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If there’s one thing I’ve learned through all my time in the real estate industry is that everything has its ups and downs. What goes up must come down – and what goes down must come up, even if you have to wait a while. Now, if you’ve been one of the many people who have bought Tampa investment properties with an eye to selling it later at a profit, you may be wondering what’s next, seeing as property prices are going down. Yes, we’ll try and sell your Tampa home at the best possible price in today’s market if you list with us. But it could be a wise time to “hold your horses” and wait for things to settle down. All investments fluctuate in value, after all. But now is the perfect time to see what you can do to improve your investment property and increase its resale potential. You probably already know all the old methods such as renovating kitchens and bathrooms, and redecorating. But what about the outdoors? Consider what you can do with the grounds to increase value. Think beyond the white picket fence and a row of flowers around the porch - get creative with the gardens, sheds and more (sun porches? shade trees? pools? play areas?). Mind you, there is more you can do with an investment property than sell it on. How about holding onto it and renting it out? Not sure what to do here? Talk to us today and we’ll help you get started. Raul Aleman
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It’s one of the unfortunate signs of the times. In May, foreclosure filings went up 50%. That’s a lot of houses, and the Bahia Realty Group got to handle our share of Tampa foreclosures & Tampa short sales. While the powers that be are racking their brains as to what can be done to stem the rising tide of problems, we’re hard at work to make the sales – and not just foreclosure sales, either. However, we are experts in working with buyers from overseas, as the Bahia Realty Group takes care of all aspects of buying and managing investment properties for buyers and investors from other states – and other countries. Because no matter what the economy is doing, the Tampa Bay area we service still has all its advantages: climate, amenities, attractions, etc. etc. In fact, if you are an overseas buyer, now is a great time to invest in Florida properties! But what about those in Florida? Nervous about what the market is doing? Maybe selling up and downshifting is an option for you. The Bahia Realty Group will work with you and for you to find the best price for your old home and help you find a new property that will be more manageable payment-wise. Raul Aleman
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Earthship Florida In Manatee County, builders, architects, environmentalists and many, many others are all coming to have a look at the Earthship Florida project initiated by College Green Campus, as an earthship home is built – Florida’s first. As part of the busy Bahia Realty Group team that serviced the Tampa Bay area, I’m fascinated by this new type of housing. Who knows – maybe we’ll start seeing these homes on our listings before long? We’ve certainly got the bare land blocks that might be suitable. One of the intriguing things about earthships is how they use water. Earthships are designed to be self-sufficient, so it’s not surprise that they use rainwater for all the household needs. But that’s not all. Earthships are designed to recycle and treat water so it can be used again and again – up to four times for greywater. Part of this treatment program includes a “jungle room” where plants help to purify the water (yes, it’s got filters and so forth, too). If you like houseplants, you’ll love the jungle rooms in earthship homes. If you’re curious about what happens with toilet waste, it depends on the design of earthship. So far, I’m not sure which sort the Florida Earthship uses, but both designs have no environmental impact and don’t taint the water system. One design uses a composting toilet, and the other sort uses solar energy and parabolic mirrors to reduce anything noxious to bacteria-free ash. Amazingly, it’s all odor free. What you do after that is up to you, but most often, it goes into the garden – back to nature where it belongs. The Earthship Florida project began construction on June 15th I can’t wait to see the first Earthship home built in Tampa Bay! Jenn Cook
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There’s a new ship in Manatee County. No, not a fancy cruise liner come to one of the ports in Tampa Bay, but an Earthship. An earthship? No, this isn’t some new type of NASA project, but it’s a very clever design of home that makes the most of recycled materials and solar energy. An earthship home is designed to provide all the warming and cooling needs for people to live in, generate electricity, catch all the water needed for household use and produce no waste – including no waste water. We’ve seen a lot of self-contained units on our listings at Bahia Realty Group, but we’ve never seen anything like this before (not that this earthship home is on our listings – but if you’re interested, you may be able to find a bareland block that’s suitable for building your own). An earthship home is also designed to be easy to build and maintain – every homeowner’s dream! Now, earthships use a construction material for the load-bearing walls that is easy to obtain, reists fire and termites and doesn’t deteriorate, as well as being well able to insulate the living area, whether you need to keep the warmth in (as in colder climates) or out (like we do in balmy Florida). What is the wonder material that they use? Recycled car tyres filled with rammed earth, and that earth comes from the building site of the earthship home itself. I’m going to be watching that building site very closely! Jenn Cook
