SI Real Estate Tampa and The Beaches

Renting is as Competitive as Purchasing a Home in Tampa Bay

2021-09-22T12:45:00.000-04:00

The 411 on Tampa’s Rental Market

Tampa’s real estate market is one of the hottest markets in the country. Sunny weather, lower taxes, and quality of life result in an influx of new residents every week, however, the Covid-19 Pandemic substantially increased that number.

According to Fox News Tampa Bay, “"Every day, a thousand people are moving to Florida, and out of that, about 115 move to Tampa every day. You have all these people moving from New York City, moving from DC, moving from Connecticut, moving from Chicago, they’re from expensive cities, even from California! To them, Florida prices are affordable. Whether they’re home buyers or renters, they’re moving here with a lot of money to spend, which is jacking up prices.”

The rental rates in Tampa Bay and surrounding areas have increased 20% from last year placing Tampa in the top 5 metros for highest rent increases. This increase is a result of an extremely sparse rental inventory. At the moment, Tampa’s apartment complexes have long waitlists and private landlords are receiving an overload of applications for just one rental listing.

Another factor contributing to the tight rental inventory are previous homeowners that took advantage of the hot sellers’ market. Due to the low for-sale inventory, many sellers decided to rent until the resale market cooled or are waiting for their new construction home to be completed.

Is it better to buy or rent a home in Tampa Bay? It depends. If you qualify and your moving timeframe allows it, we highly recommend a home purchase (and not just because we’re Realtors.)

Rental rates rarely come back down after increasing, especially in a growing city like Tampa. Right now, some renters are experiencing their lease renewal rates increase over 20%. By obtaining a fixed-rate mortgage, you will be able to keep your largest living cost consistent and earn equity.

Are you ready to live, work, and play in Tampa Bay? Talk to a real estate professional at SI Real Estate Tampa to discuss all your options!

Top 10 Reasons to Call Tampa Bay and Beaches Home

2021-04-20T11:02:00.001-04:00

Even before the pandemic swept in on the country, people from the Northeast and West Coast have been relocating to Tampa Bay. Tempted by the warm sunshine almost 250 days a year, dazzling sandy beaches, and too many outdoor activities to count, Tampa is a serious contender for anyone looking for a permanent change in lifestyle.

As many of us now are working remotely and have the flexibility to work from anywhere, it no longer makes sense to live in a high-priced, cold-weather state if you don’t have to. Tampa is one of the go-to places for anyone searching for more spacious and affordable homes, an active lifestyle, absence of state income tax, and a healthy job market.

Here are our Top Ten Reasons to call Tampa Bay home.

1. Phenomenal Weather Year-Round It’s no secret that the near-perfect weather in Tampa Bay is the biggest draw for most people who decide to relocate here. More than 200 days of sunshine a year and an average daily temperature of 70o ranks The Sunshine State as the warmest of all the states. With so many warm and sunny days year-round, residents enjoy more time outside to explore all that Tampa has to offer.

2. Breathtaking Beaches Tied for first with incredible weather are Tampa Bay’s endless sandy shores, sparkling blue waters, and stunning landscapes. Tampa is home to many of the top-rated beaches in the country such as Clearwater and St. Pete Beach. The pristine coastline borders The Gulf of Mexico with more than 200 miles of stunningly beautiful beaches … and all within a stone’s throw away. In Tampa, life truly is a beach and as a resident, you’ll be living in paradise every day of your life.

3. Living It Up … Outdoors Craving a healthier and more active lifestyle? Thanks to the perpetual warmer climate, residents can spend most of their time moving around outdoors soaking up that Vitamin D, which is proven to boost both mental and physical health. Whether you’re interested in local arts and farmer’s markets, music and food festivals, sightseeing, wildlife, boating, scuba diving, or golfing, Tampa Bay’s got it all year round!

4. No State Income Tax A major perk of living in Florida and Tampa is the absence of a state income tax. Unlike many other states, Florida earns dollars from the millions of visitors who come to vacation each year. Thanks to revenue generated by the tourists and a business-friendly attitude, residents can keep more of their hard-earned money and enjoy life to the fullest.

5. Booming Real Estate Market If you’re planning to move to the Tampa Bay area, you’ll be impressed by what your money can buy. Not only are housing costs more affordable compared to The Northeast and West Coast, but properties are also much more spacious and are close to the beaches. Throughout the area, you’ll find new communities being built that include convenient amenities such as community pools and dog parks. The strong real estate market, quality of life, and healthy economy, and job market make Tampa Bay a desirable place to live.

6. Strong Cultural History Tampa Bay is a growing city but also has a rich history and local culture. Tampa’s Ybor City is home to Florida’s oldest restaurant and the world’s largest Spanish restaurant, The Columbia. You’ll notice strong Cuban influences throughout the city as well. This diverse culture brings a rich tapestry of art, music, food, and a unique cultural ambiance like no other.

7. Epicenter of Delicious Food and Drinks Diverse warm-weather climate zones along with thriving agriculture, proximity to the ocean, and abundant multiculturalism rank Tampa as one of the tastiest cities in the country. Well-known for being the origin of the famous Cuban Sandwich, legendary seasonal stone crabs, and local craft beer, Tampa is home to a plethora of delectable culinary delights. Restaurant favorites include Cuban, Island-inspired, and Caribbean-style delicacies. To put it simply, no matter where you are in Tampa Bay, you are sure to find tasty eats nearby.

8. Sweet Deals for Locals There’s a major bonus to living where others vacation. Numerous acclaimed Florida attractions and hotels such as Disney World and Busch Gardens offer Florida Resident discounts and bargains throughout the year. Most of the deals are available during the late spring, summer, and early fall months when tourism slows down. As a Tampa resident, you get to reap the benefits!

9. Champa Bay Loves Sports! If you love sports, Tampa is your city. As the heart center of professional and college sports, Tampa Bay is home to the best sports teams in the country. Our city proudly cheers for the 2020 Superbowl Champions, The Tampa Bay Buccaneers, and the Tampa Bay Lightning Bolts who won the 2020 Stanley Cup. In the Fall of 2020, The Tampa Bay Rays also made it to the World Series! In the spring of each year, Tampa, Clearwater, and St. Petersburg serve as the hub of many MLB training camps, which are all open to the local public – an added perk of being a Florida resident!

10. Vacation Where You Live With an infinite amount of sunshine and summer days, Tampa is one of America’s top getaways. If you live in Tampa, you’ll never have to travel far for vacation again. There is never a shortage of new and exciting places to visit all within a few hours’ drive. Whether you’re in the mood for a trip to one of the state’s many gorgeous coastline beaches, world-renowned golf resorts, acclaimed theme park attractions, or historical landmarks, there is something to do for everyone!

Navigating the New Home Construction Process

2021-02-04T13:47:00.001-05:00

4 Helpful Tips When Buying Your New Home

New construction homes come with countless perks! The process is more straightforward than traditional home buying and everything is brand new as well as customizable! Buying new has skyrocketed in popularity in the past year around Tampa Bay. Low home inventory has led homebuyers to forgo the competitive resale market and choose to buy and build in new communities.

