Midtown Tampa & Real Estate

Guess what Buyers and Investors?! There is a new property on the market located at, 2701 W Cordelia Street, Tampa, FL 33607. It is the perfect 3 bedroom, 1.5 bath home for a first time homeowner or savvy investor. Located on a corner lot, this home boasts a spacious 1,352 square-feet of living space. In addition to a large front porch, this home has been completely renovated.

Large Bungalow Front Porch

 
  Night Time Glow

2701 W Cordelia Street is the perfect location! Capaz Park is directly across the street. It is also minutes away from the Tampa International Airport, I-275, the International Plaza and a number of authentic restaurants and local shopping amenities. This home would be one of the best options for its first-time homeowner(s) or an Air BnB investor enthusiast. The soon coming Midtown Tampa, (I-275 and N. Dale Mabry Highway) will be a major bonus that will add to the appeal and value of this home’s location.  
 

Midtown Tampa is expected to be complete in 2020 and will be one of Tampa’s biggest developments. The impressive 1.8 million square-foot project will help link downtown Tampa with the city’s Westshore area. The entertainment development will include a 390-unit Crescent Communities apartment complex, 48,000-square-foot Whole Foods Market, two boutique hotels and more than 200,000 square feet of retail, restaurants, entertainment, fitness, and other outdoor activities.

Midtown Tampa’s entertainment district is just an incentive for purchasing this beautifully, renovated bungalow. Historically charming bungalows are well-known in the Tampa Bay area. The new owner will own a piece of Tampa’s history. This bungalow has been fully renovated with laminate wood flooring and tile throughout, sleek stainless-steel appliances, lovely architectural details, a warm interior color motif and a big backyard for entertaining family and friends.
 
                 

Updated Kitchen w/Sleek Stainless Steel

Spacious Family/Dining Room Combo

Large Backyard for Entertaining

If you are looking to be close to Midtown Tampa or wanting to secure a one of a kind house like 2701 W Cordelia Street, call us today. This home is awaiting its new Buyer(s) to make it feel like home and to make it your own! Do not miss your opportunity!  Call 813-419-7009 to schedule your private viewing today or visit www.gloriawalters.com for more information!

10 Christmas Light Tips to Save Time, Money, and (Possibly) Your Life

 

Christmas lights can be modest displays to show good cheer, or million-bulb light-apaloozas that draw gawkers from near and far. Here are some tips on how to get the most from — and spend the least on — your holiday display.

1.  Safety first. Emergency rooms are filled with homeowners who lose fights with their holiday lights and fall off ladders or suffer electric shocks. To avoid the holiday black and blues, never hang lights solo; instead, work with a partner who holds the ladder. Also, avoid climbing on roofs after rain or snow.

2.  Unpack carefully. Lights break and glass cuts. So unpack your lights gingerly, looking for and replacing broken bulbs along the way.

3.  Extension cords are your friends. Splurge on heavy-duty extension cords that are UL-listed for outdoor use. To avoid overloading, only link five strings of lights together before plugging into an extension cord.

4.  LEDs cost less to light. LED Christmas lights use roughly 70% to 90% less energy and last up to 10 times longer than incandescent bulbs. You can safely connect many more LED light strings than incandescents. Downside: Some think they don’t burn as brightly as incandescent bulbs.

5.  Solar lights cost nothing to run. Solar Christmas lights are roughly four times more expensive to buy than LEDs, but they cost zero to run. They’re a bright-burning, green alternative. Downside: If there’s no sun during the day, there’s no light at night. The jury’s also still out on how long they last; they’re too new on the market for results.

6.  Dismantle lights sooner than later. Sun, wind, rain, and snow all take their toll on Christmas lights. To extend the life of lights, take them down immediately after the holidays. The longer you leave the up, the sooner you’ll have to replace them.

7.  Plan next year’s display on Dec. 26. Shop the after-Christmas sales to get the best prices on lights and blowups that you can proudly display next year. Stock up on your favorite lights so you’ll have spares when you need them (and after they’re discontinued).

