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Monthly Home Sales for the Tampa Bay Real Estate Market

773447 — Wed, 27 Jun 2012 22:59:00 GMT

According to home sales data reported in the Tampa MLS between May 26^th and June 25^th, 2012, the number of residential properties sold in the Tampa Bay area dropped by over 400 homes.

Is this BAD news?

Not really, based on the available inventory.

The number of homes for sale in Tampa and the surrounding areas has fallen for the 19^th month in a row. It’s hard to maintain a high level of home sales when there isn’t enough out there for people to buy. There are plenty of home buyers looking, but they can’t find properties in the areas they want to live. That said, the number of properties sold and closed in the last 30 days was still higher than most months over the last 2 years.

This news of a low inventory is making New Home builders very happy right about now. After 5 years of struggling to move their houses and complete their half developed subdivisions, buyers are now looking at purchasing new even if it happens to be in an area outside of the neighborhoods they were originally looking in. This isn’t the case for all buyers, but some are willing to look outside of the area they originally targeted because they can’t find a suitable house. Better to have something new if you’re going to sacrifice the neigborhood you originally wanted.

There were 172 new homes reported as sold and closed in the Realtor system last month. Not a huge number by any means, but the stats show that new home sales have been climbing this year and are at the highest level they have been since 2007.

Other signs showing an overall improvement in the market are falling number of Foreclosures and Short Sales in Tampa Bay. These types of listings have fallen by nearly 25% from this same time last year. There has been no flood of foreclosed properties as was expected, and the bank owned houses that come on the market are generally under contract within a matter of days.

For those willing to try buying a short sale, the wait is still longer than a normal sale, but the time from contract to close has fallen dramatically in comparison to what it was, and lenders are much more eager to negotiate these types of sales as they finally come to the realization that they can recoup much more of what their loss is going to be by approving and closing a home offered as a short sale.

Sixty Percent of the homes under contract in the Tampa Bay area are short sales. Eliminate that inventory and home prices will rise at a faster rate, allowing some who have decided not to sell because of the low values to jump into the selling market.

The Monthly Stats:

Pending sales fell for the first time in 6 months.(Another sign of a low inventory of homes for sale)

Only 10% of the Short Sales under contract last month closed.

Bank owned properties available for purchase rose slightly-up for the 4^th month in a row.

Purchase of Foreclosures in Tampa and surrounding communities were lower as are the number of Bank Owned homes currently under contract and scheduled to close.

Distressed properties accounted for 36% of all home sales over the 30 day period tracked. That's down from nearly half of all sales just one year ago. The Tampa Bay real estate market continues to move in a positive direction.

Tony Delgado-Tampa Bay’s Agent-RE/MAX Bay to Bay-Tampa, Florida

International buyers help clear the Tampa Bay housing inventory.

773447 — Mon, 25 Jun 2012 21:24:00 GMT

Low prices and the weakness of the dollar against some foreign currencies continue to drive international buyers to the Tampa Bay real estate market and other areas of the U.S. as well. These buyers feel that prices are where they need to be in order to make profitable investment and rentals are quite easy to fill in today’s market.

Most homes that are offered up for rent are gone within a few weeks in most cases and in some just a matter of days. Increased difficulty in getting a home loan and people who have fallen on hard times during this economic down turn have created a huge demand for rental homes and investors are cashing in on it.

According to the National Association of Realtors, the total dollar amount of residential properties purchased by international buyers in the U.S. over the past year totaled $82.5 billion, up from $66.4 billion in 2011. International sales were evenly split between non-resident foreigners and recent immigrants.

Low housing prices and increased buying power with today’s exchange rates help attract international clients.

The report says that while International buyers bought homes throughout the country, four states accounted for 51 percent of the purchases – Florida, California, Texas and Arizona. Florida has been the fastest growing destination of choice, accounting for 26% of foreign purchases. California was second with 11%.

This increase in buying activity has helped drive down the inventory of homes for sale in Tampa Bay and is contributing to the rebound we are currently experiencing.

According to the report, Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians, while Asian buyers tend to purchase on the West Coast, particularly California.

