Tampa Real Estate Market – Home Foreclosures July 09

Tampa Home Foreclosures

As the real estate market continues to slowly move along the # of foreclosures have not abated yet.  According to RealtyTrac 1 in every 9,104 housing units in Florida received a foreclosure filing in July 2009.  Additionally, there are over 1,818 foreclosure properties in Tampa or 1 in every 184 housing units.  The numbers by zip code are as follows

Tampa Homes in Zip Code 33606 – 40 foreclosure properties and 1 in every 239 tampa homes

Tampa Homes in Zip Code 33629 – 29 foreclosure properties and 1 in every 463 homes

Tampa Homes in Zip Code 33609 – 69 foreclosure properties and 1 in every 137 homes

Tampa Homes in Zip Code 33611 – 81 foreclosure properties and 1 in every 230 tampa homes

Tampa Homes in Zip Code 33616 – 18 foreclosure properties and 1 in every 353 tampa homes

Tampa Homes in Zip Code 33602 – 64 foreclosure properties and 1 in every 74 tampa homes

For more detailed information on Tampa Homes foreclosures and how to purchase them contact us today.

An Islands View (Davis Islands Real Estate) 6/24/09

In this edition of  an Islands View we are going to focus on short sales and foreclosures currently on the islands.  In the past to see a foreclosure on Davis Islands was a rarity, however with the current housing slump continuing, albeit at a slower pace in the last few months, we are seeing more properties follow this path. 

Whether it is a $115K condo listing or the $3Mplus mansion, the short sale or bank foreclosure knows now specific property size or price.  Currently, now there are 10 properties in the various phases of the short sale or foreclosure process.  The one good thing is that the prices for these properties are prime for the right buyer. 

I do not believe we will see prices or buyer leverage this strong for decades to come.

3 STRATEGIC TIPS FOR KNOWING HOW TO BUY IN THIS MARKET

TAMPA, FL, April 17, 2009 – Cristan Fadal, Senior Associate with CENTURY 21^® Fisher & Associates in Tampa, provides three key strategic steps all buyers should consider when preparing for a new home purchase in this market.

 

“Many of the clients we work with are initially unprepared for the entire buying process and it takes some education and time to really help them understand and prepare for what lays ahead” states Fadal.

 

Fadal suggests the first step is establishing your purchasing power.  “One of the worst situations for any buyer is finding the perfect house only to learn they can not secure the necessary financing” states Fadal.  If you have not done so already, locate a lender to at least get pre-qualified, if not pre-approved.  A pre-approval letter goes much farther in this market than just an offer.  Also there is greater due diligence taken by lenders in this market, so the underwriting process can take much longer than in the past, start the process early.

 

“Helping our buyers clarify their “wants and needs” is the second critical step to finding the right property in the least amount of time” says Fadal.  He suggests that buyers write down specifics such as square footage, lot size, bedrooms/baths, amenities and location to name a few. This list can then be utilized to do more refined market scans, thus reducing the search process.  “With the vast inventories in today’s market, the selections are endless, the more specifics we have the easier the process will be for buyers in the long run” states Fadal

 

Finally, Fadal recommends utilizing an experienced Real Estate Agent that is knowledgeable about the locations and property types a buyer is most interested in.  “While some buyers may believe they can do it all online, using an Agent can cut their search time in half as well as keep them in the know before the masses find out” says Fadal.  Additionally, it is more likely than not that your Agent has already seen the property you might find online, thus giving you an added perspective before time is wasted going to see the property in person.