Hire a Buyer’s Agent Even for New Construction

 

I love receiving referrals from my past clients. I often receive phone calls from potential clients stating, “my friend spoke highly of you, he/she recommended you as a Realtor to help us with our home search.” Elated that my clients continue to think and speak of me when it comes to Real Estate, is not only a compliment, but an indicator that I have exceeded my client’s expectations.

This call was very similar. My past client gave me a ring, which I thought was a “just touching base” phone call. However, as it turned out, one of his co-workers were stressing about getting into a new place by December. He said my Realtor will take care of you. Within the same phone call, my past client asked me to hold on. Not knowing what to expect, I heard another person speaking on the phone. Hello she said. My co-worker spoke highly of you and said I should speak to you about helping me find a home. She said, “I looked at resales but wanted to take advantage of the new construction incentives while they last”. She then explained to me that she has worked with another Realtor that was recommended, but she was not very response and that she has been to a few builders already to look into the option of new construction.

Armed with the information I needed, I asked that she gave me a couple days to do some research and see what I can come up with. I emailed her two options that would be best. An option A and option B. She loved both, but thought option A would be best. We visited the site and she loved the new construction community. After meeting with her, she got a second opinion from family members then contacted me the next day and said that she wanted to sign a contract. I was able to work with the builder to get my client a great down payment to get the process started. After a month of frustration, I was able to turn it around for this hopeful buyer in just two days. This is why it’s best to hire a Buyer’s Agent even when considering new construction homes. They can narrow in on your needs and provide the best options that meet your needs, saving you time and frustration. Contact me today to begin your home search.

Renters say Homeownership a Top Priority

WASHINGTON – July 26, 2013 – Americans overwhelmingly believe homeownership is a good financial decision, and a majority of renters say homeownership is one of their highest priorities for the future, according to the National Association of Realtors® (NAR)’s 2013 National Housing Pulse Survey.

The survey found that renters are thinking more about purchasing a home now than they have in past years, and the number of people who say they prefer renting has declined.
“Due to high housing affordability and today’s interest rates it makes sense for people to consider homeownership over renting,” says NAR President Gary Thomas. “In fact, in many parts of the country it’s cheaper to own a home than to rent one.”

The survey, which measures consumers’ attitudes and concerns about housing opportunities, found eight in 10 Americans believe buying a home is a good financial decision and more than two-thirds (68 percent) said now is a good time to buy a home.
Since the last survey in 2011, more renters are now thinking about purchasing a home, up from 25 percent to 36 percent, while those who say they prefer to rent dropped from 31 percent to 25 percent. Half of renters say that eventually owning a home is one of their highest personal priorities, up from 42 percent to 51 percent.

Attitudes toward the housing market have also improved over the years. Nearly four in 10 Americans (38 percent) identified an increase in activity within their local housing market in the past year, compared to just 22 percent who reported a slowdown in activity. In 2011, some 51 percent reported a slowdown in activity. There was also less concern than in the past about the drop in home values; a majority said housing prices in their area are more expensive than a year ago.

In addition to improved attitudes about the housing market, respondents also showed an improved outlook about the national economy. Just under half (48 percent) said job layoffs and unemployment are a big problem, down from 61 percent in 2011. The concern over foreclosures showed a steep decline from 2011 when 47 percent characterized distressed properties as “very” or a “fairly big problem”; today only 29 percent say it’s a problem.

For many Americans, the perceived obstacles to homeownership have remained unchanged over the years: low wages, student loan debt, and little savings for a down payment and closing costs. Respondents across the board – young and old, college graduates and non-graduates – consider student loan debt to be a large obstacle.

“Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment,” says Thomas. “Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment. Realtors are working with regulators to address this issue.”

When asked why homeownership is important, respondents’ top reasons underscored basic American values and freedoms: building equity, a stable and safe environment, and the freedom to choose where to live.

Those reasons have remained virtually unchanged since 2011, though they vary slightly according to demographics. The top scoring reason for African-Americans and Hispanics was that homeownership provides stability and a safe environment; women also placed more emphasis on environmental factors than men. Non-college graduates placed stronger emphasis on public schools, owning a home before retirement, and living in a safe and stable environment.

American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program conduct the 2013 National Housing Pulse Survey. The telephone survey polled 2,000 adults nationwide and has a margin of error of plus or minus 2.2 percentage points.

More info about Housing Pulse Survey can be found on NAR’s website.
© 2013 Florida Realtors®

Dupree Lakes New Construction (Land O’Lakes)

Lot	Plan Name	Elev	SqFt	Price WAS	Price NOW	Description	Ready
1802	Mystic II Floor plan	MEM	2621	$274,355	$259,990	4BR/2.5BA/ext lanai 2-car/2-story	NOW
1822	San Jose Floor plan	MEA	2206	$250,018	$229,990	4BR/2.5BA 2-car/2-story	NOW
1817	Captiva Floor plan	MEL	2886	$284,644	$269,990	5BR/3BA/3-car	September
2004	Newbury II 3 car Floor plan	SCL	3197	$327,030	$317,990	5BR/3.5BA/3-car/2-story/40x10 lanai	September
2057	Windsor Floor Plan	TUL	4471	$379,150	$369,990	6BR/4.5BA/3-car/2-story/18x10 lanai	September

Hire Me as your Buyer’s Agent and get a $500 Gift Card at closing when purchasing any of these homes, or any new construction over $175K in Hillsborough, Pasco or Pinellas Counties.

