admin | June 23, 2008
Hi - This general info applies to Clearwater Real Estate as well as anywhere. It is from Forbes mag.
-------------------------
Avoid Pitfalls When Buying Foreclosures
Buying a foreclosed home is no cakewalk. It can be a sure-fire way to lose money for a purchaser who isn’t knowledgeable and careful.
Here are some prime considerations for anyone wading into the foreclosure market.
Avoid outstanding liens. Make sure the property has a clean title. Any outstanding liens and fees incurred by the original owner will be transferred to the new buyer.
Bid conservatively. The market in many places is still depreciating. That unknown added to transaction, repair, and marketing costs could sour the deal.
Beware foreclosure concentration. Prices in neighborhoods where there are lots of foreclosures have declined the most – and prices in these areas are still declining. A buyer should confirm that there’s an opportunity to make money if prices fall another 15 percent.
Beware the appraisal. If the price is discounted from an appraisal done before August 2007, it is almost certainly unrealistically high.
Cash is king. Even a buyer with a renter lined up and enough money for a 20 percent down payment needs still more cash to weather another two or three years of a depressed market before unloading the property.
Source: Forbes, Matt Woolsey (08/19/08)
--------------------
Visit our websites at Clearwater Real Estate and Tampa Real Estate
-------------------------
Avoid Pitfalls When Buying Foreclosures
Buying a foreclosed home is no cakewalk. It can be a sure-fire way to lose money for a purchaser who isn’t knowledgeable and careful.
Here are some prime considerations for anyone wading into the foreclosure market.
Avoid outstanding liens. Make sure the property has a clean title. Any outstanding liens and fees incurred by the original owner will be transferred to the new buyer.
Bid conservatively. The market in many places is still depreciating. That unknown added to transaction, repair, and marketing costs could sour the deal.
Beware foreclosure concentration. Prices in neighborhoods where there are lots of foreclosures have declined the most – and prices in these areas are still declining. A buyer should confirm that there’s an opportunity to make money if prices fall another 15 percent.
Beware the appraisal. If the price is discounted from an appraisal done before August 2007, it is almost certainly unrealistically high.
Cash is king. Even a buyer with a renter lined up and enough money for a 20 percent down payment needs still more cash to weather another two or three years of a depressed market before unloading the property.
Source: Forbes, Matt Woolsey (08/19/08)
--------------------
Visit our websites at Clearwater Real Estate and Tampa Real Estate
admin | June 20, 2008
Hello everyone - been a little while. Many of you have heard me say that this is the best time to buy Clearwater real estate.
Well, it is the best time that I have seen since 2004. The interest rates are way down and sellers are very anxious to sell.
I just saw a gorgeous new construction condo on Clearwater Beach that was originally selling for 900K - that became bank owned and just sold for 475K.
Amazing deals like this are becoming the norm. Like I said, this is really a great time to buy Clearwater Real Estate.
Visit our websites at Clearwater Real Estate and Tampa Real Estate
Well, it is the best time that I have seen since 2004. The interest rates are way down and sellers are very anxious to sell.
I just saw a gorgeous new construction condo on Clearwater Beach that was originally selling for 900K - that became bank owned and just sold for 475K.
Amazing deals like this are becoming the norm. Like I said, this is really a great time to buy Clearwater Real Estate.
Visit our websites at Clearwater Real Estate and Tampa Real Estate
admin | May 10, 2008
Hi - Lots of activity lately with Clearwater Real Estate. Here is an article from the National Assn of Realtors that gives a good assessment on the market.
----------------
Expect a Summer Rise in Home Sales
A flat pattern in home sales activity should continue for the next couple of months before improving over the summer, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he says. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9.
NAR President Richard F. Gaylord says additional costs in many markets are hindering a recovery. “Our members are telling us that more buyers are looking at homes but are slow in signing contracts, and that’s contributing to the weakness in pending home sales,” he says. “In many cases buyers are waiting for greater access to affordable credit, especially in higher cost areas, but some are disappointed with what appears to be unnecessarily restrictive lending requirements. The good news this week is there is some discussion toward relaxing some of the burdensome lending practices.”
The PHSI in the Northeast jumped 12.5 percent in March to 80.8 but remains 15.4 percent below a year ago. In the South, the index slipped 0.1 percent to 84.9 and is 26.7 percent lower than March 2007. The index in the West declined 1.4 percent in March to 91.2 and is 9.5 percent below a year ago. In the Midwest, the index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.
Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter. For all of 2008, existing-home sales are likely to total 5.39 million, and then rise 6.1 percent to 5.72 million next year. “Although more than half of local markets are expected to see price growth this year, the aggregate existing-home price will decline 2.4 percent in 2008, driven by a relatively few markets that are very oversupplied,” Yun says. The median price is forecast at $213,700 this year before rising 4.1 percent to $222,600 in 2009.
Some areas already are seeing sales increases, underscoring that all real estate is local. In March, unpublished snapshot data shows sales in Bakersfield, Calif., and Jackson, Miss., were higher than a year ago. At the same time, price gains were noted in markets such as Buffalo-Niagara Falls, and Cedar Rapids, Iowa.
On May 13, NAR will report first-quarter data on metropolitan area home prices, covering about 150 metro areas, and state home sales. “Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income, and jobs,” Yun says. “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.”
Here are some highlights from NAR's report:
New-homes. Sales of new homes are expected to fall 30.9 percent to 536,000 this year before rising 10.1 percent to 590,000 in 2009. Housing starts, including multifamily units, will probably drop 29.5 percent to 955,000 in 2008, and then rise 1.3 percent to 967,000 next year. The median new-home price is estimated to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900.
Rates. The 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009.
Affordability. NAR’s housing affordability index is expected to rise 10 percentage points to 127.0 for all of 2008.
GDP. Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.3 percent in 2009. The unemployment rate is projected to average 5.3 percent in 2008 and 5.5 percent next year.
Inflation. Inflation, as measured by the Consumer Price Index, is seen at 3.4 percent this year and 2.2 percent in 2009. Inflation-adjusted disposable personal income is forecast to grow 1.2 percent in 2008 and 3.0 percent next year.
