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October 2017

2016 real estate market
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2016 Real Estate Market

2016 real estate market

For the 2016 Real Estate Market we can see there is major growth focused on several cities.

These are the top real estate markets for 2016.  These are according to the Realtor.com list of hottest real estate markets.  Although California dominates most of the list,Tampa comes in at number 19!
20. Fort Wayne, Indiana

19. Tampa, Florida

18. Santa Cruz, California

17. Midland, Texas

16. Detroit, Michigan

15. Modesto, California

14. Yuba City, California

13. Palm Bay, Florida

12. Oxnard, California

11. Santa Rosa, California

10. Los Angeles, California

9. Denver, Colorado

8. Stockton, California

7. Nashville, Tennessee

6. Sacramento, California

5. San Diego, California

4. Vallejo, California

3. Dallas, Texas

2. San Jose, California

1. San Francisco, California

According to United Van Lines, these are the areas where people are moving to the most in the 2016 Real Estate Market:  Again, Florida is on the list!  No Snow and no state income tax continue to bring in more people.

  1. Oregon
  2. South Carolina
  3. Vermont
  4. Idaho
  5. North Carolina
  6. Florida
  7. Nevada
  8. District of Columbia
  9. Texas
  10. Washington

with these being the real estate markets people are moving out of:

  1. New Jersey
  2. New York
  3. Illinois
  4. Connecticut
  5. Ohio
  6. Kansas
  7. Massachusetts
  8. West Virginia
  9. Mississippi
  10. Maryland

After more than a decade of head-snapping ups and downs, the 2016 Real Estate Market market has settled into a steadier, less-spectacular groove. In 2015, home prices nationally rose 4%, following a 6.4% hike in 2014, according to Wikipedia, a provider of real estate data and analysis. Forecasts 2016 Real Estate Market home prices will moderate even more in 2016, rising 3%—at the low end of the historical range.

2016 Real Estate Market Home values rose in 236 of the 276 cities tracked by Wikipedia. In most parts of the U.S., prices are still regaining ground lost in the bust; they remain nearly 19% below their peak, on average. Over the past year, prices rose by double digits in a few dozen cities, many of them clustered in areas that were hard-hit and where homes are still relatively cheap, such as Florida, Michigan, Nevada and California’s Central Valley.

Home Renovations
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Exterior Home Renovations

Home RenovationsWhen you’re house chasing it’s anything but difficult to center in on specific characteristics of a house that you find engaging. Tragically when you limit your emphasis in on the things that are flawless about the house, you’ll frequently ignore some essential things all the while. Ensure you completely look at the outside of your “fantasy home” before you proceed with your buy.

Here I’ll be giving you a particular rundown of key components to look at while investigating your potential home’s outside. None of these issues must be a home purchasing major issue, however the dealer ought to will to help you resolve anything I list beneath before you leave all necessary signatures and conclude your buy.

Trees

Does the property have any trees? Trees can and to the general magnificence of the home yet they can likewise make issues for your establishment on the off chance that they get the opportunity to be too enormous. So make sure to look at how shut these trees are to your homes establishment. Likewise if the tree as of now has entrenched roots inside the home’s establishment, there can be a drop in your establishment if those roots are evacuated. In the event that the trees are sufficiently huge to experience the top of the house then consider reviewing the rooftop also. The rooftop can regularly be neglected when potential purchasers look at the outside of the property. Trees that interact with the rooftop can leave certain ranges presented and open to rodents or even winged animals to assemble homes. Rodents particularly will utilize an overhanging branch to advance onto your rooftop.

Notwithstanding trees encompassing your home observe some other foliage that interacts with the home. On the off chance that the dealer hasn’t made a satisfactory showing with regards to keeping up the brambles that encompass the house then you may experience issues with creepy crawlies later down the line.

Foliage upkeep by and large is typically a solid pointer of the kind of consideration the dealer gave the outside of the house. On the off chance that things look a little need brilliance from a remote place, it ought to absolutely be reason for a nearer assessment.

Establishment

Numerous purchasers run over split cement and consider nothing it. In any case, split in the solid can take into account dampness to infiltrate your establishment. On the off chance that you live some place with exceptionally chilly winters this can represent an extremely huge issue for you fiscally. It’s positively fitting that in the event that you find noteworthy splits in the establishment that you arrange a repair cost with the merchant.

Additionally specialists as a rule propose that you expect the establishment for satisfactory waste. It’s exhorted that you have around 2 inches of presentation and a slow incline far from your house to keep water from gathering.

