22 homes sold in Northdale from March 1st to May 20th 2014. That number is down from 29 homes during the same period last year. (A trend we are seeing across all NW Hillsborough neighborhoods)
Average home sales price did increase 24% over the same period last year to $216,863.
An increase in average price per square foot was also noted, increasing from $90.90 to $104.46 per square foot this year.
At the time of this report, 18 homes are for sale in Northdale.
Looking for help with buying or selling a home in Northdale. Contact me at Mike Galovic Homes and check out the Buyer and Seller Resources to take a step in the right direction.
Wednesday, May 21, 2014
Country Place Market Report: March 1st- May 20th 2014
A total of 19 homes were sold in Country Place between March 1st and May 20th of 2014. This is down from 27 homes last year during the same period.
Home prices took an upswing however. With the average home sales price increasing 9.5% over the past year.
Average price per square foot of homes sold in Country Place also increased, going from $95.5 to $108 per square foot.
At the time of this report, only 10 homes were actively for sale in Country Place.
Looking for help with buying or selling a home in County Place. Contact me at Mike Galovic Homes and check out the Buyer and Seller Resources to take a step in the right direction.
Home prices took an upswing however. With the average home sales price increasing 9.5% over the past year.
Average price per square foot of homes sold in Country Place also increased, going from $95.5 to $108 per square foot.
At the time of this report, only 10 homes were actively for sale in Country Place.
Looking for help with buying or selling a home in County Place. Contact me at Mike Galovic Homes and check out the Buyer and Seller Resources to take a step in the right direction.
Tuesday, May 20, 2014
Carrollwood Village Market Report: March 1st - May 20th 2014
Average sales price increased 12% over the past year up to $316,273.
We also saw an increase in average price per square foot. From $114 last year to $120 this year.
Industry analysts at the National Association of Realtors are expecting Tampa home prices to rise 6% over the course of 2014.
At the time of this report there are 35 homes for sale in Carrollwood Village that have been on the market for an average of 55 days.
Looking for help with buying or selling a home in Carrollwood Village. Contact me at Mike Galovic Homes and check out the Buyer and Seller Resources to take a step in the right direction.
Friday, March 28, 2014
Flood Insurance Update 2: Electric Boogaloo
Here we are again with more coming out about the seemingly incomprehensible new National Flood Insurance Rate Act.
The act, which was signed into law on Friday (March 21st, for those following along at home) included a grace period of 8 MONTHS for FEMA to develop guidance for insurance companies. According to Lisa Jones, a consultant hired by the National Association of Realtors to examine the new law, This grace period is followed by 6 month period that gives insurance companies time to revamp their software to handle the changes.
All boiled down, that means that you shouldn't expect to see immediate changes to the way the way your insurance agent details your flood insurance for some time. In fact, FEMA Administrator Craig Fugate said when testifying before the House subcommittee on Emergency Preparedness, Response and Communications, that buyers may need to work with both their insurance agent and FEMA directly to ensure they are given correct rates under the new law.
If you do happen to have increased rates now or are not able to procure the new rates when you purchase your home. You will be eligible for a refund of the difference in premium levels once the changes are put into effect.
The act, which was signed into law on Friday (March 21st, for those following along at home) included a grace period of 8 MONTHS for FEMA to develop guidance for insurance companies. According to Lisa Jones, a consultant hired by the National Association of Realtors to examine the new law, This grace period is followed by 6 month period that gives insurance companies time to revamp their software to handle the changes.
All boiled down, that means that you shouldn't expect to see immediate changes to the way the way your insurance agent details your flood insurance for some time. In fact, FEMA Administrator Craig Fugate said when testifying before the House subcommittee on Emergency Preparedness, Response and Communications, that buyers may need to work with both their insurance agent and FEMA directly to ensure they are given correct rates under the new law.
If you do happen to have increased rates now or are not able to procure the new rates when you purchase your home. You will be eligible for a refund of the difference in premium levels once the changes are put into effect.
Friday, January 31, 2014
Step Forward in Stalling Flood Insurance Rate Hikes
Thursday the US Senate passed a measure that would stall rate hikes on flood insurance issued by the National Flood Insurance Program.
Many Florida homeowners were seeing their flood insurance rates spike ten fold over the past year, while others were being told they now had to purchase flood insurance because of a redrawing of FEMA flood zone maps.
The rate increases have added a new fear for Florida homebuyers. In a market that is just starting to recover, uncertainty on flood insurance premiums have seized some small markets in the area and caused flood zoned homes to sit unsold.
