KENNY HAYSLETT EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Kenny Hayslett of The Hayslett Team of Re/Max has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Tampa Bay area, more than 150,000 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Hayslett. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Kenny Hayslett with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to speak to the Hayslett Team regarding the purchase or sale of a distressed property, please call 727-443-6700.

Tampa Bay Real Estate Update - July 2009

Florida Real Estate Sales are up: June 2009

The U.S. housing market is finally on the mend after its most far-reaching collapse in 70 years. That could help rebuild consumer confidence and revive the economy.For the first time in five years, sales of previously occupied homes rose for the third consecutive month in June, while foreclosure sales and the glut of homes on the market both declined.The figures, released Thursday by the National Association of Realtors, and a string of rosy corporate earnings reports sparked a rally on Wall Street as the Dow Jones industrials rose above 9,000 for the first time since January.“People believe that the worst is behind us,” said Julie Longtin, a real estate agent with Re/Max Professionals in Providence, R.I., an area that has suffered deeply from record foreclosures of risky loans.Sales also have risen for three straight months in 40 out of 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday. Prices rose during that period in about half of those areas.Still, unlike past recessions, the turnaround in the real estate sector is likely to have a muted effect overall. That’s largely because homebuilders are expected to keep bulldozers idle as long as they face competition from bargain-priced foreclosures. And it’s likely to take at least another year before job losses and foreclosures peak.The Labor Department said Thursday the number of newly laid-off workers seeking jobless benefits rose 30,000 to a seasonally adjusted 554,000 last week, though the government said its report again was distorted by the timing of auto plant shutdowns.Unemployment insurance claims have declined steadily since the spring, but most private economists and the Federal Reserve expect jobs to remain scarce and the unemployment rate to top 10 percent by year-end.“We’re not going to see much growth in (home) sales until the labor market turns around,” said Patrick Newport, an economist with IHS Global Insight. “People don’t move as much when they can’t find work.”But companies should start hiring as their fortunes improve – and there were some early signs Thursday that’s starting to happen.Ford Motor Co. surprised investors with a profit of $2.3 billion, due mainly to a huge gain for debt reduction, while manufacturing conglomerate 3M Co. and candy maker Hershey Co. raised their profit forecasts for the year.The Dow Jones industrial average, the stock market’s best-known indicator, shot up almost 190 points Thursday to 9,069.29, its highest level since November, and all the big indexes gained more than 2 percent.Analysts said signs that the housing market is finally, gradually turning around could help spur demand as buyers become less fearful of losing their shirts.“It’s been the abject pessimism about house prices that has placed a pall over the housing market,” said Mark Zandi, chief economist at Moody’s Economy.com. “As that psychology reverses itself, things start to work in the opposite direction.”Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales are now around the same level as before last fall’s financial crisis.Foreclosures, however, continue to put pressure on home prices. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.And despite some buyers’ optimism, some still see potential problems ahead. A tax credit of up to $8,000 for first-time homebuyers expires Nov. 30. Mortgage rates are up from record lows reached last spring, and companies are still shedding jobs.The nationwide median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May. And an Associated Press analysis shows the shows that the gap is narrowing between the sellers’ asking price and the final sales price, indicating homeowners have finally accepted that their homes are worth far less today.Jim Dugan, a 53-year-old plumber, is looking for foreclosures and other low-priced properties in Providence. He wants to buy eight investment properties this year and is slated to close on a small bungalow next week for $62,500.The property was originally listed for $85,000. But Dugan was able to snare a deal because he didn’t need a mortgage, instead tapping a line of credit and his savings.“Cash talks,” he said.Investor activity is helping to pare the number of homes on the market. Nationwide there are about 3.8 million, or a 9.4-month supply at the current sales pace. When the market balances at a 7-month supply, prices should begin to stabilize.A healthy housing market is characterized by prices that rise a relatively modest 4 to 5 percent every year. But this year’s sales prices are still far lower than last year.Those low prices combined with mortgage rates around 5 percent and a tax credit for first-time homebuyers have made homeownership more affordable than it’s been in decades.“We are seeing contracts like crazy,” said Valerie Huffman, a vice president of Weichert Realtors, in Montgomery County, Md., where home sales are up by 42 percent over last year. “We’re having multiple bids on anything that’s priced well.”

