Mortgage Rates Still Under The Microscope

Industry analysts are having a difficult time agreeing on the direction of mortgage rates over the short term.  According to Bankrate.com, an even number (31% each) believes rates will either go up or stay the same over the next few weeks while 38% expect a further decline.

Mortgage rates, at a new record low of 3.62% for a 30-year fixed and 2.89% for a 15-year, tend to follow along with the 10-year US Treasury note.  As demand for Treasury bonds increase (considered a safer inventment in times of economic uncertainty), the yield falls.

This trending of the mortgage rates record lows has brought some relief to the slowly recovering housing market.  According to the National Association of Realtors, pending home sales rose in May, matching the highest level in the past two years, and are well above year-ago levels. Monthly and annual gains were seen throughout the country.

We are certainly seeing a strong come back here in the Tampa Bay market!  Inventory continues at record low levels and the mortgage lender still have a tight fist around our buyers taking advantage of these low rates.  Lawrence Yun, NAR chief economist, said longer term comparisons are more relevant. “The housing market is clearly superior this year compared with the past four years. The latest increase in home contract signings marks 13 consecutive months of year-over-year gains. Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

If you are interested in exploring a purchase along the pristine beaches of Tampa Bay, let The PURTEE Team help!  We bring the advantage of excellent market knowledge and experience to every transaction.
Contact us today!

Housing Affordability At Record High

The National Association of Realtors (NAR) announced that "housing affordability conditions have reached the highest level since record keeping began in 1970."

The Housing Affordability Index rose to a record high 206.1 in January. This index is influenced primarily by the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. If an index of 100 is considered the "breakeven where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments."

NAR President, Moe Veissi, says this latest data underscores buyer opportunities in today’s market.“This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home!”

So, what we need to look at regarding buyers being able to get these homes is financing. The rates are at historic lows but the regulations are so tight that many potential homeowners are simply not able to get the financing they need to make the purchase. Here in Florida a purchase of a condo anywhere in the state requires a 25% deposit down. Underwriters are scrutinizing all aspects of the purchase.

Veissi says. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices, with modest gains in areas with stronger job growth.” Currently here in Tampa Bay, cash sales are representing over 60% of transactions. Until financing returns to being a viable option, many of these opportunities will go to the cash buyers. To explore your options, The PURTEE Team is here to help. Specializing in Tampa Bay beach real estate, we understand the market, its trends and where the opportunities are. Whether considering a purchase or listing your property, contact us today!

October Early Snow Sets More Northeasterners With Sights On Florida

This past weekend's surprise snowstorm took the last of the beautiful fall colors with it. Power outages, blocked roads, treacherous driving, shoveling... SERIOUSLY? And in October???

As part of The PURTEE Team, realtors in the Tampa Bay beaches area, we do business with clients not only from around the country but around the world. We have talked to many clients in Pennsylvania, New York and Massachusetts in the last few days. With starting the snow so early this year, it has many of them looking toward "living the Florida lifestyle".

Each of the four members of our real estate team relocated here to the Tampa Bay area years ago. We have never looked back on that decision. This area has an abundance of activities with every kind of water sport, 9 area spring training teams, major league sports, international shopping, theme parks, fine dining... and then, of course, there is the pristine white sandy coastline along the Gulf of Mexico that simply takes your breath away!!! What a novel thought to leave the cold and snow behind and instead play a round of golf, a game of tennis, sailing into the sunset, deep sea fishing... or simply a stroll on the beach!

If you are seriously considering the options of either relocating to the Tampa Bay area, or purchasing a second home here... we are the realtors for you. Scrupulously diligent in finding the right property, we won't let you down. Whether you work with Mark, Garges, Lambdin or Kathy, you get the power and expertise of us as a team. Our website www.floridagulfproperty.com is filled with tools to help as well. Fill out your "Wish List" today and one of us will be in touch with you shortly to help identify exactly what you are looking for and how we can help you find it.

The PURTEE Team/Realty Executives/Tampa Bay Beaches Realtors Of Choice!

The PURTEE Team brings some heavyweight sizzle to the Tampa Bay real estate scene. With over 10 years of local real estate experience, their diverse professional backgrounds combine to create one powerful team! Always among the top producing agents along the Tampa Bay beaches, their clients have discovered a cohesive team whose combined strengths make an exceptional total package.

Recently, other institutions have begun to take notice as well. When Lending Institutions select one of the team members as their preferred realtor, it enables our clients to take advantage of distressed property prices right as they hit the market!

For almost a year, Lambdin Freeman has been on the Regions Bank preferred list of realtors in the area. She is an expert in preparing a property to list for Regions... and connecting that property to the right buyer from our team database.

Mark Purtee was recently chosen by Kondaur Capital Corporation of California to handle one of their distressed property listings. He was involved from the original assessment through property upgrades to enhance the property prior to listing. Mark typically suggests spending a minimum amount in order to keep the price low. It is our investor clientele that are truly able to take advantage of these types of properties as they hit the market.

Sun Trust Bank has recently recruited Kathy McBrayer as their realtor of choice in the Tampa Bay area to launch their Special Lending Program for Doctors wishing to purchase property. She brings a great deal of experience and expertise to Sun Trust.

Both Mark and Kathy have achieved their Certified Luxury Home Marketing Specialist (CLHMS) designation and Garges Purtee has added the Resort & Second Home Property Specialist (RSPS) to her list of accomplishments.

Throughout the process of rounding out the team, Garges Purtee brings over 30 years of marketing experience to the team... as evidenced by the team website, marketing materials, and marketing to the team database of over 7000 interested clients! In addition, her interior design license allows the team to offer professional staging all the way to helping a new buyer get to turn key ready.

Whether considering listing your property or making a purchase here in the Tampa Bay Beaches area, call on The PURTEE Team with Realty Executives. 10209 Gulf Blvd., Treasure Island, FL 33706. Or email us at
info@floridagulfproperty.com

International Home Buyers Focus on Florida

International buyers are taking advantage of real estate bargains in the United States. Last year, international buyers reportedly $41 billion on purchasing homes in the U.S. Of those purchases, over $13 billion were in Florida, with Tampa Bay one of the top destinations!

The PURTEE Team is seeing this trend very active in their business. Currently, we are involved in transactions with clients from Prince Edward Island, Canada; Hergiswil, Switzerland; and Leigh-on-sea, UK. We understand the implications of a home purchased by foreign nationals and the United States makes home ownership relatively easy. With the real estate prices as low as they are, and the currency exchange rate definitely in the favor of the Euro or Canadian dollar, this is the perfect time to find the Florida home or condo here along the beaches of Tampa Bay.

With pristine white sandy beaches, nightly breathtaking sunsets, and a long list of outstanding things to do in the area... plus the international access to the Tampa airport, this is definitely an area to check out! The PURTEE Team is here to help... simply fill out this Questionnaire about what you would like in your dream home, and one of us will be in touch with you shortly!