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Pinellas County real estate becomes a sellers’ market

Here’s a recent development in real estate that I don’t think too many people would have predicted: In recent weeks, we’ve sort of quietly shifted from a buyers’ market to a seller’s market.

 That’s right, buyers are having to scramble to get good, solid, timely offers in on the homes they really want to buy. If they don’t, POOF! The house is gone to someone with quicker reflexes.

 And this shift does not just apply to Pinellas County homes; it’s a phenomenon that’s being noticed across the country. The WALL STREET JOURNAL even wrote about it today.

 According to the JOURNAL, buyers are increasingly competing for homes, and even entering into bidding wars. I haven’t seen anything that I would describe as bidding wars locally, but I have had several buyers submitting offers above the asking price, knowing that the house of their dreams won’t stay on the market.

 According to the JOURNAL (and my own sense of what’s going on locally), this sellers’ market is not so much about increasing numbers of sales – it’s more about a lack of good, desirable properties on the market.

 It makes sense when you think about it. Sellers keep their homes off the market because of declining values. If someone owes $300,000 on a home that is now worth $200,000, why put it on the market if you don’t have to?

 And we are now about six years into the housing slump, which means a lot of homes that would have been sold in a more normal market have simply never been listed.

 And there’s another reason, too. Lenders have been extremely slow to put their foreclosed properties on the market. There’s plenty of foreclosed-upon, unoccupied homes out there, in this market and most others, but the lender-owners seem to fear more value declines if they put all those properties on the market.

 It’s a strange market, no doubt. But it is a market with many great opportunities, for buyers and sellers alike.

Tags: Clearwater, Dunedin, Palm Harbor, pinellas county, real estate, sellers' market, Tarpon Springs

Walking in Pinellas County is enjoyable, but not highly rated by some

It’s funny; before we moved to Florida we lived in Bath, Maine, a quaint and attractive small city on the Kennebec River. While Bath was scenic and pleasant, I almost never walked anywhere when I lived there.

There were two reasons: (1) Much of the time it was REALLY cold, and (2) it was very hilly. Walking down the hills wasn’t so bad, but walking back UP was no picnic.

When we moved to Florida, I was delighted to be able to increase my walking. It was always warm (okay, maybe TOO warm in the summer, but you can always walk in the early mornings, before the toasty factor gets too high), and the nearly flat terrain means none of those challenging grades.

Since I find walking to be much more enjoyable here than up north, I was a bit surprised to find a website devoted to the “walkability” of various communities, and to note that our area of Florida, Pinellas County, and more specifically Dunedin, Palm Harbor and Tarpon Springs, were rated pretty low on the walking scale.

Even more surprising was that cold, hilly Bath, Maine was rated very highly by this website, www.walkscore.com. Here are the scores:

Bath, Maine: 78 (out of a hundred), “very walkable”

Palm Harbor: 37, car-dependent

Dunedin: 45, car-dependent

Tarpon Springs: 38: Car-dependent

Okay, I actually get this. Our Florida communities are relatively young and they are spread out all over the place. Many lack a real central downtown, and you do need a car to get around and run errands. Bath, Maine (and other up-north older cities) are old, and many were established on the banks of rivers. They were centrally laid-out, as automobiles weren’t even around when they were founded.

Still, if you want my opinion, I’d rather walk right here in Florida. Walking in Maine? No, thanks — especially in January.

By the way, Walkscore.com says it ”helps you find a walkable place to live. Walk Score is a number between 0 and 100 that measures the walkability of any address.”

Tags: Dunedin, Palm Harbor, real estate, Tarpon Springs, things to do, walking

Planning on buying a Pinellas County home? We may be seeing the end of historically low mortgage interest rates

 Mortgage rates are still extremely attractive and at or near historic lows. But we may have seen the bottom; the economy is getting better on a number of fronts, and the low interest rates have been as reflection of the weak economy.

 If things get better economically, rates will rise.

 Here are a few factors that indicate the economic picture is starting to brighten:

 RETAIL SALES ARE GOING UP: Retail sales make up about 70 percent of the U.S. economy, so it is a very important factor when trying to predict the nation’s economic future. According to the U.S. Census Bureau, retail sales went up to $335 billion in February, an all-time high and the 19^th month out the last 20 to record an increase in retail sales.