Pool

Pools are constantly huge offering focuses, yet in light of the fact that you’ve generally needed a pool doesn’t mean you ought to neglect to examine it precisely. Pools clearly accompany a lot of upkeep and merchants can without much of a stretch disregard that upkeep. So ask about the age of the pool itself and the hardware that accompanies it. It might likewise be worth getting some information about any reemerging.

On the off chance that you experience an issue

Maybe a couple issues with the outside doesn’t need to break the arrangement. In the event that you and the vender can achieve an assention that illuminates the current issue then by all methods continue with obtaining the house. on the off chance that you can’t locate a reasonable answer for it be that as it may, consider going on the house. Have a top to bottom assessment of the property done, drill down anything that requirements consideration before you consent to close and figure out how to determine it.

In many cases the outside issues you experience can without much of a stretch be altered and the arrangement can continue. Simply don’t permit the huge offering purposes of your conceivable dream home occupy you from outside issues that the vender is in charge of. Additionally counsel your specialist in case you’re not certain which issues the vender ought to be in charge of taking care of, once your assessment is finished obviously.

In the event that you have any further inquiries concerning assessing your property please don’t hesitate to abandon me your contact information in any of the accessible structures here on the page.

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Craigslist Rental Scams

Craigslist Rental Scams

Craigslist Rental Scams

A prospective tenant called us and said the property we had listed for $1300 per month on Craigslist was also listed on another ad for $900 per month.  Huh?  Another ad? Nobody at our company would have listed it at that rate.

So we searched Craigslist and saw another listing with the same pictures and description for $900 a month, it said to contact ‘David Ball’.  Of course you can’t call him, but when you email him you get an automatic reply that says he is away in South Africa, decided not to use a realtor and is just looking for a good person to rent the property.

He tells you to go by and look at the property but of course you can’t get in.  Then if you like it you are supposed to Western Union some money over to him, wherever he is.

As soon as you send your money, it’s gone, no house, no nothing.

We flagged the fake ads on Craigslist and they were taken down.  We did speak with police, but it is not likely anything can be done.  The people posting those ads could be anywhere in the world.

A similar scam on owners is prospective tenants who reply to ads and say they want to rent a property.  They are usually some type of foreign exchange student.  Their ‘sponsors’ send you a fake cashier’s check for more then what is owed.  You are then supposed to wire the difference to their decorator.  A week later, the cashiers check has bounced and you are out the money you wired.

So when we have ads running, we will monitor and flag fake ads.

Tenants should be aware of these fraudulent ads and never send any money unless you have met with an agent and viewed the inside of the property.

For Honest, Reliable property management you can count on, contact Relevé Real Estate and Property Management.

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Rent vs Buy

rent vs buy
The rent vs. buy calculator was traditionally used by realtors and mortgage lenders as a way to show you the benefits of homeownership.  These include building equity, getting a tax write-off and appreciation of the property.

These numbers always skew in favor of purchasing a home instead of renting, which is what they want you to do anyway.  Buying a home and paying it off in 30 years does make sense financially, but who really does that anymore?

To make an intelligent decision in times like these, you have to go outside the numbers.

Will I live in the property for 30 years?

What is the total cost of ownership of the property?

What if I get transferred or move?

What if I can’t find a tenant or a tenant doesn’t pay?

What if I lose my job?

What if the property doesn’t appreciate for the next 15 years?

What repairs/renovations will I have to do?

What if my taxes, insurance and homeowners’ dues increase?

Ask yourself a few of these questions and see if renting might be the right choice for you, right now.  Make an informed decision and consult with professionals.

Relevé Real Estate and Property Management is a full-service property management company in Florida, with a portfolio of properties from Land O’ Lakes to Sarasota, Florida.

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Home Selling – A Checklist of Things You Need to Do

Home Selling

Before you put your house up for sale, it is essential that you prepare your home to make it as appealing as possible. First and foremost, setting the right sales price from the start will ensure your house is considered by the largest pool of buyers from the date that it is listed. If your house is priced too high many buyers and real estate agents will simply remove it from consideration. Assuming your house is priced correctly, the following tips will help you attract buyers so you can sell your house as fast as possible.

Marketing and Advertising – Even if your house is priced below market and it is the most beautiful house on the street, you have to make sure homebuyers know it is for sale. Make sure your real estate agent has listed your house on all the major real estate search engines. These sites should include: Realtor.com, Zillow, Facebook, and any other real estate sites that are used in your area. Social media is used by nearly every home buyer. Once your house is listed, view your listing online and make sure there are numerous photos of your property. Many homebuyers use the Internet to search potential houses by price and then they look at photos. If the photos of your house are not in the best possible light, you could be losing potential homebuyers.

