Blog – Page 16

AREA SPOTLIGHT: Madeira Beach, Florida

January 20, 2015 By Chris

Situated along the Gulf of Mexico, northwest of St. Petersburg is the small City of Madeira. The town was named by French pirate John LeVique in the 1800’s and local legend has it he buried gold in the area but it was washed away in a hurricane and split Madeira Beach in two. Every year in the spring the city hosts a John LeVique Pirate Days celebration and promotes hurricane preparedness.

In present day, the city is home to almost 4,300 people; mostly young retirees with a median population age of 53. Tourism is a large portion of the town’s income. Two and a half miles of beach and multiple marinas attract many people who enjoy the sun and sand as well as sport fishing. The John’s Pass Village and Boardwalk, another popular attraction, features eateries and shopping along its 1,100 foot boardwalk. In October, Madeira Beach is host to the Seafood Festival at John’s Pass which brings in over 130,000 people. The city also offers plenty of activities for all of its residents, including organized sports and recreational programs for school aged children and several different types of open air markets.

Photo courtesy of Jared via Flickr

The median home price for a Madeira Beach property in the third quarter 2014 was $275,000. The area offers housing options for many different budgets and living styles. There is a healthy mix of mid-century homes and new construction. It’s also an excellent area to consider a vacation or rental property given the proximity to waterfront, beaches, and entertainment. Access to the St. Petersburg’s-Clearwater International Airport is another highlight of the area for many tourists and full-time residents.

If you’re searching for a place to call home that feels like vacation all year round, consider Madeira Beach. For more information regarding Madeira Beach or any other real estate topic contact Chris at 727-642-9107.

Home Financing Options

January 13, 2015 By Chris

Aside from actually finding a home, the most important part of a home purchase is securing financing. The majority of buyers who will reside in the property they are purchasing will require a mortgage but not all mortgage products are made the same. Before you even request a pre-approval, know what your home financing options are and which one will benefit you the most.

Fixed Rate

This is the mortgage most people think of when they consider financing. There are no adjustments to the terms of the loan once the mortgage paperwork is signed. The rate will always remain the same as will the principle & interest portion of the monthly payment. (Monthly payments typical vary on the life of the loan due to property taxes & insurance rate changes.) The term of these loans are typical 15-, 20-, 30-, and 40-years.

Adjustable Rate

This type of mortgage is also known as an ARM. ARMs allow for smaller payments in the beginning of the loan due to lower initial interest rates and future adjustments to the interest rate later on based on the market’s current rates at the time of adjustment. There are many variations of the adjustable terms including 1/1 which sees a rate adjustment every year for the life of the loan and 3/3 which sees a rate adjustment every 3 years after an initial period of three years for the life of the loan.

Interest Only

These loans allow the borrower to pay only the interest due on the loan for a fixed amount of time; the mortgage can be either fixed or adjustable. Once the interest only period expires, the borrower will be required to pay the mortgage in full or the monthly payments will switch to full amortization and include principle.

Balloon

Balloon mortgages follow a traditional fixed rate payment schedule but after a predetermined time frame (3-10 years depending on the lender) the remaining balance of the loan becomes due in full. Some balloon mortgages allow the borrower to roll the mortgage over to a more traditional long term loan.

In addition to deciding what type of rate and payment structure will suits their needs, borrowers must also decide how they will qualify for financing. Some borrowers don’t require any assistance but many first time buyers and those who have had credit issues in the past may need the backing of government bodies to insure their loan.

Conventional

Conventional financing is a loan that is made without any backing for a government body. These loans usually require a down payment of 20% or more of the home’s sales price.

FHA

These loans are insured by the Federal Housing Administration under the direction of the Department of Housing and Urban Development (HUD). The government insures against losses a lender may incur should the borrower default. These loans can require as little as a 3% down payment. The FHA imposes strict guidelines related to the borrower’s income and debt and also the condition of the home being purchased.

All eligible former and present United States service members qualify for mortgage backing from the Department of Veterans’ Affairs. The program is similar to FHA backing however VA borrowers are not required to meet down payment minimums.

It’s important that borrowers educate themselves and decide on their financing options before house hunting. With the knowledge of what type of product they will use to finance their purchase they will be better able to choose a property that meets both their needs and the guidelines of a mortgage underwriter.

Facing Foreclosure: Your Options

January 6, 2015 By Chris

Despite state legislation aimed to assist with and reduce the number of foreclosures, Florida remains the leader in foreclosures across the country. Overall in the state, foreclosures are down 15% from 2013 to 2014 but that fact doesn’t offer any consolation to those who have received notice of default. There are many options for home owners when faced with the prospect of foreclosure but it can be overwhelming and confusing to sort through and decide which option or options may be best for the owner’s situation.

