The Housing Finance Authority of Pinellas County announces the return of its popular Making Pinellas Home down-payment program. The program will offer interest-free, deferred payment assistance to help qualified home buyers achieve the dream of home ownership.
Loans of up to $15,000 are available to households with incomes up to 80 percent of area median income. Loans can be used for a down payment and closing costs. The program is available anywhere in Pinellas County.
There are no payments for the first five years and no interest, ever. Homes must be priced at or below $240,158. For more information about the Making Pinellas Home program, or for referral to an approved lender, contact the Housing Finance Authority of Pinellas County at (727) 464-8210 or visit www.pinellascounty.org/ community/hfa.
Friday, December 26, 2008
Monday, December 22, 2008
Sunday, December 14, 2008
November was bleak, as expected. Overall home & condo sales rates were about a point lower than October’s sales rates. Pending home sales ticked up (as reported by several media outlets) but many of those don’t make it to closing the next month (or at all!). Pricing is still homeseller’s strongest sales tactic – distressed properties in Tampa Bay sold at an AVERAGE PRICE 23% LOWER than non-distressed properties, which is very stiff competition.
Below is a 5 year lookback at our inventory in Tampa Bay – November’s inventory dipped below 38,000 units for sale for the 1st time in AT LEAST 2 YEARS! Our current rate of supply decay from Nov ‘07 to Nov ’08 is 10%...at current rates, barring any major increase in buyers or inventory, it would take 10 YEARS to get back to healthy, sustainable levels, i.e. 12,000 – 14,000 units! I think the turnaround will be quicker, but no sooner than 2010 until we see that “healthier” market.
Expect December to be as slow as November. I am experiencing more showing calls and also taking clients out more often. I also expect a mental shift in homebuyers in the 1st quarter of 2009 as 1) confidence in a new administration 2) low mtg rates 3) low prices and 4) increased job stability encourage homeowners to explore our market.
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 26,040 11,446 37,486
Total Units Pending: 1,789 523 2,312
Total Units Sold: 1,406 394 1,800
Absorption rate: 5.40% 3.44% 4.80%
Avg Days on Market 97 days 106 days 99 days
Months of Inventory 18.5 mons 29.1 mons 20.8 mons
Sold vs List Price % 93% 92% 93%
Sold vs Original List Price % 83% 83% 83%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 9,089 6,570 15,659
Total Units Pending: 576 270 846
Total Units Sold: 458 204 662
Absorption rate: 5.04% 3.11 % 4.23%
Avg Days on Market 96 days 120 days 103 days
Months of Inventory 19.8 mons 32.2 mons 23.7 mons
Sold vs List Price % 92% 91% 92%
Sold vs Original List Price % 84% 82% 83%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 707 1800 2,507
Total Units Pending: 29 72 101
Total Units Sold: 27 48 75
Absorption rate: 3.82% 2.67% 2.99%
Avg Days on Market 91 days 120 days 110 days
Months of Inventory 26.2 mons 37.5 mons 33.4 mons
Sold vs List Price % 92% 90% 91%
Sold vs Original List Price % 83% 82% 83%
Below is a 5 year lookback at our inventory in Tampa Bay – November’s inventory dipped below 38,000 units for sale for the 1st time in AT LEAST 2 YEARS! Our current rate of supply decay from Nov ‘07 to Nov ’08 is 10%...at current rates, barring any major increase in buyers or inventory, it would take 10 YEARS to get back to healthy, sustainable levels, i.e. 12,000 – 14,000 units! I think the turnaround will be quicker, but no sooner than 2010 until we see that “healthier” market.
Expect December to be as slow as November. I am experiencing more showing calls and also taking clients out more often. I also expect a mental shift in homebuyers in the 1st quarter of 2009 as 1) confidence in a new administration 2) low mtg rates 3) low prices and 4) increased job stability encourage homeowners to explore our market.
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 26,040 11,446 37,486
Total Units Pending: 1,789 523 2,312
Total Units Sold: 1,406 394 1,800
Absorption rate: 5.40% 3.44% 4.80%
Avg Days on Market 97 days 106 days 99 days
Months of Inventory 18.5 mons 29.1 mons 20.8 mons
Sold vs List Price % 93% 92% 93%
Sold vs Original List Price % 83% 83% 83%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 9,089 6,570 15,659
Total Units Pending: 576 270 846
Total Units Sold: 458 204 662
Absorption rate: 5.04% 3.11 % 4.23%
Avg Days on Market 96 days 120 days 103 days
Months of Inventory 19.8 mons 32.2 mons 23.7 mons
Sold vs List Price % 92% 91% 92%
Sold vs Original List Price % 84% 82% 83%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 707 1800 2,507
Total Units Pending: 29 72 101
Total Units Sold: 27 48 75
Absorption rate: 3.82% 2.67% 2.99%
Avg Days on Market 91 days 120 days 110 days
Months of Inventory 26.2 mons 37.5 mons 33.4 mons
Sold vs List Price % 92% 90% 91%
Sold vs Original List Price % 83% 82% 83%
Thursday, December 11, 2008
Good day! I apologize for the delayed entries - my 2 month old is keeping my wife and I busy!
It's hard not to get depressed about real estate these days - agents, brokers, oweners, and buyers who have trouble qualifying. Every segment has it's challenges, but there is a silver lining: AFFORDABILITY!
Homes have certainly become more affordable these days and, coupled with the low, low interest rates, it's a recipe for INCREASED HOMEOWNERSHIP - in the future, that is. Our economic recession and job losses will delay this increase, but like the tides, it will come.
Hillsborough County experienced just a slight 6% increase in home sale from Nov 07 to Nov 08. ONE THIRD (1/3) of all those sales were CASH!!! Average home prices dropped 27% over the same 1 year time frame, which greatly increases buying power.
The rub is that our supply of homes in the tri-county Tampa Bay area have decreased MINIMALLY...At one point, we were at 41,000 properties for sale - we are currently down to 37,000 and change. Look for a bottom when supply falls through 20,000 units...until then, it will be a "race to the bottom" for home sellers, as they compete with the HUGE tide of bank-owned foreclosures and distressed properties.
Hang in there, it will get better.
It's hard not to get depressed about real estate these days - agents, brokers, oweners, and buyers who have trouble qualifying. Every segment has it's challenges, but there is a silver lining: AFFORDABILITY!
Homes have certainly become more affordable these days and, coupled with the low, low interest rates, it's a recipe for INCREASED HOMEOWNERSHIP - in the future, that is. Our economic recession and job losses will delay this increase, but like the tides, it will come.
Hillsborough County experienced just a slight 6% increase in home sale from Nov 07 to Nov 08. ONE THIRD (1/3) of all those sales were CASH!!! Average home prices dropped 27% over the same 1 year time frame, which greatly increases buying power.
The rub is that our supply of homes in the tri-county Tampa Bay area have decreased MINIMALLY...At one point, we were at 41,000 properties for sale - we are currently down to 37,000 and change. Look for a bottom when supply falls through 20,000 units...until then, it will be a "race to the bottom" for home sellers, as they compete with the HUGE tide of bank-owned foreclosures and distressed properties.
Hang in there, it will get better.
Subscribe to:
Posts (Atom)