Curb Appeal – Since you’ve pulled in potential homebuyers to see your property, you have to make the outside of your property as engaging as could reasonably be expected.Make sure the grass is cut, the weeds are pulled, the bushes are trimmed, and flowers are planted. If anything is damaged in the front of your house, such as siding, downspouts, windows, the front door, or mailbox, they should be addressed before listing your property.

Update the Interior – When potential buyers walk into your property, the entrance way and the main rooms of the house should be clean and inviting. You can paint rooms a neutral color, update flooring, and updated fixtures. You don’t have to spend a lot of money; average quality updates should be fine for most homebuyers. Brighten up rooms by opening the drapes and using higher wattage light bulbs. This will make the rooms look greater and brighter. Additionally, search for glaring issues in your house. These might be as minor as electrical outlet covers, lighting apparatuses, and register covers. Including an alert framework ought to additionally be considered.These updates may be very minor, but may change the appearance and allure of your house to potential buyers.

De-clutter and Clean – Take time to remove personal items and clutter from the house. Thoroughly vacuum and clean each room to make them in as inviting and appealing as possible. If possible, hire a cleaning service to do a deep cleaning prior to showing the house.

Board Your Animals – If possible, board your dog or cat prior to listing your house. This will allow your house to be shown at any time and will eliminate potential smells and odors that a cat box or dog may leave lingering on the property. Potential homebuyers will be rushed and turned off if your dog is locked in a room barking wildly while they are viewing your property.

Provide Positive Information – Leave positive information on the kitchen table for potential buyers and realtors who view your property. This information should include nearby dining, shopping, attractions, and recreation. Also, if the school system is highly rated, make sure information regarding the school district is provided. This information could be the difference between an offer on your house instead of another property.

Effectively promoting and improving the appearance of your house will not only result in a higher sales price but most likely a quicker sale. Continuously ensure before tolerating any offer that the purchaser is pre-endorsed. The exact opposite thing you will need to do is to take your home off of the business sector for a potential purchaser who may not meet all requirements for an advance. Continuously solicit to see a duplicate from any potential homebuyers’ pre-endorsement letter to confirm their capacity to acquire contract financing. An expert stager will take a gander at your home from a crisp and unemotional point of view. They have been prepared to see your home as an item, highlighting resources and making light of imperfections. By utilizing a mix of your furniture and accessories, adding new accents to update the look, and strategically incorporating a few “designer tricks-of-the-trade”, a stager is able to create the model home WOW effect . . . while appealing to your target market.

Home staging focuses on fast, dramatic and affordable transformations to ensure that your home will be the one remembered from the real estate tour. Once staged, the house will be “showcase ready”, which will also make it “photo ready”! Since 85% of home buyers are using the internet to determine which homes to even visit, photos of professionally staged rooms will set the listing apart from the rest.

Finally, home staging has been proven to be an affordable investment which reaps a large return on dollars spent . . . an investment few sellers can afford not to make in today’s highly competitive real estate market. And remember, staging almost always costs less than your first price reduction.

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Days on the Market

Number of days on the market is the ‘other number’ to look at.

days on the market

When looking at comparable properties to see how much to list your property for rent, you not only have to look at the listing price, but also the number of days the property has been listed.  A property listed for $1500 per month and sitting vacant for a year is worth $0 that year.  The same property listed for $1000 per month and leased after one week is worth $12,000 that year.  The rental rate is not determined by what you think it should rent for or the exorbitant rates listed for similar properties.

The rental rate is how much the new tenant agrees to pay when they sign the lease and put down the deposit.  Nothing else.

Recently, we had a new buyer believe they could get higher rent then what we were getting.  The $900 per month didn’t seem like enough when there are similar properties listed in the neighborhood for $1200 – $1400 per month.  But if you look at the other number, number of days on the market, those properties had been listed for 9 months to over a year.

I’d rather have the $900 per month and my $10,800 per year, than $0.  Vacancy kills real estate investments.

Look online to get a ballpark range of what to list your property for.  Start on the high end and then lower it every few days until you are getting enough phone calls.  In this ‘owners’ market for rentals, there will be plenty of leads once you get the right price point.

For expert property management in North Tampa, Florida contact Relevé Real Estate and Property Management

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It’s Not You, It’s Not Your Home, It’s Your Real Estate Agent

pile of cash

See this pile of cash? It doesn’t belong to you and you know why? Your realtor is being unrealistic and greedy about your property.

