Want to Save Money on Your Florida Homeowners Insurance?

Now tell me which one of you folks who owns Real Estate in Florida does not want to save money on your annual homeowners insurance premium? I certainly do and you know what I really did!! My insurance agent of choice Dianne Neuendorf has helped many of my clients purchasing real estate in Palm Harbor, Dunedin, Clearwater, New Port Richey, Crystal Beach, Hudson and all around the Tampa Bay area. Dianne has also helped lower some friends monthly payments subsantially by lowering their insurance premiums to help them keep their homes. How great is that!

Dianne suggested I have a wind mitigation survey and a 4-point inspection done of my house to make sure I was being credited for all the possible reductions that take down the expense of your HO insurance. So in comes my friend and Home Inspector of choice Brad Garey from Brad Garey Home Inspections to the rescue. He comes over and in less than an hour he completes these 2 inspections for me and voila we submit them to Dianne and she does her magic and my quoted premium drops $1000 for the year!! Now Dianne says the savings are usually in the mulitple hundreds and that was a very large savings but isn't that terrific!!

Here are the facts:

If you think that this is to good to be true I urge you to please contact your insurance agent and ask them if they provide discounts based upon a Wind Mitigation Affidavit and/or 4-point home inspection. According to Florida Statute 627.0629, ALL insurance companies are required to offer Florida homeowners "discounts, credits, or other rate differentials..." for particular construction techniques that help to reduce wind damage caused by hurricanes, tropical storms and other windstorms related claims. These discounts apply to home built prior to 2002 (when new building codes were introduced, because of Hurricane Andrew), as well as newer constructed homes. This also applies to condominiums, townhomes, commercial buildings, etc… A Wind Mitigation and/or 4-Point inspection are required, but the process takes less than an hour, and the report is presented to you at the end of the inspection process.

For those of you in the Tampa Bay Area and you need someone to do your inspections I have to recommend Brad Garey Home Inspections. Brad can be reached at 727.424.9078. Just tell him Patty sent you!

And for anyone that needs a second opinion or price quotes for insurance I recommend you call Diane Neuendorf at my awesome Insurance Agent who works really hard to get competitive rates for everyone! Her number is 727-505-5879.

Make it a great day and lets go out and save some money!

Patty

How does this financial crisis affect the Tampa Real Estate Market

With all the gloom and doom we hear on TV it is really hard to figure out what the truth is and what is really happening in the world of Real Estate and Mortgage Lending today. I asked my trusted advisors from the Mortgage Industry and this is what they had to say:

• With all the confusion and uncertainty in the marketplace regarding the health of our credit markets, lenders are open for business and have money to lend. I am sure you have heard about Washington Mutual failing and Wachovia being over by Citigroup. Please understand that these banks along with Countrywide (who had their money problems last September) were the ones who were big players in the “pick-a-pay” option-arm loans that had negative amortization. These were high-risk loans that borrowers could get without providing much, if any, documentation (also known as subprime). These higher risk loans are dragging these banks under.
• There are many banks out there who were more conservative in their lending practices that are still here and ready to lend money. Also, now that Fannie Mae and Freddie Mac have settled down, they are performing as they were originally chartered to do, by providing money for banks to lend to consumers. We should expect a little more tightening in guidelines going forward as all of this plays out, but if you have a job, can prove your income, have some money for a down payment (as little as 3%), and fair credit, you can still get a loan.

So what does this mean for you and your neighbors.........pricing has dropped significantly and this is a great time to buy!! Interest rates, believe it or not, are still great. If you do not have a conventional fixed rate mortgage this may just be the time to refinance. If you are thinking of purchasing an investment property or second home, this is a great time to do so. First time homebuyers, college age kids needing a temporary home, want that beach front condo that used to be too expensive to save for retirement......now is the time to really consider making these purchases. There are great deals to be had. Remember we never know when the bottom has really been hit until we are on the other side going back up!

Seize the Day!

Patty

Short Sales really can be a Win-Win-Win-Win

Well I had a good week! I got to help a really nice Tarpon Springs client get out of a bad situation that was getting worse by helping her to avoid foreclosure and getting her lender to accept a Short Sale! Oh yeah, and guess what else I got to do? I was able to help another really great couple who have been wanting to return to their hometown area from Texas buy this same home at a really great price! And...... I was able to help the lender in this case save a lot of extra money that it would have cost them to to pay attorneys to actually foreclose this property. And yes I did get paid on this deal too so that makes it a Win-Win-Win-Win situation! Does it get any better than that! And that is really what it is all about in this business! Helping others to Make their Move!

