New home construction moves 6.3% higher in September

Construction firms broke ground on more apartment complexes in September, pushing up the pace of U.S. homebuilding.

• Housing construction start ups rose 6.3%, according to Commerce Department. These gains are made up largely from apartment construction- a volatile market.
• The economy has recovered slowly and wages have increased equally so, which leaves many Americans renting, rather than owning homes. This results in the high apartment construction percentages.
• Single family houses rose 1.1% in September, adding to an 11% gain during the past year.
• Applications for building permits are a sign of good future activity, which increased 1.5%. These numbers are also reflected in apartment complex construction. Multi family buildings (apartments) rose 7% in September.
• American Institute of Architects' billing index in August was 58.1. This index is weighed heavily to multi family housing, and any rating 50+ signals growth.
• Real Estate sales have dwindled. Price growth is slowing. Home values are increasing, which makes affordability a challenge for many home owning Americans.
• Prices rose 6.4% in August. This is a slowdown from last year, which was up 12%.
• Prices are increasing more than wages, which only just exceeds inflation. This makes it difficult for Americans to save money and make a down payment and qualify for mortgages. This influences more Americans to rent. This influences the driving force behind increased apartment construction rates.
• These figures influence increasingly few buyers to search for homes, which makes homebuilders less confident to build.Though new homes represent only a fraction of the housing market, they have an outsized impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the Home Builders. This is another well written article that effectively showcases the reasons how and why the economy is effected by various industries, and vice versa. The cause and effect of the housing market is nicely illustrated.

Average 30-Year Mortgage Drops Below 4%

 

30 year loan plans to hit their lowest numbers since June of last year (2013). Yields from Treasury Bonds marked new lows. Now it is much more affordable to borrow the funds necessary to buy a home.

 

• Freddie Mac says nationwide average for 30 year loan is 3.97%, down from 4.12 while 15 year loans are at 3.18% from 3.3%
  
• 10 year notes now trade at 2.1% which is down from 2.34%. The bond yields are rising, because of the falling prices on bonds.
  
• Treasury yields have dropped, and the federal reserve may force the Federal Reserve to delay interest rate increases.
  
• Down Jones Industrial Average is down 460 points and all three US Stock indexes were in negatives for the year. Fear Index rose sharply.
  
• Mortgage rates are down, despite the Federal Reserve's ending of monthly bond purchases. This is to keep long term borrowing rates low. Shorter term loan rates will be kept at near zero levels until inflation shows signs of rising.
  
• Freddie Mac surveys lenders across the US to calculate average mortgage rates. This average DOES NOT include extra fees, which most borrowers pay to get lower rates. A POINT IS 1% OF THE LOAN AMOUNT.
  
• Average fee for a 30 and 15 year mortgage is .5 points. For a one-year ARM, the average rate fell to 2.38 percent from 2.42 percent. The fee held at 0.4 point.

Huntington By the Campus, USF Area, Tampa, FL

 

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Move-in ready unit available in a quiet neighborhood in the USF area. This spacious two bedrooms, one bathroom villa features an updated kitchen, ceramic flooring throughout, and ceiling fans. As you enter through the doors, you are greeted by the clean, white kitchen with a smooth counter-top and breakfast bar that overlooks the vaulted ceiling dining room and living room combination. The split bedroom floor plan is separated by the bathroom and a hallway closet.

 

The backyard is a stunning and well landscaped feature of this villa. Not only does it include a spacious screened lanai, but an open deck and space for more entertaining. This home will make an excellent owner occupant resident or investment unit.

 

For more information, call 813-419-7009 or email info@gloriawalters.com.

International Buyers Finding Homes in US

Dr. Jerry D Parrish, a chief economist, wrote this article which chiefly outlines the purchases of property made in Florida by international buyers. Florida has been, is, and will continue to be in the future an attractive place for the real estate industry. The article stipulates that the buyers are coming from mainly Western Europe and Britain, with a sizable number also coming from South/ Latin America and Canada.

Chinese buyers are also present. Sales have been gradually increasing since 2008. International buyers are important to Florida's economy, and a forecast of around 60,000 purchases of property in Florida made by international buyers is made by Parrish. Parrish conjectures that the strong property rights in Florida are spurring more and more international buyers, as well as the strong tourism industry.