Reinstatement

Reinstatement may be a good option if the home owner fell behind on the mortgage due to an emergency situation. The mortgage company’s loss prevention department will be able to provide a reinstatement quote which will include interest, late fees, and attorney fees, if applicable. If the owner is unable to pay the amount in full, the lender may be able to draft a repayment plan over the course of a few months.

Loan Modification

Despite what the media would have you believe, loan modification programs are not always easy to qualify for. The lender is required to meet the guidelines set forth by the mortgage investor when qualifying owners for a loan modification. If a home owner qualifies for a modification, the terms of the mortgage are adjusted either temporarily or permanently and the arrearages will be rolled back into the loan. Many lenders require that the home owner make a series of trial payments before finalizing the modification, placing the account in current status, and ending any foreclosure action.

Bankruptcy

There’s a heavy stigma involved with bankruptcy but it’s not as lethal to a borrower’s credit history as many think. Filing bankruptcy immediately haults a foreclosure from proceeding but it does not dismiss it from the Court’s docket. There are two types of bankruptcy an individual can file: Chapter 7 and Chapter 13. Chapter 7 will liquidate all of the assets a borrower has and the proceeds will be distributed to creditors according to a plan developed by the court. Chapter 13 will settle the outstanding debts of a borrower but for a greatly reduced amount, again, according to a plan developed by the court. If a home owner files Chapter 7, they will turn over ownership of the home to the mortgage company either through a deed or foreclosure, while a Chapter 13 plan will most likely allow the borrower to retain the home and the mortgage after the arrearage is settled.

Deed in Lieu of Foreclosure

If the mortgage company is willing, a home owner who will be unable to catch up on their arrearages and stay current can tender a Deed-in-Lieu of Foreclosure to the mortgage company. With this option, the home owner deeds their full interest in the property to the mortgage company in exchange for the foreclosure action ceasing. Again the home owner needs to qualify with the mortgage company and the investor before being able to proceed with this option and each lender and investor has different criteria to be met.

Short Sale

With this option, the home owner will partner with a licensed Realtor to list the property and market it as a short sale. The home owner’s mortgage company may require that they have final approval on the listing price and other marketing techniques. It’s best to work with a Realtor experienced in short sale marketing and transactions. Once an offer has been submitted by a potential buyer, the Realtor and home owner will submit the offer to the mortgage company for final approval. Approval is normally required because the sales price will be less than what is owed on the mortgage. After approval has been received, the transaction will proceed as a fairly typical closing with any remaining proceeds being delivered to the mortgage company to settle the outstanding debt.

Foreclosure

Sometimes none of the remedies listed above will be applicable to or will fail to resolve a foreclosure situation. On average it takes a year for the foreclosure to be completed in the state of Florida although timelines are different for each case. Once a foreclosure is completed and the mortgage company is the titled owner of the property the previous owner will need to vacate the property and if they do not leave an eviction proceeding will be filed.

Obviously, some resolutions are better than other. Short sales, deeds-in-lieu of foreclosure, and foreclosure open home owners up to possible deficiency judgments and both bankruptcy and foreclosure will affect a person’s credit history. Foreclosure is a legal proceeding and if you are named as a defendant in a foreclosure action you should seek the advice of an attorney.

Where to Celebrate New Year’s 2015 in Tampa Bay

December 30, 2014 By Chris

As 2014 comes to a close, the Tampa Bay region has plenty of activities and events to usher in 2015. Whatever your style, there’s a way to celebrate the new year for everyone.

“First Night St. Petersburg” Family friendly event including music, light show, and firework shows (8 p.m. and midnight). Tickets range from $10-$15. Straub Park beginning at 4 p.m December 31. For more information call (727) 823-8906.

