Beginning in March, the forecast was that with Freddie Mac pulling out of government funding rates would start to climb as the private sector now funding these mortgage bonds would demand a higher return. That is what has economists amazed that the latest rate is the lowest for a 30-year fixed loan since Freddie began tracking rates in 1971! It also marks the fifth time in six weeks that the mortgage company has reported hitting a new average low. That makes mortgage rates are the most affordable in decades for those who can qualify for a loan.
"Refinance activity has increased over the last month as homeowners seek more affordable monthly payments. But many don’t qualify for a loan or don’t have the cash to pay for closing costs. And rates have been low for so long that many have already refinanced," according to an article published by the Associated Press last Friday.
To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.
Rates on five-year adjustable-rate mortgages averaged 3.76 percent, down from 3.79 percent a week earlier.
Rates on one-year adjustable-rate mortgages fell to an average of 3.64 percent from 3.70 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for all loans.
Wednesday, August 4, 2010
Sunday, August 1, 2010
USA Today Travel Agrees - Tampa Bay Prime For Second Homes!
We say it so frequently that it is great to hear that a national news source agrees that Tampa Bay is an amazing destination for those seeking to relocate or purchase a second home. Two days ago, USA Today Travel published this article: Second homes: All the joys of Florida in one spot!
When we did our own personal research back in 2001 as we sold our business and looked ahead at where we wanted to spend the next decades of our lives, the one thing for sure was that it would be on the water! There is something so soothing and serene about watching the waves, the wide assortment of birds, dolphins and manatees swimming by... and of course the temperate climate. Tampa Bay offers all that splendor of nature on its pristine white sandy beaches, while giving us access to three dynamic cities (Tampa, St Petersburg and Clearwater) in which to enjoy fine restaurants, international shopping, entertainment and culture! One by one, as they visited this special area, our family members moved here as well. Even if they couldn't move full time, they bought along the beaches of Tampa Bay to enjoy whenever they can.
Prices skyrocketed in 2005 and 2006 when over 1000 people were moving to Florida every day. With the unprecedented market adjustment in pricing, there is no better time to take advantage of these extraordinary deals! Contact The PURTEE Team today!
info@floridagulfproperty.com
When we did our own personal research back in 2001 as we sold our business and looked ahead at where we wanted to spend the next decades of our lives, the one thing for sure was that it would be on the water! There is something so soothing and serene about watching the waves, the wide assortment of birds, dolphins and manatees swimming by... and of course the temperate climate. Tampa Bay offers all that splendor of nature on its pristine white sandy beaches, while giving us access to three dynamic cities (Tampa, St Petersburg and Clearwater) in which to enjoy fine restaurants, international shopping, entertainment and culture! One by one, as they visited this special area, our family members moved here as well. Even if they couldn't move full time, they bought along the beaches of Tampa Bay to enjoy whenever they can.
Prices skyrocketed in 2005 and 2006 when over 1000 people were moving to Florida every day. With the unprecedented market adjustment in pricing, there is no better time to take advantage of these extraordinary deals! Contact The PURTEE Team today!
info@floridagulfproperty.com
Sunday, July 25, 2010
What To Look For In Finding Your 2nd Home!
The PURTEE Team specializes in finding second homes for out of state or international buyers. From the original inquiry, a buyer is connected with one of us to assist in a full understanding of the marketplace, the challenges of buying distressed properties... and what to look for as a part time resident.
* First, we discuss how they are going to maintain the property. With a private home there is a great deal to consider with maintenance, yard and security. For that reason, many decide a condo offers a better solution... with landscaping, building insurance and exterior maintenance included in the homeowner's fee. Often times, with storm shutters, the condo can be secured and left highly protected during times the owner is not in residence.
* Secondly, we update our buyers about age. This is an important conversation to bring the buyer up to speed on how to understand the factors that are most important. it is also a critical piece as to why working with a realtor knowledgeable about the area is so important!
The building codes in Florida dramatically changed in 2004. At that point, frame construction was replace by solid block construction. The latest code heavier sliding glass doors with high water threshold frames combined with the new suspension cable support system between floors... and so many other key details in order to keep the newer building more secure in the possibility of a strong storm.
Therefore complexes that were completed in 2005, 2006, and 2007 reflect those changes. When the market fell off in the latter part of 2007, new construction trickled to a halt and very little new has come on the market. So we counsel our buyers to think of new as 2005-2007.
