Tampa & Tampa Bay Florida Real Estate

Foreclosure VS Short Sale

2009-06-01T13:40:00.000-07:00

HELPING HOMEOWNERS IN DANGER OF FORECLOSURE

RED SHOE REALTY has earned the Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This training will mean a lot to us to be able to help homeowners that may be facing the foreclosure process.

A Short Sale allows a homeowner to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Tampa area, thousands of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“My training and experience in dealing with lenders in negotiating short sales will be invaluable as I work with sellers and lenders on complicated short sales”. Our focus in this is to help homeowners who may feel paralyzed by their circumstances.

The Distressed Property Institute training in short sales can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. Having this training allows me to better understand market conditions and can help sellers through the emotional experience.

“Our goal is to help as many homeowners as possible”.

The following chart compares the implications of going through a foreclosure with the implications of a short sale. I have also copied an article from the Wall Street Journal (June Fletcher, November 22, 2008) that illustrates some of the complexities of dealing with foreclosure compared to a successful short sale. (I hope you don’t have 12 properties in foreclosure.)

	Foreclosure VS. Short Sale Homeowner Consequences
Issue	Foreclosure	Successful Short Sale
Future Fannie Mae Loan Primary Residence	A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.	A homeowner who successfully negotiates and closes a short sale will be eligible far a Fannie Mae backed mortgage after only 2 years.
Future Fannie Mae Loan Non Primary	An Investor who allows a property to go to Foreclosure is ineligible for e Fannie Mae backed investment mortgage for a period of 7 years.	An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.
Future Loan with any Mortgage Company	On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates.	There is no similar declaration or question regarding a short sale.
Credit Score	Score may be lowered anywhere from 250 to over 300 points. Typically will effect score for over 3 years.	Only late payments on mortgage will show and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be as brief as 12 to 18 months.
Credit History	Foreclosure will remain as a public record on a person's credit history for 10 years or more	Short sale is not reported on a credit history. There is no specific reporting item for “short sale”. The loan is typically reported “paid in full, settled”.

	Foreclosure VS. Short Sale Homeowner Consequences
Issue	Foreclosure	Successful Short Sale
Security Clearances	Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.	A Short Sale on its own does not challenge most security clearances.
Current Employment	Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.	A short sale is not reported on a credit report and is therefore not a challenge to employment.
Future Employment	Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.	A short sale is not reported on a credit report and is therefore not a challenge to employment.
Deficiency judgment	In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.	In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.
Deficiency Judgment (amount)	In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.	In a properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.

Wall Street Journal November 22, 2008
Short Sale vs. Foreclosure
In default and underwater on 12 properties, a reader wonders if selling at a loss is any better than just walking away

By JUNE FLETCHER
Q. I am in default on 12 jointly-owned properties that I am trying to liquidate as part of a divorce. All of my properties are currently worth less than the mortgage balances, due to the tough real estate market. I am aware that I will likely be taxed for the amount of the mortgage I had that is not satisfied by any particular short sale. It seems that this would not be the case if the house is foreclosed on, or becomes bank-owned.
This almost encourages homeowners to allow foreclosure, rather than to participate in helping to sell the property (when there is no equity left), because there is not "an amount forgiven" to be taxed on. I recognize that the benefit of short-sale is to lessen the effect on one's credit report, but if a homeowner is already missing payments, how much worse will a foreclosure look?
A. Although you own an unusual number of homes, your dilemma in trying to choose between a short sale and a foreclosure is, sadly, not at all unusual these days. So I asked Craig Watts, public affairs manager of Fair Isaac Corporation in San Francisco, to comment on your case. Fair Isaac is the company that created the FICO score, used by lenders to assess borrowers' creditworthiness.
Mr. Watts said that the company assesses every negative on a credit report by three factors: recency (how recently did the negative event occur), severity (how late is the payment) and frequency (how many times you've been reported delinquent on credit obligations).

A recent bankruptcy does the most damage to your score. Mr. Watts adds that if lenders are reporting all of your mortgages as in default, the damage to your FICO score would be akin to declaring bankruptcy on all 12 accounts. For more information on credit scores and how they are calculated, visit the "credit education center" at http://www.myfico.com/.
Although a short sale, where the lender agrees to take less than owed on the mortgage, will drop your FICO score as much as a foreclosure will, there is one advantage to it: You may be eligible to buy a home with an institutional loan backed by Fannie Mae or Freddie Mac more quickly than you would if it went into foreclosure. Lenders encourage short sales over foreclosures because they generally net more from them, since foreclosures incur additional marketing, legal, processing and carrying costs. (For details, see Fannie Mae's announcement 0-82.) Borrowers can be considered for loans following a short sale aftter 24 months, if the sale was caused by extenuating circumstances outside of a borrowers' control, or 48 months if it was the result of financial mismanagement on the borrower's part, according to Freddie Mac public relations director Brad German.
As for your tax situation: because of the Mortgage Forgiveness Debt Relief Act of 2007 and the recently passed Emergency Economic Stabilization Act, you can exclude up to $2 million of income ($1 million if married filing separately) from debt that's discharged through mortgage restructuring, or that's forgiven in connection with foreclosure, for the years 2007 through 2012. The exclusion must be connected with a decline in the home's value or the taxpayer's financial condition, and only applies to a principal residence, not investment properties. You can claim relief on your principal residence through IRS form 982. However, Mike Martin, a financial consultant and tax advisor in Independence, Mo., notes that there may be other provisions in the law that can help you: For instance, if you are insolvent when your debt is cancelled, some or all of that debt may not be taxable.
Given the complexity of your situation, please don't try to resolve this situation on your own: Seek professional tax and legal advice.

2009-05-19T12:00:00.000-07:00

Why Conserve Water

To some of us, Florida seems to be a land with unlimited water resources, but
closer examination shows that this is not the case. Population growth has been tremendous in all of Florida and especially in the Tampa Bay area. Early in our history, water supplies were very inexpensive and were located in or close to our towns. As our area grew, we used up our cheap and near–by water supplies. Early in the 20th century, withdrawals in Tampa and Saint Petersburg caused saltwater intrusion and therefore further reduced the locally available supplies. This caused the cities to reach out into rural areas for their water. In the Tampa Bay area, water supplies were either obtained from large inland area well fields or from the Hillsborough River. Initially, we thought that large well fields were a perfect solution, the water was cheap, excellent quality, and had the added benefit of drying out swamps.

As ground-water withdrawals increased and we began to better understand the environmental value of wetlands, the impacts to lakes and wetlands from the regional pumping became devastating. Hundreds of acres of wetlands and dozens of area lakes were dried out. As the City of Tampa’s water needs increased, pumping from the Hillsborough River increased to a point where the City took all of the flow in the river. Consequentially, during some times of the year, no fresh water was allowed to flow over the dam to Tampa Bay. As the City’s pumping increased and we better understood the environmental impacts to the Bay from reducing the fresh water inflows, we recognized that the river and the bay were being harmed by loss of estuary habitat. The bay depends on a steady clean freshwater diet to create the highly fertile nursery areas and low-salinity habitats that the estuary’s ecosystems and sport fisheries. The impacts to the lower river and the bay were aggravated by storm-water pollution.
All of these man-induced problems caused by over-pumping are aggravated by the variable nature of rainfall. Although Florida gets about 50 inches of rainfall on average, in some years we get less than 40 inches and in some years more than 60. In the less than 40 inch years, we see more impacts from pumping and in the more than 60 inch years we see flooding.