WestChase Home For Sale in Maintenance Free Enclave!!!

 

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Lowest Priced Per SqFt Home in the WestChase Community. The sun is shining and it's nice and breezy, The Enclave in Westchase has a home for sale and the moving is easy! This contemporary home located within the Westchase area and features an attractive, open air feel with wooden floors. This well-lit home has two stories, with 4 bedrooms and 2.5 bathrooms. Immediately upon walking in through the large front door, you are greeted by a bright and open living area that is flanked by an equally open and spacious kitchen- complete with an island counter! With white cabinets, the kitchen has a very clean and contemporary feel as you walk outside through the side door.

Once you venture upstairs, you will be greeted by the loft area that separates the master from the remaining three bedrooms. The master bedroom and master bathroom are also noticeable, as they both are spacious and luxuriant. Complete with a separate bath and shower, the bathroom caters to all wants and needs and is easily manageable. The bedroom also features a walk in closet! When you journey back downstairs, a two car garage is also present.

This home caters to all your needs, with schools in close proximity and playgrounds also just a short walk away. Vibrant, yet homey and contemporary and modern, while also classic-- This home is eager for new homeowners!

The Enclave at WestChase, Tampa, FL

FOR SALE in WESTCHASE COMMUNITY, TAMPA!!!
4 Bedrooms
2.5 Bathrooms
2 Stories
2,253 sqft
Loft Style
Spacious Kitchen
Laminate Wood, Carpet, Ceramic Tile Flooring
Split Bedroom Floorplan
Washer/Dryer within unit
2 car attached garage

Homeowner Flood Insurance Affordability Act

The United States Senate has just passed "The Homeowner Flood Insurance Affordability Act" by a vote of 72-22 (both US Senator Nelson and Senator Rubio voted in favor of the bill. This is the bill the US House passed on March 4. This is incredible news for Florida REALTORS® and property owners. The bill will now be sent directly to President Obama for his signature!

* Reinstates Grandfathering - This bill permanently repeals Section 207 of the Biggert-Waters Act, meaning that grandfathering is reinstated. All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping - for example, if you built to +2 Base Flood Elevation, you stay at +2, regardless of new maps. Also importantly, the grandfathering stays with the property, not the policy.

* Caps Annual Rate Increases at 18% - This bill decreases FEMA's authority to raise premiums. The bill prevents FEMA from increasing premiums within a single property class beyond a 15 percent average a year, with an individual cap of eighteen percent a year. Pre Biggert-Waters, the class average cap was 10%. Currently (Post Biggert-Waters), the class average cap is 20%. The bill also requires a 5% minimum annual increase on pre-FIRM primary residence policies that are not at full risk. The updated legislation also states that FEMA shall strive to minimize the number of policies with premium increases that exceed one percent of the total coverage of the policy (e.g., 1% of $250,000 = $2,500).

* Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates

* Permanently Removes the Sales Trigger - This bill removes the policy sales trigger, which allows a purchaser to take advantage of a phase in. The new purchaser is treated the same as the current property owner.

* Allows for Annual Surcharges - This legislation applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates. All revenue from these assessments would be placed in the NFIP reserve fund, which was established to ensure funds are available for meeting the expected future obligations of the NFIP.

* Funds the Affordability Study and Mandates Completion - This legislation funds the affordability study required by Biggert-Waters and mandates its completion in two years.

* Includes the Home Improvement Threshold - This bill returns the "substantial improvement threshold" (i.e. renovations and remodeling) to the historic 50% of a structure's fair market value level. Under Biggert-Waters, premium increases are triggered when the renovation investments meet 30% of the home's value.

* Additional provisions: This legislation includes several other provisions including preserving the basement exception, allowing for payments to be made in monthly installments, and reimbursing policy holders for successful map appeals.

Investors get back into the real estate game

Many housing experts predicted a slowdown in investor activity this year, but investors don’t appear to be fading from the market – they appear to simply be shifting their focus to different types of properties as distressed inventories dry up.

“There has been a clear rebound in investor participation in the housing market,” says Thomas Popik, research director for the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, which showed strong activity among investors in December 2013. “The statistics for the housing market, particularly the non-distressed segment, remain generally strong, but investors still are increasing their activity.”