8.  Permanent attachments save time. If you know you’ll always hang lights from eaves, install permanent light clips ($13 for 75 clips) that will save you hanging time each year. You’ll get a couple/three years out of the clips before sun eats the plastic.

9.  Find those blueprints. Instead of guessing how many light strings you’ll need, or measuring with a tape, dig up your house blueprints or house location drawings (probably with your closing papers) and use those measurements as a guide.

10.  Store them in a ball. It sounds counterintuitive, but the best way to store lights is to ball them up. Wrap five times in one direction, then turn the ball 90 degrees and repeat. Store your light balls in cardboard boxes, rather than in plastic bags: Cardboard absorbs residual moisture and extends the life of your lights.

Read more: http://members.houselogic.com/articles/how-to-string-christmas-lights/preview/#ixzz3tehfriMY
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Homeowners trump renters in wealth

NEW YORK – Oct. 20, 2015 – Homeowners' net worth is significantly higher than renters. A typical homeowner's net worth is $195,400 compared to a renter's $5,400, according to the Federal Reserve's last data from 2013.

The Fed's next survey of household finances, which is conducted every three years, is due out in 2016 and the renter to homeowner gap is expected to widen further due to price increases.

Lawrence Yun, chief economist for the National Association of Realtors^®, predicts that the median net worth of homeowners will jump to $225,000 to $230,000 in 2016, but it will be around $5,000 for renters.

If that proves correct, the typical homeowner will be ahead of a typical renter by a multiple of 45 on a lifetime financial achievement scale.

"Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth," Yun writes in his latest column for Forbes.com.

"The simplest math shouldn't be overlooked. A vast majority of homebuyers take out a 30-year fixed rate mortgage to make a home purchase," Yun says. "After 30 years, there is no mortgage payment (nor rent payment). So the home price growth over that time period would be the equity that the home buyer would have accumulated."

The majority of Americans aspire to be homeowners and the homeownership rate increases significantly through age. The homeownership rate among households under the age of 35 is 35 percent, for example, but by the time people reach their prime-earning years of 45 to 55, nearly three-fourths are homeowners. By retirement, nearly 80 percent are homeowners, Yun notes.

Source: "How Do Home Owners Accumulate Wealth?" Forbes (Oct. 14, 2015)

When is the best time of year to buy a home?

RealtyTrac took a big data approach to the question and analyzed 32 million single-family home and condo sales over the past 15 years. They compared average sale prices to average estimated market value at the time of sale to determine whether buyers paid a premium or bought their home at a discount. They then broke down the data by month, weekday and day to see which buyers received the biggest discounts based on listing prices.

Florida discount days

• Cape Coral-Fort Myers: The best day of the year is May 28, when buyers' closing price was an average 22% discount off the original asking price.
• Lakeland: The best day of the year is Jan. 21, when buyers' closing price was an average 16% discount off the original asking price.
• Miami-Fort Lauderdale-Pompano Beach: The best day of the year is Dec. 31, when buyers' closing price was an average 13% discount off the original asking price.
• Orlando-Kissimmee: The best day of the year is Oct. 1, when buyers' closing price was an average 11% discount off the original asking price.
• Palm Bay-Melbourne-Titusville: The best day of the year is Oct. 8, when buyers' closing price was an average 20% discount off the original asking price.
• Sarasota-Bradenton-Venice: The best day of the year is Jan. 2, when buyers' closing price was an average 15% discount off the original asking price.
• Tampa-St. Petersburg-Clearwater: The best day of the year is Oct. 29, when buyers' closing price was an average 12% discount off the original asking price.

"The end of the school year and summer break accelerates our South Florida closings in the spring and summer months," says Mike Pappas, CEO and president of the Keyes Company in South Florida. "Historically, we close 60 percent of our sales in the second and third quarter of each year. Traffic is lower during the holidays and therefore January and February are our lowest closing months."

National overview

October is the best month to close

• Over the last 15 years, October buyers realized an average discount of 2.6% below full estimated market value at the time of sale.
• Following October, the best months to buy were February, July, December and January.
• The worst month of the year to close is April, when buyers over the last 15 years have purchased at an average premium of 1.2% above estimated market value at the time of sale.