“Noon Year’s Eve” A countdown to noon including games, entertainment, and a juice toast. Tickets range from $19.95 to $24.95. Lowry Park Zoo beginning at 9:30 a.m. December 31. For more information visit www.lowryparkzoo.co m

“Aqua-Eve” A 21 and over party with food, beer, and wine and a view of the Channelside fireworks at midnight. Tickets are $110. Florida Aquarium beginning at 9:00 p.m. December 31. For more information visit www.flaquarium.com

“Channelside Lights Up the Bay” The annual event includes live music and DJs, a ball drop, and fireworks at midnight. Admission is free. Channelside Bay Plaza beginning at 8:00 p.m. December 31. For more information visit www.channelsidebayplaza.com

“Outback Bowl and Parade” Marching bands, cheerleaders, and fans of Wisconsin and Auburn universities team up for a parade before the big game on Thursday. Parade marches down Ybor City’s Seventh Avenue beginning at 5:30 p.m. December 31. The Outback Bowl begins at 12:00 p.m. January 1 at Raymond James Stadium. Tickets range from $80-$170. For more information visit www.outbackbowl.com

9 Holiday Celebrations in the Tampa Bay Area

December 23, 2014 By Chris

If you’re looking for something to do during the holidays, the Tampa Bay area is full of excitement and festivities. From ballet to ice skating, there’s a holiday celebration for everyone.

“17th Annual Salute to Vienna” a concert performed by the Strauss Symphony of American. Concert runs from December 31st through January 3rd at Ruth Decker Hall. Ticket prices range from $35-$100. More info: www.rutheckerdhall.com

“A Christmas Carole” by Charles Dickens. Starring David Mann as Ebeneezer Scrooge. Show runs from now until December 24th at the freeFallTheatre. Ticket prices range from $23 – $46. More info: freefalltheatre.com

A Christmas Carole

“Rudolph the Rednosed Reindeer – The Musical” based on the beloved children’s TV Christmas special. Show runs from now through December 24 at the The Lakeland Center. Ticket prices range from $27.50 – 57.50. More info: thelakelandcenter.com

“Moscow Ballet’s Great Russian Nutcracker” the story of one girl’s Christmas dreams. Ballet is performed multiple times December 28th at the Mahaffey. Ticket prices range from $32 – $97. More info: www.themahaffey.com

“Merry Christmas, Charlie Brown” an exhibit showcasing the connection between the “Peanuts” characters and the holiday season. Exhibit runs from now through January 11th at the Tampa Bay History Center. Ticket prices range from $7.95 – $12.95. More info: www.tampabayhistorycenter.org

Tampa’s Downtown on Ice the seasonal ice rink is now open. Tickets are $10 per person for a 90 minute skating session and includes skate rentals. More info: www.tampasdowntownonice.com

Holiday Lights in the Gardens the Florida Botanical Gardens decorate their grounds with more than 750,000 lights. Exhibit runs from now through December 31st. Ticket prices are $4. More info: www.flbg.org

Nights of Shimmering Lights a two mile drive through display. Display opens daily at dusk from now through December 30th at the Hillsborough County Fairgrounds. Ticket prices range from $15 – $20 per car. More info: www.hillsboroughcountyfair.com

Ice Palace at International Plaza The Plaza is transformed into an ice palace featuring a light show and scenes from Disney’s “Frozen”. Exhibit runs from now through December 24. Admission is free.

Prepare For Home Ownership

December 16, 2014 By Chris

It’s part of the American dream to own your own home but it may not always appear so simple to obtain that goal. Like any big undertaking, it takes planning and preparation to be successful. If home ownership is your goal for the new year, we have the steps you need to take that will help you prepare for that dream to become a reality.

Fine tune your credit. Analyze your credit report from each of the three major bureaus (TransUnion, Equifax, and Experian) for accuracy and areas that need resolution. If you have judgments or liens against your name, pay them in full or establish a payment plan with the creditor before you seek out a mortgage. If you find a error on your credit report, open disputes with the bureau(s) reporting the error and follow up to make sure the error is resolved. On average, lenders will want to see a credit score of at least 650. If your score is below this, make an extra effort to pay down outstanding debt on time, focusing on paying off debt with the highest interest rate first and close lines of credit you don’t use.
Determine how much house you can afford. Most buyers will need to finance their home purchase. A listing price can’t tell you everything you need to know about what you can afford. Depending on how much money you put down will affect how much money you will need to finance. You should evaluate your current monthly expenses (car payment, credit cards, student loans), then add in the monthly housing payment you want, and finally divide by your monthly gross income. (Example: $300 car + $250 credit card + $200 student loan + $1600 mortgage = $2350 / $5500 = 0.427 or 42.7%) The golden number for most lenders is 43%. This reflects the maximum debt-to-income ratio they’re willing lend to. If the number is at or below 43% you’ve found how much you can afford; if not you’ll need to readjust the amount of money you can afford to finance.
Start saving and continuing saving. Purchasing a home is not an inexpensive feat. In addition to the down payment, you’ll also need funds to pay closing costs. There are a multitude of small expenses, such as hiring movers or a rental truck and purchasing new furnishings, that add up immediately after a home purchase. Having a healthy savings account will help ease the burden on your daily living funds. You should make saving a priority by employing the “pay yourself first” rule and put a predetermined amount of money into savings every paycheck before any other bills are paid. If you’ve paid off a debt, such as a credit card, take the money you would have paid the credit card company and pay your savings account instead.
Play house. You’ve calculated out how much you can afford for a monthly mortgage payment but before you meet with a Realtor you should put your plans into action and live on the budget you’ve determined for three to four months. Doing so will allow you to get comfortable with the debt you’re about to undertake or show you where your budget needs adjusting before it’s too late.