Although new construction homes have many perks, there are a few things you should do during the process to make the most out of your new home and avoid costly mistakes.

Shop Around with Your Real Estate Agent

It’s important to do research ahead of time and meet with the builders that are within your budget. The builder’s sales consultants will go over how long it will take your home to be built, floorplans, and incentives they have. Some builders have a list of inventory homes that move-in ready or near completion that the sales consultant will provide. Shopping around with an agent will also allow you the opportunity to inquire about amenities they plan on building and their HOA fees. We recommend visiting 3-4 builders.

Be Careful Falling in Love with the Model Home

When you go to visit the new home builder sites, they will often take you on a tour to see one or two of their models. It is easy to become enamored with the glitzy finishes and perfectly staged rooms. Instead, pay close attention to the flow of the home and room placement. Do you want an open floorplan or do you prefer the living room closed off from the kitchen? If you see a floorplan that isn’t a model, ask to see if they have any nearly finished homes in that floorplan. Usually, the sales consultant will be happy to bring you to that home to see in person.

Representation and Incentives

We HIGHLY recommend you go into the sales center with a real estate agent by your side! It’s a common myth that if you go into a deal without a Realtor, you’ll save money. The opposite is actually true, in fact, builders put aside funds to ensure your Realtor is paid. Your Realtor works for you and will be your advocate when negotiating contracts or incentives. Many home builders will run incentives that include credits towards the design center or your closing costs. Typically, to obtain the credits towards your closing costs you will need to use their in-house lender. Some builders offer more than others which is why it’s important to shop around with an agent.

Don’t Rush Your Walk-Through

After the home is completed, the builder will invite you to do a walk-through of the home. This your chance to inspect the home for yourself and bring to light anything that needs to be fixed. Make sure to do this thoroughly and don’t be afraid to speak up about a blemish. You are paying for a new home that you shouldn’t have to go back and fix yourself.

These are some seriously helpful tips that will help you through the homebuying process. Tampa Bay has new homes popping up throughout the entire area with incredible amenities. Some master-planned communities include their own cafes and elementary schools, there is even one with a lagoon-style pool! New construction is an exciting option! Who do you know that is planning on building a home this year?

~SI Real Estate Tampa

2020’s Effects on Tampa Bay Real Estate

2020-12-29T15:52:00.000-05:00

A Reflection on How the Unprecedented Events of 2020 Changed Our Real Estate Market

If someone told us in 2019 what was to happen the following year, we would not have believed them. From second graders learning through Zoom to one-way arrows in supermarket aisles, all aspects of our everyday lives have been impacted. The lockdowns in early spring especially affected those in the service industry. Restaurants relied on curbside pick up and hotels adopted new cleaning processes and precautions.

The real estate industry was no different. Masks, gloves, and sometimes shoe coverings became a requirement during home tours. Virtual consultations replaced coffee shop meetings and closings moved outdoors. How the pandemic affected the real estate market and buyer trends made residential real estate one of the most interesting industries to watch in 2020.

The national lockdown in the US began around mid-March. Springtime is usually the busiest time of the year for real estate, but this year it was the total opposite. Sellers cautiously took their homes off the market to prevent the spread of unfamiliar Coronavirus. For around 5 weeks, the phones in real estate offices were quiet.

As restrictions slowly lifted, a few sellers decided to put their homes back onto the market. Meanwhile, buyer demand increased exponentially. There were a few reasons for this.

One reason is that the lockdown had residents stuck inside for an unusually prolonged amount of time. Claustrophobia and the nagging realization of needing more space brought people to the decision to look for more square footage. It is also safe to say that working remotely also had an impact on this way of thinking. According to Zillow, dedicated office space is homebuyers’ #1 must-have feature in their new home.

The second reason for skyrocketing buyer demand was the historically low interested rates. So far, interest rates have hit a historical low 15 times and are currently hovering around 2.67% for a 30-year fix-rate mortgage. Low-interest rates allow homebuyers to qualify for a larger loan making the present time an amazing time to buy.

In Tampa specifically, we saw immense buyer demand from relocations. For one, Florida’s lighter Covid restrictions attracted out-of-state residents. Also, many people were allured to Tampa Bay for the weather. The ability to comfortably go outside during the winter months allured many people from New York, Connecticut, New Jersey, Washington DC, and more.

It’s important to note that sellers also had a boost this past year. Due to inventory staying low, homes in Tampa were going under contract within a week. The median price home price increased by almost 20% from last year. Bidding wars are a common occurrence and sellers often receive offers for thousands over the asking price.

It is safe to say this year has been like no other in real estate. Tampa Bay was one of the cities that saw a huge boost in residential real estate. The city and outer suburbs continue to grow. New construction communities in Wesley Chapel, Land O Lakes, and Riverview have been extremely busy as people seek extra space and resort-style amenities.

Economists remain positive for what is to come in 2021. According to the Nation Association of Realtors, mortgage rates will remain low and housing inventory will increase with the release of vaccines. Improved job conditions and buyers that were unable to purchase in 2020 will keep demand steady. What do you see happening in real estate for 2021?

~SI Real Estate Tampa

The Amazing Benefits of VA Loans

2020-12-03T16:21:00.002-05:00

Unbeatable Perks that Help Our Veterans Purchase Their Dream Home

The VA Loan Program is one of the best mortgage options out there. VA Loans are designed to make homeownership affordable for veterans and active-duty military members. There are millions of veterans and service members that are eligible, but only a few use their benefit. If you qualify for this type of loan, here are a few reasons to take advantage now!

VA Loans are relatively easy to qualify for.

VA Loans are backed and guaranteed by the U.S Government. Because there is less risk involved for the bank, there is a higher chance of loan approval compared to an FHA or Conventional Loan. Additionally, lenders are more flexible regarding an applicant’s credit score.

A Down Payment is not required.

This is a HUGE perk of qualifying for a VA Loan! Usually, with an FHA loan or conventional loan, you will need to pay a minimum of 3.5% - 5%. On a home priced at $300,000, $15,000 would need to be placed down with an FHA or conventional loan. Something to also note, mortgage insurance is not required either with VA Mortgages. If you were to only put down 5% with an FHA Loan, private mortgage insurance would be required. That’s could be an extra $150 a month.

There are no prepayment penalties.

This benefit allows you to pay off your loan early without any prepayment penalty in some cases. With FHA and For conventional loans, a lender may charge you if you pay your mortgage loan off early. The reason why lenders do this is that they would prefer you to pay your loan back slowly, so they have interest revenue. You will not have to deal with this when using a VA Loan and can pay it off early!

The benefits do not expire.

Whether you served 10 or 30 years ago, if eligible you will still be able to utilize your VA Loan. Your eligibility is based on the period you served and the length of service.

We at SI Real Estate Tampa have years of experience working with our veterans and VA Loans. We have a large population of military personnel move to Tampa to work at MacDill Airforce Base. There are numerous neighborhoods and communities for military families to choose from near the base as well as excellent school districts! Who do you know that took advantage of their VA Loan?

