Considering Listing Your Home/Condo As A Short Sale?

The last three years have taken its toll on consumers across the nation with economic woes and a declining housing market! Homeowners have found themselves upside down in their properties with the easy access mortgages of 2005-2007 far surpassing the current value.

The number of foreclosures skyrocketed and short sales have become an everyday way of life. Yet many owners have held on, diligently paying their mortgage payments through these difficult times. Often the answer has been to rent out the property to help offset the costs. Many have dipped into savings or their retirement in order to fund these properties that appeared so golden such a few years ago!

Although there are positive signs in the market that housing is stabilizing (see our blogs about local area market statistics), some owners have finally reached a breaking point where they simply cannot afford to support these properties any longer. If you are considering doing a short sale on a property you own, it is most important that you use seasoned professionals to help you. The PURTEE Team with Realty Executives can be counted on to get you the counsel you need and help through the process. We use a strong negotiator, with an attorney's guidance, to represent our clients through the short sale. The attorney will explain in detail options and consequences, along with what to expect along the way. Because we are thorough and surround ourselves with such a professional team, our success rate is extremely high! A new TESTIMONIAL was just added by one of our short sale sellers... see what he has to say and why you might want to consider listing with us. Email us at info@floridagulfproperty.com to set up a time to discuss your listing questions. We are here to help!

Tampa Bay Rays Clinch The American League Wildcard!

Anyone who questions the pure determination of our Tampa Bay Rays simply does not understand what we know about this team! During off season this year, Tampa cut an insane number of our premiere players in order to drastically cut the payroll. Such stars as Carl Crawford, Carlos Pena, Matt Garza and Rafael Soriano were sent on their way.

But behind it all, Joe Madden led the team through cherry picked replacements such as Matt Damon, Casey Kotchman and some strong rookie muscle to our bullpen. All of the players know Madden never looses his confidence or his calm... creating an environment that makes the players enjoy the game with a highly competitive spirit.
September has been a stellar month for the Rays! Struggling to find consistency within it newly patched together team, they began September 9 games behind the Boston Red Sox vying for the American League wildcard spot! This is where Madden and his team began to pull it together and game by game decrease that spread. By last night, they were neck and neck with Boston... and we were playing the Yankees! Boston was playing Baltimore. Depending on the score of those two games, there would either be a wildcard winner or a tie-breaker to be played on Thursday!

When the Yankees came out fighting, The Rays saw a devastating 0-7 score facing their wildcard race... at the same time keeping up with the Boston game (they were winning 3-2). Most people would think that was pretty bleak... but the 8th inning changed the game and the deficit was narrowed to 6-7. In the bottom of the 9th inning, with 2 outs on the scoreboard, Madden brought in Dan Johnson as a pitch hitter. As the announcer said, "Johnson is here for one reason and one reason only." And sure enough he pops one out there tying up the game and leading the team into extra innings.

In the bottom of the 12th inning, the word came up on the scoreboard that the Baltimore Orioles had beat the Red Sox!! Cheers roared in the crowd... if we could win this game, the AL wildcard belonged to the Rays. And Evan Longoria's dramatic homer did just that!

This team simply does not lose its spirit and they never give up even when the odds are stacked against them. Play offs begin Friday against the Texas Rangers... GO RAYS!!!

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

Florida Home Sales Experiencing An Upturn

On September 1st,China's largest news agency - Xinhua (with over 800 million website followers) - featured a story on why Florida real estate is a smart investment for the international market.

"Tampa, FL (Xinhua) - September 1, 2011 - One of the first U.S. states to have its economy crushed by the U.S. housing market recession is now experiencing a rather happy surprise - its housing market is experiencing an upturn.

Despite and unemployment rate of 10.7%, which is higher than the national rate of slightly over 9%, enough people are buying houses in Florida so that the state's housing market is no longer considered an imminent problem by housing and regulatory agencies.

What makes this even more unique is the fact that the status of Florida's housing markets seems to be in the opposite condition of the national housing market."

The combination of highly affordable prices and record low interest rates are fueling this resurgence. So, taking a look back at the significance of foreign homebuyers in Florida... the National Association of Realtors conducted a survey this summer to determine the impact of international home buyers. Here are some of the results:

• Approximately 25% of all sales in Florida are to foreigners.



