Get the latest and most accurate Tampa real estate news and statistics at Tampa2Enjoy.com. The above video are the stats for September 2014.
Get the latest and most accurate Tampa real estate news and statistics at Tampa2Enjoy.com. The above video are the stats for September 2014.
Below is the transcript:
Hi everybody, this is Lance Mohr and I’m going to go over the Tampa real estate news and talk about the August real estate statistics. If you’re a buyer or seller and you’re needing help, if you have any questions whatsoever, don’t hesitate to give me a call, I’ve been in business since 1997 and have tons of experience. I’ve worked with thousands of home buyers and home sellers and I’ve seen about everything there is to see in real estate ten times over – so don’t hesitate to give me a call if you’re looking for someone to represent you as a buyer’s agent or seller.
So let’s get into the August statistics. I’ll start off as I always do and talk about the active listings first. As you can see, there’s really not much of a change. It did go up a little bit as there are a few more active listings. We went from 5,225 to 5,288 – not a really big increase. But the surprise is pendings, the pending sales went from 3,304 to 2,835. That’s almost 15% drop in one month. That’s a really big drop. So let’s go back to over to solds. Again, not a whole bunch has changed, we’ve gone from the July statistics of 1,390 homes that sold, compared to 1,414 in August. But what you’re seeing here, if you look at these statistics closely, is the pending and that’s a big drop. Generally speaking, June will be a little slow only because schools are getting out and August generally will be a little slower just because school is getting back in but May, June, July, August – those are generally very strong months in real estate and to drop almost 15% in one month is a lot. In the next month or two the solds are going to start dipping and they’re going to go from the 1,400’s into the 1,300’s and possibly into the 1,200’s. That’s because of how slow things are now. So what this is telling you is that the buyers are pulling back the a little bit and not really looking as much as they were.
If we go down to the bank owned and solds, you can see that 21% of all homes that sold were bank owned. That tells you sellers that buyers want a good deal. Now I’m not saying bank owned properties are a good deal or a great deal, I still think about 50% – 60% of all the banks have their homes overpriced. But it’s a perception of a deal. If we go over the statistics for August in the price range, you can see we’re still in the seller’s market across the board. If the seller puts their home for sale and they price it competitively, condition it so that it really looks good and market it so that it’s out there, it’s going to sell. It’s going to sell, whether it’s under $100,000, whether it’s under $250,000 or $300,000 – it’s going to sell. But once you start going over $300,000 (maybe even $250,000) it’s going to start getting a little harder to sell because there’s not as many buyers out there – not as many fish in the sea. But as you can see from these statistics, the Tampa real estate market is still strong. We’re still in a very good market and we’re still in the seller’s market; but we’ll what happens. I’m very curious to see what happens in September. Are the pending sales going to trend down and at what rate? As you can see the active homes are continually creeping up.
I hope this helps. Visit our real estate blog at www.tampa2enjoy.com/blog and you can see the Tampa real estate news, monthly statistics and a bunch of other terrific information. Have a great day and don’t hesitate to give me a call or send me an email if you have any questions.
In the world of buying real estate, it is important to know what you are doing so that you don’t get taken for a ride. That is where a lot of research on real estate buying protocol comes in handy. Follow these tips to help you get a good deal when purchasing real estate and to avoid scams.
Determine if your desired property is in an economically viable area. Find out if property values in the area are rising or declining. Check with your city’s economic office about the recent history of income from the area. This can be a determining factor in whether or not the property will appreciate or not.
Take the time to investigate the inspector for your potential property. You should make sure that they are certified, work for a reputable company and if possible are with an inspector association that is non-profit. If not, their credentials may be supplied by a non-reputable organization that supplies them for nothing more than a fee.
If you’ve dreamed of having a vacation home, now is the time to buy. Home prices have gone down in popular vacation destinations like Florida, Las Vegas, and California, and so have interest rates. It sounds risky, sure, but as they say, you have to spend money to make money; and you can easily rent out your second house while you’re not using it. It’s definitely a good time to buy.