~SI Real Estate Tampa

Signs You Should Consider Purchasing a House

2020-10-30T13:48:00.006-04:00

Benefits of Homeownership Outweigh the Pros of Renting

Making the decision to buy a home can be a daunting one. Many people rule out purchasing a house, as it can feel intimidating and they don’t think they qualify. In reality, many renters have the qualifications and ability to become homeowners. It is a major financial decision but is also extremely rewarding and empowering to be able to own where you live. Here are 4 signs you may want to consider becoming a homeowner.

You love where you live and plan to stay for a while.

Renting is great for people that are new to the area and are unsure if that is where they want to live. If you’ve been living in your city for a few years and plan on settling there, it may be best to consider buying. Also, if you’ve been living there a while and working in the same industry, that will help you qualify for a loan. Mortgage lenders typically require at least 2 years of stable employment in the same industry to approve your loan.

Your rent keeps increasing.

If you have been renting in the same area for a while now, chances are your rent has gone up each time you renew your lease. Typically, landlords and apartment communities will raise your monthly rent to match market prices. You can expect a $50-$120 rent increase each time you resign your lease. After a few years of renting, you are probably paying more in rent than you would on a mortgage. Mortgage rates will stay the same each year and your money goes towards equity. If you’re paying $1600 a month, that’s $19,200 annually going to your landlord each year instead.

You have the money for a down payment and an emergency fund.

The down payment is what usually intimidates people from buying a home, however, you don’t necessarily have to put down 20%. An FHA Loan only requires you to put down 3.5%. For a $250,000 home, you would only need to put down $8,750. That’s less than $10,000! It’s beneficial to have an emergency fund as well for any unexpected repairs. Townhomes are great options for first-time homebuyers as they are part of an HOA which typically covers exterior repairs and lawn maintenance.

Your family has outgrown your current apartment or townhome.

An apartment rental is great for roommates, singles, and couples. However, the apartment lifestyle can become burdensome if you have a growing family. A 2 Bedroom apartment usually only goes up to about 1500 sq ft, which doesn’t leave you with much space. Additionally, the shared walls of townhomes and apartment rentals come with the possibility of noisy neighbors disturbing you and your family. Lastly, let's be honest, kids can be messy. You may not have the ability to change your carpet out for vinyl flooring or repaint your walls depending on your landlord’s policies.

These are only a few reasons it may be time to consider homeownership. The best first step is to reach out to an experienced Realtor. There are agents that specialize in assisting first-time homebuyers and are happy to help you begin the homebuying process. The best part? A Realtor doesn’t cost anything to hire, the sellers will be the ones to pay your Realtor.

Homeownership is more attainable than one might think! Who do you know that is ready to buy a home?

~SI Real Estate Tampa

Florida Real Estate Sales Double Compared to Last Year

2020-09-25T15:50:00.002-04:00

Hundreds of Northerners are Moving to Florida Each Day

When Florida comes to mind, many used to think of a vacation spot or a place to eventually retire. This has all changed over time, but especially in 2020. Florida has become one of the hottest places to relocate due to the Coronavirus. According to the Daily Mail, around 950 people move to the Sunshine State each day. According to a Douglas Elliman August report, new contracts for single-family homes and condominiums continued to rise in Pinellas and Hillsborough County — after having doubled in July.

The Coronavirus lockdown resulted in many people reflecting on their lifestyles, especially for people that received work from home orders. Those living in major cities began to realize that working and living in a tiny one-bedroom apartment was just not ideal. Close living quarters in apartment buildings also began to make residents feel uneasy with social distancing becoming the new normal. The desire for outdoor spaces all year, a dedicated office in the home, and warmer weather has significantly increased interest in Tampa and The Beaches because of the pandemic.

Many companies are choosing to allow their team members to permanently work from home. This decision allows employees to choose where they want to live, and many are looking for more space and warm weather. Additionally, Florida has lower property taxes and no income tax which makes relocating even more alluring.

Money goes much further when it comes to real estate in Florida compared to states in The Northeast. Right now, the average home price in northeastern states such as New York, Connecticut, and New Jersey is 650K while the average price in Tampa is 250K. Note that in Tampa, the $250,000 can buy both a resale or a new construction home. There are a variety of master-planned communities throughout the Greater Tampa Bay area. Many of these communities are gated with amenities like dog parks, pools (of course, always a pool), and fitness centers. These new homes allow buyers to customize their homes before being built and come with valuable warranties.

According to the New York Times, buyers are “moving much more toward permanent living” than to vacation homes. Many buyers from the Northeast were looking in August because they were concerned about whether COVID-19 could come back during the flu season. If they are going to quarantine, they want to be in nice weather.

Our office has had a considerable amount of calls coming from buyers looking to move out of New York, New Jersey, Connecticut and countless other northern states. With prices rising many are looking to make their move by the end of this year. Lastly, always be sure to contact a highly skilled Realtor that is very knowledgeable of the area you are looking to move to. Your Realtor is an expert in the local area and can tell you if a home is overpriced, how to navigate from contract to closing.

Migrating to Florida is nothing new, but the Coronavirus has caused a significant influx of people this year. There’s so much to love in Florida: picturesque beaches, outdoor attractions, and sunny weather year-round. Who do you know moving to The Sunshine State?

How the 2020 Pandemic is Affecting Homebuying Trends

2020-09-04T15:54:00.001-04:00

Buyer Preferences Shift as COVID Changes Our Daily Lives

After months of lockdown, many homebuyers are rethinking what they want in their next home. Although the pandemic will not continue forever, it will have some long-term effects on our lifestyles and how we feel about public gatherings. During the quarantine, many people’s homes became their office, gym, and restaurant. The changes we made to our lifestyles during this time have changed what we want out of our living spaces.

When restaurants closed, we were limited to our homes to indulge in some good food. Luckily, many local restaurants opted for takeout options, even 5-star restaurants like Del Friscos and Capital Grill. However, the ambiance of eating at your dining room table or in front of your TV just isn’t the same. When the weather warmed up, those that lived in apartments or homes with limited outdoor spaces longed to be able to eat al fresco. Many homebuyers are looking for an outdoor space where they can dine and entertain without having to go out to public locations. Patios, backyards, and front porches have made their way onto many buyers’ “must-have” lists.

We have all seen at least one video of a parent on a video call when a toddler accidentally interrupts looking to play. Dozens of major companies had the ability to have their employees work remotely from home to avoid crowded office space. Setting up your laptop on your kitchen counter is less than ideal, is crowded and distracting. Having an office space to work from home has become more important than ever. Many companies plan to have employees work from home until mid-2021 or even permanently. Office space is an absolute must for many of today’s homebuyers and renters. There’s an abundance of people who are buying homes just because primarily they want and need the additional space to make your home all-inclusive.

Typically, we saw young homebuyers looking to live in the cities to be closer to work, bars, restaurants, and events. With work from home becoming the new norm, along with, restaurant closures, and canceled concerts, the gravitation towards large cities has lessened greatly. Many younger home buyers are looking towards smaller cities and even suburbs. Renters and homebuyers alike do not want to be in crowded buildings with elevators and narrow hallways. After being locked down in tiny apartments, city dwellers have wanted nothing more than their space. With downtown prices also being significantly higher, many residents have decided to purchase real estate elsewhere.