• Nearly all sales are for cash.



• Foreign purchasers buy upper end homes with a median price of approximately $174,700.
  


• International investors cite value as a major reason for their purchase - the discounted prices of U.S. real estate coupled with the weaker U.S. dollar.



• Canadians were the top investors in U.S. property, with the United Kingdom now less important that in 2010. Brazil and Venezuela have become more important.

The PURTEE Team is also experiencing this increase in foreign national activity. This year we have closed transactions with international buyers from various provences in Canada, the United Kingdom, Switzerland and Scotland. With our RSPS (Resort & Second Home Property Specialist) certification, we are trained to work with foreign nationals throughout the sales process. You can contact us to learn more HERE.

Rate On 30-Year Mortgage Falls To Record Low

On the heels of the congress debacle, which kept a decisive action in regards to raising the debt ceiling until the last possible moment, the United States lost its stellar AAA credit rating. The economy continues to flounder and record setting low interest rates are failing to stir the home market back to life. As a matter of fact, last Friday rates on a 30-year mortgage fell to its lowest level since 1971!

Rates moved from 4.32% during the prior week to a new low of 4.15% last Thursday. Rates have not been this low since the 1950's! Although rates have remained below 5% for all but 2 weeks of the past year, yet nationwide sales and prices remain lackluster.

One thing holding borrowers back from taking advantage of these exceptional rates is the difficulty in securing a new loan. Banks are requiring higher credit scores and larger down payments. Those who do qualify have flocked to refinance existing loans and refinanced loans are currently representing over 70% of new mortgages.

In the Tampa bay Beach area, we continue to see "Cash is King", with over 62% of our current sales as cash transactions. To see current rates on our website, Click Here.

July Market Statistics Are In - Tampa Bay Upswing!

Click On Chart To Enlarge

July 2011 Market Statistics for Pinellas County in Tampa Bay are in and now posted on our website. The chart at left tracks the Absorption Rate by month as it compares to 2008, 2009 and 2010. In the event you are not aware, this is determined by dividing the total number of units sold during the month by the number of listing in the MLS (Multiple Listing Service).

Take a look at the chart comparisons for inventory versus sales and it becomes very clear what is happening in our area. Inventory of both single family homes and condos are at a level not seen since 2005! Yet sales are accelerating. Even in the midst of national trends, there are location-specific areas on the rise. The waterfront Tampa Bay area with its beautiful beaches, temperate climate, and proximity to an international airport and seaport... plus location for 9 spring training National Baseball Leagues continues to draw new buyers, both foreign and domestic!

It is interesting to track the sales and listings by zip codes to uncover the desire and magic of owning waterfront property... and the possibility for dramatically reduced prices! Be prepared. Prices are starting to climb and some deals that hit the market are getting multiple offers on them within the first week.

The PURTEE Team is extremely knowledgeable about the Florida real estate market, and in particular the barrier islands of Tampa Bay. Contact us to learn how you can find your own piece of paradise at an affordable price today!

Debt Ceiling Raised But Impact On Mortgage Rates?

It has been quite the roller coaster ride to see how Washington has handled finding resolution to the pending Debt Ceiling Crisis. Although concessions were made on both sides, the government finally signed off on the agreement to slash $2.1 trillion in spending and raise the $14.29 trillion debt ceiling.

Yesterday, stocks tumbled over 2% even with the agreement and the financial environment appears to be far from stable. What will that mean to interest rates and the real estate market in the near future? What will make a huge difference is whether our debt worthiness is downgraded from our AAA status.

The immediate result from a downgraded rating would be an increase in consumer rates as a direct result of the government being forced to pay higher rates to bond investors. Mortgage rates are at record lows. The average rate for a 30-year fixed mortgage at the end of last week was 4.55%. If bonds issued by Fannie Mae and Freddy Mac lose their AAA status as a result of a downgraded credit rating, mortgage rates will rise as a result. Many investment funds are only allowed to invest in AAA-rated bonds... the lack of these investors would have a fairly immediate reaction to interest rates in the short term.

If you are considering a home purchase in the near future, it may very well be the time to lock in a rate now while these rates are so low. The PURTEE Team is here to help in the Tampa Bay area!