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What You Can Buy For $250,000 In Hyde Park Village July 15, 2010
By David B Moyer
 

Think finding affordable real estate in the popular Hyde Park area of South Tampa is impossible? Think again! Here are some great options located just steps from the popular Village and all the restaurants, shopping, and entertainment it has to offer.

So for those of you who are on the hunt for affordable homes for sale in trendy areas like Hyde Park, make sure you take a look before assuming what you desire is unaffordable. There are always fantastic options available!

Hyde Park Walk

Hyde Park Walk Condominium

3/3.5 – 1860 sf – 1 car garage

This beautiful condominium lays out much more like a townhouse with attached garage and includes all the amenities of the community. The property has multiple levels, and a front porch to relax on. The offering is a short sale which allows a lower price in an amazing location in the heart of the Village.

Seybold LoftsSeybold Lofts

2/1 – 1267 sf – 1 carport

This historic renovated bread factory is now a developer discounted inventory home. Stainless steel appliances, wood floors, and never lived in. The community includes a roof top deck with views of Downtown Tampa, and the building is located just 2 blocks north of Hyde Park Village.

Hyde Park CloisterHyde Park Cloister Condominium

2/2.5 – 1312 sf – 1 carport

This townhouse style condo is closer to Bayshore, and just a few blocks south of the Village. The home offers a front porch, balcony, and the community shares a courtyard for 6 other homes. This residence is full of upgrades from the owner with plantation shutters, hardwood floors, and granite.

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Find Homes With Potential June 15, 2010
By Stephanie Streeter
 

If you’re looking for a deal on a Pinellas County home, most likely what you find isn’t going to be picture perfect.  However, that doesn’t mean that it can’t be.  Like anything else, a home is what you make it.  All you need in order to make it wonderful is potential.  So, what is it that gives a home potential?

Location. Have you ever heard it said that you get a better deal when you buy the worst house in a great neighborhood than you do when you buy the best house in a not-so-great neighborhood?  It all comes down to one thought – location, location, location!

Age. In homes, age can be good or bad.  In the case of a well-maintained historic bungalow, age is a good thing.  In the case of a home where age means old wiring, shoddy plumbing, and a foundation that’s sagging, you’re in a whole different realm.  As a general rule, homes that are 50 years or older will need major repairs if they haven’t had them already, or good upkeep along the way.

Floor Plan. Unless you’re planning a major overhaul, purchasing a home with a basic design that can be lived with is always the best way to go.  Don’t make a floor plan sacrifice you’re not completely sure you can live with your decision.  Once you start deciding you need to move some walls, your wallet will feel the pain.  When looking for your new Pinellas County home keep floor plan in mind.

Light. The homes with the most light also have the most potential – especially when considering resale value.  A home with a good quantity of well-placed windows can make a world of difference in the feel of the place.

Storage. It’s always smart to consider your storage needs when purchasing a new home.  Adding additional space isn’t exactly inexpensive, so consider how much and where you’ll need it.

Of course, everyone is different so this list may not incorporate that workshop in the backyard or loft space that you can use for an art studio.  This will however, give you a place to start when looking for your new Pinellas County home.

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Great Tool For Homeowners June 14, 2010
By Stephanie Streeter
 

Tampa real estate

The National Association of Realtors recently launched a new consumer website called Houselogic.  The free and very easy to navigate site was created to both educate and assist consumers in regards to all aspects of owning a home.  The site is a great resource for both current and potential owners of Tampa real estate, with a wide array of informational articles and news from home finance to home improvement.  Houselogic also features a great project planner, where property owners can organize, plan, and schedule improvements to their home. Buying guides are also available, allowing for owners  of Tampa real estate to make the best decisions when purchasing appliances and more.

Get the most out of your real estate investment, and check out this great free resource!

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Urban Living Made Easier June 11, 2010
By Stephanie Streeter
 

Living in multi-family buildings can be tough, especially in places where sound sometimes carries between units as if the walls between them don’t exist.  If you love your Tampa condo or St Petersburg townhome, or are thinking about purchasing one, but don’t like noise there are solutions for you.  No longer are we just limited to noise reducing products that are more practically suited for remodels or new construction.

United Plastics Corporation has created a noise-reducing product that’s specifically designed for installation in existing homes, offices, condos and apartments.  The product, called dB2-4, is advertised as capable of reducing noise by as much as 75 percent.   Since it’s made from recycled plastic, it’s also green friendly – and can be recycled once again if it is ever removed.  Best of all, once the lightweight product is installed it call be painted over, so there’s no need to sacrifice your decor.

