Tampa FL Homes - 5 Signs That Says 'Buy'

What do you need to know if you are considering the purchase of Tampa FL homes? Is the housing market improving? The following signs may help you to make a decision. The housing market may still seem a bit unstable, but certain areas are more stable than others. Look at the signs if you are considering Tampa FL homes.

The construction industry is one method. Although it may not be as reliable as other methods, using this criterion can help you to evaluate the future housing that may be coming to the area. Are new Tampa FL homes being built? Check the local building departments and see if new permits have been issued. The National Association of Home Builders is another venue to check. It can be found at www.nahb.com.

The jobs in the area are another way of judging how deeply an area was affected by the recession. The information from the U.S. Bureau of Labor Statistics is recent (only about a month old) and can be found at www.bls.gov. The National Association of Home Builders posts information regarding employment as well. This is available at NAHB.com.  

When you want to know if Tampa FL homes are a good buy presently, another investigative tool is the recent sales activity. The prices, sales volume and housing inventory should be considered in this niche. A negative indication would be a very large inventory of Tampa FL homes with few transactions taking place. If the inventory seems to be decreasing and transactions are increasing, this can be taken as a good sign.

Availability of mortgages in an area is another sign. Many lenders have drastically changed their lending standards, making obtaining a loan much more difficult. However, some banks have not been affected by the recession quite as significantly as others have. Therefore, their lending standards are not as strict.

Last, but not least, when deciding if the purchase of Tampa FL homes is a good idea presently, take a ride through the neighborhood and see what is going on in the way of open houses and sales. Talking to agents that work in the local area and attending a few open houses are still good ways to determine the condition of the local market. This combined with the other research you have done will allow you to make an informed choice when deciding if Tampa FL homes are a good investment presently.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Tampa Property Sales are still Low, but less Low

Tampa property sales were down 4.6% over the last quarter even though the national index showed a more positive trend beginning in 2011. According to Clear Capital’s monthly Home Data Index Market Report, Tampa property ranked number 11 out of the 15 that performed the worst. The numbers also show they were down by 10.2% for 2010. However, Clear Capital said the lows are “less low.”

The city of Jacksonville was up 3.5% in the last quarter allowing this city to rank number 4 in the highest performing markets. The markets are showing an improvement as three-fifths of the markets with the lowest performers showed an improvement last month of quarter-over-quarter results. Detroit was the only market with a double-digit decline in prices.

The data available from Clear Capital show that nationally U.S. home prices are not currently declining and have not been since early in January. The first small increase since August 2010 has been posted by many. Tampa property numbers may show a decrease, but the upward swing is an indication that the decrease will taper off as the year progresses.

Tampa property as well as the other fourteen ’worst performers’ are still under a lot of pressure from the distressed sale activities. This is weighing down the home prices in the area although the sale of foreclosures will help clear out the oversupply of home on the market.

Florida is one of the states with the highest foreclosure sales by percentage at 36%. Only two other states have higher percentages - Arizona at 49% and California at 44%. Even excluding foreclosures, in September 2010, Tampa property was down as were the St. Petersburg and Clearwater areas. However, the number in this area were still better than the rest of the state where a 4% decrease was noted, according to figures from CoreLogic.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Obama Sets Stage for Tampa Mortgage Reform

Do you have a Tampa mortgage? If so, you should be aware of the new plans that are in progress. As of last week, the Obama administration presented their new plans to reshape the mortgage market and to decrease the role the government has in the housing finance market. The plan calls for the eventual dissolution of Fannie Mae and Freddie Mac. Many who currently have a Tampa mortgage may be backed by one of these institutions as they back a greater part of the mortgages in the U.S.

The plan had been anticipated for some time and contains plans that the Obama administration says will bring private capital back to the mortgage market, provide borrowers with more targeted federal support and control unfair lending practices. The plan would not immediately begin making changes for Tampa mortgage holders. It would create the changes in phases over the next few years and the most marked changes could not take effect without Congressional approval.

According to Treasury Secretary, Tim Geithner, the plan would begin now but it would be a slow process so that the recovery of the housing market would be supported. Freddie Mac and Fannie Mae are two enterprises that are sponsored by the government and were rescued in 2008 by the government as they tethered on the brink of bankruptcy due to bad loans. Taxpayers have paid about $150 billion in aid to these two companies since 2008.

Tampa mortgage holders would not see the dissolution of these two companies for about five to seven years according to Geithner. There are a few steps outlined in the plan that would be implemented now such as an overhaul by the government on the way money is borrowed in the U.S. for homes. The recommendation is that Freddie Mac and Fannie Mae change their loan guarantees to the standards that private banks currently require.

The temporary increase allowing Freddie Mac and Fannie Mae to purchase loans that are worth up to $729,000 should be allowed to expire. This would reset the limit to $625,000. The gradual increase of down payments when purchasing loan backed by these two firms is another proposed change for Tampa mortgage seekers.