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Everyone knows that the Real Estate market will eventually recover. After all cycling is a normal part of the economy. But Tampa Bay seems to be ahead of other areas when it comes to recovery. Tampa Bay Florida real estate seems to be gaining momentum. Just look at some of the recent stats: In Feb 2008, the median sales price was $194,000 and in March 2008, it was $195,300. Perhaps not a large change but certainly a move in the right direction. For sellers it may mean you’ll be able to breathe a sigh of relief soon as your homes begin to once again reflect their real market value. But for buyers, it means it’s time to wake up and pay attention. If you have been fence sitting trying to decide if it’s the right time to buy, you need to make up your mind to commit to that purchase because if you don’t you could find yourself paying more in asking price and interest rates. The market doom and gloom has been going on long enough and it’s due soon for a positive change. Tampa Bay, has been affected as much as other cities in Florida, but it’s likely to also rebound much faster. Jenn Cook
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Recent changes to the VA loan program could benefit Tampa Florida real estate. In fact, if you’re a veteran and you’ve been considering buying a home, it would pay for you to have another look at the program. Veteran loans can now account for 100% of the financing. The loan limits have also gone up. For most regions, they are around $417K and they go right up to $626K for some areas. Those numbers will actually let you buy a very nice house. Who qualifies for the VA loan program? Anyone who is active in the military, retired from the military, in the National Guard, or in the Reserves. The VA program puts limitation on the type of house they’ll finance and you are required to live in the house. There isn’t any money available for investment properties, rather focusing on providing homes to veterans. You will be required to prove your income. The good news is they are very lenient on what your credit rating looks like. However, your payment history is important to them and you must have served for a minimum of 2 years. A VA loan differs from a traditional mortgage. Work with a professional Tampa Mortgage broker who knows the ins and outs of VA finances. If you qualify for a VA mortgage and you’d like to own a home in the Tampa area, don’t delay. You and your family deserve to own a home. Take advantage of this program while you can. Raul Aleman
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For those strapped for cash for a down payment but comfortable that the actual mortgage payment won’t be a burden, you’ll be happy to know that the market shift has caused the FHA loan program to change. It could be the answer you. You’ll need to talk with a mortgage professional but it appears the FHA loan program is going to allow the seller to pay 3% of towards the down payment and 3% towards the closing costs. If you’re wondering why a seller would pay any of the costs that would normally be associated with the buyer, it’s because there are an awful lot of houses on the market in the Tampa Bay area and not nearly enough buyers. That means there are many sellers that are highly motivated. Those motivated sellers would be happy to contribute 6% if it meant their house would be sold. The key to making this work is working with an excellent realtor and an excellent mortgage professional. It’s a time where creativity can go a long way. It can be the difference between being a renter and a homeowner. Tampa Bay area under normal economic times is a highly sought after area. If you’re able to enter the market now, when the economy turns around you’ll actually be sitting in an excellent financial position with equity already building in a home that will be worth more. If you’ve been considering buying a home, why not talk to a Bahia Mortgage professional about the changes to the FHA loan program.
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If you’ve been reading the papers or following the news lately, you’ll know that the USA is having a few economic problems, to put it mildly. You possibly have had some personal experience of the effects of the economic downturn and the “credit crunch”. The Florida real estate market is also in a slump, with prices dropping. With all this going on, is it sensible to try selling your house?
The answer to this one is yes and no. If you bought a house as an investment, then hold on for a bit before listing your house. Some economists are predicting that the housing slump will come to an end this year, so if you can hang on until then, prices should increase and your investment could very well pay dividends, if these forecasters are correct.
But if you have to sell your property (for example, to avoid bankruptcy or for some other reason – maybe someone’s estate has to be dealt with), then don’t despair of finding a buyer. In the Tampa Bay and Greater Orlando areas serviced by Bahia Realty Group, we’re finding that overseas buyers are rubbing their hands together not in spite of but because of the falling housing prices in the USA. Right now is a great time for overseas investors to purchase Florida property. And let’s face it: the areas on Bahia Realty Group’s books have always been popular with tourists for a whole raft of reasons, ranging from the climate to the theme parks.
The Bahia Realty Group team has contacts with overseas buyers (and if you’re an overseas buyer, we can make the process easy for you), so if you have to sell your property, we can help you make a good sale.
Otherwise, sit tight! The slump won’t last forever.
