First-Time Home Buyers in Spring Hill FL Have a Familiar Question

Spring Hill FL First Time Home Buyers– Get Help Cutting Through The Economic Haze

 

4 Bedroom Home For Sale in Spring Hill Fl

Search 4 Bedroom Homes Listed For Sale in Spring Hill Fl

Spring Hill FL first-time home buyers in 2014 are faced with a question that hasn’t changed for generations: is it more practical to buy right now, or to continue to rent?
Over the past few years, buying has been the easy choice. Nationally, in 2013 it cost 35% less to own a home than to rent according to that year’s study by real estate website Trulia. That despite rising house prices and mortgage rates. But that was last year, and the experts have been pretty unanimous in predicting that interest rates will continue to rise—ending up somewhere near 5.5% by 2014’s end (per the National Association of REALTORS®). In the face of higher interest rates and house price tags, will 2014 be the year when renting becomes more affordable than buying?
While first-time home buyers in Spring Hill FL are faced with increasing house prices and mortgage rates, renters also find another national trend: higher rents. Rents have been on the rise for the past few years, with continued increases expected throughout 2014. According to Axiometrics, the folks with the latest data, apartment rents are on course to rise by 3.04% in 2014. Research firm Reis puts the expected rise at 3.15%— and both say the causes are the potent combination of tight supply and rising demand. Whenever the economy improves, each incremental gain puts even more pressure on rents—which acts as an offset to any financial benefits of renting versus owning.
Where does that leave our typical Spring Hill FL first-time home buyers?

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Get Pre-Approved For A Mortgage In Tampa FL

Most recently, national averages show it is still about 21% cheaper to own rather than rent. According to the Trulia study, by fall of last year, the earliest tipping point at which it would have become more expensive to own rather than rent would have been expected to occur if interest rates hit 6.2%—but only in Spring Hill FL—and only if rents had remained fixed (which didn’t happen, even in Hernando County). Nationally, out here in the real world, Tulia admitted “mortgage rates will not tip the housing market in favor of renting over buying until rates hit 10.5%…”

Spring Hill FL first-time home buyers can be a bit more confident as they take in one more piece of information from the real world of April 2014 (no matter what the experts predicted): over the past few weeks, national mortgage interest rates have been edging down instead of rising! That may well change direction again (probably will), but for now at least, I have to say that it’s a pretty clear call in the spring of 2014: time to get pre-approved and find the perfect home in Spring Hill FL or the surrounding Hernando County Real Estate markets!

Spring Hill Florida Mortgage Rates Might Rise A Little, But What’s It Mean?

 

 

Will Home Values Fall if Spring Hill FL Mortgage Rates Rise A Little Further?

 

 

Right now, mortgage rates in Spring Hill FL (as in the rest of the nation) are higher than they’ve been for 15 months—a trend that’s likely to continue. We have to wonder about the impact higher Spring Hill Florida mortgage rates will have on Hernando county home sales in the coming year.

 

First, some perspective. If mortgage rates do increase in 2014, it’s no ‘done deal’ that home buyers will be put off—nor that a wave of foreclosures will follow. The reason? By past standards, interest rates will still be low, even at the 5½% predicted by the N.A.R. Any hike in mortgage interest rates are coming off the historical 3.52% set in the spring of 2013. Consider: most of us were paying mortgage rates between 7 – 8% throughout the 1990’s! 5½% looks like a fire sale compared with those.

 

Factor Two: surprisingly, a projected rise in interest rates is not predicted to dampen the enthusiasm for acquiring property. The Mortgage Bankers Association predicts that home sales will increase nationally by 10% in 2014. I have no doubt that some Spring Hill first time homebuyers could be waylaid by rising interest rates—after all, a 1% increase in mortgage rates equates to approximately a 10% rise in monthly payments. But overall, buyers who can meet the current lending standards should still be able to afford to own. Given the cost of the renting alternative, they may decide they can’t afford to pass up the right house at the right price.

 

Additionally, there is a strong argument that the principal effect of rising interest rates is less likely to be on Spring Hill Florida home sales than on refis. The Mortgage Bankers Association predicts that refinancing demand will drop by half in 2014 (when you chart that kind of number, it looks like a cliff!). Many homeowners will already have locked in last year’s interest, so they certainly won’t be interested.

