It seems like everywhere I go people are asking about the current housing market in the Tampa bay area.  The good news is that local resale inventories have been falling for some time. The resale home inventory has dropped 6000 homes since the first of the year. Next, the average price of homes purchased is rising. To me that means that more resident owners are beginning to buy and local consumer confidence is improving.  When we include that we have had many consecutive months of higher sales over last year, there is real proof of the improving housing market.

 

Some people think that more bad news is on the horizon. There are concerns that commercial real estate is next to fall. The problem lies in the fact that unlike residential mortgages, commercial loans are usually for five year terms so most businesses need to refinance thier loans as they come due. Business closures are on the rise due to the ailing economy, increasing the number of available properties. Add to that, many businesses increased debt loads during the “big bubble”. It is believed that many businesses and assets are worth less today than when the loans were originated. It is expected that the banks will sooner let the businesses foreclose rather than take on new loans with questionable asset values. The end result will be continued increases in unemployment for a long time to come.

 

Totally confused?  Consider this, I am of the opinion that now is a great time to buy property in the Tampa bay area! How is that?  Well, the negatives will actually improve the reasons for buying. Motivation will always increase competition. The competition is currently among sellers, which helps buyers with greater seller flexibility and lower prices. Some people think prices may fall further. They might, but I am personally convinced that the biggest drops have already occurred. If the Tampa bay real estate market continues to improve as it has since the first of 2009, prices will likely go up and the choices available will decrease. If one buys a piece of real estate today at a price and payment they can honestly afford, they will improve their quality of life. As a property owner, your home is a reflection of your taste, pride and values, not some landlords. Your children can have a neighborhood to grow up in and your pets will have a place to…..do what they do. That is why home ownership is still the Great American Dream.

 

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  
for everything you need to make Florida Home. 

Since the inception of the $8,000 tax credit there are have been complaints from cash strapped buyers who loved the idea of owning a home but still couldn’t come up with the funds to make it happen.   Well, it was just announced that FHA-approved mortgage lenders have been given the ability to develop bridge-loan products that allow first-time buyers to use the benefits of the federal tax credit upfront, according to  the U.S. Department of Housing and Urban Development.  Now you can take advantage of this awesome TAX CREDIT before it goes away in November. 
Daily Real Estate News  |  May 29, 2009  |  

HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencieshave developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR®Magazine Online

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  
for everything you need to make Florida Home. 

For Release: Wednesday July 1, 2009

Here is the latest information about the department of Housing and Urban Development’s plan to build more “affordable housing” projects in 26 states. This is great news for the recipient states! As one reviews the states mentioned, it brings into question the apparent truth to statements made by unconfirmed expert sources that the massive $1,035,322,485 in “tax credits” were payback for votes. According to ABC news and Gallop Polls, it appears that they are correct. 

On a personal note, I find it disappointing that Florida isn’t among the states receiving the much needed boost to our housing industry. The Florida real estate industry is one of the hardest hit in the country. It would make sense that a state as large and important to our country would be counted among first to receive this taxpayer funded windfall. Perhaps, next time?    

SECRETARY DONOVAN AWARDS OVER $1 BILLION IN RECOVERY ACT FUNDS TO JUMP-START AFFORDABLE HOUSING CONSTRUCTION IN 26 STATES
Funding to stimulate the production of thousands of housing units stalled by recession while creating jobs across the country 

 WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving plans submitted by state housing finance agencies for $1,035,322,485 to jump start affordable housing programs in states throughout the country that are currently stalled due to the economic recession. Funded through American Recovery and Reinvestment Act of 2009(Recovery Act), HUD’s new Tax Credit Assistance Program (TCAP) will allow 26 state housing finance agencies to resume funding of affordable rental housing projects across the nation while stimulating employment in the hard-hit construction trades.

