My Goal Is Simple --- to Help You Reach Yours!

You've seen the headlines. The combination of lower prices, increased rents and a weak dollar are drawing investor capital from all around the globe and funneling it into American Housing. 

All of Florida is of special interest to the investors because in good and bad markets we are always a destination place for vacationers.  Don't let the Europeans, South Americans, and Canadians get all the good deals!

Become an investor yourself!  Learn more by going to www.C21Beggins.com/BarbaraGaines and watch the brief  OWN AMERICA video.

We seem to be seeing market stabilization here in Sun City Center.  We've even seen a very small percentage gain in sales prices.  On T.V. last night they announced an across-the-country increase of 6% in home prices.

Let's hope it's a lasting trend!

Every article I've read this week about real estate, talks of the looming foreclosures for 2011 and a further drop in our home prices.  I believe this to be generally true for our greater Tampa area, but it will affect us least of all here in Sun City Center and other nearby adult communities. 

The majority of folks here bought with cash so there is no mortgage failure for them.  I've seen nearby communities with 70% of their listings as short sales or foreclosures.  Here in Sun City Center only 10% of our listings fall into  those categories.

I believe we have hit bottom with our real estate prices but I also see no improvement in pricing in the near term.   Counting what Minto has added to our inventory we have about 500 available homes on the market now.  That volume has to be reduced significantly before prices will begin to climb again.

The good news is that both Minto Builders and ClubLinks are drawing more buyers into Sun City Center.  I anticipate a surge in sales for 2011 here in SCC.  Will that reduce our inventory for sale significantly or just encourage others who have held off going on the market to now go on the market?  We'll have to wait and see.  In the meantime let's hope our overall economy improves!

My level of optimism is soaring right now!  I see an improvement in the real estate market here in this community.

With Minto Builders purchase of the 1400 vacant lots we will again see new development here.  This has been sorely lacking for two years now.  Plus they will start national advertising for our fine community - this too has been sorely lacking for several years now.

Plus we now have a golf course management company from Canada which has just purchased 7 of our 8 colurses here and their clubhouses.  In these difficult days of running profitable facilities, I'm pleased to see a company that specializes in golf course management come on the scene here. 

I have a tee shirt that has a cute little character on it and the words, "Life Is Good!"  I've dug it out to wear more often lately!

The proposed bill passed both the House and Senate.

So we now have an extension of the $8,000 credit to first-time homebuyers, that is, someone who has not owned a home in the past 3 years, extended to May 1, 2010.

Plus we have a $6,500 credit available to repeat buyers, if they are buying a principal residence, and if they lived in their past house for 5 consecutive years of the past 8 years.

In both cases prospective purchasers must have a contract in place by April 30, 2010, but they will be allowed an extra 60 days to complete the transaction.

Income limits are extended to $125,000 for single filiers and $225,000 for joint filers.  The credit is obtained with the filing of a federal tax return.  If taxes are due, the money will be used to pay the taxes.  If no taxes are due, a check will be mailed to the purchaser(s).

With our low low home prices and equally low mortgage rates, to take advantage of either of these credits, call me and let's go find your home of chice!

Looks like there definitely will be an extension of the first-time homebuyer tax credit.  The Dodd-Lieberman-Isakson Amendment is now part of the Unemployment Insurance extension bill in the US Senate.  The Senate is expected to vote on Monday evening for a motion to move forward on that bill with the Tax Credit extension included.  If 60 of the 100 Senators vote yes on the motion, the Senate will then be able to schedule a final vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.  Once the Senate acts, the tax credit must still go to the House of Representatives for action.  The deal reached in the US Senate would extend the tax credit thru April 2010 but also provide an additional 60-day extension beyond that date for anyone who has a binding contract in place on April 30, 2010.  The Senate deal also expands the tax credit beyond first time buyers in that it would provide $6500 to repeat purchasers who have lived in their previous home (as their principal residence) for 5 of the 8 previous years.  Again, this is the Senate deal that would still have to pass the full Senate AND be approved by the US House of Representatives. 

Just what that final bill will encompass should be known to us shortly!

Since first-time homebuyers have been the ones to hold up our sluggish real estate markets across the country, it's good news that this credit will be extended.

The $8,000 First-Time Home Buyer Tax Credit expires November 30, 2009. In order to claim the tax credit, the IRS requires that you've closed on or before that date. December 1, 2009 is too late.

But that doesn't mean that first-time home buyers should target November 30, 2009 as a closing date. In fact, there may not be a worse day in 2009 on which to try to close on a home. The optimal time is during the week of November 16, 2009 and the earlier in the week, the better.

To understand why, let's start with the fact the home sales volume is through the roof, and then we'll look at a calendar.

New Home Sales data and Existing Home Sales data has been unexpectedly strong and first-time buyers account for nearly 1/3 of all transactions. Furthermore, the Pending Home Sales reports tell us sales volume is still growing.

It's reasonable to infer, therefore, with home prices still low and with mortgage rates still down, buyer interest will stay strong all the way through the November 30, 2009 deadline -- especially as trade groups trumpet "The End Of The Incentive". There will be a mini-panic as everyone tries to close in time to claim their $8,000.

This is when it starts to get messy. Check out the calendar.

• November 30, 2009 is the Monday after Thanksgiving Weekend.
• November 28-29, 2009 is a weekend. No closings on weekends.
• November 27, 2009 is the Friday after Thanksgiving -- an unofficial holiday.
• November 26, 2009 is Thanksgiving -- an actual holiday. No closings.
• November 25, 2009 is the day before Thanksgiving -- a national "half-day".

