Chris Hounchell REALTOR

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Award-winning Florida real estate Broker PROUDLY SELLING IN PINELLAS, HILLSBOROUGH, PASCO, MANATEE & SARASOTA COUNTIES since 2004.

Tampa Bay Relocation Guide

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Whether you’re moving to the Tampa Bay area due to a job transfer, military assignment, or personal choice, we’ve put together a relocation guide to help assist you.  The Tampa Bay has something to offer everyone and we’ll be happy to help you call it “home”.

The Area

Tampa Bay isn’t actually a city but the name of the communities surrounding the actual Tampa Bay.  Tampa, St. Petersburg, Clearwater, and Bradenton are the largest municipalities.  Tampa is home to MacDill Air Force Base, home of CENTCOM.  The area is full of history dating back to the nineteenth century, much of it deeply ingrained in the history of the Seminole Tribe.  It boasts a large arts culture, waterfront activities, numerous parks, festivals, and sports teams.

Tampa Bay Relocation Guide

The Climate

The warm weather is what draws many people to the Tampa Bay area.  Situated on the west coast of Florida on the Gulf of Mexico, Tampa experiences subtropical weather the majority of the year.  Temperatures range from the mid-70’s to the 90’s during the summers and winter temperatures don’t get much below 50 with the exception of rare freezes.  Thunderstorms pop up frequently during the summer months but pass quickly.  Hurricane season runs from June to November and every resident of the area should prepare evacuation routes and have an emergency kit prepared at all times, but especially during this time period.

Employment

The Tampa Bay area is a leader in job creation in Florida.  The largest industries include technology/communications, healthcare, and banking/finance.  Read our extensive list of employers in the Tampa Bay area for more information.

Schools

In the City of Tampa, the schools are run by the School District of Hillsborough County.  St. Petersburg and Clearwater are overseen by the Pinellas County Schools and Bradenton schools are managed by Manatee County Public Schools.  In addition to the public school systems, the area is home to higher education institutions as well including University of South Florida, University of Tampa, Hillsborough Community College, and St. Petersburg College.

Residency

You have ten days from the date you begin working in Florida or register a child in a Florida school to register your car with the DMV.  You have thirty days to update your out of state driver’s license.  For information on what documentation you need to present in order to register and obtain a license you can visit the Florida Divisions of Highway Safety and Motor Vehicles.

And of course, when searching for your new home in the Tampa Bay area contact our team to help you.

Editor’s note: This post was originally published March 2015. It has since been updated to reflect current information and edited for clarity and cohesiveness.

Easy Ways to Save for a Down Payment

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Whether you’re planning on putting down twenty percent or as little as possible, when buying a home there will still be a down payment upfront costs that every Buyer needs to save for. It can seem like an insurmountable task but it is possible to save a solid chunk of change in as little as year.

Keep Track

Can you account for every penny you spend? If you’re not tracking your spending you’ll have no idea how you can save a little extra. Invest in a budgeting app link Mint to track your income and your expenses. Once you’ve have the scope of your regular spending you can begin to see what areas you can trim and stash in savings.

Save Automatically

Make your savings account a bill and pay it first. If you’re able to set up an automatic allocation from your employer even better.

Ask For Discounts

Are you a military service member, a first responder, teacher, or a student? Many establishments offer discounts for these careers, all you need to do is ask. Many other companies offer discounts depending on your employer. Ask your insurance provider if they can provide a discount for bundled policies as well. Those savings add up every month and you can easily roll them into your savings account.

Easy Ways to Save For a Down Payment

BYOL

Want to add to your savings account every week? Bring your own lunch and brew your own coffee. Not only is it saving your $10-15 per day, you’ll also make healthier choices.

Snowball

Have your recently paid off a credit card or other debt (also a good goal when planning to buy a house)? Take that payment amount and apply it to your savings. Your budget was able to handle the payment so make it continue work towards your goal.

Ask For Money

There are a multitude of home buyer programs out there. Some local and non-profit organizations also provide no interest loans or grants to first time home buyers, veterans, and disabled people. Take the time to research if any of these options are available to you.

 

New Year Audit

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Now that the whirlwind of the holidays has subsided, the beginning of the year is a perfect time to give yourself and your home an audit. A new year audit should provide you with a full picture of your financial standing and your home’s health, both of which are important as a homeowner. If you’re looking to enter the real estate market this year, an audit can benefit you as well; letting you know what needs improvement before you take the next step.