June 2009 Tampa Bay Market Update

Single family listings dropped precipitously – down 22% from last year to 6,702. Only two years ago, that number was 9,000. Unit sales were up by 18% from 2008 and the market is approaching the number of sales experienced in the latter half of 2006. The median price appears to be stabilizing, at least for now. Since the low of $125,000 in January, every other month this year has been in the $140,000s. In June the median price was $147,000, including foreclosures and short sales. For non-distressed properties, the median price was $171,750 in June. The market also reached double digits in absorption rate for the first time in a long time at 11.1%. For a change, the lowest end of the market did not lead in the number of sales. Homes under $100,000 accounted for a little more than 26 per cent of sales, while the $100,000 to $250,000 bracket led with over 53 per cent of unit sales. There were no sales of $1 million or more.
For condos, listings are down 16.9 per cent from 2008 and the number currently on the market is now closer to that seen in 2006. For the fourth month in a row, the number of unit sales is up over last year – and not just up, it was a leap up at 29.1% more than 2008. Median price did not drop to get there either as it was $139,000, the highest level we’ve seen so far this year. The non-distressed condo sales median price was $146,500. As for residential financing, all cash closings still dominate the transactions at 46% year to date.

Property tax challenges just got easier

TALLAHASSEE, Fla. – June 4, 2009 – Home and business owners who think their local tax bill is too high caught a break today when Gov. Charlie Crist signed a bill that makes it easier to challenge how much a property is worth. Flanked by business and real estate leaders, Crist put his name to HB 521. The bill lowers the burden of proof for owners who dispute property tax assessments to a preponderance of the evidence – a lower standard than the clear and convincing threshold they now must meet to overturn a property appraiser’s estimate. Local governments had successfully scuttled earlier efforts to lower the standard. In the just-signed version, property appraisers still enjoy the presumption that their estimates are correct, but the legislative analysts say the bill will cost local governments $157 million during the current fiscal year, increasing to $693 million a year by 2013

Florida's existing home, condo sale rise!

ORLANDO, Fla. – May 27, 2009 – Florida’s existing home sales rose in April – the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). April’s statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets.Existing home sales rose 18 percent last month with a total of 13,111 homes sold statewide compared to 11,133 homes sold in April 2008, according to FAR. April’s statewide existing home sales were slightly higher than statewide activity in March.Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in April; existing condo sales last month increased 6.2 percent over the total units sold in March.Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in April and 11 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 10 consecutive months.Florida’s median sales price for existing homes last month was $138,500; a year ago, it was $199,500 for a 31 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note, however, a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in March 2009 was $174,900, down 11.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $253,040 in March; in Massachusetts, it was $255,000; in Maryland, it was $264,302; and in New York, it was $222,500.According to NAR’s latest housing industry outlook, it could take a few months for the housing market to gain momentum, though there are signs of stabilization. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers,” says NAR Chief Economist Lawrence Yun. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit. By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”In Florida’s year-to-year comparison for condos, 4,660 units sold statewide compared to 3,862 units in April 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $106,600; in April 2008 it was $178,900 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $177,600 in March 2009.Interest rates for a 30-year fixed-rate mortgage averaged 4.81 percent last month, down significantly from the average rate of 5.92 percent in April 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s smaller markets, the Pensacola MSA reported a total of 316 homes sold in April compared to 272 homes a year ago for a 16 percent increase. The existing home median sales price was $143,300; a year ago, it was $157,400 for a 9 percent decrease. In the year-to-year comparison for the existing condo market, 48 units sold in the MSA last month, up 9 percent compared to 44 condos sold the previous April. The market’s existing condo median price remained level at $250,000.

Additional Homestead Exemption for First-Time Homestead Property Owners

Governor Charlie Christ will have an opportunity to back Florida first-time home buyers that may purchase properties after January 1, 2010. The savings the proposed Bill, if approved, offers may offset any possible rise in home values.

We are hearing of property values possibly reaching a bottom this summer. With a close eye on how the $8000 New Home Buyer Tax Credit will be affecting the economy, realtors, economists, and other industry professionals are monitoring how the tax credit will be spent and the effect it will have on the economy.

If this Bill is passed by at least a 60% majority, it would provide first-time homestead property owners with additional homestead exemption equal to 50 percent of the property's just value in the first year, limited to $250,000.

Voters will vote in November of 2010 with the Bill, if approved, taking effect on January 1, 2011, with application towards properties purchased on or after January 1, 2010.

Right now is the "perfect storm" of buying opportunities as some analysts put it. Record low mortgage rates, a surplus of distressed properties for sale at hugely discounted prices, and renters emerging as key players in the country's economic recovery all point to a steady recovery, it's just unknown when this stabilization will be firmly rooted.

FHA Slated To Offer $8000 Tax Credit As Down Payment On New Home Purchases

With so much of a housing inventory here locally in the Tampa Bay area as well as nationwide, the National Association of Realtors is working with the Federal Housing Administration to finalize plans for use of the $8000 New Home Buyer Tax Credit as a down payment versus a refund received at a later date.

It is hoped by all parties---FHA, NAR, and the IRS--- that this action plan will help spur the sales of even more homes.

