Variations on a Rent-to-Own Theme

The popularity of Rent-to-Own arrangements has grown during the past few years. Because some would-be Apollo Beach home buyers have suffered the direct consequences of the widespread economic downturn and slow recovery, rent-to-own deals can rescue transactions that would have been impossible through regular purchase and mortgage financing arrangements. If a potential buyer’s cash flow seems strong enough to support an eventual purchase, rent-to-own can overcome credit or cash shortfalls.

In a typical rent-to-own deal, the landlord and tenant execute both a lease and a sales contract at the same time. The tenant usually pays an option fee upfront as well as an agreed-upon amount in excess of the rent payment each month. The landlord applies these additional payments toward the tenant's eventual down payment. As a result, the tenant no longer has a feeling that he has nothing to show for his monthly rent payment, and the landlord has current cash flow plus the warm feeling that at a time certain his property sale will be completed. Everybody is delighted.

However, there is always some potential for less than smooth sailing in a rent-to-own deal, and all parties should be clear about what they are.

The primary risk to the tenant/buyer in the kind of rent-to-own structure I have just outlined is the possibility that the tenant might not be able to complete the purchase at the end of the option period. When this happens, it usually results in the tenant's forfeiture of both the option fee and the payments made in excess of the rent amount -- money the tenant could otherwise have saved or used to resolve credit issues.

There are also a number of ways to make a rent-to-own deal more favorable to the tenant. The first is to make the option fee applicable to the down payment if the tenant purchases at the end of the option period. In addition, the contract can allow the tenant to assign the purchase option in the event that he is unable to make the purchase. This way, if his real estate agent can find another buyer, he may recoup some of his investment. Such a contract might also entitle the tenant to a refund of a portion of the value of improvements he may have made in anticipation of purchasing if he is unable to complete the purchase.

Because a rent-to-own deal can have many possible details, both tenant and landlord are well advised to work closely with experienced real estate and legal professionals from the outset. Our office is here to furnish the knowhow that helps turn Apollo Beach rent-to-own and other real estate possibilities into realities.

Time to Buy Your First Investment Property?

If you are a newcomer to Apollo Beach real estate investing, finding your first income-generating property can seem like a fairly daunting task. How can you be sure that a property will generate enough cash flow? How will you estimate your costs to put potential homes for rent into the profit column? Altogether, how will you know when you find the right opportunity?

First, you have to view the competitive landscape in Apollo Beach this 2012, which means doing some targeted research. You might start by attending local seminars or looking into an Apollo Beach property club. These types of groups can help arm you with the economic trends that will serve as a guide. You will also want to call one or two reputable Apollo Beach property management companies to get a general idea of the costs you should expect when listing homes for rent with their firms.

In today’s market, the demand for quality homes for rent and the rents they command are generally up. Given an increased demand for rental properties, it is reasonable to predict that even as a new investor you should be able to find qualified potential tenants within a reasonable timeframe. However, the tenant qualification process can be tricky. It is peppered with legal and Fair Housing rules, so you should be prepared to either educate yourself thoroughly on the laws or hire a professional property manager or leasing agent to handle this aspect.

Overall, the market in homes for rent has trended higher, but your new business will prosper or not based on the cash flow for the property type you choose to enter. Many neophyte real estate investors consider beginning with a condominium, and for practical reasons. Homes for rent can bring with them a multiplicity of unique –sometimes unexpected-- problems, whereas most condos come with HOAs that handle roof, exterior maintenance, and even many more problem-preventing features.

Experienced real estate agents are there to help you find prospective properties and to furnish professional advice along the way. Please feel free to call me anytime for market advice if you have ever considered looking into the Apollo Beach homes for rent market.

The ‘Way Home’ Following Foreclosure

Losing a home to foreclosure is a truly disheartening experience for too many homeowners these days. It’s an unfortunate outcome for many otherwise model citizens: typical hard-working adults who fall victim to circumstances which are sometimes simply beyond their ability to control. It can happen for any number of unforeseen reasons: illness, divorce, or simply the repercussions of the larger economic forces that cause a job loss or closure of a business enterprise.

Whatever the cause, when a foreclosure happens the immediate problem is "‘Where do I live now?" quickly followed by "How long will it be before I can buy a home?"

Our Apollo Beach office is no stranger to this question; but the good news is that a foreclosure is an obstacle that can be overcome. The realistic news is that it will usually take time – and although ‘eventually’ is not a word that fosters optimism, it is one that describes "the way home".

To buy a home after a recent foreclosure you have three possible routes. The first is the shortest: it is appropriate only to those whose financial future is already strong, and who are willing to pay a high price. The risk that loan officers must attach to anyone with a foreclosure in their recent past is substantial, and to compensate for it, expect any proposed offer to combine a smaller mortgage (made possible by a more substantial down payment: possibly 20% or more) with a high interest rate.

For the vast majority of people, the second way to buy a home is the most common. It’s the one that involves substantial repair to your financial profile. The guidelines that mortgage officers follow are understandable: they read your financial history in order to predict the future: will you repay a new 30-year mortgage? Will your payments be late? To make sure the right answers are apparent, do the obvious: reestablish the kind of credit story that makes the foreclosure look like a one-of-a-kind bump on an otherwise smooth road.

Realistically, you will need to spend at least a couple of years saving money and paying bills. Two years at the same job with stable income is usually the minimum requirement for any lender. It is also of key importance that you make absolutely sure you do not miss payments of any kind. Your FICO score will have suffered enough after a foreclosure (often 100 – 150 points). To demonstrate that you are fully capable of handling the substantial debt of a home loan, you need to spend a convincing amount of time making consistent on-time payments for all your bills. In the meantime, you should expect to rent a home. The regular payment of that rent will be a key part of the story you will be demonstrating.

It is in this area that there exists a third possible pathway: the lease option. It is an additional wrinkle that can shave time from the gap between a foreclosure and buying a home. A lease-option can be a handy way to get one foot back in the home ownership arena while taking the time you need to rebuild your financial history. With a lease-option, you sign a contract with a seller to buy a home at an agreed-upon price within an specified period. This can allow time to reestablish your financial footing as you get back to work, save some money, and pay bills. Since this is a binding legal contract, it is wise to seek the help of an experienced real estate agent or attorney. Contact me if you would like to discuss this or any of your own questions about how to buy a Apollo Beach home in the future.

What Makes Great Real Estate Listings?

Real estate listings can be more than uninspired collections of data outlining the physical characteristics of a residence. They are often the first introduction a potential buyer has to a property: and that property may be the one that winds up becoming an important part of a family’s life together. Whether they are listed online, via brochure or in the local classifieds, great real estate listings are usually a seller’s first – and often only – chance to seize the imagination of potential buyers.

For 2012’s Apollo Beach buyers, modern real estate listings are an unmatched time-saver. They bring a plethora of information that’s available 24/7/365. They shortcut the process of finding the right home in the right area at the right price, and they make it easy to find key information that allows comparing otherwise dissimilar offerings. The energy saved can make the difference between settling for an ‘almost’ right property and zeroing in on the perfect choice.

