Clearwater Florida
Clearwater Fl Realtors Get Results For Home Buyers
February 25th, 2010 Categories: Clearwater Florida
Clearwater Fl Realtors Get Results
Sometimes when we Clearwater FL Realtors talk about local real estate market reports and what’s going on day to day it may feel overly factual, informational and analytical like reading the business section of the newspaper. I can assure you that’s only one piece of the process. That information is very important and at the center of making good decisions however buying Clearwater FL homes is all about helping families, real people and quite possibly your future neighbor.
Buying a home in today’s market is fraught with challenges and the need for good advice. For example most seller’s don’t know that if they have a home buyer purchasing their home and they are getting an FHA loan when they get an appraisal – whatever that appraiser reports as your home’s value – good or heaven forbid bad - that appraisal will now be attached to your home for 6 months…think you might want to know that when considering potential offers? Ok, I got off track, anyhow today is a day to share the happy moments – after all the hurdles have been jumped and the negotiations are done – it’s the day that we got to celebrate with a couple that we had worked diligently with for 5 months (on a “preapproved” short sale – that’s another story for another day) to make their Florida pool house dream come true.
This it’s what it’s all about for us => Hear from this Home Buyer
I’m curious, now that we have so much information at our finger tips with twitter, facebook, linkedin, yelp,youtube etc. – Do you feel more empowered when deciding who to work with?
If you’re looking for a Clearwater FL Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience - helping you find the perfect Clearwater FL homes for sale.
We’d like to be YOUR Clearwater Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater FL 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)
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Clearwater Florida News – FL Legislative Session bringing Good News to Real Estate Investors and Home Owners
May 1st, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Real Estate News, Tampa Bay
Clearwater Florida - As you know we wrote last year about the need to pass the proposed Florida property tax amendment that would in my opinion have protected people buying Clearwater Beach condos or vacation homes. Many 2nd home buyers now worry about feeling the squeeze of property taxes as the Clearwater real estate markets improve.
For those who want to buy a little piece of Florida paradise and enjoy it for many years to come – they don’t want to hear anyone say a few years from now, “Well the good news is, it’s worth more if you sell it.” They tell me they want to know they can afford to keep that special family beach house or retirement home and even dream of passing it down to their children.
In addition, I still think what happened to Florida business owners during the boom of 2004-2006, especially those Clearwater Beach Mom and Pop motels along our beaches (as well as all 26 miles of our beaches for that matter) by calculating their property taxes based on “highest and best use” was awful and amounted to basically a way to force them to sell and we are all worse off for it.
I don’t think that it was fair but after 24 years of my husband constantly reminding me that “fair is a place you take your pigs” I realize my passion for the individual, small business person is personal and some may say even a little naive. Well so be it, I do believe people who want to sell should be able to sell and those that don’t want to sell - shouldn’t be basically forced too. Their businesses could never generate the income needed to pay the proposed taxes and there was no solution but to sell. This is a problem and many people have been fighting hard to see things changed.
So in a time when our best mortgage borrowers are being hit with Jumbo rates which can be basically conventional rates plus 2% and luxury beach property values are down and not get stabalized, I believe we need to make it more attractive to those who are ready willing and able to purchase to do so.
Well when I just got this early recap from the Florida Association of Realtors® I was thrilled to say the least and just had to share…as we finish the first day of May at 10pm tonight the may be good news on the horizon. Here’s their End of Session recap – maybe the peoples voices are being heard – What do you think about these proposals? …
Those that Own Homes in Clearwater or Clearwater Beach Florida may soon be happier
“The House and Senate have completed their 60th day of the 2009 legislative session. This is the day the Legislature should be adjourning “Sine Die.” However, as you have likely heard, the 2009 regular session of the Florida Legislature has been extended for a full week to finalize the budget. While the session was extended to next week, today still has that “last-day-of-session feel,” since all non-budget legislation had to be considered for final passage today if it was going to have a chance of becoming law.
