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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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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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Question: What are the rules for real estate agents in Florida?

Our response:  The State of Florida regulates real estate activity

http://www.myflorida.com/dbpr/re/frec.html

http://www.myflorida.com/dbpr/re/statutes.html

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0475/PART01.HTM

The State of Florida requires that all real estate agents be licensed:

475.42  Violations and penalties.–

(1)  VIOLATIONS.–

(a)  A person may not operate as a broker or sales associate without being the holder of a valid and current active license therefor. Any person who violates this paragraph commits a felony of the third degree, punishable as provided in s. 775.082 or s. 775.083, or, if a corporation, as provided in s. 775.083.

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0475/SEC42.HTM&Title=->2008->Ch0475->Section%2042#0475.42

As far as brokerage relationships according to S.S. 475.278 (1)(b) unless a single agent or no-brokerage relationship has been established

“It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. “

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0475/SEC278.HTM&Title=->2008->Ch0475->Section%20278#0475.278

Unfortunately there are misconceptions about Florida real estate agents working for both the buyer and the seller. However Florida law forbids a dual agency relationship under S.S. 475.278 (1) (a):

“1)  BROKERAGE RELATIONSHIPS.–

(a)  Authorized brokerage relationships.–A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A real estate licensee may not operate as a disclosed or nondisclosed dual agent. As used in this section, the term “dual agent” means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. This part does not prevent a licensee from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives consent as required by subparagraph (3)(c)2. before the change and the appropriate disclosure of duties as provided in this part is made to the buyer or seller. This part does not require a customer to enter into a brokerage relationship with any real estate licensee.”

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0475/ch0475.htm

In addition sometimes “real estate agent” is used interchangeably with “realtor®.” However there is a significant difference between “real estate agent” and “realtor®:”

“A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate® — the world’s largest professional association.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 to today’s 720,000 members. NAR is composed of residential and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,700 local associations/boards and 54 state and territory associations of REALTORS®. They can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections.

REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America’s property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. “

http://www.realtor.com/Basics/AllAbout/Realtors/WhatIs.asp

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Many people ask us about Tarpon Springs, Florida:

Map of Tarpon Springs

This is a map of the Sponge Docks:

http://www.spongedocks.net/Map/sponge-docks-map.htm

Being born and raised in Hawai’i I never thought that I would end up living near such a lovely place. Tarpon Springs epitomizes a small town that has become well-known yet it has still retained it’s small-town charm. In my opinion it’s due to the friendly people, sunshine year-round, and a city that is deep in tradition and has  retained it’s small-town charm. I have been many places in the United States and that seems rare these days.

We will be posting more pictures of the Tampa Bay area including of Tarpon Springs.

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Map of Tampa Bay Area

The Tampa Bay area includes areas surrounding Tampa Bay.

It reaches from the Hudson and Bayonet Point areas in Hernando through Pasco Counties down to Manatee County which is south of Tampa.

It’s currently a buyer’s market where prices are reasonable.

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Welcome to the  Tampa Bay Home Buyer Team website.

If you are looking to buy a home or property or properties in the Tampa Bay Florida area then stay tuned for more home buying data that will help you in the home buying process.

We will be writing about the latest technology, statistics, listings, mortgage rates, etc so stay tuned for more information.