Here in Tampa, we expect our population to continue growing as more people seek warmer weather and seek new opportunities. According to urban planner, David Dixon, Tampa has done a good job creating an inclusive and diverse downtown which is a positive trait many are looking for. We hope that the pandemic can be controlled as soon as possible but expect its effects on how we live our lives to last much longer.

~SI Real Estate Tampa

Are Low Mortgage Rates a Big Deal?

2020-08-31T13:46:00.001-04:00

Homebuyers Take Advantage of Record Low Mortgage Rates

2020 has sent every industry on a rollercoaster, especially residential real estate. During the lockdown, sellers pulled their homes off the market and buyers postponed their showings. The economy cautiously reopened and pent up buyers were ready to resume their house hunt.

Besides the 6-foot distance rule and normalizing face masks, the pandemic brought on a major reduction in mortgage rates. When we say major, we mean major. The average rate for the past five years was 4.05%, right now you can get a mortgage rate as low as 2.6%. This is the lowest we have seen in decades.

A mortgage rate is essentially the amount it costs to borrow money from lenders. When a homeowner pays their mortgage each month, the money goes towards paying off their home as well as paying interest to the lender. At first, most of your mortgage payment will go towards interest. Over time, more of your monthly payment will go to your loan instead of interest because you’re the amount you owe has decreased.

So, how does a lower interest rate affect homebuyers? To put it simply, right now it costs significantly less to borrow money to own a home than it has for decades. For example, let’s say you decide to put an offer in on the fabulous townhouse you’ve been eyeing for $250,000 and put 20% down. If your mortgage rate is 4%, for the first 5 years an average of $625.00 per month goes towards interest instead of your principal. Now if your mortgage rate is 2.8%, for the first 5 years an average of $425.00 per month goes towards interest and more towards paying the principal balance of the loan

In many cases, this could equate to more purchasing power as well. With lower interest, a buyer may be able to increase their budget anywhere from 10-20k which would only increase their mortgage by fifty to a hundred dollars. This could make the difference between buying a house you like and a house you absolutely love.

A surge of mortgage applications was observed this summer along with the extremely low inventory. Bidding wars have made a comeback as well and new home builders are experiencing an influx of interest because there are not enough resale homes on the market.

In Tampa, a 2-bedroom townhome rental will be around $1500 or $18,000 per year. Landlords and apartment complexes increase monthly rent each year anywhere from $70 to $125. Meanwhile, a mortgage for a single-family home could be somewhere around $1400 and with zero increase. If you have good financial history and stable employment, it may be time for you to take advantage of this amazing opportunity to become a homeowner.

~SI Real Estate Tampa

New Real Estate Development in Tampa Bay

2020-08-10T15:44:00.008-04:00

A Look into Tampa's Growing Neighborhoods in 2020

In the past few years, we have watched the once sleepy bay area transform into a vibrant city with pockets of lively neighborhoods. A variety of creative restaurants and rooftop bars emerged as well as chic residential dwellings.

A billion-dollar investment from Bill Gates attracted technology and consulting companies like ConnectWise and PriceWaterhouseCoopers. Multiple new Amazon facilities and the possibility of becoming the headquarters for Space Force is also sparking interest in the Tampa Bay Area. Many neighborhoods have been brought to life such as Channelside, Hyde Park, and the southernmost point at Tampa’s Marina Pointe Westshore! The sprawling city is still experiencing massive growth in areas outside of the downtown areas.

Earlier this year, BTI Partners and Jane Castor broke ground at Marina Pointe Westshore in South Tampa. Luxury condominiums are in the works along with boat slips and a retail and restaurant area. The retail space will feature a boutique grocery market, wine bar, spa, and much more! Luxury townhomes by WCI and the Westshore Yacht club are within walking distance as well. The location is adjacent to MacDill Airforce Base and Route 92 to St. Petersburg. Pictured below are photos from the model townhouse at WCI. Completion is estimated for the end of 2021, definitely a location to watch.

Another area on our watchlist is Riverview. For those that prefer a suburban vibe and are in the search for more space, Riverview might be for you. The median home price is around $250,000 making Riverview an attractive area for first-time homebuyers. According to the Tampa Bay Times, this area has attracted half of all the new construction homes in the entire Tampa Bay Region.

Riverview’s Ventana community is under construction and includes 3 major builders: Lennar, Pulte, and M/I Homes. The demand for new construction homes has increased due to low inventory caused by COVID-19. We have helped multiple clients go under contract just in this community this past year. The location cannot be beaten as it’s just a quick hop on The Selmon Highway will get you back to downtown in 20 minutes.

Right outside of Tampa, in Pasco County, a massive community is in the works called Bexley Village. Right off Veterans Highway, this new community boasts its own grade A elementary school, a coffee shop café, nature trails, and much more. There are about 800 homes built and they expect a total of 1300 total. You have the option of 7 different builders including Lennar, Pulte, and Arthur Rutenberg to name a few. Right outside of the community they plan on building a town square with shops, salons, and restaurants.

Despite the pandemic, Tampa’s residential and commercial real estate continues to grow. The lockdown increased out-of-state interest even more. Buyers are looking for more space and to live where they can be comfortable outside year-round. We see a bright future for the Tampa Bay Market and look forward to watching our city continue to flourish.

~SI Real Estate Tampa

New Construction Homes vs. Resale Homes

2020-07-31T17:27:00.005-04:00

Do you prefer the charm of a home with history or the idea of a bright and shiny untouched single-family home in a new community? One of the first decisions you will make as a homebuyer is whether new construction or resale home is for you and your family!

Below we explore a few pros and cons of both options. Remember that you’ll want to hire an experienced real estate agent that has experience with both scenarios to help guide you in making an informed decision. The best part? Your real estate professional will be at no cost to you as a buyer.

No cost, only benefits!

New construction homes

If you are in the custom home building option, you will be able to customize and personalize your home and select different upgrades prior to your home being built. This may increase your investment, however adding personalization may be worth it. The ability to choose your flooring, or something in your bathroom, an island in the kitchen, or additional lighting is a huge benefit if these items make a difference in your life and happiness. Adding these touches after construction has been completed can be costly and difficult.

Another advantage is that everything will be new. You won’t have to worry about maintenance or having to replace anything for a while from the roof to the HVAC. Builders also come with warranties, some up to 15 years.

New construction homes are typically built in communities that come with shared amenities. Some examples are a pool, fitness center, and playground. This is huge for new families and means that you will not have to build your own pool. Either way, a pool is a must in Florida!

Resale Homes!

With a resale home, you’ll have the ability to negotiate the price. Your real estate agent will research cost comparisons in the neighborhood for you. If a property is listed higher than what it’s worth, your agent will be able to negotiate for you to try and have the price lowered while staying within the market value parameters.

Resale homes also come with a few items that may not come with a new build. Items such as blinds, landscaping, built-in shelving, etc. Customizations like these would be added to your purchase price or negotiated in a new construction home.

Another advantage is time. With a resale home, you do not have to wait for construction to be completed. A new home to build from the ground will take around 5-6 months. You can also find some inventory builders and get something that is ready to close right away. With a resale home, you can typically close and move in between 30 – 45 days from an executed contract.

