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By the time the day is over, I will have attended 3 different presentations on the new National Flood Insurance Program that begins on Oct. 1st. This is extremely important for ALL homeowners throughout the country. I will NOT be an expert but I WORK with the insurance agents & lenders that are the experts. We are here for you.
Luckily, the St Pete-Tampa Bay-Clearwater Beach area is not listed in the highest price increase locations. We do have some gorgeous waterfront properties that could be your new home. I am a Accredited Buyers Representative & it would be my pleasure to help you. #realestate #realtor #newhome #waterfrontproperties #floridahomes #floridaliving #floridarealestate #stpeterealestate #stpetersburgflorida #clearwaterbeach #clearwaterflorida #tampabayrealestate #buyeragent
West Palm Beach Lead the U.S. in Condo Sales in Q2
According to ATTOM, median condo prices in 50 percent of oceanfront counties in the U.S. surpassed the typical $305,000 condo price nationwide, while 50 percent fell below.
It also revealed that median condominium prices increased during the second quarter of 2021 by at least 20 percent, measured year over year, in slightly more than half of oceanfront counties analyzed. Less-expensive oceanfront condo markets, concentrated in the South, generally showed bigger year-over-year gains, while the most expensive counties, located mainly in the West, showed the smallest.
The report looked at 86 counties around the U.S. that bordered the Atlantic Ocean, Pacific Ocean or the Gulf of Mexico and had enough data to analyze, meaning that they had at least 25 condo sales in the second quarter of 2021, the first quarter of 2021 and the second quarter of last year. The report sought to analyze condo price trends in areas similar to the one where the building collapsed in Surfside, FL.
The second-quarter-of-2021 condo price gains in oceanfront counties came at a time when the national housing market boom was roaring into its 10th year, with median single-family home and condo prices rising annually by more than 15 percent across a majority of the U.S. Condo values have continued to rise in oceanfront areas amid a combination of historically low mortgage rates and the ongoing appeal of living along or near oceanside communities.
While the Coronavirus pandemic that hit last year remains a threat to the economy and the housing market, there are especially vulnerable areas, including the South, where fewer people are vaccinated and the latest virus variant has led to a new surge of cases. But second-quarter home sales data shows that oceanfront condo markets continue to ride the decade-long national housing market boom.
“Condos in oceanfront areas appear to be right in the middle of the pack when it comes to the ongoing market boom. Broadly speaking, they are worth close to what condos around the nation are worth and are gaining value at around the same pace as all homes in the U.S.,” said Todd Teta, chief product officer with ATTOM. “We will keep an eye on this trend to see if it changes following the Florida incident.”
He added that, “It’s important to note that this report is not, in any way, an attempt to show where condos may be vulnerable to the kind of disaster that hit in Florida. That’s not what our data can address. Rather, it’s a look at the markets for those kinds of homes, which look to be going strong.”
South has most condo sales in oceanfront counties during second quarter
The Southern region of the U.S. had 69,616, or 67 percent, of the 104,359 condo sales in the 86 counties with sufficient data to analyze during the second quarter of 2021. (The report included condos directly on the waterfront, as well as those inland, in each oceanfront county.)
Florida had the most sales in the second quarter (58,404), followed by California (20,042), Hawaii (4,686), South Carolina (4,617) and Massachusetts (4,198).
The five counties with the most second-quarter transactions accounted for 37 percent of all condo sales in the areas analyzed. They were Palm Beach County (West Palm Beach), FL (10,454 condo sales); Miami-Dade County, FL (9,396 sales); Los Angeles County, CA (7,228 sales); Broward County (Fort Lauderdale), FL (6,890 sales) and San Diego County, CA (4,740 sales).
Condo prices exceed national median in half of oceanfront counties
Median condo prices in 43 of the 86 oceanfront counties with enough data to analyze, or 50 percent, exceeded the national median condo value of $305,000 in the second quarter of 2021.
Among the 86 counties analyzed, the highest second-quarter median condo prices were in San Francisco County, CA ($1,175,000); San Mateo County, CA (outside San Francisco) ($915,500); Kings County (Brooklyn), NY ($876,250); Marin County, CA (outside San Francisco) ($723,000) and Santa Cruz County ($693,500).
