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Tampa Real Estate Headlines

Tampa Real Estate Headlines

The Tampa, Florida real estate market is leading many headlines:

Orlando, Florida is the 3rd Hottest Housing Market.

Florida

With oil expenses at nearly $30 a barrel, Disney international-bound tourists are assisting within the town’s growth. Orlando’s employment is up three.8% over the last year. Orlando’s home prices grew eleven.2%, at the same time as domestic sales growth expanded eight.9%. Orlando’s populace grew 2.2% in 2014, the third most powerful growth most of the pinnacle 50 u.S. Markets, providing robust help for housing demand and boosting the single-circle of relatives market.

Florida is one of the states with the highest share of flips in 2015 at 8% of all home sales.

Sarasota and Bradenton, Florida are ranking high for surveys on health and happiness.  With 2 of the top 5 places for well-being.

  1. Naples–Immokalee–Marco Island, FL
  2. Salinas, CA
  3. North Port–Sarasota–Bradenton, FL
  4. Fort Collins, CO
  5. Barnstable Town, MA

Over 50% of purchases in Florida are cash sales.  This statistic is now declining year over year.  

Rising rents motivating people to purchase homes.

Tampa, Florida is number 20 in the hottest housing markets for the spring homebuying season

Florida single-family home prices up 14% over last year, But state sees decline in sales of lower-value homes

Tampa ranks tenth in the list of the top 10 single-family rental investment market.  10. Tampa 5.9%

 

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February 2016 Lutz Real Estate Statistics

The Lutz Real Estate Market Report for February 2016

According to the new data released by the Greater Tampa Association of REALTORS®, the Lutz, Florida Real Estate Market is showing signs that 2016 is going to be even more aggressive than 2015.

Lutz real estate statistics

Market Notes:

This is the first time in several months that we have seen more homes come on the market than sold. Hopefully, this is an indicator of a much-needed boost to our housing inventory.

Let’s take a look at the February 2016 real estate market numbers for Lutz:

 

February 2016 Lutz Real Estate Statistics

Status: Active (117)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $49,900 $54.24  
Max 5 6 5,541 $1,080,000 $814.48 30
Avg 3 3 2,363 $345,332 $142.69 13
Median 4 3 2,319 $289,900 $131.74 12
Status: Active with Contract (26)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 572 $74,900 $58.46 8
Max 4 10 2,964 $479,000 $305.94 273
Avg 3 3 1,893 $239,696 $129.83 87
Median 3 2 1,963 $214,950 $127.06 56
Status: Pending (55)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $34,900 $36.35 2
Max 6 4 3,738 $535,000 $167.97 266
Avg 3 2 1,947 $224,222 $111.89 57
Median 3 2 1,714 $189,900 $119.43 30
Status: Sold (59)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $48,900 $49.17 $44,500  
Max 6 6 5,158 $1,003,113 $194.48 $891,125 115
Avg 3 3 2,117 $262,096 $117.13 $253,502 39
Median 3 2 1,882 $227,000 $115.64 $206,000 33

 

The Lutz Real Estate Market is Strong

February is usually the slowest month for real estate sales in Lutz, but it was still 25% busier than this time last year. We are finally starting to see an increase in new listings by 34% over last year. This is very good news for homebuyers who have been struggling to find the right house because there have been so few homes on the market. Our hope is that this is an indicator of a more balanced market as we move into 2016.

These numbers cover all of the neighborhoods in the Lutz, FL zip codes of 33559, 33549, 33558 and 33548.  All information deemed reliable but not guaranteed.

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5 Reasons to Avoid a Property Manager

5 Reasons to Avoid a Property Manager

5 Reasons to Avoid a Property Manager

The life of a real estate investor is about creating a passive income and stream and achieving financial independence. If you are managing your own real estate portfolio, you have just created a job for yourself.

When purchasing an investment property, you should factor in an 8-10% monthly management fee, as well as room for unexpected maintenance. Having a great property manager is a sound investment in achieving your goals and owning your time. Although, hiring a bad property manager, can make things very bad, very fast. To help protect your goals and your investment, avoid these property management red flags:

1. No References. Property Management has traditionally been a referral based business and the manager should have strong relationships within the local community. They should be able to provide references from tenants, owners, local organizations or vendors.

