"I'm sorry. I know I have a Tampa home for sale, but I'm not available for questions and you can't see it. Please leave a message after the beep."
No More Precious Commodities
Houses are no longer the precious commodities they once were. A Tampa home for sale is no longer a rare occurrence. This is the biggest reason for the splurge of hints from real estate agents: update your curb appeal, stage the house, etc. Something seems to have been forgotten along the way: availability.
Where Were You When…?
Very rarely will anyone ever buy a house unseen. So the real question is have you (and/or your agent) been available for potential homebuyers, or have the potential buyers had to guess at what the inside of your home looks like?
Buyer agents are starting to complain: "I had this tour all lined up to show houses, called the seller agents and couldn't get through. By the time it was all said and done, my list of fifteen homes to show became five."
It is amazing how many times we call an agent to get a message saying their voicemail is full. It is hard to schedule a showing with an agent that cannot receive voicemails and will not answer their phone.
If you're trying to sell a house, you have to make it available for buyers to view. Too many sellers think that buyers will look over the home when they (the sellers) are available. "Hey, it's great that you have potential buyers who want to look at my house right now, but I have stuff to do. Rearrange your housing tour, set it back a few hours and I'll meet you there at six."
What if the potential buyer doesn't have until six to look at your house? For that matter, what if I (as the buyer agent) can't put your house in the last slot on the tour? Why would the buyer meet you at an inconvenient time for them when there are plenty of other homes available?
Conclusion
A lot of sellers have their houses listed as "by appointment only," but this only works if you answer your phone to make the appointment. Others have seller agents who hold the keys, but buyer agents can't get the keys without being able to reach the seller agent.
If you really are a motivated seller with a Tampa home for sale, remember that you have lots of competition who may be more available. Answer your phone, tweak your schedule so it's wide open and show that you really are a "motivated seller" - make your home available.
When you are ready to sell, or if you would like to discuss the market please contact me at 813-469-3163 or email me at Jeff@MakeTampaYourHome.com.
A recent interview with FHA commissioner David Stevens on CNBC gives hope to Tampa real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.
Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Tampa real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.
Once it was out that the FHA wouldn't meet its 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.
You can watch the CNBC video for the full interview.
It appears that the FHA, put in place for instances like this when people can't afford other loans, actually has two capital accounts. According to Stevens, the FHA has "lots of capital in primary reserve to cover expected defaults." Combined, FHA capital is over $30 billion dollars.
Hopefully Stevens is correct in what he is saying, but it seems our government often says things are going fine just before a bailout is required.
At the present, says Stevens, the FHA isn't considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.
So, when thinking about buying Tampa real estate and looking at mortgage loans, don't forget to look at FHA which presently requires only 3.5% down.
If you're looking for a beautiful home, I can help. Call me now at 813-469-3163 or email me at Jeff@MakeTampaYourHome.com for more information.
Even those with a steady job and sufficient income are cautious about signing their mortgages for Tampa homes for sale. They realize that signing mortgages set them up with payments for a significant amount of their lifetimes. Others worry, especially now, about losing their jobs in an unstable economy. The "what if" game begins, and potential homebuyers know that, if they lose their job, there's a very real possibility they might lose their home.
Job-loss mortgage insurance gives homebuyers a "fallback plan" should they ever lose that stable income. It's a definite relief to many who want to buy Tampa homes for sale, but can job-loss mortgage insurance really help homeowners? Or, is it just another way to swindle the innocent out of hard-earned money?
What is it?
Job-loss mortgage insurance is exactly what it sounds like. Some insurance companies offer an insurance plan to help you pay your monthly mortgage payment should you lose your job. Although it's been around for years, the big companies, such as Bank of America and GE Casualty, have begun picking it up in the past 10 years,.
How does it work?
Job-loss policies pay all or part of your mortgage payment if your job loss is involuntary, and some pay if you become medically unable to work. Policies vary depending on the provider, but most go into action after a month of unemployment. Most also have a wait period which means they won't pay out during the first six months after you've purchased the policy.
Maximum monthly benefits, what the policy covers and whether you have to be receiving unemployment benefits are just a few things to look over while researching providers. As usual with anything insurance, make sure you read the fine print.