So Why Conserve? Conserve water not just because we need more water to fuel our growth, but because we need more water to fuel ourselves, (people who already live here). We have to develop alternative sources of water both for more people to move here and because we have to change some of the existing sources that are hurting our natural environment. But Why Conserve? Because conservation is one of the least expensive sources of water possible today. Other alternative sources (desalination, other surface waters, reclaimed water, and long distance pipelines) are much more expensive than conservation. In the same way that energy conservation allows a city or utility to postpone building a new generating plant, water conservation allows us to forego construction of a new and likely much more expensive water supply.

What is meant by Conservation?
Modern water conservation simply means being more efficient in using water so that we can do all the things that we want to do with water, but do them with much less water. We want to plant landscapes that require little or no irrigation but still are lush and green and pleasant to look at. We want to install highly efficient plumbing features (toilets, shower and sink faucets, outside irrigation controllers) in our new homes (and retrofit our older homes) so that we use less water for the same purposes. If you buy a new home in our area, your home will most likely have very high efficiency plumbing. If you buy a resale older than 15 or 20 years old, you could benefit from installing higher efficiency plumbing fixtures.

Much of the hard part or work of conservation is mental. We have to change how we think of water from a cheap plentiful unlimited resource to a scarce extremely limited resource. One of the best tools for conservation is inclined or increasing utility rate. Under an inclined rate we pay more per gallon for our water the more we use. For the first 1000 gallons per month we might only pay $2 or $3 per 1000 gallons, but for the next 1000 gallons per month the rate is increased to $4 or $5 per thousand.

Planning to Sell - Focus on Your Kitchen

2009-04-22T09:16:00.000-07:00

When it's time to put your home on the market, many real estate experts recommend that you focus on updating the kitchen first. For many potential buyers, especially the wives, the kitchen may be the most important room in the home. The condition and appearance of the kitchen has the power to make or break a sale.

So, if you want your home to sell quickly at a good price, do everything you can to enhance it before you start showing the home to buyers. Remember however as you appraoch this task that the money you spend is a cost of selling. Don't do a complete remodelling unless the kitchen really needs it. A good Realtor, like Cheryl Stimac, a Tampa Bay Florida real estate expert can give you advice on the extent of remodeling that you should invest in.

Start by creating space. You want you kitchen to look large, light and roomy. Clear the counters of all clutter. Take everything you can out of drawers and shelves and move it into storage. Remove all those magnets from the refrigerator and if the refrig looks scratched, give it a fresh coat of porcelain paint. What you want them to see is a warm, open and inviting space, not your old pots, pans and toaster.

Consider fresh paint. Paint is the most profitable improvement. A fresh coat of light, neutral colored paint on your kitchen walls will make them look spotless and new. Exactly the look you want.

Pay particular attention to the sink. If your faucet looks old and dated, replace it with a new one. It will go a long way towards improving the look of the whole kitchen, for very little money.

If your counter tops look old and tired, you should consider new ones. Today you can buy corian or even granite countertops at reasonable prices. Talk to your local Home Depot or Lowe's hardware satore. Remember to stick with neutral colors, nothing too flashy.

Check the stove and oven. The oven should be spotless. If the stove is a glass-top mmodel, scrub it until there is no residue at all on it. A sparkling range looks great. A dirty one laeves the prospect wondering if the rest of the house is any better maintained. Don't let them even "go there".

Freshen up the cabinets. Replacing cabinets is expensive and seldom makes a good investment. But you can paint them, or put new, modern looking pulls on them for very little money. A fresh rub-down with a good cleaner-polish will give them a fresh look.

Check the windows. You'd be amazed how many people forget to wash the window over the sink or the sliding glass doors next to the dining area. if the trim looks dull, a fresh coat of paint there will also add sizzle.

Finally, a trick that works amazingly well. Just before prospective buyers come, bake a fresh batch of cookies in your oven. And, yes, leave the cookies out for them to sample.

In short, buyers will quickly notice any shortcomings in your kitchen, so do everything you can to freshen it up and give it a modern, open, airy and spacious and "inviting" look.

Are Home Mortgages Really Available Right Now ?

2009-04-14T08:59:00.000-07:00

The simple answer to that question is is "yes" but the mortgage you might get today will be way different from the one you might have gotten away with as recently as a year or two ago. There are at least four mortgage sources you might want to consider if you are hoping to buy a home in the Sarasota area while prices are still low.

Before the big "mortgage meltdown," people were able to qualify for a mortgage without even having to prove their actual income, among other things. Today, you'll not only have to be able to document your famly income, but you'll also have to provide information on other assets and liabilities that you have. Mortgage lenders also now want to accurately measure your "debt-to-income ratio", that is, what percentage of you total and take-home pay will be consumed by this mortgage if it is approved. And, there are now few, if any, no-down payment or ridiculously-low down payment loans.

If you meet these qualifications, there is mortgage money available. Mortgage approvals are now based on the more reasonable bases on which mortgages were granted before all the foolishness began a few years ago and the mortgage business eventually crashed and burned when the housing bubble burst. Mortgages being provided today "have to make-sense" in terms of the borrower's ability to repay the loan over time. No longer can you and/or the mortgage provider bet on housing prices going up and up forever so regardless of how silly the situation was at mortgage origination, there would be endless increases in the value of the home
to "bail both the buyer and the mortgage company out the ridiculous mortgage granted." Nonetheless, there are mortgages available today to those who can qualify for them.

FHA-insured mortgages

Federal Housing Administration (FHA) -insured mortgages have been available for decades, focused predominantly on low-to moderate-income families who may not meet
requirements for a conventional loan with a 20% down-payment required. FHA-insured mortgages can require as little as 3.5% down payment with no pre-payment penalty. Credit scores and debt-to-income ratios have been relaxed somewhat to allow more families to buy one of the many homes on the market right now.

Of course, there is always, "good news" and "not so good news" in situations like this. First the "not so good news." With the lower down-payment on an FHA mortgage comes an upfront "mortgage insurance fee" that must be paid at closing plus a monthly mortgage insurance premium (MIP) that essentially adds a half-percentage point to your interest rate.

But the "good news" is that your Realtor, working with the seller and mortgage provider, can structure your loan so that the home seller pays all or nearly all of your closing costs, other than the 3.5% down payment. In the current market environment, many home sellers are willing to participate in this type of arrangement to get their home sold.

FHA-insured mortgages with the lowest interest rates will go only to buyers with a debt-to-income ratio of less 33% or less where your "debt" is the total monthly cost of the home, including principal, interest, property taxes and insurance (PITI) plus any other monthly debt you owe like auto payments, credit card debt, student loans, etc.

Under the stimulus package signed by President Barack Obama last month, more American families will now be eligible to purchase or refinance their homes using affordable FHA-insured mortgages. This act allows increases for the year 2009, in the maximum loan limits for FHA, Freddie Mac, and Fannie Mae loans. These
limits are equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA, and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.