2. Unavailable. A property manager’s responsibilities are 24/7. There are problems that will arise at your property on nights, weekends and holidays that will need attention. Make sure your property manager approaches their services this way.

3. Conduct. The property manager should be able to convey confidence in the value of his services, and be professional. If the manager is not professional with you, they probably will not be with your tenants and vendors.

4. Successful Experience. Rather than having many years of experience, look at the amount of successful experience a property manager has. They should be able to give examples of their processes and how they are going to deliver the services they promised. It is important that they can change rapidly with the rental markets, technology and regulations.

5. Sales Pressure. If a property manager is forcing you into making a quick decision or seems desperate for your business, these are signs of running. A good property manager will give you time to collect references, get quotes from competitors and will work with you to determine if the relationship is a good fit.

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Lutz Home Bidding Wars

lutz home bidding

Excessively numerous individuals experience an extreme time when they are attempting to set aside cash to purchase their fantasy home. One basic test that makes the whole procedure unpleasant is the opposition from other potential home purchasers. The huge fish out available target and the shallow pool of properties accessible. On the off chance that you don’t have enough cash to coordinate their offer, you’ll presumably miss out. However its each of the a matter of point of view, so lets talk about why being outbid may really be the best thing that can happen.

Being Outbid can be a Good Thing

While it can be unpleasant to put your offer on a specific property that is focused by the super-well off, it can likewise have a few advantages. One magnificent actuality is that being outbid in one home is not the end of everything. Assume you are outbid by a higher offer than the one you put on a particular home, there will dependably be another home somewhere else! There is constantly another home that will furnish you with the elements you’re searching at an a proper cost.

Saving Cash

One thing about being outbid on a home is that you wind up securing your financial plan. Stay with your financial plan and attempt to maintain a strategic distance from an offering war that could lead you well outside your agreeable extent. This implies you will spare cash and abstain from blowing your financial plan.

A few people commit the error of putting a higher offer just to win and secure proprietorship. Then again, you now have plunged into your stores and can no more stand to roll out the improvements you were wanting to make. Without the financial backing expected to remodel your home, it might never be the home you were trusting it would be.

Effective Methods for Being Outbid

A ton of potential homebuyers are tensed when they can’t win the offer and be the proprietor of a particular property. It is about being shrewd and utilizing the right techniques and tips to abstain from overspending and keep focused safe side. Here are a few bits of knowledge to bail you out.

What is Your Financial Plan?

Before you consider putting any offer on any home, you ought to again consider your financial plan and figure out whether you can bear the cost of the property or not. The point here is to buy what is inside your achieve, taking into account your funds. This implies current budgetary circumstances and conceivable future money related circumstances.

Don’t Get Scared

As you are planning to put an offer on a specific home, dependably remember that a few offers can be rejected. Never fear putting an offer on any home of your decision.

Know when to say When

Comprehend what it is that makes the property so engaging you and comprehend what it may cost to add such components to another house with a lower sticker price. Set your financial plan and go into the procedure in light of go down houses. Having a go down will permit you to stop at your point of confinement without any difficulty.

The Offer

You may experience a circumstance where the underlying cost of the house is truly very low, yet the last bidder will pay twofold the cost. Accordingly, examine the quantity of offers of a specific home before you surge in. Now and again you’ll run over intentionally low evaluating endeavoring to make an offering war. Keep in mind attempt to maintain a strategic distance from an offering war if conceivable.

Older Homes May Have More Value

At the point when the offering war is warming up on the top homes in the business sector, you can utilize this chance to search for more seasoned homes that need a touch of redesigning. Here, you won’t just spare cash, however you will have the opportunity to revamp the home to coordinate your inclination.

Have a Backup Plan

Before you partake in an offering war, you ought to dependably have a reinforcement home (as said prior) that you will swing to when you are outbid. This spares you time and extras you the anxiety of searching for another home once your objective home is no more. The reinforcement home can be well inside the cost and territory or in an alternate neighborhood all together. With everything taken into account, guarantee that you know where to swing to after you lose in an offering war.

You ought to set your financial plan and decide the “no-go zone”. On the off chance that any other person puts an offer that is past your farthest point, you will need to haul out as quickly as time permits. This will obviously spare you cash and keep you from making a buy you truly can’t bear. Anybody can be overpowered with regards to offering on a stupendous home. In any case, it is constantly encouraged to consider the consequence, and figure out what you will pay over the long haul. Continuously adhere to your financial plan, regardless of how exquisite and appealing the objective home appears. There will dependably be another home holding up to give all of you the elements you’re searching for at the value you need.