The bill, which now moves to the House for approval, would stall rate hikes for 4 years so that FEMA can conduct an affordability survey to better asses how and when to raise rates to cover the $27 billion in debt that has accumulated since the program's induction in 1968.
Many Florida homeowners were seeing their flood insurance rates spike ten fold over the past year, while others were being told they now had to purchase flood insurance because of a redrawing of FEMA flood zone maps.
The rate increases have added a new fear for Florida homebuyers. In a market that is just starting to recover, uncertainty on flood insurance premiums have seized some small markets in the area and caused flood zoned homes to sit unsold.
The bill, which now moves to the House for approval, would stall rate hikes for 4 years so that FEMA can conduct an affordability survey to better asses how and when to raise rates to cover the $27 billion in debt that has accumulated since the program's induction in 1968.
Wednesday, January 29, 2014
USDA Extends 100% financing for parts of New Tampa and Wesley Chapel
Many people don't know that the USDA offers a loan program for home buyers. My conversations with clients usually go a little something like this:
"If you're looking for a lower down payment option, the USDA offers 100% financing in certain areas of town"
"The USDA? Aren't they the beef people?"
The USDA offers these loans based on the applicant's income relative to the area's average and if the home being purchased is in a Rural Area, as defined by the department's interpretation of census data. The great news for a lot of Tampa home buyers is that a lot of New Tampa, Wesley Chapel and Land O Lakes is considered Rural, based on census data completed in the year 2000.
The new census data from 2010 and redrawn Rural designation maps were scheduled to take effect in Oct of 2013. This was pushed back to January 15th 2014, and with the passing of the Omnibus Spending Bill by the US government, this was further extended to September 30th, 2014.
Interested in learning more about the qualifications? You can visit the following links below for more info:
http://www.rurdev.usda.gov/SupportDocuments/FL%20GRH.pdf - Florida Income requirements by area.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfhprop&NavKey=propproperty@11 - Map of approved Rural Areas
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do - Catch all site for eligibility requirements and additional information.
"If you're looking for a lower down payment option, the USDA offers 100% financing in certain areas of town"
"The USDA? Aren't they the beef people?"
The USDA offers these loans based on the applicant's income relative to the area's average and if the home being purchased is in a Rural Area, as defined by the department's interpretation of census data. The great news for a lot of Tampa home buyers is that a lot of New Tampa, Wesley Chapel and Land O Lakes is considered Rural, based on census data completed in the year 2000.
The new census data from 2010 and redrawn Rural designation maps were scheduled to take effect in Oct of 2013. This was pushed back to January 15th 2014, and with the passing of the Omnibus Spending Bill by the US government, this was further extended to September 30th, 2014.
Interested in learning more about the qualifications? You can visit the following links below for more info:
http://www.rurdev.usda.gov/SupportDocuments/FL%20GRH.pdf - Florida Income requirements by area.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfhprop&NavKey=propproperty@11 - Map of approved Rural Areas
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do - Catch all site for eligibility requirements and additional information.
Friday, December 27, 2013
Selling Short and Buying Again
It is no surprise that a large portion of the population is still under water on their mortgage. That doesn't stop the fact that things happen in life and you may need or want to move to a different home. So that begs the question. How long after I short sell my home can I get a mortgage for a new home?
The answer isn't so cut and dry and depends on a couple factors.
1. If you are current on your payments with your current mortgage, you can short sell your home (given your banks approval) and can immediately qualify for a new FHA loan.
2. If you are not current on your payments, The FHA has recently relaxed restrictions, but you still must wait 2 years from the short sale to qualify for the new loan. If you can show certain other economic hardship variables such as a decline in household income by 20%, but have otherwise kept up to date with credit payments in 12 months time you can be eligible through the FHA's "Back to Work" program.
All is not lost when it comes to an underwater home. A short sale is certainly better than foreclosure or bankruptcy for all parties involved.
The answer isn't so cut and dry and depends on a couple factors.
1. If you are current on your payments with your current mortgage, you can short sell your home (given your banks approval) and can immediately qualify for a new FHA loan.
2. If you are not current on your payments, The FHA has recently relaxed restrictions, but you still must wait 2 years from the short sale to qualify for the new loan. If you can show certain other economic hardship variables such as a decline in household income by 20%, but have otherwise kept up to date with credit payments in 12 months time you can be eligible through the FHA's "Back to Work" program.
All is not lost when it comes to an underwater home. A short sale is certainly better than foreclosure or bankruptcy for all parties involved.
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