Pinellas Realtors on What Buyers Really Want
June 14th, 2010 categories: LIST and SELL MY HOME FAST!, Pinellas Homes for Sale
Pinellas County home values have declined. Sorry Mr. Seller. On the upside, there are 11,739 homes for sale in the Pinellas MLS. In May, 1,289 of them sold. That translates to an 11% absorption rate which is fantastic news for sellers in that homes marketed effectively and priced right ARE selling faster than they have in years. But (everything after ‘but’ stinks and Sellers you might not like this), if you’ve got a home to sell in Pinellas - take heed as to what buyers REALLY want now:
- They always want “a great deal”. Translated: Value.
- Value.
- Value.
- Everyone’s downsizing. It’s the new chic. If you have a house with extra square footage to romp in – buyers see it as Read the rest of this entry »
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Top 4 Dangers in Buying Foreclosure Homes for Sale in Pinellas County
June 6th, 2010 categories: Pinellas Foreclosures and Short Sales, Pinellas Homes for Sale
Buying foreclosure homes for sale in Pinellas County isn’t always what it’s cracked up to be. As Pinellas Realtors we strive to make the buying experience a ridiculously happy one, yet buying foreclosures can be gut-wrenching. Watch out for these ….
Top 4 Dangers in Buying Foreclosure Homes for Sale In Pinellas County
- We might not close. There’s a new dangerous and unscrupulous trend now where banks aren’t getting clear title (from outstanding liens and deed-in-lieu sign offs from Sellers) before listing Pinellas County homes for sale. We’ve experienced and also heard about this first-hand from several insiders at several well-known banks and closing attorneys that represent these banks. In other words, they are sometimes offering properties for sale that have no business being on the market!
- We might not close on time. Same explanation as above. We recently represented a wonderful buyer who HAD to be in her new home by a certain date – and the closing was delayed over THREE weeks. Trust me, the pain she went through due to the delay – not to mention the stress of not knowing IF we would even close - was unbelievable. I can’t stress enough why it’s so important to have Pinellas Realtors that will go the extra mile for you. In this case, it took contacting the CEO at a massive firm – and everybody else there – about 10 times a day – every day - to finally get it done.
- You’ll ALWAYS have to pay extra fees that are paid for on ‘regular’ and short sale properties. These include normally paid for by seller title insurance, state doc stamps (taxes) and other title fees. This is a significant extra expense that can be easily made light of by your buyer’s agent and certainly the selling institution. Make sure you get Read the rest of this entry »
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Homes for Sale In Pinellas: The Numbers Are Up
May 8th, 2010 categories: Pinellas Homes for Sale, Pinellas Market Statistics
About 40% of the homes for sale in Pinellas County are being sold for cash. And half of those sales are to investors. Pinellas MLS statistics indicate that home sales are up 38.3% over this time last year. WOW!
Sand Picture Taken by Accident Somewhere in Florida That Has Absolutely Nothing to Do with this Post!
I just enjoyed a Business Week article by Prashant Gopal. In it, she (or help me Peach readers is that a “he” name?! – I digress – sorry…) Anyway, SHE OR HE quotes that Richard C. Davis of the TV show Flip This House as saying
“Everybody made money on the way up. Then the market turned. Amateur hour is over.”
It reminded me to remind you that now is when the experienced, serious investors are buying up the homes for sale in Pinellas County. Because it’s a great time to buy!
Feel free to start your Pinellas MLS search with Realtor access. Or give us a call at 727-366-0325 and we’ll do it for you!
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FHA Loans for Pinellas Home Buyers
July 1st, 2009 categories: Mortgage Updates
If you’re looking to finance a Pinellas short sale or Pinellas foreclosure and have 3.5% for a down payment, then an FHA loan is your ticket to home ownership. The FHA is not a lender, nor do they set interest rates. The Federal Housing Administration is a federal government agency (a division of the U.S. Department of Housing and Urban Development, or HUD), that offers mortgage insurance on loans originated by their approved lenders. In a nutshell, it’s insurance that protects the lender in case the borrower defaults.