Source: NAR
---------------
Please visit our websites at Clearwater Real Estate and Tampa Real Estate
----------------
Expect a Summer Rise in Home Sales
A flat pattern in home sales activity should continue for the next couple of months before improving over the summer, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he says. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9.
NAR President Richard F. Gaylord says additional costs in many markets are hindering a recovery. “Our members are telling us that more buyers are looking at homes but are slow in signing contracts, and that’s contributing to the weakness in pending home sales,” he says. “In many cases buyers are waiting for greater access to affordable credit, especially in higher cost areas, but some are disappointed with what appears to be unnecessarily restrictive lending requirements. The good news this week is there is some discussion toward relaxing some of the burdensome lending practices.”
The PHSI in the Northeast jumped 12.5 percent in March to 80.8 but remains 15.4 percent below a year ago. In the South, the index slipped 0.1 percent to 84.9 and is 26.7 percent lower than March 2007. The index in the West declined 1.4 percent in March to 91.2 and is 9.5 percent below a year ago. In the Midwest, the index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.
Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter. For all of 2008, existing-home sales are likely to total 5.39 million, and then rise 6.1 percent to 5.72 million next year. “Although more than half of local markets are expected to see price growth this year, the aggregate existing-home price will decline 2.4 percent in 2008, driven by a relatively few markets that are very oversupplied,” Yun says. The median price is forecast at $213,700 this year before rising 4.1 percent to $222,600 in 2009.
Some areas already are seeing sales increases, underscoring that all real estate is local. In March, unpublished snapshot data shows sales in Bakersfield, Calif., and Jackson, Miss., were higher than a year ago. At the same time, price gains were noted in markets such as Buffalo-Niagara Falls, and Cedar Rapids, Iowa.
On May 13, NAR will report first-quarter data on metropolitan area home prices, covering about 150 metro areas, and state home sales. “Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income, and jobs,” Yun says. “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.”
Here are some highlights from NAR's report:
New-homes. Sales of new homes are expected to fall 30.9 percent to 536,000 this year before rising 10.1 percent to 590,000 in 2009. Housing starts, including multifamily units, will probably drop 29.5 percent to 955,000 in 2008, and then rise 1.3 percent to 967,000 next year. The median new-home price is estimated to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900.
Rates. The 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009.
Affordability. NAR’s housing affordability index is expected to rise 10 percentage points to 127.0 for all of 2008.
GDP. Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.3 percent in 2009. The unemployment rate is projected to average 5.3 percent in 2008 and 5.5 percent next year.
Inflation. Inflation, as measured by the Consumer Price Index, is seen at 3.4 percent this year and 2.2 percent in 2009. Inflation-adjusted disposable personal income is forecast to grow 1.2 percent in 2008 and 3.0 percent next year.
Source: NAR
---------------
Please visit our websites at Clearwater Real Estate and Tampa Real Estate
admin | April 28, 2008
Hi - Here is a very sane article about real estate that pertains to Clearwater Real Estate as well as real estate in general.
----
Friday, April 18, 2008 provided by Vickie Gearson -
Investing in real estate used to be considered a “no brainer,” a can’t-miss investment.
But these days, this sure thing isn’t so sure. Home prices keep falling. Standard & Poor tracking shows prices down 7.7 percent nationally in November 2007.
The National Association of Realtors, or NAR, reports that sales of single-family homes were down by 13 percent in 2007, the biggest drop since a 17.7 plunge in 1982.
Representatives of the NAR say that this makes it the best buyer’s market in a long time. Prices are down, interest rates are near a 45-year low and the supply of houses is high.
But others argue that with the real estate market in a tailspin, it might be a very long time before prices rebound — making it a poor market at this time.
Even those who advocate real estate investing concede that you need the right circumstances before you take the plunge.
Who Should Buy a Home?
“Dual-income customers should definitely buy a home now,” says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. “People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income.”
Renters who have stable jobs might find this a good time to try homeownership because of the lower prices, says Scott Rose of Coldwell Banker in Deerfield, Ill.
William Chu, senior mortgage loan consultant, American Chartered Bank, suggests it’s a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool.
“So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago,” he says.
However, as always, consumers need to shop intelligently, avoid risk and buy what they can afford.
Kaiser warns that potential homebuyers must not get in over their heads. They should feel comfortable with their mortgages and be confident they can handle the payments along with taxes and insurance.
Those with lower credit scores will find it a little tougher.
“If you have some credit challenges or less than 20 percent down, be prepared for higher interest rates due to risk-based lending,” says Rose.
Who Should Not Buy Now?
While prices are more attractive these days, not everyone should be in the market.
“There is no hard and fast rule that applies in all cases, whether it be a good market for real estate or a down market, such as we are currently experiencing,” says Valerie Anderson-Jones, CPA, JD, CVA at Kessler Orlean Silver & Co. PC. “Tax advantages can make the ownership of real estate quite appealing, but the decision whether or not to own a home should be based on many factors.
“The size of the down payment and resulting mortgage will play a large part in this decision, as well as the amount of any other assets and debt one currently has.”
Brent Kalka, Certified Funds Specialist, or CFS, and financial adviser at Mueller Financial Services Inc., Elgin, Ill., points out there are times a person or couple should not consider buying in this market.
“For example, if a retired couple is thinking of selling their home in order to downgrade and gets less than fair market value, they will lose more financially then what they gain by getting a good deal on a less expensive house and are better off financially by waiting until the market turns around.”
A second consumer who ought not consider changing residences is a homeowner who, prior to the market downturn, had 20 percent equity in their home and didn’t have private mortgage insurance, or PMI payments.
“With home values down,” he says “their equity has dropped, and they no longer would have the 20 percent down payment necessary in a lateral or upgrade purchase to avoid PMI, which can run anywhere from $50 to $150 per month.”
Kalka also believes that potential homebuyers should consider the fact that the real estate market could be no better or even worse a year from now, so they have to decide if they want to wait it out.
People whose jobs are shaky should wait until their situation is more secure.
“To buy on what you are making now if future income is not stable is asking for trouble,” Rose says.
Also, if you are experiencing a life change, such as an upcoming job transfer, getting married, planning to move geographically within the next two years or struggling financially, you should wait.