Once you’ve prepared your financial house for an actual house, research and contact a lender to pre-qualify you and then begin working with a licensed Realtor who will help you find the house that will make all your preparations pay off.

The Top 5 Holiday Home Dangers

December 9, 2014 By Chris

Last week, we talked about keeping your family and home safe from intruders during the holidays. This week we’re focusing on keeping your family and home safe when you’re inside. The holidays steal our attention, take us away from our normal routines, and fill our homes with guests. All of this invites the chance for accidents or other home dangers. We have the top five things you should be mindful of this holiday season to keep your family and your home safe.

Decorations. The tree’s been trimmed and the lights outside could rival the Griswolds. Nothing can ruin the festive spirit faster than a tree toppling over onto a guest or an overloaded electrical outlet sparking, tripping the circuit, or actually starting a fire. Make sure your tree is secure in its stand and if you have children you should anchor the tree to the wall. Lights are beautiful but make sure you plug in only the appropriate number. You also want to make sure your lights are in good condition and you don’t use any strands that are frayed or with bulbs that are broken. Any lights you do use should be UL certified.
Fireplaces. A crackling fire is a quintessential holiday scene. Whether you have a gas or a wood burning fireplace, make sure you keep the area clear of debris and children away from it. If you have a wood burning fireplace, make sure your chimney is cleaned and inspected annually. Do not burn anything but wood in your fireplace. It can seem like a quick clean up but throwing wrapping paper or other trash into a fire can cause a flareup and let off chemicals that you’d rather not be breathing in.
Kitchens. You’re bound to be spending a lot of time in the kitchen baking sweet treats and cooking holiday meals. Make sure your appliances are in good working order and never leave a pot cooking on the stove top unattended. Keep an ABC rated fire extinguisher within easy reach in your kitchen; these extinguisher will be able to smother any type of fire you’d find in a home.
Poisoning. Poisoning is one of the top reasons people are seen in the ER during the holiday times. Seasonal flowers such as poinsettias can pose a risk to children and animals; make sure the plants are out of reach and the fallen leaves are throw out immediately or use faux flowers. Alcohol poisoning is another concern when holiday cheer comes in the form of a drink. If you’re hosting a party, make sure your guests keep their imbibing in check and be mindful to keep alcoholic drinks away from curious children.
Walkways. With all the extra decorations and gifts, you want to make sure you keep interior open areas free of debris, cords, and spills. Check your outside walkways to ensure your guests have a safe path to and from their cars. If the weather is cold enough to form ice, sprinkle salt on your walkways.

You’ll see that common sense and a bit of forethought will keep your home safe and inviting for your family and guests this holiday season.

Home Security During the Holiday Season

December 2, 2014 By Chris

The holidays are upon us! For many of us that means, we’ll be in and out of our homes rushing to stores for gifts and then out to parties and gatherings for what feels like the entire month of December. Some people will even be away from their homes for visits with far away relatives and friends. And while you’re enjoying your time away from home, burglars are in their busy season. In fact, as of 2012, the FBI reported that 400,000 burglaries take place between the months of November and December. Between the draw of newly gifted electronics and jewelry and the higher likelihood that home owners won’t be home, burglars are ready to reap the rewards. Whatever your plans for the holiday season are, keep home security at the top of your priority list.

Lights. Keeping your home lit at night is a great deterrent for thieves. Not many are willing to take a chance that you many not be home even if the lights are on. Automatic timers are an inexpensive and reliable way to make sure your lights are turned on even if you’re not there. Make sure your outside lights over doorways and garages are also on. If you live in a secluded area or have a large property you may want to consider motion detecting lights.
Lock Up. It seems like a very obvious suggestion and it is but many people may forget to lock the backdoor or garage if they’re in a hurry to get out the door. It’s also a good practice to look the door once you’ve entered your home. Make sure you check to make sure your windows and sliding doors are locked.
Keep Your Outside Clear. Make sure your hedges and bushes are trimmed and not crowding around your doorways; this will prevent providing a hiding spot for a would-be burglar. Store ladders and step stools inside your home, garage, or a locked shed when not in use.
Reduce visibility. Keep your electronics and other valuable possessions out of direct view of windows. If you’re traveling, you may want to consider removing TVs, computers, and other equipment to an interior room so that it can’t be seen from the outside.
Traveling. You’ll want to be extra cautious before you travel during the holidays. Limit the amount of information you share about your vacation online and with anyone who isn’t “need-to-know”. Continue to using automatic lights and security systems as you normally would. If you’ll be gone longer than a weekend, consider having your mail and newspaper deliveries stopped for the duration of your trip. You can also contact your local police department to see if they’ll provide security checks on vacant homes.