International buyers came from all over the world, but Canada, China, Mexico, India and the United Kingdom accounted for 55% of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries.

Forty-five percent of international purchases were under $250,000.

Many homes purchased by foreign buyers are used as a primary residence but Vacation and rental use are also major reasons for a purchase. 66% of survey respondents reported international buyers purchased detached single-family homes

Sixty-two percent of international purchases were all cash, which has increased since 2007.

Short Sales becoming the Banks preferred choice with Defaulting Borrowers

773447 — Sat, 23 Jun 2012 19:11:00 GMT

A loss mitigation technique rarely heard of when the Tampa Bay housing market began to crash five years ago is now one of the major avenues used by banks and servicers to move their log jams of delinquent mortgages.

After years of trying to figure out the best way to deal with the Tampa Bay foreclosure crisis, Short Sales have come into prominence as of late. These types of sales work by keeping foreclosures from going through the entire process and ending up in the hands of a lender to sell. This process lessens the costs of resolution, since short sales tend to bring in more money than bank owned sales do. They also help homeowners who can avoid the black mark on their credit that a foreclosure causes and even allows them to purchase another home after a 2 to 3 year wait. Done right, it’s a win-win for both the servicer and consumer.

Newly reported numbers on the use of short sales through the government-run HAFA program (Home Affordable Foreclosure Alternatives) show that nearly 40,000 have been accomplished since the programs inception in 2010, and another 40,000 may be done within the space of a year.

Freddie Mac and Fannie Mae are also active users of the short sale method. Fannie did 80,000 short sales in 2011 and Freddie reported doing over 45,000.

8,222 Short Sales in the Tampa Bay area closed over the last year. They represent 21% of all home sales in the Tampa real estate market and over two thirds of all properties that are currently under contract and scheduled to close. The elimination of these properties from the market could help push prices upwards quickly given the low inventory of homes currently available.

RealtyTrac thinks 2012 will be a record year for short sales as lenders are finally seeing their recoveries increase by $50,000 and more by using the short sale method instead of REO sales.

Lenders and servicers have found this to be a great alternative since the Robo-signing debacle slowed efforts to complete foreclosures. There are other methods that could be used to prevent a foreclosure such as loan modifications, principal forgiveness, borrower counseling, etc., but Short Sales seem to have become the preferred approach.

I’ve been saying that the key to the recovery of our market is pushing Banks to do short sales instead of foreclosing for several years now. They’ve been slow to come to that realization, but it’s better late than never.

Tony Delgado-Tampa Bay’s Agent-RE/MAX Bay to Bay-South Tampa

Tampa Real Estate-Just Listed

773447 — Mon, 11 Jun 2012 22:30:00 GMT

Tony Delgado | RE/MAX Bay to Bay | (813) 493-0882

7820 Pine Hill Dr, Tampa, FL

This spacious 5 Bedroom 3 Bath home is located in the Temple Terrace area and is completely remodeled

5BR/3BA Single Family House

offered at $119,900

Year Built	1961
Sq Footage	2,088
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	16,683 sqft
HOA/Maint	$0 per month

DESCRIPTION

5 Bedrooms 3 Baths and fixed up nicely. This spacious home sits on a huge corner lot, has a well, and a 2 car carport. It needs a roof and is being sold "as is". Great family home or investment property!

see additional photos below

PROPERTY FEATURES

- Family room	- Living room	- Master bath
- Refrigerator	- Stove/Oven	- Central A/C
- Central heat	- Covered parking	- Fireplace
- Tile floor

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8

Contact info:

Tony Delgado

RE/MAX Bay to Bay

(813) 493-0882

For sale by agent/broker

Posted: Jun 11, 2012, 12:47pm PDT

Bank of America release Short Sale incentive program Nationwide.

773447 — Thu, 17 May 2012 22:02:00 GMT

On Tuesday, Bank of America decided to launch their test Short Sale incentive program taking it nationwide and offering cash to many troubled homeowners unable to take part in the trial program. The offer could pay a delinquent homeowner as much as $30,000 if they agree to complete a short sale.