By searching for the best prices one can assure that they will be making the most of their money. Homes that have been foreclosed on can be found for attractive prices although more money may be needed to be invested in the home. Other homes can be bought for more but may require less money invested.
Potential buyers should be sure to get everything in writing. This is especially important when working with a builder, as options and upgrades which are verbally promised may not end up being honored. Make sure you have a knowledgeable Realtor that knows about new construction and a the local builders. This can help you to avoid frustration and confusion during and after your home closes.
One important tip when it comes to real estate is to make sure that you do your homework on what agent to choose. This is important because this may be the largest investment of your life and you need to make sure you are in good hands. Be sure to do background checks, read reviews, and try to find out their track record.
When you are moving, pack a suitcase full of things that you may need for a few days. Include things like clothing and toiletries. Keep this suitcase separate from everything else so that you can have easy access to things that you would need until you can get totally unpacked at your new home.
As you can see from the previous list of tips, buying real estate can be quite an undertaking even if you have done it before. It takes some work, research, and common sense to avoid making a poor purchase, but it is all worth it in the end to make a smart property purchase.
Please give me a call so I can help you with your real estate needs.
Below is the transcript for Fishhawk Ranch overview:
Hi everybody, my name is Lance Mohr and I’m a real estate agent in Tampa, Florida and I’m doing these overview videos on the cities around Tampa because when you are buying a home there is nothing more important than deciding where to live. When I work with home buyers I don’t like telling people where they should live. What I like to do is ask a lot of questions to get an idea on what type of area you like.
Today I’m going to do an overview of Fishhawk Ranch in Lithia. Fishhawk Ranch is in the south part of Hillsborough County. It is off of Interstate 75 and about 8 miles to the east. The downfall is that it’s out there quite a ways – but there are a lot of pros about Fishhawk Ranch. First off, when it was built it was touted (even today) as the best place for families and it really is one of the most family friendly communities in Tampa Bay.. It has phenomenal schools; the elementary, the middle school and high school are all “A” rated. For people who work at MacDill Air Force Base, there is a bus that takes you to the base; which is a huge advantage to a lot of people so they don’t have to drive.
As far as families and kids go, the homes are all over the board. You can find starter homes all the way up to very high-end luxury properties by custom builders. The amenities for children are really off the chart. They are almost like being in a resort in Orlando. There is an aqua water park. There are multiple pools and tons of things to do like walking trails and biking trails. Every Friday and Saturday night at the pavilion (main area) they have different activities going on. There might be an art day. There might be a music festival. There are just tons of things for kids to do. There are tons of things for families to do and it is really, really nice.
One of the problems is that Lithia is sort of isolated and there’s really nothing else in Lithia but Fishhawk Ranch. You are quite a ways if you want to go to a movie or if you want to go to a restaurant. There are grocery stores, there are drug stores, there are restaurants in Lithia but there are not a lot of them. Most people who live in Fishhawk Ranch are going to drive to Brandon for shopping, restaurants, movies, etc.
If you have kids and you are looking for a really kid-friendly area I would definitely check out Fishhawk Ranch. It is a very nice place. It is very clean and people with kids love it. Depending on where you work Fishhawk Ranch may or may not be right for you.
If you have any questions about Fishhawk Ranch or the areas don’t hesitate to give me a call. I do these videos again because I want to make sure you pick the right area. The last thing in the world you want to do is pick a place to live and then after you buy the home you find out wow I’m in the wrong place. Then what do you do?
There’s tons of great information on my website. You can get information on school reports, crime reports, the lifestyle searches… If you want to know where different health clubs are, hospitals, restaurants, or schools you can look in the lifestyles search and it will tell you where everything are. It is really, really great. I also have a lot of educational videos in the tab under “videos”. If you are not familiar with Florida property taxes and you want to know how they work or maybe you are not familiar with what CDD fees are or newer homes – you definitely need to be familiar with them. If you need to know more about how short sales or bank-owned properties there’s tons of great information.
Don’t hesitate to give me a call if you have any questions. I would love to help you out and answer any questions you might have. Just go to the contact page of my website and either fill out a form and I will reply back or just give me a call. Have a wonderful day and I wish you the best of luck.
