Archive for February, 2009
Buying Clearwater Florida Real Estate? Good Tampa Mortgage News this Week
February 22nd, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Tampa Mortgages
Clearwater Florida Home Buyers get good Tampa Mortgage News
Clearwater Florida – After the recent Government rollout…..Everything old is new again.
Conforming Tampa mortgage loans are limited by loan size, based on “typical” housing costs for each area around the country. The current conforming limit on a single-unit property is $417,000.
Anything over that is considered a “Jumbo Loan” and comes at an added expense which explains by most recent beach sales are under $500,00 or well over $1,000,000. Recently when helping a family purchase a beach condo we realized how the lack of mortgage options for our high priced Clearwater beach properties was effecting the buyers ability and desire to purchase a Clearwater Beach condo they wanted.
Historically, Clearwater Beach property sales increased along with prices because of the ability to get loans for these luxury oceanfront properties- while no one wants the irrational exhuberance we saw in 2005 and 2006 we also need reasonable credit options today for high priced properties or that fact alone will lead to the continued decline in their value. Limiting credit limits the number of possible buyers.
If there are fewer people who can buy these condos it means Clearwater Beach properties will remain stuck in a strong buyers market with continued downward pressure on property sales prices. We are even finding some local banks asking for 30-50% down on condominium purchases so hopefully we’ll see a loosening of the local lending policies for our luxury beachfront condos in Clearwater
Related: Fannie Mae puts extra hurdles on Clearwater Condo Mortgage options
Last year in 2008, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increases in “high-cost” areas around the country. In Los Angeles County, for example, a mortgage could be as large as $729,750 and still be considered “conforming”. The bad news for us was that it went county by county and overall Pinellas County did not qualify for the higher amount even though we have 26+ miles of Pinellas beachfront properties.
Those temporary increases rolled back on real estate effective January 1, 2009, to a maximum of $625,500.
Will new Law raise financing limit on Clearwater Beach Condos?
However, as part of the American Recovery and Reinvestment Act of 2009 signed into law this week, conforming home loan limits in high-cost areas have been returned to their higher levels of 2008.
I heard a rumor that the new law will adjust down to the neighborhood level, however, when I called several top Tampa mortgage professionals they said they didn’t have all the details yet. I will keep you posted and keep my fingers crossed.
We are hopeful that this new law will give buyers looking purchase condos in Clearwater Beach Florida this year more favorable loan options on amounts over the standard $417,000.
You can see the text on the bottom of page 111 of 407.
Changes to conforming loan limits impact everyone with a stake in Clearwater Florida real estate, even if their neighborhoods are not considered “high-cost”. This is because conforming mortgages offer the widest selection of home loan products, and often at the lowest rates. The widespread availability of conforming mortgages helps to support home sales nationwide as well as providing ample refinancing options for people that need it.
Lenders have yet to pick up the change, but are expected to shortly. Once they do, more homeowners will be eligible for cheap home financing.
To lookup neighborhood’s conforming loan limits, visit the HUD Web site. Or, if you have specific questions related to your Clearwater home or an upcoming Clearwater beach real estate purchase, contact me directly anytime.
Thinking of Buying or Selling Property in Clearwater Beach Florida – We can help
If you have been thinking about buying or selling a waterfont or beach condo in the Clearwater St Pete Tampa Bay area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater condos for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater Beach REALTORS and your Clearwater Beach Real Estate Consultants specializing in Clearwater Beach Florida and may not be copied, reproduced, distributed, transmitted, displayed or published.
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How Clearwater Florida Home Buyers Benefit from the Stimulus Package
February 18th, 2009 Categories: Clearwater Florida, Real Estate News, Tampa Mortgages
Clearwater Home Buyers get more Good News
Clearwater Florida – 
Everything going on at the national level also effects people buying real estate in Clearwater Florida – and right now especially Clearwater first-time home buyers. Tuesday the American Recovery and Reinvestment Act of 2009 was signed into law in Denver, Colorado. Also Tuesday, stock markets fell near their November 2008 lows.
The two moves are related.
With each new stimulus; with each potential jumpstart of the economy, Wall Street questions whether the federal push will be enough to make an impact.
Traders ended undecided on that issue today, but resolute in something else — that whatever change the stimulus bill will bring, it’s not going to come fast enough to help.