 

Any drying up of the refinancing business may have yet another effect. There could be a follow-on effect as lenders start loosening their lending criteria to attract new business. First time buyers that have been locked out of the market until then may (we are now two after-effects later, so this has to be a ‘may’) find themselves suddenly eligible for a home loan.

Given the healthier economy and falling unemployment, the outlook for the Spring Hill Florida housing market in 2014 has reason to look positive.

Thinking of buying a home in Hernando County and want to shop the best mortgage companies in Spring Hill FL? Now’s the time to call me to discuss timing!

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

NMLS# 856640

 

Office 352-688-7949

Cell 727-946-0904

 

Spring Florida Real Estate- Multiple Offers Are Back!

Beating Competitors When Multiple Offers Surface On Spring Hill FL Real Estate Listings

 

Agent Trust Part of the recovery in Spring Hill FL real estate scene is the increasing likelihood of multiple offers on a listed property. This is every seller’s dream— but if you are one of the bidders, it’s important that you don’t allow it to become your nightmare.

There is one way— the only sure way—to keep the specter of competing Spring Hill FL multiple offers from upsetting your home buying prospects. Summed up in one word, it’s “preparation.”

Preparation starts with assembling a strong financial package. If your target property attracts multiple offers, you want yours to stand out. By the time you learn that other offers are at hand, it’s probably already too late to begin putting together documents—they should be in hand before you even identify a property. Getting pre-approval for your loan, having a letter that says so, and being able to show you have funds available can be persuasive.

When it comes to making the offer itself, although including “Subject to” clauses will protect you from unforeseen problems with the property, when multiple offers are on the table, the fewer contingencies the better. Again, only preparation will make this reasonable. If you’ve had an advance home inspection, and also made sure that there aren’t any right-of-way or easement issues, your offer can be significantly more attractive.Lake In The Woods

Personal preparation can be another positive. Visiting the property on several occasions at different times of the day should give you added confidence for what the home is truly worth to you…and when the listing agent and owner can put a face to your offer, it tends to strengthen its validity.

When multiple offers on a Spring Hill FL property occur, it’s possible that someone is going to bid more than the home is really worth. If you’ve done thorough research and know precisely what its value is in today’s market, that won’t be you. Having your bottom line number unshakably in mind means that in any bidding war, you’ll be able to sweeten your offer without hesitation. You can be creative, perhaps by offering to reduce the seller’s costs by picking up escrow fees, transfer fees or title policies; perhaps by offering the seller a few additional days to move without seeking financial compensation in return; perhaps by increasing the down payment or earnest money. When you know your bottom line, the arithmetic is uncomplicated (and your less-prepared competitors are more likely to throw up their hands!)

Agent TrustAnd then…should the bidding go over what you know it’s worth, you’ll be ready to walk away. There will be other properties to bid for – and we are always here to help keep all your options open!

Traps a Hernando County Real Estate First Time Buyer Should Look For

Looking Out For Common First Time Buyer Missteps

 

No matter how broad your previous life experiences may have been, buying a home is a very big deal. For a first time buyer, whether here in Spring Hill FL or anywhere else, the impact of that life-changing purchase is doubly impactful. It affects different people in different ways, but after the dust clears, there is one emotion I never want my Hernando County first-time buyer clients to feel: remorse.

You might think that the size of the transaction makes it wildly unlikely that even a first time buyer would overlook any major missteps. After all, when you are new to such an important purchase, you are bound to be extra cautious. Yet when you consider the challenging distractions along the way (going through your first mortgage approval process; scraping together a down payment; learning how inspections proceed, etc.) it’s easy to see how they can trip up a first time buyer. Getting any one of them dealt with can become a main preoccupation…so much so, that seemingly minor issues get overlooked. It’s part of my job to do my best to see that my Hernando County first time buyer clients stay vigilant on all fronts.

Common concerns to watch for:

Foundation Problems Related To SinkHole Activity – The true frustration of dealing with a home with foundation problems is something a first time buyer may not fully appreciate. They aren’t for the faint of heart (or the faint of pocket book).  Foundation problems can cost $50,000 for even a simple fix — but a first time home buyer usually doesn’t have that expectation. If an inspection reveals any sort of foundation issue, it’s an absolute ‘must’ to call in the experts to assess the severity of the problem – no matter what the time pressures may be. A search through public record and permiting records can help quickly identify any previous settlement issues which may have been recorded in the county. Keep in mind however, if a home has been remediated, the seller must be able to provide a full engineering completion report. In those cases, assuming the documentation is proper, its a pretty safe bet that the issue has been resolved and there will not be a future worry. Expert advise and reviews are also the proper course of action, the Team at Agent Trust has extensive knowledge in this area so dont hesitate to ask any questions you may be thinking.

