Real Estate TipsTampa Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Aug. 22, 2020

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July 29, 2020

Is it a good time to buy a house in Tampa FL?

Is it a good time to buy a house in Tampa FL?

Of course there is not a simple black and white answer, that would be too easy. Withe the covid-19 virus still rearing its ugly head the expectation would be for home prices to begin to drop. However that has not been the case so far. 

Listing inventory is down compared to this time last year and has caused a pike in home prices with competing offers. Interest rates are still at an all time low with no real signs of increasing.

 

Buying sooner than later could be the wise decision!

Market Report

Market Report Tampa, Florida

Tampa, Florida

Market Snapshot: Estimated Home Values

 

image

image

 

 

 

 

 

 

 

 

Change Over

Last Month

image.48%

 

 

Change Over

Last Quarter

image1.38%

 

Change Over

Last 12 Months

image5.94%

 

Change Over

Last 24 Months

image9.57%

 

Thismap layer shows the average estimated home values, based on the AVMsand RVMs® for properties in an area. Source(s): Public recordsand MLS data where licensed; updated Quarterly.

 

Median Est. Home Value

$258K

Updated: 6/30/2020

 

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About this Data: Estimated home values are generated by a valuation model and are not formal appraisals. Valuations are based on public records and MLS data where licensed. The metrics shown here reflect All Residential Properties data.

Tampa, Florida

Market Snapshot: 12-Month Change in Estimated Value

 

image

image

 

 

 

 

 

 

 

 

 

 

 

 

 

Change Over

Last 12 Months

image5.94%

 

Change Over

Last 24 Months

image9.57%

 

Change Over

Last 36 Months

image19.2%

 

Thismap layer shows the change in estimated home valuesover the past 12 months, based on the AVMs and RVMs® for properties in an area. Source(s): Public recordsand MLS data where licensed; updated Quarterly.

 

Median Est. Home Value

$258K

Updated: 6/30/2020

 

image

About this Data: Estimated home values are generated by a valuation model and are not formal appraisals. Valuations are based on public records and MLS data where licensed. The metrics shown here reflect All Residential Properties data.

 

Tampa, Florida

Market Snapshot: Concentration of Distressed Properties

 

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Thismap layer shows the concentration of distres ed properties, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

 

Total # of

 

# of

 

# of

 

# of

Distressed Properties

504

Updated: 7/29/2020

 

Pre-Foreclosures

369

 

Foreclosures

135

 

Short Sales

0

 

 

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About this data: The metrics displayed here reflect distressed property counts (listings and public records) for All Residential Properties as of 7/29/2020.

 

 

Market Snapshot: Sales Price

Tampa, Florida

 

image

image

 

 

 

 

 

 

 

 

Change Over

Last Month

image.63%

 

 

Change Over

Last Quarter

image6.36%

 

Change Over

Last 12 Months

image6.46%

 

Change Over

Last 24 Months

image9.86%

 

Thismap layer shows the average sales price for properties sold in the previous six months, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

 

 

Median Sales Price

$280K

Updated: 6/30/2020

 

 

 

image

About this data: The Metrics displayed here reflect median sales price for All Residential Properties using MLS listing data.

 

 

Market Snapshot: List Price

Tampa, Florida

 

image

image

 

 

 

 

 

 

 

 

Change Over

Last Month

image4.2%

 

 

Change Over

Last Quarter

image7.8%

 

Change Over

Last 12 Months

image5.93%

 

Change Over

Last 24 Months

image10.3%

 

 

Thismap layer shows the average listing price for properties in the previous six months, in areas where RPR has MLS data. Source(s): MLS data; updated Quarterly.

 

 

Median List Price

$313K

Updated: 6/30/2020

 

 

About RPR (Realtors Property Resource)

Realtors Property Resource® is a whollyowned subsidiaryof the National Association REALTORS®.

RPR offers comprehensive data – including a nationwide database of 164 million properties – as well as powerful analytics and dynamic reports exclusively for members of the NAR.

RPR's focus is giving residential and commercial real estate practitioners, brokers, and MLS and Association staff the tools theyneed to serve their clients.

This report has been provided to you bya member of the NAR.

 

 

About RPR's Data

RPR generates and compiles real estate and other data from a vast arrayof sources. The data contained in your report includes some or all of the following:

Listing data from our partner MLSs and CIEs, and related calculations, like estimated value for a propertyor median sales price for a local market.

Public records data including tax, assessment, and deed information. Foreclosure and distressed data from public records.

Market conditions and forecasts based on listing and public records data.