Investors are increasingly targeting non-distressed properties. In November, investors accounted for 13.2 percent of purchases of non-distressed properties based on a three-month moving average. That’s up from 10.5 percent in August, marking a seven-month market share high for investors, according to the HousingPulse survey.

Investors started pulling away from the market in March 2013 as home prices soared, with their overall market share dropping to 16 percent, according to a survey by the National Association of Realtors®. But by December, they bounced back, ending the year strong with a 21 percent market share – about the same level at which investors’ presence peaked during the foreclosure crisis.

Source: “Investors Ended 2013 on a Roll,” RISMedia (Feb. 17, 2014)

Lake Forest Villa For Sale, Lutz Florida

 

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Bring your belongings and move right in! This clean and completely remodeled villa is move-in ready and waiting for its new owners. From the moment you walk in, you can see the attention to detail, the upgrades and contemporary finishes.

This villa boasts tile and laminate wood flooring throughout, fresh paint, modern light fixtures and ceiling fans, a new kitchen with granite countertops, maple cabinets, stove, under-cabinet microwave, and refrigerator. The pristine bathroom features a water-efficient commode, white cabinets with a cherry-white granite counter top, and an easy to clean shower/bath tub. There is also plenty of storage in the hallway and within the spacious laundry room. Just outside is a quaint backyard for enjoying the Sunny Florida weather and the surrounding lush landscape. This community is pet friendly allowing up to three pets. Lake Forest also has no rental restrictions if you are considering owning as a rental property.

Lake Forest is the ultimate Hidden Gem of Lutz. Located on the cusp of where New Tampa, Lutz, and Tampa meets, this villa’s location offers easy access to most anywhere including I-275, I-75, Publix, Movie Theatre, USF’s Main Campus, and the Florida Hospital. Make this villa your home today! The community also offers a basketball and tennis courts, playground, large pool, jacuzzi, and a scenic pond.

Gloria Walters, PA
REALTOR | Notary
Charles Rutenberg Realty, Inc.
Cell: 813-419-7009
Fax: 813-200-8708
info@gloriawalters.com
www.gloriawalters.com

Psalms 116:1-2

Magnolia Park East Townhome FOR SALE!

 

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Newly constructed townhome for Sale in Riverview Florida. Are you or someone you know, looking to move into a maintenance free home as soon as possible? Well this may be the perfect option.

This two story, two bedroom, two and a half bath townhome features many homey touches and upgrades that you can enjoy including:

• 1320 Sqft of Living Space (Public Records)
• All Tile Flooring on First Floor
• All Black Appliances Package
• Carpet Flooring in All Bedrooms
• Spacious Master Bathroom w/Double Sinks
• Stackable W/D Hook-Up w/in Unit
• High-End Security System
• Closed Kitchen Pantry
• First Floor Storage Area
• Spectacular Pond Views
• Sidewalk/Walk Trail Throughout Community
• Built in August 2013
• Gated Community
• Basket Ball Court, Tropical Pool, Playground, Clubhouse

Call or text Gloria at 813-419-7009 for more information.

South Pointe, Riverview FL Home For Sale

 

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Your Home Search is over! This South Pointe home showcases an owner's pride. Well maintained from roof to floors. Your future home features three well-sized bedrooms, two full bathrooms, an entertainment alcove, modern light fixtures, sparkling baseboards, immaculate carpet and tile flooring, high-ceilings, contemporary interior colors, a two car garage, and a great open patio area for enjoying the Florida weather. The master bedroom is well adorned with high ceilings, modern paint colors and the master bath boasts a stand-up shower, water closet, double-sinks, a large walk-in closet, and a garden tub. South Pointe is centrally located less than 30 miles away from Tampa, Sarasota, and I-4. Furthermore, a number of shopping areas and restaurants are located within minutes of this humble abode including Publix, Panera Bread, Sam's, Qdoba, and many more... Call 813-419-7009 or email info@gloriawalters.com for more information or to make an offer. This unit is being offered for sale and for rent.

Set The RIGHT Price For Your Home From The Start…

 

 

Homes that sell the fastest also sell for the most money!  If you want to get Top Dollar for your home, beyond making your home show like a model, it needs to be priced correctly.

Most agents will only do a CMA (comparative marketing analysis), but the best agents offer a “Maximum Home Value Audit.”  What’s that?