In the South, the highest second-quarter median prices were in Walton County, FL (along the Florida panhandle) ($475,000); Monroe County (Key West), FL ($465,150); Nassau County, FL (north of Jacksonville) ($416,750); Baldwin County, AL (east of Mobile) ($351,563) and St. Johns County (St. Augustine), FL ($329,414).
The lowest median condo prices in the second quarter of 2021 among the 86 counties in the report were in Atlantic County (Atlantic City), NJ ($124,000); Jefferson Parish, LA (west of New Orleans) ($135,000); Citrus County, FL (north of Tampa) ($145,000); Mobile County, AL ($148,000) and Onslow County (Jacksonville), NC ($155,000).
Condo prices up more than 20 percent, rising in majority of oceanfront counties
Median condo prices increased by at least 20 percent from the second quarter of 2020 to the second quarter of 2021 in 47 of the 86 oceanfront counties with sufficient data to analyze, or 55 percent. Median values rose by at least 30 percent in 28 of the 86 counties (33 percent).
The largest increases in median home prices from the second quarter of 2020 to the second quarter of 2021 were in Pasco County, FL (north of Tampa) (median up 245 percent); Galveston County, TX (up 102 percent); Indian River County (Vero Beach), FL (up 68 percent); St. Lucie County (Port St. Lucie), FL (up 66 percent) and St. Johns County (St. Augustine), FL (up 61 percent).
Median condo prices decreased in seven of the 86 counties, let by Santa Rosa County, FL (east of Pensacola) (median down 22 percent); Onslow County (Jacksonville), NC (down 18 percent); Suffolk County (Boston), MA (down 11 percent); Juneau County, AK (down 10 percent) and Queens County, NY (down 8 percent).
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Ready to find your home? So am I! Whether it’s a single family home or condo, there’s no place like home. Send me a message now and let’s get started! #home #HouseExpert #RealEstate #realtor #HouseHunting #ListReports #RealEstateAgent #HomeOwner #StPete #TampaBay #Dubai
PROFARM Neighborhood Advocates
No Place Like Home (July 20, 2017)
Wherever you are in your real estate journey – dreaming, planning, remodeling, looking – a REALTOR® can help you along the way.
There’s no place like home… until a better house hits the market! You thought you were settled, until a “For Sale” sign showed up in front of that house you’ve been eyeing for years. Even when you are settled, there are always shifting priorities and scenarios that may prompt you to consider moving.
The kids are gone and you want to downsize, or maybe a parent is moving in with you. Perhaps you’ve just gotten married or are having a baby and need more room. Housing and family needs combined account for 72.7% of the reasons people move, according to the 2015-2016 U.S. Census Bureau.
Or you’ve got outdated appliances and have new kitchen envy. Many of the homes in Pinellas County are older housing stock, and need not only cosmetic, but in many cases safety or efficiency upgrades.
The next generation of home buyers are looking for updated interiors, well-equipped kitchens and outdoor living rooms.
According to the National Association of REALTORS®, for-sale-by-owner homes stay on the market longer and sell for $39,000 less than those sold with the help of a real estate professional.
Finding the right agent matters! An experienced agent, who knows the market and has a network of potential buyers, can help sell a home 32% faster than an inexperienced agent (study by Dr. Bennie D. Waller, Longwood University).
Whatever your life stage or wherever you are in your real estate journey, you have a partner in me to help guide and support you.
I’m ready when you are! Contact me to set up a personalized plan for your real estate goals. Thank you, Annalisa Weller
© 2017 Pinellas Realtor® Organization
Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.
Freddie Mac has compiled a more exhaustive glossary of terms in their “My Home” section of their website.
Annual Percentage Rate (APR) – This is a broader measure of your cost for borrowing money. The APR includes the interest rate, points, broker fees and certain other credit charges a borrower is required to pay. Because these costs are rolled in, the APR is usually higher than your interest rate.
Appraisal – A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. This is a necessary step in getting your financing secured as it validates the home’s worth to you and your lender.
Closing Costs – The costs to complete the real estate transaction. These costs are in addition to the price of the home and are paid at closing. They include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs. Ask your lender for a complete list of closing cost items.