I have to throw out some serious Kudos to my favorite Title Agents at Star Title Partners in Palm Harbor, Florida because this would have been much harder to do without Mimi and Jennifer in my corner! We were all doing the happy dance when we knew this was all going to come together!

We of course can be relieved that all our hard work came to fruition with a success story but the best part is that now my client can move on with her life and her largest burdens have been lifted so she can focus on getting back on her feet again and move on.

No............ Short Sales are not for everyone, but for those that do qualify please know there is light at the end of the tunnel when you have an amazing team of people working for you that are experienced professionals. We can help you through this and help lift your burdens! It may take a little while and be a little tedious at times but as you can see there can be smiles all around in the end.

Thanks again to all of you who played a great role in this successful short sale story!

Code of Ethics and Standards of Practice for Realtors - What a concept!

Today as I was going through a very informative e-mail from the National Association of Realtors that reminded me that it was that time again to take a refresher Ethics training class. This requirement comes every few years so it had been a while since I last read NAR's code of Ethics and Standards of Practice. Although I could go on forever on this topic I will keep it shorter and just focus on the Preamble. It is similar in purpose to the Preamble of the Constitution (I can talk about that because I have a daughter just finishing 6th grade and we studied that together this year!) which is a "brief introductory statement of the fundamental purposes and guiding principles which the US Constitution was meant to serve".

Here is an excerpt:
"Under all is the land. (I love that!)......They (Realtors) require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.........Realtors therefore are zealous to maintain and improve standards of their calling and share with their fellow Realtors a common responsibility for its integrity and honor.........Realtors continuously strive to become and remain informed on issues affecting real estate and , as knowledgeable professionals, they willingly share the fruit of their experience and study with others........The term Realtor has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations."

The Realtors Code of Ethics was adopted in 1913 with only limited changes over the years and I have to say it makes me proud to say, "Yes, I am a Realtor" and no matter what the newspapers print about us nothing is going to change that! I stand by my code and I challenge all you other real estate practioners to stand firm, take your ethics training, reread the Code of Ethics, and BE the REALTOR you have pledged to be. We are to be in cooperation with one another, stay informed and be competent, deal honestly with all parties ALL the time, and ABOVE ALL protect and promote the interests of our clients!

Well I do not know about you but I have been rejuvenated today after my class, Thank you NAR for reminding me why I do what I do and why I love what I do. Couldn't we all just change the world a little bit today by doing what we learned in Kindergarten and following the Golden Rule!

Service is Not the Same

I just received a huge compliment from one of my out of state clients! I have been working with these wonderful folks for probably almost 2 years now and they are so excited to be moving to sunny Florida to be closer to their grandkids and away from the snow and ice of the North! The only problem is their house in Oil City, PA which has not sold yet. Well they got an offer which is always great news! The thing that made me so proud is that they emailed me to review the terms of the offer their PA Realtor sent them to make sure it was solid and to help answer some of their concerns. I was really humbled that they think so much of my work and service to them, and I made sure to offer them the best advice that I could give while honoring their relationship with their PA Realtor!

Some Realtors talk about service, I make sure to live it every day with my clients! I KNOW that there is no other Realtor that will look out for the best interests of their clients more than I will and I have built my business on this pratice. This has been a great day for me already, just knowing that I am able to help my clients achieve their goals!

And if anyone knows someone who needs a great house in Oil City, PA or (anywhere else) just let me know and I will put you in touch with the right folks!

Make it a great day!

Patty

Understanding Interest Rates

We keep hearing about changing interest rates and the government lowering the prime rate but what does that really mean for the buyer. Well according to my friend and Mortgage Broker Extraordinaire Brian Forrester with TriCounty Mortgage this is how it all really works.

When the FED lowers the FED funds rate, it lowers short term rates like the prime rate, which is used for:
· Car loans
· Boat loans
· Home equity lines of credit.

Long term rates move up or down in conjunction with bonds (also known as mortgage backed securities). One of the main reasons bond interest rates move up or down is related to fears of inflation. If the FED says inflation is coming, rates will rise to compensate. When the FED lowers their interest rates, this is seen as an inflationary move. This is because a rate decrease is supposed to spur more spending because of the cheaper costs of money.

