January 22, 2010
Home sales up, prices down nationwide | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
December 30, 2009
New Year’s Eve activities – St Pete/Bay News 9
December 28, 2009
Short Sale – Is It An Option for You?
If you are a struggling homeowner in the Tampa Bay area who is upside down on your mortgage by owing more on your loan that what your home is actually worth, you may want to consider the possibility of a short sale. A short sale is an agreement between you and your lender to sell your home at the current fair market value, even if that amount is less than what you owe on your mortgage. If you would like to find out more about the possibility of a short sale for your property, contact Lynn Seevers with The REAL Team of Keller Williams Realty.
With a short sale: You sell your home for less than what you owe on your loan
- You avoid foreclosure but do not receive any funds from the sale
- Your lender accepts a ”short” payoff amount as payment on your loan
- Your lender does not report a foreclosure to the credit bureaus
A short sale may be your answer to sell your home and get a fresh start when you are facing difficult possibilities like foreclosure or bankruptcy. Lynn is an experienced short sale Realtor with expertise in handing short sale transactions and she works closely with a negotiator to get your property approved for the short sale process and then sold as quickly as possible. The REAL Team is currently helping many other Tampa area homeowners and families needing knowledgeable professional real estate advice and assistance.
As your Tampa Short Sale Realtor, Lynn Seevers can explain to you the ways a short sale may be able to:
- Sell your home without you having to pay anything out-of-pocket
- Eliminate negative cash flow caused by rising mortgage payments
- be eligible to buy another home much sooner than if you had foreclosed on your property
- Release you from your mortgage obligation
- Avoid foreclosure and/or bankruptcy and preserve your credit standing
The real estate market decline in the Tampa Bay area may have significantly reduced the value of your home and it could take years before your home’s value catches up to the amount you owe causing you great hardship. Plus additional factors that might lead to the short sale option include salary cutbacks/reductions, divorce, unemployment, medical bills, and adjustable rate mortgages that have reset to a higher monthly payment.
If you would like more information about the possibility of a short sale for your home, please contact Lynn for a confidential consultation at your convenience.
December 24, 2009
Wishing you Happy Holidays – Happy Holy Day
Peace, joy and love to you; and may you experience the true meaning of Christmas now and in the new year ahead.
November 24, 2009
Tax credit created big surge in Home Sales
According to the latest news from the Florida Association of Realtors, first-time buyers who took advantage of the $8,000 special tax credit caused sales in October 2009 of existing homes to reflect a huge boost. The housing market just might be coming out of a slump and heading upward. “The National Association of Realtors reported the biggest monthly increase in a decade and far better than what economists expected, according to Thomson Reuters.”
Since the tax credit which was due to expire this month has now been extended until spring, and expanded to more buyers, it is an excellent time to buy a home. With falling home prices and low mortgage rates, along with the tax credit, could there BE a better time to buy a home?! Even if you are remotely considering a home purchase, my advice would be to obtain a terrific 30-year mortgage that can be acquired for as low as 5 to 6 percent these days!
The real estate market has definitely picked up, inventory is still in good supply, with gorgeous homes to choose from and available at bargain prices. And, although we’ve seen predictions of additional price decreases due to additional foreclosures coming on the market, this may not happen due to the tax credit and low mortgage rates spurring on additional sales to keep the market stable. In fact, with the new tax credit deadline of April 30, 2010, sales will likely surge next spring, when the choices will be slimmer, meaning…. yes, it’s time to buy… NOW.
Contact me for the latest BEST BUYS in the Tampa Bay Area. www.BestTampaBayHomes.com
October 29, 2009
Extending tax credit for 1st-time homebuyers looking hopeful
WASHINGTON — Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.
The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.
The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.
Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.
The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.
July 2, 2009
Florida Homebuyer Opportunity Program (FLHOP) effective JULY 1, 09
The Florida Legislature created the state program during the recent legislative session, and it’s part of the 2010 budget effective July 1, 2009. Many details remain sketchy, but Sebree reports the following:
• Money for homebuyers may not be available until the first week of August. Lawmakers funded the program through doc stamp taxes applicable in the new fiscal year rather than through a lump sum commitment; and since today is the start of the new fiscal year, the program won’t be fully funded until the state collects new doc stamp taxes.
• Florida’s downpayment loan program can work with FHA loans. Florida Housing Finance Corporation (FHFC) – the state agency that funnels housing money to local housing agencies – received confirmation from FHA that borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5 percent downpayment, unlike the FHA downpayment loan program through private lenders.
• Florida’s local housing administrators will oversee the downpayment funds at the local level. (To find the administrator in your area, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx For local housing authorities, the program is similar to the SHIP program (State Housing Initiatives Partnership) with one major difference – the income limits. Currently, SHIP uses Area Median Income (AMI) and those are typically lower, and calculated differently, than the federal tax credit limit of $75,000. The $75,000 for a single income tax filer ($150,000 for joint filers) will be used for FLHOP.
• Realtors can start to promote the program to potential homebuyers. It takes time to close on a home, and local housing authorities should be taking applications now.
• FHFC says they’ve trained local administrators on procedures for the Florida downpayment program. Local housing authorities will have flexibility over the $8,000 loan, be able to include penalties, and create a structure dictating how the new homebuyer will pay back the money.
“It’s important to note that this money is a bridge loan to buyers; but once it’s repaid, local governments and housing authorities can keep the money and use it locally for affordable housing projects,” Sebree says. “This is a win/win for them. If the offices seem unwilling to work with Realtors, they probably don’t understand the program themselves yet.”
Contact your local Realtor for more information and to get started on your new home search.
June 25, 2009
It’s a great time to buy a home!
Although distressed sale properties account for about one-third of home sales currently, activity in the real estate market is up. According to The National Association of Realtors Tuesday “home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April”. Median sales price declined around 16 percent, reflecting an abundance of 1st-time homebuyers looking to benefit from the tax credit, as well as investors picking up great deals. Interest rates for a 30-year fixed-rate mortgage averaged 4.86 percent last month, down significantly from the average rate of 6.04 percent in May 2008, according to Freddie Mac. All indicators lead us to this conclusion: now is a great time to buy a home!
When determining how much house to buy, first consider what you need and then find out what how much you can afford by talking to a lender. Most lenders are looking for mortgage-related payments of no more than 28 percent of gross income, and total debt payments (mortgage, car loan, credit cards, homeowner association fees, etc.) of no more than 36 percent of gross income. Purchase a home where your percentages for mortgage and total debt are much lower than the maximum allowed, and you’ll be much more comfortable.