First-time Home Buyers (those that have not owned a home within the last 3 years) have accounted for nearly half of all home purchases this year. These first-time home buyers are usually renters that see the opportunity to own a home for less than they are paying for rent, with these opportunists heading straight for distressed properties that offer them more home for their dollar.

With Florida being one of the four states becoming saturated with a new cycle of foreclosed properties, most big players are in strong favor of this federally-backed incentive to assist first-time home buyers that may not have immediate access to the thousands of dollars needed for a down payment and closing costs.

New Hayslett Team Video

Click here to view the Hayslett Team Video, where you can meet Kenny Hayslett in person, learn more about our Services, and how we can help you!

Tampa Bay Real Estate: Nothing Short about a "Short" Sale

If you are trying to buy a Clearwater or Tampa area property that is distressed, such as a short sale, a foreclosure, or a bank-owned property, be prepared to be, well...really patient. As we uncover more information on how short sales operate from start to finish, we have painfully learned that the banks are often "negotiating" with eachother over a final sales price rather than the realtor and the seller negotiating between each other.

Many distressed properties have 2nd and 3rd mortgages attached to the title, and whoever holds the 2nd mortgage often holds very little at the end of the selling day. Second mortgages for example, that may be $25,000 to $50,000, may only see 5% (if that) of the balance of that loan.

All parties tied to that property through taxes, liens, loans, etc...have to sign off on the proposed sales price. When one party says, "No way, we want more money," the deal is off, and negotiations have to start all over again. These dealbreakers are what can cause a short sale to go on into the dessert it seems, drying out the assets of even the buyers, as they have to live and pay for their current shelter while their offer gets approved by the bank.

One couple who waited seven months for the bank to approve their offer almost got a divorce and the realtor almost quit real estate alltogether.

Short sales and bank-owned properties offer great buys at a fraction, sometimes half of what is owed on the mortgage, but you have to do the math before you get involved with the banks...they are not ready to let go of these properties so easily anymore.

When submitting offers, many buyers are now presenting $10,000 to $50,000 on top of the bank's asking price.

When shopping for deals, realize that there are properties out there that are for sale by owner, or are listed by a realtor on behalf of just the seller---no banks in the picture.

Florida Existing Homes Sales Rise As Home Prices Keep Falling

The combination of fallen home prices, record low mortgage rates, and the IRS's New Home Buyer Tax Credit of $8000 seems to be the perfect recipe for the rise in home sales we've seen in Florida over the past seven months. Check out the fast facts bullets below:

FAST FACTS Increases in home & condo sales

• Existing home sales rose 30% last month, compared to the month of February in 2008
• Condo sales rose 25% in March of this year, compared to year-ago level
• In one month: Condo sales rose 37.2% in March 2009 over February 2009

Downside: Decreases in median sales price offer distorted values to buyers and sellers. In March of this year, Florida's median sales price fell 30% from that of last year's. In March 2008 the median sales price was $201,700 compared with this past March of $141,300. Due to the large number of foreclosures, median sales price data this year does not carry the same weight as it did in years past. Half of this year's sold homes were bought at discounted prices and much less than the median sales price.

The latest report from the National Association of Realtors (NAR) confirmed that entry-level buyers are seeking bargains. The sale of distressed properties---those in short sale or foreclosure status, as well as bank-owned---accounted for almost half of February 2009's home/condo sales.

Condos suffered more of a decrease in median sales prices than that of homes. Condo median sales prices averaged a 37% decrease: last year they would sell, on average, for $172,300; this year they sold for, on average, $108,700.

These figures are very unsettling for Sellers who want or need to sell fast, recoup their investments or remodeling efforts, etc. For Buyers on the other hand, it's a great time to buy.

The Truth Hurts, But It's Still The Truth: Florida Ranked As 1 of 4 States With Worst Foreclosure Rates In Nation

The truth hurts, but it is still the truth, and this truth, these facts, are what we all need to make sound --- and often difficult --- decisions about the buying and selling of real estate.

In Florida, the Cape Coral-Ft. Myers area is ranked highest in the nation for foreclosures, alongside Las Vegas and Merced, California. Within the top ten cities highest in foreclosures were Phoenix and again, Florida's Port St. Lucie.

Brace yourself: the number of Americans threatened with losing their homes rose 24% in January, February, and March of this year. Lenders are taking a temporary break, but are expected to restart another cycle of new foreclosures, causing a further rise in the number of distressed properties.

On the bright side, literally, we are still the Sunshine State. Florida is surrounded by both the beautiful Gulf of Mexico on our west coast, and we overlook the vast Atlantic Ocean on the east coast.

The Buyers will be coming to Florida, just as soon as they can sell their properties. What Buyers and Sellers are experiencing right now --- Homeowners too --- is not pretty. It's painful...but it's our current reality.

Florida’s existing home, condo sales rise in February 2009

Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing condo markets.Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR. February’s statewide existing home sales were 16.7 percent higher than January’s statewide sales.

Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.Florida’s median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.

Significant variations in local markets continue, according to NAR’s latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data. “Some markets appear to have reached the tipping point of accelerating home buying,” said NAR Chief Economist Lawrence Yun. “Improvement from the economic stimulus isn’t likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates.”NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package. By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.In Florida’s year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase. The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s medium-size markets, the Fort Pierce-Port St. Lucie MSA reported a total of 372 homes sold in February compared to 263 homes a year ago for a 41 percent increase. The existing home median sales price was $122,100; a year ago, it was $172,900 for a 29 percent decrease. In the year-to-year comparison for the existing condo market, a total of 71 units sold in the MSA last month, up 22 percent compared to 58 condos sold the previous February. The market’s existing condo median price was $116,700; a year ago, it was $126,700 for an 8 percent decrease.

Painful Realities Unveiled Of Buying Bank-Owned Properties

Bank-owned properties can be great opportunities to buy a home at a fraction of the original or desired asking price----sometimes as high as 50% less than what is owed on the mortgage, and often as high as 30% less than the appraised value.

Bank owned properties and the journey one may take to arrive at the closing date is not for the impatient or light-hearted. The Buyer must know, expect, and be prepared for delays, complications and miscommunication.

We've read horror stories of these banks delaying the closing date by months---notifying this new delay on the scheduled closing day! We've heard about Buyers that have moved into their newly purchased bank-owned homes, and coming home from work one day to find a notice taped to the window and the locks changed---all due to misscommunication between the bank and the home's county or city courthouse.

Banks are often nowhere near the homes they have taken over, and they don't or fail to understand the life-rearranging that many couples and families undertake to purchase these homes. Often the necessary steps to an efficient sale and movement of these distressed properties becomes diluted and postponed.

The nation needs to overcome the foreclosure crisis in order to rebuild, but with an overwhelming workload on the part of the banks and lenders---often doubled or tripled---paperwork gets 'misplaced', work is duplicated, and deadlines and closing dates are extended.

Bank-owned has it's advantages, but you have to consider that time is money. How much time will it take to 'hopefully' close on this bank-owned property, and how much money too?

Buying through a Realtor, who has a Seller of a non-distressed property may prove itself in the long run---to be the short run.

Florida Seeking To Advance New Buyers $8000 Tax Credit

Florida and New York are seeking legislation that will advance the $8000 New Home Buyer Tax Credit to first-time buyers---so they can apply it towards their down payment---instead of having them wait for the credit when they file or amend their tax returns.

This is great news for potential and credit-worthy first time buyers that want to buy a home they can now afford, but just don't have the down payment---3.5% for FHA backed mortgages, 20% down for Conventional---needed to secure the property.

Florida Governor Charlie Crist supports this initiative brought forth by the National Association of Realtors (NAR). Missouri is the first state to approve and move forward with the upfront tax credit to first-time home buyers, and New York is following suit.

As Clearwater and Tampa Bay Real Estate grows with the addition of more distressed properties---we hope this legislation will succeed and allow for more prospective buyers to purchase homes they otherwise would not have considered.

Is Cash The New Favorite?

For the past four months, most residential sales were accomplished by the buyer bringing cash to the closing. The fact that conventional mortgages have dried up has caused the cash deals to look like they are soaring. In fact they are not. They are continuing at about what looks like a normal pace. Since 2001, which is as far back as our statistics go, there has been between 200-400 sales each month that are all cash closings. From July 2006 through December 2007, the cash closings declined into the 160 to 190 range. Beginning in January 2008, cash closings rose back to the levels we used to see.

Cash closings are jumping out at us right now because of the imbalance in conventional mortgage availability. The reduced number of conventional mortgages creates a perception that there is a boomlet in cash deals. The reality is nothing has replaced conventional mortgages. There is a slight increase in FHA mortgages. The surprise is that more of these types of loans are not being done. Tapping into FHA and VA mortgages which have recently streamlined their processes would seem to be a no-brainer, but they are not really making a dent in the market.

Can anyone explain that? Clearly, the availability of conventional money is desperately needed in the Tampa Bay real estate market and specificaly for Clearwater real estate sales to increase. As of now short sales in Clearwater and short sales in Tampa Bay at large will dominate our market for some time.

Realtors See Rise In Hillsborough County

Home sales were up in March across Hillsborough County as some real estate practitioners hope the housing slump is in the past.

Some 1,400 homes were sold last month in Hillsborough, according to the Greater Tampa Association of Realtors, the best figures since June 2007. The sales were up 25 percent over February and 20 percent from the year before.

The average sales price also is up from $160,145 in February to $168,071 in March, creating sales in Hillsborough of $235.3 million, compared to $179.4 million the month before.