“The purpose of the American Recovery and Reinvestment Actis to jumpstart the nation’s ailing economy, with a primary focus on creating and saving jobs in the near term,” said Secretary Donovan. “The funding being announced today is an important step in achieving the goal of putting the American people back to work while providing quality, affordable housing options for low-income families at a time when those options are needed more than ever.”

The current economic and financial crises present significant challenges for the construction industry, particularly residential construction. One of the by-products of this crisis has been the freezing of investments in the low income housing tax credit (LIHTC) market. The tax credits create an incentive for investors to provide capital to developers to build multi-family rental housing for moderate- and low-income families across the nation. Since the contraction of the credit market, and as traditional investors remain on the sidelines, the value of tax credits has plummeted. Consequently, as many as 1,000 projects (containing nearly 150,000 units of housing) are on hold across the country.

In response, the Recovery Act provides $2.25 billion for TCAP, a grant program to provide capital investments in these stalled LIHTC developments. HUD is awarding these TCAP grants by formula to 52 state housing credit agencies (all 50 states plus the District of Columbia and the Commonwealth of Puerto Rico) to complete construction of qualified housing projects that will ultimately provide affordable housing to an estimated 35,000 households nationwide. Since a major purpose of this program is job creation, the Recovery Act establishes ambitious deadlines for expenditure of grant funds and requires state housing credit agencies to give priority to projects that can begin immediately and be completed by February 16, 2012.

Under this first round of TCAP funds, state housing finance agencies in the states below are receiving awards today:

Arizona
Arkansas
Connecticut
Hawaii
Idaho
Illinois
Iowa
Michigan
Minnesota
Mississippi
Nebraska
New Hampshire
New Jersey
New York
North Carolina
North Dakota
Ohio
Oregon
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Vermont
Washington
Wisconsin

HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  
for everything you need to make Florida Home. 

The business of real estate can be so rewarding and it can be one big pain in …..  You can go from absolute elation from having closed the seemingly impossible deal to seeing months of work blow up over issues that were out of your control.  Experience  tells me to shake it off but that can be easier said than done.  

After many years, I have rediscovered an old love of mine.  I have a long history with her. My love affair began when I was nothing more than kid. Back then, she was hard charging , ornery thing who wasn’t afraid to get down and dirty. After getting beaten up one time too many I took to the streets. This one was smooth and scary fast! It was addicting to feel the sensation of flight without ever leaving the ground.  Finally I had to let her go before she killed me.  Like most in my 30’s I got involved with my work and family duties then I blinked and found myself hitting the big 50!  I finally realized that all work and no play made me a dull boy.   I have discovered that I can enjoy one of my favorite past times in a way that I never realized. I can now enjoy taking my time and enjoy the smells, the feel of wind in my face and the textures of road as I meander through the back roads of  the Tampa bay area I call home.

After every ride I take, I get home more relaxed with a better outlook and and the realization that I appreciate the world around me a little more. 

Now to finish my work so  can take a little ride…..

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  
for everything you need to make Florida Home. 

If I can be of any help to you in finding a home give me a call, I would love to help. Jeff Daniels TampaFloridaHomeFinder.com

Of all the trillions of dollars spent in the past several months, this is real money that actually benefits you, the tax paying citizen.  The world got a wake up call when it realized that real estate was our country’s leading economic indicator, and it was collapsing before our eyes.  Once it was discovered what Wall street and the government did to screw up the housing industry, millions of people had already begun abandoning  homes purchased during the big bubble.  Then prices began to fall……

Every once in a while an opportunity becomes available in the midst of  terrible losses. The new $8,000.00 home buyer tax credit is one of them.

Here’s what you need to know about the program:

Here’s the latest from the National Association of Realtors:

Daily Real Estate News  |  May 29, 2009  |  

HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR®Magazine Online

The Federal Housing Association is stating:

 FOR RELEASE Friday  May 29, 2009

DONOVAN ANNOUNCES RECOVERY ACT’S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME
FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to ‘monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.