New Year Audit | Chris Hounchell

Your Budget

Take the time to review your income versus expenses each month. This will help you identify any trends in your expenses and help you budget accordingly for the next year. It allows shows you areas where you can reduce your spending. If you’ve paid off a debt this year, take that money and apply it to your next debt or roll it into your savings.

Your Goals

Take time to set goals for yourself this year. Do you want to sell or buy a home or save for a BIG vacation? Now is the time to decide what you’re going to work towards this year. Once you know what you want, you need to set up the plan for how you’ll reach your goal. If you’re looking to buy, work towards paying off debt, saving a down payment, and researching potential neighborhoods. If you’re aiming to sell your home this year, look around your home from an outsider’s perspective and make the necessary repairs and updates that will help you secure the best price for your property.

Your Insurance

Life is full of uncertainty. Take the time to review your homeowners (or renters) insurance policy as well as your life insurance policy. Make sure your property policy covers not only rebuilding costs but also injury and your personal possessions. Life insurance should cover at least six months’ worth of expenses for each adult in the home.

An audit doesn’t need to become a dreaded task. If you get into the habit of reviewing these items once a year and keep your records, you’ll better be able to predict your needs for future years.

What We’ve Closed in 2017

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2017 has been another great year as a Realtor working in the Tampa Bay region. As of today, we’ve helped our clients close on thirty homes. That’s thirty new beginnings! Today we’re taking the time to highlight some of our favorites and some of the unique properties that give our area it’s charm and character.

January

Central Avenue, St. Petersburg

We kicked off the year in a big way with this unique live / work property in the Edge District. The first floor featured street level retail space and the second floor condo was move in ready.


February

Stanwyck Circle, Tampa

We helped our Seller secure a Buyer for their sprawling open floor plan pool home in Tampa. Among the many upgrades and features, this home boasted a media room for entertaining and relaxing.

March

W Dale Avenue, Tampa

A bidding war erupted over this stunning three bedroom, two bath home on an oversized corner lot in Tampa. We helped our Seller secure the best deal possible.

June

Doral Drive – Tampa

This four bedroom, three bath home is quintessential Florida. The outside featured tropical landscaping. Other features included a pool and waterfront access.

August

Live Oak Terrace NE, St. Petersburg

We helped our Buyer search for a new home to call their own and this gem was the winner. With three bedrooms, two baths, this pool home features an open floor plan with distinct Florida architecture.

October

48th Avenue N., St. Petersburg

Our Seller had this house turn key ready. It featured three bedrooms, two & a half baths, spacious floor plan, and a bonus room.

November

4th Avenue S., St. Petersburg

Out latest sale was this two bedrooms, two baths corner PENTHOUSE in the Sage Condominiums. It featured sweeping panoramic views of Downtown and numerous building amenities.

Our goal for 2017 was to become YOUR Realtor and we accomplish that goal for many. Are you looking to buy or sell in 2018? We’d love to be your Realtor team to get you to that goal.

Benefits of Buying During the Off Season

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Want in on a secret? There’s no bad time to buy a house. Spring and summer offer a wild range of options but fall and winter, the “off season”, offer advantages of their own.

Benefits of Buying During the Off Season

Time Is On Your Side

A Seller willing to list during the off season may be one on a deadline so you’re more than likely to have a counterpart that is ready to make decisions quickly. The Seller isn’t the only person motivated to get to the closing table. Realtors, mortgage lenders, and other parties all have lighter case loads during the off season. This means underwriters are able to get your loan approved faster and inspectors can get out to the property sooner. Realtors are also more available for inspection appointments and running down last minute details they may not otherwise have time for during the busy season.

Tax Benefits

There’s almost always a slight increase in closings right before the end of the year. Why? Because the purchase of a home can be written off for the current tax year. What better way to ease the shift in your budget than decreasing your tax liability and hopefully increasing your tax return. You don’t need to wait until December to make your purchase though, you’ll still reap the benefits sooner than someone who bought earlier in the year.

The Competition

We talked about competition in our post about selling during the off season but it also applies to Buyers. If the housing market in your area is hot, chances are you’ll end up priced into a less desirable home or you’ll find yourself engaged in a bidding war if you shop during peak season. But if you can wait until the off season you’ll have less Buyers vying for the same inventory.

