Tampa Real Estate Update –Throughout Tampa Bay Home Sales See Best October in Four Years

Tampa Bay home sales had their best October in four years! According to recent data from the Florida Association of Realtors real estate sales in Hillsborough, Pinellas, Pasco, and Hernando counties totaled 2,758 in October, the month’s highest sales number since October 2005. This excellent progress in the Tampa Bay real estate market is largely attributed to first-time buyers purchasing sharply discounted homes while taking advantage of the $8,000 first-time home buyer tax credit.

However, this positive rise was not restricted to the Tampa Bay area. According to an article from the St. Petersburg Times, all 19 Florida metro areas reported year-over-year gains in home sales. This greater number of home buyers was also seen nationally with interest and activity increasing throughout the country. Foreclosure and pre-foreclosure homes made up close to half of all sales in October.

In addition to the activity from the first-time home buyers, Florida has also seen a great deal of recent interest from foreign real estate investors. Florida currently leads the country in the amount of international buyers, accounting for nearly a quarter of foreign home buying activity, according to MSNBC.com.

These foreign investors are turning to the Florida real estate market in search of vacation homes and rental properties, drawn to the sunshine and low priced homes. While these foreign buyers love floor-level prices, they are also confident in the housing market resurgence and a long-term recovery of the U.S. economy. This confidence has helped drive sales.

Throughout Tampa Bay we have witnessed an increase of interest from Canadian, Russian, European and South American investors looking to pick up the best deals before they are gone. Between these foreign investors and first-time home buyers, housing market activity continues to make a steady move upward.

Tampa Bay Real Estate Market Forecast - Home Sales Expected to Increase

Over the past few weeks many news sources have released predictions for strong real estate stabilization in 2010. A recent article from NuWire credited the expansion and extension of the first time home buyer tax credit for the predicted stabilization and home sales increase. According to NuWire recent article, “Home Sales to Increase in 2010”:

"After more than a three year downturn in the hardest hit areas of the nation, some markets have experienced slight rebounds, prompted by the first time buyers' tax incentive and low mortgage rates. But higher price ranges have been hindered in their recovery. However, momentum should gain strength in the second half of the year with expected improvements in mortgage lending and make strides towards stabilizing in 2010.

A series of interest rate cuts taking mortgage rates to near historic lows are one of the Fed's attempts to re-stimulate the housing market. But record foreclosures are producing a market that threatens to keep home prices at low levels for years to come. More than 19-million vacant homes sit empty in the U.S., much of which is an inventory that will have to be absorbed by home buyers before markets fully stabilize.

Still, signs of a recovery in housing are showing promise. As we maintained last year in our annual national forecast, improving conditions, however, do not signify that housing inflation or appreciation will develop in most areas for a number of years. The recovery will be a long haul."

Tampa’s real estate recovery is underway. We have seen signs of real estate market stabilization throughout Tampa Bay, with appropriately priced Tampa homes spending fewer days on market, multiple offers being placed by first-time buyers and foreign investors, and sharply discounted homes being quickly absorbed.

We have even seen an increase in interest from Tampa home owners who were previously unable to sell their homes, now more interested in listing their property for sale. It surely is going to be a long haul but with positive signs becoming more and more prevalent, we are sure looking forward to what 2010 may have in store for the real estate market!

NAR Predicts a Positive Real Estate Start to the New Year | 2010 to See an Even Stronger Market Stabilization

“Home sales will increase 15 percent to about 5.7 million units in 2010” stated the National Association of Realtors Chief Economist Lawrence Yun late last week during the 2009 NAR Conference and Expo. Yun credits the popular first-time home buyer tax credit for the surge of home sales in the market, with the expectation that the extension to the program will continue to drive an increase in real estate sales.

NAR reported that this year’s first-time home buyer tax credit brought 400,000 first-time buyers into the national real estate market who may not have purchased a home otherwise. The incentive was successful in driving home sales throughout the U.S. The influx of buyers tightened the inventory of starter homes and helped reduce the fear shared by many current homeowners and sellers of continued price drops.

According to the NAR, this positive cycle is expected to continue into 2010 with the extension and expansion of the tax credit, which includes a new credit for repeat buyers and an increase in the income limitations. The tightening inventory at all price points will help improve the real estate market performance by bringing supply into better balance with demand.

New home sales, which make up approximately 10 percent of the market, is expected to continue at somewhat suppressed levels - about 550,000 units, mainly due to builders scaling projects back because financing has not been readily available. However, it is predicted that new home sales will see more of an increase in 2010 then they did this year, with signs of stabilization continuing in the market.

Featured Property of the Week - 5637 16th St, St. Petersburg FL 33703

Recently listed by SI Real Estate Investments, this beautifully remodeled 4BR/2BA St. Petersburg home with attached garage will not last long. The single family home is situated on a large corner lot and has been fully renovated to include spectacular upgrades such as hard wood floors throughout, fresh interior paint, designer lighting and ceiling fans, and newly installed roof.

The upgrades in the kitchen of this St. Petersburg home are spectacular. With brand new 42” cabinets, new countertops, new ceramic tile flooring, and high-end stainless steel appliances, this spacious gourmet kitchen is a dream. Attention was paid to every detail in order to make this home shine.