Credit Union Loans
While they tend to issue mortgages only to their own members, the credit union you may participate in at work or in your community may also be a source of an attractive mortgage. Most credit unions avoided the mortgage melt-down because they stuck to solidly-based mortgage underwriting principles. As not-for-profit firms, credit unions had no incentive to get involved in the "make a quick buck on closing fees and sell it off the same day" sub-prime mortgage schemes and scams.

Credit union fixed and adjustable rate mortgages (ARMs) are often written at lower interest rates than are available at conventional banks.

"Hope for Homeowners" Mortgages
The "Housing and Economic Recovery Act of 2008" created "Hope For Homeowners" (H4H) program which allows troubled mortgage holders to avoid facing foreclosure by refinancing their existing mortgage into a more affordable, FHA Secure mortgage, provided the federal government participates in any increase in the value of the home over time and the holder of the existing mortgage agrees to go along with the re-financing. This program increases the allowable loan to value ratio (LTV) to 96.5% for some H4H loans and allows lenders to extend mortgage terms from 30 to 40 years further reducing the monthly payment. More information on H4H loan programs is available on the HUD Hope for Homeowners website.

The American Recovery and Reinvestment Act of 2009 (ARRA)
The ARRA offers assistance to first-time home buyers by providing an $8,000 tax credit for the purchase of a principal residence between January 1, 2009 and December 1, 2009. The tax credit is claimed on your tax return reducing the purchaser's income tax. Two bonus features of this program are:

The tax credit does not have to be paid back

If any credit amount is unused, that amount will be refunded as a check to the purchaser.

Local and State Programs in Your Own Area
If you are a first-time homebuyer or a low-to-moderate income family, you should investigate whether ther are local or state housing assistance programs that can be helpful. Some programs offer very low-interest loans or even grants to families these agencies want to attract into their communities. These programs are also sometimes aimed at municipal employees, police officers, firefighters and other first-responders the local area has difficulty recruiting.

So...are mortgages available right now? The answer is definitely "yes. Mortgages are definitely available" and you should contact your Realtor today to see if you can qualify for one of these programs.

I would be delighted to help you find both the right home and the right mortgage for your circumstances. Vist my Tampa Bay Florida real estate website or call me at 813-263-6806.

The Seller Can Help You Buy Their Home

2009-04-10T12:18:00.000-07:00

If you and your family are ready now to buy your first home, but you're not sure you have enough cash stashed away, there are ways in which a home seller can assist you in buying his home. A competent Tampa Bay Realtor can review all of your options but here are a few examples.

FHA MORTGAGE WITH SELLER FINANCED CLOSING COSTS
An FHA mortgage requires as little as 3.5% of the purchase price as a down payment. These mortgages have been available for years. Your Realtor, working with the home seller and an FHA-approved mortgage provider, can structure a mortgage loan so that the seller pays all or nearly all of your closing costs. The seller cannot assist you with the 3.5% down payment, but can pay just about everything else at your closing. In the current market environment, many home sellers are willing to participate in this type of arrangement to get their home sold.

SELLER-PAID BUY DOWNS
There are many variations of "Buy Downs," Some are permanent, where the interest rate is reduced over the full life of the loan. Other buy downs are temporary, reducing your interest rate, and therefore your monthly payment, for the first 1 - 3 years. The most popular is what's known as a "3-2-1 Buy Down." Here's how it works. For the first year your rate is 3% below the market interest rate; the second year 2% below, and for the third year the interest rate you pay is 1% below the agreed-upon interest rate. This allows you to grow into your loan payments over 3 years. If you expect your family income to grow over that period by enough to cover the eventual cost, this may be an attractive option for you. "Buying down" your first 3 years of loan payments in this manner will cost the seller about 4.5% of the loan amount. Here is an example on the purchase of a home with a $225,000 mortgage with a fixed rate of 6.5%. The full monthly rate on this mortgage would be $1,422.15/month. Using a 3-2-1- buy down, the first year's payments would be $1,010.35, the second year's is $1,140.04, the third year's - $1,277.53, and then for the remaining 27 years, $1,422.15. The "buy down" of the first 3 years payments saved you, the buyer, over $10,000 in mortgage payments in addition to making your payments more affordable for those first 3 years.

There are other buy-down processes your Realtor can discuss with you. Another popular one is a 2-1 buy-down which works like the 3-2-1 program but reduces the interest rate for only the first two years.

SELLER FINANCING
Less frequently, but occasionally, there are sellers who own their home outright (no mortgage on the property) who will agree to assist you by holding your mortgage. In this case, you do not have to qualify through the normal bank financing route. In effect the seller, instead of a bank or other mortgage company, becomes your mortgage provider. Such a mortgage can be written with essentially any terms and conditions that you and the seller agree upon ranging from financing 100% of the purchase price to requiring a minimal or larger down payment, with or without a "balloon payment" at some point in the future, and for a term of 10, 15, 25 or 30 years.

Such private lenders frequently charge a higher interest rate and may try to use this approach to get the highest possible price for their property. So protect yourself by working with a competent Realtor who can make certain that you are not over-paying for the home you want.

The point of this discussion is this. if you'd like to buy a home now, one of these seller-assisted approaches may work for you. Don't be scared off because you don't think you have enough saved up yet. The price of homes and the interest rates are as low right now as they have been in a long time. Meet and discuss your options with a competent Realtor like Cheryl Stimac, a Tampa Florida Real Estate professional. Got questions about all this? Call Cheryl Stimac today at 813-263-6808 or email her at cheryl@cherylstimac.com

You may be closer to your dream of home ownership than you have dared to hope.

Important announcement!

2009-02-20T14:07:00.000-08:00

Pasco County Florida is in line to receive close to $ 19 million in funds to help home buyers.
Home buyers can receive up to $30,000 in home buyer assistance. Please contact me at 813-263-6806 so I can help you access these funds for the purchase of a home in Pasco county. Yes there are requirements and you must take a home buyer class. Funds are being distributed to different programs so don't waste any time to get qualified for these monies.

Getting Involved with "Green' Building in your Home

2009-01-11T08:36:00.000-08:00

As we end the arguably "troubled" year of 2008, it might be uplifting to consider something we could all get involved with in 2009 to begin moving our ourselves, our planet and, in particular, our homes toward a more eco-friendly an sustainable lifestyle.

Yes, owning a home of your own is clearly the ultimate "American Dream", but some of us now want to go further and move our homes is the direction that has become to be known as "green".

Some may want to build their own green home from scratch. For those, the trend to "building green" calls for using materials that are environmentally friendly, designing spaces to utilize energy more efficiently, furnishing the home with Energy Star-rated appliances, and avoiding waste and using natural resources as much as possible. For others, becoming more green, may involve just remodeling or updating your home. In either case, there are many resources on the Internet to help you find your way.

As the author of the greenhomebuilding.com website says, "The reason for building greener homes is really quite important. We need to live more lightly on the earth, because the degradation of our environment is ompromising not only our survival, but the survival of most other living beings on the planet. We can no longer ignore the impact we have on the earth's ecosystems. nbsp;The way we live, the choices we make in providing for our needs, will have an enormous influence on the quality of life of those who will follow us."