Monday is the best weekday to close

• Over the last 15 years, Monday buyers saw an average discount of 2.3% below full estimated market value at the time of sale.
• Friday is the second-best weekday to close on a home purchase, and buyers realized an average discount of 2.0%.
• Thursday is the worst day of the week to buy a home, with a 1.0% average discount, followed by Wednesday (1.4% discount) and Tuesday (1.9% discount).

Oct. 8 is the best day of the year to close

• After removing holidays such as Christmas Day, New Year's Day, Veteran's Day and July 4, the analysis found that buyers who closed on Oct. 8 realized the biggest average discount – 10.8 percent below estimated market value at time of sale.
• After Oct. 8, the best days of the year to close on a purchase of a home were Nov. 26 (10.1% discount), Dec. 31 (9.7%), Oct. 22 (9.6%), and Oct. 15 (9.1%).
• The worst day of the year to close on a purchase of a home was Jan. 19, when buyers paid an average 9.6% premium above estimated market value at time of sale, followed by Feb. 16 (9.5% premium), Apr. 20 (9.5% premium), Apr. 6 (8.4% premium) and Apr. 27 (8.2% premium).

For more details, check RealtyTrac's interactive map posted online.

The Tampa Outlet Mall & Local Real Estate!

CLICK HERE FOR FEATURED LISTING!

 

The Grand Opening of The Tampa Outlet Mall is fast approaching. Potential buyers, current residents and business owners in the area are continuously buzzing about the growth and positive impact the Mall will have on the Wesley Chapel/Land O Lakes area.

The real estate arena is certainly anticipating the launch of the Tampa Outlet Mall.  The overall value of the area is expected to increase. So the question is now, where to buy within the area that will still be an affordable option. One of the options is Ashton Oaks in Wesley Chapel.

This community is close enough to all of the festivities, attractions, restaurants, grocery, and much more, without being the heart of it all. Taxes are reasonable, there are no CDDs within the community, and the HOA dues are less than $55 monthly. Click here to check out a list of the current homes for sale within Ashton Oaks in Wesley Chapel.

Move-In Ready Home Close to MacDill Air Force Base!

 

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Located on the cusp of Brandon and Riverview, this move-in ready Taylor Morrison home awaits its new owners. This home features four bedrooms, two and a half bathrooms, 2,825 square feet, three car garages, and a large lot with over 1/3 of an acre.

From the moment you pull into the driveway one is greeted by a contemporary home with a Travertine Walkway, large front porch and an appealing landscape. As you open the door, you are welcomed by 18’X18’ Spanish Tile at the Foyer and dark maple wood flooring leading to the updated living spaces on both sides of the staircase. From the entrance one can also admire the voluminous ceilings, crown molding, modern light fixtures, neutral paint colors, and the many windows that illuminate the space with natural lighting. The living room is equipped with built-in surround sound speakers and media outlets for entertaining. The gourmet kitchen boasts an eat-in kitchen space, dark cherry cabinets, stainless steel appliances, Granite Countertops, Spanish tile flooring, Noce tile Back Splash, and Noce tile at the Breakfast Bar. Also located on the first floor are the formal dining, great room, large laundry room, powder room, and under stairway storage.

Four bedrooms and two full bathrooms can be located on the second level. The massive master suite features a Tray Ceiling with fan, large windows emitting natural lighting, two large walk-in closets and a spa-like En Suite. This respite offers dual vanity space, a water closet, garden tub, and standalone shower with a rain-shower head. The three remaining rooms are spacious with complimenting closet space.

The backyard is also adorned with Travertine Tile, covered lanai, outside speakers, and ceiling fan for a wonderful outside entertaining area. The 0.31-acre home allows plenty of room for future home additions including a pool. With only 60 homes in this community, it’s centrally located and offers a short commute to MacDill Air force base, local river and boat docks, Lithia Springs, Camp Christina, Ellenton Mall, Brandon Mall, Local Hospital and many more shopping areas and points of interest.