And, it has been an amazing day in Tallahassee for Clearwater Realtors® and all Florida Realtors® for that matter, as most of FAR’s 2009 legislative initiatives ended in victory.
Proposed Constitutional Amendment would help Vacation Home Owners as well as Real Estate Investors in Clearwater FL
One of the final bills considered tonight was SJR 532. This constitutional amendment will:
- Ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. (Remember this was pulled from the ballot last year by a Leon County Circuit Judge so let’s hope this year goes better – read more..Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%)
- First-time homebuyers in Pinellas County and around Florida could benefit, too, with an additional homestead exemption up to $100,000 on their first home.
Related Articles:
Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%
More Good News Regarding Property Tax Assessment and Capping Home Insurance Rates?
- HB 521, is the bill that puts the burden of proving that a property tax assessment is correct on the appraiser, not the property owner, also passed both chambers and heads to the Governor. Who doesn’t think this is a good idea?
- In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders (HB 1495). The Legislature also repealed the requirement that, effective Jan. 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on the structure of $500,000 or more, provide prospective buyers the structure’s windstorm mitigation rating.
- Related post:Clearwater Florida Real Estate gets Florida Hotline to Home Insurance Options
- The growth management bill (SB 360) we supported passed as a big package. It includes a provision to encourage urban infill by eliminating transportation concurrency, one that allows for expedited comprehensive plan reviews and another that eliminates the development of regional impact process (DRIs) in urban areas. The bill also extends previously obtained permits and approvals by two years, creates a transition process for moving towards a mobility fee system, and streamlines and reduces inefficiency in our approach to growth management.
- Also, it appears that when theFlorida legislative budget is finalized next week, we’ll have $30 million for downpayment assistance to help “front load” the federal first-time homebuyer tax credit.” – now if we can just get the banks to give a thumbs up or down to all the short sales on their desks we’d be golden!! We are seeing lots of willing buyers and sellers – but with 80% of home sellers owing more than their homes will appraise for today we’re all feeling the bottleneck of the banks.
Related Articles: Clearwater Real Estate | Property Tax Portability Passes – Calculate Your Benefit
Also Read : Buying Clearwater Real Estate bargains – Bank owned, REO, short sales, Foreclosures So, call us today to discuss any property tax estimates or info on how we can help you buy an investment property or beach house, condos or villas on our Tampa Bay beaches.
Want to See All the Clearwater Homes for Sale?
Here’s what some of our past clients have to say about how we helped them….or check out over 20 video message here
- “you treated us like family”
- “you dig for info on each property, researched and worked hard to make sure we knew everything about the home we bought”
- “being out of state we needed someone we could trust – and that was you!”
- “we didn’t want any pressure – we worked with you a long time and there was never any pressure”
- “you are the Painless REALTORS – I’ve bought and sold homes and you handled all the details for us – thanks”
Buyers continue to tell us that selecting the best Clearwater real estate agents, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727)710-8035 or (727) 710-8036
P.S. So go ahead an search all the properties for sale in the Clearwater MLS now…
and just so you know, we require no email or sign in – like everything else we do – our goal is to continue to provide you with ALL the information available so you can make the best decisions!
Copyright © 2007-2009 Jack and Cyndee Haydon, REALTORS and Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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Clearwater Beach Florida – History shows When Tampa Mortgage Rates Drop..Lock Don’t Loaf
April 14th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Tampa Mortgages
Clearwater Beach Buyers Don’t Blink or Record Low Mortgage Rates Could Be Gone
Clearwater Beach Florida – For the fifth time in just 7 months, those shopping Tampa mortgage rates learned an important lesson this week: When mortgage rates plummet unexpectedly, they often recover just as fast. Don’t blink or those rates could be gone!
Recently the Federal Reserve’s newest $750 billion mortgage market pledge helped to push conventional Clearwater home loans and conforming mortgage rates near their lowest levels since WWII. Then we saw how 24 hours later, however, those rates were expired.