If you’re looking for tips, plans and pointers to consider as you contemplate perhaps building that "green home," or just employing an environmentally-friendly approach in your remodelling, there are many Internet-based website resources that offer information and assistance:

GreenHomeBuilding.com This website offers a wide range of information about sustainable architecture and natural building including plans,
designs and other resources that help get you started with ideas for your own green home. In addition to eco-friendly (sustainable) designs, you also have find options that focus on local architecture and use of indigenous materials. You can also seek expert opinions or buy building codes and other resources.

GreenHomeGuide.org is a guide maintained by the United States Green Building Council. This website offers comprehensive information on green-home programs, green remodeling guidelines for remodeling kitchens, baths, flooring and more... even landscaping as well as many other resources. You will learn how to get your home Leadership in Energy and Environmental Design (LEED) certified and other interesting facts and figures.

GreenBuilding.com: The author of this site, green building expert David Johnston, is a leading thinker behind the green building movement, transforming the way we think about the American home. His approach to green building has been embraced by municipalities, homeowners, building professionals and sustainability advocates nation-wide. Johnston’s current book, "Green Remodeling: Changing the World One Room at a Time," co-authored with fellow green building consultant Kim Master, and available on Amazon.com has been hailed as the definitive guide to green remodeling techniques. This website explains how a green home should be constructed and offers links to professionals in the field. The website also contains many "fast facts" about the waste that goes on in a typical home. You can also learn how to go about a green remodeling project or talk to experts on energy to learn how your home can benefit from such investments.

BuildingGreen.com offers a live feed of news items related to green building from around the world. Other links offer access to green projects, products and informative articles.

GreenIsUniversal.com While this site offers some of the same resources to help build sustainable, eco-friendly homes offered by other websites, this site also offers a Virtual Reality Game where you can play at building your own green home online.

If you'd like more information about this topic, I would be pleased if you would contact me by E-Mail or by phone at 813-263-6806. You may also want to visit my Tampa Bay Florida real estate website.

Tampa Bay Real Estate Market Poised for Recovery

2008-12-11T11:34:00.000-08:00

I read a very intriguing article this morning which was written by James A. Crumbaugh III, CEO of Allison James Estates & Homes. I am copying the content of that article here because I believe Mr Crumbaugh is absolutely right in his understanding of WHY the Tampa Bay real estate market is poised to have a much better year in 2009 than 2008 has been.
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RISMEDIA, Dec. 10, 2008- I’m always accused of being overly optimistic about the real estate market. You have to understand that after 35 + years in the business, everything is just a cycle to me and when we go through a cycle like we’ve been going through, then my thoughts become “How long will the cycle last?”

You may have read my previous article titled The Perfect Storm, where I discussed the reasons that I thought this real estate market was poised to turn around. We are seeing the market improve almost on a daily basis recently. Is it the facts that I stated in my article that is causing the turn around? Absolutely that’s part of the turnaround.

However, there is another dynamic at work here. I’ll call it the "Obama Effect." I voted for John McCain, but I’m sensing an optimism starting to build in this country. I will give President Elect Obama credit where credit is due, and I will be the first to admit that at this point he is being very proactive at turning around the financial crisis in this country.

As the optimism improves, and I think it will, from here to the inauguration, and for the honeymoon period following the inauguration, we will continue to see an improvement in the optimism in this country.

With the automotive bailout, real estate is bound to improve in the Michigan area and probably the entire rust belt, therefore improving Florida real estate. The retirees will be able to sell their homes in Michigan and retire to Florida or other states popular among retirees.

The public works project will put hundreds of thousands of workers back to work and at good wages. I still believe we have a pent up demand for the last three years of buyers wanting to buy. Once these buyers are employed again and flush with income, the market will start to improve.

Then you have very low fuel prices that allow the consumer more discretionary income to spend.

Then we have the potential for mortgage rates as low as 4½% .

When you start to take a hard look at where we are poised as an industry, no matter how pessimistic you are, you have got to believe we are in for a return of a good real estate market in Florida, if not an excellent real estate market.

The stars are lining up:

- An improved automotive market
- Low fuel prices
- Workers going back to work
- Good wages
- Low real estate prices
- Low mortgage rates

I’m becoming more optimistic just writing this article. I don’t believe you can argue the facts as I just them pointed out. Things are looking up for the Florida real estate industry..........

James A. Crumbaugh III is CEO of Allison James Estates & Homes.
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If you are a retiree, a real estate investor, or a broker or realtor, better times are coming in 2009 because the bear market in housing is about to turn around and it will turn around soon.

If you are ready to learn why, if you are going to invest in Florida real estate, Tampa Bay Florida is the right place to do it, contact me by E-Mail or complete my Tampa Florida Information Request Form. In a hurry ? Then call me directly at 813-263-6806.

Go "Green" for the Holidays

2008-12-03T16:49:00.000-08:00

With our economy faltering and the new awareness of a more eco-friendly approach to living, we're all more focused on being "green" these days - with respect to both our wallets and the environment. The holiday season can be a challenge for both of these interests with gifts to buy and wrap, decorating to do, holiday parties to throw and on and on.

It has been estimated that during every week between Thanksgiving and the New Year, an extra one million tons of waste will be generated in the U.S. alone. It's been estimated that 38,000 miles of Christmas ribbon are tossed away each year - enough to ribbon more than once around the Earth!

Rather than waiting for New Year's Resolution time to bcome more "green," try a few of these eco-conscious tips to help you and your family live, give and save green this holiday season.

Go with the Glow
The holidays just wouldn't be the same without the twinkly glow of strings of lights along rooftops, eaves and in trees and shrubs. But those holiday lights are a real drain on your energy bill. LED lights use less than 10% of the electricity consumed by traditional filament bulbs and can save you close to 95% on your electricity bill.

Stay Home for the Holidays
Save time, money and stress. Stay home for the holidays this year saving money for gas and reducing pollution. use-less-stuff.com reports that if every American family reduced holiday gas consumption by just one gallon, that would mean driving just about 20 miles less, we would reduce greenhouse gas emissions by one million tons. So think about enjoying the holidays this year at home.

Get Creative with Wrapping
Mass-produced wrapping paper generally is not recyclable and ends up in landfills. Instead, get creative. Wrap presents in old maps, the comics section of a newspaper, or in your children's artwork. The Sierra Club estimatges that if every family wrapped just three gifts this way, it would save enough wrapping paper to cover 45,000 football fields. And, does that pre-formed bow actually make the present all that much more attractive? Think about leaving those off your presents this year.

Give the Gift of Giving
Upgrading your electronic toys and computers this year? Do you have electronics, toys, appliances or clothes that your family no longer needs or uses? Donate those items to a local charity or shelter. You'll get rid of clutter, and, you'll keep all that stuff you donate from ending up in a landfill. Are you a neat-nik with nothing extra lying around the house? Think about making modest cash donations to local charities or food items to a local food bank and telling the folks you'd normally give some silly (and probably unwanted) gift to, that you've made a donation instead. If you know your friends' favorite charities, your donations may be even more appreciated. You'll be helping to reduce waste and at the same time, you'll be making someone's holiday a little brighter than it might have been.

Save A Shoppng Bag and a Tree
Instead of coming home with 15 shopping bags, all of which will end up in the trash, bring your own eco-friendly bags to the store. If you're afraid of being stopped for shoplifting, Danny Seo, author of "Simply Green Giving," fastens receipts to the outside of his bags with a binder clip he brings with him, clearly indicating that what is indisde was ought and paid for.