“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation’s housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today’s action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration’s homebuyer tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA’s current market share, it’s estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

1-800-CALL-FHA (225-5342)

Insuring More Than 35 Million Mortgages Since 1934

 

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  
for everything you need to make Florida Home. 

The latest S&P Case-Shiller housing  report  just came out with it’s  numbers, comments and projections. The report’s numbers are probably accurate but they could be so much more informational if they attempted to use all the facts.  Instead, they create the terribly flawed “S&P Case-Shiller housing report” knowing that it  is one of the most mis-quoted statistical reports in the market place today. In the mix of numbers portrayed every month, it is rarely if ever stated that the numbers only represent the average price of properties sold in a given area at a specific time and pricing does not reflect housing values.

There is substantial data available that shows what is really going on  in a given marketplace. Here in the Tampa Florida market, many local investors have abandoned the free falling stock market in search of better investments in turn, they are purchasing real estate. This is  proven by the property sales in the lower price sectors. Sales are strong with property moving quickly, often within days of going on the market. As a Realtor, I my customers have many times placed offers above the property asking price only to be outbid by another purcher.  To further enforce this fact is that cash buyers represent nearly 30% of sales in an area where cash sales normally account for less than 5% of sales.   This is resulting in a disproportionate number of lower priced home sales. Simply comparing the quantity and prices from one year to the next tells you nothing of what the real property values are! 

The S&P report implys that these numbers as variables in value not prices. Example; using the latest quote “the 20-city Home Price Index fell 18.7% in March” over the last 12 months, slightly wider than the 18.4% decline economists expected and larger than the 18.6% drop in the year ended February. There is no attempt to really explain that it was sale prices and not VALUES that dropped. The mis-information is furthered  when it is rehashed through various media sources when the word “price” and “value” are used as if they are interchangeable. Yet, month after month, the numbers go unchallenged. The end result leads the reader to believe that house values change $10’s of thousands of dollars monthly, which is nowhere near the truth. These newly “CREATED” facts or mis-information are repeated as if it were truth until it is accepted as fact. To make matters worse, advertising companies dressed as information services such as zillow are making huge amounts of money from the practice. Often the data is skewed to draw wild conclusions of  property values.  Sadly, naive home buyers believe the claims without really knowing the accuracy of the information.  When is the media going to be held accountable for their actions when they purposefully mislead the public?

Local market values can only be accurately determined LOCALLY!  No distant website is going to ever know the variables that go into completing an accurate local comparative market analysis done by an experienced real estate professional.  

If you are interested in learning the true value of your home, don’t depend upon an advertising website to determine your property value. Contact an experienced, honest local real estate professional and ask for a comparative market analysis.  Most agents offer the service for free, just to be considered for selling your home.

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  for everything you need to make Florida Home. 

What is so great about Tampa Bay?  Well, let me count the ways…First, year around summer! You never have to worry about shoveling. Then there’s the available affordable activities. Whether you love the beach, team sports, water sports, auto racing, horse racing, concerts, festivals or theme parks, we are world class. Why else would millions of people vacation in the area every year?

 

Isn’t Florida going through a housing slump? It’s true that people who bought homes during the Wall street driven housing boom have taken it on the chin. To be fair, there are many other parts of the country who are dealing with the same issues. On the flip side, anyone who is smart enough to buy a home now will be called a genius a few years from now! Prices are awesome! They will not stay that way. There are a growing number of people who are sick and tired of loosing their hard earned money to the thieves on Wall street and the government. They are the first into this value driven market and are cashing in before everyone else realizes what they missed out on!  Properties in the Tampa Bay area  come in every type, size and price range with excellent values available in virtually every direction.  Communities such as South Tampa with classic palatial waterfront estates to trendy condo are the norm while New Tampa, Westchase and Carrollwood are noted for their golf courses, clubhouse and activity centers. Looking for waterfront? There is Apollo Beach, Southshore, Baycrest and the Pinellas shoreline to choose from.  Neighborhoods such as Brandon, Riverview, Valrico, Lutz, and Land O Lakes offer a wide variety of lifestyles.  