In the 1970's and 80's builders often used the solid block construction so many of those older builders are very solid in nature. Where they fall short is in the lack of high wind rated glass windows and sliding doors. For the most part, that has been aided by the use of newer storm shutters added to the outside of the glass for additional support and security. Some of the older buildings (like Seamark in St Pete Beach) have opted to bring the entire building up to code with its windows.
When the decision is made to purchase a beach residence... whether as a place to get away from a grueling winter, or simply as a place to kick off your shoes and feel the sand between your toes while watching dolphins swim along the coastline... there are things to consider. As your realtor of choice we are right here throughout the process - even after you return home. For that reason, we have many buyers (who have become owners) who know they can count on us when necessary.
Our website is filled with information to start on the journey to discover what it is like to "Live the Florida Lifestyle". www.floridagulfproperty.com
* First, we discuss how they are going to maintain the property. With a private home there is a great deal to consider with maintenance, yard and security. For that reason, many decide a condo offers a better solution... with landscaping, building insurance and exterior maintenance included in the homeowner's fee. Often times, with storm shutters, the condo can be secured and left highly protected during times the owner is not in residence.
* Secondly, we update our buyers about age. This is an important conversation to bring the buyer up to speed on how to understand the factors that are most important. it is also a critical piece as to why working with a realtor knowledgeable about the area is so important!
The building codes in Florida dramatically changed in 2004. At that point, frame construction was replace by solid block construction. The latest code heavier sliding glass doors with high water threshold frames combined with the new suspension cable support system between floors... and so many other key details in order to keep the newer building more secure in the possibility of a strong storm.
Therefore complexes that were completed in 2005, 2006, and 2007 reflect those changes. When the market fell off in the latter part of 2007, new construction trickled to a halt and very little new has come on the market. So we counsel our buyers to think of new as 2005-2007.
In the 1970's and 80's builders often used the solid block construction so many of those older builders are very solid in nature. Where they fall short is in the lack of high wind rated glass windows and sliding doors. For the most part, that has been aided by the use of newer storm shutters added to the outside of the glass for additional support and security. Some of the older buildings (like Seamark in St Pete Beach) have opted to bring the entire building up to code with its windows.
When the decision is made to purchase a beach residence... whether as a place to get away from a grueling winter, or simply as a place to kick off your shoes and feel the sand between your toes while watching dolphins swim along the coastline... there are things to consider. As your realtor of choice we are right here throughout the process - even after you return home. For that reason, we have many buyers (who have become owners) who know they can count on us when necessary.
Our website is filled with information to start on the journey to discover what it is like to "Live the Florida Lifestyle". www.floridagulfproperty.com
Monday, July 19, 2010
Sellers Facing Hard Reality On Pricing
We continue to talk about absorption rate. In June, the absorption rate for single family homes was 12.4% and for condos was 7.9%... which basically means if you are selling a home, there was an 87.6% chance you did not sell your home in June. For condo sellers, the rate was even higher at a 92.1% chance your condo didn't sell.
The best counsel we can give our sellers is to look at the likelihood of their property selling, then calculate the costs of carrying the property each month. (That includes paying the mortgage, insurance, utilities, etc., plus the cost of any further price declines.) We do a comparative market analysis as we list a property, as well as periodically during the course of the listing. This is a report that takes recent sales of similar properties and breaks them down into a selling price per square foot. This is the best indicator of what our selling price suggestion should be. This is also the same tool mortgage lenders use in order to determine value for loan purposes. For example, if a property is priced too high, lenders simply will not loan on the property at that price. With lending institutions tightening their lending policies anyway, the wrong price can create yet another stumbling block.
Cash buyers are out there, but they are driving hard bargains and looking for extraordinary value. Sellers who are upside down in the value of their property and do not qualify for lender support in a short sale could face bringing serious $$$ to the closing table. As we give our listing prospects the very best advice we can... along with strong marketing muscle, The PURTEE Team never hesitate to go the distance for their sellers!
The best counsel we can give our sellers is to look at the likelihood of their property selling, then calculate the costs of carrying the property each month. (That includes paying the mortgage, insurance, utilities, etc., plus the cost of any further price declines.) We do a comparative market analysis as we list a property, as well as periodically during the course of the listing. This is a report that takes recent sales of similar properties and breaks them down into a selling price per square foot. This is the best indicator of what our selling price suggestion should be. This is also the same tool mortgage lenders use in order to determine value for loan purposes. For example, if a property is priced too high, lenders simply will not loan on the property at that price. With lending institutions tightening their lending policies anyway, the wrong price can create yet another stumbling block.