“Our members have been saying they are seeing positive movement in the housing market. These latest statistics prove that they are indeed experiencing a more positive market,” said Carol Austin, GTAR chief executive officer, in a release.

Nearly 17,000 homes still remain for sale, representing an inventory of just under a year. However, that’s the lowest inventory Hillsborough has seen since October 2006, and inventory was more than 17 months just a year ago.

“These statistics are extremely positive,” said Jack Rodriguez, GTAR president, in a release. “Hopefully it signals a trend to better things ahead, both for real estate and the economy in general.”

The Florida Association of Realtors is scheduled to release its March statewide existing home and existing condominium sales numbers on April 23.

Pinellas County Housing Update: March 2009

All the signs are there. It could be a year from now that we will all look back and say, “I sure wish I’d known that the first quarter in 2009 was signaling a change for the better in the housing market.” Not that we don’t still have challenges facing us, but as each month goes by, it is becoming clearer that we are in a slow recovery pattern.

Here’s why we believe this to be the case:

Absorption Rate: The 7.7% of the single family inventory sold was more than a full point better than in 2006 and way ahead of last year. It’s true that it was half of 2006 – but, hey, that was still the boom. Even condo sales at a 4.9% absorption rate improved over both 2007 and 2008.

Inventory: The number of listings on the market continues to drop. As the spring selling season got underway, the number of single family and condo listings on the market reached their lowest points since March of 2006. (Do I need to remind you we were still in a boom market then?)

Units Sold: There is definitely in the upward trend in units sold, especially for single family homes. Single family unit sales were up 19.3% year over year in March. Condo unit sales showed a 17% increase over March of last year. It’s too early to say whether that will hold, but on the positive side but this is only the second month in the past twelve months in which sales outpaced the rate for the previous year. (December 2008 was the other month.)

Affordability: Since July of 2008, the Tampa Bay area has been growing increasingly more and more affordable. This March, a family of four with median income (about $52,000) had enough and more to be able to qualify for a median priced single family home ($140,000) with a 30-year fixed rate mortgage and 20% down payment. (Click here to see the current Affordability Housing Index for our area.)

Median Price: When compared year over year, median prices are still dropping significantly, so in that respect the market has not bottomed out in our area. Remember though, the plus side of this trend is that Pinellas is already a bargain hunter’s paradise and soon may become irresistible. At least, we hope so. The single family median price dropped 24.5% when comparing March 2009 to March 2008. Condo median price tumbled 21.9% from March 08 to March 09. Single family homes in our new mid-price ranges ($100,000 to $249,999) accounted for 46.5% of the unit sales in March. The lower range (up to $99,999) tallied 32.59% of sales. The upper end of the market continued to be weak with no sales reported of $1,000,000 or more. 20.7% of the sales were in the $250,000 to $999,999 range.

Condo price range sales track similar to single family ranges. 44.9% of sales were in the $100,000 to $249,999 range. 38.3% in the lower range and only 16.9% in the high end. We expect the trends to continue over the next two months at least. Contracts written for single family homes increased a whopping 34% over March 2008 and condos contracts pending are 17% higher than last year.

PRICE Is Primary Driving Force Behind Current Sales

Buyers are shopping the internet aggressively for their new homes. With short sales and foreclosures speckling the Tampa Bay real estate market, coupled with historically low mortgage interest rates, as well as the $8000 New Home Buyer Tax Credit, PRICE is at the top of the list of what Buyers are looking for first.

After shopping by price, Buyers also evaluate the neighborhood where their future home is located, determining how safe it is, how close they are to schools, etc. After Price, and Safety, comes the Home's Condition.

Buyer's needs have been redefined. Buyers have modified their Needs and Wants and are asking themselves, "Do I really need a 4 bedroom home, when a 2 or 3 bedroom home will do? Do I need a pool? What do I really need? And what do I really want?"

As Buyers have evolved, Realtors must be in line with these Buyer patterns. Marketing strategies must be reevaluated and must be aggressive. Below are some fast facts according to research gathered by the NAR (National Association of Realtors):

• 56% of new home buyers are considering/seeking a foreclosure or short sale as their new home.
• 63% of new home buyers are considering a fixer-upper or "as-is" condition of a home.
• 68% of new home buyers think it's better to buy now than it was 6 months ago, and that they anticipate a further drop in real estate prices. This may indicate buyers are waiting a little longer before making their home purchase.

"Price, Price" may be this year's "Location, Location".

Tampa Bay Realtor Kenny Hayslett of the Hayslett Team monitors the ever-changing real estate market and has one of the most aggressive internet real estate advertising campaigns in the area. His ability to interpret the market day by day has resulted in the smooth and efficient sale of 13 properties this year, and 71 properties sold last year in 2008.

You can reach the Hayslett Team at 727.443.6700, or by visiting the Hayslett Team website at www.HayslettTeam.com.