Faulty Siding –  Expensive to fix and ugly to look at, improperly-installed siding was a big problem in the 1980s and 1990s. While many of those issues have been addressed by now, bad siding can still plague a new homeowner.  Believe it or not, it can cost as much as $25,000 to $150,000 to replace. Anyone considering a home built in the 80’s or 90’s should be sure to pay extra attention to the siding during inspections.

Special Assessments – Real Estate Agents in Hernando County and all areas for that matter dread seeing the words “special assessment” on a listing: these are additional costs to a homeowner in a condo or homeowners association that any project, repair or unexpected cost can trigger.  The cost to re-side a condominium complex, for example, can easily run into the $100,000 range, typically divided among the homeowners.

Rental Homes In Hernando County- Hot Market After Foreclosure Uptick

 

Rental Homes Uptick Follows Foreclosure Glut

Foreclosures Draw Hernando County Real Estate Investors’ Attention

The housing market’s new signs of recovery are accompanied by continued life in the rental homes investment market. Alert investors picked up on the earlier foreclosure epidemic – especially this year’s income stream-producing variety. ‘Buy low, sell high’ had largely become ‘buy low, rent high’ as rising rental rates met swooning residential prices. Although housing’s bottom appears to have been reached and newly reversed, Hernando County Real Estate rental homes rates are still subject to the general uptick. In short, opportunities for investors remain.

We’ve talked about the topic earlier, but for those who missed it, here’s a thumbnail review:

The foreclosure market draws attention.

This spring, newspapers like the L.A. Times widely trumpeted the investment rush that was underway due to the raft of nationwide foreclosures. Data tracker CoreLogic predicted a market that could be “worth $100 billion in terms of rental investments” for 2012. The idea was to “get your hands on a great foreclosure deal” with the long term in mind. Many investors did take them up on it, usually realizing the intended results. For most investors who continue to keep tabs on Spring Hill Florida rental homes market, the most common strategy remains buying low, then making the repairs necessary to rent high.

Rental home rental rates climb.

Although you’d usually expect an inverse relationship between home prices and rental rates, the signs of an apparent turnaround in the Hernando County Real Estate homes market doesn’t seem to have had much of an impact on the rate of rental increases. If that holds, it means that buying rental homes in Spring Hill FL as an investment could continue to produce for the foreseeable future – depending, of course, on keeping them occupied by quality tenants. Which finally leads us to….

Increase in renters

As part of the fallout from the financial crisis and maddeningly slow recovery we are still experiencing, a continuing stream of those forced to default on their mortgage payments have joined the ranks of renters – many of them high quality tenants. That’s an added incentive to Hernando County rental homes investors, allowing them to feel more comfortable spending on the repairs often needed to turn foreclosures into a desirable rental homes.  

Foreclosure Sales In Hernando County- Landing The Deal

Market Preparation Helps Hernando County Foreclosure Buyers

Foreclosure Wave Could Also Signal Opportunity

 

If you are organized and willing to put in some serious spadework, buying a Hernando County foreclosure can save you thousands of dollars. A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in June. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

If you have never looked into what is involved in snagging one of the foreclosures in our area, a few basics will greatly improve your chances for success:

 

Do Your Research So You Can Act Quickly.

The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of Hernando County trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

Weigh in With Cash.

Time is an important factor in buying a Hernando County foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, “A cash buyer who can close in 10 days can certainly get the best deal.” Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

3. Create Clean Offers.

If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down — can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself.

As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines. If you are considering buying a Hernando County foreclosure and are looking for an experienced agent to stand by your side, call me — and let’s get to work!

 

Hernando County Real Estate: Creating Listings That Go Beyond Simple Descriptions

Creative Writing Sparks Hernando County Listings

 

Listing Language Can Trigger a Quick Sale

Hernando County Homes For Sale

Your Hernando County home is in perfect shape – all set to go on the market. You’ve enlisted an experienced real estate agent with a solid track record.

Now all that’s left is…what?

What’s that next step?

In fact, the next step can be all-important: creating a Hernando County listing that does more than just describe the number of beds and baths. It has to stand out among all the competing listings that will be seen alongside it. That Hernando County listing is the keystone of the marketing campaign that will ultimately fetch a new owner: its job is to get buyers and agents to take a closer look. To get that job done, it has to be special!