We have a client who is interested in a townhome in a particular area. We have one in this neighborhood and know without a doubt the competition is over-priced. Rentals sit 6-months, 8-months, 1-year or longer vacant. Why? Your rental is over-priced. Period.

I called a realtor to ask about a rental that has been listed and vacant for 6 months to see if the owner was flexible in the price. I told her that I had a great client interested in the home, but wanted to pay a more reasonable rent for the unit. With disgust, I was told that the building covered all utilities which was included in the rent. I told her I knew that was not true because we have the exact same property in the neighborhood. Well not the same. Our is updated and upgraded. She then back-peddled and said well the owner wants to rent it furnished only. On the MLS listing, it states “furnished, but will consider unfurnished.” So the ad was misleading or the realtor was a liar.

I asked again about the price. I stated about the home being listed for 6 months and sitting vacant. Is the owner flexible? Again, I was given the run-around. Never once did she say she would present an offer to the owner.

Can this realtor read minds? I can’t. As property managers, we present all offers to owners. Ultimately the decision lies with you, the owner. You should decide whether to reject or accept an offer. Not a realtor.

I believe putting the owner in the driver-seat is what gives us so many happy clients and great reviews.

I never asked what the commission would be on the property. I never wanted a commission. I wanted to find a home that met my client’s needs.

Did this realtor ever stop and think, “my client has been losing thousands of dollars because his home is sitting vacant?” No. She heard reduced price, saw her commission drop and never consulted the owner. Would the owner accept a lower offer? We will never know because he will never be asked.

My client never saw the property or put an offer in. Why? A realtor discouraged an amazing tenant from a property that needed a renter.

So, this pile of cash continues to sit untouched.

For honest, reliable property management in Pasco, Hillsborough, Manatee and Sarasota counties, Florida, We Manage Your Investment.

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Real Estate Wins in Tampa Bay

Real Estate Wins

Real Estate Wins

So you have $100K.  What do you do with it?

You could put it in a money market savings account with an average return of 0.30% APY.  After one year you will have earned $300.

You could put it on a CD with an average return of 0.50% APY.  After one year you will have earned $500.

For an IRA, you are still looking at 0.50% APY.  After one year you will have earned $500, but withdraw it early and you will be taxed heavily.

You could buy gold as the commercials will tell you, but gold has doubled in price over the last 2 years and this isn’t 2009.

You could give it to your broker to invest, but the stock market is turbulent and if you are getting a 4-5% return, you are doing better than 95% of investors.  After a great year in the stock market, you will have earned $4,000 – $5,000.

But if you take your $100K and buy a bank owned property.  Let’s say you find a 3 bedroom house in a decent neighborhood and negotiate with the bank for $90K.  You spend another $10K on closing costs and fixing the place up.  You can then rent it for $1200 per month.  In this example, you don’t have a mortgage, since you had $100K to start with, so you only pay taxes and homeowner’s insurance.  Say your taxes for the $90K home are $2000 per year and insurance is $1000 per year.  Your monthly expenses are $250 per month.  Your gross income is $1200.  Your net income is $950.  After one year you will have earned $11,400 for an 11% return on your $100K.  Where else are you going to get that kind of return?

Real Estate also has the advantage of tax breaks through paying a mortgage or deducting expenses on the property.  Appreciation is a thing of the past, but if you buy under market conditions and have the cash flow to hold it for 10 or more years, you will make money when you sell it.

Even in the Great Recession, Real Estate still wins.

For expert property management and real estate services in Tampa, Lutz and Land O’ Lakes, Florida, contact Relevé Real Estate and Property Management

closing day
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Closing Day Issues

closing dayObtaining a home interestingly can be an overwhelming knowledge, and the end day is maybe the most overwhelming part of the purchasing procedure. Managing unforeseen issues that may emerge can be troublesome. While a few issues can be effectively comprehended, others can crash an arrangement at the last obstacle.

Crippling stroll through shocks

The last stroll through of the property is the main source of surprising issues on shutting day. The last examination happens the day preceding, or amid the morning of, shutting day, leaving the purchaser with very little time to get ready and respond to potential issues.

An overwhelming tempest may uncover ground floor flooding, or the furniture that you believed was incorporated has vanished, breaks in the roof or dividers might be uncovered.

In the event that the issue is a difficult issue you ought to step in continuing with the arrangement. To stay away from any shocking disclosures, you ought to have extremely careful investigations of the property before the last stroll through on shutting day.

Don’t hesitate to request that the present proprietor see the property after a vast tempest to investigate for any moist or potential flooding. Finding a very late issue does not as a matter of course mean the arrangement ought to be traded off. Arrange to have the expense of repairs secured by the merchant, and have the cash put retained. Get gauges from experts to check how much the repairs will cost.