After considering the long-term implications of the Federal Reserve — literally — printing new money to service the recession, markets grew fearful that the Fed’s interventions will eventually lead to inflation. Inflation, of course, is the enemy of all mortgage rates.
Related Tampa Mortgage News:
- Clearwater FHA loans tighten and it’s a new day after April 1st
- How Clearwater Beach Jumbo Loans are hurting buyers and sellers right now
- Tampa Condo loans effected by new Fannie Mae Guidelines changed for Florida
What can the History of Tampa / Clearwater Mortgage Rates teach us?
So, if you’re looking for the explanation of why recent Tampa /Clearwater mortgage rates rose as suddenly one day as they fell the day prior, this is it. And, in hindsight, Tampa bay mortgage rate shoppers might have seen it coming, if only because we’ve seen the exact pattern 4 other times:
- After the Fed’s “surprise” rate cut in January 2008
- After the Fannie Mae and Freddie Mac takeovers in September 2008
- After the Fed announced its first $500 in support in November 2008
- After the Fed zeroed out the Fed Funds Rate in December 2008
Sharp drops in mortgage rate, it seems, are followed by immediate bounce-backs.
Unfortunately, not every would-be refinancing Clearwater home owner saw the increase coming. People that locked captured the lowest rates in 6 decades. Everyone else wishes they had.
From day-to-day, we don’t know if Tampa mortgage rates will rise or fall. Nobody knows that. But, we do know that Tampa mortgage rates tend to follow patterns and we’ve seen the above pattern 5 times now.
When mortgage rates plunge like they did, they are rarely low for long. When you find a mortgage rate you like, get in and get locked as soon as possible. By tomorrow, it’s likely to be gone.
Thinking of Buying or Selling Property in Clearwater Beach Florida – We can help
If you have been thinking about buying or selling a waterfront 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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Clearwater Beach Florida Condos | Buyers and Sellers Hurt by Jumbo Loans
April 12th, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Sand Key Florida, Tampa Mortgages
Clearwater Beach Florida – As most of our readers know we work hard to get great deals for our Clearwater Beach condo buyers unfortunately there are some great buys on luxury condos in Clearwater however one of the major roadblocks interested buyers encounter is the fact that in the Clearwater Beach Florida / Sand Key Florida area the allowable Fannie Mae loan limit for conventional loans is only $417,000 with at least 20% down.
Now I would agree that in most areas of Clearwater real estate – this would be plenty, however, when you consider we’re home to some of the best beaches in the United States, it’s not nearly enough if you want to buy a typical beach condo and are looking for a reasonable loan.
Even if you were planning on buying a condo and putting 20% to 25% down it’s a problem because most Clearwater Beach Florida oceanfront 3 bedroom condominiums are still selling from $800,000 to well over $1 million dollars even in today’s real estate market.
Related article:
- Clearwater Beach Real Estate – What do 3 bedroom Beachfront Condos cost?
- Clearwater Beach New Construction - What’s Happening?
- Sandpearl Condos - One of the best places to live in Clearwater Beach Florida
Clearwater Beach FL Jumbo Borrowers Squeezed and so are Sellers
So what does this mean for the Sellers with Clearwater beach condos they are looking to sell?
In my experience…
1) Clearwater Beach low conventional loan limits are causing a lot of mortgage pressure to purchase properties for $520,000 (or less) give or take so a buyer can buy a condo with a loan of less than $417,000.
2) Clearwater Jumbo rates (and terms) further limits the number of ready and willing buyers in this “jumbo” price point – so with less willing and able buyers there is again more pressure on sellers to make a deal with the remaining buyers – and we’re seeing cash is king. Our last two beach condo buyers paid cash for their gulf beachfront condos.
What’s hard to believe is we are currently working with many buyers who are the best clients a mortgage lender could want (excellent credit, no debt, no issue with income qualifications) and yet they are not willing to buy a second home / vacation home under the recent terms one National bank / lender gave … For Jumbo loans on beach condo purchases needing a loan over $417K but under 1 million they didn’t even offer a fixed rate loan only a 5/1 ARM at 5.75% with a 1% point so basically when conventional home buyers are getting mortgage rates under 5% – some of the best possible borrowers are being asked to pay a premium of almost 7% and up.