 

 

When I sit down to work up an effective listing, I try to pay attention to what creative writers from other forms of advertising advise: first discover what is unique, appealing, attention-getting, then present it with language that captures readers’ imaginations. Formulas are out, since following a set group of mechanical rules can only produce a dull, repetitious result. Even so, there are some useful tips that can help spark an effective listing:

 

 

* Keep the context in mind. The job of any Hernando County listing is to communicate many essential details in a limited amount of space – but there will be photographic information there, too. Highlight features that can’t be told through either its photos or specifications. For example, if a house offers a spectacular view of the sunset from its veranda, the listing should highlight it. Grandeur can be told nowhere else.

 

 

* Listing language should be upbeat and tailored to sell, while at the same time, filled with accurate and useful information. It’s a balancing act, and going overboard in either direction can be off-putting. Specific details help bring in readers and build believability (high quality brand names like Sub-Zero or Wolf are good examples). Details build credibility that bolsters less concrete descriptions. I leave out unsupportable claims altogether. It can be tempting to fall in love with flowery language that sails off into its own reality — but accurate information builds trust for the lead-up to a sale.

 

 

* Setting the right tone is another important factor. It’s another balancing act. Listings should be upbeat without exaggeration…accommodating without sounding desperate. The right tone can help bring in prospects, just as the wrong one will drive them off or raise suspicions that something is wrong.

 

A successful Hernando Countyagent has demonstrated the knowhow and experience to bring these and other elements together to produce powerful, effective home listings. If you are considering selling your own home in the Manatee County or Sarasota County areas, I hope you will give me a call so we can create a dynamic marketing plan to sell your property!

 

 

Hernando County Real Estate Market Becoming Very Attractive To Foriegn Investors

Hernando County Real Estate Part of Global Investing Picture
Foreign View:U.S.Homeowners Sitting Pretty
Foreign Buyers Snap Up Residential Real Estate

For quite a while, Hernando County residential real estate holders – that is, homeowners – haven’t had to work very hard to come up with a description for the U.S. real estate market. ‘Lousy’ certainly came to mind. ‘Bleak’ was a strong contender. ‘Cautiously optimistic,’ at best a distant third.

Hernando County Real Estate

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So this months Wall Street Journal report came as a quiet reminder that, for serious-minded investors who view our situation from a less-involved perspective, our residential real estate outlook is neither lousy nor bleak. In fact, the combination of lower residential prices and the international currency environment has created a ‘property-buying binge’ by Asians, Canadians, Europeans and Latin Americans – more than 60% of whom pay in cash.
“There’s this international view that America is on sale,” according to one property manager. He should know; he’s an executive whose Chicago-based company buys foreclosed homes and manages them for investors. A year ago, all of his investors were domestic. Now, one in five is foreign.
Whereas before, most foreign residential real estate investors were interested in ‘trophy’ properties to enhance their personal prestige, the new onslaught is coming from buyers who see that they can earn high returns by buying here, renting, then reselling in the future when the market rebounds. It seems that in many countries, a residential real estate downturn is expected, but has yet to occur. In their estimation, ours is already history.
It looks like “a gift,” according to one developer, who judges that an oceanfront condominium in Rio de Janeiro sells a level 50% higher than an equivalent property in Miami. International or domestic, investment money is always drawn to bargains — but when bargain basement prices are combined with the perceived safety represented by U.S. residential real estate, the lure is apparently irresistible.

FOREIGNERS SNAP UP PROPERTIES IN THE U.S.” was Nick Timiraos’ headline, with a caption that read, “To many Americans, plowing money into real estate has never looked like such a risky venture. But to many foreigners, U.S. housing has never looked like a smarter investment.”

Thanks, Nick, for giving us some outside perspective; I guess we can adopt the ‘cautiously optimistic’ view with a lot more confidence. If you have been waiting on the sidelines to make your own Hernando County residential real estate investment, I hope you will give us a call when you decide that now is the time to invest in property in Hernando County and the Spring Hill area. We are standing by to help you find the property you’re looking for!
6113 Exchange Way
Hernando County FL, 34202
941-907-9444

E Loans Mortgage Inc

6113 Exchange Way

Hernando County FL, 34202

727-946-0904

Hernando County Florida Home Values: How Much Is Your Home Worth?