Please call 813-419-7009 or email info@gloriawalters.com to schedule your private viewing today!

To Contribute to Buyer’s Closing Costs or NOT!

 

Is there a defined rule when it comes to closing cost assistance for financing buyers? Many might think there is an industry standard to expect. Buyer’s closing costs assistance or seller’s concessions are always a topic of discussion in any financing negotiations. Why not? If the Buyer is purchasing a home and paying for the down payment, closing costs, home inspections, appraisal, HOA applications, etc., a little money saved can go a long way. Thousands of dollars just vanish from the buyer’s pocket. I’m not saying it’s not worth the investment, but if the Buyer could save a little in their pockets, then Why Not?

Any new buyer I work with, I’ll explain to them that we’ll ask the seller to contribute and pay for up to half of their closing costs. In some cases, I can negotiate that all of their closing costs be paid. On the selling side, when I represent a seller, the seller’s net sheet is calculated to include 3% seller concessions as a variable cost. It’s not mandatory, but if a Buyer asks, at least the seller is able to make concessions as they see fit.

I never really gave this practice much thought until I submitted an offer on a property for one of my Buyers recently. The listing agent countered our offer stating that the Seller won’t contribute to our closing costs. The listing agent further explained that she never asks for closing costs for a buyer or recommends a seller to contribute to the Buyer’s closing costs unless it’s a foreclosure or new construction property. Foreclosures and new construction purchases are easy outlets to obtain closing cost assistance for the Buyer. New construction builders almost ALWAYS offer seller concessions as part of their appeal to Buyers. I was certainly taken back by her real estate practice. She eloquently added that, if a Buyer wants to buy a home, they should the necessary money saved to cover all costs. I chuckled to myself.

Perhaps this is the service she provides to her clients, but I feel this is a Disservice. Saving a few thousand dollars for a Buyer shows that you care. It shows that you understand that even after the  home purchase, there’s money that goes towards cosmetic improvements, furniture, utility connections, among other items. It hurts my heart that this is her belief and practice. I feel this is why when I speak to so many Buyers, they feel that home ownership is out of reach. They feel that they cannot afford it, and have to save for years. They eventually give up on this dream because of kids, bills, and other items that may slowly nibble at their saving opportunities.

I believe that Home Ownership is a dream. As your Real Estate Professional, it’s my job to make this dream come true. Anyway I can.

If you are wondering how to begin the journey to home ownership, call me today at 813-419-7009 or email me at info@gloriawalters.com.

Photo credit: www.totalmortgage.com

Mortgage borrowers find it a bit easier to qualify

NEW YORK – May 13, 2015 – Lenders continue to loosen standards on home loans. Government and jumbo programs saw the most easing, while conventional conditions tightened.

At 122.0, the Mortgage Credit Availability Index (MCAI) was higher than it's been in at least four years, and possibly five years based on a historical graph.

An increase in the index – which provides a standardized quantitative index solely focused on mortgage credit – indicates that lending standards on home loans are loosening.

The Mortgage Bankers Association reported the index based on data from Ellie Mae Inc.

March 31, 2012, has been established as the base period, with an index of 100.

The index was up for the third consecutive month from 121.4 in March.

As of April 2014, the index was 113.8.

"The increase was driven by new offerings of FHA's 203K home improvement program, new VA offerings, and new jumbo products," MBA Chief Economist Mike Fratantoni said in a written statement. "The increase was partially offset by some investors tightening underwriting criteria on conventional cash out offerings."

But while the trend has been improving, credit standards remain nowhere near levels during the pre-crisis go-go years – with the index estimated to have been approximately 880 in 2006.

The Government MCAI rose 1.1 percent from March, the best month-over-month improvement of any loan type.

A 0.8 percent rise was recorded for the jumbo index, while credit standards on conforming loans eased 0.2 percent.

The only category to tighten was conventional, with that index contracting 0.6 percent.

Copyright © 2015 Mortgage Daily. Distributed by Tribune Content Agency, LLC.