For your Christmas tree, go "real." Fake trees are petroleum-based and they are not biodegradable." One answer, depending on where you live, is to buy a live tree and plant it in your yard next Spring. Or get a fresh-cut tree and, after the holidays, take it to a recycling facility, where it can be turned into mulch.

Give Green, Live Green and Save Green
Make this your holiday slogan. These simple steps make it easy to bring a little more "green" to the Earth and save a little "green" in your wallet this holiday season. Have ideas of your own ? Write us a comment with your suggestions.

Happy Holidays to You and Yours

More Federal Help for Tampa Bay Foreclosures May Be Coming

2008-11-01T12:38:00.000-07:00

A number of U.S. government agencies are working together on a new plan that could help 3 million homeowners avoid foreclosures. These negotiations could still fail, but federal government agencies are contemplating using $50 billion of the recently-passed federal bailout plan to guarantee up to $500 billion of residential home mortgages. Florida, because of its enormous reliance on the real estate industry, could benefit greatly under this plan since the housing meltdown has had a major negative effect on the state's economy.

Under the plan, the government would agree to absorb half of the losses on home loans if the mortgage company agrees to lower the borrowers'
monthly payments for at least 5 years. Details f how the plan would work are still being negotiated but this is the cetnral concept of the plan at this point.

In another recent development, more than $540 million in federal funds is coming to Florida, earmarked to purchase foreclosed homes at a discount. “Florida has felt the sting of our nation’s housing market challenges, and these funds will provide a welcome boost to our state’s economy by helping Florida families stay in their homes,” said Gov. Charlie Crist.

Governor Crist credited Florida’s Congressional delegation with securing the support from the U.S. Department of Housing and Urban Development’s Community Development Block Grants under the Housing and Economic
Recovery Act of 2008 passed by Congress earlier this year. The funds will provide assistance to state and local governments to acquire and re-develop foreclosed properties that might otherwise be abandoned and blight their neighborhoods.

Florida had the nation's second-highest foreclosure rate in September, an ignominious record achieved by beating out depressed housing markets in California and Arizona, according to the firm RealtyTrac. Foreclosure filings last month afflicted 47,956 Florida properties, or one in every 178 homes. Only Nevada, with one in 82 properties facing foreclosure, is worse off. Hillsborough County showed the biggest monthly increase in Tampa Bay with 4,663 properties falling into foreclosure in the month. Pinellas County had 1,813 foreclosure cases, while Pasco and Hernando counties had 1,175 and 374 cases, respectively.

"Anything we can do to get foreclosure numbers down will quicken the stabilization of the market," said Ritch Workman, president of the 2100-member Florida Association of Mortgage Brokers.

The new federal government foreclosure-assistance program now being negotiated would be run by the Federal Deposit Insurance Corp (FDIC).

No one understands that process involved in short sales and foreclosure sales than an experienced Tampa Bay real estate professional like Cheryl Stimac. You can visit her Tampa Florida real estate website or call her directly at 813-263-6806 for further information.

Home Selling - Target Your Buyer Audience

2008-10-02T13:32:00.000-07:00

Have you noticed how political campaigns target specific groups of voters? The needs of each group are identified and addressed separately, because politicians recognize that the voting public is not a single, generic person, but a collection of millions of different personalities.

When selling your home, targeting your home properly could be your most important strategy because buyers have different needs and desires, just as voters do. When listing your home, ask your Realtor for details about the marketing plan he or she intends to use to attract different segments of the home buying population.

"Targeted" marketing, as pointed out in Cheryl Stimac's most recent newsletter, is an extremely effective method of attracting home buyers. No one understands that process more than an experienced real estate professional like Cheryl Stimac. You can visit her Tampa Florida real estate website or call her directly at 813-263-6806. You will be glad you did. If you'd like to subscribe to Cheryl's newsletter, you can sign up at her Newsletter Request Form.

8 Ways to Reduce Your Florida "Carbon Footprint."

2008-09-03T10:21:00.001-07:00

Today many Floridians are looking to conserve energy to save money but also to reduce their "carbob footprint" by making their home more “green.”

The biggest source of pollution in Florida is our coal-powered power plants so reducing the use of electricity in your home will make a big dent in your home's carbon footprint as well ss your energy bill. Electricity used to air condition your home, run your swimming pool filter pump, and in many homes, heat the pool and run your water heater account for nearly 75% of your electicity usage. Here are some suggestions of ways to reduce the amount of electricity and energy consumed by your Florida home.

1 - Keep your home's thermostat at 78 degrees while you are home and at 82 degrees when you're away. It takes much less energy to cool a home to these levels than to lower levels. Invest in an inexpensive programmable thermostat to regulate the temperature in your home automatically. It will dramatically increase your chances of succes with this suggestion by making it automatic.

2 - Keep your air conditioner fan in the "automatic" positon at all times. Running the fan all the time consumes a lot of electricity and doesn't actually make the home any cooler.

3 - Install them if you don't already have them and use ceiling fans. Ceiling fans encourage evaporation of moisture from your skin making you feel more confortable. When you leave a room, remember to turn off the fan.

4 - Change your air filter every month. A dirty air filter forces your air conditioner to work harder to get the same amount of cooling. If you have a permanent filter, rinse it thoroughly every month. This is particularly importnt if you have a pet

5 - Keep your blinds and drapes closed when you're not home and, to the extent practical, even when you are home. When you're home at least try to keep the blinds and drapes closed on the sunny side of the home. When extra heat enters the home through windows and sliding doors the air conditioner has to work harder to maintain the same temperature.

6 - Have your air conditioner cleaned and checked every six months by a qualified HVAC contractor. Have them also check for crimps or leaks in the ductwork. This will assure that the unit is running most efficiently and the periodic cleaning and maintenance may add years to the life of the unit as well.

7 - If you have a swimming pool, another large consumer of electricity is your pool filter pump. Many pool filter systems run up to 8 hours a day. Reducing that to 6 hours a day in season, and to 4 hours a day off-season will reduce your monthly electric bill by quite a bit.

8 - In many homes, swimming pool water is heated to extend the swimming season. Think about how you heat that water. Whether it is heated by gas or electricity, a pool heater consumes a lot of energy. Consider converting to a solar system. And, whle you're at it, look into having a solar-assist added to your hot water heater. About the only thing in Florida that is free is our abundant sunshine and yet many still don't take advantage of it. Using the sun as an energy source will not only reduce your carbon footprint, but it has the extra bonus of being "free."

If you have questions about the advantages of living here in Tampa Bay, Florida, please call me at 813-263-6806 or visit my Tampa Bay Florida Real Estate website.

Tampa's Proposed FY 2009 City Budget

2008-08-14T08:59:00.000-07:00

Tampa Florida's mayor, Pam Iorio, it seems to us, has performed a balancing act with her proposed budget for fiscal year 2009 running from October 1, 2008 to September 30, 2009.

The mayor's summary of the budget states that her proposed 2009 budget invests in Tampa's quality of life, including initiatives that affect neighborhood life on a day to day basis by promoting safe, clean and attrative neighborhoods, creating a downtown residential setting, making regional mass transit a reality, and promoting Tampa as a "City of the Arts." Offsetting these investments, the budget holds the line on recurring costs, especially personnel costs, since the city can no longer count on the big annual increases in property tax revenues it enjoyed in past years.