Checking the real estate listings online before actually visiting properties means saving time, effort, and money all at once. Not only are previews of prices and photos of the houses being offered available online – but also a wealth of information about the area, the local sales statistics, and, for out of town shoppers, an almost limitless depth of neighborhood facts. Websites like Trulia.com, Realtor.com, Zillow.com are just a few of the many sources of online real estate listings that include an abundance of extra information.

On the other hand, not all sources of online real estate listings are regularly monitored for timeliness or accuracy of information. Veteran househunters are familiar with what happens when less than professional sources result in unreturned email inquiries or unwanted solicitations. Lack of prompt (or even no) response is also more frequently possible when the listing in question deals with a foreclosure or short sale.

My website offers up-to-the-hour information on 2012's home market. The Apollo Beach real estate listings you find there are always accurate and designed to maximize your ease of browsing. If you haven’t visited already, take a few moments to look through our real estate listings, then give me a call to chat about your home search: what you’ve found, and what you’re looking for. There is, after all, no substitute for local market experience – and the greatest real estate listings are the ones that steer you toward the home and the transaction you’re looking for.

"What’s Most Important in a Real Estate Agent?"

What would you guess is the most important skill or quality when it comes to choosing your Apollo Beach real estate agent? Since that real estate agent is someone who will play a key role in the financial event most families consider the most important they ever face, it’s well worth investigating. When you buy or sell a home, it almost always turns out to be an indelible milestone in the family’s history. So what quality is most important in making the choice of who you want to play that key role?

March 2012 the National Association of Realtors announced the results of a survey that addresses the question in a serious way. As published in their Economists’ Outlook, the answer is both surprising and – when you think about it – not so surprising at all.

Communication and negotiating skills both come up as key factors that buyers consider important. Both qualities are considered necessary to instilling confidence among the parties to any home sale. Nobody wants any surprises during the process; everyone wants to know what’s going on at all times.

Knowledge of the real estate market, which is key in establishing and relating the real values in a home sale, is valued even higher. Knowledge of the purchase process -- the ins and outs of the technical details of what is often a complex series of requirements -- is thought to be even more important for a real estate agent.

But those are not the most valued quality according to the NAR survey, which was national in scope. It queried a national sample of actual recent buyers of new and previously owned homes, so the answers they report are based on real experience with real estate agents by real home buyers.

Slightly more important was ‘responsiveness’ -- which I personally think of as the service side of communication. It means that the national sample of home buyers think a good agent not only knows the right answer to the many questions that come up, but also knows how to answer the phone!

So that leaves the last and greatest quality that real buyers value: and it’s the hands-down winner with an overpowering 98% of all buyers in agreement. The quality is honesty and integrity. More important than knowing the market? Than people skills? More important than keeping in touch? More important than mastery of the legal and technical issues?

You bet!

　

　

Positive Economic Signs for Real Estate

Enough already! Economy this! Housing market that!. It seems like we have been bombarded with mostly bad news forever. Every month Apollo Beach would-be home sellers and prospective buyers hope for signs that the economy has turned around, and March 2012 was no exception. But despite the relatively good news that unemployment numbers continue to show promise, the question remains: just how will we know when the Apollo Beach real estate market begins its upswing in earnest?

Market forecasting is always a bit like reading tea leaves, but for a change let’s take a look at three areas that could be indicators of positive economic signs for a real estate recovery:

Shrinking Inventory

Inventory is one of those real estate terms that can be misunderstood by anyone who thinks of its everyday meaning. Instead of being the total number of homes on the market, in real estate the term "inventory" is often expressed in months. It describes how long it would take to sell all the homes currently on the market if no new homes were listed.

When housing inventory shrinks, it means people are buying homes – a solid positive economic sign for real estate. While there are currently signs of shrinkage nationwide, the experts remain cautious due to what is known as the "shadow inventory." These are homes that are in the foreclosure process but not yet on the market. It also includes those homes owned by folks who are putting off selling until prices recover. The experts at CoreLogic estimate that in the last quarter there was a five-month’s supply of shadow inventory. This may increase as lenders release more distressed properties onto the market.

Unemployment

Among the most important economic signs to keep your eye on are the unemployment numbers. Rampant unemployment -- and the resultant concern over job security -- drags down consumer confidence in Apollo Beach and everywhere else. But when people begin to get back to work, confidence always builds. That is why it was an early positive sign for the real estate industry when the U.S. Labor Department came out with its 2011 unemployment numbers. They are falling, and now sit at 8.6 percent -- the lowest level in over two years. According to the Washington Post, the broader figures suggested that while this improvement may be modest it is also "widespread".

New Housing Starts

When the economy begins to look healthy, homebuilders begin construction. Getting that right is of vital importance to them. Signs of a recovering new home market began back in September when construction increased a healthy 15%, according to RisMedia. While the experts consider this an optimistic sign, they again urge caution.

So while the economic recovery is still sluggish, there are some stirrings that the worst may be over. If so, one implication for Apollo Beach homeowners and potential buyers is that keeping an eye on market trends is once again a good idea.

April Showers Bring May Sales

Once you decide that the time has come to sell your house, Apollo Beach’s open houses are one of the most promising ways for you to show off its fine points. And early spring has long proved to be one of real estate’s peak selling seasons. Despite the fact that April, 2012 can bring unpredictable weather to Apollo Beach, it’s undeniably prime time to use an open house to market your home.

Open houses are popular for the simple reason that they provide maximum exposure to house-hunters, whether they are casual or more highly motivated. Particularly when a home is occupied, open houses invite easy access to a property, side-stepping all the normal hurdles of appointment making, phone tag, calendar syncing, etc. Since vacant homes are easy to show any time, they tend to get more exposure (especially since prospective buyers frequently phone at the last minute to request a tour).

Open houses are a way to even the competition. Held on a Saturday or Sunday afternoon, they provide the easiest way for potential buyers to browse. Prospects can casually pursue their search without having to commit to a day full of appointments. For them and for the seller, it’s a handy tradition.

But what if it turns out to be one of those Apollo Beach rainy days?

Ideally, everyone plans their open houses with a bright, sunny day in mind. But when the clouds gather, you don’t need to let a little inclement weather wreck the opportunity. When it turns gloomy outside, think of it as the perfect opportunity to make your home shine on the inside. Open all the blinds, turn on the lights, throw some upbeat jazz on the stereo, and crank the heat up! Another nice touch (especially if you want to come home to a clean house) will be to place towels or mats by the front door so that attendees can wipe their feet.

Looking to go the extra mile? Provide hot chocolate or hot tea in disposable cups for your agent to offer browsers. At the very least, they’ll be sure to remember your open house!

Eight Indoor Spring Maintenance Tips for Your Apollo Beach Home

Spring heralds the arrival of blooming flowers, chirping birds and warmer weather. It is also a perfect time to do some after-winter indoor maintenance. Here are eight indoor maintenance tips to help keep your Apollo Beach home in perfect operating condition:

Change air conditioning unit air filters monthly: Clean air filters help your unit run more efficiently, saving money on your energy bills.