The sell-off in equities was a boon to Clearwater home buyers. For the first time since early-December, mortgage markets gave a sustained rally, extending gains from the 8:30 AM market open through the 4:00 PM market close.
Conforming Tampa mortgage rates were down on the day. Longer-term, though, this pattern won’t likely last. Not only will the stock market regain its balance and draw dollars back, but, more importantly, the stimulus bill contained verbiage increasing the national debt ceiling by 53.4 percent.
Government debt is often financed by printing more money and this leads to inflation, the enemy of mortgage rates.
For now, the stimulus plan is helping Clearwater Florida home buyers because it’s helping the Tampa mortgage markets, albeit indirectly. If you’re shopping for home loan, consider locking quickly. When markets flip — and they always do — it figures to be sudden.
Thinking of Buying or Selling Property in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: Recovery.gov)
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Clearwater Real Estate News – Stimulus Package offers First Time Home Buyers reasons to Buy Now
February 12th, 2009 Categories: Clearwater Florida, Pinellas County, Real Estate News, Tampa Bay
Clearwater Real Estate News – Understanding the Stimulus Package
Clearwater Florida – Well the stimuus package is almost a reality with Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, the clock may be ticking for this year’s Clearwater home buyers and homeowners. So what does this mean to you….
The final package contains two benefits related to housing and effecting Clearwater Real Estate.
Clearwater Home Buyers Good News
The first provision is fairly well-known. It gives first-time home buyers in Clearwater an $8,000 tax credit provided they purchase a home between January 1, 2009 and August 31, 2009.
The good news is this is a true tax credit.
To reduce misuse and abuse, however, the $8,000 credit is contingent on home buyers holding property for at least 3 years. If the home is sold in fewer than 3 years, the tax credit must be repaid to the government. It’s also worth noting that the date range applies closings and not sales agreements.
To qualify for this if you are buying a home the closing must occur within these 8 months to be eligible.
Clearwater Home Owners that Go Green – get Green Back
A second noteworthy feature in the package is that the stimulus package gives existing those with Clearwater homes incentive to “green” their homes. With available tax credits for energy-efficient windows and doors, furnaces and insulation, homeowners can claim larger tax deductions based on home improvement, up to $1,500.
But, just because the government provides housing-related tax benefits doesn’t mean you should just act on them blindly. Tax liability is a highly individual item and you may be ineligible for any number of reasons. Be sure to discuss your plans with a qualified accountant before committing to a plan.
Thinking of Buying or Selling a house in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida – Have We Just Seens Signs of Clearwater Real Estate Market Recovery?
February 1st, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Real Estate Market Reports, Real Estate News
Clearwater Florida - OK, increased home sales numbers in Clearwater FL as well as the US overall for December were definitely helped a bit by the beating median home sales prices have been taking. But don’t let that fact fool you into thinking that sellers weren’t still smiling ear to ear – it’s all good news for the Clearwater Real Estate market!
Check out this video that Chris Griffith, Bonita Springs Realtor shared with us – It’s nice to be able to share “good news” in the media with you – Cramer says that Florida “has hit bottom” and is a model for the rest of the country.
In fact, only a month after falling below the 5-million unit trend line, December housing sales volume saw a spike of some 300,000 homes leaving more than a few housing analysts with their jaws hanging open! Folks – we could see the first makings of a case that this spring’s home-buying season could have some steam behind it!
As I said, it’s no secret that falling home prices here in Clearwater, Florida and across the nation have helped fuel home sales. Nationally, the median sales price (the midway point at which half of all homes sold for more and half sold for less) was $175,400, down $32,000 from 2007 totals.
However, the most important part of December’s Existing Home Sales report isn’t making headlines.
At December’s sales pace, it would now take 9.3 months to exhaust the existing home supply Last month it was 11.2 months. This means that buyers are competing to purchase fewer homes which, in turn, puts upward pressure on home prices.
What we’re seeing here, folks is basic supply and demand in action. Economists have remained adamant that the key to turning housing around is bringing some balance back to the home supply. We just might be heading in that direction. With recent numbers pointing to an all-time low in housing starts, December’s Existing Home Sales data signals future strength.
Thinking of Buying or Selling a house in Clearwater Florida – We can help
If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate and Sand Key Florida Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: The New York Times)
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