 

The question of the day is this; are you going to listen to the very people who had no answers when you lost in your other investments? ….or are you going to invest into your future? After all, no matter what happens, you will still own and enjoy your Florida home…can you say that about your worthless stocks?

 

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. For incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-661-2480  for everything you need to make Florida Home. 

The National Association of Realtors has just published a synopsis on the “American Recovery and Reinvestment Act of 2009″

 

 

H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the United States House and United States Senate on February 13, 2009.  President Obama is expected to sign the bill TODAY.  The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. 

 

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote.  In the end, the elements of NAR’s housing agenda were included.  Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.  

 

The bill includes the following provisions:

 

Homebuyer Tax Credit – The bill provides for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

(This is different from the previous tax credit program increasing the amount from $7,500 to $8,000 and there is no pay back provision) 

 

Valrico Home For Sale

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.  These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.  For the few areas where the 2009 limits were higher, the higher limits will apply.  In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e. an area smaller than a county. The Secretary’s discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009. The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and REALTORS®. 

(FHA loans are no longer just a first time home buyer assistance program. Due to the volatility of the financial markets it is quickly the loan of choice for many homebuyers.) 

 

Tampa Home For Sale

Rural Housing Service– The bill provides an additional $500 million to existing USDA Rural Housing programs.  The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners. 

(USDA funding is available for limited suburban and rural areas. Contact your favorite Realtor of participating lender for availability)

Neighborhood Stabilization– Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).  The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties.  After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.  By leveraging their expertise in partnership with others from both the public and private sector, REALTORS® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.

(Local governmental agencies are in many cases controling the disribution of these funds at this time)

 

Brando Office For Sale

 

 Commercial Real Estate – Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commercial property owners’ investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program.  Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.

  

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. To see the many incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-684-9500 ext 237 for everything you need to make Florida Home. 

NOT ALL IS LOST!

It has been considered a foregone conclusion that the retiring Baby Boomers are the most affluent seniors in history. Well that may not actually be the case for many of us anymore. After years of careful investing and working our tails off we are finding many of the very people we trusted our futures to have “lost” our money somewhere on Wall Street. 

I know what you’re saying…you haven’t lost the money I have….Oh yes I have!     I too am a baby boomer wondering what I am going to do about  my retiement.  After giving my options alot of thought I know the first place I am going invest for my future.  I am going to make sure I have a house in a great place to live by the time I retire! 

INVEST IN REAL ESTATE?     ARE YOU CRAZY?

Hear me out.  If you choose a home you can afford…. you won’t have to worry about your favorite Wall Street investment person “loosing” your house no matter what happens to the market.  As a baby boomer you are best prepared to cash in on the housing deals out there!  “But what if  housing prices go lower?”  What about it?  Did you use that logic when you bought Microsoft at $25 a share?  The houses that are now the deals and now being sold below TODAYS true market value to unload them. There is right now a cushion built in to absorb that possibility AND you are not buying this retirement home to sell tomorrow, you are going to live in and enjoy it for years to come! History has shown that real estate is and always have been one of the safest long term investment one can make.

  THE LENDING INDUSTRIES LOSS…..WHICH YOU ARE PAYING FOR….

WILL BE YOUR GAIN!

Here is another great reason to buy into the bargains available right now…..you get a piece of the tax payer bailout money!  The foreclosure and short sale  homes are controlled or owned by the lenders who screwed up to begin with and who are also getting the bailout money.  Thier loss…..which you are paying for…. will be your gain!  I know what you’re thinking, “I think I will play it safe and wait awhile, You know, just to be on the safe side.”  You can but think about this, what happens when you show up at the end of a sale? Isn’t the selection  picked over? Aren’t most of the best priced items already gone? Don’t you regret not being at the door when the sale started?  YES,  YES and YES!  The real estatemarket is no different. The people who were determined to get the greatest deals benefited the most. 