Hi everyone, I’m going to do an overview of South Tampa / South Tampa homes for sale. I do these videos to give potential home buyers a better understanding of the different area in and around Tampa, FL. I don’t believe Realtor should steer home buyer into an area just because they like it and live there. I like to tell customers about the different areas and let them make the decision for themselves. Of course, I will give my input based on our conversation. If you are looking to buy or view any South Tampa homes for sale please go to my South Tampa web page and get the most accurate information.
Below is the transcription of South Tampa Overview:
Hi everybody my name is Lance Mohr and I’m a real estate agent in Tampa, Florida and I’m going to do this overview to go over South Tampa and South Tampa homes for sale. I do these overviews to help people.
Most people who are going to be in South Tampa really know up front where they want to be. South Tampa, like any big city, this is the nucleus. This is where everything is. You just have a certain energy level in South Tampa that you don’t have further north or in the suburbs and people generally know that. Now most people, when they say South Tampa, they are really looking at everything from Kennedy which is just below Interstate 275. South of Kennedy you have everything such as restaurants, night clubs, car dealerships, convention center, waterfront homes and you are sitting right on the bay. Now one thing about the bay, it is not a place where you are going to go swimming. It’s brown murky water, but it can be beautiful. A lot of people who like really breathtaking sunsets are probably going to be more on the west side of the South Tampa. The east side is more Bayshore Blvd. and big huge high-rise condominiums overlooking the water. There are homes of every kind. There are little itty-bitty condos of 800 or 900 square feet, single family homes, all the way up to this huge McMansions sitting on the water, to penthouse condos. Like any major city, it is going to be expensive. You are paying for the area; location, location, location. That is why in areas like this they build up and they don’t build out. It is not too unusual for someone in an area to go and pay $200,000 for a home, rip the home down, and build a really big home there. You can pay $400,000 for just a lot in South Tampa or even more. You have some of them that are on Davis Island that are even more expensive than that.
If you are looking and you really liking that energy level and you really like to be in the action where everything is; South Tampa is a great place. It has condominiums, it has townhomes, it has a bunch of single-family homes. You can buy $150,000 home in South Tampa and two blocks away there are multi-million dollar homes. You can be in a multi-million dollar home and of course two blocks away there is a $200,000 home. So it just depends and there is always turnover in South Tampa. There are new homes, but predominantly you will find pre-owned homes. South Tampa pretty much started in the 1910s – 1920s, with all the cigarette factories from Cuba. South Tampa has a lot of vibe and a lot of things in the area and a lot of stuff to do. It is the nucleus of the city.
If you have any questions about the South Tampa homes for sale, the areas, anything around South Tampa don’t hesitate to give me a call. If you want to get information on school reports, crime reports it is all on my website Tampa2enjoy.com. Have a look at the lifestyle search and enter a zip code or an address and find out where the health clubs are, where the schools are, where the hospitals are. By the way on Davis Island which is in South Tampa, you have Tampa General which is known as one of the best hospitals in the country. I have a lot of great information on my website. Check it out; videos and how property taxes work, how short sales work, how bank-owned properties work, again if you have any questions on South Tampa, the condos, the homes for sale or any area in Tampa Bay don’t hesitate to give me a call or shoot me an email. I hope this helps you and I hope you have a great day. Thank you. I wish you the best of luck finding a South Tampa home for sale and I hope to hear from you.
A new federal regulation proposal could change the standards for private mortgage insurers resulting in a stricter lending process. The Federal Housing Finance Agency (FHFA) is proposing a risk-based evaluation for Fannie Mae and Freddy Mac insurer portfolios. The new analysis will ensure that each approved insurer has enough capital for claims under significant market stress.
Most of us remember when the housing market crashed almost 10 years ago. Housing costs dropped, new construction stopped, and private insurers’ financial strength ratings quickly vanished. Companies were placed in receivership by federal regulators while mortgage underwriting standards were tightened and FHA, VA, and other guarantee programs drained the majority of their market shares. Prevention similar events has become a major concern for the FHFA.