So whether you’re currently living in a Tampa or St Petersburg multi-family environment, or thinking about purchasing a home in one, there’s no longer a need to worry about sacrificing your silence in order to gain the urban lifestyle.

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Myths About Buying Foreclosures June 10, 2010
By David B Moyer
 

Tampa real estateForeclosures Need A Lot Of Work. This can be true, but more often than not homes are only in need of cosmetic repair.  There are of course, nightmare Tampa real estate stories where the whole house needs to be renovated, the electricity is inoperable, or the plumbing does not work properly.  In such cases, the home can become a money pit. In most cases however, the house may need paint, flooring, or appliances, which are items that a lot of new homeowners would possibly change anyway.

Foreclosures Are BARGIN CHEAP. Foreclosures are generally cheaper than standard sales, but they are not quite the savings that most Tampa real estate discount hunters are looking for. Typically bank owned properties require appraisals.  Also, banks will have Realtors give a an opinion of value equivalent to a quick sale in the market. The price may be significantly cheaper than what the original owner paid, but not too drastic from what the current market is. Be realistic with the prices; they may be at maximum 15-25% off the market price, not 50%.

Foreclosures Are RISKY. Buying a foreclosure at an auction on the court house steps can be very risky. The chance that the home carries liens and other loans do exist. Though, typically buyers are looking for bank-owned foreclosures which are treated more like regular home sales.  Plus, the owner is the bank which means it will most likely result in a cleaner transaction.

Foreclosures Do Not Allow Inspections. Again, when you purchase a foreclosure from the court then there is a very small chance for an inspection of the home. When you purchase from the bank, they will allow inspections which enables you to determine prior to closing any major issues the property may have.  Though in almost all cases the home will be sold “as-is”, meaning the bank will not complete and/or pay for repairs prior to closing, the inspection process allows you to add repair costs into the price of the home to get a clearer picture of actual cost.

Make Low-Ball Offers. The banks are NOT that desperate to give the homes away. In fact, more often than not, the homes sell for more than the list price. A foreclosure listing is handled just like regular a Tampa real estate sale, meaning the bank will consider lowering the price after a few weeks if they feel that the price is too high for the market.

You Have To Buy Foreclosures With CASH. This would most likely be the case with a property being sold at a courthouse auction, but not with a bank owned foreclosure. The property is treated like a regular sale, and conventional loans can be obtained. Only if the foreclosure is in really bad physical shape is it possible that it may only be purchased with cash.  The reason for such a situation would be that the property does not meet the standards for loan.

It’s Easier To Buy The Foreclosure With The Bank That Owns It. If you have difficulty getting a loan from other banks because of poor credit and you think working with the existing bank is a viable option, that’s just not the case. The bank just had a bad loan and had to foreclose, and they are hardly likely to provide a low credit buyer with another risky loan. The bank would be happy to provide a new loan to a buyer, but only if they qualified like any other person would.

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5 Reasons Why You Still Need a Realtor June 8, 2010
By David B Moyer
 

Face it, everyone is looking to save money. Maybe your way to do it is driving less to save gas, buying generic brand food, or limiting the designer clothes. Whatever your cost saving techniques might be, they should stop when it comes to buying or selling a house. Buying or selling real estate is a major financial and emotional undertaking, and a transaction that should not be made when flying solo.

1. Access & Convenience to More Homes

Licensed Realtors (Real Estate Agents) act as a liaison between buyers and sellers full-time. They have easy communication lines between other agents, and all Tampa homes for sale. If you are a buyer they will find properties that meet your criteria and schedule appointments. For home sellers, you have to solicit and market your own home, field phone calls, and get back to prospective buyers quickly. You may make an appointment during your work hours and rush home, just to have the person not show up.

2. Negotiating

Have you ever purchased something that someone else owns when they are emotionally and financially attached to the object? It usually does not work out easily for both parties. Sometimes the seller resists selling, or the buyer is not willing enough to pay for it.  An agent serves as a referee between parties and can help to prevent bad blood between parties and negotiate with other agents to get the deal done. The seller’s agent can explain why the owner of the Tampa home for sale is asking for a certain price and research comparative sales, and the buyer’s agent can defend and make strong points about a lower offer.

3. Contracts

The offer/purchase contract has language that can protect both a buyer and a seller.  A skilled professional can easily navigate contracts and ensure the right language is there to protect you from any issues that may occur during a transaction. Whether this is a financing contingency, inspection clause, or other language that can be an “out” for a buyer or seller, a licensed professional is always available to assist if a situation does come up.

