News About Properties

News about properties and real estate
November 23rd, 2016

The price of homes in the Tampa Bay area continues to soar

Pinellas, Pasco and Hernando counties also showed dramatic increases as buyers vied for an exceedingly tight supply of single-family homes — Pasco had less than a three-month inventory.

And even though interest rates have risen slightly since the presidential election, there is little sign the market is slowing down.

“We haven’t noticed any impact yet,” said Rachel Sartain, managing broker at Keller Williams Realty St. Petersburg. In fact, she said, the possibility of rates going higher will “hopefully increase activity” by spurring people to buy now.

via The price of homes in the Tampa Bay area continues to soar | Tampa Bay Times.

November 16th, 2016

High court ruling means no more ‘free houses’ for Florida homeowners in foreclosure

There will be no “free houses” for Floridians who have defaulted on their mortgages but continue to live in their homes without paying. In a major opinion, the Florida Supreme Court has ruled that lenders can resume foreclosing at any time, even if they have taken no action in years. Previously, they had to act within five years of when the borrower first defaulted.

While a boon for banks, the ruling is a blow to thousands of delinquent borrowers who hoped that their cases would be permanently dismissed and that the banks could no longer collect on the outstanding mortgage debt.

via High court ruling means no more ‘free houses’ for Florida homeowners in foreclosure.

November 16th, 2016

Small brokerages carve out niche in Northeast Florida real estate industry

The distinctly homey vibe at the two-room office Lee Norville opened 30 years ago in his hometown is no accident.For example, the weekly sales meetings at 1938 Hamilton St. near Avondale always start with a prayer and sometimes end with a group hug.

The meeting agenda calls for the small cadre of Realtors to share kudos, war stories, listing updates and advice.And birthdays, anniversaries and other special occasions are celebrated.

via Small brokerages carve out niche in Northeast Florida real estate industry.

August 31st, 2016

Distressed home sales in Tampa Bay still high despite improving market

Distressed sales — foreclosures and short sales of homes sold for less than the amount owed — accounted for 17.3 percent of bay area sales in May. That was more than twice the national rate and the third highest rate among the 25 largest metro areas, CoreLogic reported Tuesday.

Only the Baltimore and Chicago regions had a higher percentage of distressed sales, at 19 percent and 18 percent respectively.

“While distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount … and can pull down the prices” of non-distressed homes, CoreLogic said.

At the peak of the housing crisis in 2009, distressed sales made up 32.4 percent of all home sales nationally. In May, the rate stood at just 8 percent and it is on target to reach the “normal,” pre-crisis peak in mid 2019.

via Distressed home sales in Tampa Bay still high despite improving market.

August 31st, 2016

Benefits of buying a home, or renting

This is an increasingly common question in our financial planning practice. We find that most of the families we deal with (including some of our own) think that rent money is “thrown away.” This belief is often quite wrong.

When you add up the cost of owning a property, you will find that it is at least eight percent of the total cost of the home. This is true regardless of whether you pay cash or finance the entire amount (if you use your own cash, there is an “opportunity cost” of not having it invested and making money elsewhere .

One way or the other, you are laying out forty thousand a year to live in a half million dollar house.

From a strictly financial viewpoint, if the cost to rent is less than the cost to own, renting is just fine. If you can rent that half million dollar house for twenty five hundred dollars a month (thirty thousand a year), you can assume the owner is paying you ten thousand a year to live in their residence.

via Benefits of buying a home, or renting.

August 18th, 2016

Only 1 in 8 EBR residents have flood insurance, meaning many will likely bear brunt of losses

Only about one in eight businesses and residences in East Baton Rouge Parish is covered by flood insurance, a reality that is sure to take a financial toll on those living in the vast swaths of neighborhoods that flooded during this weekend’s storms.

The figure is higher in Livingston Parish, where 22 percent of structures carried the flood policies expressly not provided by homeowner’s insurance, but is slightly lower in Tangipahoa Parish, where about 12 percent of property owners hold flood policies. In St. Helena Parish, just 1 percent of all property owners have flood insurance.

Romine-Ortega said the program is not intended to duplicate what a flood insurance policy would have provided, though the money can be used to help flood victims pay for temporary housing and replacement of household items and personal property, among other uses.

Anyone who thinks they may be eligible can register at disasterassistance.gov or (800) 621-3362.

via Only 1 in 8 EBR residents have flood insurance, meaning many will likely bear brunt of losses.

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