In turn, they have proposed that private mortgage insurers guaranteed by Fannie Mae and Freddy Mac be subject to a risk-based capital evaluation. An analysis would be required in situations where the homebuyer is making a down payment of less than 20%, debt-to-income ratios are greater than 43%, and mortgages that do not meet specific requirements. Given FHFA adaptation of these new standards, the capacity to underwrite new mortgages by private insurers may be limited but Director Melvin Watts insists there is “sufficient industry capacity to meet the needs of high-LTV borrowers.”
The FHFA’s plan, as a Fannie Mae and Freddie Mac regulator, is to shift the risk of market share loss back to private companies while protecting taxpayers from another bailout. The majority of FHA and VA guaranteed programs have cushioned their reserves by hiking up premiums and are now transitioning back to private companies while stymieing their underwriting capabilities through new risk-based evaluations.
Such a bold move on behalf of the federal government has received mixed reactions. Some companies are supportive of the proposal citing that compliance with the new regulation would not be an issue while others balk claiming restricted access to credit and decreased underwriting capabilities.
Inman News reported that most insurers who issued statements in response to the proposal agree with David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA) who stated “the proposed eligibility requirements are comprehensive and we will be conducting a detailed review of the standards to ensure they properly balance the need for strong capital, while preserving the ability of the industry to cost-effectively serve first-time buyers and working families.”
Before you start freaking out, please remember that this is simply and proposal and the FHFA is accepting comments on the draft proposal through September 8th. Overall, do you think this is a step in the right direction or a step backwards, comment below.
Hi everybody this is Lance Mohr again real estate agent in Tampa and today I’m going to give you an overview on Carrollwood and again I do these videos because it is just vitally important when you are moving into an area or if you live in the area and move around that you pick the right area, the right subdivision, that is the most important thing you can do. The last thing in the world you want to do is find a home, buy it, and find out you don’t like the area you live in; there’s nothing worse. So as you can see it makes a lot of sense and I want to give you an overview. I never like steering people into one area or saying you need to live here or you need to live there. When I talk to people over the telephone, when I work with buyers and they come into my office I like to ask a lot of questions. I don’t want people just to live where I live, I want them to live where it is going to be best for them which is why I do these overview videos.
So anyhow let’s talk a little bit about Carrollwood. Carrollwood is a really nice more matured area. It is located off of Dale Mabry in North Tampa. A lot of times when people come to me the questions that they have and what they are looking for could be vast. Maybe they want a newer community. Maybe they want an older community. Most of Carrollwood was built in the 70s and 80s and it was a luxury community when it was built. You can tell that because you have a lot of homes that were built in the 70s and 80s that were 2500 to 3000 square feet and I notice to some of you that might not seem really big right now in today’s market but back then that was huge because most of the homes were around 1500 to 1600, 1700 or maybe 2000 square feet; so there are some really, really nice homes in Carrollwood. It is really in the nucleus of Tampa. Being on Dale Mabry you have tons of restaurants, comedy clubs, bars, auto mobile dealerships; pretty much anything you can want. It is really close to the Tampa airport and pretty much anything movie theaters wherever you want to be. If you are looking for an upscale more matured community and area I would definitely recommend Carrollwood as a really good way to go. Again, it is very nice and convenient to everything. So I hope this helps you. If you have any questions on Carrollwood or the surrounding areas don’t hesitate to give me a call. I will give you my viewpoint on things and again the more information you can give me, the more I can help you out. If you are relocating here and want to know more information, I have some great information and resources on my website on school reports, crime reports, lifestyle searches you can do, and those are great. You can put in an address or zip code and it will tell you the different schools, the different restaurants, the different health clubs, comedy clubs; you name it is going to show you. There are some great educational videos if you have any questions and you are not familiar with what are property taxes or homesteader laws or how short-sales or bank-owned properties work; don’t hesitate to fill out the contact form on my website and either send me an email or just give me a call. I look forward to talking to you and I wish you the best of luck in your home buying. Goodbye.
Take a look at the video about to view the latest Tampa real estate news and statistics for July 2014. This real estate market update will give you great insight as to what kind of market we are in. The data comes directly from My Florida Regional MLS. MFRMLS is the MLS provider for all Realtors in Central Florida.