Taking Stock of Your Hernando County Home’s Value
Home Value Estimate: a Starting Point

Figuring out home values when the market is in flux is truly a job for experts. We have seen the national real estate market begin to rebound, and expect Hernando Countyhome values to soon start to reflect movement as well. Most Hernando County homeowners are in the habit of keeping an eye on area home values. But especially for anyone considering buying or selling this summer, estimating their home’s value is one of the first items on the agenda.

To get you started, there are a couple of different methods to help establish a ballpark estimate of what your home may currently be worth. Certainly the quickest and easiest tool is the calculator on Zillow’s website, at http://www.zillow.com/profile/tinafingerman/.  This free online calculator uses accumulated public record data joined with other factors to produce an estimate of home values. All you need to do is enter your address and wait for the magic.

I do have to put in a word of caution, though. Like any computer program, it’s fast and precise –but also maddeningly capable of disregarding what we humans think of as ‘common sense.’ So, while it is fun and interesting to get this kind of readout, it’s at best a ballpark estimate (and at worst, downright misleading!).

There are many other sites boasting similar tools — variations of the same idea and pulling from slightly different data sets — but the approach they use to calculate home values stays the pretty much the same. You only need to enter your address and there you go: instant estimate.

While these calculators are great at aggregating data, nothing replaces human input.  Real estate is, after all, the very definition of a Hernando County occurrence, so if you’re looking for more than an estimate, it’s time to call the pros in.

When an experienced agent (someone like yours truly) creates their professional estimate, it not only takes into account the trends for properties closest to yours, but also incorporates real life features — such as the curb appeal your home and garden offers right now. The better kept your property is at any given time, the greater its estimated value should be. An agent can also suggest the small changes that work best to enhance a property’s value.

If you have been considering selling a home and are curious about today’s Hernando County home values, call me anytime for a complimentary (and 100% human) consultation!

Steve Fingerman

E Loans Mortgage

727-946-0904

Hernando County Florida Foreclosure Listings: They Are Getting Harder To Find!

Posted on May 21, 2012
Short Sales Rising, Foreclosures Falling, Real Estate Inventory in Hernando County Is Down!
Hernando County Foreclosure Hunters: Listen Up!

For quite a while now, bargain hunters have been able to take their time combing through Hernando County foreclosure listings.  They’ve been looking for the kind of terrific real estate bargains that the last few years have provided — and there have been plenty. But recent signs show that it may be time for them to step up their efforts.
According to ReatyTrac, the outfit that reports on current real estate activity of all kinds, banks are increasingly leaning toward short sales as a way to handle defaulted properties. There are good reasons why they would prefer short sales over the foreclosure track. You would expect that if that trend is for real, we should see a decline in the number of foreclosure-related notices being issued. Last month, that is exactly what happened.
In April, fewer than 190,000 of the notices were reported. That makes it the lowest monthly total in 5 years (and a decline of 5% from March). In other words, although it takes some time for a foreclosure to occur, the writing seems to be on the wall: the high water mark in foreclosures may well have been passed.
Another sign: the average price of completed foreclosures rose from the year’s average of $226,953 to $256,027. Lower supply, higher prices — if the early trend continues,Hernando County foreclosure bargain hunters may soon find themselves having to hunt a bit harder.
There are many online resources that provide foreclosure lists: properties that are in good shape as well as distressed foreclosure properties, pre-foreclosure properties, REO foreclosures and foreclosure auctions. Anyone thinking about taking advantage of the bargains that are still out there (and they ARE still out there) should consider consulting an experienced areaagent to help with the process.
First and foremost, we can provide you with a current and accurate foreclosure list. There are many web sites out there that claim to list foreclosed properties, but most of them charge fees for their listings, and sometimes contain little or no contact information for accessing a property (or worse, are inaccurate).  Licensed real estate agents have the resources to obtain an accurate, timely list, as well as the experience in targeting the correct contact people.
Your agent can also be a guide through the sometimes tricky process of purchasing a foreclosed house. Many properties on the foreclosure list have not been well maintained; the lender may try to get more for the house than it is actually worth. If you intend to improve a property through your own sweat equity, our first-hand knowledge of Hernando County market values can help you project a property’s future value, too…either as an income-producing rental or to sell for profit.
To get the most bang for your buck, make sure to put your search in the hands of a professional.  Call me anytime!

Steve Fingerman

E Loans Mortgage

727-946-0904