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What to Ask of a Tampa Bay Property Management Company

 

If you own a rentals in Tampa, Florida and you wish to have less stress and time in managing it, you need to get the services of a Tampa Bay property management company. Before you hire one though, you need to ask the proper questions so that you will get the right company.

The first question to ask of the company is their contact information such as their address, telephone number, cell phone number and email address because you will want to know how to reach them if a problem occurs. Knowing how to reach them shall save you time and allow you to get on with your busy life. It is imperative to have different ways of reaching your property manager.

Know if the property management company you hire shall address issues on repairs. Ask them if you shall pay for such repairs or if this is included in your contract with them. Inquire if they will get the services of an external company to maintain the property and how much they shall pay for it. Know the type of repairs that you shall be responsible for. Also be aware of the cash reserve they need to cover expenses for repairs.

You should also ask if they handle yard maintenance such as shoveling snow, raking leaves and mowing the lawn. Companies that do such requests are good because your property will look nicer and cleaner to prospective tenants. Ask if you will be the one to hire additional help for yard maintenance.

Ask if there is a contract between you and the Tampa Bay property management company and its length. If you do not agree to certain things, know how difficult it would be to terminate the contract. Know if there is an early termination fee of the said contract.

Inquire if there is a vacancy fee as there are some property managers that impose this. It covers advertising costs, time in showing interested tenants the property and other fees which are related to filling the vacancy. Know the amount of such a fee and the company’s manner of billing.

Ask the effectiveness of the Tampa Bay property management at filling vacancies. Know their methods of promoting your property. Check if they have a website filled with good pictures of properties they manage. Inquire if they promote through local classified ads as well as free online rental listings. Ask the number of vacant properties they are managing.

When you hire a Tampa Bay property management company, your property will have good tenants immediately.

property management Tampa FL companies
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Property Management Tampa FL Companies Facts That You Probably Do Not Know

tampa fl property management companies
1. Single properties require lower management fees.

Compared to a multi-unit residential real estate property, owning a single residential property to be managed by a property management Tampa FL companies requires lower fees not only because of the number of tenants but mainly because of the on-site property managers who need to live within the vicinity.

Basically, this a person assigned by the company itself that the owner needs to pay separately.

2. Some property management Tampa FL companies collect added premium for multi-unit residences.

For some reason, these properties – condos, townhouses, apartments – are harder to market than single properties, thus, the premium. Theoretically, real estate market price devaluation hits harder and longer on multi-unit residences (also called multi-family residences). This gives property management companies less security for their own earnings.

Like in any business, security is something that can dictate price (the same reason why less secured cars pay higher insurance premiums).

3. Hiring a property manager who will find tenants is more practical than availing of an overall property management service.

Prospective tenants only trust property managers with a license in property management as approved by the state. Property management Tampa FL companies have more experience in closing deals; hence, you have less worry to carry. In this case, you only have to pay a one-time charge.

It is recommended for a property owner who can manage to collect, communicate, and ensure maintenance and monitoring of his/her asset to just do the work himself/herself, especially if his/her residence is just within the area. This gives up to $5000 of savings.

4. Brisk market and stagnant market are the biggest determinants of rental price.

If a Tampa property management company tells you that heavy renovations will guarantee rental rate increase, then, you are gullible enough to believe.

While renovations and additional amenities contribute greatly on rental price, these are still dependent on the status of the rental and real estate market – a brisk market and stagnant market.

The Brisk market is the time when the number of potential tenants is higher than the available rental properties in a particular area. A stagnant market, on the other hand, is the time when the available rental properties are higher than the willing renters. It is, basically, all about the law of demand.

When the market is brisk, property management Tampa FL companies can increase the rental rate, regardless if renovations are done or not. If it is stagnant, no amount of renovations will guarantee a rental increase.

as-is tampa real estate
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As-Is Tampa Real Estate Listings

There are many reasons why a homeowner may want to list their home for sale in ‘As-Is’ condition.  This may be a property that was inherited and family members do not have time to fix it up.  Or it could be that someone is moving out of state and do not have time to do any renovations. Or there could just be no money available to put into the property.  Before listing ‘As-Is’ on your Tampa real estate, there are a few things to consider.