Real Estate Q&A August 2013

Dear Gloria,

I am planning to move to Florida within the next year and would like to purchase a new construction home in the Wesley Chapel area. I have heard that a buyer can incur additional charges during construction. I would hate to purchase a new construction property and pay much more than I originally planned. Have you ever experienced a similar situation with a past buyer?

Jenny F., Boston, Virginia

Jenny,

I have never experienced this situation with any of my new construction buyers. Typically the process is similar among many builders. After a buyer has viewed the model and has made the decision to move forward with the builder, they sit down with the sales consultant to discuss floor plan, home site, and designs. An initial estimate is provided at that time. The buyer further discusses the interior design material details at the design center.

After all of the fixings have been secured, the final price of the property is provided. After the design, home site and floor plan have been finalized for the new construction home, there should be little to no price changes. Should the buyer decide to change or alter the originally discussed design elements listed within the contract then the buyer can expect a price change. For example, let’s say a buyer decides to have a new construction home built with all of the design upgrades that were shown in the $245,000 model. Let’s say one night the buyer had a change of heart and decided they wanted to change the kitchen floors from tile floors to hard wood. This material change to the property may require a change in the original agreed price.

Thanks for your email Jenny and I look forward to helping you further with this process.

Buying a Duplex Within Sulphur Springs

The City of Tampa is requiring duplexes located within Sulphur Springs and have been vacant for more than six months to be converted into Single Family Homes. I discovered this information as one of my investors were hoping to add a few duplexes to his rental portfolio. Unfortunately, the duplexes he was hoping to purchase would need to be converted to single family homes. This would defeat the purpose of purchasing these properties and cut into his potential ROI.

If you are looking to purchase a duplex within the City of Tampa, I would advise that you check with the Tampa’s Code enforcement department to ensure that the property could be used as a duplex. So far, Sulphur Springs has the six month vacancy stipulation and I have not come across any other areas that enforces this stipulation.

 

 

4 Down Payment Assistance Ideas

 

 

Are you wasting thousands of dollars on rent and dreaming of becoming a homeowner? You can already make a monthly house payment (you’re already paying rent), but the problem is coming up with money for a down payment.  It’s not as difficult as you might think. Here are ways to get a down payment with little out of your own pocket.

1. Look Into Local or Federal Government Programs.  You may qualify for special government programs, such as those for first-time homebuyers and members of the military.  You also may have access to aid from Fannie Mae and Freddie Mac (government-sponsored mortgage programs).  Additional resources are non-profit and community groups and state agencies.  There are too many programs to list here and they expire or change frequently. 

2. Have the Seller Finance You. Some sellers may be willing to help you buy their homes. In a “seller take-back,” the seller holds a second mortgage for you and becomes your lender.  You would make your monthly mortgage payments to the seller.

3. Use A Tax Refund. There are options for you to borrow money for certain investments to a specific level and use those investments to generate a significant tax refund.  Obviously, the timing has to be right to so you can use it as a down payment on a home.

4. Ask A Relative or Friend. Tax law allows gifts of up to $13,000 a year to be given without tax consequences to the giver or recipient. This gift-exclusion amount is adjusted annually to reflect inflation (see IRS publication 950 for the current amount).  You can even get a gift from each of your parents or two friends without them having to pay a gift-tax, which bring it up to $26,000.   

This is a great way to get a down payment for a home. In fact, one out of four first-time homebuyers use a gift to make the down payment.  Even if this isn’t your first home purchase you can still use a gift so you don’t drain your savings.  Usually lenders require you to have some money still left in your bank account after closing so they know you’ll make the mortgage payment each month.

Also, using a gift for a down payment allows you to buy the home you want even if it’s not Federal Housing Administration (FHA)-approved.  Some buyers are able to get FHA mortgages that have down payments as low as 3.5% of the purchase price, but others will have to put more down.  With a gift, you can put the typical 10% to 20% down that most lenders require. For example, if you had to put down 10% on a $150,000 home, that’s $15,000. Or, 20% would be $30,000. A gift from relatives and friends can get you there but some of the rules differ depending on the lender you choose. Contact me at 813-419-7009 for a buyer consultation. Together, we can make your goal of owning your first home a reality.

7 Reasons to Own Your Home

Buying a home is one of the biggest and most rewarding ventures of your life. Whether it be purchasing an investment property or your first home, it takes much consideration and planning. In today's market, I always recommend buying vs. renting. In many cases I see renter's paying almost $200 more to rent a smaller space, than it would be if they purchased. There are many reasons to own a home. Here are a few to consider.

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage,your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.