The FHA was created in 1934 after the Great Depression, and was widely popular until recent years when subprime lenders offered something seemingly better: artificially low interest rates, no-interest payments and a false dream. Daily, lender requirements are becoming more and more stringent, and, as a result, FHA loans are once again commonplace and the only vehicle for many to own their Duendin homes.
Advantages of an FHA loan include:
- low 3.5% down payment and closing costs
- gifts from family members, employers or charitable organizations are welcomed
- minimum credit scores are lower than for conventional loans
- lenders will consider payment of rent, utility bills and auto insurance premiums when evaluating the applicant
But Whoa! Hold on, there’s a tiny downside …. Read the rest of this entry »
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First Time Homebuyer Tax Credit for Pinellas Real Estate: The Truth, The Whole Truth, and Nothing but the Truth
June 5th, 2009 categories: Mortgage Updates
The American Recovery and Reinvestment Act of 2009 was the heavily debated economic stimulus package that was signed into law in February of 2009. The home buyer tax credit is a component of this package and was created to promote home ownership.
The bill originally provided for an $8,000 tax credit available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
There’s great news, however, if you’re in the market to purchase Pinellas Real Estate! Buyers may now use the credit upfront as extra down payment money, to lower payments, pay discount points (reducing their interest rates), or to supplement closing costs.
The big “BUT” here is that buyers CANNOT use the first time home-buyer tax credit toward the 3.5% minimum that is required of FHA insured loans. The buyer still has to present those down payment funds, yet they can be a gift from a relative.
The Truth About the Misinformation Currently Being Circulated Amongst the Mis-Informed:
There’s a lot of misinformation out there saying that the $8,000 can be used for your down payment, but that’s just not the case! It’s a convoluted mess because HUD originally released this Mortgagee Letter 2009-15, later rescineded it (the details as to why are unclear other than they realized they made a mistake), and now it’s up for public speculation as to what’s going to happen with that aspect of it. For crying out loud, we reported last October that the FHA had just done away with all seller-funded closing costs - now they want to essentially reverse that?! For the real facts, keep checking back, or better yet subscribe to The Pinellas Peach and you’ll be notified automatically.
Eligibility for the $8000 tax credit can be found Read the rest of this entry »
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Beware: Don’t Miss the Boat(s) on Your Pinellas Real Estate Purchase! How Rising Mortgage Interest Rates Hurt Your Bottom Line … Even in a Declining Market
May 30th, 2009 categories: Mortgage Updates
As Pinellas real estate prices have continued to drop each month, some Pinellas home buyers continued to play it cool, sit back and wait until a particular Dunedin Fl neighborhood becomes affordable in their eyes. Beware! There’s another boat you don’t want to miss.
Conventional interest rates had been hovering at historic lows of 4.75% – until this week, where they ended at 5.27%! It is unlikely they will stay in these low ranges, whether the 4’s or the 5’s for any length of time say most experts. Mortgage interest rates are tied to the bond market which has begun to take hits due to the state of the economy. Money.com had this good synopsis Thursday if you want to delve deeper.
So, if you’re waiting for that $200,000 home to fall another $10,000 or 5% – this will take about three months in our current market. Now its September 1st and you’re going to offer $190,000 and save about $50/mo on your mortgage payment. But wait! Interest rates have risen one point to 5.75%. Now your mortgage payment is $125.00 MORE than it would have been last week. This scenario has now cost you an additional $75.00/month – for the next THIRTY YEARS!!
$200,000 home with an 3.5% FHA 30 year loan:
4.75% = $1006.78/ mo payment
5.75% = $1126.30/mo
6.75% = $1251.79/mo
Some will say, “not a big deal.” Really? A 2% jump in interest equates to an additional $3,000 per year and over $162,000 over the life of the loan. Hmmm…
What’s the other boat? Trying to time the bottom of the market. A post for another day!
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