Tampa Bay Real Estate, Short Sales, The IRS, And Cancellation of Debt

In the not-so-distant past, a short sale meant the lender forgave part of the home seller's debt, but the home seller - many times to his or her surprise - had to pay federal taxes on the forgiven amount because the IRS treated it like income. Under new tax rules, however, the lender sends a 1099-C, Cancellation of Debt, to the home seller in most cases. The forgiven debt does not have to be included in taxable income, and it gets reported instead on Form 982. To be eligible for debt cancellation, the mortgage must have been a primary one on a principal residence; the cancellation occurred between 2007 and 2012; and the mortgage's principal balance must be less than $2 million ($1 million if filing separately). As with any tax matter, home sellers should keep all paperwork to back up their claim in case it's questioned. It's also a good idea to consult a tax attorney on any tax issue. For more information, go to www.IRS.gov.

"This is good news for many Sellers that are faced with the difficult decision to quickly sell their home," says Tampa Bay Realtor and Certified Fractional Real Estate Professional Kenny Hayslett of the Hayslett Team. "This newly forgiven debt provides some temporary relief to those that would otherwise be paying additional taxes on property no longer tied to them."

Kenny Hayslett and the Hayslett Team are equipped and knowledgeable in assisting Sellers with a variety of needs --- contact the Hayslett Team today at 727.443.6700 with your questions or desire to sell your property as smoothly and as efficiently as possible.

Tampa Bay Realtor Kenny Hayslett Ranked 7th in State of Florida, Top Residential Teams

Clearwater-based Tampa Bay Realtor Kenny Hayslett of the Hayslett Team was presented with a Certificate of Achievement within the ReMax Florida Region, and was ranked in the top ten---the #7 spot among Top Residential Teams in the state of Florida for the month of December.

He attributes his Team's success to establishing and maintaining strong Client/Realtor relationships, based on consistent communication with his Client/Sellers about the current market, emailing them updates and status reports, and ensuring they receive the best in Client services that he and his Team can provide.

Tampa Bay Realtor Kenny Hayslett and the Hayslett Team serve the Tampa Bay area, including the cities of Clearwater, Palm Harbor, Tarpon Springs, New Port Richey, Hudson, Odessa, Oldsmar, Tampa, Brandon, Temple Terrace, Riverview, and more.

To learn more about the Hayslett Team and how it can help you buy or sell your home, please visit the HayslettTeam.com or contact the offices at 727.443.6700.

6 Reasons Why NOW Is A Good Time To Buy

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.


Based on news article from NY Times

Mortgage Rates Drop to Record Lows

Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.Rates on 30-year mortgages traditionally track yields on long-term government debt.Though the yield on the benchmark 10-year Treasury note initially plunged by about 0.5 percentage points after the Fed’s move, lenders did not pass the entire drop on to borrowers. Bond yields rose after worries about what some saw as lackluster demand at a government debt auction Wednesday.

Tampa Bay Real Estate Market Update: Feb 2009

The Pinellas marketplace in February was impacted by several factors. The first is available money: tighter restrictions on credit, difficulty of getting any type of loan on condos, and wary consumers are all keeping the lid on what would otherwise be a recovering market. Secondly, the buyers in the marketplace are bargain hunters. Finally, the chaotic pre-foreclosure market is casting a pall over the housing market as a whole. All the factors from confusion about who actually owns the loan to who has the right to review and accept or reject offers on these properties has hampered the ability of seller, lenders, and Realtors® to move these properties off the market.

Until this problem is solved, we are likely to remain in a stagnant market.Let’s take a closer look at the distressed property situation. Twenty-two percent of all sales and 20% of all active listings in February involved a distressed property – that means they were either a foreclosure sale or a pre-foreclosure/short sale. Of the 320 properties sold in this category, 56% were foreclosures and the rest were short sales. Clearly, while 80% of the properties on the market are not in this category, they are being impacted by the discounting going on in the distressed segment. Since 2001, cash sales have accounted for about 20% of the financing types reported to the multiple listing service.

Conventional loans dominated the market taking up 60 to 70% of the financing types. In 2008, the cash deals jumped to 36% and so far this year they are making up 49% of the transactions. We are also seeing a spike in FHA loans; currently 12% of the transaction types. Are there any conventional loans out there? Apparently so, since in 34% of the sales, buyers were able to obtain conventional loans.There is a continuation of the trend of a slightly improved single family home market, even with all the talk about short sales and foreclosures. In February, single family sales were 19.7% higher than February 2008. The absorption rate at 6% reflects declining inventory and increased sales. The February 2009 rate is an improvement over both February 2007 and 2008. Speaking of inventory, the number of available properties on the market was 13.4% lower than February 2008. Median price rose to $139,900 in February compared to $124,500 in January; however year over year there was a 21.8% drop. The condo market persists in providing a drag on the market. Sales were down 8.3% compared to February 2008, although they were up by 40% from January 2009.