The overheated real estate market which has fallen dramatically, has impaired the flow of increased property tax revenues. In addition, the State of Florida legislature passed mandatory tax cuts and Florida voters approved a constitutional amendment doubling the homestead exemption.

To cover these decreased revenues, the mayor has eliminated more than 380 city positions in the last 2 years and, hopefully, offset those staffing reductions with improved efficiencies in the way the city government operates.

Even with the mayor's proposed cuts, the $836 million budget still represents a 9.8% increase over the FY 2008 budget, due mainly to funds for her proposed infrastructure improvements. Tampa City Council will now have to review, and amend or approve, the mayor's proposed budget.

In the judgment of many, Mayor Pam Iorio has proposed a FY 2009 budget that keeps the city of Tampa moving ahead while adjusting to the new realities of reduced city revenues.

If you would like to know more about Tampa and Tampa Bay, Florida feel free to call me directly at (813) 263-6806, E-Mail Me or visit my Tampa Florida Real Estate website. I'd be delighted to be of service to you.

Should You Buy Now in Tampa Bay or Wait

2008-07-17T11:36:00.000-07:00

5 GOOD REASONS TO BUY NOW

1. Prices in the neighborhoods you prefer are currently relatively stable -- either holding steady or increasing slightly, or, -- the pace of price declines has slowed dramatically meaning the major decline is over. If you are ready to move, the small penalty you might pay by missing the absolute bottom of the market may not mean much.

2. You plan to stay in the home for five years or more. If you plan to stay that long before selling, leading economists say you will probably have gotten beyond this price downturn and you'll come out ahead on price when you sell the home.

3. Your rent is relatively close to what your mortgage payment would be. If you qualify for a mortgage, you will be building equity in your new home and you will be able to deduct the mortgage-interest and property taxes on your federal income taxes.

4. You've found the perfect home in the right area. The schools are great. You know it will be hard to find another home as nice as the one you have your eye on. In a better housing market, you might have much more competition for that home and end up paying more for it if its even available at that point.

5. You've built equity in your current home and are moving to a place where homes prices are lower in a market where your money will go a lot further.

5 REASONS TO WAIT BEFORE BUYING

1. If you have lived in your current home for less than 2 years, there is a good chance that you haven't accumulated any real equity in your home. In fact, you may have negative equity, (you owe more on your mortage than the home is now worth) if you live in certain areas of the country.

2. Your job isn't secure. If you may get laid off or lose your job altogether, it's better to stay where you are until things improve. If you lose your job and have to move some distance, it'll be much harder to come out ahead selling a home you just bought.

3. You don't plan to stay in your next house for at least 5 years. While it's not important to buy at the exact bottom of a home price curve, it is important that you stay long enough to ride out the cycle. Prices will certainly recover but it may take a few years.

4. You don't have good credit or a sufficient down payment. Because of the sub-prime mortgage mess, lenders are more careful today about who they'll give a mortgage to. Speak with a number of lenders about different programs they offer, but don't be surprised if you are turned down completely.

5. You have an existing home to sell in an area where prices are still falling or where many homes are in foreclosure or already bank-owned. In such a "distress sale" neighborhood, your buyer prospects may be just "bottom-feeders" looking to buy a home well below its real market value if the market were in a normal situation.

For more information on Tampa Bay real estate opportunities, I invite you to visit my full Tampa Bay Florida Real Estate website and then call me at (813) 263-6806 or email me at cheryl@cherylstimac.com
.

What Is a Buyer's Agent, Why Would You Want One

2008-07-03T17:08:00.000-07:00

First, let's define the roles a real estate agent can choose to play. Licensed Realtors®, by law, can act in a number of roles. A real estate professional acting in the role of a Listing or Sellers Agent represents the Seller and is obligated by law to help the Seller get the best price and terms.

A Realtor acting in the role of a Buyers Agent works for the Buyer and must
legally and ethically look out for the Buyer's best interest, not the Seller's.

Some Realtors act as either Sellers Agents or Buyers Agents exclusively. Other Realtors have the knowledge and experience to provide service to both Buyers or Sellers, but with few exceptions, on any given transaction, they can act only in one of the roles. Either they represent the Seller or they represent the Buyer, not both
at the same time for that would present a conflict-of-interest.

In some states, including Florida, real estate agents can act in a special role called various things but most commonly, as a "Transaction Broker". When acting in this role, the Realtor must declare to you that he or she is acting in that role and is, in fact, representing neither the Buyer nor the Seller but simply acting as a "facilitator of a transaction."

In general, you, as a buyer, are best served by a Realtor acting specifically as your Buyers Agent.

The details of buying a home can be overwhelming. A professional Tampa Bay real estate Buyers Agent can guide you through the entire process and make the experience much easier, less frustratiing and more enjoyable. And buying a home should be just that -- an enjoyable experience.

- A Buyer's Agent can advise you on many important considerations about a neighborhood you may be considering...the schools, children in the area, traffic volumes, etc.

- He will help you determine the price home you can afford and search the Tampa Florida Multiple Listing Service for homes that fit your needs and affordability. Ther are few things more frustrating than viewing homes you cannot afford.

- With access to homes as soon as they’re on the market, your Buyers Agent schedule a tour of every home that comes on the market tha fits your situation saving you time wasted driving around looking at homes from the outside that don't fit your situation anyway.

- He or she can screen homes on the market to assure they're reasonably priced and in good condition before taking you to see only those in your price range with the amenities you want.

- Your Tampa Florida realtor will point out ways to structure the deal to save you money, explain the advantages of different types of mortgages, guide you through the paperwork, protect your interests during inspections, and answer any questions as you make an offer, negotiate the final price and sign the closing papers.

In most instances, you don’t pay your Buyer's Agent anything at all for all these services. Payment for all the work a Tampa buyers agent does for you comes from the home seller under the terms of the listing contract.

Remember, if you see a home in a Tampa newspaper, real estate book or on the Internet, and you contact the Realtor in that ad, you're calling the Listing Agent,
who is looking out for the Seller, not you. If you want someone looking out for your interests, not the Seller's, you want the services of a Tampa Florida Realtor acting as your Buyers Agent.

So, how do you find a Buyers Agent in the Tampa real estate market? It's easy! Just ask a licensed Tampa area Realtor if he or she is willing to act as your "Buyer's Agent. He or she will most likely be happy to provde that service.

And why use a Buyers Agent A Buyers Agent Realtor looks out for your interests and desires, in most cases, at no cost to you. A better question might be, "Why not use a Buyers Agent since it generally costs you nothing.".

Florida Set to Restore Everglades with Massive Project

2008-06-25T09:27:00.000-07:00

An area of Florida with 300 square miles land may be returned to its natural state over the next decade.

U.S. Sugar, currently the largest producer of cane sugar in the U.S. is negotiating with the State of Florida to go out of business and for $1.7 billion, sell its 187,000 acres of land plus its refinery and other assets to the State of Florida as part of the state's plan to restore the Everglades. This plan was announced jointly by Florida Gov. Charles Crist and U.S. Sugar CEO, Robert Buker.

