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Looking back at 2012. How did St Pete real estate market do?

January 3, 2013 By Leave a Comment

Yes, it is 2013 and January is quickly gaining speed!  But some of our clients are starting to wonder, how did 2012 do in terms on real estate?

We’ve made a couple videos for you to sum up 2012 real estate market activity in St Petersburg and all Tampa Bay.  Take a look and you’ll have answers to these questions:

  • How did the Tampa Bay real estate market perform in 2012?
  • Did the prices go up or down and by how much?
  • What are the statistics on real estate inventory in St Pete?
  • What is the #1 question we get asked as Realtors?

And many more. Watch here now!


Filed Under: Home Buying and Selling Tips, Living in St Pete and Tampa Bay, Real Estate For Agents, St Petersburg Neighborhood Reviews, St Petersburg Real Estate Video Blog, Tampa Bay neighborhood reviews, Tampa Bay Real Estate Professional Information, Tampa Bay Real Estate Statistics, Tampa Bay Real Estate Video, Uncategorized Tagged With: , , ,

Uncertainty – The Watchword for 2013

December 26, 2012 By Leave a Comment

By guest blogger/writer Jared Diamond

The real estate forecast for 2013 is cautiously optimistic.  Modest gains are expected in leasing, rents, and pricing across the nation.  Quick profits will still be a distant dream for developers and investors who have been hoping to make a killing, after all, the recession continues and taxes and prices are rising for everyone in a variety of sectors.

Low Inventory

However, the decimated housing market is expected to witness a turnaround in many regions, certainly in states with low taxes and financial discipline (this could be Texas, Florida, Oklahoma, and several others).  Housing prices seem to have hit rock bottom and are now slowly rising. This rise is primarily due to the decline in number of properties for sale rather than surging demand.  Low inventory is an indicator that recovery is on and means that the number of buyers is more than that of sellers.

Hedge Funds

Tampa Bay has also been witnessing this firsthand.  The number of homes sold in the area rose 35 percent from the year before while sale prices were up by an average of 9 percent.  According to Todd Bezemos, a community housing coordinator of rent to own homes listing service HomeStarSearch, says “the reason for an increase in prices is partly due to recent large purchases in the area chiefly by big company hedge funds.”

Investors and buyers are making a beeline for property in the region leading to bidding wars.  Inventory in Hillsborough County was at 7,000 listings this September as compared to 12,000 a year ago.  It is estimated that these listings are barely enough to last four months.  “Tampa Bay ranks just behind Orlando in the national survey on outlook for real estate markets for 2013,” says Bezemos.  He adds, “This ranking takes into consideration factors like investment, development, and home-building potential.”

Project Delays

Construction is also starting to look up with the number of permits sought for single-family homes running into the thousands this year.  Now, the problem faced by the construction industry is an acute shortage of labor.  The years of this housing slowdown has led many workers to opt for other career options and many people have flat out stopped looking for work because the opportunities are just not there.  Construction hiring has been reduced to half of what it was during the boom.  And this boom was partly caused because of social engineering and federal regulations which reduced the standards of home ownership leading to this mess (there are a couple of other reasons but these are some of the major ones).  The lack of labor can cause delays in the completion of new projects and thus, hold up the region’s economic development.

Also, Florida home values are still eons away from the prices they hit in 2006.  At the current rate, it might be 2017 at the least before we see those prices again. Single family home sales in Hillsborough are still 20 percent lower than those seen in 2004.

There are many welcome and positive developments taking place in the housing market.  But this should not be mistaken for an imminent boom―not even close.  The high unemployment rate and other economic problems including the unwillingness of banks to extend credit can prove to be high hurdles for a healthy housing market to manifest itself.

Many also see excess supply of housing units as the core problem and feel that a slowdown in construction helped the housing market regain its footing.  They feel that the resumption of unfettered construction will once again cause home prices to slide.  The owners of multiple underwater properties are waiting on the sidelines to unload their investment at the earliest opportunity and when this happens, it will curtail the upward movement of housing prices.