1. Limiting the Buyer Pool

Listing your Tampa home ‘As-Is’ could eliminate possible FHA and VA loan buyers.  Some conventional loans will also want inspections to be done and for the property to qualify for lending.  When there are a lot of repairs that need to be done, or if the home just needs to be brought up to a habitable level, you prospective buyers will mainly be cash buyers and real estate investors who are looking for the lowest possible price.

The real estate investor will likely fix up the property and then sell it for around 33% more, so ask yourself if it is better for you to get the extra money on the sale or if it is just not worth it.

2.Discounted Sales Price

When a home is not turn-key move in, it means that the price will need to be discounted compared to the other homes that have sold in the area.  Buyers that can not move in right away or that have significant work to do upon move in will want a discount for the inconvenience and cost of repairs.

When you market as-is Tampa real estate, there are a few things that can help you maximize your sale.

We understand that certain home repairs may be financially out of the question for some sellers and they simply must sell the home in its current condition. Declutter. Make the home look as nice as possible.  Remove all clutter and make sure that everything is detail cleaned to give the home its best appearance possible. You should also get a home inspection and then disclose the necessary repairs to the buyers.  This will give an actual idea of what it will actually take to improve the home and the buyer and you can make informed decisions on the actual value of your as-is Tampa real estate listing.

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Don’t Overpary for your Wesley Chapel Home

dont overpay for home

Shopping for a new home or investment property can be a daunting task.

Having a real estate agent on your side can help to guide you through the process and make sure you are getting the best deal.  There are many things that sellers can try to do to arbitrage the sale and get you to overpay for the property.  Do not get caught up in a Wesley Chapel Homes bidding war.  There are many things to look out for to make sure you are smart home shopping.

You or your real estate agent should research the local housing prices and trends

There are many factors that come into play when determining the price of a home.  Trends and fluctuations in the market can play a big role in what the house sells for.  But there are many unique things to consider about each property before making an offer.  The condition of the home, amenities, pool, lot size, inspection, appraisal, etc.

You want to be able to do an analysis of comparable homes within the same local area.  Then you can add or subtract the other factors of the house.  Sadly, some real estate marketers can also manipulate a number of those factors to their advantage and make it appear to consumers to they need to pay more.

To prevent a number of these traps it’s far important that price comparisons need to be done with the aid of searching at the rate developments for comparable residences which have been currently off the marketplace. Accurate real estate agencies commonly provide such data and this could be used to make a fairly accurate value.

Don’t forget the expenses of maintenance and renovations

Even if you do win a bidding war, you will still need to add in the cost of maintenance and renovations to the purchase price.  After searching and finding the right home, new owners are typically compelled to check into components like repairs and renovations in order to have a home environment with fully useable facilities and be capable of living up to expectations.

Prior to accepting a home assets bidding undertaking, it’s miles critical to very well assess the given assets. If the maintenance or renovations may stretch your finances to unworthy restrict, then it implies that the given belongings might not be that suitable on your budget. Ensure to speak to your realtor and investigate what form of domestic shopping for inspection is proper for your private home.

Rent the escalation cause

Any escalation clause normally does show the initial price listing and this is anticipated to rise by means of a small amount for the duration of the land o’ lakes bidding warfare. The gain of employing this clause is that it enables an ability new owner to peer whether if the given belongings can go for a rate that is lower than that registered inside the escalation motive.

Persist with your plans by way of avoiding the mind games

Again it’s miles crucial to paste to your house pricing goals even in case you are in a land o’ lakes bidding war. Auction of actual estate houses is just like any other business. This implies that the price of a given home can be overvalued simply to make certain that the auctioneer gets to make excessively fat earnings from the unsuspecting bidders. Continually persist with your price if you accept as true with it is the right one. To the surprise of many, some auctioneers generally do come back and take the initial amounts which were rejected for being “low” or simply make most effective a slight growth that’s generally no longer that plenty. It’s far vital to study the home appraisal – this manner it’s miles possible to examine a property from a purely economic and on the rational foundation. This could greatly assist in negotiating for a domestic on the right and lower rate hence lowering the possibility of overpaying.

