South Tampa Homes

TORONTO – Aug. 6, 2010 – Mary and Ron Ethier long believed a getaway home in the Florida sun would remain a retirement dream, but when a recent real estate turnaround opened the border to a growing flock of snowbirds, the couple suddenly saw an opportunity too tempting to pass up.

“We just felt with the prices that were happening down there, that it was out of our reach financially,” said Mary Ethier from her home in Pembroke, Ont. “But when their real estate market basically took a big hit and the Canadian dollar came up, we thought if we’re ever going to do it, now’s the time to get off our butts and go and do it.”

The couple, too busy with their lawn-care franchise to enjoy Ontario summers, toured homes in the Fort Myers, Fla., area in the fall of 2007 and made a lowball offer, expecting to negotiate, but instead found their deal accepted.

By January, they owned a condo in a gated community, a property foreclosed upon when the U.S. housing bubble burst and home prices began to plummet and many American homeowners realized they could no longer pay their mortgages.

The loonie has since risen to hover around parity while U.S. home prices have stagnated, creating new financial incentives for Canadians to act fast and scoop up American real estate deals.

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

The Sun Belt states of Texas, Arizona, California and Florida are favorites, while there are also deals to be had in Nevada and Georgia. The average price of a home in Phoenix, Ariz., is US$144,600, compared to $432,253 in Toronto.

“People are buying $40,000 to $50,000 condos in Phoenix right now. Condos (in Toronto) are selling for $400,000 to $500,000,” Dziedzic said. Taxes, condo fees and closing costs are also generally less expensive in the U.S., he added.

Prices in most U.S. regions have steadied after falling for three years, but a high number of foreclosures persist, lowering prices, especially in Florida and Nevada, said Bank of Montreal mortgage specialist Laura Parsons.

“This is the time to buy if you’re going to,” she said.

“I think you’ve got to look at this as a long-term investment because you’re getting such a deal. You’re going to have to hang on to it for a while,” and ride out any further downturns before the market picks up again, she said.

There is a fine balance between rushing to buy and waiting for lower prices. Economists predict the U.S. housing market will remain soft, but it’s futile to make decisions based on where a currency or a housing market is going.

“I don’t think you need to rush down and get a place, but the good stuff in the lower price range … those are moving. The good ones come up and they’re sold,” Dziedzic said.

Buying real estate in the U.S. is becoming easier for Canadians as more snowbirds snap up getaway homes. But experts caution that the buying process, which takes about three to four months, is a different beast.

© The Canadian Press 2010

Daniel Haynes

Technical Sergeant USAF

JCSE MacDill AFB

To Whom It May Concern:

Please use this testimonial as my endorsement for Buster Levin toward his nomination for the Tampa Bay Real Estate Young Professional of the Year.  We recently relocated to MacDill Air Force Base and Buster helped us find a place to live and saved us thousands on our home purchase along with extending his MacDill Mover’s Rebate Program to us which saved us an additional $2500 over the $10,000 he had already saved us on the purchase price.

Colby and I would like to thank you for everything that you have done for us. The day after Christmas you were ready and waiting for us to arrive at your office and start looking for a home at our new duty location.  Having dealt with a few Realtors in our past we were skeptical and thought that we would be shown a bunch of houses that were not in our interest. You were very in tuned to our needs as a military family and are extremely knowledgeable about the military in your community. Being active duty it is quite refreshing to see someone in the local community take such good care of their military neighbors. We were almost overwhelmed with moving from North Carolina to Florida, you have made things so much easier for us by being available anytime we had a question and even better yet, knowing the answer to our questions. We were very grateful that you had found a way to keep some fiancés in our favor with your MacDill Mover’s Rebate Program. Your program made it possible for us to purchase a new home and receive a $1000 check at closing…wow! I would challenge any realtor to show as much dedication and care to what they would call clients or customers that Buster shows to his clients that he considers friends.  Outside of being an example for other Realtors to mirror, Buster is a great person to know. We could tell right away that he had an interest that extended beyond that of a realtor.  His dedication to us as people is amazing!  He has taken customer service to a whole new level in the Real Estate community.

Sincerely,

Daniel D. Haynes

Colby Haynes

FHA key to housing rebound, Realtors tell Congress

WASHINGTON – April 13, 2009 – The Federal Housing Administration (FHA) is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market, the National Association of Realtors® told the Senate Appropriations Subcommittee Friday.

“Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight,” says Lennox Scott, a member of NAR’s Real Estate Advisory Board. In his testimony, Scott shared NAR’s belief in the importance of FHA, and he voiced concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.

