 10-year mortgage to reach their goals
Working with a trustworthy, experienced lender can help prevent such mistakes. But consumers also need to take responsibility for their budgets and choices.
[Click here to check home equity rates in your area.]
"Before buying a home, consumers need to develop a short- and long-term perspective on their purchase," says Michael Harrison, area director for MetLife Home Loans in Southwest Ohio.
Following are the four biggest financial mistakes of first-time homebuyers:
1. Spending the Maximum on Housing
Lenders qualify buyers based on their incomes and debt-to-income ratios without considering how much the borrowers spend on items such as transportation, savings, food and other necessities.
"A lot of first-time buyers are optimistic about the future and excited about buying a home, so they borrow the absolute maximum they can afford instead of allowing themselves wiggle room for a partial loss of income or for future expenses such as children," Harrison says.
Financial experts recommend that consumers decide how much they want to spend each month on housing before meeting with a lender.
"Every buyer should create their own budget and know their limits," says Stephen Adamo, president of Weichert Financial Services in Morris Plains, N.J.
Adamo says many first-time homebuyers experience a sizable change in their housing payments. Some new owners may go from $500 per month in rent to a monthly mortgage payment of $2,000, he says.
"You need to deal with payment shock," Adamo says.
2. Not Getting Prequalified Early Enough
Meeting with a lender for a buyer consultation and prequalification for a mortgage should be the first step toward homeownership. Yet many first-time homebuyers wait until they are ready to start house hunting before contacting a lender.
"It's never too early to set up a free buyer consultation with a lender," Adamo says. "Every buyer needs to get prequalified early enough in the process so that they can make some changes if they need to or correct errors on their credit report."
Some buyers may need to spend up to a year saving more money, increasing their incomes or cleaning up their credit before making an offer on a home.
A buyer consultation should include creating long-term financial goals and strategies for buying property, Adamo says.
3. Misunderstanding the Importance of a High Credit Score
While most consumers know it's important to have a high credit score, not everyone understands how costly a low score can be.
"All mortgage lending is done with a tier of interest rates and terms based on consumer credit scores," Harrison says. "A credit score of 720 or above will earn you the best rates and can potentially save you thousands of dollars."
A score of 680 to 720 can get you good mortgage rates, while a FICO score of 620 is usually about the lowest score to qualify for most loans, Harrison says.
Consumers should learn about credit scores the minute they start working, Harrison says.
Websites such as Bankrate provide information about how to improve your credit score.
Even after a mortgage approval, consumers must avoid applying for new credit or taking on new debt, Adamo says, because a second credit check is often required before settlement.
4. Choosing the Wrong Mortgage Product
First-time homebuyers today typically opt for a 30-year fixed-rate mortgage. Their conservatism is a reaction to stories about the dangers of interest-only mortgages and adjustable-rate mortgages.
But Harrison says home loan alternatives to a 30-year-fixed sometimes make more sense. For example, buyers certain they will be relocated by their companies within five years may find a 5/1 ARM "could be a much better mortgage," he says.
"There's no reason to pay a premium for a product you don't need like a 30-year loan," Harrison says.
Homebuyers eager to build equity in their homes or who are older and want to live mortgage-free in retirement should consider a 15-year fixed-rate loan or, if they can afford it, even a 10-year mortgage to reach their goals
Wednesday, August 4, 2010
5 Reasons to buy a home. Dont wait, now is the time!
Interest Rates are still low. Dont wait for home prices to fall further.
As Interest Rates rise back up, you will lose out on the savings of lowering home prices.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=244373
Contact me if you want to understand how that works!
www.yourhomeinstpete.com
Pete@yourhomeinstpete.com
As Interest Rates rise back up, you will lose out on the savings of lowering home prices.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=244373
Contact me if you want to understand how that works!
www.yourhomeinstpete.com
Pete@yourhomeinstpete.com
Tuesday, July 13, 2010
New Listing: Beautiful Brick Home in Historic Old Northeast Neighborhood of St. Petersburg, FL
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Tuesday, July 6, 2010
A valuable lesson learned on a Short Sale Close.
After a 4 month wait for a short sale to be approved by Bank of America, my buyer got the okay on his offer. The listing agent had not made me aware that the buyer had moved out until after we set the appointment for the inspection. So when we arrived at the inspection, there was no power and no water. When we called the city and power company we were told there were outstanding balances that needed paying before we could turn it back on.
Now, who is going to pay for this? Fortunately, my buyer felt it was such a good deal, he was willing to pay it, but not until I tried to get the seller to somehow pay for it. Eventually after a week, it has all been straightened out and we are ready to go back and do the inspection. But now I learned a valuable lesson.
As a buyer's agent, to make sure to check with the listing agent about the status of the seller's living arrangement and whether the bills have been paid ahead of time and to make the buyer aware ahead of time so they are prepared for what may come up.
As a listing agent, to have the seller remain living in the home and paying their bills, if at all possible. If not, to make the buyer's agent aware of the situation.
Communication is always a key element of Real Estate!
Now, who is going to pay for this? Fortunately, my buyer felt it was such a good deal, he was willing to pay it, but not until I tried to get the seller to somehow pay for it. Eventually after a week, it has all been straightened out and we are ready to go back and do the inspection. But now I learned a valuable lesson.
As a buyer's agent, to make sure to check with the listing agent about the status of the seller's living arrangement and whether the bills have been paid ahead of time and to make the buyer aware ahead of time so they are prepared for what may come up.
As a listing agent, to have the seller remain living in the home and paying their bills, if at all possible. If not, to make the buyer's agent aware of the situation.
Communication is always a key element of Real Estate!
Wednesday, June 9, 2010
Some good tips on Home Purchases
-
Keep Your Home Purchase on Track
You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read
-
Understanding Real Estate Representation
Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read
-
4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
-
7 Tips for Improving Your Credit
Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
-
7 Steps to Take Before You Buy a Home
By doing your homework before you buy, you’ll feel more content about your new home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Monday, June 7, 2010
841 4th Ave N #25, St Petersburg, FL | Powered by Postlets
Great 1 Bed 1 Bath 55+ Co-op located in Downtown St. Pete near everything for $38,000
841 4th Ave N #25, St Petersburg, FL | Powered by Postlets
841 4th Ave N #25, St Petersburg, FL | Powered by Postlets
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