Nothing is for Sure

The market stabilization seen in 2012 was also due to the low interest rates and increased buying by investors.  Whether this will continue next year is something that only time will tell.

Jared Diamond is a real estate credit consultant with Amerifi Home Loans in Los Angeles CA. Outside his profession, Jared writes on a variety of personal-finance and real estate topics. Jared holds a B.A. in Economics from Ohio State University.

Filed Under: Events in St Pete and Tampa Bay, Home Buying and Selling Tips, Living in St Pete and Tampa Bay, St Petersburg Short Sales, Tampa Bay Foreclosures, Tampa Bay Real Estate Professional Information, Tampa Bay Real Estate Statistics, Tampa Bay short sales, Uncategorized Tagged With: , , , ,

St Petersburg real estate in 2011. How are we doing?

December 9, 2011 By 2 Comments

Update on Pinellas real estate

We are close to the finish line of this exciting year.  2011 so far has been a very interesting year for real estate in St Petersburg and all Tampa Bay area.  We didn’t see dramatic changes in home prices, though definitely observed a huge decrease in St Pete real estate inventory.

Let’s briefly go over a few facts that might be important for you no matter if you are selling or buying a home in St Petersburg area (Don’t like to read? Watch our video update below).

1. Bank of America extended their short sale program that offers a cash incentive to the seller at closing.  Hurry up if you plan to short sale your home in Tampa Bay, you only have a couple weeks left to list your home in order to qualify.

2. Year over year inventory in down by 32%.  If you are looking to buy a house and can’t find one you like, this is probably why.  55% of all homes for sale are listed as non-distressed, 45% – distressed.

3. There are around 6,400 listed homes in Pinellas County, of which about a half are under contract.  72% of those that are under contract were listed under distressed circumstances.

4. Median price is down by $13,000 compared to last year.  Though sales prices seemed to have stabilized in the last few months.  It is a great time to buy or invest in real estate in Pinellas Country.

5. More bank-owned (REOs) homes will be hitting the market in January of 2012.  We doubt the lenders will flood the market with them like they used to. Banks got smarter and release them in line with consumption rate to keep the sales prices leveled.

6. With inventory significantly lower compared to last year it is a great time to list your home.  Less competition on the market and still a steady demand for homes give you better chances at selling your home in the shortest amount of time.

Want to know more about our market?  Need help selling your home?  Don’t know how to short sale your home? CALL US NOW: 888-449-4052


Filed Under: Living in St Pete and Tampa Bay, Tampa Bay Real Estate Statistics, Tampa Bay Real Estate Video, Uncategorized Tagged With: , , ,

Is it now Sellers Market in St Pete and Tampa Bay?

September 15, 2011 By Leave a Comment

Is real estate going up? Is it time to sell or buy in Tampa Bay?

Is local Real Estate really going up?

In the last few months we’ve been actively talking about the reducing real estate inventory in St Petersburg and all Tampa Bay.  We’re simply trying to carry the message to the consumer.  It is our duty and responsibility as real estate agents.  Are we urging folks to buy homes?  Yes.  Are we trying to tell it is also a good time to sell your home?  Absolutely.

Let me explain.  Today we observe a unique situation in our marketplace.  The inventory is reduced by nearly 50% compared to the same period of last year.  While there aren’t as many bank owned homes on the market any more, it’s not a huge loss to the general public, because the majority of the REO buyers were investors.  Similar situation is also in place with the short sales.  The investors often have time to wait, but the home owner occupants often need to buy within a reasonable timeframe.  So, even if the distressed inventory is low, today a buyer still has many options to find a home that’s right for them.

Of course for the sellers it’s good news too!  Less short sales and REOs on the market means they can now compete on better terms and have higher chances to get the market price for their home.  Banks are also getting smarter. While there’re still many bank owned properties that are not currently on the market, the lenders are not releasing them in a hurry, getting the most they can for REOs in this competitive, buyer-hungry market.