The absorption rate at 3.9%, mirroring the single family rate, does show slight improvement over 2007 and 2008. Properties available in this category continue to decline in number. In February 2009 there were 16.5% fewer listings than in February 2008. The median price for condos fell to $118,000, a 24.2% plunge. What will the story be during our peak season? It seems certain that foreclosures and short sales will continue to dominate the conversation, but don’t forget that 75 to 80% of our market is made up of properties that are not in this category. It is important for your sellers and buyers to understand that while the non-distressed properties may not be discounted as much, they are much less frustrating to purchase.

Drop in Lis Pendens Filed in February 09

The number of new lis pendens filed in February 2009 dropped dramatically from the number filed a year ago. In February 2008 there were 1,277 filed in Pinellas County while this year the number is 948, a decline of 19%. Lis pendens is the term used to indicate a legal action is pending related to title to land. The number of new filings has been steadily declining since September 2008 when there were 1,875 filings in the county. September was also the peak for the entire Tampa Bay area at 5,644 lis pendens filed that month.

The decline in this number is certainly an interesting one to watch over the next few months. At this point it is too early to say the wave has crested, but we’ll be keeping our eyes on the situation. Assuming this trend continues this will be a clear sign of local improvement for the Tampa/Clearwater real estate market.

To see the February 2009 lis pendens chart and data:

http://blogs.tampabayrealtor.com/media/blogs/statistics/02-09%20Lis%20Pendens%20Tampa%20Bay%20Area.pdf

Apply $8000 Tax Credit Towards Your Clearwater Real Estate Purchase

Just last week, the IRS released more details about the first-time homebuyer credit for 2009 home purchases. The $8000 tax credit has been an incentive for Clearwater homebuyers to buy Clearwater real estate and real estate within neighboring areas, and buy fast to obtain their credit this year.

According to the IRS' s Press Release, homebuyers taking advantage of this tax credit can choose to even have the $8000 credit direct deposited in their bank accounts.

To qualify for the new homebuyer tax credit, you cannot have owned a home within the past three years, and the home must be purchased by December 31, 2009.

Read the full IRS Tax Credit Press Release here.

Just Listed by Clearwater Realtor Kenny Hayslett of the Hayslett Team: 510 Ashley Drive, Dunedin, FL. A townhome nestled in delightful Dunedin, Florida. The quaint city of Dunedin borders the city of Clearwater.

Distressed Home Sales Increase, Still Saturate Housing Market

Clearwater Realtor Kenny Hayslett is working closely with several Client-Sellers in navigating through this distressed housing market. He and his Team fully understand the complexities of the current real estate crisis, and he has thus far this year sold nine properties on behalf of his Client-Sellers.

The market has not hit rock bottom yet, but according to economists in different parts of the U.S., the increased number of home sales in certain markets, specifically the Tampa-Bay area, indicate that a bottoming out of prices may soon be near. Some experts offer that the market could hit bottom as soon as late spring or early summer of this year, as buyers take advantage of the $8000 HomeBuyer's Tax Credit offered by The Obama Administration, and also make lower offers on homes they see on the market.

Experts also offer that we are in the second year of this Recession and it will take several more years for homeowners to see an increase in the value of their homes, which have fallen as much as 43% in some more severely distressed markets.

Nationwide, about 45% of home sales are distressed properties in short sale or foreclosure status. Home sales in Tampa, Orlando, and Miami, have increased, with the majority of Buyers going straight to the distressed homes as their new homes.

Where is the good news in all of this? "If you are a Buyer, there's a surplus of inventory in the Tampa Bay Area of which you can choose from. If you are a Client-Seller, getting priced right within this market and selling now will better than selling later," says Clearwater Realtor Kenny Hayslett of the Hayslett Team.

You can read more on this recent analysis of national and local property sales here.

Team Hayslett Closes On Another Clearwater Property

Team Hayslett closes on yet another Clearwater property yesterday. Located on Ecuadorian Way, within the On Top Of The World Community, this two bedroom, two bath unit sold for $62,500.

Need to sell your Home, Condo, or Land? Consider using the Haylett Team to market your property aggressively and efficiently. Let the Hayslett Team assist you in navigating safely and quickly through this distressed real estate market.

Already have your Property listed with us? The Hayslett Team thanks you for the opportunity to list and market your Property on your behalf. We thank you for your patience as we work together in connecting Buyers to your property. With the Hayslett Team's diversified, aggressive, and real-time internet marketing presence, homes that list with Team Hayslett get sold. Currently we have 17 closings scheduled. Thank You Valued Hayslett Team Client-Sellers For Your Listing With Us!