While negotiations are on-going and subject to approval by both the State government and the board of privately-held U.S. Sugar, officials hope to have a final agreement in place by September, 2008. Under that agreement, U.S. Sugar would be allowed to farm the land for 6 more years and then shut down operations. At that point, a very important 187,000 acres of land south of Lake Okeechobee, currently in use by U.S. Sugar, will be used to help restore the wetlands that support the Everglades.

That land is the virtual heart of the ecosystem which supports the Everglades and can be used to restore a more natural flow to the wetlands that has been restricted and diverted for years by agricultural and other development.

Jeff Danter, The Nature Conservancy’s state director, called the potential deal “an unprecedented opportunity to completely rewrite the course of Everglades restoration.” Frank Jackalone, of the Sierra Club, applauded the move saying, "If they can restore the flows, it can correct what's happened over the past 60 years."

The restoration effort will be the largest of its kind in the world. Returning the land to its natural state, including rerouting water from flood control projects, will help cleanse water flowing south from Lake Okeechobee into the Everglades filtering out fertilizers plus other industrial and automotive pollutants.

The plan calls for the state of Florida and the U.S. Government to be equal 50-50 partners. Florida so far has committed over $2 billion, while the Federal government has spent only several hundred million dollars. Congress authorized $1.8 billion for Everglades projects in 2007, but the money has yet to be allocated.

U.S. Sugar employs 1,700 people all of whom who will lose their jobs. But, U.S. Sugar has been under financial pressure for some time from lower-cost sugar imports. The State of Florida plans to offer job-retraining to the displaced employees. Closing down U.S. Sugar will not, however, completely end sugar production in the Everglades ecosysem. About 300,000 acres used by other sugar growers will remain in production.

Are You Ready For Hurricane Season ?

2008-06-01T12:42:00.000-07:00

Well, It's June 1st and the start of hurricane season not only in Florida but all over the Southeastern coast of the United States.

Are you prepared to protect yourself and your family in case of any serious incident ? It's always better to be safe than sorry. You may want to take a few minutes now and read this Hurricane Readiness Article.

If you are interested in moving your family to the Tampa Florida or Tampa Bay area, or if you need to sell a property anywhere in Hillsborough or Pasco County, Florida, I invite you to visit my Tampa Florida real estate website.

Before you Buy That Florida Condo

2008-05-20T11:01:00.000-07:00

Before you make a firm offer to buy a condominium in Tampa Bay, Florida, regardless of whether its a normal transaction or a foreclosure-related short sale, you need to know what else is involved other than its availability, condition, and price.

You need to gather and understand a fair amount of information other than just its availability and price. Read this article about Questions to Ask Before Buying a Condo and then call me at (813) 263-6806 or email me at cheryl@cherylstimac.com

For more general information on Tampa Bay real estate opportunities, I invite you to visit my full Tampa Bay Florida Real Estate website.

Welcme to Tampa Bay Florida

2008-05-19T11:02:00.000-07:00

Tampa Florida is the "heart" of Tampa Bay, an ideal hometown for young families and retirees alike. Tampa Bay's weather is delightful. The average year-round temperature is 72°, a refreshing 60° in January and an average of 82° in August.

Our phenomenal weather fosters an abundance of outdoor recreation. The Hillsborough River, stretching 56 miles, offers fishing, canoeing, and boating. There are numrous camping areas and hiking trails as well as nearly 200 parks, 136 picnic areas and 80 playgrounds. There are swimming pools, tennis and racquet ball courts, and dozens of golf golf courses as well as professional baseball, hockey and football teams including the Super Bowl-winning Tampa Bay Buccaneers.

Lovers of art, music, dance and theater enjoy a wealth of galleries and museums like the Tampa Museum of Art, Museum of Science & Industry and University of South Florida's Contemporary Art Museum. Broadway musicals and operas excite patrons continually at the Tampa Bay Performing Arts Center. Lowry Park Zoo entertains families with frequent events as does the award-winning Florida Aquarium.

The Tampa lifstyle is further enhanced by several annual events including the Gasparilla Pirate Fest, Tampa's own version of Mardi Gras, the annual Strawberry Festival, and the MacDill AFB Air Show. Thanks to wonderful weather there are dozens of arts and crafts shows, parades, street festivals year-round.

The University of South Florida, University of Tampa, and Hillsborough Community College campuses plus other smaller insitutions of learning add an academic flavor to the area.

World-class medical care is available at Tampa General, University Community Hospital, Memorial Hospital of Tampa and at St Joseph's Women's Hospital and Children's Hospital and many other smaller health care providers.

In Tampa and the surrounding Hillsborough and Pasco County communities of Temple Terrace, Brandon, Lutz, Wesley Chapel, Land O'Lakes and Zephyrhills, there are homes and condos from the most luxurious to the very affordable. There is something for everyone on the Tampa Bay Florida real estate market. And with recent home price declines, there are very attractive bargains to be found right now.

For more information on popular Tampa Bay communities, including golf course communities, visit my Tampa Florida website. I'd be delighted to show you all that Tampa Bay Florida has to offer. You may also E-Mail Me or call me on my cellphone at (813) 263-6806 for immediate service.

Selling Your Tampa Bay Home Now Might Be A Smart Move

2008-05-07T09:21:00.000-07:00

At first it might sound odd, but right now might be the best time to sell your Tampa Bay, Florida home.

Every home has things about it that you wish you could change. You may or may not have noticed these issues when you bought the home but you can't fix them now for various reasons. Maybe the cost would drive your investment in the home beyond what the local neighborhood would support. Or, maybe your home cannot be changed to suit your current needs and desires because of its physical structure, the lot size, it's locale, or changes in youe own personal circumstances. Maybe it was near a great school when you bought it, but now the kids are grown and that school nearby is just a source of noise and traffic congestion. Realtors call these home problems, it's "unchangeables."

"But why is right now a good time to sell when prices have dropped as much as 20%," you ask. Here's why. While the price you can get for your current home may be down, so is the price of a home that doesn't have it's drawbacks, or "unchangeables." With recent home price declines and interest rates at historically low levels, NOW may be the right time to step up to the home you originally wanted but just couldn't afford.

Let's take an example. Supposing you bought your home three or four years ago for $300,000, but it has lost 20% of its value and can now be sold for closer to $240.000 -- down $60,000. But, the home you originally wanted that sold then for $425,000 is now down by that same 20% to $340,000, a drop of $85,000, almost one and a half times the reduction your own current home took.

And with so many homes currently on the market, if the seller of that $425,000 home that's now worth only $340,000 needs to sell, it is very possible that, with the help of an aggressive Realtor, you can negotiate that price down even lower. Chances are that if you could afford the home you paid $300,000 for 3 or 4 years ago, you can probably afford the home you always wanted if you buy it now that prices are so depressed.

As a bonus, when home prices start to rebound, you'll not only have the nicer home, but that new home's price will rise even faster than your old one with those troublesome "unchangeables."

For help in finding the right Tampa Bay Florida home for you and your family, visit Cheryl Stimac's Tampa Florida Real Estate website. For more immediate help, call Cheryl at Red Shoe Realty, LLC on her cell phone at 813-263-6806 or E-Mail her today. You'll be glad you did.