 NEW JOBS ARE BEING CREATED: People have to have jobs if they are going to be able to make mortgage payments.  In the past five months, more than a million jobs have been created.

 MANUFACTURING, BUSINESS INVESTMENT, CONSUMER CONFIDENCE UP: All of these categories need to improve if an economic recovery is to take place. And all three of them are improving.

 THE FED IS CONFIDENT: The Fed takes steps to keep interest rates low when the economy is suffering. The Fed takes NO action when the economy is doing well or heading in the right direction. The Fed is saying that a recovery is underway and that it is happening faster than expected; that means that further Fed intervention in interest rates is unlikely. And THAT means that interest rates are likely to rise.

 Rates are still good. But they may not be REALLY good for very long if all these trends continue.

 Want to know the best steps for taking advantage of still-low interest rates? Get in touch and we’ll talk about what you want to accomplish – 727-643-7100 or beth@bethfrederick.com.

Tags: economy, interest rates, Palm Harbor, pinellas county, real estate

That new Pinellas County home just got more affordable, thanks to historically low interest rates

     What is it with interest rates? They just seem to get lower and lower. Today’s rates are at historic lows. Is that stimulating home sales? It doesn’t seem so – not that much, anyway.
     How low are interest rates? Right now they are as low as 3.90 percent, or even a bit lower. Last year at this time the average rates for a conventional 30-year mortgage loan were a little over 5 percent, and we thought that was breathtakingly low.
     It is the lowest that interest rates have ever been in this country.
     Just for comparison, rates four years ago were around 7 percent, and we thought that was pretty darn good.
     So, should you actually consider refinancing if you bought your house a year ago? Maybe so.
     Let’s say you bought your house last February, and you financed $200,000 at 5.05 percent. That would make your principal and interest payment $1,079.76.
     Refinance that same $200,000 amount now at 3.87 percent, and your principal and interest payment would drop to $939.90. That’s a monthly saving of $139.86, or 13 percent. Not bad.
     I spent many years in the mortgage business, before I returned to my first love, real estate sales. I know a lot about the ins and outs of home financing. If you have questions about your plans for buying and financing a home, get in touch and we’ll talk – 727-643-7100, or beth@bethfrederick.com .

Tags: Dunedin, home sales, homes for sale, interest rates, Palm Harbor, pinellas county, real estate

Interest rates are low, but they won’t always be. Remember that when you consider buying a home in Pinellas County

What single factor may splash cold water on the recovering housing market? According to a CNN/Fortune Magazine report, it could be interest rates.

“What’s that?” you say. “Interest rates are at historic lows. Interest rates seem to be the one single thing that we don’t have to worry about when we think about the housing market.”

Yup, you are correct.  But according to the report, rising interest rates could be looming. And if that comes true, it will retard the housing market recovery.

According to the report, there are a number of factors that should have favorable impacts on a better housing market – strong improvements in the rate of single-family housing starts, more construction permits being pulled, and an upward trend in home sales across the nation, to name just three.

And let’s not forget really, REALLY low interest rates.

But, according to the report, interest rates will inevitably rise. And when they do, mortgage costs will go up. And that will be an impediment to a market recovery.

Those historically low interest rates are around 4 percent right now. But the MEDIAN interest rate, looked at long-term, is more like 9 percent. The report says that when interest rates go up, as they inevitably will, the effect is likely to be like an anchor on the recovery of the housing market.

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Something else that is probably inevitable – people saying, “Wow, I wish I had purchased a home in Dunedin or Palm Harbor when the prices and interest rates were really low.”

That doesn’t have to be you. Call or e-mail me now and we’ll discuss what you want to accomplish home-wise. I’m always available! beth@bethfrederick.com, or 727-643-7100.

Tags: Dunedin, home, interest rates, Oldsmar, Palm Harbor, pinellas county, purchase

Waterfowl love living in Dunedin

As I’ve said before here, I love Florida’s birds — they are one of things that make living here so interesting.

There’s a pond a few steps from my back door, and it attracts all sorts of different birds. There’s a family of ducks that live there, and they are there every day, but other waterfowl pop in for vistits pretty regularly.