It seems that BofA has finally figured out that going through the foreclosure process and taking the home back, is costing them more money in the long run.

When people go into foreclosure, they generally do nothing to take care of the home. Some walk away taking light fixtures, appliances, cabinets- even sinks and toilets. Others who are angry about their situation do major damage to the house. These cost the bank ten’s of thousands of dollars by either forcing them to fix up the property so an owner occupant will buy it, or deeply discount the house so an investor will be able to purchase, rehab, and sell for a profit.

The program was tested in Florida between Sept. 26th and Nov. 30th of last year, and nearly 11,000 Florida borrowers, some in the Tampa Bay real estate market, verbally agreed to complete their short sales by August of this year. So far only 847 of those short sales have closed and according to BofA, the average payment to cooperating homeowners in Florida was $12,000.

How to Qualify:

The seller must work with Bank of America to obtain a preapproved price prior to submitting an offer from a prospective buyer.

The short sale must be started by the end of 2012 and close by Sept. 26, 2013.

Bank of America must own and service the mortgage.

Some Homeowners currently in the process of a short sale with Bank of America may be eligible for the program as well and the amount of money the homeowners receive “will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.”

For more information about the program, call (877) 459-2852.

This short sale program could help reduce the number of distressed homes in Tampa and the surrounding areas. Nearly two thirds of the homes under contract in Hillsborough, Pinellas, and Pasco counties are Short Sales. A very small number, only 9% on average, of those homes actually close on a monthly basis. If more lenders were to get on board with this type of program, they would save themselves a lot of money and it would help stabilize prices in some of the areas hardest hit neighborhoods.

Tony Delgado-RE/MAX Bay to Bay-South Tampa

Shadow Inventory no longer a Fear

773447 — Thu, 03 May 2012 21:24:00 GMT

The “shadow inventory” has been talked about by Economists and Real Estate Analysts on many occasions over the past few years. The suggestions have been that a massive inventory of homes is being held back by banks and that when they release them, a downward spiral in home values would again destroy the stability of the housing market. Seeing the number of Short Sales in the Tampa real estate market climb since 2007, my thoughts were the fear was well founded.

But according to a white paper written by Florida Realtors Chief Economist Dr. John Tuccillo, the fear of a shadow inventory is overrated. He says the reality is much different.

According to Tuccillo, Banks and Lenders have no desire to release their inventory of repossessed homes if it will lead to lower prices and impact their profit. As it stands, Foreclosures in Tampa and surrounding communities are being sold at numbers much higher than the initial asking price.

Recently, a foreclosed home in the Sheldon Chase subdivision of Tampa was sold thru the gohoming.com home auction web site. The property was offered at $55,000, but ended up selling for $85,000. Another in the Trinity area was listed at $198,000 and received offers as high as $260,000 according to the listing broker. This has become quite common all over the Tampa Bay area and is not limited to distressed homes only.

Prices are being driven up by a lack of inventory and an excess of home buyers, so why would Banks do anything to change that dynamic. They may not get what was originally borrowed, but they’re sure to get much more given the current market conditions by slowly releasing what they have.

Statistics show that foreclosed property sales and listings in the Tampa Bay area have been on the decline late in 2010. That number has started to rise over the past few months, but those homes are snapped up almost as quickly as they hit the market.

Short Sale homes-which are included in the “Shadow Inventory” have climbed during that same period. These homes are offered for sale prior to going to foreclosure, eliminating some potential bank owned properties that lenders would have to hold. Banks are starting to speed up the approval process for these types of sales which is better for all parties in the long run.

Florida’s shadow inventory was estimated to be around 550,000 properties in December of 2011, a decline of about 9% from the first quarter of 2010. The number of foreclosures in Tampa Bay was much lower in February of 2012 than it was one year earlier and the inventory of Short Sale properties available is half of what it was 2 years ago, suggesting a slower shadow inventory growth.

The chances of a downturn in the housing market because thousands of distressed properties are dumped in to the market appears to be something that is not going to occur. And with the low inventory of homes right now, I’m not sure it would do much to put downward pressure on home prices in our area even if they were.