So what does this really all mean to those Buyers out there that are waiting for prices to drop further to buy their dream home................while home prices may drop a little bit further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by Buyrs having to pay off their mortgage at a higher interest rate making “playing the waiting game” a waste of time (and very little fun).

This rate increase isn’t just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.

So what we are saying here Buyers is it is time to get off the fence as we like to say. Now is the time to buy if your are obviously in the position to do so. Prices are significantly down, competition in what is selling is fierce, and interest rates are still good. Now is the time to Buy!

And for all you sellers out there, remember price your home properly, get it in great condition, keep it neat and clean, wash off those smudge marks, (ever try a Magic Eraser on walls??? but I digress!)..............and be ready for those really smart Buyers who have done their homework and are ready to go!

Win the Day!
Patty

Happy New Year from Sunny Florida!

Happy New Year fellow Real Estate enthusiasts! Well I am a little late but I wanted to finally post some Parade Photos from the Tarpon Springs Christmas Parade! What a gorgeous day we had for the Lakeside Community Church Float and Motorcycles biking for Jesus! We had a lot of fun passing out candy canes to the kids and invitations to our Christmas Eve services for those who may not have a home church to attend. Silly me, I figured I could just walk along side the float and leisurely hand out the goodies but instead we ended up running to keep up or catch up all along the Parade route. Parades move along faster than I anticipated! Next time I am hopping on the back of a Harley and waving from there!

Well it is exciting to start the new year with new business and excited clients. Next I want to talk about Short Sales and Pre-foreclosures and what that means compared to a real live foreclosure of someone's property. This is definitely a buyers market around here and there are lots of good deals to be had. The great thing about buying a pre-foreclosure home is that it is a benefit to everyone involved. It helps the seller avoid a foreclosure on their credit record, it helps actually save the banks money by avoiding huge attorney fees to work through the foreclosure process and lets the home get sold so it does not get in the banks inventory, and the buyer usually gets a great value and instant equity by buying the home at a great price! That is what we call a Win-Win situation! Everyone benefits. Believe it or not.......banks do not want to be in the business of home ownership, that just costs them more money and they have to hire a Realtor to get it sold again anyway. So consider this information when your friends or family might be getting a little in over their heads. If they can prove a hardship the banks really will work with them as it is in everyone's best interest.

DO NOT HIDE from the banks if you are going to be late in your payment. Talk to them immediately. They may be able to help with rate adjustments, give you a little extra time to pay, or consider the short sale option if you qualify. The sooner you are talking to them and have an experienced Real Estate Consultant trying to get your home sold ASAP the better off you will be!

More on this later! Have a great day!

Patty

Tarpon Springs Florida 2007 Christmas Parade

Come one, come all to the 2007 Tarpon Springs Christmas Parade on Saturday December 15th starting from the Winn Dixie parking lot at Pinellas Ave and Morgan Street at 10:00 am and goes through downtown Tarpon Springs on Alt. 19. The parade will be followed by a party at Craig Park. For information contact the Tarpon Springs Chamber at 727-937-6109 or the Recreation Department at 727-942-5628 or e mail Chamber@tarponsprings.com.

It is hard even for those of us who have called Florida home for a long while to think it is really December already when it is 85+ degrees outside! Well at least we know that the weather here in Pinellas County will be gorgeous for the parade! Just do not forget the sunscreen, sunglasses, and hats!

My family and I are lucky enough to be part of the Lakeside Community Church float in this year's parade so come out and join us. Guaranteed fun for all the family! Come join us usher in the Christmas Season and celebrate peace on earth and goodwill to all! It sure would be nice to know that come 2008 we could anticipate a little more peace on this amazing earth!

Patty

Selling and Buying Tips in 2007

Take a look at these Selling and Buying Tips for 2007 according to the Florida Association of Realtors:

7 selling tips for the down cycle:

1. Price to sell. If you really must sell now, don’t mess around. List your house based on what the market dictates today, not the prices that friends, relatives and co-workers got last winter or last spring.

2. Consider all credible offers. Holding fast for a better offer might put you in a situation where you’re merely playing catch-up with a moving market. Don’t assume there’ll always be another offer coming down the pike. You may need to come off your price 5 percent in some areas and 10 percent or more in others.