Install environmentally-friendly window treatments: Save on utility bills by adding blinds to windows that face south and west. Open windows when the sun sets and close them at sunrise.

Examine your sump pump: Make sure the sump pump is operating correctly, and install a battery backup pump. The backup, another pump that floats above the original pump, will kick on when the electricity goes out. If your sump pump fails, an alarm goes off, letting you know the backup is working. A few hundred dollars will save you thousands in water damage.

Clean your condenser coils: Your refrigerator needs only a minimal amount of maintenance to run effectively. This maintenance consists of a simple cleaning of the condenser coil a minimum of once every 12 months – cleaning them once every 6 months is even better. This is very important to keep your refrigerator running more efficiently.

Inspect all doors and windows for leaks and drafts: Look for peeling and chipped paint, which can indicate that water seeped in. Caulk areas between the frame and the wall to keep water and drafts out of your Apollo Beach home. Examine putty and caulk lines around exterior windows and doors, and ensure that weather stripping creates a good seal.

Check for gaps where mice and insects might be able to enter: Seal around under-sink faucet pipes, gaps where cabinets meet the drywall, etc.

Replace caulking around sink faucets: If the caulking is discolored or worn away, this allows water to drip down inside the cabinets.

Pay attention to worn grout in kitchens and bathrooms: If grout is missing or cracked, re-grout and re-seal as soon as possible. In bathrooms, get in the habit of wiping down tiled shower walls after each use.

Seven Signs Apollo Beach Real Estate and Real Estate Nationwide are Improving

Seven Signs Apollo Beach Real Estate and Real Estate Nationwide are Improving

Recently released figures indicate real estate nationwide and Apollo Beach real estate are continuing to steadily improve. Here are seven signs that demonstrate the upturn:

Housing affordability has risen dramatically. This is due to a combination of reduced real estate prices and record-low mortgage rates.

Housing starts are increasing, driven mostly by multifamily starts.
Existing home sales increased in January. That means we’ve now had three months of gains out of the past four months.

Total housing inventory fell to a 6.1 month supply at the end of January. This means that on average it now takes just over 6 months to sell a home, which is an improvement. According to Lawrence Yun, NAR chief economist, "The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers."

There are plenty of home buyers and investors competing for foreclosure sales in almost all markets.

Purchases of homes are on the rise by all types of buyers, from seasoned investors to first-time home buyers.

Most economists agree that the market is improving. Frank Nothaft, Freddie Mac vice president and chief economist says, "Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects."

This is excellent news for the spring and summer Apollo Beach real estate season that’s just around the corner. If you’ve been considering buying or selling a home, now’s the time to start that process so you’re ready for the hottest season we’ve seen in years.

Successful Short Sales in Apollo Beach: Acronyms You Need to Know

Knowledge is power. That’s true whether you’re running a Fortune 500 Company or investing in short sales in Apollo Beach.

To increase your level of knowledge and success when investing in short sales in Apollo Beach, here are the definitions and important information for four acronyms:

BPO: This stands for Broker Price Opinion

A BPO is, essentially, the same thing as an appraisal. In a short sale transaction, the lender hires a broker to appraise a home. The broker assesses the house both inside and out to determine its current market value.

If a BPO has not been ordered by the lender or if you cannot find out what the value of that BPO is, you may be at a big disadvantage when trying to submit a short sale package.

The closer your short sale offer is to the BPO, the better chance you have of the short sale transaction going through.

NOD: This stands for Notice of Default

This is the first official stage in the foreclosure process. The lender has a right to file the Notice of Default after the very first late payment, but the NOD is not usually filed until 60 to 90 days after a late or missed mortgage payment.

In some states, the Notice of Default is also attached to the home, generally on the front window, like a big scarlet letter. It states that the borrower is in default, behind in the mortgage payments, and if the payments are not paid up, the lender will seize the home.

This is a crucial step in purchasing a short sale, because if the lender has not issued an NOD, they won't consider your short sale offer.

NOT: This stands for Notice of Trustee’s sale

The NOT is a recorded notice that a trustee’s sale has been scheduled. That means the clock has really started ticking! If all late payments, fees, and penalties aren’t paid up, the property will be auctioned off to the highest bidder. The minimum amount is usually whatever the lender needs to pay off the first loan and other fees.

The buyer who wins the auction gets the property as-is. This includes all liens, whether or not the lien has been recorded. Title insurance is generally not available for up to two years. This can be a significant risk for a buyer.

Many properties don’t sell at auction so they go to the lender and become REOs or Bank Owned Properties…

REO: This stands for Real Estate Owned by the lender

An REO, also known as a Bank Owned Property, is a property that goes back to the lender after an unsuccessful foreclosure auction. So when you hear the term REO, it means that the lender now owns the home.

Usually, the lender asks a real estate agent to list the property for sale. The initial listing price is often high. Hire a real estate agent who is knowledgeable about short sales to negotiate the price for you and help you navigate the complicated short sale process through to a successful closing.

It’s Not Too Early To Start Planning the Vegetable Garden at Your Apollo Beach Home

Sure, it’s still winter outside, but what could be better than dreaming of next summer in your garden? Now is the time to order your seeds, before the rush. Make 2012 the best year yet for gardening at your Apollo Beach home. Here are some advantages of ordering your seeds from home:


Enjoy a wide selection. You’ll find a wide variety of seeds in seed catalogs, from heirlooms to hybrids. View page after page of vegetables in different varieties, with details on each one’s traits, giving you loads of options.
Relax in your Apollo Beach home. No need to waste gas and fight the crowds next spring.
Order online. Most seed catalogs have online ordering. What this means is, if you know a particular cultivar you want, you can do an online search for it and find out who is selling it.
Buy non-GMO seeds. If you want to avoid buying any seeds that have been genetically engineered, there are seed companies that take a safe seed pledge to never sell genetically modified seed. Do a web search to find them.
Get inspired! There is nothing like poring over seed catalogs to get a body inspired and rejuvenated during the long, cold nights of winter. Spring will be here before you know it—be prepared and get ready for it now.
Still renting? Looking for an Apollo Beach home with a yard you can dig in!

"Real Estate Market Turnaround?"

This February 2012, Tampa Bay residents who have been keeping an eye on the real estate market may be beginning to see renewed signs of life. The stirrings are still relatively minor, but those of us who have observed the ups and downs in real estate markets for more than a decade or two are used to seeing exactly that before substantial activity gathers wider attention.

Our Florida and Tampa Bay listing and sales figures take time to compile, but we’re seeing early national figures that hint at the change. According to the National Association of Home Builders, house prices are growing ("modest gains in the third quarter") and new home sales show slight improvement. It’s about time. That movement is confirmed by the familiar Case-Shiller and FHFA indexes.

The NAHB also works with Wells Fargo to measure overall housing affordability, which can be thought of as the bottom line we all come up with when penciling out whether or not a residence change makes sense for the family budget. That affordability index continues to be near a record high. Coupled with a confirmed drop in new mortgage delinquencies, it also seems possible that the national reporting media might also begin to sound a more optimistic note -- which would be helpful in establishing a less tentative real estate market.