I was outside the other day when this big guy dropped in. I think it’s a heron of some sort, but I’m no expert and I couldn’t find a picture on the internet of a bird that exactly matched this fellow, so I’m not really sure what he is. If you recognize it, please post what you know.

What’s the point of bird pictures on a blog that specializes in Pinellas County real estate? Good question. But it’s my blog, and I like birds, so you can expect to see some photos of birds that I come across in Pinellas County. This particular guy is in Dunedin, a little south of Palm Harbor.

Tags: birds, Dunedin, Palm Harbor, pinellas county, real estate, wildlife

Christmas in Palm Harbor

Yes, we celebrate Christmas in Pinellas County. It may not be the cold, crisp, white Christmas we were used to in New England, but it’s stilla  beautiful season. Like anywhere else, the local residents do their best to decorate their homes in bright, seasonal splendor. I’ll try to post some more examples between now and Christmas Day. This house is in Palm Harbor.

Tags: christmas, Christmas lights, homes, Palm Harbor, pinellas county, real estate

200 posts about Pinellas County real estate

I started this blog about Pinellas County real estate a little over five years ago. Lots of things have changed since then — I started the blog under a different blog name, and I used a different blog platform back then.

I mention all this because we just reached an important milestone — 200 blog posts, all of which relate in some way or other to Pinellas County real estate. The blog entry about three entries back, entitled “What’s the outlook for first-time homebuyers in the Pienllas County real estate market?”, was our 200th entry.

Just for fun, I scrolled all the way back to the beginning and took a look at our first blog entry, back on May 4, 2006. It’s about Strachan’s Ice Cream. (I think I may have posted a few before that one, but I seem to remember that a handful of blog entries didn’t survive the transfer of content from one blog platform to the other.)

Anyway, that’s a lot of stories just about real estate in Pinellas County, even though a few of them have strayed a little bit from that single subject.

Feel free to page back through the old entries. Most of them are still informative about homes and real estate in Pinellas County, or more specifically real estate in Palm Harbor, Clearwater, Dunedin, Tarpon Springs, Crystal Beach, Ozona, Oldsmar and Safety Harbor.

Tags: Crystal Beach, Dunedin, Oldsmar, Ozona, Palm Harbor, Pinellas County real estate, real estate, Safety Harbor, Tarpon Springs

Hurricanes don’t come ashore in Pinellas County very often, but if one does…

We need to be prepared. So plan, plan, plan, and take measures that will minimize risk and damage.

 Below is a list of hurricane preparation tips. Have a tip of your own to share? Tell us below and help keep others safe.

 If you are evacuating your home:

•  Turn the pilot light off on your water heater and furnace, then turn off the gas line valve near the appliance. Finally, turn off your gas at the meter. This will reduce the probability that a tree falling on the roof will break an active gas line and create the chance for a spark to cause a fire. Turning off valves working from the appliance to the meter will make it easier to reignite on your return by reversing the process.
• Turn off your master water supply
• 

  Hurricane supplies

   While some would recommend leaving your master breaker on for your alarm and refrigerator function, if you are leaving the property due to the severity of the weather, chances are the power may be lost anyway. It’s really safest to shut it off. The reason is that if the power surges, as it does when the power company is trying to restore the down service or with blowing transformers, it can damage electronics including HVAC systems. Homes equipped with a generator must turn off the main breaker to avoid shifting power back out to the street, as this can be dangerous for utility company workers or if a line has broken from the property with the generator. If you are not going to be leaving the property you can, and should, keep the main breaker on until the power goes out.

•  Unplug all fixtures or small appliances that can be accessed.
•  Bring into the garage, or otherwise secure, all movable exterior items such as small plants in pots, lawn furniture and pool equipment.
•  Fill all vehicle fuel tanks.
•  If you have time, trim all branches or heavy bushes that could damage windows.
•  Use wind shutters: either pull down your professionally installed hurricane shutters or install your own plywood panels.*

Take with you:

•  Food and snacks for two days
• Two gallons of water per individual
• Clothing for one week
• First aid kit
• Medications for 30 days
• Flashlights and spare batteries
• Cash
• Important documents (wills, insurance, licenses, medical and bank records as needed)
• Pet care items
• Tell a neighbor who is staying where you are going and how to contact you. Exchange numbers.

