U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-06-2013, 09:28 AM
 
Location: Pinellas Park Florida
210 posts, read 503,518 times
Reputation: 157

Advertisements

My observations of being a home inspector here in the Tampa Bay region..

Seems the big guys have had their fill. What's left are the worse of the worse.

It seems the banks are releasing a few of these foreclosures a little at a time. I suppose it's to test the market or more likely to control it.

I'm already seeing the flipped homes coming back. Yes they have issues. So don't be fooled.

Homeowners who have stuck it out and are now listing their properties are seeing multiple offers. Fast sales provided their property has been well maintained and shows well.

Cash buyers are still king

Closings still are taking a long time due to lending institution requirements.

FHA 203k's are catching on.

Low interest rates are still here but your credit score has to be up there to qualify.

Oh I also have a small rental property (duplex) Small 2bed 1 bath in Fossil Park. Seems like I'm not going to get the 650.00 a month rent, I so thoroughly enjoyed. Might have to lower the rent in order to get it rented to quality tenants. Still holding out though.

Blackstone, big investors slow their $800 million Tampa Bay home-buying binge | Tampa Bay Times

Please adjust for errors +- 100%
Reply With Quote Quick reply to this message

 
Old 10-06-2013, 09:49 AM
 
13,572 posts, read 9,235,347 times
Reputation: 4360
The one big home buying company i loaned money 2 has slowed way down. Repeat of 08 is coming. Flood Ins will kill off the rest for many areas.
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 11:48 AM
 
25,780 posts, read 38,992,690 times
Reputation: 13782
Quote:
Originally Posted by thession View Post
My observations of being a home inspector here in the Tampa Bay region..

Seems the big guys have had their fill. What's left are the worse of the worse.

It seems the banks are releasing a few of these foreclosures a little at a time. I suppose it's to test the market or more likely to control it.

I'm already seeing the flipped homes coming back. Yes they have issues. So don't be fooled.

Homeowners who have stuck it out and are now listing their properties are seeing multiple offers. Fast sales provided their property has been well maintained and shows well.

Cash buyers are still king

Closings still are taking a long time due to lending institution requirements.

FHA 203k's are catching on.

Low interest rates are still here but your credit score has to be up there to qualify.

Oh I also have a small rental property (duplex) Small 2bed 1 bath in Fossil Park. Seems like I'm not going to get the 650.00 a month rent, I so thoroughly enjoyed. Might have to lower the rent in order to get it rented to quality tenants. Still holding out though.

Blackstone, big investors slow their $800 million Tampa Bay home-buying binge | Tampa Bay Times

Please adjust for errors +- 100%
There are new guielines for flipping homes and some cases it requires 2 appraisals and the lowest will the one they usually wil go with as the value.

Many investos who re flipping homes only have performed minimum cosmetic repairs which make them look great for the eyes only!!! So buyer be aware and have someone inform you about the previous issues that easily can be find by a professional and buyers don't pay the agent so better hire an agent than regret later.

Rentals go fast and in most areas prices have increased.

There are new guidelines for buyers who had to do a short sale and in some cases they can buy even 1 year after they closd on teir short sale if they had to do it due to 30% loss of income. Not for the ones who did a strategic short sale like many have done.

Btw times are over for strategic short sales when it comes to FHA loans!!! But sooner than later there will not be any short sales performed since the values have gone up.
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 12:05 PM
 
Location: Places you dream of
20,061 posts, read 12,033,509 times
Reputation: 8697
open the doors for people who want to live and fix the homes. see all those people in HD n lowes etc they investing in their own homes. anyhow with the shutdown the real estate people are depressed.
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 12:27 PM
 
Location: North of South, South of North
8,706 posts, read 8,777,418 times
Reputation: 5072
Quote:
Originally Posted by bentlebee View Post
Btw times are over for strategic short sales when it comes to FHA loans!!! But sooner than later there will not be any short sales performed since the values have gone up.
Does that mean there will be "long sales" instead?
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 12:32 PM
 
Location: North of South, South of North
8,706 posts, read 8,777,418 times
Reputation: 5072
This is great news IMO. The investors bought up low priced and/or distressed homes fast an furious, getting them off the market and helping to swing the market to a sellers market. This helped increase values enough so regular sellers can now put theirs up for sale. Now with rates up, but still affordable, regular buyers are jumping in and investors are moving more toward balance.

Times are good and the market is working its way to a balanced one.
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 02:41 PM
 
Location: Tampa Bay Area
169 posts, read 991,245 times
Reputation: 172
Default So something to consider

Quote:
Originally Posted by PriusH8r View Post
This is great news IMO. The investors bought up low priced and/or distressed homes fast an furious, getting them off the market and helping to swing the market to a sellers market. This helped increase values enough so regular sellers can now put theirs up for sale. Now with rates up, but still affordable, regular buyers are jumping in and investors are moving more toward balance.