So because of this situation it’s no wonder that in some pockets of St Petersburg and Tampa the average and median prices are up.  Granted, the rise is mostly in single digits, but it surely is comforting after months and even years or decline.  Has your home value increased in the past few months?  Take a look at this Zillow graph and see for yourself.

Saint Petersburg Zillow Home Value Index

What do you think about this real estate market situation?    How is real estate doing in your neighborhood?     Please leave your comment below!

Filed Under: Home Buying and Selling Tips, Living in St Pete and Tampa Bay, St Petersburg Foreclosures, St Petersburg Short Sales, Tampa Bay Foreclosures, Tampa Bay Real Estate Professional Information, Tampa Bay Real Estate Statistics, Tampa Bay short sales, Uncategorized Tagged With: , , , , , , , ,

Distressed Property Options. Which is right for You? Part 2

June 7, 2011 By Leave a Comment

Do you know your options??

As we mentioned in our previous post, Distressed property solutions for Tampa Bay residents, there are many options to be found today for those that find themselves in a tough financial situation with their homes.
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth.  In the past, it was rare for a bank or lender to accept a short sale.  Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions.  Recent changes in corporate and economic policy have also improved the chances of getting a short sale approved.

A Short Sale is simply when your Lender agrees to accept less, a discount, on the outstanding balance of your mortgage as payment in full and releases the mortgage lien on the property.  The lender approved Short Sale will allow the property to be sold and the home owner, seller, to move on in life.  There could be tax or deficiency implications with a short sale.  Deficiency is the remaining unpaid balance not recouped by the lender via the sale of the property.

A Loan Modification is for the person who wishes to keep their home and needs assistance by reducing the mortgage payment.  The terms of the mortgage note are modified by reducing the interest rate, extending the life of the mortgage, or principal forbearance or deferral.  The key to the modification process is verifiable, stable income and employment.  If you have stable employment and income then you are a good candidate for modification.  There are both traditional lender modification programs and the government HAMP and 2MP programs.   Many modification programs will lower your monthly principal and interest payment to a maximum of 33% of your gross current income.

A Deed in Lieu of foreclosure is when the lender agrees to “take” the property back via a legal deed transfer.  Generally the property must be actively listed by a Licensed Real Estate Professional for a minimum of 90 days before the lender will agree to the deed in lieu.

With all the options available many lenders are offering Cash for Keys or Seller Moving Incentive Dollars for participation in the programs. The incentives range from $750 to over $10,000 depending on the program and specific lender.

Typically lenders will require items such as the following to process from most of the above mentioned options:
1. Borrower(s) Written Authorization to discuss the loan with 3rd parties and listing agreement if working with an agent
2. Borrower(s) Hardship letter (reason for delinquency)
3. Borrower(s) Financial statement – monthly income vs outflow
4. Borrower(s) Check stubs/ pay verification for the last two months
5. Borrower(s) Tax returns for last two years
6. Borrower(s) Bank statements for the last two months
7. If borrower owns any rental property, copies of the rental contract
8. Recent Mortgage statement from all lenders.

We hope you find this information helpful and we also welcome any of your questions and comments!

Tampa Bay Real Estate Blog.

Filed Under: Home Buying and Selling Tips, Living in St Pete and Tampa Bay, St Petersburg Foreclosures, St Petersburg Short Sales, Tampa Bay Foreclosures, Tampa Bay Real Estate Professional Information, Tampa Bay short sales, Uncategorized Tagged With: , , , , ,

Tony Robbins, Real Estate and an Upcoming Disaster

May 27, 2011 By Leave a Comment

Was Tony Robbins wrong?

Back in August of last year Tony Robbins’ “Economic Warning” videos popped up on YouTube and many people trembled with fear of an upcoming disaster.  Some of my friends ran to the silver and gold dealers and stocked up on precious supplies.  Was Tony wrong in his predictions?  Or is the downfall perhaps a bit delayed? 