 If you are staying: (Highly discouraged if you are in a storm surge area or near the immediate path of the storm):

•  Increase food supplies to 3-7 days—preferably non-perishable food items.
•  Fill up your propane tank for your grill or buy two sacks of charcoal.
• Make sure you have a functional fire extinguisher. ABC type will work on any fire.
• Remember, with down trees and no reliable phone service, 911 may not be an option.
•  Increase water supplies to one gallon per person per day.
•  Adequate toiletries, diapers and special items to last at least one week
•  One flashlight per individual and one spare set of batteries per light
•  Increase cash on hand.
•  Battery operated radio
•  Toys books and games
•  Tools
•  Clean and fill the tub the night before land fall. This water will be used for pets and flushing toilets.
•  Do all of your laundry before land fall. You may not have a chance for a week or so.
•  Take digital pictures of your home and each room. This will support future insurance claims.
•  Store your valuable papers in a waterproof container or bank vault
•  Fill bags with ice from your ice machine
• Back up your computer data and store it in a safe place

 Additional steps for family safety:

• Discuss hazards that could affect your family (storm surge, rising water, down power lines).
• Determine a safe escape route and two meeting points if you have to evacuate your house unexpectedly. Have a contact person out of the area that each family member can contact if you are separated.
• Locate the safest room in your home. Pre-stock with pillows and blankets if room allows.
• Plan for taking care of your pets.

*According to the National Hurricane Center (NHC), “In past hurricanes, many homeowners upon returning have noticed their temporary plywood shutters blown off because they were not adequately fastened. If you have a wood-frame house, use adequate fasteners to attach the panels over the openings when a hurricane approaches. Have these temporary shutters stored and ready to use since building supply stores generally sell out of these materials quickly during a hurricane warning. If your home is made with concrete blocks, however, you will have to install anchoring devices well in advance.”

A map showing evacuation routes, county shelters, and emergency numbers can be see here.

(Thanks to USInspect.com for this article)

Tags: hurricanes, Palm Harbor, pinellas county, real estate

Five ways to make sure you get that Palm Harbor house you really want

A real estate client of mine recently had a very disappointing experience – she made an offer on a home in Pinellas County she really wanted, only to lose out to another, higher offer.

Of course, it wasn’t the first time that one of my clients was disappointed when a competing offer prevailed. But it did get me to thinking – how can you avoid the disappointment of losing out to another offer from some other home buyer when you find that one-in-a-million home that you just have to have?

So here are five ways to make sure that your offer is the one that the seller chooses:

1. TAKE YOUR BEST SHOT: If you’re shopping for a bargain, go ahead a lowball your offer to your heart’s content. But if you find the perfect property and you have your heart set on it, make an offer that the seller can’t refuse. You’ll pay a premium price, but chances are you’ll get what you really want, and in a few short years the price you paid won’t matter to you.
2. OFFER A SIGNIFICANT DOWN PAYMENT: A big down payment signals financial strength. That may communicate to the seller that financing won’t be a big problem for you, and the deal is likely to go through.
3. PAY CASH: If a big down payment signals financial strength, a cash offer completely eliminates any questions about financing. Of course, not everyone can pay cash for a house. But if you can do it, a cash offer may help you get what you want. And you can always finance the property later.
4.  OFFER PLENTY OF EARNEST MONEY: Putting a big pile of cash up front as earnest money says, “I am a serious buyer.” Making an offer that’s backed up by a small amount of earnest money conveys a number of messages, none of them very good. A seller may see a small amount of earnest money as a lack of seriousness on the part of the buyer, or a lack of financial soundness. Now isn’t the time to look cheap.
5. AVOID CONTINGENCIES: Asking the seller to make repairs, upgrade systems or throw in that dandy bedroom set are all factors that can make the deal less palatable to the seller. If you really, really want that house, don’t muddy the waters.

If all you want is the deal of the century, pay no attention to these suggestions. But if you really, really want that one special house, make your offer irresistible.

Tags: home, Palm Harbor, real estate