All in all, while it’s necessary to bear in mind that conditions are likely to remain subject to short-term fluctuations, it’s also wise to stay apprised of longer-term trends. Everyone makes their buying and selling decisions based on a complicated mix of factors. Knowing where the real estate market stands (and where it’s likely to be headed) should always be one of those.

Five Reasons to Buy a Newly Constructed Apollo Beach Home

A brand new Apollo Beach home is better than a used home, isn't it? For most people, that's a matter of preference. If you’re unsure which you prefer, consider these five reasons to buy a newly constructed home:
You want to pick out everythingDo you want granite or cement countertops? Perhaps you'd like a skylight in your family room or a fireplace in your master bedroom. You get to choose all the fixtures, flooring and faucets. Plan to spend a lot of time making these choices and probably some additional money for upgrades.
You want a Apollo Beach home that comes with high-tech and energy-efficient featuresYou’ll save energy and money with low-flow toilets and shower heads, energy-efficient appliances and higher-efficiency HVAC, doors and windows. New homes are able to handle today's hottest electrical components and gadgets.
You want a home that no one else has ever lived inThis is one of the American dreams. Our culture is built around having to own the newest and best. There’s also no wear and tear on the home.
You want a planned community. A well-planned community offers a variety of housing choices, plus recreation and other amenities. For many, it's the perfect choice for today's busy lifestyles.
You want a new home warrantyMost new homes come with a builder’s warranty which covers "house settling" problems and defects. So if your roof starts leaking or the furnace breaks during the warranty period, your builder will pick up the tab for the repair.
What have you decided buying a pre-owned or new Apollo Beach home is right for you?

Links:

Reasons to buy newly constructed home
http://realestate.msn.com/article.aspx?cp-documentid=25600868&page=2
Planned community
http://www.wisegeek.com/what-is-a-planned-community.htm

New home warranty
http://www.mortgagesfinancingandcredit.org/mortgages/newhome-warranty-warranties.htm

Brush Up on Tampa Real Estate Agent Acronyms before Buying or Selling

Whether you’re looking to buy or sell a home, finding the perfect Tampa Bay real estate agent can be tough. The process is often overwhelming and you want to ensure that you have the right person by your side — someone who’s trustworthy, hard-working and knows what they’re doing!

That is why it’s extremely important to do your research thoroughly when it comes to Tampa Bay real estate agents. You need to interview several agents, follow through on referrals and ensure they have the proper credentials.

All the acronyms after agents’ names can be confusing, so here are a few that describe specializations you might need:

• SRES – This stands for Senior Real Estate Specialist. The SRES designation is for agents who work with buyers and sellers over the age of 55. If you’re over the age of 55 or are helping your parents who are over the age of 55 buy or sell, you may want to find an agent with an SRES designation.
• NAR’s Green Designation – This designation means the agent has had training in green building qualifications and sustainable business practices. Look for an agent with these acronyms if green living is on your home checklist.
• SFR -- This acronym stands for Short Sale & Foreclosure Resource – As the certification indicates, these are agents who specialize in short sales and foreclosures. With the economy forcing many homeowners into one of these categories, it could be valuable to have an expert with this designation to help you successfully navigate the tricky processes.

Just because agents have an acronym or two or three after their names doesn’t necessarily mean they’re the right fit for you. However, the designations can give you some clues as to their level of knowledge and areas in which they specialize.

Avoid Mortgage Application Rejection on Your South Shore Real Estate Purchase

The mortgage application process can be confusing -- so you only want to have to go through it once when buying South Shore real estate. Keep these tips in mind as you complete the application process to make sure you get the answer you want: Approved!

• Make Sure Your Credit is Clear: If there are any lingering issues on your credit report, get them resolved prior to application and get your credit in high standing for the best loan rates.
• Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere – car payments, student loans, credit card debt – your application may be denied. Budget, save up and pay off as much as you can.
• Have the Required Income: With the tightening of regulations, any wiggle room you may have had before is gone. You must meet the income requirements for the loan. Remember that not all income may be counted toward your loan – rental property income, for instance, is often excluded.
• Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any South Shore real estate that could later be deemed distressed. Issues exposed during the appraisal process should be addressed for loan purposes, as well as for your own comfort and safety.
• Follow the Instructions: The stacks of paperwork documenting your application are a nuisance, yes, but they are required. Do the work and make sure your application is complete.

Put these tips into action and your application is more likely to be approved.

If you’re ready to buy South Shore real estate, I can help. Whether you need help finding a reputable lender or a home to buy

Tampa Real Estate Urban Legends

Urban legends can be found within every industry, and Tampa real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isn’t as easy as it sounds and is probably just what you think — a big fat myth.

Whether you’re an experienced buyer or it’s your first time purchasing Tampa real estate, do your research and don’t get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years.

1. You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, they’re not always a great deal. Banks are required to sell a property as close to fair market value as possible, and only drop the price in small increments after 60 to 90 days. Foreclosed homes are also usually in worse repair and banks are less likely to negotiate on them.

2. As a first-time homebuyer, it’s easy to get 100 percent financing. While some homebuyers might be nostalgic for the subprime mortgage era when anyone could obtain full financing — that just isn’t the case any longer. While there is assistance out there, most first-time buyer programs require that you put down a certain amount.

3. A fixer-upper means a lowball offer. Gone are the days when just because a home needed a little cosmetic help you could make an incredibly low offer. Don’t do it because you’ll get rejected, and the buyer won’t take you seriously.

The market may be down, but that doesn’t mean you’re going to walk away with a steal. Save your money, keep your credit score in check and don’t fall prey to any of these common Tampa real estate urban legends.

Price Shop Closing Fees on Your New Tampa Bay Real Estate

One way lenders increase their profits on your Tampa Bay real estate mortgage is by charging settlement fees. While many fees are standard and required, others may be negotiated.

Shop Around For Better Closing Fees

The Good Faith Estimate (GFE), as required by RESPA, is presented to you after you apply for a loan to purchase your Tampa Bay real estate. It gives you a heads up as to what fees you should expect at closing.

If you don't like the numbers you're seeing on the GFE, shop around with other lenders. If you were approved for one loan, you can likely be approved for another. Collect comparable GFEs and see how the interest rate, monthly payments, points, and closing fees stack up. Your best bet is to tell your lenders that you're comparison shopping, so they give you the best numbers possible.

Common closing fees you can expect to see on your Good Faith Estimate include:

Appraisal Fee – Fee for an independent appraisal of the value of the property. This fee often ranges from $350 to $500. Note that payment for this fee is sometimes required prior to closing.
Credit Report Fee – This is the cost of acquiring a credit report.
Title Insurance Fee – This is the fee paid to a title company for research and insurance related to the title of the property.
Processing Fee – The processing fee covers the cost of the person who handles collecting the paperwork, such as credit reports and employment history, for underwriting. Sometimes, the processor is the loan officer.
Loan Origination Fee – Also called underwriting fee, administrative fee or processing fee, the loan origination fee is charged by the lender for evaluating and preparing your mortgage loan. This fee can cover the lender's attorney's fees, document preparation costs, notary fees, and similar charges. Application Fee – This fee covers the processing of an application for mortgage insurance.