Another guy scared so many of us not long ago by predicting the end of the world on May 21st.  We are still here today.  I’m not trying to make fun of anyone here.  I guess what I AM trying to say is that nobody really knows for sure when the disaster will hit or when the end will come. 

Of course, we’ve gone (and seems like we are still going) through one of the worst recessions in US history and possibly worldwide.  We feel the consequences of this here in Tampa Bay, Florida probably more than in most other places in US.  But is the worst yet to come?  Nobody can say for sure because it depends on so many variables like: what type of decisions our (and other) governments will make and if the Fed will raise, lower or keep the rates where they are; what the unemployment rates will look like in the near future; what kind of political situation are we expecting domestically and worldwide, etc.  So, today no one seems to know what our economy will look like in a year or two. 

I wish we’d had some of those warnings back in 2008 when the economy collapsed.  I wish we had received some words of wisdom in 2006 when the housing bubble burst.  There weren’t many warnings given and it appeared that everyone was just riding the wave of ever increasing fortune.

Invest in Tampa Bay Real Estate

I still believe that putting money in real estate will remain one of the best ways to invest.  But as in any business, one must use caution and thoroughly analyze the investment opportunity.  If you are buying a home as a residence however, you are simply buying what you can afford regardless of the market condition.  So stop worrying about the market and enjoy your home.  Remember, there is rarely a time when the real estate market is perfect for both buyers and sellers.  Sometimes you win, sometimes you lose, and often it’s a little bit of both.

Tampa Bay Real Estate Blog. St Pete Blog. The HOME Team.

Filed Under: Home Buying and Selling Tips, Living in St Pete and Tampa Bay, Tampa Bay Real Estate Professional Information, Uncategorized Tagged With: , , , ,

Screaming deals on houses in St Pete!

April 15, 2011 By 2 Comments

Buying a home in St Pete? You gotta look at these!

It’s no secret there are so many good real estate deals today.  We talk about this on our real estate blog all the time.  In St Petersburg and all Tampa Bay it is still a buyer’s market.  We’ve picked a few options for you today, and even excluded short sales, so if you see something you like you can close quickly!  Take a look and let us know what you think.  There are many more that we can show you, just ask and we’ll be there for you.  We’ve tried to select the best deals in the east area of St Petersburg based on the location and price per sq.ft.

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Filed Under: Living in St Pete and Tampa Bay, Weekly Real Estate deals in Tampa Bay Tagged With: , , , , , , ,

2011 vs. 2010 St Petersburg FL Home Sales. How Are We Doing?

April 13, 2011 By Leave a Comment

St Pete Real Estate sales.  Are we still going down??

2011 real estate sales stats for St Petersburg FL

Here’s a quick real estate sales update for St Petersburg, FL.  Literally every day people ask me about the market and where we’re heading.   Well, let’s take a look at YTD of 2011 home sales in St Pete.

Where are we today?

 So far there are 1,214 homes sold starting January 1st, while within the same timeframe in 2010 there were only 1,044 homes sold. 

Currently average sales price this year is around $163k, and it progressively grew from $125k in January to $178k in April.  March’s average was $140k.

During the same period of time in 2010 the average price of a sold home was around $180k. So we’ve experienced almost a 10% decrease!  However, for the whole year we expect it to stay in single digits, probably around 7%.

St Petersburg, Florida

Conclusion

So the number of sales went up 20% and prices dropped 10%.  What does this tell you?  Well, you can make your own conclusions.  What I see is that the buyers’ confidence is up, they are applying for new loans and feel a lot more confident about buying a home.  Of course we’re talking about the ones that have jobs.  Unemployment is still a serious issue in Florida.  But the ones that do have steady income can afford homes again.

We also know that there’s more inventory coming on the market this year.  A great number of new listings show up as short sales and bank owned properties.  They will still keep the market prices down for a while.  But a distressed property is not always what the buyer is looking for.  We often find it hard to find a quality and move-in ready home for a bargain. 

