Florida and the Tampa Bay area are moving toward a brighter future with the passing of Amendment 1 January 29th. Your local and state Realtor Associations fought hard to bring this relief to our communities. We are proud of our efforts and are moving forward toward more relief in the future. We believe this is only the beginning. If you have questions about how the new exemptions and portability will affect you, give us a call. Our team of educated Realtors can provide you with valuable information that will explain how the new system works.

It is no secret that the housing sector has taken an incredible hit over the last 2+ yrs. Tampa Bay is gearing up for a long overdue rebound. With the current market geared toward buyers, you should know why buying now could be in your best interest.
The reasons to buy now are clear and undeniable for those serious about homeownership. The following information was obtained from the Florida Association of Realtor’s media website “Great Time To Buy Florida.”

Inventory: Conditions are ideal for buyers to find their dream home. Inventory is plentiful. In Florida’s three largest markets alone, more than 125,000 homes were for sale at year’s end in 2007. Even with these high inventory levels, economists predict that number will go down in 2008 – which, of course, is another great reason to buy now.

Favorable interest rates/reduced prices: Do the math. Lower rates multiply buyers’ financial power, especially now when rates are near a 40-year low. Even one/half of one percentage point difference means a buyer could save more than $1,000 per year on a median-priced home. Buyers get more home for the money, which is a perfect scenario for families looking to upsize.

Ownership trumps renting: While renting may make sense for someone who expects to move in the next year or two, ownership continues to be a wise, long-term investment. Consider these financial benefits: Deductions on your annual income tax return, locked-in payment with a fixed rate mortgage, home price appreciation if you plan to live there for a few years, and a monthly mortgage payment comparable to rent payments. House values in the past decade have risen 88 percent on a national average, according to National Association of Realtor® research.

Attractive, secure financing options:  Having good credit and secured down-payment capital are the most sure-fire ways to get the best mortgage deal. Fixed rates are more affordable, and many federally funded programs are available for first-time homeowners, teachers and police officers. Affordable housing loan programs are back in the picture too.

Financial value to foreign buyers: International buyers benefit from the weaker U.S. dollar, multiplying their purchasing power. Buyers also appreciate the relatively low costs of Florida property compared with similar homes in their countries. According the “2007 NAR Profile of International Home Buying Activity Study,” Florida accounted for 26 percent of all international purchases.

Location/lifestyle. With the extensive inventories in urban and suburban locales, buyers can live closer to work, schools and rapid transit lines. First-time homebuyers also have many affordable options in the town home and condo markets. And let’s not forget Florida’s climate, world-class beaches, vibrant economy and diverse population.
Furthermore, after analyzing unemployment rates and household income growth for 379 U.S. cities, Moody’s Economy.com recently ranked Tampa Bay 15th in the nation for business. Next year, IEC expects Tampa Bay’s wage rates, employment and population growth to outpace the statewide average.  Major businesses like Coca-Cola Enterprises and JPMorgan Chase & Co. are hiring workers, the report says. In the tourism sector, 20 hotels are planned or under construction, including a new Ritz-Carlton.

With an overwhelming amount of inventory available and the need to find solid financing solutions, you need a team that will work hard for you. Contact Bindman Bruzas today to speak with a Realtor and/or our in-house Mortgage professional. We are here to answer any questions you may have. Real Estate is our passion! Call us today! It is a great time to buy!