All loans have fees; there's no escaping them. If there aren't any fees, the cost of making the loan has been wrapped up in other areas such as the interest rate or points. So as you comparison shop, remember to look at the long-term cost of the loan, not just settlement fees.

That said, with some comparison shopping and negotiation, you may be able to decrease your fee amounts without the price being woven elsewhere into the loan for your Tampa Bay real estate. Whether you’re ready to buy or need more information before taking the plunge, I can help.

Links:
Good Faith Estimate
http://www.lendingtree.com/mortgage-loans/advice/understanding-mortgage-costs/good-faith-estimate/

RESPA
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm

Common closing fees
http://www.federalreserve.gov/pubs/settlement/

Maintenance Hints for Tampa Bay Homes

In order to keep the best resale value for your home, it's important to keep your home in tip-top shape. Plus, it surely makes for more content and comfortable living if you're not spending your days leaping over one hazard after another!

Often, simple maintenance tasks done in a timely manner can prevent a bevy of costly repairs on Tampa Bay homes. Here are a few hints to help home maintenance run smoothly:

Keep a supply of toolsHaving the basics on hand – hammer, screwdriver, pliers, flashlight and a plunger at minimum – can save you a lot of headaches and lost time.
Clean your gutters regularlyClogged gutters on Tampa Bay homes can lead to problems as the gutters bend under the weight of small trees growing out of them. Clogged gutters can also lead to leaks, typically near the attic from overflow issues or into the basement if drainage is faulty and leads to pooling on the ground. Prevention is the best way to avoid water damage.
Check the roofAgain, keep water outside of your home. A loose shingle or two is much easier to fix than rotten wood – it's worth a few minutes up a ladder.
Clean and change filters: Air conditioning and furnace filters should be inspected, cleaned and replaced on schedule. Write the date you replace a filter on the filter so you'll know how long it has been in place.

As with most things in life, it's often the little things that can make a difference. Take care of your home to keep it safe, sound and comfortable.

The Real Impact of Short Sales on Credit

It’s not what anyone anywhere would wish, but if a Tampa Bay homeowner falls behind on his mortgage payments, a short sale is one of a narrow range of options he may choose. The short sale is a process in which the bank or banks agree to accept a settlement amount that is less than the original loan. A short sale is generally considered a more desirable option than letting the home go into foreclosure; however, it is not without its own drawbacks. Fortunately, most Tampa Bay homeowners will never face such a prospect, but an educated consumer should at least be familiar with the term.

Of course, a short sale affects the FICO -- the familiar bureau-based credit scoring system that creditors and banks use to calculate risk. FICO guidelines show that there are three main credit situations that will most affect a credit score:
1. Serious delinquency, defined by late payments or inability to repay debts
2. Derogatory records such as tax liens or unpaid child support
3. Collection filings

Short sales generally fall into the first category: serious delinquency and unpaid debts. It is not entirely the actual short sale itself that impacts the score, but also the number of months of late or no payments that are qualifications for such a sale. Even so, the fewer the number of late payments and the shorter the tardy periods, the smaller the impact.

Generally speaking, most short sales result in about 100 to 200 points less FICO score damage than does a foreclosure -- and 200 to 250 points less than in an outright bankruptcy.

But there can be an additional fallout from a short sale in the form of lingering debt or tax obligations. Some short sales leave the seller accountable for the deficiency balance, which can be the difference between the sale price and mortgage and can even include the arrearage caused by missed payments. Legal restrictions may or may not provide a degree of protection, and that’s one more reason why the decision to short sell a home should never be made without contacting a qualified attorney and tax professional. In this as in less stress-inducing situations, you can also call me any time for a Tampa Bay home price evaluation.

Fannie Mae and Freddie Mac: How Do They Impact Tampa Bay Real Estate?

Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so it’s a good time to do a refresher on who they are and what role they play in the Tampa Bay real estate market.
Who are Fannie Mae and Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.

Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.

In 2008, due to mismanagement resulting in billions of dollars of losses, Fannie and Freddie were taken over by the government.

How do Fannie and Freddie impact Tampa Bay real estate?
They contributed to the financial crisis and real estate downturn, by loosening underwriting standards, buying and guaranteeing risky loans and increasing purchases of mortgage-backed securities.
They are key players in the government’s Making Home Affordable foreclosure-prevention program. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.
They influence mortgage interest rates and the availability of home loans. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level.

What’s going to happen to Fannie and Freddie?

Fannie and Freddie’s future is uncertain. The House Republicans and the Obama administration agree that the pair should be done away with. But this will not happen soon, if at all. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced.

Some Hidden Advantages To Owning Vacation Homes

Who can’t use a little time off now and then? Vacation time is not just a welcome reward following long stretches of an otherwise unending repetition of day-to-day obligations, it’s also widely recognized as a necessary relief valve -- a break from the stress of today’s hectic schedules. Vacations, long or short, take us away from our hectic routines. They serve the purpose of breaking up the monotony of the daily grind – often resulting in valuable perspectives that bring renewed vigor and creativity to careers and even relationships.

A week at the beach; a couple of days fishing over a weekend; simply spending quality time with family and friends in vacation homes set in picturesque locales – all can serve a valuable purpose. Not to mention just having fun!

Whenever we plan a break away from home we can find a broad choice of hotels, inns, villas, and vacation homes for rent. It is that last choice that’s often overlooked, but for those who have managed to buy themselves a second home near an attractive vacation destination, it’s the hotel cost that is no longer an issue. And with today’s historically low interest rates and rock-bottom sales prices, there is good reason to argue that right now there has never been a better time to consider purchasing one of those vacation homes yourself.

One reason that many thoughtful families are beginning to pay attention is the considerable impact owning second homes or vacation homes can make on reducing retirement expenses. Writing in Interest.com, author Stef Donev points out, "By starting early, you're building equity and reducing your mortgage debt on your…retirement residence. When you retire, the profit from your current home might even be enough to pay off the mortgages on both."

While having a second home can have tax and other financial advantages, what can be even more appealing is the attraction of owning vacation homes near resort or tourist spots – especially for those who vacation at least once a year. In addition to the savings realized from eliminating many sizable hotel and resort charges, it can even become possible to reverse the vacation cash outflow by opening their own vacation home for rental accommodations. By hiring a property management team to take care of the bookings, they generate their own passive income as an offset to dual mortgage and upkeep expenses.

If you are newly considering the pros and the cons of purchasing a second home in Tampa Bay area, do give me a call. We can run the numbers and talk about ways to go about finding one of the appealing Tampa Bay vacation homes that are now available.