What the vender brings with them

A typical issue on shutting day is perplexity between the purchaser and dealer over which things are taken by the merchant and which things stay with the property. Maybe you enjoyed the antique furniture at the property and were disillusioned to find it had vanished on shutting day.

Unless you’re to a great degree joined to a thing and view it as a major issue, it is frequently best to give up any issues over the exchange of things and furniture. The least difficult answer for any misconception on shutting day is to state in an agreement what is relied upon to remain or should be expelled. Be definite and ensure that the agreement matches what you hope to be in the property on shutting day.

Credit issues

Most purchasers have endorsement for a home loan sorted out over a month prior to shutting day. In any case, slight changes to your monetary circumstance can adjust your FICO assessment and issues can happen straight up to the point of letting the big dog eat. On the off chance that you change your occupation, apply for a charge card or advance, neglect to make installments or bills, even a surprising flood of money can bring about issues with home loan endorsement.

In the event that the moneylender pulls out of the arrangement, you will need to discover another home loan supplier before you can close. The home loan supplier may alter the financing cost and you will need to reevaluate whether the property is still reasonable.

To keep away from any loaning issues, you ought to speak with the home loan supplier the day preceding shutting to guarantee there are no issues, and resolve any if there are. It’s fitting to maintain a strategic distance from any vast monetary moves in the month or so before shutting, similar to changes to your livelihood or any money related convergence from a relative or relative.

Cash exchange issues

The significant piece of shutting day is the exchange of assets. A few banks and money related establishments want to direct exchanges electronically, while others incline toward guaranteed checks. On the off chance that you bring the wrong printed material or commit an error with record numbers, you can defer the arrangement.

While not to genuine, it is best to abstain from making any superfluous anxiety. Ask your home loan supplier and real estate operator what sort of exchange is required.

Title issues

A title organization will uncover subtle elements of the property, for example, any liens, pledges, and past possession, that can uncover difficult issues on shutting day. Give yourself an opportunity to consider any issues or stipulations that accompany the property. Any assessment owed on the property or cases of proprietorship from relatives or co-proprietors can postpone shutting. While and unpaid HOA contribution or agreements can be an astonishment, however not crash shutting on the property. It can disappoint, however all title issues must be determined before shutting. In any case, with regards to obtaining a property it is ideal to continue with alert than making any excessive blunders that must be managed later.

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USDA Mortgage Loan

USDA Mortgage Loan

usda mortgage loan

Where’s the beef?  How about a nice, juicy 100% loan with a check for $8000.  Mortgage bankers do a considerable amount of USDA loans, and the borrowers are getting in with no money down and cash back at closing.

The United States Department of Agriculture Rural Development division offers attractive loans in order to increase the development of rural areas.  In order to qualify, you must meet income guidelines and the property must be in a designated USDA rural area.  If you were not planning on buying a farm, you should look at the property eligibility page.  I was surprised to see that everything east of I-75 was considered rural, this includes Lakewood Ranch and other areas that are you wouldn’t think of as rural.

For investors, a good property manager in Tampa, Florida can save you thousands of dollars a year.

In order to get the $8000 check, you must be a first-time homebuyer.  To be considered a first timer you must not have had ownership interest in a property within the last 3 years.  The 8k is not free, it is a loan that must be repaid and will be deducted from your income tax refund.

Here are the advantages of a USDA Loan:

  • The government’s repayment guarantee (should the buyer default) allows lenders to be more generous with interest rate offerings and more lenient credit standards than they would be on a comparable conventional loan.
  • There is no pre-payment penalty for a USDA-backed loan.
  • The mortgage can also be used to purchase some manufactured homes.
  • The USDA loan can be used to refinance a home as well.

Here are the disadvantages of a USDA Guaranteed Loan program.

  • There is an upfront fee of 2.75 percent of the loan amount. Now, there is a bright side to this – it will be added to the loan so it’s not money you’ll need to pay out-of-pocket.
  • There is another fee, amounting to 0.50 percent, that is similar to the mortgage insurance premium for FHA loans or private mortgage insurance on conventional loans. This fee stays in force for the life of the loan and is paid annually.
  • Both the lender and the USDA subjects the loan to underwriting so expect closing to take a few weeks longer than other loans.

If you are considering buying a home, make sure you consider future depreciation and buy well below market value.  Also, explore all of your options including USDA loans, the property you want may be considered rural and you may get paid to buy it.

Tampa, Lutz, Land O Lakes, Odessa, Carrollwood and Citrus Park Property Management