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The average rate on a 30-year fixed mortgage slipped to 5.03 percent this week from 5.15 percent last week. A year ago, the 30-year fixed-rate mortgage averaged 6.13 percent:

http://www.freddiemac.com/pmms/release.html?week=11&year=2009&display=release

What does this mean? It is one of the best times to buy. If you have good credit and are looking this is one of the best times to buy in the Tampa Bay, Florida region.

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We recently posted the requirements of real estate agents in Florida and the differences between the term “real estate agent” and “realtor ®” in this blog post:

http://tampabayhomebuyerteam.com/tampabayfloridarealestateagent/real-estateagentsinlorida

The National Association of Realtors ® offers free, helpful information too:

http://www.realtor.com/home-finance/buyers-basics/home-buyers-basics.aspx

Note Step #2: Find a Realtor ®

Why?

Buying and selling real estate is a complex matter. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the right price.

But a basic rule in real estate is that all properties are unique. No two properties — even two identical models on the same street — are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.

In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local REALTORS® who serve your area.

How do you choose?

In every community you’re likely to find a number of realty brokerages. Because there is heated competition, local REALTORS® must fight hard to succeed in your community.

The best place to find a local REALTOR® is from REALTOR.com’s® extensive listing of community professionals and properties. Other sources include open houses, local advertising, Web sites, referrals from other REALTORS®, recommendations from neighbors and suggestions from lenders, attorneys, financial planners and CPAs. The experiences and recommendations of past clients can be invaluable.

In many cases buyers will interview several REALTORS® before selecting one professional with whom to work. These interviews represent a good opportunity to consider such issues as training, experience, representation and professional certifications.

What should you expect when you work with a REALTOR®?

Once you select a REALTOR® you will want to establish a proper business relationship. You likely know that some REALTORS® represent sellers while others represent buyers. Each REALTOR® will explain the options available, describe how he or she typically works with individuals and provide you with complete agency disclosures (the ins and outs of your relationship with the agent) as required in your state.

 

Once hired for the job, the REALTOR® will provide you with information detailing current market conditions, financing options and negotiating issues that might apply to a given situation. Remember: Because market conditions can change and the strategies that apply in one negotiation may be inappropriate in another, this information should not be set in stone. During your time in the marketplace REALTORS® will keep you updated and alert you to each step in the transaction process.

Where to start?

We suggest that you read more about the home buying process whether it be online or offline.

For example, read “How to Choose a Realtor ®:”

http://www.realtor.com/home-finance/buyers-basics/how-to-choose-a-realtor.aspx

Then go to the Realtor.com website and scroll to the bottom right.

There is a box with the words “Find a REALTOR ®.” You can contact a few of them in your local area and interview them.

Or feel free to contact us. We are here to help.

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If you are looking to buy in the Tampa Bay area, mortgage rates are currently dipping down for 30-year fixed to 5.37%:

http://www.bankrate.com/brm/rate/mtg_home.asp

http://money.cnn.com/2009/03/12/real_estate/mortgage_rates/index.htm?postversion=2009031213

For first-time home buyers if you buy before December you get a tax credit

http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm?postversion=2009021712

That coupled with home prices dropping a record average of 18.2% (in Tampa the average is a 22% drop)

http://money.cnn.com/2009/02/24/real_estate/Case_Shiller_December/index.htm?postversion=2009030611

it is one of THE best times to buy in the Tampa Bay area. This includes but is not limited to the following areas:

• Bayonet Point
• Hudson
• Port Richey
• New Port Richey
• Holiday
• Tarpon Springs
• Palm Harbor
• Safety Harbor
• Dunedin
• Clearwater
• Clearwater Beach
• St Petersburg
• Tampa

and throughout the Tampa Bay area.

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The latest statistics are out. In February 2009 there were 1,954 single family homes and condos that were sold in the Tampa Bay area while 3,307 were pending sales:

February 2009 Statistics For Hillsborough, Pasco, and Pinellas Counties

* All reports are published Mar. 2009, based on data available at the end of Feb. 2008.

All reports presented are based on data supplied by the Tampa Florida Association of Realtors, Mid Florida Association of Realtors, Southeast Florida Association of Realtors, Regional MLS, County Association of Realtors, Sarasota Association of Realtors, Englewood Association of Realtors, Manatee Association of Realtors, Venice Association of Realtors or their MLSs. Neither the Associations nor their MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Associations or their MLS COPYRIGHT© TRENDGRAPHIX, Inc.