It’s a careful, thorough valuation of every square inch of your home to determine the best possible price based on real world facts, and presented in an EASY to understand format.  You won’t get any inflated values just to pressure you into listing with me. 

If we’re already working together, simply let me know you’d like to redeem your “Maximum Home Value Audit” coupon. Or, if you’re looking for professional representation to sell your home, use this free service as an introduction to the value I can provide you.

So call me right now I’ll immediately arrange a convenient time to meet, and share with you my Maximum Home Value Audit. It’s Free. It’s FAST.  And it could help you net $1,000’s more on your home sale by setting the home price right from the start.

Gloria Walters
Charles Rutenberg Realty, Inc.
Direct: 813-419-7009
Fax: 813-200-8708
E-mail: info@gloriawalters.com
Website: www.gloriawalters.com

What can you expect from the Florida real estate market in 2014?

Real estate market never remains the same for long. The market trends keep changing as per the alterations in global economy. Now, the same trend applies for the Florida real estate market as well. As the experienced economists stated at the Florida Realtors' 2014 Real Estate and Economic Summit in December, the upcoming changes in global economy can make the housing sector in Florida grow slowly in 2014.

How strong Florida real estate market is going?

There was a hint of substantial growth in Florida’s housing market in 2013 as well. By the third quarter of 2013, the number of closed sales and properties in inventory increased considerably. Apart from that, the median prices were high enough. Home affordability was also high. Dean Asher, the 2013 Florida Realtors President stated, “Data from the third quarter of 2013 shows that Florida’s housing market continues to grow and gain strength”.

2013 Was a really positive year for the realtors in Florida and market experts believe that this positivity will continue in 2014 as well.

What are the prospects in 2014?

The experienced economist of Florida Realtors, John Tuccillo believes, "The real estate market is going to grow, and we'll probably see about a 10 percent increase in residential sales". The value of home will increase considerably. There are chances for the price to go up gradually by almost 5%. In the last 18 months, the property prices have increased almost about 12%. This is an incredible increase.

There is a slight increase in the number of vacant properties as well. Federal Reserve has planned to modify its bond-buying program in the upcoming months. After the modification, the property prices are supposed to increase considerably.

Dr. Frank Nothaft, the chief Freddie Mac economist said at a recent conference, "Mortgage rates have gone from dirt cheap to cheap and now I expect them to rise to low - maybe 5 to 5.5 percent toward the end of next year - still very low to where they've been historically". So, there is hardly any doubt that mortgage rates will maintain a moderated increase in Florida in the coming months of 2014.

So, how the housing market may change in Florida?

As Nothaft pointed, there are also a few challenges to face in 2014. For instance, there is the restricted access to credit. Apart from that, most of the market experts are predicting that home buyers may face problems to deal in a market where rates are going up. The increased value of properties and continuous increase in mortgage rates may force the homeownership rate to drop significantly. However, with improvement in job market, home buying may be a bit easier. But the question is how steady will be the growth in job market. Sean Snaith, the professor of University of Central Florida recently said that uncertain growth in employment will only make people avoid home buying. Nothaft also feels that unemployment matter and he said, "People who want full-time jobs but can't find them and have to work part time add to the underemployment rate of 13.5 percent. That's a large share of the market that doesn't have the resources to buy."

So, it’s quite evident that home buyers in Florida need to stay updated about the changes in real estate market. As inventory is huge, the competition will be less enough. Mortgages will be easier to get but people may have to pay extra for the interest rates. That’s why, prospective buyers who’ve enough resources or a steady job must make the move now and opt for the mortgage before the rates go up even more.

By Rikk Miller

Foreclosed Owners Gets A Second Chance Sooner

Those who lost their home due to financial hardships may get another shot at being homeowners again soon. The Federal Housing Administration (FHA) recently announced that it would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure or short sale if they wish to buy a home again.

Under FHA’s Back-to-Work Program, homeowners must show that they have their finances in order, and they must receive counseling from a HUD-approved agency.

Those who meet the requirements can apply to buy a property in as little as a year. “The Back to Work Program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency called Springboard, told HousingWire. “Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.”

Counselors provide borrowers with a customized action plan that reflects household budgets and shows borrowers how they can meet their financial obligations to prevent default again in the future.

Source: “Springboard helps formerly distressed borrowers get back on track,” HousingWire (Nov. 19, 2013)
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