Census and employment data from the U.S. Census and the U.S. Bureau of Labor Statistics.

Demographics and trends data from Esri. The data in commercial and economic reports includes Tapestry Segmentation, which classifies U.S. residential neighborhoods into unique market segments based on socioeconomic and demographic characteristics.

Business data including consumer expenditures, commercial market potential, retail marketplace, SIC and NAICS business information, and banking potential data from Esri.

School data and reviews from Niche.

Specialty data sets such as walkability scores, traffic counts and flood zones.

 

Update Frequency

 

Listings and public records data are updated on a continuous basis.

Charts and statistics calculated from listing and public records data are refreshed monthly.

Other data sets range from daily to annual updates.

 

Learn more

For more information about RPR, please visit RPR's public website: http://blog.narrpr.com

Posted in Tampa Fl
July 28, 2020

The Florida Housing Market

The Tampa Housing Market

The phone is still ringing, the online showing requests and property inquiries are still coming the in and we are now showing homes both in person and virtually. 

According to Amy Scott in her May 8th article titled Housing Market Show Signs of Thaw she states "Strong buyer demand hasn’t faded, and some now think April’s downturn was a pause so agents, buyers and sellers could figure out how virtual home selling works" and I am in total agreement. 

The activity level for home buying has definitely made some corrections to leftist. We are seeing what would have been strong home buyer candidates who have lower credit stores, but may have qualified in the past being turned away by current lender standards. It has become harder for mortgage brokers to shop these loans and we are seeing necessary scores in the 660's. That's not to say there are still not lenders able to finance loans at the old 580 score. It's simply a matter of identifying those lenders and making sure the you are using a lender who underwrites their own loans and has the liquid capital behind it.

July 27, 2020

How to Use the Basic Home Search

How to Use the Basic Home Search

July 27, 2020

How to use the advanced home search tool

Advanced Home Search Tool!

May 13, 2020

Pasco County Parks changing for the future

Great news for Pasco County residents!  While our parks were closed, nice improvements were made.  Pasco County is fast becoming a highly desirable place to live thanks to beautiful wide-open spaces, a growing job market and excellent housing choices.  Take a look at this video message to learn more about some of nature's finest spots in Pasco County.  Interested in exploring the house options?
Experience the Team Z difference!

Pasco County Parks changing for the future


View Pasco County Homes and Real Estate

To View the entire Article click here!

May 12, 2020

Cypress Preserve

Cypress Preserve in Land O Lakes Florida

Take a look at this wonderful community in Land O Lakes Florida.

View Just Listed Homes for Sale in Cypress Preserve

March 31, 2020

Realtors Deemed Essential Service

Homeland Security Deems Real Estate an Essential Service

An advisory opinion helps “officials as they work to protect their communities, while ensuring … public health and safety, as well as economic and national security.”

WASHINGTON – Officials say new federal guidance should signal to state and local officials the need to allow construction and real estate activity to continue during coronavirus-related work stoppages.

The guidance includes a 15-page list of essential services, and “residential and commercial real estate services, including settlement services,” are listed on page 13. It also includes real estate support services, such as government offices that conduct title searches and notary and recording services that support mortgage loans and the real estate industry. READ MORE

Feb. 28, 2020

Can I Get Closing Cost Help from a Seller?

What Percentage Rate?Your agent needs to know what loan would work best for you and how you can utilize the sellers contribution to your closing costs. Different loans have different guidelines on how much a seller can contribute to a buyers closing costs.

 

In the case of a USDA loan a buyer can get as much as 6% of the sales price in sellers contributions that can be used toward closing costs, prepaid expenses, discount points, and other closing costs. You could potentially get into a home with paying nothing out of pocket

 

On a VA loan the seller may contribute up to 4% of the sale price, plus reasonable and customary loan costs. Because he VA loan contribution can include additional reasonable and customary loan costs the actual amount is calculated a bit differently and it would be best to talk to your lender on how much of a contribution you could actually get

 

 While an FHA loan requires a 3.5% down payment to the loan, a buyer can get as much as 6% of the sales price in sellers contributions that can be used toward closing costs, prepaid expenses, discount points, and other closing costs.FHA Loans

 

The conventional loan has more of a sliding scale used for seller contributions. If you are putting less than 10% down on the home the maximum seller contribution is 3%. A buyer putting 10 to 25% down can receive as much as a 6% seller contribution, while a buyer putting down 25% or more may get as much as 9%.