When I asked “why?”, the banks told me that it’s because “Jumbo Loans” are currently the highest loans in default. Unfortunately, those I see in preforeclosure and foreclosure on the beaches now are very different than the potential buyers we are seeing. We all know lending had loose guidelines back a few years and many real estate buyers got in way over their heads – these are not the buyers we are working with today.
77% Pending Sales of Clearwater Beach Condos and Sand Key Condos are NOT Jumbos
There are currently 22 Clearwater condos under contract and pending sale in the Tampa Bay MLS – of that 17 of them has a listed purchase price of under $420,000, 4 are in the $600K’s and one is pending at $849,000 (all of which could be lower on closing – we don’t know the negotiated purchase price at this point). It’s not surprising that it was recently reported that 50% of all real estate sales in Florida this year have been cash transactions.
In our experience, today’s Tampa mortgage rates for Jumbo Loans have caused several of our clients to scale back their Clearwater beach condo purchases and others have postponed them while they free up additional funds to make up the difference in purchase price and “conforming loans”. We’ve seen several people who planned on buying beachfront condos for @$800,000 and now have scaled back $200-300K to qualify for the conforming loan rates and terms.
So if you are a seller on Clearwater Beach Florida today (or Sand Key, Island Estates and our Gulf beaches) the best thing that can happen for you right now is that Banks get bank into the Jumbo loan market and begin to offer more attractive Jumbo Loan rates and terms for these willing Clearwater Beach buyers. With rates where they are – if Jumbo’s loosen up many of our buyers tell us they would prefer a larger more expensive condo if there aren’t punitive lending terms for them.
Well there was some good news this week….
Clearwater Beach Real Estate gets some good Jumbo Loan news
Today I read an article that stated “that the hard-to-find jumbo loan may be making a comeback. Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios.
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent downpayment, have good credit, provide proof of income, and hold six months’ of principal, interest, property tax and insurance payments in reserve.”
I know we are constantly working with local bankers who offer in-house “portfolio loans” – we can only hope that other banks, both local and national, will follow Bank of America lead in the Jumbo loan market. If you have questions and need a good local banker, give us a call and we can introduce you to several good lenders and we will continue to keep you posted on what’s happening on our beaches.
Clearwater Beach Real Estate – Selling or Buying – Waterfront Condos or Homes – We Can Help!
If you’ve been thinking about buying or selling a waterfront or oceanfront beach condo or house in the Clearwater St Peterburg Tampa Bay area…
Call Us Today at (727) 710-8036 to hear more about how we can help you!
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..
Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.
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Clearwater Florida – What to Look for in an Auto Mechanic? Attend FREE Women’s Clinic
April 2nd, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Community News
Clearwater Florida Community News – Womens Auto Repair / Care Clinic
Clearwater Florida - Whether you’re moving to the area, want to learn how to pick the best auto repair shop or find honest car mechanics when you need one – you’ll want to consider joining me at the this weeks Clearwater Auto Care Clinic being offered by Ice Cold Air and Discount Auto Repair. They’re giving a free car care clinic this Satuday for women of all ages to learn the secrets of auto repair in Clearwater that could save you thousands in unnecessary repairs.
So are you looking for a honest auto repair shop when you need to fix your car or do routine maintenance like oil changes? Do you know the 5 red flags when looking look for an auto mechanic in Clearwater. Now’s the time to learn what insiders know before you need you car fixed.
I started taking our cars to Ice Cold Air and Discount Auto Repair in Clearwater on Court Street about two years ago and love knowing I have mechanics I trust and I know will stand being their work. As a woman, I can tell you the number of times I’ve had my car repaired by other auto shops only to find out later I was taken advantage of (Not something I appreciate) Like in real estate, you need a professional you can trust to give you good advice and to do the right thing or their could be costly mistakes. And since a car is an integral part of my business – I need to make sure it’s always running and safe.
