Zip Code Spotlight – Tampa Palms & Potential Short Sale Offers

Published by Lance Mohr | Filed under Communities

Tampa Palms is a popular area of Hillsborough especially among young influential home buyers and those that appreciate greenbelt sports or country living with modern convenience. If you have been searching for a place to call your very own then keep reading to find out if Tampa Palms is the destination of your dreams.

The number and price of Tampa Palms home sales hit its peak in 2005 with sales holding strong well into 2006; by summer of 2008 the median price of home sales in the 33647 zip code has fallen from a high of approximately $350,000 to under $250,000 making it a prime opportunity for those searching for bargain priced Tampa homes for sale.

Tampa Palms is conveniently located just outside the major metro areas of Tampa making it an accessible route for work, school or play but with the peace and privacy that only low density living can provide. Read the rest of this entry »

How to Buy a Low Cost Lifestyle when Purchasing Tampa Real Estate

Published by Lance Mohr | Filed under Home Buying Tips

Many Baby Boomers dream of retiring to the Tampa area but worry about their ability to sustain an affordable lifestyle. Fortunately there are several great ways to live the life you have always wanted without breaking the bank. Here are a few practical tips for buying your own low cost lifestyle with all the fun and sun Tampa has to offer.

1. Don’t buy school districts. Now that your children are grown you can save a bundle by purchasing property in a safe, convenient location that doesn’t necessarily have great schools. Research has shown that homes within the best school districts routinely sell for as much as 10 percent less than comparable homes in other districts. Additionally, property taxes are a major consideration for most people; search for a great home in a less desirable school district to save tens of thousands of dollars on the cost of your home plus reduce property taxes each year thereafter.

2. Purchase alternative housing. Tampa condos or townhomes are viable alternatives to standard single family dwellings. The shared cost, low entry level acquisition and other features make them attractive and affordable options. Read the rest of this entry »

Is Your Luxury Condo at Risk? Tampa Foreclosures Pushing Rates Higher

Published by Lance Mohr | Filed under Market Update

Just a few short years ago Tampa condos were some of the hottest properties in the nation; now even luxury beachfront condos have experienced dramatic downturns as borderline buyers default.

Rising foreclosure rates impact more than just those the original owners; it impacts the entire community. Before purchasing a Tampa condo or other luxury real estate take time to perform a bit of investigative work to make sure you are buying into a reputable area able to withstand the current downturn. Here are the most common pitfalls to avoid and what to do to protect your investment:

1. Rising Association Fees. Tampa condos with large numbers of foreclosures are forced to increase association fees charged to the remaining owners. General maintenance, upkeep of community areas and other costs must be paid by a dwindling number of owners. Understand the current fee structure and be actively involved in the decision-making process to understand where the money is going. Read the rest of this entry »

Tampa Foreclosures & Liens – Buyers Beware

Published by Lance Mohr | Filed under Home Buying Tips

Although Tampa foreclosures present a very real buying opportunity there is risk involved especially for those unfamiliar with the local market. Learn how to avoid potential pitfalls with these timely Tampa foreclosure facts and tips.

1. Title Troubles. The Internet is filled with methods on how to delay foreclosure due to title problems; while that may not interest you as a buyer, the basic fact remains – many mortgage companies failed to properly document transfers and other essential information when packing/reselling loans. The resulting delay is used as a tactic to delay foreclosure for those in financial trouble but Tampa home buyers and others in the market for foreclosures should take note; foreclosed real estate could potentially contain title problems.

Tip: When purchasing foreclosed Tampa real estate, be sure to obtain both forms of title insurance. One protects the mortgage company and the other protects you as the buyer. Insist upon a reputable title insurance company. It may save you time and trouble in the long run.

2. Tax Troubles. Here is a little known fact of interest to those in the Tampa foreclosure market; Read the rest of this entry »

The Coming Credit Crunch – Last Call to Action for Tampa Real Estate

Published by Lance Mohr | Filed under Market Update, Home Buying Tips

Home buyers and investors interested in purchasing Tampa real estate should carefully examine the most recent “Senior Loan Officer Opinion Survey” released by the Federal Reserve last week.
 
While the title of most Federal Reserve reports remain as elusive as their speeches, one thing is certain – credit is positioned to undergo major restrictions….soon. As the saying goes; the devil is in the details. No truer words have been spoken. If you have been sitting on the sidelines waiting for the real estate market to recover before buying then now is the time to act – here is why…

1. Obtaining a mortgage, home equity loan or other credit is going to become much more difficult in the near future. According to the survey;

• Nearly 75 percent of banks have already tightened lending standards for prime mortgages.

• Nearly 85 percent of banks have tightened lending standards for non-traditional mortgages. Read the rest of this entry »

Hyde Park: Tampa’s Historic Treasure

Published by Lance Mohr | Filed under Communities

Hyde Park real estate combines old world charm with modern day convenience in style all within a relatively unknown zip code of 33606. Located within the Tampa city limits, Hyde Park is one of the oldest communities in the area; dating back to the 1870’s.  The beautiful Bayshore Boulevard and Hyde Park Village shopping district are popular favorites with the locals but there is more to Hyde Park than what meets the eye including a strong sense of community and history. Find out if Hyde Park is the right area for your family to call home by comparing the predominant trends and character of current Hyde Park homeowners.

Uptown, Upscale and Urban is likely to describe the greatest number of homeowners in the Hyde Park area.  Predominately from upper-middle class incomes with higher than average income producing assets, this young group is highly educated and enjoy the finer things in life…albeit in a contemporary and relaxed manner. Read the rest of this entry »

How to Locate Under-Priced Tampa Real Estate

Published by Lance Mohr | Filed under Home Buying Tips, Investing

Every buyer and investor wants to learn how to locate under-priced Tampa real estate but you don’t need to buy expensive programs or software if you simply know where to look. Finding below market value condo’s, Tampa homes for sale and even raw land is as easy as 1, 2, 3.

Find a good agent.  Not just any agent will do…find one you can work with and who takes the time to listen and understand your needs. You do NOT want an agent that will compete with you for the best deals nor someone that is simply after a quick commission. Locating below market value homes takes time, patience and a lot of negotiation so find an agent that will work with you to find and negotiate the right properties for your portfolio.

Track key motivators. Key motivators are those reasons people are most likely to sell or let go of a property for below market value. They include:

Health or Medical Issues. Family members may need to move closer to loved ones or go into a nursing home. Read the rest of this entry »

Take the Confusion Out of Common Contract Clauses

Published by Lance Mohr | Filed under Home Buying Tips

When it comes to buying or selling a Tampa condo or other Tampa real estate then dealing with contract clauses is part of the equation. While a reputable and experienced real estate agent can help navigate the often complex – and always uncertain – waters of legal language, the sad fact is - not all real estate agents are equal.  Learn how to use and recognize common real estate clauses with these quick tips:

Work with an experienced Realtor. Insist upon a proven track record of buying and selling the type of real estate you are interested in. For example, if you want to purchase a beach-front Tampa condominium then don’t settle for an agent that works with farm-land simply because s/he attends the same church.  Many types of real estate involve specific clauses, covenants or other considerations specific to the type of property.

Price related clauses. A reputable and experienced real estate agent does far more than merely making sure the price Read the rest of this entry »