Credit Score – A number ranging from 300-850, that is based on an analysis of your credit history. Your credit score plays a significant role when securing a mortgage as it helps lenders determine the likelihood that you’ll repay future debts. The higher your score, the better, but many buyers believe they need at least a 780 score to qualify when, in actuality, over 55% of approved loans had a score below 750.
Discount Points – A point equals 1% of your loan (1 point on a $200,000 loan = $2,000). You can pay points to buy down your mortgage interest rate. It’s essentially an upfront interest payment to lock in a lower rate for your mortgage.
Down Payment – This is a portion of the cost of your home that you pay upfront to secure the purchase of the property. Down payments are typically 3 to 20% of the purchase price of the home. There are zero-down programs available through VA loans for Veterans, as well as USDA loans for rural areas of the country. Eighty percent of first-time buyers put less than 20% down last month.
Escrow – The holding of money or documents by a neutral third party before closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
Fixed-Rate Mortgages – A mortgage with an interest rate that does not change for the entire term of the loan. Fixed-rate mortgages are typically 15 or 30 years.
Home Inspection – A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.
Mortgage Rate – The interest rate you pay to borrow money to buy your house. The lower the rate, the better. Interest rates for a 30-year fixed rate mortgage have hovered between 4 and 4.25% for most of 2017.
Pre-Approval Letter – A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Having a pre-approval letter in hand while shopping for homes can help you move faster, and with greater confidence, in competitive markets.
Primary Mortgage Insurance (PMI) – If you make a down payment lower than 20% on your conventional loan, your lender will require PMI, typically at a rate of .51%. PMI serves as an added insurance policy that protects the lender if you are unable to pay your mortgage and can be cancelled from your payment once you reach 20% equity in your home.
Real Estate Professional – An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, to help you find your dream home, to negotiate any of the details that come up, and to help make sure that you know exactly what’s going on in the housing market. Real estate professionals can refer you to local lenders or mortgage brokers along with other specialists that you will need throughout the home-buying process.
The best way to ensure that your home-buying process is a confident one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher,’ and who puts your family’s needs first.
re-posted from:
1766 Maryland Ave NE, St Petersburg, Florida
When a homeowner decides to sell their house, the number one thing that they want is, of course, the best possible price!! Right? Next, is that they want the least amount of problems to receive this price. Most sellers don’t realize all of the steps required to reach their goal. Marketing is more than sticking a sign in the yard, placing an add on Craig’s list or posting some photos on Facebook. Does the seller know how to stage the house to show it’s best appeal to the most buyers? Is the seller willing to answer phone calls 24/7, literally? Yes, at 2 in the morning when a buyer is searching the Internet! Does the seller know if the buyer is a serious buyer with their mortgage in place or are they pre-approved? In order to know all of these things & much more, a seller really needs to hire a real estate professional.
Technology has changed the buyer’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the percentage of buyers who used the internet in their home search increased to 94%. However, the report also shows that 96% of buyers who used the internet when searching for homes purchased their homes through either a real estate agent/broker or from a builder or builder’s agent. Only 2% bought their homes directly from a seller that they didn’t know. Most of the buyers who bought homes directly from sellers (For Sale By Owner) still used a Realtor to represent them. Buyers start their search for a home online but then depend on an agent to find the home they will buy (50%), to negotiate the terms of the sale (47%) & price (36%), or to help understand the process (61%). There is so much information out there, either through the Internet or family & friends that more buyers are now reaching out to real estate professionals to help them through the very complicated process. The percentage of buyers who have used agents to buy their homes has steadily increased from 69% in 2001.
Sooooo, if you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process. The vast majority of buyers have realized that they actually need a Realtor in order to purchase their new home correctly. The laws regarding real estate change constantly & a professional Realtor will know the latest requirements & forms, as well as have a much larger audience with which to present your home in the best light.
On Valentine’s Day,
You’ve given roses, flowers, balloons, candy & jewelry. Why not not give your sweetheart a diamond of a house for Valentine’s Day?
This 3 bedroom, 2 bathroom Shore Acres home in St Petersburg is all remodeled and ready for you to move in. I’ll even add a big red bow! Happy Valentine’s Day!!
https://www.trulia.com/property/3223754998-1766-Maryland-Ave-NE-Saint-Petersburg-FL-33703
Annalisa Weller's Blog 