 

So what do you do if you are getting $9,000 in closing costs but you actual closing costs are only $6,500? If you don't use it you LOSE it! You as the buyer don't get to pocket that money, it would go back to the seller's bottom line. What can you do to use that money? Talk to your lender, see how much it would cost to pay down your mortgage rate, or perhaps pay the funding fee for a USDA, VA or FHA loan? Each program is different on how that extra contribution can be applied so talk to your agent and lender!

Feb. 27, 2020

The Top home loans for 2020

The Top home loans for 2020

Finding the best loan

Finding the best loan for you doesn't have to be a difficult process, especially if you know your score, how much you have to put down and how much you have for closing costs.  FHA, VA, USDA, Conventional? This is sooooo confusing! But here is some information that you may find useful!

 

An FHA is a loan that is backed by the federal government. It affords mortgages for lower credit scores as low as 500 (however down payments will be higher, as much as 10%).  A credit score of 580 can afford you the opportunity of putting as little as 3.5% down. The downside as the borrower is you pay mortgage insurance (an upfront premium of 1.75% of the loan amount and an annual premium of between .45

% to 1.05% annually, which protects the lender on default. Terms on the FHA loan can be 15 or 30 years at a fixed rate. This loan is best if you can't qualify for a conventional loan due to credit OR if you don't have a lot of cash saved to put down on the home.

 

Equal Opportunity LendersA VA Loan is a loan made to veterans of the military who can acquire a certificate of eligibility, which can be acquired online at VA.gov or through your chosen lender. The VA loan is made by private lenders that are partially backed by the Department of Veterans Affairs. The VA loan allows for 100% financing of the loan amount and is more flexible with its more lenient credit and income restrictions. Having your Realtor understand the VA process is critical to getting you the best possible outcome for the VA loan. You could potentially get into a home with ZERO out of pocket, to include closing costs!

 

 The USDA loan is a 100% no money down mortgage made available that is backed through the US Department

of Agriculture. It is geographically restricted as it offers loans in more rural areas. The loan is only offered as a fixed rate product. Although the USDA loan does require an upfront mortgage insurance premium

 

 

Conventional

Conventional is a mortgage loan for scores starting at 620 with down payments as low as 3%. Primary Mortgage Insurance (PMI) can be 

.05% to 1% of the loan amount per year. Terms on the Conventional  loan can be 10, 15, 20 or 30 years at either a variable or a fixed rate. If you have cash on hand for down payment and closing costs than the conventional mortgage could be the best loan for you.  Lenders of conventional loans are not as restricted as government backed loans, although the government has special rules for over site, lenders can set their own guidelines.

Tampa Mortgage Lenders | Home Loans

Seattle home sellers guide
Szabina Kiss
Ocean Blue Mortgage
NMLS# 1209397

Loan Consultant
14562 Vista Ln
Largo, Florida 33774
Office: (727) 859-3702

Apply Now with Szabina Kiss at Ocean Blue Mortgage
Chaz Johnson
Chaz Johnson
Loan Depot
NMLS# 208399

Loan Consultant
3903 Northdale Blvd. Suite 140W
Tampa, FL 33624
Office: (813) 523-4904
Cell: 813 391 1070
Apply with Chaz Johnson at Loan Depot

Shop Lenders

How Much Can I Afford?

Don't be afraid to shop a few lenders to see who may give you the best deal. In these days of technology it is easy to gain access about your credit score before you even need to apply.  Banks like Wells Fargo offer free credit score programs where you can see your score through your account.

 

Make sure you have an idea of how your credit shapes up. Things may have happened in the past to cause you to be late on payments for your car or credit card and they will negatively affect your score. More commonly unpaid medical bills may appear from past medical bills that you may or may not even be aware of. Getting these things cleaned up prior to you applying for a mortgage would be to your advantage.

 

Based on your score you can search the internet for rates, however any rate you see will be subject to a review of an and all documents necessary for your loan.  Therefore it can change. Some of my clients have used the inline lending companies, however I have found that the more local lenders understand the market in Tampa Bay and more importantly know the Florida home buying process.

 

You can ask your Realtor for a few lenders they may have used for transactions. You may find the transactions may run a bit smoother that way!

 

Remember ask questions and always read any fine print on any lending documents so there are no surprises!

 

Mark Zabilowicz
Mark and Jeanmarie Zabilowicz
Tampa Bay Premier Realty
SL# 3144719
Team Z Realtor / Partner
5314 Van Dyke Rd
Lutz, Florida 33558
Direct: (813) 694-4110
5 Star Raing
Best Of Zillow

 

Posted in buying a home, Mortgage