Other options include guaranteeing only Tampa mortgages and others that are backed by the Federal Housing Administration as well as other programs geared targeted for borrowers with low and moderate incomes.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Should you Quit Paying your Tampa Home Mortgage?

What would happen if you quit paying the mortgage on your Tampa home? This is what many homeowners are doing, even though they can afford to make the payments. Strategic defaults are increasing as many homeowners facing the possibility of waiting five, seven or even ten years for a return on the equity in their homes, are opting to stop making payments. Even though they are staying current with other debts including credit card payments and auto loans, the numbers say about 12% of the mortgage defaults in February 2010 were strategic defaults. Tampa home owners as well as many others across the U.S. are deciding the wait is too long.

The percentages mentioned previously are a result of a study conducted by Morgan Stanley. In addition, research from Chicago Booth/Kellogg School Financial Trust Index confirms the trend. Their report found that 31% of foreclosures in March 2010 were strategic defaults. Compared to the number in March 2009, which accounted for 22% of foreclosures shows a rising number of Tampa home owners and others are beginning to choose this option.

The reasons for the increasing number of Tampa home owners and many others deciding that this is the best option also is attributed to the ‘contagion effect.’ When homeowners see their neighbors, friends and family strategically defaulting, they begin to consider this as a more feasible route than waiting for many years to regain equity. Default is more widely accepted today than ever before and this may be caused by the high number of foreclosures.

What does this mean for future home buyers? The loan companies will have no choice but to figure this factor into their loan criteria if the trend continues. This could add up to higher interest rates in the future as well as higher down payments. Those who may want to purchase a Tampa home in the future or any home, for that matter, may find that strategic default ends up costing them more money.

In areas of the country where the home prices are already suffering from extremely depressed values, strategic default could become an accepted solution. A recovery in the price of homes may provide Tampa home owners as well as others with the hope needed to keep making payments. If the prices of homes drop any more, the hope is going to drop as well. The estimates currently place the time frame at five to seven years before homeowners will regain lost equity.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Making 2011 the Year to Successfully Sell your Tampa Home

If you want to sell your Tampa home in 2011, now is the time to start preparing the home. The much-anticipated new year has arrived and the first few months of the year are often the time most people begin to look for their new home. They anticipate getting everything taken care of so they can be in their new home by the fall when school starts and the holidays are just around the corner. Therefore, it is important to get your Tampa home ready and accessible to those who are looking now if you plan to sell.

Prepare to be flexible if a prospective buyer shows an interest in your Tampa home. This is a buyer’s market currently and buyers are sometimes making unusual requests. They may want certain items left with the home when they purchase it or they might want to look at the home at odd hours. Being flexible is important.

Getting your Tampa home ready to sell is just as important. Make certain all essential items are packed away. Storage areas should be cleaned out. Any repairs that need to be made should be taken care of before advertising the home. The outside should project a well-kempt look as well as the inside. First impressions will often be what allows your home to sell or not.

Pricing your Tampa home is another area in which you will need to be extremely careful. If you overprice it and it sits on the market for a long time, you will end up reducing the price - maybe more than once - and this sends out a bad signal. Buyers will wonder what is wrong with the home. Homeowners tend to believe their homes are worth more than they actually are, so this is an area where you may need help to get it right the first time.

Providing good information when advertising your Tampa home is extremely important, especially today. Buyers want to know about updates, energy consumption, schools in the area and even crime statistics for the neighborhood. Make certain you provide as much information as possible when advertising the home.

Allow your Tampa home to be easily shown no matter what day of the week or hour a buyer wants to see it. This may be the person who will buy your home; therefore, you need to allow easy access to the home through the realtor. Keeping it in show condition as well will be a plus since first impressions are very important.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Short Sale Requirements Modified for Tampa and Area Home Owners

For many with a Tampa home that is behind on mortgage payments, there are some new rules in place through the Home Affordable Foreclosure Alternative program (HAFA). The modifications to existing rules have been instituted in response to feedback from many including real estate professional, servicers and housing counselors that felt short sales could be improved upon to provide increased efficiency and streamline the whole process. Tampa home owners can benefit from the new program as well by receiving incentives to move from the home.

HAFA no longer will require servicers to confirm borrower’s finances or verify that the borrower’s monthly payment is more than 31% of their debt-to-income ratio. In addition, they have decided not to require a second lien holder to accept the 6% of the unpaid balance on the Tampa home previously required. The cap is still $6000, but the servicer will decide who will be paid and how much they will receive.

