Archive for March, 2009
Home Sales on the Rise – Good News for the Palm Harbor Real Estate Market
March 26th, 2009 categories: Pinellas Market Statistics
The National Association of Realtors reported some welcome statistics in an industry report released on Monday, March 23rd. According to NAR, sales of existing homes unexpectedly rose in February, recovering from a sharp drop in the previous month.
This brings us to a seasonally adjusted annual rate of 4.72 million units, up 5.1% from a rate of 4.49 million in January. There were some economists that projected a decline of almost the same percentage of what turned out to be an increase!
Apparently it was first-time home buyers that made up half of all purchases in February, and it was sales of distressed properties that accounted for about 45% of all transactions. The large number of foreclosed properties did adversely impact the median price for existing homes. NAR’s chief economist Lawrence Yun stated: “Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price.”
However, we are back to a bright side here as there is a marked decrease in the homes on the market. This is due in part to home owners withdrawing their listing if they don’t need to sell, homeowners not listing at all, or the ones that need to sell are starting to price their home realistically.
By the way, the consensus among those of us that are active Palm Harbor Realtors is that we have been writing buyer contracts like crazy the past month or so …. not only for Dunedin homes and Palm Harbor Homes but Clearwater Condos and every conceivable type of Tampa Bay real estate. Maybe we aren’t the only ones signed up to Surf the Tampa Bay MLS?
Maybe this all adds up to the start of something good!
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Honeymoon Island … A Peach of a Beach
March 20th, 2009 categories: Beaches and Boating
While Pinellas County athletes are busy training for the 6th annual Dunedin Triathalon, some of us prefer to eat chocolate cake and hang with kids on Honeymoon Island for a 6th Birthday party (our son’s!). Next door, there 
was a wedding taking place, with over 100 guests dressed to the nines. And yes, all of you Northerners considering a Dunedin relocation, this photo was taken close to sunset on February 26th. Note that the kids are in SHORTS (no ski-parkas required here).
Dunedin homes are delightful because of the proximity to Honeymoon Island Beach and Caladessi Island, yet it’s just a stone’s throw away from anywhere in North Pinellas County. This day, the seaweed was plentiful and the tides were high. Some days, the sand is as spotless as the beach is long.
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The Obama Housing Plan Won’t Stop the Flood of Pinellas Foreclosures
March 13th, 2009 categories: Pinellas Foreclosures and Short Sales
The details of Obama’s $275 Billion foreclosure prevention plan, the Homeowner Affordability and Stability Act, are trickling out of Washington. Timothy Geithner, Obama’s point man, announced last week that the plan will enable “4 to 5 million responsible homeowners to refinance”. This lender bailout plan presents some nice “feel-good” rhetoric, but will do nothing to help most Pinellas home owners who bought or refinanced after 2001 who are generally 20% to 50% underwater on their homes.
To qualify, homeowners may borrow up to 105% of the equity in their homes. A $300,000 home must be worth at least $285,000. Polina Vlasenko, a research fellow with the think-tank known as the American Institute for Economic Research, recently stated that Floridian homeowners who are truly hurting, will likely not qualify. The additional details of the Obama plan are:
- The homeowner must be steadily employed.
- The interest rate can be reduced to a maximum of 38% of the homeowner’s income. The lender’s cost of the reduction down to 31% will be matched dollar for dollar by the government. This is an interest rate buy-down, which, on the surface, isn’t a bad idea, yet the lender/investor has to take a hit to get down to 38% in the first place, which most simply won’t do.
- The lenders must keep the modifications in place for 5 years. Hmmm.. wonder what happens after Read the rest of this entry »
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Buying Pinellas Real Estate? FHA Loan Limits Increased!
March 1st, 2009 categories: Mortgage Updates
HOT OFF THE PRESSES: If you’re considering purchasing Dunedin real estate, and have just a little cash for your down payment, note that the FHA loan limits for Pinellas, Hillsborough and Pasco counties just increased back to their early 2008 levels of $292,500.
This news is so fresh the FHA hasn’t even updated its website, but The Peach is here to let you know that you can purchase your Crystal Beach FL home up to $303,000 with only a 3.5% down payment. SWEET! Looking for a Tampa Bay golf course home? We’ll be expanding this section soon so stay tuned.
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