What You Should Know About Tampa Bay Real Estate Disclosures

When walking into Tampa Bay real estate that is listed for sale, you might notice the seller has applied a fresh coat of paint or installed new carpet. While most sellers make updates like this to make their home more appealing to buyers, they could also be trying to hide faults within their home, such as water damage or cracks.

Sellers are obligated to disclose all major property issues, but buyers should double-check the disclosure statement before signing any sort of contract. Below is important information about Tampa Bayreal estate disclosures:

If you know it, disclose it. Don’t try to hide anything negative about a home you’re selling because it could come back to bite you. There are standard documents that sellers can fill out, but know that verbal disclosures can also be documented.

Things you should disclose. Disclose all renovations, whether or not you were required to obtain a permit. Other normal disclosures include property line disputes, termite problems, indoor pets, chronic neighborhood disruptions and appliance issues.

Disclosures and inspections are not the same thing. Some people get these confused. A disclosure is something the seller fills out and gives to the buyer. An inspection is conducted by an independent party and might bring to light issues of which the seller is unaware.

Improper disclosure can result in a lawsuit. If buyers quickly discover that their new home has serious undisclosed issues or renovations that were hidden and aren’t up to code, they can ask their real estate agent to confront the seller’s agent and seek a settlement. If the seller does not cooperate, the buyers have the right to file a lawsuit.

If you’re getting ready to sell your Tampa Bay real estate and would like help deciding what to include in the disclosure, or if you’d like to buy a home and want to be sure you’re getting all the proper disclosures, I can help.

Make Your Tampa Bay Home Stand Out with Ceramic Tile

If you’re looking for ways to update your Tampa Bay home, consider ceramic tile. There are myriad ways to implement tile for a new look.

Ceramic tile is the ideal material to use where water is an issue—think the kitchen, bathroom and plant room. It’s also the best option where fire is an issue—again the kitchen, fireplace and woodstove. For a durable and classic look, consider these possibilities for ceramic tile in your Tampa Bay home:

Flooring. Compared to wood, tile is affordable and more durable. Compared to carpet, tile is hypo-allergenic and more durable. Compared to vinyl, tile is classic and more durable.
Countertops
If your kitchen countertops have seen better days, you can get a whole new, custom look with ceramic tile.
Entire bathroom. From the floor to the walls, ceramic tile can withstand the water and steam of the bathroom environment
Hearth
Ceramic tile around the fireplace or woodstove equals peace of mind.
Windowsills. If you have houseplants, you know how easy it is to ruin the woodwork of a windowsill. Tile is a much more forgiving material to host your plants and their watery needs.
Backsplash
A backsplash is installed wherever you need to protect a section of wall. Above the kitchen or bathroom sink, ceramic tile will protect your wall from water damage. Another place you can install a backsplash is behind the stove, where food and grease splash up. With ceramic tile, clean up is easy and a backsplash will add stunning interest to your décor.

In today’s buyer’s market, you need to make sure your Tampa Bay home stands out from the rest

Best Wishes for a Happy New Year in Your Tampa Bay Home!

Happy New Year! Now that the champagne corks have been popped and Auld Lang Syne sung, the clean slate of a fresh year may have you busily writing up resolution lists of 2012 goals.

Top of the list for my goals is to continue providing exceptional customer service to my clients!

Whether you’re a long-standing client I've seen through several purchases or a first-time home buyer considering taking the plunge, I want to make sure you're as happy as you can be with your Tampa Bay home. I always welcome suggestions on how I may be of more help, so please connect with me and share your thoughts.

If you're like many Americans, your resolutions probably involve ways to become healthier and happier. Buying your first Tampa Bay home or moving to a home that better fits your needs could certainly add to a happier 2012.

Maybe your family is growing and you need more room. Or maybe the kids have grown and gone, and you'd like to downsize to a more manageable space. Perhaps you’re considering investing in a second home; now that prices are low, buying a second home makes sense as a long-term investment.

I believe in envisioning the future you want. So make a plan today that includes the Tampa Bay home of your dreams; a place where family and friends gather in friendship and good will.

May 2012 bring you fresh opportunities to realize your dreams. And again, Happy New Year!

Benefits of Downsizing Your Tampa Bay Home

Have you been considering downsizing your Tampa Bay home? You are not alone. According to the National Association of Home Builders (NAHB), 60 percent of buyers are considering downsizing to smaller, more efficient homes.

There are many benefits of downsizing yourTampa Bay home:

Reduce your impact on the environment: Your home will use less energy when you have less space to heat and cool.
Simplify your life: Simplifying your life reduces stress, improves creativity and increases joy.
Save money: When you buy a smaller, more energy-efficient home, you’ll save money on your utility bills. You’ll also reduce your maintenance expenses. You will most likely have a smaller mortgage. When you have less space to fill, you need less stuff. So you can also spend less on furniture and other home décor.
Increase free time: You’ll spend less time cleaning and maintaining a smaller home. Use the extra time to travel, take up a hobby or just relax.
Enhance peace of mind: When you no longer have to worry about how you’re going to pay enormous utility bills and mortgage payments, you can sleep better at night.
Improve your health: Less stress usually equals improved health. Owning a large house full of stuff you have to pay for and take care of can be very stressful. When you downsize and let go of all that stuff, your stress decreases.
Put cash in your pocket: Sell your extra stuff on eBay, Craigslist and at a garage sale.
Making the decision to downsize can be difficult to do, but once you’ve taken the leap, you’ll discover many rewards. The more stuff you get rid of, the more you can save for things that truly matter, such as saving for your retirement or your child’s college education.

Ready to buy a smaller, more efficient Tampa Bay home? I can help.

Good Cheer Is Back Again!

Here in Tampa Bay it’s beginning to look a lot like the holidays have finally taken over. This is hardly an unpredictable phenomenon, but this year there did seem to be a slightly longer delay than usual following Thanksgiving.

Even if the Christmas tree lots weren’t in evidence, the cheer-inducing holiday lights and colorful store window ornamentation have begun to do their work in earnest. It’s a good thing, too, because festive decorations can go a long way toward mellowing out any feelings of anxiety that tend to accompany the onslaught of end-of-year business and household deadlines…

There’s nothing like the sound of carols echoing over Tampa Bay loudspeakers to make even everyday shopping seem more special, and to help squelch that feeling that there’s just not enough time left to get everything done. Household chores (and let’s face it: they do tend to pile up this time of year!) go easier when the goal of once yearly gatherings is so close at hand. The unexpected cheery holiday greeting from a total stranger or two doesn’t hurt, either.

When the holiday spirit really gets perking, it goes a long way toward helping us appreciate how important it is to pause once in a while to appreciate the golden moments that make up a family history. It can turn the simplest household get-together into a remarkably memorable occasion.

Here’s wishing you and yours exactly that -- be they simple or elaborate, whether spent in Tampa Bay close to home or somewhere far distant, may your holidays be altogether wonderful, joyous and memorable!

Do Open Houses Sell Tampa Bay Homes?

Home sellers swear by them and real estate agents have a love-hate relationship with them.