April is National Fair Housing Month

2008-04-25T09:54:00.000-07:00

Forty years after passage of the "Fair Housing Act," an alarming number of families are still denied housing and need the protections ofthis landmark law passed and signed into law in 1968. Kim Kendrick, U.S. Department of Housing and Urban Development (HUD) Assistant Secretary for Fair Housing and Equal Opportunity said, “This report underscores the importance of HUD’s continued enforcement, education, and outreach activities to ensure that all Americans have equal access to housing opportunities.”

More than 10,000 people filed housing discrimination complaints in 2007 alone. Most of the complaints were by people with disabilities, but HUD also found racial housing discrimination to be the second most frequent reason individuals filed complaints under this law.

Read the full article on HUD's website.

Persons who believe they have been victims of housing discrimination they should contact HUD at 1 (800) 669-9777 (voice), (800) 927-9275 (TTY). Additional information is available at www.hud.gov/fairhousing.

If you have questions about Tampa Florida or Tampa Bay Florida real estate, visit my Tampa FL real estate website. Thanks for visitng my blog.

Baby Boomer Retirees Will Drive Tampa Bay Real Estate Comeback

2008-03-05T08:24:00.000-08:00

It was the prospect of baby boomers retiring en masse to Florida that fueled the Florida real estate boom, and it now looks as though the actual arrival of thousands of baby boomer retirees over the next few years will be what it takes to help the Tampa Bay real estate market rebound from its current doldrums.

Speaking at a forum sponsored by the University of South Florida's Institute for Public Policy and Leadership, Brad Edmondson, the former editor of American Demographics magazine, said there has been some decline in the rate of population growth in Southwest Florida as evidenced by the fact that school enrollment is slightly below forecasted levels.

Edmondson predicted that Southwest Florida and Tampa Bay populations will not decline as some as predicted. Once the current housing correction passes, the region will grow again thanks to an influx of those new baby boomer retirees.

"The supply of retirees for the Tampa Bay, Florida area is about to grow explosively," Edmondson said. Edmonson believes that even though only 20% of Americans aged 60 and older move across state lines when they retire the Tampa Bay area will get more than its share. "The number of people entering their 60s will grow 5 times as fast as it did during the 1990s," Edmondson said. "This is an age group that thinks Tampa Bay is a very attractive place to live."

While not all forum participants were quite as positive, one area developer and home builder said he was sure that Florida will going to continue to grow.

If you're interested in buying Tampa Bay real estate, you may want to buy now before the big surge of baby boomer retirees starts driving prices back up again. For more information and assistance in achieving your retirement real estate goals in Tampa Bay, Florida, please contact me at (813) 263-6806 or visit my Tampa Bay real estate website today. You may also just E-mail me. I'd be happy to be of assistance to you.

Gov Crist Addresses Florida Realtors on Property Tax Amendment

2008-01-27T10:07:00.000-08:00

With “Vote Yes On 1” signs raised high, Florida Realtors greeted Governor Charlie Crist this morning with a standing ovation, thanking Crist for his efforts to cut property taxes. The governor addressed Realtors attending the Florida Association of Realtors® (FAR) Mid-Winter Business Meetings in Orlando.

“When was the last time you could go to the ballot box and pass yourself a tax cut?," he asked. "Tell everyone you see to vote for Amendment 1. It’s critical to Florida’s economy,” Governor Crist added.

Read the Full Story on the Florida Association of Realtors' website. Then please call upon me for assistance in buying or selling Tampa Bay real estate . You may also call me directly at (813) 263-6806 or email me at cheryl@cherylstimac.com

This story, copyrighted by the Florida Association of Realtors, is presented here for your information only

Why Move to Tampa Florida

2008-01-11T11:15:00.001-08:00

Tampa Florida offers many advantages to those considering moving to a warmer climate.

Tampa has beautiful weather year-round. The average high temperature is 82 degrees. The average low temperature is 63 degrees.

The Tampa Bay area includes St. Petersburg and Clearwater and their beautiful beaches and is centrally located on Florida’s west coast on the Gulf of Mexico.

Many public companies have headquarters or major operations in Tampa Bay, creating a healthy business and jobs climate. And, the State of Florida has no state income tax and a sizeable property tax exemption for homeowners.

Tampa is rated # 8th in the nation for recreation. Tampa Bay offers many recreational activities including dining out, shopping, golfing, cruises, water sports, fishing and attractions like Busch Gardens, The Florida Aquarium and Lowry Park Zoo. Tampa Bay is less than 2 hours drive from Orlando with all its attractions.

Tampa Bay is home to many of Florida’s finest golf courses and country clubs.

Tampa was rated one of the Top 10 cities in the United States for the healthiest lifestyle. And it's cost of living is lower than the average of United States cities.

Tampa Bay is home to 25 colleges and universities including medical schools assuring a lively nightlife for singles and young marrieds as well as great health-care, academics and performing arts for residents of all ages.

If you'd like more information on Tampa Bay and its attractive lifestyle, visit my website at http://www.redshoerealty.com/

How to get a good deal on a house! (but remember, good deals do not come perfect.)

2007-11-12T11:23:00.000-08:00

If you want to get a great deal on a home, you must buy from a motivated seller. How do you find a motivated seller? Often, sellers that are going through a job relocation, a divorce, or some other life change are motivated. These sellers are likely to give away equity. And unlike a foreclosure, you get a property disclosure which will give you a history of any home repairs. Also, the seller warrants their statements about the condition of the property. These properties are often in better condition than a foreclosure because the sellers are keeping the properties in “marketing” condition. Your Realtor can help you locate motivated sellers and distressed properties.
Homes that are in the process of selling before foreclosure are often sold as “short sales”. A “Short sale” means that the bank or lender accepts less than the current mortgage balance for the property. Usually, before a lender will agree to a short sale, the seller must be in default (that is they must be behind in their payments, or have stopped making payments altogether.) In these situations, the seller is said to be “over-encumbered” and owing more than the home is worth. A short sale might bring the price in line with market value, but not below market value.
Speed is not a virtue of a mortgage company when they are dealing with short sales. These days, the bank mortgage representative has a stack of files with home sellers that are in the same situation. They are in no hurry to give you an answer as your contract is not on top of the pile. If you are patient, a purchase of a short sale can put you in a positive equity position but don’t make an offer on a short sale property if you need to move into a home quickly.
I have bought and sold many investment properties. My motto is “good deals do not come perfect”. You may not get the perfect floor plan. You may have to paint the interior. You will have to fix things and you will need to clean the carpet and chemically treat the “green” swimming pool. In the end, you will come out with a beautiful home and a strong equity position. This is the typical condition of a pre-foreclosure or newly foreclosured home. Neither the owner nor the bank wants to put money into a property that they are taking a loss on. It is on this type of home where you can get the strongest equity position.
When you buy the reduced price home for your primary residence, you will be able to make improvements and get a return on your hard work. Remember, the tax rules are now written that if a home is your primary home, in most cases, profit when you sell is not taxable. To maximize your profit, buy with the intent to stay in the home for a minimum of 3 to 5 years. This will allow time for the market to improve and for your investment to increase in value.
If buying homes that need work does not appeal to you, in our current market new home builders and sellers of existing homes are giving some wonderful deals. Many are paying all closing costs, and making changes to the home as requested by the buyers. To get a good deal, it is wise to buy when others do not want to. This is the kind of market where you will have them greatest power.