Cash buyers are out there, but they are driving hard bargains and looking for extraordinary value. Sellers who are upside down in the value of their property and do not qualify for lender support in a short sale could face bringing serious $$$ to the closing table. As we give our listing prospects the very best advice we can... along with strong marketing muscle, The PURTEE Team never hesitate to go the distance for their sellers!
Tuesday, July 13, 2010
June Statistics Evaluated
We have posted June Statistics to the home page of our website. June was a tough month for consumer confidence with rising concerns over the gulf oil spill becoming a harsh realty along the panhandle coastline, as well as slower than expected employment recovery. Overall residential unit sales here in Pinellas County in June were up another 5%.
Single family home sales were up 7.5% compared to last year while condo sales remained at the same level as June 2009. All residential listings were down 7% compared to June 2009 bringing inventory lower. Single family listings dropped 3.3% and condo listings fell 11% from June 2009. When looking at the Absorption Rate, this gives us the ration between units sold and units listed for the month. June saw a single family absorption rate of 12.4% compared to 11.1% in June 2009. In condos, the absorption rate for June was 7.9% compared to 7.0% in 2009.
In speaking with other agents who specialize in waterfront property along the beaches of Tampa Bay... all of our business has picked up significantly! We have always said that beach property has its own market center as opposed to more residential living inland. Since the numbers reflect ALL of the county, it is significant to capture its relevancy to our specific waterfront market.
We are very aware of price thresholds and when a jewel of a property comes on the market! Therefore when a property's price lowers below that threshold, we have a group of buyers eager to take advantage of such a deal and often such deals are snapped up in a matter of days. There is a significant amount of cash that has come out of the stock market volatility... looking for the long term appreciation of waterfront property - AT THE RIGHT PRICE!!!
The PURTEE Team is on top of this phenomenon and we are here to help. Contact us today to find out how we can be of service!
Single family home sales were up 7.5% compared to last year while condo sales remained at the same level as June 2009. All residential listings were down 7% compared to June 2009 bringing inventory lower. Single family listings dropped 3.3% and condo listings fell 11% from June 2009. When looking at the Absorption Rate, this gives us the ration between units sold and units listed for the month. June saw a single family absorption rate of 12.4% compared to 11.1% in June 2009. In condos, the absorption rate for June was 7.9% compared to 7.0% in 2009.
In speaking with other agents who specialize in waterfront property along the beaches of Tampa Bay... all of our business has picked up significantly! We have always said that beach property has its own market center as opposed to more residential living inland. Since the numbers reflect ALL of the county, it is significant to capture its relevancy to our specific waterfront market.
We are very aware of price thresholds and when a jewel of a property comes on the market! Therefore when a property's price lowers below that threshold, we have a group of buyers eager to take advantage of such a deal and often such deals are snapped up in a matter of days. There is a significant amount of cash that has come out of the stock market volatility... looking for the long term appreciation of waterfront property - AT THE RIGHT PRICE!!!
The PURTEE Team is on top of this phenomenon and we are here to help. Contact us today to find out how we can be of service!
Saturday, July 10, 2010
Canadians Buying Property In Florida
Living full time here on the beach in Tampa Bay gives us an interesting perspective on living the "Florida Lifestyle". Being realtors, we have ridden the roller coaster of the market highs and lows to see first hand what values are to be had! So why is it that 4 of our deals during the last 30 days were with Canadian Buyers?With cash to spend, a favorable currency exchange and a hunger for a warm weather winter retreat... Canadians are quickly realizing this is the time to buy in Florida. With Americans caught in consumer uncertainty, a crisis with the gulf oil spill, and difficult financing options... it has been interesting to watch Canadians pick up on this weakness and take advantage of tremendous purchase opportunities!
We have seen our Manitoba buyer strategically plan when to convert his Canadian dollars into US funds for closing in order to further enhance his purchase! The PURTEE Team encourages our northern friends to act now. Inventory is definitely shrinking and the great values are very evident to us a professionals in the field. The deal we closed earlier this week was for a 3 bedroom waterfront condo that was originally purchased by the owner for $924,000. Our buyer from Newfoundland got it for $350,000!!!
Our buyers love that they can search distressed properties in Tampa Bay right from our website: http://www.floridagulfproperty.com/distressedsearch.html This is a great start in determining some of the outstanding deals available. We are diligent in working hard to ensure all of our clients get first class service! Give us an opportunity to show you... you won't be disappointed.
Thursday, July 1, 2010
Congress Extends Homebuyer Tax Credit and Flood Insurance
The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.
Homebuyer Tax Credit
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida.
National Flood Insurance Program
Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
Homebuyer Tax Credit
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida.
National Flood Insurance Program
Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
Subscribe to:
Posts (Atom)