So, that backs up the November 30, 2009 first-time home buyer tax credit deadline by 6 days to November 24, 2009 -- a Tuesday.

And I won't tell you that closing on Tuesday, November 24, 2009 is a bad idea, but I've been in this business long enough to know that there's always a chance for something to go wrong. And when it does, you're going to want some sort of a cushion between the "the problem" and "the deadline".

Maybe it will be a problem on your final walk-through, or with your mortgage loan documents. But as the buyer of a home -- the largest purchase you've made in your life to-date -- the last thing you're going to want is to feel pressured into signing your paperwork because of worries over an $8,000 tax credit.

Therefore, don't mess. Schedule your closing for the week of November 16, 2009, instead. That way you'll have plenty of time to work through whatever needs to be worked out in connection with your home and your home loan. With a closing set for the 16th, you'll meet your tax credit deadline with plenty of time to spare.

That said, the clock is winding down.
If you haven't started your home search yet or aren't under contract, it's seriously time to get cracking. Purchase closings come 60-day default. Sometimes, you can negotiate them down to 45 days or 30 days, but, for the most part, 60 days is the standard-- especially if you're buying a short sale.

Counting backwards from November 16, therefore, renders September 17, 2009 the last day to go under contract and be sure of collecting that $8,000 tax credit.

It's a scant 24 days from now.

We are coming into the season when folks up north are calling to inquire about winter rentals.  Are you interested in renting out a property you own? 

Think about the best way you can get the attention of potential renters.  Simply placing a sign in the yard with a name and phone number is not good enough.  For wider promotion, your rental property should be listed in the multiple listing service.  Then folks everywhere can access photos and information on the property, helping you to get the best possible income. 

Call me if you have property in Sun City Center or Ruskin that you wish to list for rent.  My mobile number is 813-523-1755.

For 2 months now I've been seeing reports that we hit the bottom of the real estate market or appeared to be very close.  But look at this:  the National Bankers Association reported last week that there's a staggering increase in the number of homeowners entering the initial stages of default. A record number of homeowners are now 60 days lateâ€Â¦.3,000,000. Experts tell us that 95% of all homeowners who fall 60 days behind will lose their home to foreclosure (or the smart ones will sell via a Short Sale). It appears from this that we are in the eye of the storm vs being at the mythical ‘bottom’.

Everyone wants an answer to this question.  Here in Sun City Center, it appears that it may have hit 'bottom' and may have stabilized.  Unfortunately in today's economy we never know what's happening next - is there another shoe to drop?

To help you stay informed on real estate activity in your neighborhood, whether in SCC or Apollo Beach or any of the surrounding areas, I provide free monthly reports to those who have email accounts.  Simply email me at BarbaraGaines@Century21Beggins.com with "Market Snapshot" in the subject line and tell me your home address which is necessary to create the area report. 

Then I will set you up in an automated program to receive excellent current information on the marketplace.  And if you wish to get the report more often than monthly, I can arrange that.  Plus, if you tire of getting this information, you can unsubscribe yourself anytime.

Here we are at the end of May --- Currently there are 473 homes listed for sale in Sun City Center.  Of those 261 are condos.  It's still a lot of inventory but the good news is that it's 10% less than it was a month or two ago.  For now though it's still a buyer's market, so don't miss out!

Condo prices today are just amazing!  We have sold some adorable little condos in Kings Point with 800 to 1000 square feet with 2 bedrooms and even in some cases with 2 baths for as little as $30,000!  From $29,000 to $50,000 there are great selections of neat, clean, and even some furnished condos!  And the luxury condos that originally sold for $270,000 - $500,000 are now at $187,000 - $350,000.

Yes, there are fairly high association fees, like $300-400 per month, but as you know if you live in this climate, you don't want to be tending the grounds and landscaping around your building.  These fees cover ground maintenance, exterior painting, the roofs, typically also cable, sewer & trash, plus afford you many amenities.  There are clubs, and pools, and tennis courts to name just a few.  Condo-living is a great lifestyle, especially for those who like to just pick up, lock the door, and leave town for days, weeks, or months at a time!

Check back in a few days when I have the statistics for the sales in SCC for the month of May.  And call me ifyou need some real estate help or any questions answered - my mobile number is 813-523-1755 and for anyone out-of-state it's 800-923-3245.  Ciao, Barbara!

In Sun City Center we are beginning to see some signs that maybe we've hit bottom in the real estate market or are very close to there.  Some of these signs are --- our inventory of listings has gone down 10%

       --- we still have active buyers out looking in spite of the "migration" north

       --- we have had several recent sales over $300,000 - once these close, you  will see them posted on this site's "Recent Sales" page

        ---Our office alone is on target to sell over 55 homes this May!

These are small signs, but as you read the papers and watch the news, there seems to be cautious optimism about our market.

While we still have great prices and low interest rates, buyers should be buying - if you are one of those, don't wait!  Call me today to discuss what's available. 

And be sure your children or grandchildren know about the first-time homebuyer tax credit of up to $8,000.   I'm happy to explain that to anyone who needs more information on the subject.  This credit is scheduled to be phased out by the end of this year.  And for some, there are still zero-down mortgages available.

Call me at 813-523-1755 or 800-923-3245.