Times are good and the market is working its way to a balanced one.
So something to consider - as you see the pressure on the buy side of multiple offers coming in is this... yes, volume is up - but pricing (relative to the hey day - at least in Tampa Bay) is not. Not yet, but it's coming.

There are A LOT more qualified buyers in the market and there's limited supply of homes for sale - so, that will drive pricing up eventually. It will recover pretty quickly but the financial system must control this and let the "pressure" in the market release slowly. Nice to finally see deals getting done again but fundamentally we must get health in the banking system back and it is getting better but it's not fully there yet. And it doesn't happen at 3.5% loan rates. Fully expect this will climb rather soon. Read on.

BTW - this did not happen over night. The melt down was huge, is not completely cleared up, could return (but at this time probably won't for a while for a handful of reasons) but the credit for this belongs squarely to Timothy Geithner and Ben Bernanke for the remarkable job they did at the Treasury stablizing the economy and helping to keep it from getting worse when it was remarkably bad (and not shocking the system - when they knew it was really bad). There are going to be a lot of people that don't agree with that statement - but the facts support the remarkable job that was done - and history will continue to validate the wisdom of what these remarkable men were able to do to keep it from getting worse.

Back to the recovery... consider since the peak of the market in July 2006 (Tampa Bay market peak) it has been 7 years - 7 years is a magic number. Want to know why? It's the amount of time it takes to repair a credit report.

Think about it - during this time, the credit reports of the front end of the foreclosures have healed and those people are able to buy back in, and - add to those people - about 3.5 million people a year age into the home buying population (divided by 2.3 people per household) that means about 1.5 million new US households per year. This means that there are now a little more than 10 million NEW households of prospective home buyers that may not have been absorbing homes during the downturn because it wasn't at "the bottom" or they might not have qualified because of limited job opportunities (they might have been living with mom/dad or renting but as jobs improve may now be able to buy homes).

Each year those people with the foreclosures from back in 07, 08, 09 will roll off the bad credit reports and return to the ability to buy. Each year about 1.5 million new households are created.

There is quite a bit of pent up demand - few new homes have been built over the last 7 years - there's been limited capital for land purchases and with the inventory of distressed product that had been there before, home builders didn't run out and start building. So they have catch up to do. That's why you're seeing new construction moving again.

Given enough time the US economy heals by itself. But 3.5% loans isn't really a good thing either. That number has to climb - and it will. They need to raise it too keep things from getting crazy with reverse yield curves - others buy the risk (including your pension fund). The lenders and the bond markets need to keep the ratios reasonable, everyone that takes a risk should share a risk and it affects us all.

US home sales and mortgages are big business and what happens in those markets affect us all - world wide. And yes, it's getting better - better for all of us.
Reply With Quote Quick reply to this message
 
Old 10-06-2013, 03:24 PM
 
Location: North of South, South of North
8,706 posts, read 8,777,418 times
Reputation: 5072
Quote:
Originally Posted by ntfeldman View Post
So something to consider - as you see the pressure on the buy side of multiple offers coming in is this... yes, volume is up - but pricing (relative to the hey day - at least in Tampa Bay) is not. Not yet, but it's coming.
Prices have been doing great. I am confused about your statement, being in real estate yourself.

Tampa Bay home prices make highest year-over-year jump since housing boom | Tampa Bay Times

"Tampa Bay home prices last month made their highest year-over-year jump since the housing boom, soaring 27 percent over July 2012"


Tampa area median home price surges 23.1% over year

"Tampa area median home price surges 23.1% over year"


Tampa Bay housing sales, prices leap in July

"there’s no doubt that a tight supply of houses overall is causing some of the steepest price increases in years"


Home prices up 14.5% since January in Tampa Bay | wtsp.com

"Home prices up 14.5% since January in Tampa Bay"
Reply With Quote Quick reply to this message
 
Old 10-07-2013, 04:21 AM
 
1,106 posts, read 1,946,699 times
Reputation: 954
If you know anything about real estate (and a little bit about math), you would also know that those numbers are dramatically skewed by the $50k fixer-upper homes completely disappearing from the market.

When you remove those and do an apples-to-apples comparison (like the Case-Shiller index), the price gains are significantly less than the massive realtor-manufactured numbers quoted above.
Reply With Quote Quick reply to this message
 
Old 10-07-2013, 05:56 AM
 
11 posts, read 23,145 times
Reputation: 74
I don't think Tampa is a heathy market. The prices are low and they seem to be going down. Higher rates will mean more price declines. Allthough I'm not sure how all these 100k homes can go lower but I suppose they can. Not a good sign.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 09:49 PM.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top