“People who are thinking of flipping a home should not buy,” says Walter Molony, spokesman for the National Association of Realtors. “Housing is a long term investment, and if you’re only planning to be there for a year or two, keep renting.”
According to Karen L. DeRose, CFP, DeRose & Associates, Chicago, renovating and flipping homes is much harder today and not something she is recommending to any of her clients. She says several of her clients now have to sit on these properties and the gains they thought they would get have been eaten away by the decline in home prices.
People with heavy credit card debt should not consider buying now. “They must clean up their credit first,” Chu says.
Should You Buy a Home in Foreclosure?
The Census Bureau reported that the number of vacant homes in 2007 climbed to 2.8 million from 2.07 million. This is the biggest one-year jump on record. What does that mean to potential homebuyers?
Although property is available, Marsha Schwartz, a broker associate from Coldwell Banker Residential Brokerage in Northbrook, Ill., and Rose believe that buying a home in foreclosure can be a challenge and not always a good deal. Sometimes the home has been neglected for a long time due to financial reversals. Be prepared to invest money in the property.
Before you purchase it, have a professional inspection done, even though most of the time the home is being sold “as is.” It also pays to research comparable prices to make sure the price of the foreclosure is significantly below values in the area.
“You can always buy a home in foreclosure, but it depends on how much the lender is willing to lose to get rid of the property,” Kaiser adds. “Sometimes you can get a good deal.”
Is Raw Land or Commercial Real Estate a Good Alternative Now?
“Now is a great time to acquire land, because when you look at the residential market, many homebuilders are looking to get their existing inventory off the books,” says Ben Reinberg, Alliance Equities LLC, headquartered in Chicago.
“However, if you are going to buy land, you must have the ability to hold that piece of land until you have an opportunity for the next cycle to come around.”
When purchasing land, investors should investigate if it has sewer and water, what type of zoning it has and what you can do with it as well as the location of the property. When buying a piece of land, lenders require 30 percent to 60 percent equity depending on where it’s located and what the selling price is.
Reinberg believes if you have the opportunity to purchase the land at a discount (less than it would have sold for three to five years ago), buy it.
“There will be opportunities to buy land within the next 12 to 18 months, especially if we go into a recession,” Reinberg says. “The market is correcting itself, and was very inflated. Now it’s adjusting.”
In addition, Reinberg expects the rental market to be strong compared to the condo market, so multifamily properties will be in strong demand as well.
But he does issue a word of caution. “Be careful what you buy in this down market. Due diligence is important, and if you are a novice you may want to hire a commercial real estate broker.”
Why Not Wait Until the Economy Turns Around?
“If you wait till the economy turns around, the interest rates may not be as favorable, nor in all probability will there be as much inventory,” says Schwartz.
She feels it’s hard to predict when the market will bottom out, just as you can’t predict when a stock has “bottomed out” until it has started to rise again.
Homes are starting to sell because prices have been lowered, but Kaiser doesn’t anticipate home prices dropping much more. Interest rates are also dropping, and that is changing consumers’ outlook.
When Will the Housing Market Turn Around?
The National Association of Realtors is projecting that home sales will trend up this year.
“The timing of the recovery is a bit ambiguous because there are buyers looking for a bargain, while others are looking for more signs of stability. Still others are looking for interest rates to keep lowering, with prices still bottoming out in their area,” says Molony.
However, he suggests the window of opportunity for buying is within the next six months.
But there is serious disagreement on that point.
“Overall my consensus is to wait another year to see how the housing market settles and see how capital gains plays out,” says DeRose. She bases her thoughts on the fact that Census Bureau Data indicates this is the highest housing inventory in history with 17.9 million housing units available. In addition, foreclosures are at an all time high.
“I am recommending to my clients that they do not purchase another home or one on contingency unless their home sells first. Otherwise, they could end up carrying two mortgages.”
“Over all, the real estate market won’t be strong till the spring of 2009,” says Bob Mecca, CFP, MBA, RIA, of Robert A. Mecca & Associates LLC. He recommends that people look now, establish a list of priorities and amenities and do their homework. Then, negotiate.
“Of course, Realtors will say to buy now, but the investment has to make sense and have appreciation potential,” he adds.
Mecca believes people should wait and see if the economic stimulus package takes hold as well as keeping an eye on the Federal Reserve rate. “If the Fed starts hinting that interest rates are done with, then is the time to start investing and flipping homes.”
“Many people believe that the earliest turn around will be in the second half of 2008,” Schwartz says, “while others believe it will not be till the first half of 2009. Other people think people will have a wait and see attitude until after the presidential election, which would prolong the market turnaround.”
The bottom line, Molony points out, is that all real estate is local, and people need to understand what is going on in their local market area before they buy. Internet research is an important first step, and you need to know if it is a buyer’s or seller’s market locally or if it is balanced.
Molony projects that home prices will stay flat this year, but 2009 will lead back to more normal market conditions with prices rising 3.1 percent.
---
Check out our websites at Clearwater Real Estate and Tampa Real Estate
----
Friday, April 18, 2008 provided by Vickie Gearson -
Investing in real estate used to be considered a “no brainer,” a can’t-miss investment.
But these days, this sure thing isn’t so sure. Home prices keep falling. Standard & Poor tracking shows prices down 7.7 percent nationally in November 2007.
The National Association of Realtors, or NAR, reports that sales of single-family homes were down by 13 percent in 2007, the biggest drop since a 17.7 plunge in 1982.
Representatives of the NAR say that this makes it the best buyer’s market in a long time. Prices are down, interest rates are near a 45-year low and the supply of houses is high.
But others argue that with the real estate market in a tailspin, it might be a very long time before prices rebound — making it a poor market at this time.
Even those who advocate real estate investing concede that you need the right circumstances before you take the plunge.
Who Should Buy a Home?
“Dual-income customers should definitely buy a home now,” says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. “People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income.”
Renters who have stable jobs might find this a good time to try homeownership because of the lower prices, says Scott Rose of Coldwell Banker in Deerfield, Ill.
William Chu, senior mortgage loan consultant, American Chartered Bank, suggests it’s a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool.
“So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago,” he says.
However, as always, consumers need to shop intelligently, avoid risk and buy what they can afford.