Smooth Move

Are you planning on repainting before you move in or hiring the professionals to move your possessions? Many home improvements vendors and moving companies see their business decrease during the fall and winter months. This is good news for Buyers since you’ll be able to hire the vendors of your choice and take advantage of their open schedules. Some also offer off season rates or discounts to drum up business.

If you can put off your home buying until the off season you may have some added gains but it shouldn’t be the only reason to jump into the real estate market. If you’re thinking about buying check out our post to see if you’re really ready.

Buying a Foreclosure: 3 Things You Should Know

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While the real estate market in Florida is continuing to recover from the recession, there are still some foreclosed properties on the market. Historically the foreclosure rate in the entire state of Florida hovers right around five percent, which means there will always been foreclosed houses on the market. While buying a foreclosure can be a great way to get into a the real estate market at a lower price there are other points to consider.

As-Is

The most important thing Buyers should be aware of when buying a foreclosed property is that it is almost always an “as-is” property. Not all properties will be ramshackled or falling down but the average foreclosure house sits empty for at least a year before the mortgage company is able to take possession and list it for sale. While many municipalities have enacted laws that require mortgage companies to perform basic maintenance on a property, there is still the possibility that the interior or housing systems may have fallen into disrepair.  While you may save money on the purchase price, it may be used to resolve any existing issue after closing.

Buying a Foreclosure: 3 Things You Should Know

Negotiations

It’s no secret that mortgage companies are motivated to sell their foreclosed home, also known as REOs (real estate owned). That doesn’t necessarily mean you’ll walk away the owner of a home for pennies on the dollar. In fact, most REOs sell for within 5% of the fair market value of a similar property. When considering your options for negotiations, you and your Realtor need to evaluate the absorption rate and sale price of similar properties. If the absorption rate, the rate at which a house sells, is high and the sale price is comparable you may want to come in with your first and best offer.

It Takes Time

In a traditional transaction, a Buyer will make an offer to the Seller and a deal will be struck or decline within 72 hours. That’s not always the case for foreclosed properties. Depending on the volume of properties the mortgage company is handling may determine how fast or slow an offer is reviewed and approved, denied, or countered. At the height of the foreclosure crisis it wasn’t unheard of to wait several weeks for a response to an offer. Now that volume is decreasing, response times average a few days to a week. That may not be the only hang up though. When the title insurance company begins to review the property’s title report, there may still be open claims, liens, and taxes. While most of these items should have been taken care of at the time of foreclosure, the title company will need to investigate each of them before allowing closing to proceed.

Purchasing a foreclosure doesn’t have to be a nightmare experience or one you should immediately discredit. If you’re aware of the market, do your due diligence, and have a bit of patience you can take that foreclosed house to home.

Tips for Successful House Hunting

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Home buying can seem like a daunting process and while it is a large financial and emotional undertaking it doesn’t need to be as daunting as some would have you think. Starting your house hunting off on the right foot can make all the difference between smooth and successful and frustrating and tedious.

What’s the reason for your move?

Moving isn’t the same. Different reasons for the move determine a myriad of things like your timeline, options, type of home you’re searching for, and your budget. Once you figure out what your reason is and share that reason with your Realtor, you’ll be in a better place to start your search.

Know thy budget.

We’ve said it multiple times before but before you ever set out to looking for a new home, you should know what your budget is and have a pre-approval for a mortgage in hand. The amount you are pre-approved for a mortgage doesn’t necessarily mean that is your budget. You need to determine what a comfortable monthly payment is for your financial situation. From there you’ll need to take into account not only a property’s sale price but also items like taxes and insurance.

Tips for Successful House Hunting

What really matters to you?

There’s no such thing as a perfect house. There is always going to be an aspect about a property that you dislike and will want to change and that’s okay. Deciding what your deal breaker items are is important. Try to limit your must have list to five items and let your Realtor sort through listings that meet these qualifications. Also don’t discount a house on sight alone. It may have the things you really want and the cosmetic hang-ups can be changed.

What’s your timeline?

Are you selling one home and buying another? Has your current home gone under contract yet? Are you looking to be in a new school district in time for classes to start? Are you a first time Buyer with a flexible schedule? These are points to consider when you go to make an offer and negotiate a closing date. Most listings will include a closing time frame that the Sellers are looking for, your Realtor can find this information in the multiple listing service or by calling the listing agent directly.

These tips aren’t rocket science but they are a good foundation on which to start you home search.