Hi everybody this is Lance Mohr I’m getting these real estate statistics done early this month and the reason why I do this is for you the home buyers and home sellers in the Tampa area. Can you imagine going out and looking for a home and spending could be weeks or months and finally finding the perfect home you like after all that time, the nights, the weekends, and all the looking and driving around and not really understand what type of real estate market we are in and then you lose the home to another buyer? That’s really why I do this so you have a good idea not only where it is overall but where the real estate market is more specifically for your price range as well.
So let’s start off and go over and we will talk about the overview page. We are going to talk about the actives right here. We can see the active homes for sale have been going up. If you look back to October of 2013 they were 4,680 and now they are 5,225 so they have gone up quite a bit. We can go over to pending as you can see; they are really floating up and down but they are pretty steady around 3,300 in the low 3,000s and then you go down to the sold homes and as you can see we are on a good part of the year right now, the summer months which they are generally a little higher and in the May, June, July and even August timeframe as well and you will start to see a dip in September area.
Here’s the thing a lot of people don’t pay attention to is the pending homes as a percentage of the active. I know a lot of times I sort of skip through this but the higher the number, the more of a seller’s market it is. You can see right here 58% in June and now we are at 63%. You can see it has been basically in the 60s and 70s since about the beginning of the year even October of last year and then probably the most important statistic right here is the supply and demand; basically the health of the market. We are still under 4 months of inventory. As I say six months is a stable market and not really a buyer or sellers so if the average sales price is about $180,000 or so, you are looking at six months of inventory. So we are at a little under 4, at 3.76 months of inventory. It is definitely a seller’s market. Keep in mind when you also look at it you have to figure there is a certain percentage of the homes that home buyers are looking at and it is good for sellers to know this, but a lot of the homes are overpriced. You might have probably 50% if not even a little bit more of the homes that are actually overpriced and some of them are just going to be in really, really bad condition and then some of them are going to be in bad condition and then average, then good, then really good. Of course everybody is looking at the home that is a nice home in a nice area for a fair price and depending on your price range you are probably going to be competing with other home buyers. I just had one of my buyers this week we put an offer in at $150,000 home and unfortunately there were 37 other offers. That is not normal but still you don’t want to be in that situation.
So anyhow let’s take a little bit closer look at homes right here. As you can see I color coded these to make it a little easier on people; the active, the pending, and the sold. If we go down here to the inventory you can see even up to $500,000 the inventory is very, very low. 4.26 months from $300,000 to $500,000 is extremely tight inventory and it is low or anything below that. So anywhere from $500,000 – unless the inventory is very low. Now one thing keep in mind on short sales is you can see where we are at in short sales right now. If you look at the percentage of short sales on the market actively available you are looking at 9% of the market. Thirty-two, almost 1/3 of every home that has a contract and is in the MLS is having a contract on it is a short sale but 7% actually are selling. That’s about 21-22% of the homes are actually selling or closing that are short sales so you want to keep that in mind if you are going after a short sale and that is the avenue you want to go down.
I hope you like this information. I hope this helps whether you are a home buyer or home seller. I can’t tell you how many people over the last several years have been working with another real estate agent in Tampa and then they come to me and they realize the market that we are in and it changes everything. It is really important if your realtor is not up to date on the market and what is going on then you need to be. Hopefully they should be I know a lot of them are not but they don’t pull these statistics and get the information but definitely they should be and hopefully this helps you. If you have any questions please shoot me an email and give me a call. If you haven’t been to my website lately Tampa2enjoy.com and I know most of you have, definitely take a look. It has been completely revamped. Tons and tons and tons of helpful information; crime reports, school statistics, lifestyle search which is incredible; you can go in and you can find where health clubs are, where hospitals are, where restaurants are, where schools are all around where you live or where you want to live and of course I do the home buyer webinars. I have tons of educational videos on the website. Of course you can go to the website every month. I do these market updates so you can go back several months and look at these. Alright have a great day. If you know anybody looking at buying or selling please give me a call. If you like my website please like it on Facebook. I have a Facebook like button there and Google Plus. Have a great day.