 

Retro Home Design
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Retro Home Design

Retro Home Design

Retro home stylistic layout is making a rebound, and it’s doing it with style the same number of homeowners are currently swinging to the more established days to give another look to their house. When you consider the retro improvement, what’s the principal thing that enters your thoughts? Is it the kitchen dividers of avocado shading? On the other hand is it the exemplary shag rugs before the chimney? Indeed, whatever your concept of retro might be, realize that vintage pieces do not just get genuinely necessary refreshment your home additionally don’t cost you a fortune.

So how would you include odds and ends of retro without totally changing the topic of your home? Continue understanding this manual for discovering.

5 simple tips to inject a look of retro in your home

1. Use immersed hues

The home stylistic theme in the 60’s and 70’s set a considerable measure of the spotlight on shading, which loaned verging on each house its very own unmistakable look. You don’t have to re-try your whole home, you should simply utilize punchy tones in specific ranges of your house to give it an exemplary look from the former period. While striking hues that go marginally over the top may convey a look of retro to a room, recall that the same shading won’t suit all around.

When in doubt of thumb, use pale hues in a little room and darker hues in rooms that are bigger in size. In the event that your room is little, paint the dividers with a lighter shading and supplement the look by tossing in more immersed frill.

2. Use vintage furniture and embellishments

The best part about going retro is maybe the way that you don’t have to coordinate everything to the last conceivable subtle element. To bring a sentiment sentimentality all you may need to do is present a retro style table, couple of exemplary seats, or a 70’s enlivened couch set. As more individuals are trying different things with retro visuals, numerous organizations have committed themselves to offering particular administrations to reconsidering and reproducing all things retro.

Grill like a revolving telephone, astral light, a stacked record of collections set in a corner, or a couple of retro publications can essentially support the general advance without blazing a gap in your pocket. In the event that you can figure out how to discover old retro blurbs of your most loved band or movies, simply casing and hang them on the divider to make a remarkable centerpiece.

3. Make the best utilization of lighting

Like furniture, lighting tremendously affects how your room looks and feels. To completely catch the embodiment of a former time, you may utilize modern pendants of vintage style to saturate a provincial kitchen – like feel or get a couple of roundabout mod light fixtures for a brisk retro fix. On the off chance that you are yet not prepared to put resources into getting changeless apparatuses, experiment with Edison lights that arrive in a wide scope of shapes and sizes. Try not to overlook the part of lighting on the off chance that you need to finish the retro look of your house.

4. Change up the beadboard and framing

Experiment with a few outlines of the Victorian period with beadboard or framing that ought to be promptly accessible in any of your neighborhood handyman shops. This can be a fabulous approach to emphasize the retro look of any home as it includes the required character and surface to ponder completely the more established days. Focus on ignored spaces like pantries, corridors, gateways, and other little regions to add a quick start to the visual style.

5. Benefit as much as possible from the insect market things

There’s constantly one thing in each home that characterizes its character. When you’re going for a retro look, an ideal way you can locate a stand-out piece without smoldering through the dollars is by checking the bug market or a rumored online closeout webpage. You can acquire an antique steamer trunk and use as a foot stool or utilize old fabric steps to hang clothes or for stacking pruned plants. Whatever you do, be set up to see a look of shock on the characteristics of your visitors.

Bringing a look of retro into your home is simple on the off chance that you know how to change a couple of things here and there and will invest some energy inquiring about and testing. We trust these tips help you get the retro home you had always wanted.

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Land O’ Lakes Foreclosures

 

Land O’ Lakes Foreclosures

Land O' Lakes ForeclosuresWhen you have record numbers of foreclosures like the United States has had over the last few years, you get record numbers of renters.

The most amount of people in history have been losing their homes to foreclosure when this happens the person:

A. Doesn’t have a place to live

B. Has bad credit

C. Can’t qualify for another mortgage

So where do these people go?  Some may have to move in with family, but the majority will be looking for a place to rent.

This means that there are currently a record number of people that are interested in renting a property.  This is good news for our property management company since it makes finding tenants very easy.

In some recent cases, we have had people bidding up properties over the advertised rental price.  Once properties are rented, we continue to get tons of phone calls and emails from people trying to find a place or see if we have anything similar.

Owners who can capitalize on this opportunity can increase their cashflow and limit vacancies on their properties.

For expert property management in Land O’ Lakes, Florida, contact Relevé Real Estate and Property Management.