Kaiser warns that potential homebuyers must not get in over their heads. They should feel comfortable with their mortgages and be confident they can handle the payments along with taxes and insurance.
Those with lower credit scores will find it a little tougher.
“If you have some credit challenges or less than 20 percent down, be prepared for higher interest rates due to risk-based lending,” says Rose.
Who Should Not Buy Now?
While prices are more attractive these days, not everyone should be in the market.
“There is no hard and fast rule that applies in all cases, whether it be a good market for real estate or a down market, such as we are currently experiencing,” says Valerie Anderson-Jones, CPA, JD, CVA at Kessler Orlean Silver & Co. PC. “Tax advantages can make the ownership of real estate quite appealing, but the decision whether or not to own a home should be based on many factors.
“The size of the down payment and resulting mortgage will play a large part in this decision, as well as the amount of any other assets and debt one currently has.”
Brent Kalka, Certified Funds Specialist, or CFS, and financial adviser at Mueller Financial Services Inc., Elgin, Ill., points out there are times a person or couple should not consider buying in this market.
“For example, if a retired couple is thinking of selling their home in order to downgrade and gets less than fair market value, they will lose more financially then what they gain by getting a good deal on a less expensive house and are better off financially by waiting until the market turns around.”
A second consumer who ought not consider changing residences is a homeowner who, prior to the market downturn, had 20 percent equity in their home and didn’t have private mortgage insurance, or PMI payments.
“With home values down,” he says “their equity has dropped, and they no longer would have the 20 percent down payment necessary in a lateral or upgrade purchase to avoid PMI, which can run anywhere from $50 to $150 per month.”
Kalka also believes that potential homebuyers should consider the fact that the real estate market could be no better or even worse a year from now, so they have to decide if they want to wait it out.
People whose jobs are shaky should wait until their situation is more secure.
“To buy on what you are making now if future income is not stable is asking for trouble,” Rose says.
Also, if you are experiencing a life change, such as an upcoming job transfer, getting married, planning to move geographically within the next two years or struggling financially, you should wait.
“People who are thinking of flipping a home should not buy,” says Walter Molony, spokesman for the National Association of Realtors. “Housing is a long term investment, and if you’re only planning to be there for a year or two, keep renting.”
According to Karen L. DeRose, CFP, DeRose & Associates, Chicago, renovating and flipping homes is much harder today and not something she is recommending to any of her clients. She says several of her clients now have to sit on these properties and the gains they thought they would get have been eaten away by the decline in home prices.
People with heavy credit card debt should not consider buying now. “They must clean up their credit first,” Chu says.
Should You Buy a Home in Foreclosure?
The Census Bureau reported that the number of vacant homes in 2007 climbed to 2.8 million from 2.07 million. This is the biggest one-year jump on record. What does that mean to potential homebuyers?
Although property is available, Marsha Schwartz, a broker associate from Coldwell Banker Residential Brokerage in Northbrook, Ill., and Rose believe that buying a home in foreclosure can be a challenge and not always a good deal. Sometimes the home has been neglected for a long time due to financial reversals. Be prepared to invest money in the property.
Before you purchase it, have a professional inspection done, even though most of the time the home is being sold “as is.” It also pays to research comparable prices to make sure the price of the foreclosure is significantly below values in the area.
“You can always buy a home in foreclosure, but it depends on how much the lender is willing to lose to get rid of the property,” Kaiser adds. “Sometimes you can get a good deal.”
Is Raw Land or Commercial Real Estate a Good Alternative Now?
“Now is a great time to acquire land, because when you look at the residential market, many homebuilders are looking to get their existing inventory off the books,” says Ben Reinberg, Alliance Equities LLC, headquartered in Chicago.
“However, if you are going to buy land, you must have the ability to hold that piece of land until you have an opportunity for the next cycle to come around.”
When purchasing land, investors should investigate if it has sewer and water, what type of zoning it has and what you can do with it as well as the location of the property. When buying a piece of land, lenders require 30 percent to 60 percent equity depending on where it’s located and what the selling price is.
Reinberg believes if you have the opportunity to purchase the land at a discount (less than it would have sold for three to five years ago), buy it.
“There will be opportunities to buy land within the next 12 to 18 months, especially if we go into a recession,” Reinberg says. “The market is correcting itself, and was very inflated. Now it’s adjusting.”
In addition, Reinberg expects the rental market to be strong compared to the condo market, so multifamily properties will be in strong demand as well.
But he does issue a word of caution. “Be careful what you buy in this down market. Due diligence is important, and if you are a novice you may want to hire a commercial real estate broker.”
Why Not Wait Until the Economy Turns Around?
“If you wait till the economy turns around, the interest rates may not be as favorable, nor in all probability will there be as much inventory,” says Schwartz.
She feels it’s hard to predict when the market will bottom out, just as you can’t predict when a stock has “bottomed out” until it has started to rise again.
Homes are starting to sell because prices have been lowered, but Kaiser doesn’t anticipate home prices dropping much more. Interest rates are also dropping, and that is changing consumers’ outlook.
When Will the Housing Market Turn Around?
The National Association of Realtors is projecting that home sales will trend up this year.
“The timing of the recovery is a bit ambiguous because there are buyers looking for a bargain, while others are looking for more signs of stability. Still others are looking for interest rates to keep lowering, with prices still bottoming out in their area,” says Molony.
However, he suggests the window of opportunity for buying is within the next six months.
But there is serious disagreement on that point.
“Overall my consensus is to wait another year to see how the housing market settles and see how capital gains plays out,” says DeRose. She bases her thoughts on the fact that Census Bureau Data indicates this is the highest housing inventory in history with 17.9 million housing units available. In addition, foreclosures are at an all time high.
“I am recommending to my clients that they do not purchase another home or one on contingency unless their home sells first. Otherwise, they could end up carrying two mortgages.”
“Over all, the real estate market won’t be strong till the spring of 2009,” says Bob Mecca, CFP, MBA, RIA, of Robert A. Mecca & Associates LLC. He recommends that people look now, establish a list of priorities and amenities and do their homework. Then, negotiate.
“Of course, Realtors will say to buy now, but the investment has to make sense and have appreciation potential,” he adds.