So if you want to get a deal, there are many good ones out there, but be ready to put some sweat equity into your future home.

Tampa Bay Real Estate. St Pete Blog. The HOME Team.

Filed Under: Living in St Pete and Tampa Bay, St Petersburg Foreclosures, St Petersburg Short Sales, Tampa Bay Foreclosures, Tampa Bay Real Estate Statistics, Tampa Bay short sales, Uncategorized Tagged With: , , , , , ,

A piece of Real Estate? For some it’s a raft on a creek

April 11, 2011 By Leave a Comment

A Modern Day Huck Finn Among Us

Huckleberry Finn raft. Photo from www.TampaBay.com, Jeff Klinkenberg article

He smokes a pipe and drifts along the waterways of Ocala National Forest with his dog.   The name of his boat?  The Huckleberry Finn.   He bathes in a creek, eats by his own hand, and carves canoes from fallen cypress trees.  If the modern world comes too close, he delves deeper into the Florida wilderness.  Lee Allen Young is not from the 19th century.   Born in 1950‘s Virginia, he fought in Vietnam, lived in a covered wagon out west, married a few times, spent a few months in jail, and designed a website for a Georgia fortune-teller.   Young chooses to live simply and naturally, far from the daily noise and stress we accept as unavoidable.   He explains, “I’ve done so much for so long with so little I can do almost anything with nothing.”   

Lee Allen Young, the man who lives on a boat

 Jeff Klinkenberg visited Young and got a first hand look at his unusual (albeit appealing) lifestyle.   For more details and a video of this fascinating man, check out Klinkenberg’s St. Pete Times story here.   hyperlink: http://www.tampabay.com/features/humaninterest/article1161912.ece

Tampa Bay Real Estate Blog. St Pete Blog. The HOME Team.

Filed Under: Living in St Pete and Tampa Bay, Uncategorized Tagged With: , , , , , ,

Hot off the Press! Former St Petersburg Mayor Rick Baker’s New Book

March 31, 2011 By 4 Comments

Do you live in St Pete? Maybe you should read this book!

By Emily Zobanov, our guest writer

Seamless City by Rick Backer is now available on Amazon

The Seamless City:

 A Conservative Mayor’s Approach to Urban Revitalization that Could Work Anywhere is now available on Amazon.com.  The book is divided into two sections.  The first reveals Baker’s views on how to plan a great city.  Baker shares his perspective on a variety of city-related concerns: jobs, homelessness, public safety, etc.  The second part focuses on the mayoral duties.  Interspersed throughout are Baker’s conservative philosophies and aspects of his Christian faith.

At first glance, a book about how to manage a city seems dry.  Without yet having read the book, however, the descriptions I have come across so far make it sound quite compelling.  The editorial review on Amazon’s describes it as follows:

Rick Baker, the former St Pete mayor

In The Seamless City you’ll step behind the scenes of city government to learn

:

- How maintaining basic amenities, like running water, requires constant vigilance—and sometimes tough decisions on the part of city leadership
- Why a vibrant downtown is essential to attract businesses and create jobs
- Why the most effective leadership is servant leadership
- How to find and implement the most effective solutions to a city’s most challenging problems
- Why city government needs to regard the city as a seamless whole, with no section under-served or overlooked

I take my running water for granted so finding out what exactly it takes to make it happen every time is fascinating.  Ok, maybe not fascinating.  But good reading.  Of course, I’m naturally curious about my own city.  If this book was written by the mayor of Tallahassee or some other place I might not be so eager to read it.  Having said that, it seems plausible that Baker wrote the book primarily for people whose jobs actually involve running a city as opposed to just living in it.  The reviews, on the conservative end at least, are sparkling thus far.  As a not-publicly-employed person, I hope I can add my own positive review soon.

Tampa Bay Real Estate Blog. St Petersburg Blog. The HOME Team.

Filed Under: Events in St Pete and Tampa Bay, Living in St Pete and Tampa Bay, Uncategorized Tagged With: , , , , ,
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