Jenn Cook
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As hard as Tampa homeowners are trying it seems that more and more of them are simply collapsing as a result of the size of their mortgage payment, and with no refinancing options, they simply have had no choice but to walk away from their homes. That may change with the Democrats Housing Rescue Plan. It calls for the Feds to put up $300 billion dollars in new mortgages for homeowners that are fit the category of distressed borrowers. It also calls for no exceptions so whether a homeowner is behind on their current mortgage payments, has credit that’s poor, or have a mortgage that’s worth more than the house is – no one’s to be discriminated against. Some consider this proposal as nothing more than a bailout for borrowers that were reckless in the first place. But others recognize its value and potential to hold off a far worse crisis. The plan would see standards relaxed to what was last seen only during the depression. Many feel this is a tough call for there are going to be many who borrowed more than they could really afford actually helped when perhaps their poor judgment shouldn’t be rewarded. But the other side of the coin is that if nothing is done and no intervention takes place, there’s going to be more damage to the economy and there’s going to be damage begin to occur in neighborhoods as instability sets in at a more micro level. If a homeowner wished to qualify, they would have to be carrying a debt load of more than 35% of their income, and even more than 50% if they’d been making their house payments. There is also a proposal to spend as much as $15 billion on those properties that have already gone into foreclosure. So what does this mean for the average Tampa homebuyer or seller? Well it means there’s less likely to be a glut of houses on the market if this plan moves ahead. For sellers this is a positive step in stabilizing the value of their home and stopping the downward spiral that has been occurring. What remains to be seen is whether the proposal actually is passed.
Raul Aleman
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From when we are very young, we begin to dream about buying our very own home. We all want to become homeowners but that doesn’t mean it’s going to just happen. Here are a few tips to make your home shopping and purchasing experience become a reality. - Is buying a home right for you? It’s the first thing you need to decide. Not all of our dreams are really what’s right for us or what we really want. Talk to your family and friends about your plan; decide if your career is going to keep you in the area for awhile. Buying a house can be really draining as it is and it will be a lot worse if you aren’t really sure it’s the right choice for you.
- What neighborhood’s right for you? Tampa Bay covers a lot of territory and there are plenty of neighborhoods. You’ll need to decide what’s best for where you work, where your partner works, and where the kids go to school. You’ll also have to consider the different price tags associated with different neighborhoods, and what your budget can sustain. Then there are amenities that you might want nearby such as a hospital, or maybe the transit system. All of these things are important to your decision.
- Get the experts on board. Buying a house is tough work and you should have a real estate agent that you trust who can coach you, inform you about the pros and cons of a house, work for you and with you. After all they are the pros when it comes to houses.
- You’re your loan preapproved and shop for the best interest rate. That way you know what you can spend, and that you’re already approved. It can make an offer come together faster, and it can give you more leverage
There you have it, four tips to get you moving in the right direction, and make you a home owner in no time.
Jenn Cook
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A recent poll done by Reuters found that over 54% of all Americans believe now is a great time to be looking to buy a home. That’s a good sign for both Tampa sellers and it certainly means buyers should consider what it could mean for house prices in Tampa. Since consumer confidence has crept up from a low of 87.7% in March to 95.5% in April, it would indicate that consumers are more likely to be making the big commitment to buying a house in the near future. It also means if you’re going thinking of buying it wouldn’t hurt to make your move now before demand increases and prices begin to slide back up. Even though there’s been month after month of doom and gloom when it comes to the economy, it seems American’s are ready to ignore that part of the equation, instead looking towards a brighter future which includes purchasing a home now. There’s no rose colored lenses here - 71% of all Americans believe the US economy is in a recession. People know what they’re up against. But more good news. In March, only 46% felt their personal finances were healthy and in just a month, that number had jumper by 7% to 53%. So it appears that even though there may be an economic recession going on, the American people have decided that it isn’t going to be enough to stop them from purchasing a Tampa property. And with interest rates that have never been so good, that’s pretty enticing all in itself. Raul Aleman