Additional home features include formal living room, family room, open floor plan, ample closets throughout, master suite with walk-in closet and attached private mater bathroom, covered patio, fenced backyard and mature landscaping. There is also an area in the back of the home with additional parking room for a boat or RV.

New home owners will be able to walk to bus lines, shopping and great schools. The house is conveniently located in the quiet neighborhood of North Euclid in North St. Petersburg, just minutes from downtown St. Pete and the award winning beaches of Pinellas County. Commute to South Tampa, MacDill Air Force Base, and Tampa International Airport in less than 30 minutes.

Currently listed at $179,000, this home is not a short sale and can close quickly, with buyer motivated and willing to offer concessions, including allowance for new exterior paint. The property is both FHA and VA approved and the seller will include home warranty to the new owner.

View other SI Real Estate property listings at http://www.blogger.com/www.SIRealEstateInvestments.com

Housing Tax Credit Extended and Expanded | Current Tampa Home Owners Now able to Benefit

Congress announced yesterday that the first-time home buyer tax credit, originally set to expire at the end of this month, will be extended through June of 2010. In addition to an extension, the bill includes a $6,500 credit for “move-up” buyers interested in purchasing a new primary residence.

The first-time home buyer tax credit has shown significant results in the Tampa Bay real estate market, with home sales soaring over the last three months. The Internal Revenue Services reported that more than 105,000 Floridians have applied for the credit so far. Now, under the new bill, an even larger base of potential buyers will be able to benefit and take advantage of the program.

The new plan is designed to spark interest in the “move-up” market, with these potential home buyers previous excluded for tax credit program. This additional incentive is designed to make real estate purchases even more desirable for qualified repeat buyers.

The tax credit, along with affordable home prices and low interested rates, has helped boost real estate home sales over the past year. The National Association of Realtors estimates that by the end of November, the credit will have been used by 1.8 million buyers, at least 355,000 of whom would not have purchased a home otherwise.

The new bill, which also includes an extension to unemployment benefits, is expected be signed into law today.

Tampa Builders, Buyers and Real Estate Professionals Anxiously Await News of Tax Credit Extension

The U.S. Congress is currently discussing an extension and expansion to the $8,000 tax credit for first-time home buyers in a bill which has been instrumental in breathing life into the U.S. real estate market. With a decision expected to be made this week, Tampa builders, Tampa buyers and Tampa real estate professionals are all anxiously awaiting the good news that is expected to continue the positive momentum in the housing market movement.

With the current tax credit expiring on November 30th of 2009, this extension would give buyers until mid-2010 to close on a new home. In addition to the extension, an additional credit of $6,500 would be created for move-up buyers who are searching for a new primary residence.

The National Association of Home Builders expects that the extended and expanded home buyer tax credit will generate 180,000 additional sales, bring in $5 billion in federal taxes and create 211,000 new jobs. Home builders, who have recently been seeing progress in the market, will directly be affected from an extension, with new homes starts already expected to increase in 2010.

Tampa Bay home builders are highly motivated, currently offering an abundance of incentives to sell inventory of their new homes to qualified buyers. Our SI Real Estate professionals have seen an increase in outreach and enticements from new local communities and our expectation is that builder and seller incentives will continue at an irresistible pace for the near term. An extension to the tax credit partnered with this abundance of builder incentives would give Tampa buyers an ideal opportunity to find the perfect new home in the new year.

Featured Property of the Week - 1694 Palace Dr. Clearwater, FL

This spacious three bedroom three bathroom single family home is located in the desirable neighborhood of Woodridge Estates in Clearwater, Florida. Situated on a large corner lot, the single story home features beautiful details and upgrades throughout including new custom oak cabinetry in the kitchen, ceramic tile and new bamboo flooring, and French doors that open to a separate den.

The foyer opens to the large living room and formal dining room. The spacious kitchen has been upgraded with all new appliances, sparing no detail whatsoever. Accessible from the kitchen is an additional large dining room with built-in computer niche and back yard access. New home owners will love this fresh and updated house.

A hall leads to a full the beautiful master suite with large closet and attached bathroom. The two guest bedrooms are also furnished with large closets and bamboo flooring throughout. A fully functioning laundry room is located off of the two car garage and features full-sized washer and dryer, sorting table, drying shelves, wash basin, and additional bathroom.

A large, low maintenance backyard is an excellent value to this Clearwater home. Privacy fence, mature trees, tree house, and patio makes this yard a wonderful Florida retreat. The home also features a shed and private cement pad ideal for boat, RV parking or additional car parking.

The concrete block house in Pinellas County has hurricane shutters and a new Genex 18KW propane generator capable of providing two weeks of electricity for the entire house, making it a solid residence. The home is conveniently located just minutes from ample shopping and dining and just fifteen minutes from the pristine Clearwater beaches and SR60 - allowing for an easy commute throughout Clearwater and Tampa Bay. This house is a must-see and is currently listed at $285,000 with no improvements needed.

View a virtual tour of the home:

http://www.youtube.com/watch?v=i914O0thThE