Mecca believes people should wait and see if the economic stimulus package takes hold as well as keeping an eye on the Federal Reserve rate. “If the Fed starts hinting that interest rates are done with, then is the time to start investing and flipping homes.”
“Many people believe that the earliest turn around will be in the second half of 2008,” Schwartz says, “while others believe it will not be till the first half of 2009. Other people think people will have a wait and see attitude until after the presidential election, which would prolong the market turnaround.”
The bottom line, Molony points out, is that all real estate is local, and people need to understand what is going on in their local market area before they buy. Internet research is an important first step, and you need to know if it is a buyer’s or seller’s market locally or if it is balanced.
Molony projects that home prices will stay flat this year, but 2009 will lead back to more normal market conditions with prices rising 3.1 percent.
---
Check out our websites at Clearwater Real Estate and Tampa Real Estate
admin | April 17, 2008
Now is really a great time to buy Clearwater real estate. Check this article from USA Today - today.
---------------
Home prices are sinking. Banks are seizing properties from owners who can't pay their mortgages. Yet for Amber Gilmore, the miserable housing market has never looked better.
After searching for a home for more than a year, Gilmore and her fiancé found one in foreclosure. Once the bank cut the asking price by more than $100,000, the first-time home buyers eagerly sealed the deal for $230,000.
STORY: Would a housing bailout be helping hand or handout?
In about a month, the couple will move into the two-bedroom house in Chicago with a small fenced yard and garage. The previous owners invested in gleaming granite countertops and hardwood floors. Their loss, Gilmore says, is her gain.
"This is the best time to buy — so many homes are in foreclosure," says Gilmore, 25, a news coordinator for Telemundo, a Spanish-language media company. "The market right now is, to us, a benefit."
FIND MORE STORIES IN: California | Internet | Chicago | Detroit | Michigan | Cleveland | Orlando | Charlotte | Auburn | National Association of Realtors | Spanish-language | Telemundo | RealtyTrac | Las Vegas Boulevard | Gilmore | CEO of ZipRealty | Patrick Lashinsky
As home sales and prices drop across much of the USA, many potential buyers remain scared to jump into the market, and sellers are resorting to slash-and-burn prices. The national median price sank to $195,900 in February, down from $213,500 in February 2007. Foreclosures are up nearly 60% from March 2007, according to RealtyTrac.
But to a small but growing number of buyers across the nation, the grim housing recession offers a tantalizing upside: They can get a home at a fire-sale price. In some metro areas, price declines are galvanizing bargain hunters — especially first-timers, foreign investors and out-of-state buyers looking to rent properties they hope to sell later for a windfall.
Those shoppers are forming isolated pockets of real estate activity, especially in cities where foreclosure rates are high but jobs remain available to attract potential home buyers.
In some areas, such as Charlotte and Detroit, home sales are ticking upward, following a trend of upward sales as far back as 2006. In other markets, bargain-hunting activity is still too sporadic to fuel an overall rise in sales.
Few economists expect the sporadic purchases to signal a bottom to the housing market's slump, but the bottom-fishing for home deals is a hopeful sign amid all the bad news about the troubled housing market.
National housing analysts say they lack hard numbers to quantify the degree to which investors and other bottom-fishers are affecting sales in many markets. However, "We've heard anecdotally that there are some investors looking to pick up these properties," says Paul Bishop, the National Association of Realtors' managing director of research. "That helps put a floor in some of these markets."
Some real estate agents are trying to cash in by buying or renting buses and treating prospective buyers to tours — complete with free meals — of foreclosed homes in Las Vegas, Cleveland, Orlando and some parts of Michigan and California. In Auburn, Calif., potential buyers are ferried to bank-owned homes in style — via a 40-foot stretch limousine.
"There are people looking for deals, and the deals are out there," says Patrick Lashinsky, CEO of ZipRealty. "People aren't priced out of the market anymore. Two years ago, there was a stigma to buying foreclosed homes. Buyers felt like they were taking advantage of someone's bad luck. That's not there anymore."
'I'd almost call it a frenzy'
Ruth Ahlbrand, a Realtor in Las Vegas, began noticing new opportunities in the housing market last year, as banks that had seized homes began lowering the prices. In a market where casino projects promise plenty of job opportunities, she knew buyers could be found.
So she hatched a plan. Ahlbrand began training her agents to specialize in foreclosures, revamped her Internet marketing campaign to appeal to buyers intent on finding screaming deals and bought a 40-seat bus, which she spruced up with reclining seats and air-conditioning vents for each rider.
On Feb. 13, Ahlbrand put into service her foreclosure bus — a red, white and blue coach splashed with slogans such as "Hottest Bank Owned Homes!" to take potential buyers on three-hour tours. The tours include free meals after the ride and an agent with a microphone to point out the deals and explain how to buy a home in foreclosure.
So far, Ahlbrand says, more than 700 riders have taken the tour, and prospective buyers frequently drop in to see when the next tour is.
On weekdays, the bus rides up and down Las Vegas Boulevard, without passengers, to drum up more business. Sales have increased more than 10% since she began using the bus.
"It's like a seminar on wheels," Ahlbrand says. "Buyers are saving up to 30% or 50%. People are really looking for a deal. I'd almost call it a frenzy. We've hit the bottom, and Las Vegas is growing."
In one sign of the trend, she says, more than 40% of the homes her agency sold in December and January were bank-owned at the time of purchase.
And Las Vegas is one metro area where prices are dive-bombing. After prices soared during the national real estate boom of 2005, the city has absorbed one of the sharpest drops in home prices in the USA, according to a price-index report from S&P/Case-Shiller.
Las Vegas reported a 19.3% decline in home prices in January, compared with January 2007. And the median home price sank from $314,950 in March of 2006 to $243,169 in March 2008, according to the Greater Las Vegas Association of Realtors.
While overall home sales are showing their steepest declines in more than a decade, the allure of low prices to bargain-hunters offers a glint of light in an otherwise bleak real estate landscape.
Boston, Cleveland, Detroit, Sacramento and San Diego have all seen sales increases recently after a period of price declines, according to a March report by Radar Logic, a real estate data and analytics firm. In Detroit, sales of homes and condos rose 12.8% in February compared with a year ago, according to Realcomp.