Open houses are those typically weekend soirees during which a seller leaves his home in the hands of his real estate agent who holds it wide open for the world to traipse through. Although it’s a familiar procedure, it’s also the subject of an ongoing debate -- do open houses sell homes, or are they a waste of time? Let’s take a look at some of the pros and cons.

Over 90% of folks in the market to buy a home say they plan to attend open houses as a part of the purchasing process, according to a survey conducted for Trulia.com. A similar study, performed for the National Association of Realtors, finds that only 45% of potential buyers plan to use open houses in their home search. So, although we now have the statistics, unfortunately they conflict by 100%.

Luckily, that bottom line figure doesn’t matter greatly to sellers with a property for sale this January. Regardless of which figure is closer to reality, either one represents a significant amount of exposure for any Tampa Bay home on the market. The more eyes that see a house for sale, the better the chances that it sells quickly.

Open houses are intended to bring potential buyers to doors. What happens once that target audience enters the door -- whether they wind up among the 1%-2% of buyers who actually purchase an open house home or not -- depends on several factors:
 Price. Proper pricing of the home has a major effect on how quickly it sells. Properly priced, open house attendees may even experience a sense of competition with other buyers that would not have otherwise been the case.
 The house. Even multiple open houses and a massive marketing campaign won’t sell a shabby house, especially one that’s overpriced.
 Your agent. Your real estate agent’s experience weighs heavily on the outcome of an open house as well. Converting a Tampa Bay looky-loo into a Tampa Bay buyer takes a pro!
While new marketing gimmicks appear frequently, sometimes it’s the tried-and-true paths that wind up leading straight to the destination. The effectiveness of the open house will always be hotly debated, but as one tool in the hands of an experienced agent, it just might be one of the surest ways to get the job done.

Second Mortgages on Tampa Bay Homes: What You Need to Know

Second mortgages on Tampa Bay homes are used by people who need to access the equity on their homes. Here’s some information to help you decide if a second mortgage is right for you.

What is a Second Mortgage?

A second mortgage is taking out a second loan on top of the existing mortgage on your home. The collateral for the second mortgage is your home. The loan process is similar to getting a primary mortgage, including the need to pay for appraisals and closing costs.

The maximum amount of the second mortgage is determined by the equity in your home. The equity is the difference between what you owe on the home and the current fair market value of your home.

Why Get a Second Mortgage?

People take out second mortgages on their Tampa Bay homes to:

• Finance home improvements
• Consolidate other debt for a lower monthly payment
• Pay for college tuition
• Invest in a business
• Pay medical bills
• Avoid paying for Private Mortgage Insurance

What Should I Consider Before Getting a Second Mortgage?

Taking out a second mortgage is a big risk because your home is your collateral on the loan. Second mortgages on Tampa Bay homes are riskier for the lender, so they usually have a much higher interest rate than your first mortgage.

According to an article in the Wall Street Journal, almost 40% of homeowners who took out second mortgages are underwater on their loans. This is more than twice the rate of owners who didn't take out second mortgages.

Make sure that you can afford the monthly payments as well as the costs associated with getting a second mortgage including the appraisal fee, closing costs, etc. Before signing on the dotted line, investigate financially safer alternatives such as refinancing, selling or renting out.

If you’re considering getting a second mortgage, please think it through very carefully and weigh all your options before making a final decision.

Would you like help determining if refinancing, selling or renting out your home is the best option for you.

Show Your Tampa Bay Home Some TLC this New Year 2012

Within the walls of your house, you’ve probably raised a family, made future plans and created years of memories. Take time this month to be thankful for everything your home has given you by giving it some green TLC this New Year 2012.

With Christmas just passed, I know it’s hard to justify spending a lot of money on your Tampa Bay home. Below are a few easy and affordable green projects for you to do this New Year 2012— and they’ll start paying off immediately!

• Buy compact florescent light bulbs. You don’t have to do this all at once. As your light bulbs burn out, replace them with these energy savers for around $3 a piece. They last about ten times longer than incandescent light bulbs and can save you close to $40 over their lifetime.
• Use faucet aerators. These only cost about $10 and are incredibly easy to install. Just unscrew your faucet nozzle or showerhead and slip the aerator in. It can cut your water bill in half by making the water squeeze through tiny holes, which makes it feel like there is more pressure. You’ll also reduce water heating bills because the less hot water you use, the less you’ll have to heat.
• Put in ceiling fans. If you don’t have these in your house, then you’re missing out on a huge energy-saver. Starting around $50, ceiling fans push hot air down and help equalize each room’s temperature — just switch the blade rotation for summer and pull cool air up.
• Replace your old toilet. Older toilets can dispense almost 3.5 gallons per flush, while modern low-flow toilets dispense as little as 1 gallon. If you’re in for more of a handyman challenge, you can purchase these for as low as $150. The more people you have in your house, the more savings you’ll see.

Not only will your Tampa Bay home and finances thank you for the green upgrades, but the environment will too.

Single with No Children: Tips for Buying a Tampa Bay Home

If you’re single with no children, it does not mean that you shouldn’t buy a Tampa Bay home. In fact, statistics from the National Association of REALTORS® and an MSNBC article indicate that 32 percent of all home buyers are single and 20 percent are single women. That’s a much higher percentage than most people would ever imagine.

Here are several advantages to buying a Tampa Bay home as a single person:

• Build equity: The sooner in life you buy real estate, the longer period of time you have to build equity.
• Save money by buying a fixer-upper: You typically have more time to work on a fixer-upper than homeowners who are married with kids.
• Buy what you want: As a married person, you have to compromise with your spouse which means you may not get the exact home that you want.

In addition to following all the typical home buying tips you read, here are some tips to implement specifically when buying a Tampa Bay home solo:

• List your wants and needs: When coming up with your list of wants and needs, think not only about today, but about what you’ll be doing in the next few years. Will you stay single? Will you be changing jobs or moving to a new area?
• Ask yourself a few questions: How long do you plan to stay in this home? Do you want or need a roommate to share the expenses? What size home do you want or need? If you don’t want a roommate, a studio condo may be the right choice for you. If you do want a roommate, a minimum of two bedrooms is going to be important.
• Consider a variety of homes and neighborhoods: As a single person, you can buy a traditional single-family home, or you can buy something less traditional such as a loft, townhome or condo. You can live in the suburbs, an urban area or somewhere in between.
• Think about the resell value: Although you don’t have children, if you purchase a single-family home in the suburbs, buy one that is in a good school district and neighborhood in order to get a good resell value. If you purchase an urban dwelling more favorable to a single lifestyle, buy one that has easy access to restaurants and nightlife.
• Choose a lifestyle: Do you want a single-family home that requires lawn maintenance or a condominium where all the exterior maintenance and repairs are done for you?
• Buy an investment property: Instead of purchasing a property for your own use, you could buy one and rent it out. Or, you could do a combination by living in part of the home and renting out the rest. If that sounds of interest to you, consider buying a multi-family home – you can live in one apartment and rent out the rest.

If you’re interested in buying a Tampa Bay home, I can help.