Is it worth it?
A lot of financial advisors say not to bother with the job-loss mortgage insurance. Take the money you'd be spending on insurance and build a savings account to hold six months worth of payments. However, many first-time home buyers have depleted their reserve funds just to get the house, and may not have the money to put aside.
My advice to you…
If you're interested in buying one of the Tampa homes for sale, but you're worried about your job stability, look into job-loss mortgage insurance. Once you have the facts, policy information and coverage costs, figure it into your finances (payments for coverage vs. building a six-month fallback account) and decide what's best for you.
Some people who are supposedly "in the know" believe the American dream of owning a home has died. They spout "facts" that say home ownership - not just for Tampa homes, but also across the nation - is no longer on the minds of the majority of Americans.
Additionally, according to some of these individuals, urban sprawl is the reason for:
the housing bubble burst,
the break down of social mores,
global warming (due to commutes, of course)
and more.
It's amazing that the nation's suburbs can cause so many problems, isn't it?
Is the American dream of home ownership really dead? The number of people buying Tampa homes versus renting them points to a definitive… maybe. However, in newspapers and on the Internet, we're seeing tons of "if you can't sell your home, rent it out" information. We're seeing potential homebuyers being told that renting may be the best option. Why?
The economy, of course. While there are plenty of want-to-be homeowners, those same people choose to rent rather than own for a wide variety of reasons. The main reason, however, is that they think it will be cheaper.
When you first think of buying a home, it sounds like an overwhelming prospect with lots of money involved. However, while the down payment is much more than it would be for a rental property, it's time to really look at the cost. Instead of example numbers, let me point you to Money-Zine.com's Rent vs. Buy a Home calculator.
In Tampa and surrounding areas many homes are qualified for the 100% USDA loan, which makes it so that someone with little money can purchase a home, though whether they should is open to debate. With the $8,000 first-time homebuyer tax credit and the expanded $6,500 tax credit for those who have owned a home for five of the past eight years buying may for many people be a better deal than renting.
Now, before you start plugging in numbers, remember that the national average for a 30-year fixed rate mortgage is around 4.5% - 5%. The national averages for mortgage rates in general range from 3% to 5.5%. Of course, every situation is different, but think about it and really do your research before you decide whether to rent or buy one of our Tampa homes. Don't just assume it's better to rent; renting may not be the cheap option you think it is.
If you'd like to find your piece of the American dream, I can help. Call me at 813-469-3163 or email me at Info@SweetHomeTampa.com for more information.
Everybody wants to know how the housing market is doing, especially if they own Tampa real estate. I try to keep the newsy pieces to a minimum and spend most of my Internet space on helpful pointers, but a lot of readers have asked about the market. In response to high demand, here's a peak at the current national foreclosure trends:
Foreclosure Trends
It's a wonderful thing to own any kind of real estate (although I'm partial to Tampa real estate, of course). Unfortunately, many people have lost their homes due to foreclosure since the housing crisis started; there have been over 7.8 million since 2007. California, Florida, Arizona, Nevada, Illinois and Michigan have been topping the count for foreclosures, adding up to 62% of the nation's foreclosures.
California's numbers reached 349,435 foreclosures last month, and it was feared that those numbers might escalate. However, there's some good news there. Even though homeowners are still teetering, lending institutions are caving in under government pressure to work with those homeowners. For that matter, they may even be working with the government to stem the deluge of foreclosures.
HousingPredictor.com conducted a survey of homeowners that shows we may have as many as 25 million foreclosures before everything is said and done, mainly due to homeowners who are tired of watching housing prices fall. Such a glut of the market could cause some serious repercussions for the economy. However, again, there are some positive points.
For instance, current mortgage interest rates are ranging from as low as 4% to 5.5%, cut almost in half from the "housing boom" years. While housing prices may be dropping, the fall is slowing down. As well, lower prices mean more affordable homes. While this may not be a good thing for homeowners, it's an excellent thing for home buyers.