TAMPA BAY REAL ESTATE MARKET IS PROJECTED TO BE IN RECOVERY BY LATE 2009

Here in the Tampa bay  real estate market has been “on sale”  for over six months that’s six hours in department store sale time.  Forbes.com magazine claims that by the end 2009 the area market is expected to be well into recovery. If their projection holds true most of the best deals will be gone by years end. 

One last thought….did you know that mortgage interest rates are in the 5.0% range right now? 

 

 Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. To see the many incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-684-9500 ext 237 for everything you need to make Florida Home. 

I don’t know if I should laugh or cry over the latest attempts to shore up the mortgage lending industry. First the congress and senate in their in finite wisdom decide to give hundreds of billions of tax payer money to the very institutions who lost it to begin with. Next they gave MORE power to the very criminals who “lost” the investor money to begin with.

One SMALL element of fraud has been in the appraisal side of the transaction. It is true that there have been plenty of  occurrences where an appraiser simply fabricated the “numbers” to make a deal happen but the situation is not that simple. During the wall street/media driven, hyped up home pricing, most appraisers just followed the inflation trendings. Adding to the situation was the reality that there were too many untrained people in every aspect of the industry.  What will really fix this situation will be increase education and communication between the real estate sales and lending industries.

Here is the  press release that the media will spread to give the impression that everything is in control…..

Excerpt from NAR:  Home Valuation Code of Conduct (Revised Version)

A revised version of the Home Valuation Code of Conduct, an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, has been released. The Agreement will be effective May 1, 2009.

Here is a link to the revised Home Valuation Code of Conduct:

And here is Cuomo’s statement on the Agreement:

“This revised agreement with Fannie Mae and Freddie Mac is a step forward: it preserves the core goals of ensuring appraiser independence and eliminating systemic conflicts of interest. It also incorporates common-sense suggestions of industry participants that increase flexibility and efficiency. Under this agreement, Fannie and Freddie commit to purchasing only those loans that are supported by appraisals conducted independently and honestly. Erecting and enforcing meaningful firewalls between appraisers and lenders, and forcing Fannie and Freddie to stop working with unscrupulous lenders and brokers, are key steps in cleaning up the mortgage industry and avoiding another crisis like this in the future. My office looks forward to working with the new Administration in making more reforms to the system in the New Year.”

The platitudes sure sound nice and the Cuomo’s statement even implies that things will be different and better then the “other” administration. All this grandstanding would ring a bit truer if the people in charge of Freddie Mac, Fannie Mae and the government oversight were any different than the people who created and benefited from the real corruption that caused the situation we are NOW facing!  The real criminals need to be held responsible for the mess we’re in …. right up to Democrat Senator Dodds who helped create and oversaw  Freddie Mac and Fannie Mae. Did you know that Democrat Senator Dodds was the single largest recipient of campaign funds  paid by Freddie Mac and Fannie Mae during the 2008 elections and Obama was second?

Here is the bottom line of the new code of conduct as written…..

IX. Scope of Code

Nothing in this Code of Conduct shall be construed to establish new requirements or obligations that: (1) require a lender to obtain a property valuation, or to use any particular method for property valuation (such as an appraisal or automated valuation model) in connection with any mortgage loan or mortgage financing transaction; (2) affect the acceptable scope of work for an appraiser in connection with a particular assignment; or (3) require the lender or any third party acting on behalf of the lender to take any action prohibited by federal or state law or regulation.

The question of the day is this: Are you getting the “Change” you voted for?  Cha Ching!

Jeff Daniels is a full time Licensed Realtor working in the Tampa bay area for over 18 years. To see the many incredible real estate opportunities click:  www.TampaFloridaHomeFinder.com  or call Jeff Daniels at Keller Williams Realty at 813-684-9500 ext 237 for everything you need to make Florida Home.