4. Professional Obligations

Realtors work under various organizations.  These can include an MLS Board, their Broker, the National Association of Realtors, and so on.  Realtors are held to a code of ethics, laws, and practices. This means if something does go sour with a transaction based on Realtor negligence, there is accountability. Without a Realtor, you are unprotected against a seller/buyer who may just lie in order to get what they want in a transaction.

5. Skipping A Realtor Won’t Necessarily Save You Money

For a Buyer, it usually costs $0 to work with an agent. The commission is typically paid by the Seller. On the Seller side, the exposure and market knowledge gained by working with a Realtor makes a transaction very efficient. Most buyers in the market work with an agent, and an easy way for your home to be missed among all the Tampa homes for sale is to not have it listed with an agent. The extra time the home sits on the market delays the ability to move to your next home, while you continue to pay your existing fees. The effort of fielding phone calls, meeting appointments, and trying to market the home are all time spent – and we all know time is money. In this declining price market, the longer the home does not sell the more the home price may fall.

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Making Moves Easier May 28, 2010
By Stephanie Streeter
 

Hillsborough County HomeNo matter how little or how much ‘stuff’ you’ve actually got, moving isn’t ever at the top of the list of fun things to do.  Once the initial excitement of gaining access to your new Hillsborough County home wears off, the reality of packing, moving, and unpacking soon sets in. It can be a source of aggravation for months if you let it.  To help ease the process, here a some quick tips for simplifying the process.

Plan Ahead. Having a schedule will help to avoid last minute panic. Interview movers early, to ensure that they’re able to work with your schedule and that the prices are inline with your budget.  For long distance moves whether traveling by road or airline, make any necessary reservations for hotels and tickets at least a month in advance to help avoid stress.

Reduce, reduce, reduce! We all seem to accumulate items that have no use, but we end up keeping them anyway.  From old books to clothing to children’s toys – it all starts to pile up.  Prior to a move, it’s best to clean house – it’ll save you both time (when unpacking) and money.  If you haven’t used something in over a year, and it has no sentimental value, consider getting rid of it.   If you’re not going to use it, what’s the point in moving it to your new Hillsborough County home?  Also, keep in mind that donating such items to your local Salvation Army is not only good for your community – it’s also beneficial to the bottom line of your taxes next year.

Change the address. For the month before you move, keep track of the mail you’re getting and make sure to change your address on all your bills, contracts, insurance, financial institutions, etc.  It’s easier to keep track ahead of time, rather than realize too late who’ve you’ve forgotten.

Know It All. Research your mover and read the fine print of the contract.  It’s easier to know ahead of time what they are (and possibly, are not) responsible for.  Also, undertsanding the contract will help you to avoid any unexpected charges.  Most importantly, always make sure your mover is insured.  It’s pretty typical for at least one item to be broken during transit from your old Hillsborough County home to the new one – make sure you’re covered if it should happen to you.

For more tips & tricks on moving visit the FMCSA’s website, ProtectYourMove.gov.

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Costly Mistakes For First-Time Buyers April 23, 2010
By Stephanie Streeter
 

St Petersburg homePurchasing your first St Petersburg home can be an intimidating process.  Knowing where potential problems can pop up along the way can help make the process a little easier.  Below are some things to keep in mind which can sometimes cause hardship for first-time buyers.

Low Credit Woes. Poor scores can cause damage even if a potential home buyer qualifies for a loan.  Borrowers who have low credit scores can end up paying thousands more in increased interest over the term of a mortgage.  Knowing your score and working to build it up over time can save lots of money in the long run.

Superficial Inspections. As a new home buyer, it’s important to be able to keep a tight reign on your finances.  Nothing can be more devastating than being faced with unexpected and expensive repairs after closing.  Make sure a thorough inspection is completed in order to assure your ability to plan repairs and/or upgrades according to your own budget and timeline.

Skipping Contingencies. Talk to your Realtor about adding contingencies to the offer on your new St Petersburg home.  A contingency gives you a potential ‘out’ if the completion of an inspection should return unexpected, deal-breaking results or if financing should for some reason fall through.

Underestimating Insurance. Buyers should be careful about including the cost of homeowner’s insurance when determining whether or not they can afford a property.  Insurance, especially in Florida, can be surprisingly more than one would expect.  To avoid a potential pitfall, be realistic about the numbers.

Overspending Extravaganzas. Lenders continue to check your credit right up until the time you close on your new St Petersburg home – not just when you originally apply for a mortgage.  Be careful about your spending both before and after you apply for a loan.  Too much spending could cause issues with your ability to complete the financing process.