As prices drop and homes become more affordable, the glutted housing market of foreclosed and for sale homes is slowly shrinking. As the reserve market (the number of houses per capita that are for sale) shrinks, consumer confidence will build up (something we desperately need). Housing demand will rise, surplus will shrink, and prices will stabilize.
Of course, in the meantime, while you're waiting for things to stabilize, hold on to your Tampa real estate. Take advantages of the tax breaks available to upgrade your existing property, maybe get the renovations done you've always wanted. There are still opportunities in this market - you just have to find them!
If your Tampa home for sale isn't selling, you're probably wondering if you're missing something. Well, here's a list of things you might not know that could make all the difference:
1. If the location of your Tampa home for sale isn't great, the price and terms are the only thing that will sell it. Make them outstanding!
2. Attractive, competitive terms may help you get a higher price. For instance, if you're allowing the option of owner financing, and also allow a smaller down payment, you may be able to sell your house for a higher overall amount.
3. Because of the current high competition, your home has to be in the best condition at a competitive price. Check out the competition, accept that yours might need work, and get to it.
4. You can't set a limit for home improvement. If your home needs something done to beat the competition and you can do it, do it! You aren't just spending money; you're investing in the sale of your home. Although you may not get all your money back, you just might get a quick sale at full value.
5. Staging - you've heard of it; tons of agents are talking about it. If you want to get your house sold, either invest in staging services or do your homework and stage the home yourself. It's all about presentation.
6. Remember that you are no longer the host/hostess of the house. You are a business person, and your business is getting that house sold. Don't let your emotions get in the way of a solid business deal.
Putting up your Tampa home for sale is a daunting prospect. If it's been up for a while, it can be an exercise in frustration. However, keep the above points in mind, listen to the experts and put what you learn to work for you.
If you'd like to get your home sold, I can help. Call me at 813-469-3163 or email me at Info@SweetHomeTampa.com for more information.
If you're looking at homes for sale in the Tampa area, want to buy a home and are waiting around for better prices, you might want to rethink your strategy.
If you're a market watcher, soaking up the information overload across news media and Internet websites, you're probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?
First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, Realtors, Appraisers, the investors and the general public. Now the hard answers: it's getting better - and worse.
The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy homes for sale in the Tampa area and elsewhere, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.
Again, though, it's better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong markets in the country.
For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there's a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren't going to plummet.
Just because this is a buyer's market, doesn't mean you'll get the exact price you're looking for. If you want to buy a home and you're waiting around for the prices of homes to plummet into a "sweet deal," make sure you don't wait yourself into an expensive mistake.
Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the homes for sale in the Tampa area the way things are now? By researching, crunching numbers and answering the important questions, you'll find the sweetest deal you could ever have: a wonderful house you can afford.
If you're looking for a place to call your own, I can help. Call me at 813-469-3163 or email me at Info@SweetHomeTampa.com for more information.
With the current Tampa foreclosure woes, and the strains of the economy these days, many people are worried about what they'll do when their ARM (adjustable rate mortgage) resets. Here are a few suggestions to help you weather the current financial storm:
What is an ARM?
ARM refers to a mortgage loan that has a variable interest rate. The amount of the monthly payments will change several times over the life of the loan. ARMs usually have a lower introductory interest rate than a fixed-rate mortgage. After a period of time, the interest rate is recalculated, resulting in a higher interest rate and monthly payment.
Get Out Your Loan Paperwork
Many homeowners are worried about what will happen to their monthly payments when the ARM resets. Foreclosure is a real worry. The best way to avoid a Tampa foreclosure is to know exactly what the terms of your loan agreement are. Look for the date that the interest rate is set to change. Find out what the cap is on each interest rate adjustment, and what the cap is for interest increases throughout the life of the loan.
After you have gathered that information, you can calculate what your ARM will reset to. It's best to know what the worst-case scenario payment could be when your ARM adjusts. This information can help you determine if you are going to need help getting your loan payments manageable. The next step is to make a detailed list of your current and future income and bills. This will give you a better understanding of your financial status.
Call Your Mortgage Company
If, after you make this list, you can see that you are going to have trouble making the difference in the monthly payments, call your mortgage company. It's best to call them before you miss a payment. They may be able to renegotiate the terms of your loan for you.