Space-Saving Tips for Your Tampa Bay Home

If you feel like you need more space in your Tampa Bay home, consider reconfiguring the space you already have, rather than building on an addition. Not only does working inside your existing footprint save money up front, but smaller homes are cheaper to heat, cool, furnish and maintain. You’ll also save on taxes and insurance. Here are some ideas.

• Evaluate your space. How do you really live in your Tampa Bay home? Walk through it and make notes on high-use zones that should be reconfigured and underperforming areas that could be put to use.
• Open it up. Simply opening up a wall may help your flow. A minor remodel that makes your home function better will pay you back if you sell in the future. Opening up a small kitchen by combining it with adjoining rooms is among the most common remodels today, and the trend is likely to continue. An open floor plan means reduced material use, better space utilization and better light penetration, as well as more accessible space.
• Go vertical. To make a small bedroom more efficient, consider a loft bed. This will free up floor space and keep sleepers warmer at night. Space-saving bunk beds in the kids’ room or a trundle bed can accommodate overnight guests.
• Store it away. To keep clutter at bay, invest in storage systems such as built-in shelving, wall units or under-bed bins.
• Fold it away. Remember the old-fashioned ironing boards that used to attach to the wall? Now you can get a fold-out desk area that disappears when not in use.

If you need more space than these tips can provide, you may want to move to a larger Tampa Bay home. I can help you find one and purchase it at a great price.

Tips for a Successful Open House for a Tampa Bay Home for Sale by Owner

If you’re selling your property as a Tampa Bay home for sale by owner (FSBO), you'll likely be planning an open house to show it off to prospective buyers. The task of setting up, publicizing, and running your own open house can be daunting. Here are some tips to make the most of the big day:

• Advertise your Home – Put a notice in your local paper to run the weekend of the open house. Update websites where you have your Tampa Bay home for sale by owner advertised to note the time and date of your open house.
• Post Signs! - If your buyers can't find your home, they won't be buying it. Post signs at busy intersections and in front of your home. Some neighborhoods have guidelines about posting signs; be sure to follow those rules. When your open house is over, be a good neighbor and collect and save your signs. You may need them if you decide to run another open house.
• Clean Up and Hide the Clutter – Show your Tampa Bay home for sale by owner at its tidiest.
• Send Fluffy and Fido to a Friend's House – Relocate all your family pets to a different location for the day of the open house. You don't want prospective buyers’ allergies or fear of animals interfering with their enjoyment of your home.
• Remove Extremely Personal Items – Put as many family photos and portraits out of sight as you can. The idea is for your potential buyers to imagine themselves living in your home. This is harder to do if grandma's portrait is glaring at them from the mantlepiece.
• Pass the Smell Test – If your home smells musty and dusty, potential homeowners will wonder why. Smells are also a key way to evoke emotional memories. Consider simmering cinnamon sticks to give your home that cozy, fresh-baked smell. If you have the time, take it one step further and bake cookies for prospective owners to enjoy - a well-fed buyer is a happier one.
• Use a Sign-In Sheet and Fliers – Ask visitors to fill out a sign-in sheet and give them a flier listing the highlights of your home. Include answers to common questions as well as your contact information.
• Be Available, Be Polite, or – Best Option – Be Elsewhere – If you overhear snickering on the choice of wallpaper in the bathroom, keep in mind that your style isn't everyone else's taste. You are trying to sell your home, not argue the finer points of aesthetics. Answer questions if asked, but don't hover, and do not volunteer information that puts you at a disadvantage in terms of negotiations (e.g. “We must sell in a month as we're relocating to Tahiti”).

Good luck with your open house! If you’re considering hiring a real estate agent to get your home sold, I’d love to be interviewed for the job. Schedule an appointment or to get more information on how I can help.

What Do Buyers of Tampa Bay Homes Want in a Neighborhood?

To sell Tampa Bay homes, you have to get buyers to want them. So, what do they want? Based on the data just in from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers, here are what buyers want in a neighborhood in order of importance:

1. 67 percent favor a quality neighborhood
2. 49 percent of buyers said they want convenience to jobs
3. 45 percent look at the overall affordability of Tampa Bay homes in the neighborhood
4. 39 percent prefer to live close to family and friends
5. 28 percent of buyers are interested in having shopping close by
6. 27 percent want a quality school district
7. 22 percent ask for a neighborhood that is convenient to schools
8. 21 percent like to live close to entertainment or leisure activities

Assess your neighborhood. Which of the attributes most desired by buyers does your neighborhood have? Showcase those features in the marketing materials for your home:

• Mention the schools, shopping, entertainment and leisure activities that are close to your home.
• Give statistics on the quality of your school district.
• Take photos of your neighborhood that flaunt its quality.

Need help marketing your home? I specialize in selling Tampa Bay homes in your neighborhood. If you’re ready to sell your home, let me market your neighborhood and home to get it sold now.

Top Ten Reasons to Invest in Tampa Bay Short Sales

Now is a fabulous time to take advantage of today's real estate market and boost your investment portfolio with Tampa Bay short sales. Here are the top ten reasons why investing in short sales might be beneficial for you:

1. Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.
2. You can make a nice profit because Tampa Bay short sales are priced at or below market.
3. Banks are closing them faster than ever before and, from start to finish, it’s not as painful as it used to be.
4. There is a huge inventory of short sales from which to choose.
5. The competition is low because there aren’t enough investors to gobble them all up.
6. It doesn’t take a ton of time. You’ll spend even less time when you work with a real estate agent who specializes in short sales.
7. Short sales are generally in better condition than foreclosures.
8. You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.
9. In some cases, the banks will pay closing costs and Home Owner Association transfer fees.
10. You can work real estate short sales in all markets: urban, suburban and rural areas.

Top 4 Facts You Need to Know If You’re Considering Selling Your Tampa Bay Home for Sale by Owner

Should you try to sell your home on your own as a Tampa Bay home for sale by owner (FSBO)? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has new information about FSBOs that can help you decide if you should try to sell your home without the help of a real estate professional.

Here are the top 4 facts you need to know if you’re considering selling your Tampa Bay home for sale by owner:

1. It’s harder to sell your Tampa Bay home for sale by owner in today’s market. FSBO transactions accounted for 10 percent of sales. That’s slightly above the record low of 9 percent in the 2010 study, but well below the record high of 20 percent set in 1987. The share of homes sold without professional representation has trended lower since 1997.
2. If you know someone who wants to buy your home, you’ll be more likely to be able to sell it on your own. Many FSBO properties are not sold on the open market. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance was 6 percent.
3. If you’re good at attracting buyers, pricing your home and filling out paperwork, selling your [city] home for sale by owner may be the way to go. The most difficult tasks reported by unrepresented sellers are attracting potential buyers, getting the right price, and understanding and completing paperwork.
4. Hiring an agent still gives you the best chance of selling your home. 89 percent of buyers used real estate agents and brokers. 7 percent bought directly from a builder, and 4 percent purchased a FSBO.

Ready to hire a real estate professional to get your home sold? Give me a call today to discover how I can help you.