Buying a Historic Home? Consider These 4 Things

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Many outsiders call to mind images of multi-story condos and mid-century ranch style homes when they think of Florida architecture. And while these styles are prevalent in the Florida real estate market, there are quite a number of historic homes within our communities. These homes are pieces of living history and are bought and sold every year. If you’re planning on buying a historic home or one unexpectedly swept you off your feet, consider a few points before you sign the agreement of sale and put down a deposit.

What makes a home historic?

Age alone doesn’t determine if a home has “historic” status. A home is only considered officially historic if it is part of the National Registry of Historic Places or part of a similar local registry or homes that are located within a designated historic district. These homes will have historic easements attached to their titles that places certain conditions and obligations to all current and future owners.

How much does a historic home cost and how can I finance one?

The value of a historic home is just like any other property, it is dependent on a myriad of factors including the size, condition, and location. A historic home is excellent condition in a desirable area could end up costing more than a more recently constructed home. Financing is again determinant upon a number of conditions. If the home is move-in ready, securing financing may be as simple as financing any other home. If the home needs extensive repairs however, you may not be able to secure a conventional, FHA, or VA loan. There are other options available though include a 203k mortgage or a Fannie Mae HomeStyle rehab mortgage.

Ready to Buy a Historic Home? Consider There 4 Things

Historic gem in St. Pete we helped sell in 2015.

Is it difficult owning a historic home?

Owning a historic home does come with unique requirements based on the historic easement. Things like paint colors and landscaping may be dictated within the easement restrictions. When repairs need to be made you may be required to repair with materials from the home’s original era, which can be pricey if the item is large or a rare find. Utility bills may be higher depending on the type of fuel needed to heat the home, the quality and level of insulation, and if the home can be efficiently cooled.

What are the benefits of buying a historic home?

There are some surprising benefits to owning an official historic home. Many states and local municipalities offer tax incentives either in the form of lower property taxes and/or low-interest loans or grants to aid repairs that protect the historic aspects of the home. Buyers may also find that historic homes offer unique architecture and amenities newer homes no longer offer. If you purchase a home on the National Registry of Historic Places you may be able to write off the cost of repairs on your tax return. You should contact the National Park Service and your accountant to see if your home qualifies.

If you’ve fallen in love with a home that’s older than most don’t let the “historic” designation scare you off. With the right amount of due diligence you could own a piece of history that is also the home of your dreams.

VA Loan FAQs

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Tampa is the home to MacDill Air Force Base, which hosts operations for Central Command (CENTCOM). With such a large current and former military presence in the area the question of using a VA loan comes up quite often. We’ve gathered up the most frequently asked questions related to VA loans and provided you with the answers you want and need.

What is a VA loan and do I qualify?

A VA loan is a loan guaranteed by the Department of Veterans Affairs and financed through an approved lender. It can be used for the purchase a property intended to be used as a primary residence.

To qualify for a VA loan, you must meet basic service requirement in active duty, National Guard, or Reserves. The Department of Veterans Affairs determines each individual’s eligibility but some of the basic requirements include one or more of the following:

  • 90 days or more of active, consecutive service during wartime;
  • 181 days or more of active, consecutive service during peacetime;
  • 6 years or more of service in the National Guard or Reserves;
  • you are the surviving spouse of a service member who died in the line of duty or due to a service related injury.

If you are eligible, the VA will provide you with a Certificate of Eligibility (COE) that will certified to a participating lender that you are eligible to receive the VA loan benefit.

VA Loan FAQs

Who can give me a VA loan?

Not every lender is certified or willing to finance a VA loan. While there is no complete list of VA approved lenders, to determine if your lender is able to assist you, you can ask three questions:

  • Do you offer a VA loan product?
  • Do you underwriter locally or do you have a third party underwrite?
  • Are you LAPP (Lender Appraisal Process) approved?

Any lender who offers VA loan products should be able to underwrite their loan within their organization and utilize the LAPP system, which helps expedite your appraisal process and general loan processing.

Your Realtor or attorney are good sources of VA lenders.

Why should I use the VA loan instead of FHA or a conventional loan?

As an eligible service member, you should use your VA loan because it is a benefit that you earned through your military service. To not use it would be to a lose a hard earned benefit.

