Archive for February, 2008

Property Tax Portability Deadline Looming

February 26th, 2008 categories: Tampa Real Estate, Tips for Sellers, Hillsborough Property Tax

We voted for it-now take advantage of it!

PROPERTY TAX PORTABILITY

Only three days remain: Friday is the deadline for homeowners to apply for a homestead exemption, and, for 2007 home buyers, the last day to apply for property tax portability – the right to take tax savings from a home protected by Florida’s Save Our Homes amendment and transfer it to a home purchased last year.

If you or someone you know moved from a homesteaded property in 2007, you can bring whatever tax savings you had through Save Our Homes with you to your new homesteaded property.

Here’s where to do it:

http://www.hcpafl.org/www/downloads/pdfs/dr501tn0308.pdf

Posted by Lenny Gurvich | 2 Comments »

Does An Absolute Auction Indicate Market Value? Downtown Tampa Condo

February 25th, 2008 categories: Tampa Real Estate, Tampa Condos, Downtown Tampa

Received an e-mail today advertising the absolute auction of a downtown Tampa condo later this week. The seller paid in the mid-$500s for the unit back in late 2006. Now, he’s going to sell it through an absolute auction. That means no minimum bid and no reserve to meet. This condo will go to the highest bidder.

So a quick check on the MLS indicates that the seller has tried to sell the condo through conventional methods, but withdrew it from the MLS back in January. It was priced at $549k when withdrawn.

So will this auction indicate the market value of this unit and similar units going forward? Will they get real buyers? Buyers who are looking to occupy the downtown Tampa condo? Or will it just be “investors” looking for a deal?

I’ll keep track of where it sells (heck I may even attend) and let you know.

Feel free to contact me if you want details on this absolute auction of a downtown Tampa condo.

Posted by Lenny Gurvich | 6 Comments »

Swelling Supply Of Tampa Homes For Sale

February 22nd, 2008 categories: Tampa Real Estate, Tampa Market Conditions

So much for supply getting scaled back. The number of homes for sale in Tampa has risen substantially since the first of the year. This is to be expected as the prime home selling season is approaching. But we’ve got over 1000 more residential properties available as compared to this time one year ago. And we’ve got over 700 new listings since the turn of the New Year.

How about demand? Demand is rising as well. This is also to be expected as we come out of the slow season for Tampa real estate. But there were about twice as many properties under contract a year ago as compared to today.

I’m not shedding any great light on the fact that the market has only slowed in the past 12 months. One only needs to read the print media headlines occasionally to figure that out.

So why buy in this market? One compelling reason to buy in this market is the availability of homes. The likelihood that a buyer can find that dream home is certainly the highest it has been in a long time. Another compelling reason is that buyers will most likely not be be rubbing shoulders with other interested buyers. Sellers are willing to listen to buyers requests and make reasonable concessions to get a property sold. How about the cost of money? Rates remain very low right now. Should rates go up, it could erase any benefits of waiting for further price declines.

But so many would-be home buyers are waiting for a sign that all is well. Waiting for a sign that the market has shifted. Waiting for a sign that the final bottom has been reached and we are on the right side of the “V” (related post). And by then, all the aforementioned reasons to buy may be gone.

Get Future Reports By E-Mail!: Delivered by FeedBurner

Posted by Lenny Gurvich | 1 Comment »

The Importance Of The Pre-Listing Inspection Part II

February 19th, 2008 categories: Tampa Real Estate, Home Inspection Tips, Tips for Sellers

I’ve written before about the pitfalls of not having a home inspected before the marketing process begins. And this morning I get an e-mail from an area inspector with the subject:

Avoid Surprises With A Pre-Listing Inspection

And that’s great advice, trust me. Why? Because as a seller, in a buyer’s market, you don’t want needed repairs of which you were previously unaware chasing your buyer away or causing the need for further negotiations. A second round of negotiating could (and does) lead to a deal gone bad.

But many sellers don’t want to fix things until they have a buyer. That’s risky business. As a seller you’re much more likely to get a better offer, and lower the risk of a buyer walking, if you’ve made the needed repairs before listing the home for sale.

Tales of Two Deals

I’m representing a buyer right now in the purchase of a 60 year old home in which we knew, going into the deal, that there were issues. But the inspection turned up more issues that we would have liked. Now we negotiate further to see if the seller will make the repairs, many of which are needed before the buyer can obtain insurance. No insurance-no loan-no deal!

At the same time I have a seller client who took my advice on the pre-list inspection. The sellers took care of the needed minor repairs. We are entering into a contract as of today with a prospective buyer with whom we were able to communicate the condition of the home. We provided the seller’s disclosures and let the buyers know that the home had been professionally inspected and that repairs were made. The buyers will get their own inspections done of course, and we are confident that any deficiencies will be minor, if any.

The inspectors e-mail says it best:

“A pre-listing home inspection can uncover previously unknown problems - major and minor - allowing sellers the opportunity to make repairs or replacements as needed. By addressing these issues before the home goes on the market, you can list a home with confidence in its condition and will have a better chance of maximizing its value. Being aware of issues in advance will also allow for disclosure of problems when selling, which can result in cleaner offers and a smoother transaction for both parties.”

From Pillar To Post Home Inspections
Right he is!

Posted by Lenny Gurvich | No Comments »

Searching Homes For Sale In Tampa Florida

February 12th, 2008 categories: Tampa Real Estate, Tampa MLS, Homes For Sale in Tampa

We’ve made it easy it search for homes for sale in Tampa, Florida with our Tampa MLS search site, SearchTheTampaMLS.com. With virtually all central Florida MLS listings included, this is the only home search site you’ll need for Tampa Bay area home listings.

One of the great features of SearchTheTampaMLS.com is the map search. Simply select an area of the map, enter any additional criteria, and the results are displayed graphically on the map for you.

You can also save your search criteria and get an automated e-mail alerting you of new listings matching your criteria. Give it a test drive at SearchTheTampaMLS.com.

Posted by Lenny Gurvich | 2 Comments »

« Previous Entries

Also Noteworthy

How's The Market In Your Neighborhood?

 

Real Estate Blogs

• Real Estate Blogs
• REagent
• Clearwater, FL Real Estate

What I'm Reading

• Dave's Backcountry Ski Blog
• Funny Stuff
• Get Your Grill On
• Retro Renovation
• Atomic Addiction

Tampa Blogs

• FloridaFoodHound
• Devil Rays Blog
• Sticks of Fire