Which home choice is for you?

As we have discussed, there are many factors to consider when deciding what’s best for you in the homebuying process. From our experience and observations, your decision may depend on inventory as well. Right now, we are noticing many buyers gravitating towards new construction. With the pandemic, many resale homes have been taken off the market as sellers do not want showings in their homes while they are still occupying it. In the Tampa area, there are only 2 ½ months of inventory. That is a small supply of homes with high demand.

In today’s market, many resale homes are already under contract before a buyer can even submit an offer. With new construction, you do not run into this issue. Whichever option you choose, make sure to hire a highly skilled and experienced real estate agent to guide you through this process. Whether you’re leaning towards a resale home or new construction, a Realtor® will add value and benefit to the transaction process and save your financial costs in many aspects of the home purchasing experience.

~SI Real Estate Tampa

Real Estate Pulse from Tampa Bay

2020-07-24T12:23:00.001-04:00

New Home Sales on the Rise Due to Pandemic

New stats have come in via LinkedIn that shows an interesting real estate market trend. New home sales have jumped a whopping 55% since last year.

This is a HUGE increase! We are observing that more and more people are taking a preference towards less congested areas with their own living space. This is not only due to COVID and the lockdown, but many millennials have begun to settle down and have families. The mortgage rates also have increased buyer interest in homes of all types!

New construction homes are gaining more popularity as well for the following reasons:

1. There is limited inventory as many occupied resale homes have been pulled from the market due to Coronavirus. Sellers do not want showings in their homes while they are still occupied which is understandable. If the home is vacant, by the time buyers submit their offers, the home of interest is already under contract.

2. The Millennial generation is beginning to transition from renting properties to buying single-family houses and townhomes. This demographic is not interested in having to tackle and plan renovations and upgrades. Many clients are looking for a move-in ready home that requires little to no reposition work.

3. Due to Coronavirus, many renovation projects are delayed to not overcrowd the space. Buyers do not want to have renovations going on while residing, sheltering in place, and often working in their homes. Some renovation projects have even been placed on hold all together until the Coronavirus cases decrease, which is still unpredictable.

The demand rings true with our experiences lately in and around Tampa Bay. One of our most recent resale listings pictured above went under contract in less than a week. With mortgage rates being as low as they are buyer interest in real estate, in general, is truly soaring. Home prices have either stayed or increased due to spiking demand for real estate. While sellers have dominated the real estate market for several years now. Today’s market conditions make it clear that now is an advantageous time to sell.

What are some of your thoughts on how the pandemic has affected the housing market in your area?

~ SI Real Estate Tampa

Choosing The Best Realtor® for the Job!

2017-05-18T12:59:00.000-04:00

Who you choose to represent you when you buy or sell your home is one of the biggest decisions you’ll make during your move. Your real estate agent can make the process easy, quick, and painless – or long, expensive, and painful.

Here are 5 adjectives you should for in your real estate agent if you want to get the most out of the sale of your home or your home purchase:

1. Tenacious
Real estate is at times a complex world. There are seemingly endless challenges to navigate through: the house you love was snatched up by someone else; someone put a bid in on your home and then pulled out at the last minute; there are issues with the community, or zoning, or construction! These are some of the reasons why you need a savvy real estate agent who is tenacious, never gives up, and doesn’t stop until you have successfully bought or sold your home at the right price with the least obstacles.

The best real estate agents are the ones who not only have plan B, but plan C, D, and E ready and waiting. When things fall through, they don’t let it get them down. They keep pushing and coming up with creative solutions to close your real estate transaction – no matter what!

2. Honest
Honesty is always the best policy, but it’s especially important when it comes to real estate. You need to be able to trust your agent: he/she can negotiate the best contract terms on either side; to tell you the truth about your properties and options; to give you the right advice when it comes to buying or selling. If you work with an agent who bends the truth, withholds information, or – worst case scenario, whatever that may look like–you’re going to end up losing time and money, and patience throughout the process.

3. Savvy
There’s a lot to know in the world of real estate. Your real estate agent should be savvy, smart, and able to help you navigate through everything you don’t know about real estate. Look for an agent that can walk you through the entire process from A to Z. You want someone who is an expert in your area, and who can break down complex real estate jargon into easy-to-understand terms so you know exactly what’s happening at every stage of your home purchase or the sale of your home.

4. Persuasive
Every great real estate professional has the heart of a salesperson – and the persuasive skills to match. There are tons of instances in which you’ll need your Realtor® to turn on their persuasive charm. Real estate agents have to use persuasion to negotiate the best offers, to convince sellers to accept your bid, to convince potential owners that your home is the very best buy for them.

5. ThoroughBuying and selling any property is an involved business: there are papers to sign, inspections to schedule, and documents to process. You want to work with an experienced, thorough, detail-oriented real estate agent who will ensure that every “i” is dotted and “t” is crossed.

In addition to managing the transactional portion of your real estate venture, you want a real estate agent who’s so thorough they ensure that YOU don’t forget anything on your end. A thorough real estate agent will come armed with a checklist of not only what they need to do to process the purchase or sale, but what you need to do on your end in order to tie up any loose ends.

It’s easy to spot a thorough real estate agent. Do they send you reminders for home showings? Is their day planner meticulously organized? Do they jokingly refer to themselves as “type A?” If so, you’ve got a winner. The right real estate agent is essential in making the process of buying or selling your home a quick, easy, and a financial win. And when you lock in a real estate agent with all of these adjectives, you’re well on your way to real estate success.

"Shedquarters": Your New Personal Oasis at Home!

2017-05-03T16:34:00.000-04:00

With Spring comes new trends and fresh real estate concepts. If you’re looking for an innovative addition to your existing home and living space – here’s your answer!

Introducing ‘Shedquarters’! This new real estate trend is now emerging and offers your outdoor space a new twist. You’ve heard of the ever-popular ‘Man Cave’, maybe you’ve even created the ultimate lounge area in your own home, but now it’s time to clean out the lonely forgotten shed in your backyard, or bring in a new shed and start from scratch! Here we will imagine the endless possibilities that your own personal ‘Shedquarters’ could provide for you… and your family!

We all need an escape from time to time; a distraction-free room to relax and rejuvenate. Design a She Shed to include all of your favorite hobbies & luxuries. Add a fresh coat of paint to brighten up the space, along with some comfortable furniture to design the perfect reading nook. Need an artistic escape? Hail as Hobby Headquarters and store your craft supplies and favorite pieces inside to enjoy. Create a beautiful greenhouse or revive your old gardening shed – the possibilities are truly endless!

Alternatively, convert that neglected space in your backyard into the ultimate ‘Shedquarters’, giving yourself a private office spot. “Forts for grown-ups” states Modern Spaces, the west coast shed-building professionals. Always wanted to work from home? Now you can seclude yourself from distractions in your own personal office oasis! These are fantastic ways to transform unused real estate into valuable space in and around your property.

Need more space for the kids? Encourage outside play and imagination with a shed-turned-Kid Cave. More than just a plastic playhouse, this kid friendly space can be personally designed for you and your child’s interests. A timeless investment, your Kid Cave serves as the ultimate space for hobbies and homework.