And don’t let their name fool you! I know I was a little confused a first thinking they only fixed car air conditioning problems – though that’s an important one here in Florida.
They are one of the best auto repair shops in Clearwater and are a true full service car repair shop and offer great value pricing. Yes, they do car air conditioners and everything else. Jack and I have had quite a bit of work done on our cars and highly recommend these auto mechanics to our friends.
The owner of Ice Cold Air at both Court Street in Clearwater on the way to Clearwater Beach and the Main Street location off US 19 and 580 near Dunedin is Brett ONeill.
Brett has become a close personal friend of ours over the years as a result of the personal attention and care he takes in his clients and recently was interviewed about the Auto Care Car Clinic on Channel 10 News - Check it out here
Need Auto Repairs? What to look for in a Clearwater Auto Mechanic?
So what will we learn? They are planning to teach us the 10 things everyone must know before having their car repaired in Clearwater FL.
Why did they focus on women? Recent statistics show that over 60% of women are the decision makers when choosing who repairs and maintains their family’s cars.
So as a woman like me…..
- Do you know how to choose the right repair shop?
- Are you going to the dealer, even though you know that it is far more expensive?
- Is the fear of being taken advantage of, or having unnecessary repairs done, driving you to someplace you ‘think’ you can trust?
- How do you really know you’re getting exactly what you paid for?
It is questions like these that prompted Brett’s Clearwater auto repair team at Ice Cold Air in Clearwater Florida to organize a car care clinic specifically for women.
They told me that these topics and many more will be covered in detail:
- “How you can be 100% sure your not being ripped off”
- “The 7 questions you must ask any automotive repair facility before you set up an appointment”
- “What maintenance items are really important and what is just fluff?”
Ice Cold Air owner Brett O’Neill explains, “We deal with women making decisions about their cars every day, and we are asked over and over some of the same questions. I thought it would be a good idea to host a clinic, just for women, to cover some of their main concerns and to help dispel many of the mysteries that have been associated with our industry.”
They will be opening their shop on April 4th to any woman who never again wants to have that frightening, out of control feeling when they think of car repair. I’m planning on being there - are you?
They will give us the questions and answers we need to never fear automotive repair again. As vehicles become more and more complicated, and the level of knowledge necessary to repair them correctly increases, choosing the right repair shop is critical to the long life and proper operation of our vehicles.
Women’s Car Clinic - Clearwater Florida
- When: Saturday April 4th 2009
- Where: Ice Cold Air 1180 Court Street in Clearwater on Gulf to Bay just west of Missouri on the North side of the road
- Time: Starting at Noon - lasting 1 hour until 1pm
- @$150 FREE Gifts, food drinks and more
There is ABSOLUTELY NO CHARGE to attend! As a matter of fact everyone who attends will get a FREE gift worth at least $150 dollars! However, space is limited, so please contact them to reserve your spot by calling 727-461-5727 or email info@icecoldair.net (If you email them your name they’ll send you a confirmation)
For a map to the location, please click here.
We had a great time….
Missed this one? Call them and ask when the next one will be – I have a feeling they’ll be having more since the interest has been very high in the community.
Buying a Home in Clearwater Florida – We can help
If you have been thinking about buying a home or condo now is a great time to buy in home in Clearwater
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 specializing in Clearwater Florida, Clearwater Beach Florida, Sand Key Florida and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida Home Owners – FHA isn’t Fooling April 1 Cash Out Refinancing toughens
March 27th, 2009 Categories: Clearwater Florida, Real Estate News, Tampa Mortgages
Clearwater Florida Home Owners – Act Fast on FHA Refinancing – No fooling
Clearwater Florida – If you own a home in Clearwater and want to do a cash out refinance using and FHA loan, think again, the most liberal cash-out program in town is about to make Tampa mortgage qualification more difficult.
Effective April 1, 2009, (yes I know it’s April Fools but this is no joke) the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of your Clearwater home‘s value to 85%.
