Fall 2009 Tampa Real Estate Update

Thankfully, the market is continuing to improve! Prices are still low, but they’ve stopped falling and more and more houses are going to contract every day! There are many great loan options and interest rates remain low! People who want to use an FHA loan only need 3.5% down and a new great option for that was just passed! See “Use the $8K Tax Credit Toward Your Down Payment” below.
Another great opportunity is the USDA loan which allows for over 100% financing in certain areas most affected by this crisis where it’s believed that the equity growth will be steep upon recovery. One of the places where these loans are available is in Pasco County where buyers get the advantage of newer homes, lower prices and lower taxes as well.

Florida existing home sales:
(month-to-previous-year comparison) UP 28%

Florida existing condo sales:
(month-to-previous-year comparison) UP 45%


Use the $8K Tax Credit Toward Your Down Payment or finance 102%!!

Talk about waiting ‘til the last minute! We’ve been hearing promises for months that it would soon be possible for first time buyers to use the $8,000 as their down payment. Unfortunately, they’ve been mostly empty promises, until now! I know of two local lenders who are offering this Golden Ticket to owning your first home, but you must close by Nov 30, which is only a few weeks away! Harder still, is finding a home that can close that quickly because so many are short sales!

If you or someone you know may qualify, contact one of the agencies below immediately to get pre-approved. If you are able to take advantage of this great opportunity, contact me right away so that I can help you close on a house in time!

http://www.suncoastfcu.org/Default.aspx?tabid=440

http://www.hometown-lenders-llc.com/

Even college students could greatly benefit from purchasing a condo close to school. For the money that would otherwise be paid and gone to either a dorm or an apartment, that money could instead become an investment for that student’s future. Why throw the money away, never to be seen again, when you could purchase a property, claim a tax credit for the purchase, then benefit from double the equity with 4-5 years? Most students usually have roommates, so that money could go toward the expense of holding the property as well. Investment in real estate is the best way to combat the economic fall-out.

Retirees are another group who can use the real estate market to help offset losses from other investments. Prices are so low that the money saved from buying now can go a long way in helping to even out losses.

This is a great time to buy!