Whether you’re looking for a home for your hobbies, an office, or just a place to expand and relax, creating your own personal ‘Shedquarters’ is a fun way to maximize your home enjoyment. No need to drive to your getaway, just go to your backyard.

Featured Properties: Tampa, FL

2017-04-21T16:13:00.000-04:00

FOR SALE

~20437 Autumn Fern Avenue~

Absolutely pristine 4 bedroom, 3 bath home located on a picturesque conservation lot in Live Oak. Just built in 2011 and has ample space for your family to grow and stretch in this 2600 sq ft, 2 story, 2 car garage home!!

Just listed for $286,900!

Beautiful 42” espresso cabinets and granite counter tops accent the generous gourmet kitchen with stainless appliances. Easy access to your huge screened in lanai to complete your outdoor space. The flex room downstairs is perfect for any office, den, library or even a formal dining room.

Upstairs you’re greeted by a loft space with lots of natural light. Down the hall, you’ll find the Master suite complete with dual vanities, granite counter tops, your walk-in shower and garden tub.

The community of Live Oak offers many amenities and recreational activities to enjoy such as: a clubhouse with fitness center, multiple pools, tennis courts, a covered playground, and more. Live Oak is conveniently located with easy access to: I-75, Morris Bridge, many popular restaurants, Wiregrass Mall, newly opened Tampa Premium Outlets, USAA, Citi Bank VA Hospital, Florida Medical, Wesley Chapel, Moffitt Hospitals and of course USF!

--------------------------------------------

FOR RENT

~3336 Chapel Creek Circle~

Fantastic villa rental home in Seven Oaks. Located on pristine waterfront & conservation lot, framed in by a screened in lanai. Shows like a model, space of a home and loads of amenities.

Maintenance free Villa has 3 bedrooms, 2 bathrooms and a split floor plan with numerous details and upgrades. Nearly 1800 square feet of living space, this villa opens to spacious and elegant living and dining rooms with views of the rear of your home.

Priced to rent now at $1650.00! Available now!

Seven Oaks is an awesome community located near popular restaurants, SR 54, I75, Wiregrass Mall, fitness centers, entertainment, and so much more! The wonderful community offers access to the pool, clubhouse, fitness center and tennis courts are just some of the million dollar amenities available Seven Oaks.

Real Estate in Full Bloom

2017-04-10T12:07:00.000-04:00

As spring flourishes around us, the real estate market blooms as well! Are you considering making a move this year? Now is the perfect time to prepare for this home selling season! Keeping in mind a few simple marketing tricks to make your home stand out from the competition!

First and foremost, jump on the spring cleaning bandwagon! Sometimes the small details of cleaning the inside of closets and clearing away clutter are forgotten, but these particulars are noticeable to potential home buyers. As articulated by Michele Lerner of Realtor.com, “While everyone has clutter, buyers want to see a fantasy version of your house in which they can envision living”. You can do it!

While cleaning, take notice that all of the small repairs that have fallen by the wayside have now become more apparent. Take advantage of this time to move those repairs to the top of your to do list. Replacing doorknobs, updating fixtures, pressure washing the exterior of your home, and adding fresh mulch, all enhance the value of your showing time.

The recent trend of vibrant front door colors is also a memorable feature, adding pizzazz to otherwise average curb appeal. Consider adding new sod and flowers to complement your fresh front door, along with clearing out dead landscaping and dirty gutters. Buyers are on the lookout for the small details that allow them to picture your home as their new sanctuary.

Most importantly, seek the assistance of a trusted Realtor. Beyond selling your home for the highest price, the agent with the most extensive marketing plan and local knowledge adds immeasurable value to the home selling process. Ultimately, “You want everybody to know your home is for sale because that’s how you get the highest price” says Sissy Lappin, founder of ListingDoor.com.

It’s not too soon to start taking the small steps of preparing your home for sale. When you’re ready to pursue your next real estate transaction, don’t forget to call Tampa Bay’s real estate experts at SI Real Estate Tampa!

Hometown Trends: Tampa, FL

2017-03-30T12:02:00.000-04:00

Welcome to Tampa, Florida! Home of the Buccaneers, the Lightning, the Rays and Florida’s powerhouse of business and economic development.

Lifetime locals and newcomers alike, have been the beneficiaries of Tampa’s expansive business, entertainment and real estate advancements. Making the list yet again, Tampa ranks #8 on Forbes’ list of Fastest-Growing American Cities.

A major player in Tampa’s growth over the past couple of years has been the ever-expanding Tampa International Airport. Not only has this project enhanced the Tampa traveler experience, but it has also created thousands of local jobs, contributing to Forbes’ 2.43% projected job growth for the Tampa Bay area in 2017. The construction of new terminals and shops combined with the employees to be hired for these new facilities makes for the perfect employment boost!

Moving towards downtown Tampa, the Riverwalk District and Riverwalk Tower is ready to impress! This 52-story office and luxury residential building will be the tallest building in Tampa and the tallest building on the West Coast of Florida. Resting on the edge of the Tampa Riverwalk, Riverwalk Tower is the perfect place for work and play! With Forbes’ predicted wage growth of 7.6% in 2017, this luxury skyscraper is sure to catch the eyes of aspiring downtown Tampa residents and greatly add to our urban core.

Among hustle and bustle of the metropolitan area, it’s no surprise that the suburbs are expected to grow as well. New home construction, new communities and eager sellers are adding new homes to the market for buyers of all kinds. Some are first time buyers, searching for a steal before the interest rates increase. Others, view the prospect of home-ownership as a reliable investment to build upon their assets rather than gamble with risky stocks. Regardless, there is good news for sellers and buyers that will see projected home prices grow just over 7% this year! Seller and buyers alike will derive real estate benefits from this growth – whether you receive top dollar for your listing, or buy a home that’s quickly appreciating, 2017 has your back!

What is your most anticipated development around Tampa Bay for 2017?

Strike While the Real Estate Iron is Hot: Mortgage Rates for 2017

2017-03-02T16:04:00.000-05:00

By and large, we saw a healthy housing market last year – but what should we expect as we embark on a new real estate journey in 2017?

For home buyers, this is your que to strike while the iron is hot! If you’ve been waiting for the right time to buy your new home – your wait is over! Increase your buying power by taking advantage of these lower mortgage rates before we see an increase between 2017 and 2018. As Bill Dallas, CEO at Cloudvirga explains, “We expect GDP [gross domestic product] to increase 2.1% in 2017 and 2.0% in 2018, which in turn would cast an upward pressure on mortgage rates”.

Alternatively, sellers are also at an advantage. For those with changing household sizes, moving up or downsizing may be a motivating factor for selling your home. Our current seller’s market, combined with buyers seeking low interest rates, makes for a swift and profitable seller transactions! As Theresa Williams-Barrett, Vice President of consumer lending and loan administration at Affinity Credit Union articulates, “We should anticipate those who were once on the sidelines, begin to act on the market in hopes of capitalizing before rates get higher”.