“We believe that FHA has done a good job stepping up to today’s market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff,” Scott says. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent.

NAR suggests a number of FHA improvements to help maintain safe and affordable FHA loan products, such as investment in staff and technology; increased oversight and risk management; technical correction to help implement FHA programs; and monetizing the $8,000 first-time homebuyer tax credit so buyers may apply it toward the downpayment.

“The U.S. Department of Housing and Urban Development has made a number of important and valuable changes to FHA over the years that have enabled it to stand up to the challenges of today’s mortgage market,” Scott says. “FHA is now a principal source of financing for millions of America’s families, and without it, the economic crisis would be significantly prolonged. This is why it is so important to invest in FHA improvements and advancements.”

NAR pledged to continue to work for FHA reforms that will ensure the continued success, availability and safety of FHA mortgage insurance programs.

There are many good deals I’m seeing in the South Tampa market today that are foreclosures and short sales.  The short sales are a bit trickier to land, but I’ve experienced some recent success getting the lender to accept a low offer.  I just had one approved that was listed at $165K and we offered $135K.  The buyer thought I was crazy sending him that one because he was only approved at $135K.  I told him that you never know what they will take until you submit an offer.  To his delight, they accepted the $135K and he ended up getting the opportunity to own a much nicer home than he thought he would get.  It even had a very nice pool.  Foreclosures, REO’s (Real Estate Owned), and Bank Owned properties which are all the same thing, are a little easier to pick up.  Typically, we are seeing a 48 hour turn around on a response from the bank to an offer.  Unfortunately, you are up against cash buyers most of the time on the really good ones, but many will accept conventional financing and FHA.  Most are in an unacceptable condition for FHA, but not the FHA rehab loan which is becoming more and more popular.  I would be happy to go over any of the above information more in depth with you if you have interest in looking at your options.  To view South Tampa homes for sale, please click here and go to the featured listings page.

Many homes in the South Tampa area are in the $150,000 and below price range.  What a great opportunity for anyone to purchase a home at 3.5% down with FHA. It’s a buyers market and people should take advantage. Under the FHA guide lines a seller can contribute up to 6% of closing cost. I am a hands on Realtor which means that I help my clients find a home, have a professional inspect the home and help with finding the right professional to do the repairs if needed.  I try to create a long term beneficial relationships with all of my clients.

Tax credit might be shot in the arm for first-time homebuyers

TALLAHASSEE, Fla. – April 7, 2009 – A coalition of powerful groups, including the Orlando-based Florida Association of Realtors, is lobbying the state to find a way to advance first-time homebuyers a new, $8,000 federal tax credit designed to spur home sales.

Many first-time buyers have the income and credit to qualify for a home loan but need help with the downpayment, said Cynthia Shelton, an Orlando Realtor and current president of the statewide trade group. Fronting the money for the new tax credit could draw more qualified buyers into the slumping home market sooner, she said.

A study by Miami-based economist Antonio Villamil concluded last week that “front loading” the tax credit, part of the federal government’s stimulus package, would give Florida’s economy a significant boost – equivalent to creating 33,206 jobs and generating $514 million in federal, state and local tax revenue.

“I was in Tallahassee last week and I met with some senators. We’re pressing like mad to get this through,” Shelton said.

But with state lawmakers rushing to complete their annual session by May 1, the chances of passing any such bill are remote, so other avenues are being explored, said Walt Dartland, executive director of the Consumer Federation of the Southeast.

“The Legislature may or may not play a part,” Dartland said Monday from Tallahassee. “It’s true, we are out of time” for passing a new law from scratch. Other options being researched that might not require legislation, he said, include leveraging some of the resources of the Florida Housing Finance Corp., which already has a down-payment assistance program. Qualifying homebuyers would sign over their tax credits to repay the fund.

In addition to the Realtors and the consumer federation, the alliance now urging the Legislature to consider the home-financing proposal includes the Florida Home Builders Association, Florida Bankers Association, Florida Credit Union League, Florida Manufactured Housing Association and Florida Association of Mortgage Brokers.

Supporters of what the consumer federation is calling the “Florida formula” said the state has a short time in which to act because the tax credit is for homes purchased by the end of November. A tax credit is a dollar-for-dollar reduction in federal taxes owed.

Steve Auger, executive director of the Florida Housing Finance Corp., said the agency has provided $66 million in downpayment assistance since 2007, but its ability to continue doing that is jeopardized by the possibility that lawmakers may commit all of the housing agency’s trust fund to the general fund this year because of a record budget shortfall.

“I would hope the legislators would think long and hard about that,” Auger said.

