March 10, 2013, Daylight Savings Spring Forward

Daylight saving begins, March 10, 2013. This is just a friendly reminder to turn your clock one hour forward at mid-night, March 10th. Enjoy the extra daylight to get all of your work done. Personally, I look forward to daylight savings because it allows me to show homes later in the evening. Quick note from your Tampa Realtor, Gloria Walters,www.gloriawalters.com.

Would You Like $15,000 in Down Payment Assistance

Wells Fargo is collaborating with non-profit organizations throughout the United States to offer down payment assistance and financial education to aspiring home owners. The down payment assistance program is called the NeighborhoodLIFT, and the City of Tampa is among the cities participating in this program. Eligible individuals could receive $15,000 for down payment assistance. The funds can only be used to purchase a primary, owner-occupied residence in the City of Tampa.

Interested home buyers must meet the program requirements which include the following:

· Must be approved for home financing.
· Household income must be equal to or less than 120% of the area median income.
· Must attend homebuyer education sessions before your closing — the sessions are available through Tampa Bay Community Development Corporation or a HUD-approved counseling agency.
· Buyer does not have to be a first-time homebuyer. If buyer the currently owns a home, it must be sold before closing, and it cannot be rented/leased.

Here are some important links that offer additional information about the step by step process, the income limits, as well as the mortgage checklist to obtain home financing successfully through Wells Fargo. Please contact me for more information, as well as the mortgage contact who has been instrumental in assisting my eager buyers thus far. Looking forward to hearing from you.

Short Sales, Shorter Process

 

 

The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer.

The speedier process is expected to be a boost to the housing market, Michael McHugh, president of the Empire State Mortgage Bankers Association, told the New York Times. Homebuyers and sellers often have to wait months before they receive a short sale decision from a lender. Some deals fall apart just from the wait alone.

Short sales have been increasing in recent months as many lenders find them more appealing than foreclosures, which can cost more and take longer to remove from their books.

Short sales now outpace foreclosure sales in many parts of the country. Short sales represent more than 14 percent of existing-home sales, according to CoreLogic housing data from March, the most recent month available.

McHugh says that a faster short-sale process may be particularly helpful in speeding the recovery in judicial states, where foreclosures must go through the courts before they are approved. Now short sales may be viewed by defaulting homeowners as more of an option if they want to avoid foreclosure.

“There should be a significant improvement in the turnaround,” McHugh said regarding housing markets with judicial foreclosure processes.

Source: “Speeding Up Short Sales,” The New York Times (May 24, 2012)

Top 10 Reasons to Own Rather than Rent

I read this article by FloridaRealtors that emphasized the top 10 reasons why it’s better to own rather than rent. With home prices really low and interest rates even lower, the market is perfect for those who have considering owning. Still on the fence? Review the list below. Hopefully it will tip you over into the field of home buyers.

 

Top 10 Reasons to Own Rather than Rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

 

Call me if you are ready to buy a home in Tampa… I look forward to working with you.

Could Google soon power homes?

The Internet giant is increasing its stake in the solar home power business with a $75 million “initial investment” to buy and own solar-panel generators on roofs of thousands of homes. Google is investing in Clean Power Finance, a start-up company that matches solar-panel installers with investors willing to buy rooftop solar-panel systems. “With Google’s investment, solar-panel installers can find homeowners who want solar panels on their roofs but don’t want to have to pay several thousand dollars to own the system,” according to an article in The Wall Street Journal.

“We’re excited about the opportunity to really help accelerate residential solar,” says Rick Needham, Google’s director of green business operations. The latest investment will likely help fund up to 3,000 home rooftop solar systems. In June, Google made a $280 million investment in residential rooftop solar-panel installations with SolarCity Corp. Google’s total investment in renewable energy has been more than $850 million. Rooftop solar demand is growing, and homeowners are finding paybacks too. Earlier this year, a study by Lawrence Berkeley National Laboratory found that solar panels not only saved homeowners money on electricity bills but also helped boost a home’s resale value, particularly for existing homes.

Source: “Google Invests $75 Million in Home Solar Venture,” The Wall Street Journal (Sept. 27, 2011)

Tampa Bay Real Estate Investment Opportunities (October 2, 2011)

Investment opportunities are eminent in the Tampa Bay Real Estate market. As a Realtor specializing in selling investment properties, I’ve been keeping a close eye on the market’s activities. In the month of July, an investor contacted me to view and place a bid on a home in Villa Sonoma. At the time, this highly desirable community showed five condo units available for sale, ranging from one to three bedrooms. By early September, all five condos were under contract. There are currently no units available for sale in this community.

I noticed a similar trend at Parkcrest Harbor Island (one of my personal favorite condo communities in Tampa.) This highly desirable complex located on the water, boasts a great location, tons of amenities and impressive upgrades. There were nine units available in July. As of today, October 2nd, there are only two available for sale. Contact me to schedule a viewing today if you are interested in securing a home in this community.

Just recently I shared the investment opportunities with one of my real estate partners in California. He was shocked that homes were available for sale and priced under 20K. I thought this information would be great to share with other possible investors out there. This is a buyer’s market and many are taking advantage. If you ever considered purchasing a home to renovate and lease for some years, or for any other reasons you may have in mind, this is the time.

There are currently 35 homes available for sale and priced at 20K or less. Click here to view these homes. Please give me a call 772-359-7543 or email me at gwalters83@gmail.com to schedule a viewing and begin your journey in investing in Tampa’s Real Estate.

       

Calling All Investors to the Rental Market

I recently read an article from Money Magazine entitled, “Cashing in on Rental Property”. This article solidified my belief in the rental potential of the current real estate market. Low priced homes become available on the market, week after week, many with tenants already in tact.

According to a recent study, nearly 35% of occupied U.S. homes were rentals in 2010, which is a 33.8% increase from 2000. The demand for rentals is apparent. Homeowners who have lost the loan modification battle have circumstantially become renters.  Over 500 cities nationwide are experiencing an increase in home rental demand.

From an investment perspective, this rise in rental demand yields an opportunity for increased rental income. According to the real estate research firm Hotpads.com, the price of rent increased 11.6% nationally in 2010 to $1,320 a month on average. The ‘flipping’ opportunities that were prevalent back in 2005 may be slim in today’s market; however, if investors are looking to own rental properties and build their real estate portfolio, this is the time to capitalize. According to a survey by the National Association of Realtors® (NAR), investors say they plan to hold onto their rental property for 10 years before selling.

Investing in today’s real estate market is an excellent long-term strategy. If you are looking to build your real estate portfolio, give me a call. I’ve been working with investors since 2006. My niche is helping Tampa’s savvy investors own in today’s market. Whether you are looking for a fixer-upper, or a great deal in a desirable community, I can help you accomplish your goal.