In its official press release, the FHA says it’s making the change to “limit its exposure to undue risk”.
It also lists the following Clearwater home owner cash-out requirements:
- With less than 12 months since the purchase date, your home’s value cannot exceed its original purchase price — even if home improvements were made.
- A Clearwater home owner must be current on their mortgage payments to qualify
- A second, verifying appraisal may be necessary, depending on loan traits
- Co-signers may not be added to the FHA mortgage note in order to qualify
The last day to register a FHA 95% cash out refinance is Tuesday, March 31, 2009. The loan does not need to be “locked” — only registered.
So, if you know that a 95% cash out FHA refinance is in your future, talk to your Tampa home loan officer before Wednesday morning about registration. If you need to know the name of a good Tampa mortgage professional or two – just call or email me and I can help you out.
Buying a Home in Clearwater Florida – We can help
If you have been thinking about buying a home or condo now is a great time to buy in home in Clearwater
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 specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida Sees More Signs Of Real Estate Recovery |Cost Of Owning Versus Renting Falls Back To Historical Norms
March 8th, 2009 Categories: Clearwater Florida, Homes for Sale, Real Estate Market Reports
Clearwater Florida Owning verus Renting
Clearwater Florida – One popular housing theory is that — before a bona fide housing recovery can begin — the cost of owning a Clearwater home versus renting one must return to historical levels. 
If that belief is a truth, a national return to rising home prices may be in store for 2009.
Falling home prices coupled with falling mortgage rates, too, have dropped the relative, after-tax cost of owning a home to 125% of the cost of renting a home.
This is the exact 18-year historical average and not since 2001 has the gap been this small.
As reported by the Wall Street Journal, though, the study has some flaws. For example, the data doesn’t account for ongoing home maintenance costs, nor does it consider real estate tax bills and insurance policies.
But, combining a relatively low cost home of ownership in the Tampa- St Petersburg – Clearwater real estate market right now. NAR reported that the median home price was $151,500 in the 4th Quarter of 2008 which represents a decrease of over 24.9% in 2008 along with the government’s newly announced $8,000 tax credit for first-time home buyers is likely to convert long-time Tampa Bay renters into never-before homeowners. We’ve been meeting with lots of buyers convinced now is the time to buy their first home.
Related Posts:
- IRS First time Home buyer credit form is here
- IRS gives First Time Home buyers 8000 reasons to buy now!
This, too, is thought to be a key element of the housing recovery.
In many real estate markets (but not all), home prices are expected to edge lower through 2009. Provided mortgage rates stay low, the cost gap between owning and renting will shrink even more.
Thinking of Buying your First Home in Clearwater Florida – We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
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 specializing in Clearwater Florida, Clearwater Beach Florida, Sand Key Florida and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: Wall Street Journal)
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Clearwater Florida First Time Home Buyer Credit Form From The IRS is Here
March 3rd, 2009 Categories: Clearwater Florida
Clearwater Florida First Time Homebuyers IRS Form Arrives
Clearwater, Florida – Anyone that’s been thinking of buying their first home now has 8,000 reasons to do it in 2009. As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the First-Time Homebuyer Credit Form – now you just have to find your Clearwater home to buy (that’s where we can help :=).
True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.
Form 5405 is a helpful, go-to resource for Clearwater Florida home buyers with questions about the first time homebuyer tax credit.
For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.
In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:
- $8,000 for Clearwater homes bought in 2009
- 10 percent of your home’s purchase price
Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.
Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.
This past week we were excited to be able to help a widow buy her new Clearwater home after renting the last few years while her husband was in a nursing home. He recently passed away and now she’s being blessed with a new beginning. The good news is it appears that even she will meet the guidelines for this first time homebuyer tax credit and while she doesn’t normally file taxes – she’s contacted a CPA and will this year and is delighted to know that Uncle Sam will be sending her a check for $8,000 which she’s excited to use to remodel her kitchen.
Thinking of Buying your First Home in Clearwater Florida – We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
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Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater FL 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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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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