Dartland said that another idea being discussed would involve the state issuing short-term notes that could be sold to participating banks. Those notes could then be repaid with the homebuyers’ tax credits.

Copyright © 2009 The Orlando Sentinel, Fla., Jerry W. Jackson. Distributed by McClatchy-Tribune Information Services.

Government considers propping up federal loan program

WASHINGTON – April 3, 2009 – The Obama administration soon may be forced to subsidize the government’s mortgage insurance program with taxpayer dollars as economic troubles cause defaults and foreclosures to surge.

No decision has been reached, officials said Thursday at a Senate subcommittee hearing focused on the fiscal health of the Federal Housing Administration. But if the agency’s losses grow too high, the FHA would be forced to raise money – either by increasing insurance premiums on new borrowers or seeking a subsidy from the federal budget.

President Barack Obama’s housing secretary, Shaun Donovan, told senators that officials are evaluating whether aid for FHA will be needed as part of the administration’s $3.6 trillion budget for next year.

However, Donovan said FHA is “unlikely to face the catastrophic losses borne in the subprime sector.” That’s partly because the agency has more conservative standards than the subprime lenders that fueled the housing boom. It also didn’t back loans for more expensive properties that have plummeted in value, particularly in places like California, he said.

As of February, 7.2 percent of loans backed by the FHA were either 90 days overdue or in foreclosure, up from 5.8 percent in August. “Based on the numbers we’re seeing, I think it’s going in the wrong direction,” said Kenneth M. Donohue, inspector general for the Department of Housing and Urban Development.

Lawmakers, meanwhile, are worried taxpayers will be stuck with the final bill.

Sen. Kit Bond, R-Mo., called the FHA a “powder keg” waiting to explode, and said Congress and the Obama administration shouldn’t place a greater financial burden on the already strapped agency. “The taxpayer credit card is maxed out,” Bond said.

“My constituents have been clear that they don’t want to wake up to learn that Congress has taken steps that leave the taxpayer holding the bag,” said Sen. Patty Murray, D-Wash. “That is exactly what could happen if the FHA is pushed to buy loans that could go bad soon or down the line.”

The FHA became the main source of home loans to borrowers with poor credit and low down payments after the subprime lending market’s collapse. It allows borrowers to take out home loans with down payments as low as 3.5 percent, compared with 20 percent for a typical loan that doesn’t require mortgage insurance.

FHA loans are made through by banks, insured by the government and sold as mortgage-backed securities by Ginnie Mae, the government’s mortgage finance agency. The FHA currently backs around a third of new home loans, up from about 3 percent in 2006.

To combat fears that shady mortgage lenders are feeding fraudulent loans into FHA, Donovan said the government has activated “SWAT teams” that will conduct unannounced inspections of lenders whose loans are showing unusually high default rates. The agency has the right to revoke lenders’ ability to do business with FHA.

Obama last month nominated real estate industry veteran David Stevens to head the FHA. Stevens is currently president and chief operating officer of Long and Foster Cos., a Chantilly, Va.-based real estate brokerage. The position requires Senate confirmation.

Meanwhile, a program launched by former President George W. Bush’s administration to assist troubled borrowers has been canceled. The “FHASecure” refinancing program announced with great fanfare in August 2007 produced disappointing results, aiding few delinquent borrowers, and was allowed to expire at the end of last year.

Copyright © 2009 The Associated Press, Alan Zibel (AP Real Estate Writer). All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Six reasons why it’s still a good time to buy

NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Want to learn more about the home buyer tax credit? You can sign up for NAR’s upcoming Webinar, “Build Your Business Using the Improved Home Buyer Tax Credit” set for April 28.  For more information click here.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

There are many good deals I’m seeing in the South Tampa market today that are foreclosures and short sales.  The short sales are a bit trickier to land, but I’ve experienced some recent success getting the lender to accept a low offer.  I just had one approved that was listed at $165K and we offered $135K.  The buyer thought I was crazy sending him that one because he was only approved at $135K.  I told him that you never know what they will take until you submit an offer.  To his delight, they accepted the $135K and he ended up getting the opportunity to own a much nicer home than he thought he would get.  It even had a very nice pool.  Foreclosures, REO’s (Real Estate Owned), and Bank Owned properties which are all the same thing, are a little easier to pick up.  Typically, we are seeing a 48 hour turn around on a response from the bank to an offer.  Unfortunately, you are up against cash buyers most of the time on the really good ones, but many will accept conventional financing and FHA.  Most are in an unacceptable condition for FHA, but not the FHA rehab loan which is becoming more and more popular.  I would be happy to go over any of the above information more in depth with you if you have interest in looking at your options.