Tony Delgado-RE/MAX Bay to Bay-South Tampa

Monthly Home Sales Report for Tampa Bay

773447 — Thu, 26 Apr 2012 18:50:00 GMT

According to residential sales data reported in the Tampa MLS between March 26^th and April 25^th, the number of houses sold in the Tampa Bay area soared to a number not seen since July of 2006. Over 3700 properties closed during the 30 days tracked as buyer activity increased in all price levels.

The number of active homes for sale in Tampa and the surrounding communities fell for the 17^th straight month. There is only a 4 month supply of homes in the Tri-county area and 20% of those properties are short sales.

The increase in buying activity, falling inventory, and the appearance that prices in many areas have hit bottom and are starting to climb again, has created a frenzy of home purchases. Bidding wars are more and more common on many houses that are hitting the market and Foreclosures in Tampa Bay are still selling within days of being listed in most cases.

One banked owned property in the New Port Richey subdivision of Thousand Oaks was listed at $198,000, but bid up to $260,000 within a matter of days. While there is a question as to whether the home will appraise for the price offered based on recent sales, it’s obvious that someone felt it was worth paying that much. There would be plenty of happy homeowners in the neighborhood if in fact the home actually closed and sold for that amount.

The Monthly Stats:

Pending sales increased for the 4^th month in a row.

59% of the homes under contract are short sales.

Only 763 of the 7600+ Short Sales under contract last month actually closed.

Bank owned properties available for purchase are slightly higher this month.

Closings on Foreclosures in Tampa and surrounding communities were up a whopping 30%.

The number of foreclosure properties under contract and scheduled to close is higher than last month.

Short Sales accounted for 20% of all home sales over the 30 day period tracked and REO(Bank Owned) properties accounted for 17%. The number of Short Sales available for purchase is just a little over half of what it was this time last year and while Foreclosures keep coming, they are being purchased very quickly.

The Tampa Bay housing market seems to keep moving steadily in the right direction.

Information provided courtesy of Tony Delgado-Tampa Bays Agent-RE/MAX Bay to Bay-South Tampa

Strategic Defaults May Be On The Rise

773447 — Wed, 18 Apr 2012 19:37:00 GMT

In 2005 and 2006, the Tampa Bay real estate market was booming. Mortgages were easy to obtain, home prices were rising, and everyone wanted in on the "American Dream". Owning a home has been the goal of nearly everyone I have known or met, and keeping that home has always been at the top of the list when hard times hit.

Then came the foreclosure crisis and a crashing economy. It has changed what was traditionally a strong tie homeowners had with their homes. What used to be an unthinkable option has become more and more common as homeowners watch banks, auto companies, and other big business get bailed out with tax dollars, while very little is done to help them with the crashing value of their home. Property values in the Tampa Bay area have fallen more than most places across the U.S., and the result has been a larger volume of what is termed a “strategic default” in our area.

And it appears that the likelihood of those types of defaults might be on the rise this year.

According to a new survey by FICO, bank risk auditors seem believe that more people may be opting for a “strategic default” over the next year, which in turn could slow the recovery of the housing market.

Of the auditors asked, 46% said they expect the number of strategic defaults in 2012 will surpass 2011 levels given that over 25% of U.S. homeowners are “under water” or owe more on their mortgages than their homes are worth. In the Tampa Bay area, the percentage of “underwater” homeowners is much higher. One bank representative said that “After five years of a brutal housing market, many people now view their homes more objectively and with less sentimentality."

Participants in the survey said they were concerned about changes in customers’ attitudes towards payment and debt obligations and when asked whether the current generation of homeowners sees a mortgage as their “most important credit obligation,” 49% of the bankers said no.

The results of the survey shows a strong belief that homeowners who find themselves upside down on mortgages in the future will likely consider strategic default as an acceptable exit strategy.

Has the Tampa Bay area turned to a "Seller's Market"?

773447 — Sat, 07 Apr 2012 12:24:00 GMT

What’s the recent news for the local real estate market: Bidding Wars, Fewer Homes for Sale, Foreclosures snapped up as soon as they hit the market.