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Buying A Home 101 April 20, 2010
By David B Moyer
 

Tampa Homes For SaleThese days everyone looks before they buy. There is nothing wrong with browsing the internet and window shopping while thinking of the next big life purchase. Just like that fabulous designer dress or shiny new plasma tv, you have to prepare ahead of time to budget and eventually obtain that wishful item. This is no different in real estate, but it can require more dedication and investment in yourself and your future. The time you may spend visiting open houses or mindlessly searching the web for deals on Tampa homes for sale should first be met with some realistic answers.

1. Purchasing a home is not an impulse buy. It’s not an item on a shelf in the check out line that can simply be thrown in a bag. This is a commitment not only to the property itself and its surroundings but also to your job and financial situation. If you do not plan on living in the home for a few years, then purchasing may not be the best idea for you.

2. Know where you stand. Recently the banking industry has increased the standards for borrowing money. One important aspect of that is the need to have a high credit score. It is virtually impossible to obtain a loan with poor credit. It may take anywhere from weeks to months to work on improving your score and making sure all facts are correct.

3. Be realistic. Everyone watches HGTV, and other shows that magnify what “real” homes may look like. Not everyone can buy a Ferrari, a helicopter, and a mansion. Focus in on homes that you can afford. For example, focus on Tampa homes for sale that are worth 2.5 x your annual salary. (i.e. $50,000 x 2.5 = $125,000).

4. Programs & Options. Though times have changed, times have not changed so much that you need to put 20% down to obtain a loan. There are still programs that let borrowers put less money down – FHA loans are an example. The FHA program currently allows a 3.5% down payment. There are stipulations that come along with this loan, so make sure you talk to a professional to guide you to the right properties.

5. Work with a professional. There are two important connections you will make when purchasing a home – your Realtor and your mortgage consultant. There is always plenty of information available from friends, family, the internet, magazines, and news outlets, but the reality is that they are not professionals. You deserve to be assisted by the very best people, whose only interest is making you happy.  They can easily assist you in obtaining your financial and lifestyle goals through the purchase of a home. It costs $0 to have a an agent help guide you through the process of finding a home and assist you in performing any related services. The only expectation a real estate agent has is that they will in turn receive loyalty from you.

6. Know your zone. School zones are important to home buyers. It is always a good idea to buy in good school areas – whether or not you have children of your own.  Though it may not be important to you, it may be important to potential buyers when it is your turn to sell the property.

7. Get pre-approved. This goes along with step 5. It is very important to know exactly what you can purchase – which includes everything from the monthly mortgage payments to insurance, taxes, and HOA fees that will all factor in to your decision of which home to purchase. Understanding your budget is the key to being happy with your house in the future.

8. Be realistic with your offers. Ask your realtor for a Comparative Market Analysis (CMA) of properties which have sold nearby near-by to learn the trends. If other Tampa homes for sale in the area have sold for 5% under the asking price, you may want to offer 10% lower then the asking price. If one of the other sold properties is in line with the asking price or higher, this is an indication that the property is ready to sell. Homes that fit this description do not stay on the market for long – unless the sale is being dragged out by a situation like a lengthy short sale process.

9. Get Inspected. After you’ve found the perfect house and have an accepted offer the next step is getting an inspection. The bank will request an appraisal to determine the value of the home in order to make sure that the offer on the property is consistent with the property’s actual market value.  This allows for the bank to feel confident in the loan. The home inspection is completed entirely for you, the buyer, to feel confident in the home.  It allows for any potential issues to be outlined which may need to be addresses prior to closing and also to make you aware of any possible future repairs which may be needed based on the state of the home.  An inspector, for example can let you know that while the roof is structurally sound currently, it may need to be replaced within 3 years. The idea is to protect yourself from potential problems which may result in the need for expensive repairs down the road.

Now that you’re up to speed on ‘Buying A Home 101′ you’re well on your way to beginning the steps of home ownership!

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Save The Date! National Open House Event April 5, 2010
By Stephanie Streeter
 

National Open House Day

This weekend, April 10th & 11th has been designated National Open House Weekend!  The event is aimed to increase awareness of the benefits of homeownership.  All across the country individual realtors as well as brokerages are planning open houses – and of course, Smith & Associates is too!

We have coordinated our monthly open house event for April to fall on the national weekend, and are exciting to be holding a large quantity of homes open all across Tampa Bay!

To view the Tampa Bay area homes for sale which Smith will have open this Sunday, please visit www.smithhometour.com in order to plan your tour.