Similar to FHA guaranteed loans, the VA loan benefit helps buyers by requiring little to no money for a down payment. Unlike FHA and conventional loans, a VA loan does not require PMI; this helps keep the monthly mortgage payment at an affordable amount. The VA loan program allows borrowers to purchase a home up to $424,100¹.

I heard Sellers don’t like Buyers who intend to finance with a VA loan?

There is a stigma with VA loans being difficult to process and close but recent updates to the process have made many of those issues a thing of the past. The VA does require any noted repairs on the home inspection be made prior to final approval. Sellers can feel like they are being “nit picked” but the VA is insuring the loan and wants the best possible asset for its borrowers. The VA requires the appraisal to be completed by their appraiser. Just like any other purchase, if the appraised value does not match or exceed the sales price, the price needs to be decreased or the Buyers must make up the difference in cash. Closing timelines are comparable to other loan products.

Will I have to bring money to closing with a VA loan?

Yes, you will need to bring money to the closing table. There are “allowable” and “non-allowable” costs that the Buyer is obligated to pay at closing. For “non-allowable” charges, another party must pay the amount due. There is no prescribe responsible party, it can be the Seller, the agents, or the lender. What the Buyers are responsible for at closing in addition to the allowable charges is the funding fee. The VA requires every borrower to pay a 2.15 percent of the total loan amount if the down payment is less than 10% and 1.15 percent of the total loan mount if the down payment is 10% or more.

Can I reuse my VA loan benefit?

Yes, you can. If you payoff a VA loan in full, you regain your full entitlement and can purchase another home with the benefit. If you don’t use your full entitlement on a property and find yourself needing to move, you can rent out the first property and use your remaining entitlement to help finance your next home. It should be noted that after the first closing, any additional closing require a funding fee of 3.3 percent of the total loan amount.

We hope we’ve shed some light on the VA loan benefit and process. If you have specific questions please reach out to us and we’ll be happy to help.

¹ This figure is as of 2017 and may be higher in some high value areas.

Five Things You Should Do When You Move

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After all the stress and nail biting of inspections and mortgage approval and closing, settling into a new home can be fun and exciting. Whether it’s your first home or not, it’s always fun to put your mark on a place that’s yours. In addition to unpacking boxes and hanging up new curtains, there are five things you should do when you move. We’ve not only compiled the list for you but also solid reasons for why you do these things.

Locate the nearest hospital, police station, and firehouse.

With the wonderful services of 911 just a phone call (and now a text message) away, you may be wondering why you should know exactly where these places are. The answer is simple: always be prepared. You may have an accident that doesn’t require 911 assistance but still requires you to get to the hospital sooner rather than later. If someone is following you, it’s best to go to the police station instead of going home and calling for help. Knowing how close your home is to a fire house can not only save you quite a bit of money on your home owner’s insurance but fire fighters are almost always trained in first aid and emergency assistance as well as fire fighting.

Change the locks.

The Sellers gave you twelve copies of the house keys at closing and told you that was all of them and they may be telling the truth but what if they forgot to collect copies from friends and family? What is they didn’t change the locks to the house when they bought it? The best way to ensure your peace of mind is to spend the money and change the locks. You can always have a locksmith simply rekey the lock or you can take the opportunity to put your own touch on the house with a whole new set. The choice is yours and can fit every budget.

Five Things You Should Do When You Move

Setup utility services.

This really should be done prior to you closing and many times your closing company will handle this for you (for a fee of course). If for some reason, you or the closing company hasn’t set up accounts for utility services in your name do it immediately. You don’t want to be halfway through unpacking on your first night and have the lights shut off or try to take a shower on the Monday after moving in and find out the water service has been shut off. Most utilities can be set up over the phone and very few require a deposit.

Clean.

Before you bring a single box into your new house, clean it from top to bottom. Sellers are only required to leave the house to the Buyers in broom swept condition. Frankly, that leaves a lot of room for interpretation. Besides simply dusting and mopping, scrub the bathrooms and kitchen and be sure to clean out closets and cabinets of dust and crumbs. You’ll never get another chance to really deep clean your house again without anything in it.

Introduce yourself to the neighbors.

If you have good neighbors chances are they’ll make the first move and welcome you to the neighborhood but if you’re in and out of the house and run into someone be sure to offer a “hello” or go over and introduce yourself. You’ll be living within close proximity for at least a few years, it can benefit you both to be on amicable terms.

These five simple steps take very little time to complete but will ensure you home life is safe, clean, and enjoyable.