In fact, a recent survey released by the University of Florida reveals that 50.1% of Floridians believe it is a good time to buy a home. Among those surveyed, low interest rates was the most popular reason given for home buying motivation. Participants also agreed that homeownership is part of The American Dream, adding another motivating factor to home purchases in addition to lifecycle factors and economic conditions.

In 2016 we saw the second increase in a decade from the Fed when short term interest rates rose between 0.50% and 0.75%. Many factors may influence mortgage rates this year including: housing market conditions, the election and new policies imposed by the Federal Reserve. Policy makers are expecting not one, but three bumps in interest rates as we continue through 2017.

If you’ve been on the fence about buying or selling, take advantage of these historically low rates! Buy or sell your home in 2017!

A Glimpse Into The Real Estate Crystal Ball: Real Estate Forecasts for 2017

2017-02-02T10:57:00.000-05:00

As the buzz of New Year celebrations have settled down, many people are taking a closer look at the pulse of the real estate market for the year ahead. Whether you are considering buying a new home or selling your existing home, 2017 is looking like a promising year for your potential real estate transactions!

Kicking off 2017, Realtor.com has released their yearly forecast, predicting a sales volume increase of 4.17% across the southern Florida market. Despite South Florida’s strong population growth and stable job creation, 2016 saw a decrease in home and condo sales – making this year’s sales prediction music to the ears of Realtors and investors! “There is more inventory on the market [in South Florida] than a year ago and prices haven’t fully recovered so it is more of a value play for buyers than other parts of the country” says Jonathan Smoke, chief economist at Realtor.com.

Additionally, our neighbors in Jacksonville and Orlando, FL are among the top 10 markets expecting real estate sales growth of 6.3% for 2017. Good news is also in store for our hometown of Tampa, FL! Market research conducted by Local Market Monitor determined that Tampa maintains a strong 3.1% three-year population growth rate, up .8% higher than the national average of 2.3%.

Thanks to steady job growth and anticipated home appreciation, we’re eagerly welcoming baby boomers, employment relocations, retirees and second-home buyers in 2017. As Ingo Winzer, president and founder of Local Market Monitor states, “The national economy has stabilized and is growing again, the factors that prompt people to go to Florida have recovered”.

SI Real Estate Tampa is excited about what the real estate and builder future holds for our clients this year. We look forward to helping all of our friends, clients, and family across Tampa Bay and beyond in reaching their real estate goals for 2017!

Why Use A Realtor for Your New Construction Purchase?

2016-11-18T13:48:00.003-05:00

Searching for a home to purchase? You’ve probably noticed the increasing inventory of new construction homes available. Builders are developing new communities all over Florida, especially in the greater Tampa Bay area. If you’re ready to start exploring the option of purchasing a model or builder home, don’t go it alone! There are countless advantages of having an agent with connections to builders and the community, along with new construction experience, by your side for a new home purchase… Always use a Realtor ®

As you admire the freshly built model home, you may be surprised to learn that the “new home sales consultant” greeting you might not actually be a Realtor. Builders employ sales agents and staff to sell their homes, but these individuals are not necessarily required to have a real estate license.

While not hiring a Realtor may seem like a thrifty choice, it is always in your best interest to have representation in negotiating your purchase, seller / builder concessions, upgrades, and more! The best part? Your agent is free; no cost to you… Only Benefits!

When builders determine the price of the home, an earned commission for your Realtor is already included in the builder’s budget and purchase price. For buyers that opt out of agent representation, the price of their home remains the same.

Buyers that choose a trusted Realtor who specializes in new home construction are on the fast track to a successful new home purchase! We rely on experts in our daily lives to provide expertise and guidance. From hiring a CPA to ensure you’re filing properly with the most deductions, to employing an attorney to represent you – your Realtor’s commitment and expertise is invaluable.

Your real estate agent has a fundamental fiduciary responsibility to you, meaning your best interest is their highest priority and is part of their adherence to the code of ethics. Starting with explaining upgrade costs or outlining clauses in your contract, to your mortgage and HUD closing costs, your agent is in your corner.

Examining a contract may be foreign to the average eye, but your Realtor brings their proficiency to the closing table when it’s time to review the final numbers. Get ready to save big on closing costs, appliance packages, and much more all wrapped up in the best financing options!

Shop confidently with a Realtor who specializes in new construction and new homes in your corner from contract to closing.

The Tiny Home Trend

2016-10-20T16:06:00.001-04:00

Flipping through the television channels and social media, you may have noticed that many people are shifting towards downsizing their living space. Shows like Tiny House, Big Living and Tiny House Nation document the trending transition to tiny homes.

So why are so many Americans jumping on the tiny home bandwagon?

According to TheTinyLife.com, the average home is 2600 square feet – compared to the minimal square footage for tiny homes, averaging between 100 – 400 square feet! Those joining the Tiny House Movement are doing so to protect the environment, live frugally and have the freedom to travel.

With their petite structure, many tiny house homeowners have found financial freedom that would have been difficult to achieve had they opted for a mortgage on a traditional home. The savings from high property taxes, lower maintenance costs and less major repairs are illustrations of many sources of household savings through Tiny Homeownership. The mobility of these homes, in conjunction with financial savings also allows for individuals to pay off debts and save more of their income for travel expenses they otherwise would not have been able to afford.

Unsurprisingly, tiny homes use less materials, thus decreasing the amount of lumber for building and fuel used to transport supplies. Stemming from the small size of the home, it is also more feasible to use environmentally friendly materials that would be far more expensive if used on a larger home. In contrast to traditional real estate, tiny homes can be easily powered by solar panels due to their small stature, hence drastically decreasing energy use. This means lower utility bills and more money to save or use for other life style priorities. All in all it is very easy to “go green” in a tiny home!

Aside from all of these benefits, many are finding it difficult to find a place to “park” their tiny home. In an article from The Washington Post, most homeowners use the land of family members, friends, or rent space in an RV Park. However, many governments around the U.S have not caught up to the legality of tiny homes regarding building codes and parking provisions. So still some work to do to make this a stronger part of mainstream.

Now that you’ve got the scoop, do you think you could trade in your home for a tiny house?

Smart Homes: The Future of Homeownership

2016-10-20T16:04:00.001-04:00

Traveling back to the 1960s, homeowners were just beginning to enjoy the luxury of having a television in the home. The families of the 1990s experienced the convenience of owning their very own computer. Fast forward to 2016, and not only has technology advanced in the way of entertainment, but it has become a part of our everyday lifestyle. For years, technology has filled our homes – now our homes have become an integral part of new age technology.

While the definition of a smart home is debatable, most consider a smart home a house that has remotely controlled systems including temperature, lighting and electronic devices. Once considered a luxury for the wealthy, smart homes have become a mainstream component of homeownership. Combining security with convenience, smart homes offer families enhanced peace of mind.

Beyond the ability to remotely access security footage from your smart phone or tablet, some smart homes have the unique capability to assist you and your family to safety beyond an alarm alone. As explained in an article from ‘How Stuff Works’, “not only would a resident be woken with notification of a fire alarm, the smart home would also unlock doors, dial the fire department and light the path to safety”.

