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We are not surprised that in a recent survey first-time home buyers are optimistic considering affordable housing prices and a decreasing 30-year fixed mortgage rate make for an ideal time to buy.

More than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago.

You can read it for yourself here:

http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090326005100&newsLang=en

This shows us that these first-time home buyers who were surveyed online (note their methodology on the bottom of the statistics) are noting significant factors that make this an ideal time to buy. In our experience this is typical. When the housing market “corrects” it is typically an advantage to first-time home buyers like how it is now.

So if you are looking to buy you may want to consider buying during this housing market correction.

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On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program:

http://makinghomeaffordable.gov

As reported in recent Washington Reports, the program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750.

The new website is designed to make information about eligibility, free counselors, and other program details readily available. It also includes links that let borrowers learn whether they have a Fannie Mae or Freddie Mac loan. These programs are key elements to help some people buy a home.

If you would like more information please check out their website or contact us for more information.

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There is so much useful information online to help you in the home buying process. Lately I have noticed two sites:

1. http://cgi.money.cnn.com/tools/mortgagecalc/

This site has a free online calculator which can be used to show an approximation of how much your mortgage payments will be.

2. http://money.cnn.com/magazines/moneymag/money101/lesson8/

This list shows some things you should know when buying a home. Notice #6 Get professional help:

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

 

We agree. Depending on your location/state you are better off with an exclusive buyer agent. In Florida when finding a real estate agent we suggest that you look for a realtor ® because they are required to follow a very strict Code of Ethics and we suggest that you have one working exclusively in your best interest.

If you would like to know more about how you can do this or exactly what to do please contact us and we will help you through this process.

* Please note that this blog does not serve as a binding contract. However we try to help those who read our blog and those looking to buy in the Tampa Bay area who have found our blog while surfing on the Internet.

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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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Home we recently sold in New Port Richey, Florida

We attended a closing on Monday for this beautiful home in New Port Richey. We won’t post the address since we value our clients’ privacy but it is a fabulous buy. Three bedrooms, two bathrooms, and a pool.

What I notice is that many people think that Florida home prices are “expensive.” Compared to Hawai’i home prices it is a fabulous buy. Being from Hawai’i and seeing the reaction of some people still amazes me but it is one of the best times for home buyers to buy. People have to live somewhere so they either rent… or they buy. This is one of those times when it’s a buyers market.

Especially for those looking to buy in Tampa Bay as well as First-Time home buyers… this is one of the best times to buy. Our clients are one of these people who know that it is a buyers market. There is so much inventory out there which means that it is one of the best times to buy.

We notice that while the national and local media seem to focus only on the negatives everyone needs to live somewhere. Therefore we and our clients are those who seem to focus on the positives. One common denominator among buyers in the Tampa Bay area is that they do their research, they ignore the biased media, and focus on finding a place to live.  Most buyers in the Tampa Bay area appreciate the various communities, beaches, etc and what that they have to offer. Tampa Bay offers beaches, sunshine, fresh water,  the Pinellas Trail and so much more.

We are working on future posts to help buyers choose a realtor ® in the Tampa Bay area because there seems to be alot of misconceptions about realtors ®. We are also working on several checklist to help you in the home buying process.

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Lately we have had many buyers stop by at our open houses. Recently we had an Open House at the Holiday Lake Villas in Holiday, Florida:

One Bedroom Villa in Quiet 55+ Community in Holiday, Florida

 This quiet community is a 55+ community with many amenities including a clubhouse and swimming pool. It includes a carport and storage space.  The listing price is $99,900 so it was not a surprise that seven buyers came to stop by.

Of course the local and national news seem to have a “gloom and doom” outlook but the reality is that people have to live somewhere. That is, people either buy… or they rent.

Right now is an ideal to buy in the Tampa Bay area. There are so many amenities and so many things to do. It is a great place to live.

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New Clearwater Beach Beach Walk

Some people ask me about Clearwater Beach and how it looks. Loving an island girl I love being near water so of course I love Clearwater Beach. There are so many things to do there. You can walk, swim, sunbathe, play volleyball, have a bite to eat, or just rest and relax there is something for everyone at Clearwater Beach.

After nearly five years, the Clearwater Beach Walk is finally ready for those eager to walk along the beach. This picture is just one glimpse of the beach walk. I will post more later.

I will also keep everyone posted on the latest technology, market statistics, listings, sales, school information, local information about Tampa, Clearwater, New Port Richey, Port Richey, Tarpon Springs, Holiday, Hudson, and homes throughout the Tampa Bay area.