FOR SALE ~ New Tampa Home in Sterling Manor

 

Click Here to Watch Video

Looking for a move-in ready home, in a maintenance free community in the Tampa Palms area, this home is the perfect choice. Completely renovated, with lots of updates and upgrades, this home offers 3 Bedrooms, 2.5 Baths, an optional 4th bedroom/den/office and screened-in deck. As you enter the home, you are welcomed with a 2-story, opened entrance, with large windows from the floor to ceiling. A formal dining room, with a wall inset for added decorations along with a bay window with sitting space. The first floor also features an optional 4th bedroom, a spacious living room, double sided fireplace, oak wood flooring throughout, recessed lighting, full kitchen with stainless steel appliances, closet pantry, and updated light fixtures.

The second floor is covered with plush carpet from the staircase to the bedroom closets. The second level, split bedroom floor plan includes 2 bedrooms, and a master suite that is separated by a guest bathroom. The master suite features windows that allow a lot of natural light, ceiling fan, tray ceiling, and two closets with one being a walk-in closet. The master bathroom will be your favorite place, with a water closet, garden tub, separate shower, linen closet, and double vanities. This home sits on a conservation of wooded charm. Not to mention the community is a maintenance free community where the lawn is trimmed routinely and the overgrown trees are pared bi-annually.

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

Agents tinker with the timing of an open house

 
CHICAGO – April 21, 2015 – To make their open houses stand out, some real estate pros veer from the traditional weekend afternoon by opening their listings' doors at night. As the weather warms up and days stretch out, some agents host open houses on weekday evenings. Twilight open houses usually occur at dusk, about 4 to 6 p.m., and sometimes later.

Twilight open houses became more popular after the housing crisis as real estate pros were looked for new ways to catch potential buyers' attention and compete against a backdrop of many other homes for sale at the time. But now, some agents say they use twilight open houses for some of their most unique listings.

A Chicago brokerage, @properties, specializes in twilight open houses as full-scale, invitation-only events. For example, the brokerage held a twilight open house when 20 energy efficient homes in a new development in Skokie were for sale. The brokerage paid for a bartender and caterer to try to lure more potential buyers after work to the twilight open house. It worked: About 100 people showed up and four homes sold.

Kelly Evans with RE/MAX Estate Properties in Redondo Beach, Calif., says she holds twilight open houses occasionally but reserves it for unique properties. Unlike traditional open houses, buyers aren't as likely to just follow a yard sign and show up, she says. In fact, most potential buyers who see an open house sign on a weekday or evening many times assume an agent had a weekend open house and just forgot to remove the sign.

To avoid confusion, agents say with a twilight open house usually make it an invitation-only event on a weeknight, making it an offer for a special viewing to current clients, past clients, an entire building or neighborhood.

"I don't use it very often. It's very property-specific," Evans told realtor.com. "It's only for that house that has panoramic views, or there's a harvest moon – something to draw people in."

Source: "At the Twilight Open House, a Novel Approach to Home Sales," realtor.com® (April 3, 2015)

© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688 

Mixing Business with Business!

 

Every quarter, I host a Business Mixer at various venues across the Tampa Bay Area. I partner with one of my preferred business associates and invite all of our clients, friends and colleagues that are entrepreneurs. It’s an opportunity to not only solidify our existing relationships with these business owners, but to introduce their services to other like-minded individuals. I believe that we can all help each other succeed.

For my Real Estate business, I keep a well-defined list of professionals that I can refer should the opportunity presents itself. Since I work by referral, I do like to offer referrals too. It’s a Win Win. Not only does the end recipient receive service from a trusted professional, but it helps build that client’s confidence in me.

I'm a Quality Agent that delivers Quality Service. I like to work with people that share the same High Standards in their Business. Feel free to come on out to my next business mixer. I’d love to meet you. Upcoming Business Mixer Link –> http://bit.ly/1EfvPM7.

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

 

Click Here to View Property Video!!!

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.

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.

Lake Forest Villa For Sale, Lutz Florida

 

Click Here to View Property Video

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

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

Invest in Dade City, Florida.

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