If you're ready to sell your home, I can help. Call me at 813-469-3163 or email me at Info@SweetHomeTampa.com for more information.
Do you have a competitive nature? Do you always have to have the last say? Do you always feel you have to win? If you have a home for sale in Tampa, you may have "competed" yourself right out of a buyer. Please, read on to find out how NOT to make this mistake.
Who Calls the Shots?
You've probably heard "it's a buyer's market" many, many times already. With the number of people who have a home for sale in Tampa, this is something you can't afford to ignore. This is especially true considering that the longer your house sits on the market the more it depreciates.
A competitive nature is all well and good, but, when dealing with potential buyers, you have to rein it in. Winning, in this case, is not getting the last word, but selling your home. As you enter into negotiations, keep in mind that the end goal is to sell.
Buyers know they have the market. While this doesn't necessarily mean they'll try to walk all over you, it does mean that they may try to negotiate:
Now, just because they're trying to negotiate doesn't mean they aren't qualified buyers. You may have a very qualified potential buyer trying to negotiate with you.
Warning: at this point, your competitive nature may try to rise up and crush the negotiating potential buyer. Restrain yourself - strenuously if you have to.
While dealing with offers, counter offers and counter-counter offers, ask yourself if you're being competitive, silly or surprisingly realistic. Are you turning down their offer because it isn't an exact fit for you? Do you have a legitimate reason for the counter offer, or are you trying to "one-up?" Will a requested change really make that much difference to you?
Although I'm not suggesting that you take the first offer that comes along without looking at it, or that you take an offer that is less than you can afford to take, I am suggesting that you remember there are plenty of people with a home for sale in Tampa. As you look at the offers, keep this in mind. Shut down that competitive nature and remember that the only way you really win is when you sign the papers and hand over the keys.
Ready to get your home sold? I can help. Call me at 813-469-3163 or email me at Info@SweetHomeTampa.com for more information.
People have asked me about FSBO (For Sale By Owner). They want to know whether it's a good idea to use an agent and the answers to many other questions on this topic. I admit it; I'm biased. I am, after all, a Tampa real estate agent.
I'll even go a bit farther and admit that I'm biased about my hometown. As far as I'm concerned, if you're going to buy a house, you should use me as your agent and buy a house in this city. But then, that's what most real estate agents will tell you.
Without the bias, however, there are some real issues with not using a Tampa real estate agent (or any agent, anywhere, for that matter). And, there's one BIG issue...
The Contract!
Okay, here's the deal. A real estate contract, like any contract, is a sealed deal once the papers are signed. It's legally binding and will be upheld in any court of law in the country, with few (and rare) exceptions.
If you don't understand the contract you've signed, that's too bad. Lack of understanding does not constitute a dismissal of said contract. While some do manage to back out of a contract once it's signed, to do so is expensive and stressful.
A wide variety of contracts can be borrowed from anywhere and have been. FSBO sites, as well as many other online sites and offline brick and mortar businesses, have "sell your house" contracts. For that matter, a contract written up by the owner, signed by the buyer with a notary stamp, without any legal representation on either part, is still legally binding:
I, the undersigned, am selling my house to the buyer for the agreed upon amount of money.
Buyer
Seller
Notary
A real estate agent will generally use a standard contract through your state's Association of REALTORS® or their particular brokerage. What's the difference, you ask? Quite a lot, but the biggest is that the contracts that agents use are created to fit the laws of each state. In addition, these contracts are not prejudiced towards the buyer or the seller.
Lastly, the buying and selling of real estate is full of potential issues and is a long, involved process. Call me proud and tell me I'm bragging if you want, but I'm good at what I do as a Tampa real estate agent. It's not something I think everyone can (or should) do.
So, if you're considering going FSBO, take a second gander at this particular article and think hard. We're not all evil; quite a few great agents out there sincerely want to help you meet your goals of buying or selling a home.
If you're looking for someone to guide you through the pitfalls, I'd be honored to help. Call me at 813-469-3163 or email me at mailto:Info@SweetHomeTampa.com for more information.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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