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With rates at a 30 year low, you’d think we’d all be content and happy with what we have, but still some Tampa home buyers are holding on waiting for the next drop, and that might not have been such a bad move since rates are scheduled to drop another point here shortly. For six weeks, straight the interest rate has been well below 6% so for buyers that’s an indication that rates are fairly stabile and by holding out for lower rates, you could be passing on a great buy that has your name on it. Housing starts were the lowest they’ve been since 1991 and consumer confidence isn’t doing so great either following to a 26-year low. The recession certainly isn’t helping these numbers. But before you get all wrapped up in the doom and gloom consider this – if you are in the market to buy a house you can get a 15 year fixed rate mortgage at 5.48%. The average 30-year mortgage is running at just under 6%. Now how can you go wrong with that? The recession has a great deal to do with all of this for it’s been 7 years since the last recession in the US. That combined with slumping housing starts, rising unemployment, and a credit crisis it’s little wonder that rates may be once again on the downslide. So what does this mean for you the buyer? It means you can hang on and see where they’re going to stop, or you can grab the bull by the horns, recognize what a great rate you can get right now, and start shopping for that Tampa Home home right now. Why wait another minute? Raul Aleman
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Isn’t Florida lucky to have such a great climate and a great environment? This State has so much to offer and so many great places to live and work – or invest in. I’m excited to tell you about the area that Bahia Realty Group is focuses its attention on, with lots of great new listings and possibilities for everyone. Tampa Bay (in fact, the whole Tampa area) is an area of great interest from an ecological and biological perspective thanks to the many rivers and streams that reach the sea in the bay, along with the warm waters (assisted by outflow from the power plants). The wildlife alone is a reason for visiting or living in this area – after all, where else can you see endangered manatees (sea cows) frolicking in the waters near the shore? The geography of Tampa Bay has also meant that it has been important for shipping. The Port of Tampa is one of the busiest docks in the USA (the 10th largest, in fact), and the other two significant ports (St Petersburg and Port of Manatee (great name!) also are thriving, especially as they are so close to the all-important Panama Canal. And where there’s a good deepwater harbour, there’s plenty of opportunity – for logistics, for industry, for catering to cruise ships – and more! So it’s no surprise that the Tampa Bay area is the second most populated area in Florida and it’s a humming place! Principal cities in the Tampa Bay Area include Clearwater, St Petersburg and Tampa itself, while the counties in the Tampa Bay Area include Hernando County, Hillsborough County, Pasco County and Pinellas County, and (depending on where you draw the boundaries) Citrus County, Manatee County and Sarasota County. We’ll keep you posted with more information on this exciting and fascinating area! Jenn Cook
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With so much doom and gloom being broadcast you aren’t alone if you are trying to decide if now is the right time to buy a new home in the Tampa Bay area. Actually now is one of the best times, because thanks to the downturn in the economy you’ll discover some of the best pricing we’ve seen in quite some time. Start by setting your budget, go to your lender, and get pre-qualified. Once you know your price range you can save a lot of time by only looking at homes that fit that price range. Be aware that developers sometimes have financing options that you can explore. Decide what’s important to you and your family. Perhaps it’s an extra bedroom, maybe you’d like to have a pool, or perhaps there’s a specific layout that you want. The point is you are buying a new home so get what you want. Whether it’s a certain layout, a particular color scheme, or a type of cabinets, know what you want and then get it. One of the smart things you can do when buying a new home is to make sure that you have new home warranty as part of your offer. What this does for you is that should there be some catastrophe you’ll be covered. Whether it’s the roof that springs a leak, the central air that breaks down, or any one of the many things that can go wrong, your warranty will cover you. Some even cover your appliances. There you have it – new home buys in the Tampa Bay area are a wise investment. So what are you waiting for?
Jennifer "Jenn" Cook
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Buying a house is a big investment and it can be a very stressful time too. There are some things you can do to make buying a house in Florida less stressful. For starters you can choose the type of mortgage that suits you, your lifestyle, the way you get paid, and even the type of home you are buying. Get preapproved. That way you’ll know the maximum mortgage you qualify for. Just as there are all kinds of different families there are also all kinds of different homes – condominiums, townhomes, ranchers, two story, homes with suites, homes with big yards, and the list goes on. Talk it over with your real estate agent. He or she can be helpful if you aren’t sure. They can help you! Homes are a long term investment so when you are buying today picture where you’ll be a decade from now. Ten years is the average number of years spent in one home in order to maximize profits and actually make a dent on your mortgage. So if you’re looking at buying a two bedroom house and you already have one little one, what if another one comes along. Or if you know you’re going to get transferred in five years then what will get you the quickest growth in value. If you find the house of your dreams don’t hesitate getting your offer in. The best houses don’t stick around long and you’d be disappointed if you waited 24 hours and it was already off the market. You should also feel free to make an offer that’s less than the asking price. You don’t know how much a seller will move until you play the offer game. Buying a Florida house doesn’t have to stressful, especially if you do your prep work in advance. Get your mortgage preapproved, determine what it is you are looking for in a house, and find a florida real estate agent you trust. It’s really that simple.
Jenn Cook
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