http://www.inman.com/news/2010/03/9/short-sale-risk-property-flopping?page=0%2C0

See complete article in the link above from Inman News.

Nathan

LOOK BACK TO THE FUTURE!

Life has been described as a path, a direction in which we travel over time - rather than a single event. Each of us gets to choose the direction our path will take us. By making those choices, we also clear the way to achieving the objectives we've set for ourselves.

When we fail to choose the path we will travel, that is also a choice. In that case, the path we travel becomes less distinct with more twists and turns than we would have liked. Each side path we encounter tempts us to change direction. Lacking any roadmap of objectives we might have chosen, we often end up somewhere - else.

Regardless of the quality of our choices, we can get a clear understanding of where we are likely to end up - just by turning around. By simply looking back at the path we have been following, much can be learned. For example, is the path behind us straight, or filled with curves and detours taken? Is it paved with solid, masterfully laid stepping-stones, or filled with muddy ruts that zig-zag around every obstacle?

Chances are that, as teenagers, most of our paths seemed to have had many twists and turns. As we matured and learned from our mistakes, however, it is also likely that we began improving the direction and quality of the path we traveled. The more attention we paid to the path, the more enjoyable the journey became.

Want life to be a most pleasant journey? Build your own roadmap - then start paving!

It's a common fact that clean homes net more money. Most people are turned off by even the smallest amount of uncleanness or odor when looking at homes to purchase. Sellers lose thousands of dollars because they do not adequately clean their homes or rid them of offensive odors.

If your home is squeaky clean, you will be able to sell your home faster and net more money.

If you are planning on moving, why not get rid of that old junk now so that your house will actually appear larger? Make more space. Odors must be eliminated, especially if you have pets, young children in diapers, or a smoker in the house. A little work now can pay huge dividends at closing! 

It's a common fact that clean homes net more money. Most people are turned off by even the smallest amount of uncleanness or odor when looking at homes to purchase. Sellers lose thousands of dollars because they do not adequately clean their homes or rid them of offensive odors.

If your home is squeaky clean, you will be able to sell your home faster and net more money.

If you are planning on moving, why not get rid of that old junk now so that your house will actually appear larger? Make more space. Odors must be eliminated, especially if you have pets, young children in diapers, or a smoker in the house. A little work now can pay huge dividends at closing!

Nathan

I also have this website application on my iPhone and it is ver cool.

Next is DIYorNot.com. This site helps you compare the time and cost of doing a project yourself vs hiring a local contractor.  For example, the cost of having a professional replace a stove hood is $538 vs a 'do it yourself' cost of $400. Costs can be adjusted by Zip code. 

Nathan

Hurry! Tax Credit Expires Soon!

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000. Current homeowners are also eligible for a tax credit of their own. Homeowners who have lived in their primary residence for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500.

 The following conditions apply:

• The tax credit is only awarded on homes purchased for $800,000, or less
• Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
• Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.
• Under the rules, as long as a written binding purchase contract is in effect on April 30, 2010, the buyer has until July 1, 2010 to close.

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

Existing Home Sales Up From Year Ago

Existing home sales are up in 2010 compared to the same time a year ago. According to the National Association of REALTORS (NAR), existing homes sales -- including single family, condominiums, townhomes and co-ops -- were up 11.5 percent from January 2009 levels. At the current pace, NAR is projecting existing home sales of 5.05 million units for the year. Total housing inventory is down 0.5 percent to 3.27 million units nationally.

NAR chief economist Lawrence Yun is watching the sales data very closely. "Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory," Yun said. "With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country."

Mortgage backer Freddie Mac reported an average commitment rate for a 30-year, conventional, fixed-rate mortgage of 5.03 percent in January. This is up slightly from 4.93 percent available in December 2009, but down overall from a year ago when the rate was 5.05 percent in January 2009.

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!  Investing in real estate has unique advantages over other types of investments:

• Interest in mortgage loans are tax-deductable.  Investors can lower their tax liability while increasing their equity.
• Renters pay down your mortgage loan.  Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
• Real Estate values increase over the long term.  Real Estate is limited and will always be in demand. 
• 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

Visit us online at www.nathanbangs.com

Good Morning,

What a great weekend for me and my family, I hope yours was great too.

In this weeks Morning Coffee message the topic is, "THROW AWAY THE BAND-AIDS!" See the bottom of this email to read more.

I have been getting lots of calls for Single Family Homes so I have included the homes we have 'active' all over Tampa Bay.

My next email will be this months Market Trends Newsletter, should have that finished up today or tomorrow.

Thanks,

Nathan Bangs

And Here's Your Morning Coffee!

Nathan Bangs & Associates

Nathan Bangs & Associates, Keller Williams Realty
3502 Henderson Blvd., Tampa FL 33609 For Sellers: 813-739-5965

Visit http://www.nathanbangs.com

Are you seeing the same? 

Thanks,

Nathan

www.nathanbangs.com

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

AVERAGE RESIDENTIAL SALES PRICE

The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

The optimism view - The January 2010 average residential sales price of $180,151 represents a 5.42% increase over last month, a 5.39% increase over last quarter (3 months ago), and a 7.95% increase over January of 2009 (which happens to be the lowest point over the last 5 1/2 years).  We certainly seem to be finding support at this level.  After about 18 months of finding news lows every month, we have spent the last 12 months supporting the low found in January 2009.  Hopefully this indicates an end to plummeting home values.

The reality of what we've been through - The January 2010 average residential sales price represents a 29.78% decrease from 2 years ago, a 35.72% decrease from 3 years ago, and a 42.33% decrease from the high of $312, 356 hit in July 2006. 