Please visit my real estate blog for more Tampa real estate news. I do monthly statistics so you are kept in the loop. View June statistics: click here
A recent report shows that one in three Americans is spending too much on rent. In housing markets across the nation, rent is becoming quite unaffordable for Americans. According to a report by RealtyTrac, in the current household market, Americans have to pay over 30% of their pay check or monthly median income on rent for three-bedroom homes. This is much higher than the conventional threshold for affordability. In some cities, the percentage of the monthly income spent on rent is much higher.
Urban areas feeling the pinch
The best example to show how rent prices have increased is the Bronx. In this New York City borough, a typical household uses about 66% of its monthly median income to pay for rent for a three-bedroom house. This is the highest percentage of salary used for rent in all US counties according to the same report. The Bronx is home to some of the poorest communities in the country with the overall median income being less than $35,000. However, the average rent price here is almost $1800 per month, which is very high.
This is also the case in other urban areas like Brooklyn, Philadelphia, Miami and Baltimore where there is a sizeable population of low-income residents. In these areas, renters are paying about 50% of their monthly income to cover rent prices.
Renters are being prevented from becoming homeowners
It comes as no surprise that renters are unable to save enough or do not have the financial ability to pay for or to buy a home. Ironically, the economic or foreclosure crisis caused many people to become renters and years of economic instability has kept many renters form becoming homeowners and leaving their rental properties. This is according to a study by the Joint Center for Housing Studies at Harvard.
These reasons led to a huge rise in demand for rental properties and this in turn pushed rent prices up by over 21% since 2006. In another blow to renters, real income has also fallen. Real income is the actual income after inflation has been taken into consideration, and over the last six years, it has fallen by 14% according to the Director of the Housing Studies Center at Harvard – Chris Herbert.
High rent is keeping people back
Not only are renters giving up on their dreams to become homeowners, but about one in four renters is spending over 50% of their income on rent – according to a report by the Center. This is forcing many renters to make severe budget cuts that would otherwise be spent on healthcare, retirement and food.
Moreover, according to the Managing VP of Community Development at Capital One – Laura Bailey, unaffordable housing and resulting financial problems prevents people from advancing their careers and from pursuing higher degrees. They are also unable to save enough to make down payments on a home and this vicious cycle forces them to remain in rental properties. According to her, when housing becomes affordable, people can focus on improving their lives and careers and ultimately become more productive.
Hurricanes are fairly common in regions like Maine and Texas and are one of the most devastating natural phenomenons on earth. They bring with them heavy rainfall, flooding and high speed gusty winds that are extremely powerful. When moving into a new house that is located in a hurricane-prone area, it is advisable to start work on protecting your home from the very start. When a disaster strikes, you want to have a safe home to keep your family and belongings from harm’s way.
Here is a look at some of the basic things that you can do to prepare your new home for a hurricane.
Building code requirements
First and foremost the thing to do is to find out whether your home adheres to latest building code regulations and requirements with consideration to high wind activity. Buildings made with the objective of standing tall, even in high wind conditions, have a better chance of surviving the ordeal than the ones that are not. While you can get some of that done with basic hardware tools, you need to hire a professional contractor if the structure of the house needs to be changed.
Out in the open
Having loose stones, rocks and gravel outside the house for landscaping purposes is not a good idea for regions that are prone to hurricanes. They can easily be replaced by torn bark that looks equally as good, and cementing is a good option as well. If you have trees, plants and shrubs in the vicinity, you have to make sure to be on top of things and keep them well-trimmed and taken care off. Weak tree branches falling on the house are some of the most common reasons for devastation caused by a hurricane.
Working on the structure
If you are planning to rebuild or remodel the entire house, make sure that you get the following things done:
Make yourself and your family well-versed with the disaster preparedness plans used by the community or neighborhood that you are going to stay in. Always be well-stocked with food and liquids in case you are in house arrest due to the hurricane. In addition to this, have an emergency kit or bag ready that contains essential items like first-aid, medicines, all purpose knives, torches and other similar items.
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