That doesn't necessarily mean prices are rising, too: In January, Boston still posted a 3.4% price decline over last year, according to the S&P/Case-Shiller index.
A risk-taker's market
Joel Naroff, chief economist with Naroff Economic Advisors, says bargain buyers are moving in but some may be getting into deals in which they are expecting too much bang for their investment.
Among the bargain shoppers:
•Investors. Single-family home prices in 10 major metro areas tumbled 11.4% in January — the steepest decline since such figures were first collected in 1987 — according to a March report by the S&P/Case-Shiller composite index.
One result: mouth-watering opportunities for some investors, some of whom are buying multiple properties with plans to rent them out until the housing market picks up and prices rise again.
Alison Diboll, a marketing executive in San Francisco, closed a deal in March on the first of four homes she's buying in Charlotte and Dallas. She bought the homes, which were previously in foreclosure and have been rehabilitated, for about $100,000 each.
She plans to rent them out for five to seven years and sell them once the market rebounds.
Diboll is so confident that her four homes are a shrewd buy that she hasn't bothered to see any of them and is having them managed by a third party.
That sort of breezy approach toward buying a home without having seen it firsthand conjures up memories of the risk-taking by buyers during the real estate bubble. But Diboll insists her investment is safer than it would be in the stock market.
"With the stock market as volatile as it is, it's not a good idea for me," Diboll says.
"Real estate is the great American Dream," she adds. "I read that the people who made money during the Great Depression were those who had money and took a risk."
•Foreign buyers. International investors also are eyeing the U.S. housing market. Thirty-three percent of international buyers from April 2006 through April 2007 were from Europe, according to a 2007 report by the NAR.
Buyers from Asia and North America (outside the USA) were also active, accounting for 24% and 23% of international clients during that same time period.
Sales to international buyers have been turbocharged by the steady drop in the value of the U.S. dollar relative to other currencies. Lawrence Yun, chief economist with the NAR, says the dollar's dwindling value means that foreign buyers can get U.S. real estate at a relative average discount of 30%. (That percentage can run lower or higher depending on the buyer's home country.)
Agents are trying to reach out to some of these far-flung buyers, many of whom are seeking vacation homes. Ralph Haverkate, a broker at Tarbell Realtors in Palm Springs, Calif., is dangling an unusual inducement: Buyers from Canada are reimbursed for their travel and hotel expenses — up to $1,750 — if they close on a home. The home doesn't even have to be one that his agency is selling, but they do have to use his firm as their representative. The agency is now offering the same sort of deal for European buyers, initially targeting Switzerland, Germany and the Netherlands.
"We've had buyers flying in back-to-back," Haverkate says. "My partner and I literally have three or four couples a week coming in, and we take care of them. Prices are low, and if you combine that with the currency exchange, the savings are really big. The market is suffering — but for them, it's good."
Economists say the international interest is a hopeful sign in today's market.
•First-time home buyers. First-time home buyers who found themselves priced out of the real estate market during the frenzied market of 2001 to 2005 are among those who are now tentatively starting to buy properties in some areas where prices have plunged.
In November 2007, about 39% of purchasers were first-time home buyers, up from 36% in 2006, according to the NAR.
Buyers who find a price they can afford still face other obstacles in the current economic climate, says Patrick Newport, an economist with Global Insight.
"It's still hard to get credit," he says. "Banks are being careful and requiring bigger down payments. But there are people jumping into the market, including investors, who are hoping to make a killing."
And buying a home through foreclosure or an auction can be problematic, with properties often sold "as is," or with potential buyers unable to arrange for a full inspection.
Financing needs to be secure, because homes bought at an auction often require closing within 30 days. And some buyers intent on snatching up low-priced bargains they plan to sell quickly could end up being burned if the housing market remains stuck in the doldrums for years to come.
Meanwhile, foreclosure tours — some in double-decker buses or swanky limos — represent part of a trend that analysts say could help prop up the real estate market in some areas.
"If you have any interest in real estate at all, you can't ignore the hype about foreclosures," says Nikki Holmes, a Realtor at Keller Williams Realty in Auburn, Calif., who has begun conducting Saturday-morning tours in a white stretch limo to showcase foreclosed homes to prospective buyers.
"Buyers are getting very savvy and educated," Holmes says.
"People are saying, 'It's a really sad story we have this huge mortgage bust, but it's an opportunity for me.' When something fails, something else comes along to take its place, and that will re-energize the economy."
-----
Check out our websites at Clearwater Real Estate and Tampa Real Estate
---------------
Home prices are sinking. Banks are seizing properties from owners who can't pay their mortgages. Yet for Amber Gilmore, the miserable housing market has never looked better.
After searching for a home for more than a year, Gilmore and her fiancé found one in foreclosure. Once the bank cut the asking price by more than $100,000, the first-time home buyers eagerly sealed the deal for $230,000.
STORY: Would a housing bailout be helping hand or handout?
In about a month, the couple will move into the two-bedroom house in Chicago with a small fenced yard and garage. The previous owners invested in gleaming granite countertops and hardwood floors. Their loss, Gilmore says, is her gain.
"This is the best time to buy — so many homes are in foreclosure," says Gilmore, 25, a news coordinator for Telemundo, a Spanish-language media company. "The market right now is, to us, a benefit."
FIND MORE STORIES IN: California | Internet | Chicago | Detroit | Michigan | Cleveland | Orlando | Charlotte | Auburn | National Association of Realtors | Spanish-language | Telemundo | RealtyTrac | Las Vegas Boulevard | Gilmore | CEO of ZipRealty | Patrick Lashinsky
As home sales and prices drop across much of the USA, many potential buyers remain scared to jump into the market, and sellers are resorting to slash-and-burn prices. The national median price sank to $195,900 in February, down from $213,500 in February 2007. Foreclosures are up nearly 60% from March 2007, according to RealtyTrac.
But to a small but growing number of buyers across the nation, the grim housing recession offers a tantalizing upside: They can get a home at a fire-sale price. In some metro areas, price declines are galvanizing bargain hunters — especially first-timers, foreign investors and out-of-state buyers looking to rent properties they hope to sell later for a windfall.