TOTAL RESIDENTIAL SALES

Total Residential Sales represents the number of closed sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas.  As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS.  This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

In January 2010, GTAR reports 1,015 residential sales.  This is down 30.67% from last month, down 32.02% over last quarter (3 months ago), and up 23.48% over January 2009. 

This January figure is also down 66.93% from the high reached in June 2005 when 3,069 residential sales were reported, but up 43.56% from the recent low reached in January 2008 when only 707 residential sales were reported.

Please click the link below to access a pdf file with the data and graphs.

January 2010 Market Activity Data and Graphs

Monthly Foreclosure Activity

The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens.  This typically happens after the homeowner has missed about 3 mortgage payments.  The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc.,  Finally the foreclosure sale is held.  The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title.  This process takes about 8 months, barring any delays.  Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.

In January 2010, there were 2,238 Lis Pendens filed in Hillsborough County alone.  Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006.  This is a 464.31% increase.  Over the last 24 months there have been an average of 1,933 Lis Pendens filed every month.

As of this writing, there are 1,890 Lis Pendens filed so far in February.

Please click the link below to access a pdf file with the data and graphs.

January 2010 Foreclosure Activity in Hillsborough County 

Thank you for your time this month.  As always, If I can do anything to help you, please let me know. If your contact information has changed recently, please click here to update our records.  Thanks!

Rob Young
Benefit Title Services, LLC
212 S. Magnolia Ave.
Tampa, FL 33606
Phone: (813) 251-1420
Toll Free: 800-237-9190
Fax: (813) 251-1454
RYoung@BenefitTitle.com
www.BenefitTitle.com

See attached link for an index of every county in Florida- it contains the Clerk, Property Appraiser and Tax Collector. Each county has specific requirements to file for homestead exemption.

http://publicrecords.netronline.com/dir.aspx?StateID=11

Visit us online at www.nathanbangs.com

Ok, so I am a little late with today’s weekly Morning Coffee with Nathan Bangs message.  I am in New Orleans, Louisiana for the national Keller Williams Real Estate Reunion.  What a weekend it has been!  So many great agents, people and IDEAS to help market, sell, buy and invest in Tampa Bay homes. I will come back a stronger and more educated Real Estate Agent!

How are you?  Glad you let me come into your inbox every Monday to educate you on Tampa Bay Real Estate, Inspirational Message and homes we have for sale OR have SOLD!!

The two properties I have featured this week are TWO sold homes, see them below.  WHY would I feature homes that are no longer on the market?  Well to show you the great deals that are in the Tampa Bay market...I still cannot get over the home we sold in Lutz on Patton Court. A Bank Owned / REO sold for $200k 30 days prior and we closed at $180,000 yesterday!!!  That is 10% below what someone else paid 30 days before...how did we do it...well you will need to speak with one of my Buyer Agents to get that Short Sale secret...email us at www.HotBankBuys.com and we will email you a list of Bank Owned properties for sale, want short sales included?  Just tell us!

Also for you Sellers, want to know the value of your Tampa Bay property?  Would you like an instant report without talking to me!?  :)  Email me at www.ValueMyTampaAreaHome.com and I will send you a really, really cool report with the active, pending and sold homes in your area....

Question?  Are you on Facebook?  become a fan of our page www.facebook.com/TampaRealEstate

Twitter?  www.Twitter.com/NathanBangs

Well enjoy this week’s message below and please if you know someone who is looking to Buy, Sell or Invest in any Real Estate, not just Tampa Bay please think of me and my team....and if someone is having a hard time with their current mortgage we have options for them...visit  www.TampaBayTroubledHomes.com 

Thanks, Nathan

And Here's Your Morning Coffee!

Nathan Bangs & Associates

Nathan Bangs & Associates, Keller Williams Realty
3502 Henderson Blvd., Tampa FL 33609 For Sellers: 813-739-5965


Visit http://www.nathanbangs.com

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

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Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

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ENJOY PRIDE OF OWNERSHIP!

Remember the day you made the decision to go to college? What about the day you decided to buy that sporty red car? Surely you remember the day you decided you would get married. What about your present career path? Did you purposely decide it's what you want to do? Do you remember making a conscious decision to have three children?

Some decisions are relatively simple. You decide to buy a TV, go to the store, write a check - and it's yours. You own it! Other decisions are also easy to make, i.e. the red sports car, but carry a higher price. The decision comes quickly, but entails both a down payment and a commitment to make payments on time for several years. Again, you make the decision to buy and the car is yours - you own it!

At some point in life come decisions that shouldn't have been made, but were, as well as those you should have withheld. In high school, a day of classes skipped may have resulted in grades lower than acceptable to your choice of colleges. Later, a poor choice of friends may have resulted in a blemish on your "permanent" record. As an adult, poor decision-making not only may reduce the quality of your life, but of those you love.

Regardless, each decision made is yours to keep - you own it! You also own the responsibilities created by the decision, i.e. following a healthy lifestyle to stay trim, working two jobs to keep your commitment to the mortgage company, giving up poorly chosen friends and activities to provide your children with a happy, nurturing home life.

Every decision made can turn positive or negative, depending on the actions taken once the decision has been made. Either way - making the decision is followed by ownership of the results. Does "pride of ownership" appeal to you? Buy it, own it, love it!

Did you know the best chance for selling your property is within the first seven weeks? It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An overpriced home can minimize offers, lower agents response, limit the number of qualified buyers, reduce showings, reduce prospects, limit financing, waste advertising dollars, and most importantly, net less for the seller! When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Nathan Bangs & Associates Tampa Bay Office - 813.739.5965

NathanBangs.com     Facebook     Twitter     Tampa Bay Real Estate TV

Are You Facing Foreclosure Click me?     Analysis of your Tampa Bay Homes Value