There’s a lot of talk in the local media, both Print and Television, about the Tampa Real Estate market and the appearance of it turning from a Buyer’s to a Seller’s advantage. The public’s response to these articles has been overwhelmingly, well let’s just say reserved.

The reality is that the news has been accurate, despite the grumblings of people who say it’s just hype by realtors trying to give a false impression of what the housing market in Tampa Bay is really like.

When 17 investors are bidding on a house that ultimately sells for $12,000 more than the asking price, or a first time home buyer is offering $8,000 more for a home than the asking price and still not getting it, I think it’s pretty clear that the market is changing and that people who are choosing to sell their homes now are having a much easier time doing it than they were 2 years ago. Or even last year for that matter.

In March of 2009 the number of homes for sale in Tampa Bay exceeded 32,000 properties.

In 2011, that number this same time last year was 24,163

Today it’s just under 16,000.

Despite these facts, the public perception is it can’t be a “Sellers Market”. The reason they think that could be they don’t understand what the term actually means.

The definition of a Seller’s Market is when there are more buyers than homes for sale. Since supply is less than demand, homes can be priced a little higher than they were before and will sell faster because of the lack of inventory.

Now, add to this scenario the fact that Twenty Percent of the homes for sale in the Tampa Bay area are Short Sales AND homes available in the most sought after areas are limited because so many people owe much more than its current value and don’t want to take a loss or do a Short Sale.

What is created-a market that allows a seller to move their home quickly at a price that might be higher than they would typically get.

This describes many neighborhoods throughout the Tampa Bay area.

It doesn’t mean you can sell your home for whatever price you choose, and that home values are skyrocketing-which seems to be what people think when they hear this term.

Now obviously this is not the case in the entire Tampa Bay area. There are still places that are flooded with short sale homes and they outnumber the regular sales 3 to 1 in some cases. These communities still have a ways to go before they will see the same situation that others are currently experiencing.

But for the neighborhoods that have a lack of inventory, very few short sales, and even fewer foreclosures, the ability to sell a home quickly and at a higher price hasn’t been this good in years.

Tampa Real Estate Monthly Sales Report-Positive signs continue

773447 — Wed, 28 Mar 2012 22:19:00 GMT

The data reported in the Tampa MLS between February 26^th and March 25^th, 2012 showed that Tampa Bay home sales were up slightly from the previous month’s numbers and 11% higher than this same time last year.

3,177 residential units were reported as closed transactions during the period tracked in the Hillsborough-Pinellas and Pasco County areas. Consistent sales are the trend and with a falling inventory of homes, buyers are having a more difficult time finding one they like.

The number of homes for sale in Tampa and the surrounding areas fell for the 16^th straight month and just over 1800 homes expired without selling or were withdrawn from the market.

The bidding wars continue, low priced Foreclosures in Tampa and the surrounding communities are being snapped up by investors in multiple offer situations, and even Short Sales in good condition are beginning to see quick, full price offers from those buyers that are willing to wait out the banks in order to get a nice home.

The short sale process still takes around 4 to 6 months on average, but that’s a far cry from the 8 to 14 months they used to take and buyers are a little more optimistic about getting an answer in a reasonable time frame.

The Monthly Stats:

Pending sales increased for the 3^rd month in a row, up by nearly 1000 homes from last month.

60% of the homes under contract are short sales.

Only 8% of the Short Sales under contract last month actually closed highlighting again the slow process and struggles involved in these types of sales.

The number of foreclosures in Tampa Bay available for purchase declined and there were only 834 Banked owned properties for sale at the time research was done.

Most people tend to believe that the Tampa Bay area is flooded with foreclosures, but the fact is they represent a very small part of the available inventory. They did account for 14% of all home sales during the 30 days tracked.

Short Sales accounted for one fifth of all closed transactions bringing the total percentage for distressed sales to 34%, over a third of all sales. That number was closer to half of all sales this same time last year.

Overall, it seems that the Tampa Bay housing market is moving steadily if the right direction.