They are also requiring those borrowers who are attempting a short sale to receive an answer or an agreement within 30 days, which will be advantageous. Since many homes that could have been sold using a short sale to benefit the homeowner as well as the lender did not go through due to the lender taking too long to make a decision, this could be quite beneficial. The Tampa home that is close to foreclosure can be sold and the lender will not have the expense of a foreclosure. The homeowner will have the chance to keep a foreclosure off their credit report.

HAFA had been recognized for making the short sale process more efficient, however a recent report said only $4.3 million had been spent by HAFA for 661 short sales. This was according to those who oversee the Troubled Asset Relief Program or TARP. Changing the process even more should result in the process becoming even more efficient.

Opponents of the new rules say lessening requirements may permit Tampa home owners who are not necessarily in a situation where they need to sell their home to benefit. Some may use the program to get out of a bad investment. If the borrower does not have to verify their financial situation, the ‘hardship’ affidavit could be manufactured.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Get Tampa Alerts on your Phone or Email Directly with Nixle

Get Tampa alerts to your cell phone and stay informed about what is going on in your neighborhood, where you work or where you like to go. The new information system, Nixle will send alerts to you via your phone or email, whichever you prefer. The information can be accessed on their website as well. However, you need to register to receive Tampa alerts specific to the area in which you choose.

Technology has come a long way and it is possible today to find out all the information you need by cell phone or email. Tampa alerts can give you access to the important emergency information that you may need to be aware of and send it to your cell phone. Advisories that may not be urgent but are still ones you need to know or even community events that you do not want to miss can be sent to keep you informed. Everyone has at one time or another wished they knew about traffic problems so they could have avoided them. Now you can when you sign up for Nixle’s informative service.

All the alerts and information are authenticated so you can be sure that you are receiving true and up to the minute information. Only those agencies and organizations that have been cleared are allowed to publish the information. The service allows you to stay connected to your local authorities, the area in which you work, where your children attend school or anywhere else that is important to you. Tampa alerts are free and there will not be any hidden charges.

The customization of the information can be taken care of after you register so that you can have urgent or important notices sent to your cell phone and regular information such as community events sent to your email. Staying informed can help you to save time; know if your children are in danger or if there is an emergency situation in your neighborhood. Choosing to register for Tampa alerts is a great way of keeping in touch with everything that is going on whether it is an upcoming event or severe weather that is on the way. When you choose Nixle for your information needs, tell a couple of friends or relatives so they can stay informed as well.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Concerned about Foreclosing on your home in Tampa

If you are concerned about the mortgage company foreclosing your home in Tampa, there are some alternatives. Since loan modifications and other programs developed to help homeowners do not always work, The Home Affordable Foreclosure Alternative Program (HAFA) was developed by the Treasury Department. This program is for homeowners who cannot keep their home even with a home loan modification through the Home Affordable Modification Program (HAMP). If foreclosing (on) your home in Tampa is a concern, this is a way out for many.


The program allows a short sale of the property or the homeowner can transfer the title to the mortgage owner. This deed-in-lieu of foreclosure is also being used by Freddie Mac and Fannie Mae. For those worried about the mortgage company foreclosing your home in Tampa, the program would help them by providing an incentive of $3,000 for relocation. Fannie Mae and Freddie Mac, as government sponsored enterprises, would provide $2,200.

If you are a homeowner facing foreclosing your home in Tampa, the mortgage company would have to determine if you are eligible to participate in the program. There are certain requirements such as the home must be the primary residence of the homeowner. The first loan on the home must have originated before January 1, 2009. The mortgage payments must be delinquent or this must be foreseeable. The balance owed on the home cannot be more than $729,750. The homeowner must be paying more than 31% of their income on the mortgage payments.

The Fannie Mae and Freddie Mac programs are basically the same as the programs run by non-government sponsored enterprises with the following exceptions. If you are facing foreclosing your home in Tampa, you cannot have the ability to make the payments but are refusing to do so. You may not have cash on hand or assets that are equal to or more than three times the monthly mortgage payment.

You may not have a high income after your expenses are paid. In addition, you cannot be within 60 days of the foreclosure sale date without the express approval of Fannie Mae. The Freddie Mac program also requires homeowners to be more than 60 days in arrears when it comes to the mortgage payments.

Nathan Bangs

Nathan Bangs & Associates – Seller Line 813.739.5965/ Buyer Line 813.739.5925

Would you like to receive a FREE Real Estate Market snapshot every month via email?

It is simple! Just visit What's My Home Worth?   

Complete the required information on your home and you will receive a complimentary Computer Analysis, indicating your home's approximate present value on the market today. You will receive this information quickly, by email, and without having to speak to me!

Simple. Automated. Dependable.

I hope you enjoy this FREE service and I am looking forward to helping sell your Tampa Bay property!

Here is the link again - What's My Home Worth?

Thanks,

Nathan Bangs

Tampa Real Estate

Nathan Bangs & Associates - Seller Line 813.739.5965 / Buyer Line 813.739.5925