Technology with this level of sophistication also proves to be beneficial for elderly individuals living alone. Reminders can be set to take medication, turn off unused appliances such as the stove or an overflowing tub, and notify emergency personnel of bodily injury. Many families have found smart home technology to be more efficient than placing their loved one in a nursing home. Additionally, many have discovered that this form of personalized care is also more cost effective - all while allowing their loved one to maintain independence.

Furthermore, smart home technology has become the epitome of convenience. Never mind digging in your pocket or purse for your keys, your smart home will open the door for you as you approach! Forget to feed your pets? Your smart home will dispense a preset amount of food for them at meal time!

Whether you are just hearing about smart home technology, or have been enjoying the benefits for years, SI Real Estate Tampa wants to know – What’s your favorite smart home feature?

First Time Home Buyer

2016-10-18T14:44:00.000-04:00

It’s time to take the next step and buy your first home. Where to begin, you ask? By and large we find ourselves scouring the internet for real estate listings and then driving by potential homes only to find that it’s been sold, or doesn’t live up to those beautiful online photos.

Here’s the good news! Before getting too wrapped up in the home searching process, there are a few steps you should take to save yourself time, money and lots of disappointment.

First and foremost: Prepare Your Credit for Mortgage Approval. Now that you’ve decided to turn those rent payments into mortgage payments, the natural tendency may be to start looking for your dream home. But taking a step back to analyze your finances will be of absolute benefit to you when it comes to the mortgage approval part of the process!

The preliminary home search stage is the perfect time to check your credit score and the contents of your report. If needed, you may dispute any errors that you find. A mortgage professional can counsel you in this leg of the journey! Additionally, starting the credit review process gives you time to pay off any outstanding debt (especially those with high balances and high interest rates), but only as recommended by your loan officer. Getting a handle on your capital early in the game reduces your debt-to-income ratio, giving you more buying power and far more confidence.

Next, it’s time to: Determine How Much Home You Can Afford. After taking a close look at your finances you’ll have a better picture of your budget, which is probably higher than expected! There are many online sites with interactive calculators that provide a general estimate of your home affordability – but the best way to get sound advice on the home buying process leads us to the final step…

Find a Trusted Realtor: Not only does finding a trusted realtor provide you with a skilled professional in your corner, but many real estate agents have a “trusted” network of companies and colleagues that are ready to deliver the best services possible on your new home purchase.

While working with the listing agent may seem convenient for your home purchase, don’t forget that there are buyer’s agents that work directly with the buyer throughout the purchase process. This agent has the best interest of the buyer in mind, rather that juggling the loyalties of the buyer and the seller.

Count on your buyer’s agent to represent you while negotiating the home price, facilitating a home inspection - to check for any issues with the home that may not be obvious during the showing, and carefully examining the closing paperwork.

After all of your hard work and dedication to preparing for your first home purchase, you deserve the best potential services, mortgage rates and much more from your agent including: expert negotiating skills, compelling ethics and access to minute-by-minute updates on available properties and the purchase process!

If you have found this information to be helpful, please share it with your friends and family who have embarked on the home buying journey! SI Real Estate Tampa is ready to exceed your expectations!

Millennials in the Housing Market

2016-07-12T15:22:00.000-04:00

For those selling your home, you may have seen an influx in Generation Y, or “Millennial” buyers flocking to your open house in recent years. Yet, with the most recent U.S. Census confirming that Millennials have surpassed the Baby Boomers, it’s no surprise the number of Millennial home buyers is on the rise.

So what does this mean for the housing market? According to Realtor.org, “For the third straight year, the largest group of recent buyers were Millennials, who composed 35% of all buyers, more than the combined amount of younger and older Baby Boomers at 31%”.

Millennials are a new brand of home buyer. Contrary to previous generations, Millennials are delaying marriage and family to a later time in life. Whereas, home buying is at the forefront of their priorities. Seen as a smart investment, these young purchasers are seeking the stability and security of home ownership.

In most markets, Millennials are finding that renting is more expensive than buying - even after considering the fees and taxes associated with buying a home. By paying on a mortgage rather than monthly rent, they are not only saving money, but allowing for more flexibility in their lifestyle. As Casey Bond with GO Banking Rates states, “When you own your home, you can stay as long as you like. You can have pets. You can paint your living room hot pink.” There’s no worry of losing your security deposit or relying on someone else to maintain the property.

With special programs for first time home buyers, there is less stress associated with a down payment. By taking advantage of FHA backed loans, Energy Efficient Mortgage programs among many others, Millennials were able to finance their purchase with a median down payment of just 7 percent. For those considering buying your first home, revisiting your finances, evaluating your housing needs and contacting a trusted Realtor will start you off in the direction!

2016-06-14T16:00:00.000-04:00

Real Estate Pulse:

Existing Home Sales Continue to Rise

The lack of homes on the market, price jumps and bidding wars does not stop buyers from closing on the homes of their dreams.

In April 2016, the number of homes sold shot up 4.9%, year over year to 471,000 purchases across the United States of America, according to the National Association of Realtors. Sales were up 11.9% in April from March, likely because of the season change. Spring and summer are the most active time of year for home sales. The reports only looked at existing homes, not new construction and there were no seasonal adjustments taken into consideration for seasonal fluctuations. Just clean cut data.

Looking at Florida's townhouse-condo market, statewide closed sales totaled 10,738 last month, down 5.3 percent compared to April 2015. However, the closed sales data reflected fewer short sales and cash-only sales in April: Short sales for townhouse-condo properties declined 43.2% while short sales for single-family homes dropped 35.9%. Closed sales may occur from 30 to 90-plus days after sales contracts are written. Net sum of these numbers reflect far more owner occupied buyer/seller transactions.

“The strong momentum from the start of the year has definitely continued,” says Jonathan Smoke, realtor.com’s chief economist.

He was encouraged by the rise in the share of first-time home buyers, to 32% of the market. That’s a small bump from 30% for both the previous month and a year ago, according to the report. Although, still somewhat below what is considered a healthy share of 40%, Smoke says.

“Where we have the most shortage of homes for sale is with the affordably priced homes,” he says.

Despite the challenges, home flew off the market shelves. They were typically on the market for only 39 days in April, compared to 47 in March. That is about the same time on the market as this time 2015.

The median price of an existing home was $232,500 in April, a 6.3% increase from 2015, according to the report. Single-family homes went for a bit more at a median of $233,700, while condos sold for a bit less at $233,300.

The positive growth we're seeing in sales for homes priced above the $150,000 mark is being offset by a continuing decline of homes for sale in the most affordable price ranges," said Florida Realtors® Chief Economist Brad O'Connor. "This trend is due in part to the ongoing decline in listings and sales of distressed properties. In April, distressed sales accounted for less than 12% of all closed Multiple Listing Service (MLS) sales in Florida – the lowest such percentage we've recorded since the initial stages of the downturn last decade."

Inventory was at a 4.5-months' supply in April for single-family homes and at a 6.3-months' supply for townhouse-condo properties, according to Florida Realtors. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.61 percent in April 2016, down from the 3.67 percent average recorded during the same month a year earlier.

An increase in new listings, rising median prices and fewer days to a contract make for a growing and sustainable Real Estate Market that should only continue to rise.