Those shoppers are forming isolated pockets of real estate activity, especially in cities where foreclosure rates are high but jobs remain available to attract potential home buyers.
In some areas, such as Charlotte and Detroit, home sales are ticking upward, following a trend of upward sales as far back as 2006. In other markets, bargain-hunting activity is still too sporadic to fuel an overall rise in sales.
Few economists expect the sporadic purchases to signal a bottom to the housing market's slump, but the bottom-fishing for home deals is a hopeful sign amid all the bad news about the troubled housing market.
National housing analysts say they lack hard numbers to quantify the degree to which investors and other bottom-fishers are affecting sales in many markets. However, "We've heard anecdotally that there are some investors looking to pick up these properties," says Paul Bishop, the National Association of Realtors' managing director of research. "That helps put a floor in some of these markets."
Some real estate agents are trying to cash in by buying or renting buses and treating prospective buyers to tours — complete with free meals — of foreclosed homes in Las Vegas, Cleveland, Orlando and some parts of Michigan and California. In Auburn, Calif., potential buyers are ferried to bank-owned homes in style — via a 40-foot stretch limousine.
"There are people looking for deals, and the deals are out there," says Patrick Lashinsky, CEO of ZipRealty. "People aren't priced out of the market anymore. Two years ago, there was a stigma to buying foreclosed homes. Buyers felt like they were taking advantage of someone's bad luck. That's not there anymore."
'I'd almost call it a frenzy'
Ruth Ahlbrand, a Realtor in Las Vegas, began noticing new opportunities in the housing market last year, as banks that had seized homes began lowering the prices. In a market where casino projects promise plenty of job opportunities, she knew buyers could be found.
So she hatched a plan. Ahlbrand began training her agents to specialize in foreclosures, revamped her Internet marketing campaign to appeal to buyers intent on finding screaming deals and bought a 40-seat bus, which she spruced up with reclining seats and air-conditioning vents for each rider.
On Feb. 13, Ahlbrand put into service her foreclosure bus — a red, white and blue coach splashed with slogans such as "Hottest Bank Owned Homes!" to take potential buyers on three-hour tours. The tours include free meals after the ride and an agent with a microphone to point out the deals and explain how to buy a home in foreclosure.
So far, Ahlbrand says, more than 700 riders have taken the tour, and prospective buyers frequently drop in to see when the next tour is.
On weekdays, the bus rides up and down Las Vegas Boulevard, without passengers, to drum up more business. Sales have increased more than 10% since she began using the bus.
"It's like a seminar on wheels," Ahlbrand says. "Buyers are saving up to 30% or 50%. People are really looking for a deal. I'd almost call it a frenzy. We've hit the bottom, and Las Vegas is growing."
In one sign of the trend, she says, more than 40% of the homes her agency sold in December and January were bank-owned at the time of purchase.
And Las Vegas is one metro area where prices are dive-bombing. After prices soared during the national real estate boom of 2005, the city has absorbed one of the sharpest drops in home prices in the USA, according to a price-index report from S&P/Case-Shiller.
Las Vegas reported a 19.3% decline in home prices in January, compared with January 2007. And the median home price sank from $314,950 in March of 2006 to $243,169 in March 2008, according to the Greater Las Vegas Association of Realtors.
While overall home sales are showing their steepest declines in more than a decade, the allure of low prices to bargain-hunters offers a glint of light in an otherwise bleak real estate landscape.
Boston, Cleveland, Detroit, Sacramento and San Diego have all seen sales increases recently after a period of price declines, according to a March report by Radar Logic, a real estate data and analytics firm. In Detroit, sales of homes and condos rose 12.8% in February compared with a year ago, according to Realcomp.
That doesn't necessarily mean prices are rising, too: In January, Boston still posted a 3.4% price decline over last year, according to the S&P/Case-Shiller index.
A risk-taker's market
Joel Naroff, chief economist with Naroff Economic Advisors, says bargain buyers are moving in but some may be getting into deals in which they are expecting too much bang for their investment.
Among the bargain shoppers:
•Investors. Single-family home prices in 10 major metro areas tumbled 11.4% in January — the steepest decline since such figures were first collected in 1987 — according to a March report by the S&P/Case-Shiller composite index.
One result: mouth-watering opportunities for some investors, some of whom are buying multiple properties with plans to rent them out until the housing market picks up and prices rise again.
Alison Diboll, a marketing executive in San Francisco, closed a deal in March on the first of four homes she's buying in Charlotte and Dallas. She bought the homes, which were previously in foreclosure and have been rehabilitated, for about $100,000 each.
She plans to rent them out for five to seven years and sell them once the market rebounds.
Diboll is so confident that her four homes are a shrewd buy that she hasn't bothered to see any of them and is having them managed by a third party.
That sort of breezy approach toward buying a home without having seen it firsthand conjures up memories of the risk-taking by buyers during the real estate bubble. But Diboll insists her investment is safer than it would be in the stock market.
"With the stock market as volatile as it is, it's not a good idea for me," Diboll says.
"Real estate is the great American Dream," she adds. "I read that the people who made money during the Great Depression were those who had money and took a risk."
•Foreign buyers. International investors also are eyeing the U.S. housing market. Thirty-three percent of international buyers from April 2006 through April 2007 were from Europe, according to a 2007 report by the NAR.
Buyers from Asia and North America (outside the USA) were also active, accounting for 24% and 23% of international clients during that same time period.
Sales to international buyers have been turbocharged by the steady drop in the value of the U.S. dollar relative to other currencies. Lawrence Yun, chief economist with the NAR, says the dollar's dwindling value means that foreign buyers can get U.S. real estate at a relative average discount of 30%. (That percentage can run lower or higher depending on the buyer's home country.)
Agents are trying to reach out to some of these far-flung buyers, many of whom are seeking vacation homes. Ralph Haverkate, a broker at Tarbell Realtors in Palm Springs, Calif., is dangling an unusual inducement: Buyers from Canada are reimbursed for their travel and hotel expenses — up to $1,750 — if they close on a home. The home doesn't even have to be one that his agency is selling, but they do have to use his firm as their representative. The agency is now offering the same sort of deal for European buyers, initially targeting Switzerland, Germany and the Netherlands.
