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Archive for September, 2006
Long Time Since Tampa Homebuyers Had it So Good
September 22nd, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions
Prospective buyers of Tampa residential real estate have not had it this good in quite some time. The inventory of available homes continues to increase and mortgage rates continue to remain very low.
As the chart above shows, the trend of an increasing inventory of homes continues as does the trend for a decreasing number of homes going under contract (pending). This obviously puts the homebuyer in a favorable position. So why do we not see more more homes selling? The two primary reasons are because buyers are wary and are waiting to see where home prices go from here, and many sellers are not yet ready to lower prices. This leaves a big gap between perceived values of homes for buyers vs. sellers. This makes it more difficult for buyers and sellers to come to terms.
Tips For Selling in a Buyers’ Market
Another Beach Park Condo Proposal Fails
September 21st, 2006 categories: Tampa Real Estate, South Tampa, New Projects (Condos)
Once again Tampa’s City Council has refused to rezone a Beach Park area property for high rise condos. I think this makes it clear that we will not see any high rise condos on the northwest shore of the Interbay Peninsula as we will see a few miles to the south.
This also makes it clear that the Beach Park homeowners’ association has a lot of power and influence in what happens around their neighborhood. They were concerned about the traffic that the development would create in and around their neighborhood. They also were opposed to the Clarion Hotel on Kennedy being rezoned to convert to condos and that was shot down recently by the Council as well.
The Council noted that the recently proposed project at 5600 Mariner St. would not fit the character of the area.
Effect of Property Taxes on Tampa Home Prices
September 19th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa Market Conditions
“The tax assessments have entered an area where new buyers may be able to afford a home but cannot afford the taxes. The Save Our Homes Amendment while helping to keep taxes low for those of us living in a home long term, has in the past kept the number of listings low as there is no incentive to move when your taxes may triple or more. The large number of listings is now due to the number of late investors in the market who cannot sustain their mortgage and taxes.”
This is a recent quote from an unknown respondent to the University of Florida Center for Real Estate Studies’ 3rd quarter survey.
In recent years I wondered why there were not more complaints from homeowners about the rising taxes. As property values rose, local governments continued to accept the increase and adjusted their budgets upward to make sure the additional dollars were spent. Only recently was the Hillsborough County millage rate reduced by a couple of mills or so. Then The Tampa City Council voted to cut their budget by $3.3 million, a move that really won’t make much difference in our tax bills.
I’ve been in my homesteaded property for 10 years now so my annual property value assessment increases have been limited thanks to the Save Our Homes Ammendment. If I decided to move into a different home here in South Tampa, I’d pay more monthly in taxes than I ever paid in PITI on my current home!
The unknown respondent quoted above makes a good point in suggesting that much of the inventory of residential homes on the market is owned by investors, who recently got their tax bills.
The cost of home ownership in Florida specifically due to higher taxes and insurance rates threatens to push home prices downward so that more can afford these higher costs. Both need to be addressed sooner than later. Something has to be adjusted downward to keep Florida homes affordable. Either taxes and insurance or home prices.
Taxing Authority Budget Hearing Dates
Tampa Residential Real Estate Inventory Update
September 15th, 2006 categories: Tampa Real Estate, Tampa Homes, Tampa MLS, Tampa Market Conditions
As compared to a week ago:
50 more residential properties listed for sale in Tampa and 40 less properties under contract (pending status).
Mortgage Rates See Slight Drop
September 15th, 2006 categories: Tampa Real Estate, News on Interest Rates
According to Freddie Mac, mortgage rates around the USA dropped slightly this week and still remain below 6.5% for a fixed rate 30-year loan with a 1/2 discount point.
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