3. Offer to proffer. Buyers are requesting all kinds of enticements to spice the pot. Club memberships, prepaid lawn maintenance, moving-expense reimbursements, all appliances included and liberal repair credits are just a few possible throw-ins. Don’t be shocked if you hear, “Throw in that plasma TV and we’ve got a deal.” Consider in advance how far you’ll be willing to go, but draw the line, however, at “first-born child.”

4. Catch the wave at the source. Prepare your home for sale at the very earliest point this “spring” (actually early March or even late February), the time when seasonal buying interest is just starting to build.

5. Preserve your equity. Until the market stabilizes, refrain from borrowing from home equity (or raiding your 401(k), for that matter) to pay your bills, or for vacations and other purchases.

6. Gain in a sell-buy scenario. If you’ll be buying another home at the same time you’re selling your current one, the price reduction on the new one can compensate for the “loss” you’re taking on the old one. If you plan a “move up” to a better neighborhood and are paying 10 percent below list after selling your old home for 10 percent below list, your net dollar savings will actually be more.

7. Stay if possible. If you’re happy in your home and are meeting your expenses but want to sell due to continuing “housing bubble” fears, sit a spell. A home is a shelter first, and investment second. Except for a handful of markets that are still hyper-inflated, odds are that it will pay to ride out the storm. Generally, the early stages of a downturn are the scariest because that’s when amateur investors are dumping “spec” properties cheaply.

7 Buying Tips for the Down Cycle

1. Negotiate with builders. Don’t be afraid to ask builders for concessions such as steep price discounts, closing-cost waivers, luxury upgrades, free landscaping, free trips and free club memberships. Many builder-incentive packages are worth 10 grand and up! In some markets such as Boston, new condos are selling for 20 percent less than they were in mid-to-late 2005.

2. Negotiate with home sellers. Unlike the go-go market of recent years, offers of 5 percent to 10 percent or more under asking price will not be inappropriate. (See “selling tips” for some of the throw-ins that buyers are being offered.)

3. Educated timing. Read up on local – not national – market trends, religiously read for-sale ads, and get a sense of what’s moving and where, then be prepared to jump on bargains, especially as the last of the speculators are being flushed out of the market and for-sale inventories are at their zenith.

4. Avoid hot spots. Stay away from buying homes in neighborhoods that appreciated significantly above average home prices in recent years – especially if you’re moving for the short term. Once prices in these hot spots are corrected, these often see slower upward movement or remain flat after the overall market heads north again.

5. Modesty is the best policy. Consider more modest homes in well-maintained, established neighborhoods. By contrast, pricing and re-pricing on expensive homes, new homes and new condos make those products riskier during down cycles.

6. Flexibility. For maximum flexibility in pouncing on the right deal, get preapproved for your home loan.

7. Follow fundamentals. Just because a lender will advance you money to live or build beyond your means doesn’t mean you’re standing on sound fiscal footing. At year-end 2006, $330 billion of adjustable-rate mortgages, or ARMs, were creeping upward. Avoid risky interest-only loans and ARMs, opting for fixed-rate mortgages instead. And learn from the recent past: Don’t assume housing will appreciate enough in the near term to cover your home’s rising interest payments.

And of course as a follow-up to all these tips.....Consult a Professional Realtor like Patty Neri, Weichert, Realtors, Westshore Real Estate at 727-278-8084 to optimize your returns!

2006 - the Third Highest in Home Sales!

According to the National Association of Realtors pending home sales indicated market stabilization. David Lereah, NAR's Chief Economist notes that even though there has been a temporary price correction in most markets, including the Tampa Bay Area, 2006 will still end with the third highest amount of home sales on record!! Now let's beat that figure for 2007!

I want to wish you all a very blessed holiday season and a prosperous and healthy 2007!!

Sellers Earn 16% More by Using an Agent

Technology has transformed how Americans buy and sell homes. According to a study by the National Association of Realtors (NAR) 9 out of 10 home buyers us a real estate agent in the search process with a dramatic increase in the use of the internet for this process. The NAR study shows that the median home price for sellers who use an agent is 16% higher than a home sold directly by an owner. When in search of a real estate professional, 44% of buyers are referred by a friend, neighbor, or relative with the most important factor in choosing an agent being reputation followed by an agent's knowledge of the neighborhood.

Welcome to my Real Estate Blog

I want to welcome you to my Blog regarding the Real Estate market in the Tampa Bay, Florida area. Please check back very soon for some news regarding the local area markets. One tip: Don't believe everything you read in the newspapers, properties are still selling in Tampa Bay! Have a great day!