"We've had buyers flying in back-to-back," Haverkate says. "My partner and I literally have three or four couples a week coming in, and we take care of them. Prices are low, and if you combine that with the currency exchange, the savings are really big. The market is suffering — but for them, it's good."
Economists say the international interest is a hopeful sign in today's market.
•First-time home buyers. First-time home buyers who found themselves priced out of the real estate market during the frenzied market of 2001 to 2005 are among those who are now tentatively starting to buy properties in some areas where prices have plunged.
In November 2007, about 39% of purchasers were first-time home buyers, up from 36% in 2006, according to the NAR.
Buyers who find a price they can afford still face other obstacles in the current economic climate, says Patrick Newport, an economist with Global Insight.
"It's still hard to get credit," he says. "Banks are being careful and requiring bigger down payments. But there are people jumping into the market, including investors, who are hoping to make a killing."
And buying a home through foreclosure or an auction can be problematic, with properties often sold "as is," or with potential buyers unable to arrange for a full inspection.
Financing needs to be secure, because homes bought at an auction often require closing within 30 days. And some buyers intent on snatching up low-priced bargains they plan to sell quickly could end up being burned if the housing market remains stuck in the doldrums for years to come.
Meanwhile, foreclosure tours — some in double-decker buses or swanky limos — represent part of a trend that analysts say could help prop up the real estate market in some areas.
"If you have any interest in real estate at all, you can't ignore the hype about foreclosures," says Nikki Holmes, a Realtor at Keller Williams Realty in Auburn, Calif., who has begun conducting Saturday-morning tours in a white stretch limo to showcase foreclosed homes to prospective buyers.
"Buyers are getting very savvy and educated," Holmes says.
"People are saying, 'It's a really sad story we have this huge mortgage bust, but it's an opportunity for me.' When something fails, something else comes along to take its place, and that will re-energize the economy."
-----
Check out our websites at Clearwater Real Estate and Tampa Real Estate
admin | April 2, 2008
Hi - We have a new addition to Clearwater Real Estate.
Clearwater Short Sales has 10 selected examples of Clearwater properties that are being sold as short sales.
What are short sales? Well, the short version is - properties that are being sold by the seller with the bank's approval for less than what the seller owes on them. By doing it this way, the seller can avoid foreclosure and all of its ugly ramifications.
Keep checking. We will be consistently updated the page with newer short sales. And please check out our websites in general - Clearwater Real Estate and Tampa Real Estate
Clearwater Short Sales has 10 selected examples of Clearwater properties that are being sold as short sales.
What are short sales? Well, the short version is - properties that are being sold by the seller with the bank's approval for less than what the seller owes on them. By doing it this way, the seller can avoid foreclosure and all of its ugly ramifications.
Keep checking. We will be consistently updated the page with newer short sales. And please check out our websites in general - Clearwater Real Estate and Tampa Real Estate
admin | March 28, 2008
Hi - There has been a lot of negative press about Clearwater real estate and real estate in general. It is really not true.
There has been a lot of buying this Spring. There are many buyers out there scouring the market for the best Clearwater real estate deals in this TOTALLY buyer's market.
We can help you find an extraordinary deal. The market will go up and you might lament the opportunity you missed to find a really good deal on Clearwater real estate
We are very experienced Realtors and would love to help you!
Visit our websites at Clearwater real estate and Tampa real estate
There has been a lot of buying this Spring. There are many buyers out there scouring the market for the best Clearwater real estate deals in this TOTALLY buyer's market.
We can help you find an extraordinary deal. The market will go up and you might lament the opportunity you missed to find a really good deal on Clearwater real estate
We are very experienced Realtors and would love to help you!
Visit our websites at Clearwater real estate and Tampa real estate
admin | March 24, 2008
This article from MSNBC applies to Clearwater real estate as well as Tampa Real estate and Florida real estate.
------------------
WASHINGTON - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.
The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.
The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.
----
This is very good news for people looking to buy or sell Clearwater real estate.
Visit our websites at Clearwater real estate and Tampa real estate
------------------
WASHINGTON - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.
The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.
The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.
----
This is very good news for people looking to buy or sell Clearwater real estate.
Visit our websites at Clearwater real estate and Tampa real estate
admin | March 23, 2008
Wow - things are really picking up down here in Clearwater.
We actually have our hands full :-).
There is always room for another to check out our red hot Clearwater real estate deals. Amazing how much lower the prices are. And, with the mortgage rates under 6% - quite the deals.
Check out our websites Clearwater Real Estate and Tampa Real Estate
We actually have our hands full :-).
There is always room for another to check out our red hot Clearwater real estate deals. Amazing how much lower the prices are. And, with the mortgage rates under 6% - quite the deals.
Check out our websites Clearwater Real Estate and Tampa Real Estate
admin | March 21, 2008
Hi - Clearwater real estate, like so many other areas of the country are now experiencing a lot of short sales. We just did a short sale earlier this week and are working on another one.
Short sales are created when the seller decides to sell his home for less than is owed to the bank. This requires the approval of the bank as they are going to lose money on the deal.
It has the advantage for all parties involved:
The seller gets out from under a mortgage he or she can not afford and spares the liability of going bankrupt in the process.
The bank gets paid right away and does not have to get involved in legal action trying to evict the seller.
The buyer of course gets a below market deal on a home.
The is happening in Clearwater real estate as well as real estate throughout the Tampa Bay area, Florida and the rest of the United States.
Please visit our websites at Clearwater Real Estate and Tampa Real Estate
Short sales are created when the seller decides to sell his home for less than is owed to the bank. This requires the approval of the bank as they are going to lose money on the deal.
It has the advantage for all parties involved:
The seller gets out from under a mortgage he or she can not afford and spares the liability of going bankrupt in the process.
The bank gets paid right away and does not have to get involved in legal action trying to evict the seller.
The buyer of course gets a below market deal on a home.
The is happening in Clearwater real estate as well as real estate throughout the Tampa Bay area, Florida and the rest of the United States.
Please visit our websites at Clearwater Real Estate and Tampa Real Estate