Don’t become lax in your home security procedures during non-holiday months either. Burglars usually rely on an opportunity to present itself before striking their target. If you maintain your home’s security throughout the year, you’ll be less likely to become a victim.

Tampa Bay’s Top Employers

November 18, 2014 By Chris

When thinking of a thriving corporate metropolis many people overlook the Tampa Bay area but in truth it’s home to many large corporations employing thousands of employees in fields ranging from technology to healthcare. If you’re looking to begin a career or take the next step in an established career, Tampa Bay employers may have a position for you. Below we have a list of the top employers in the Tampa Bay region.

Technology & Communications

Verizon Communications, multiple locations

Tech Date, Clearwater

IBM, Hillsborough

Bright House Networks, Pinellas

Healthcare

BayCare Health Systems, multiple locations

HCA West Florida, multiple locations

Tampa General Hospital, Hillsborough

Florida Hospital, multiple locations

Lakeland Regional Medical Center, Polk

Humana, HIllsborough

WellCare Health Plans, Tampa

Finance & Insurance

Citigroup, Hillsborough

Progressive Insurance, Hillsborough

GEICO, Polk

USAA, Hillsborough

State Farm Insurance, Polk

JPMorgan Chase, Hillsborough

MetLife, Hillsborough

SunTrust Banks, Hillsborough

Miscellaneous

Publix Super Markets, multiple locations

HSN, St. Petersburg

TECO Energy, Hillsborough

Mac Dill Air Force Base, Tampa

Busch Gardens, Hillsborough

Are You Ready to Buy a Home?

November 11, 2014 By Chris

Buying your first home will be one of the most memorable moments of your life. Before your Realtor ever shows you a listing, you should prepare yourself to be the best buyer and future home owner possible.

What’s your savings bottom line?

Aside from the necessary down payment, do you have a healthy savings account balance? Closing costs often surprise parties on both sides of the table. Aside from actual closing costs and down payments, do you have an emergency fund you can tap should the roof spring a leak or one of the appliances needs to be replaced sooner rather than later?

Find your realistic price range.

Mortgage pre-approval and a realistic price range can be two very different things. Just because you can pre-qualify for a mortgage of $500,000 doesn’t mean you can afford a home with the same asking price. Ruthlessly examine your budget to see how much of a mortgage payment and associated monthly home costs you can comfortably afford. Account for every cent you’ll spend over the course of a month and ensure you’ll have money leftover to do things like buying groceries and putting gas in your car.

Are you pre-approved?

Speaking of mortgage pre-approval, where is yours? A pre-approval letter will tell you the maximum amount of money a mortgage company is willing to lend you in order to buy a home. Almost every single seller is going to want a mortgage pre-approval before considering an offer. If you don’t have a pre-approval, why not? A pre-approval doesn’t lock in a mortgage rate, term, or note. If you’re unable to obtain a pre-approval for a mortgage company you should examine your financial health. Correct any errors on your credit report, work to reduce your debt to income ratio, and ensure you’re paying all of your debts on time. If you have liens or personal judgments, you will need to resolve these issues as soon as possible.

Know what you want in a home.

This can be a big hang up for many first time home buyers. Do you need multiple bedrooms or want a garage or a home located in a certain school district? Write a list of every feature you could possibly want in a home then prioritize those desires. Having a firm idea of what you really need versus what you want in a home will help your Realtor narrow down potential properties and save you both time.

How stable is your life?

Buying a home is an investment in not only money but time. The general rule in real estate is to expect to wait five to seven years before you recuperate the closing costs in the form of home equity, longer for a sizable return on investment. If your job security is questionable, you may want to hold off on your purchase. You may want to consider the same if you relocate often for your career. While the market is recovering, you’ll be hard pressed to find a profit in “flipping” a home that you could have seen seven and eight years ago.

Reviewing and addressing these topics before you start the search for your future home will make you a strong buyer when you decide the time is right for you.

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