Contact the Hayslett Team today for a free consultation for you or a friend/family member. You can call us direct at 727.443.6700. Visit us online at HayslettTeam.com.

As Economy Contracts, Mortgage Rates Drop to Record Lows

In this March 3, 2009 file photo, Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, before the Senate Budget Committee.

Well, it's bad news, but good news following: the economy is contracting, and the Federal Reserve said it would move to buy some $2 trillion dollars in assets. The good news? Mortgage rates have fallen to a record low of 4.875% (as of yesterday), with rates that may or may not keep falling.

“Job losses, declining equity and housing wealth and tight credit conditions have weighed on consumer sentiment and spending,” the Fed’s monetary-policy committee said this afternoon in announcing its move.

With buyers heavily surfing the internet for bargain home prices, short sales, and foreclosures, it's hoping that they'll be quicker to make offers and move on some of their chosen properties, especially with these new mortgage loan rates.

"Properties will sell, and are selling---if they are priced within this current market. People are buying. Our Team has 18 closings scheduled, up from 13 last week," says Realtor and Certified Fractional Real Estate Professional Kenny Hayslett of the Hayslett Team in Clearwater.

Would you like to know what your home could sell for in today's market? Call the Hayslett Team today at 727.443.6700, or email us at info@hayslettteam.com.

Busy Hayslett Team Sells Clearwater Property

JUST SOLD! Team Hayslett just sold another Clearwater property off Eastfield Drive, for $179,000. With the Hayslett Team 's on-target market expertise---leading to timely, consistent showings and offers made---homes listed with the Hayslett Team move fast.

Even as Bay Area sellers compete with short sales and foreclosures, properties that are priced right get sold quicker than those that aren't priced to sell within this market, that changes it seems, every day.

Get sold with Team Hayslett---Visit us online at www.HayslettTeam.com, call us at 727.443.6700 to speak with any Team Member. We are here for You!

Bay News 9 Reaches Out To Hayslett Team For Real Estate Insight

Thursday morning, Bay News 9's Carol Minn Vacca met in person with Kenny Hayslett of Hayslett Team Realty to gain insight on the real time happenings of today's real estate market conditions.

Bay News 9 will air the interview with Kenny Hayslett Monday morning, March 9th, starting at 6 AM, and each hour thereafter. You can watch this interview on Channel 9, on Bright House Networks cable.

True Tax Credit For 2009 First-Time Homebuyers

Within the provisions of the American Recovery & Reinvestment Act of 2009, an $8,000 tax credit is offered through December 1, 2009 to first-time homebuyers. The revised IRS Form 5405 allows for homebuyers to get the $8,000 true tax break on homes purchased this year.

And with this extra $8,000 to spend, it's yet another incentive to have homebuyers visit Florida, specifically the Clearwater-St. Petersburg area, for their next home. Clearwater-based Hayslett Team Realty is optimistic about the revised tax incentive.

"Florida still attracts retirees, those looking for vacation properties, those looking for warmer weather," says Kenny Hayslett, Realtor and Fractional Real Estate Professional of The Hayslett Team, ReMax Realty. "This revised tax credit of $8,000 to first-time homebuyers we believe will have people giving more consideration to buying in the Clearwater-St.Petersburg area."

Hayslett adds, "We are fortunate to have quite the number and variety of properties to offer those future homebuyers that are searching online for their future Bay Area home, and that wish to relocate here. Our thorough and extensive internet presence puts us out there to connect with that future Florida Resident."

Unlike the homebuyers tax "credit" of $7500 in the past, that was required to be paid back, this is a revised tax credit to first-time homebuyers of $8,000 ($4,000 each for married people filing individually).

"For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. "This important change gives qualifying homebuyers cash they do not have to pay back."

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

For more information on the revised Tax Credit for First-Time Homebuyers, click here.

The Hayslett Team is here for you! Contact us with your property inquiries at 727.443.6700, or visit us online at www.the HayslettTeam.com.

Selling Quickly Makes More $$$

With the housing market not expected to begin recovery until 2010 or even 2011, selling your property quickly and efficiently can make you more money now than if you were to 'ride out the storm'.

Short sales and foreclosures are grabbing the attention of many buyers, who have the advantage and are searching price first these days. Now more than ever it is difficult for Sellers to get their properties noticed with the growing number of these foreclosures on the horizon.

Today's St. Pete Times article on home prices tumbling---again---was more bad news, as it was revealed that from January of last year to this past January, Bay Area home prices fell 33%, and are expected to fall even further as more foreclosures and short sales saturate the market, causing property values to decline, etc....a vicious cycle.

Sell now or sell later? It depends on your circumstances. Selling now, in this market that changes every 24 hours it seems, will give you more of what you want---closure, peace of mind, and yes, more money.

You can find up-to-date market information here on the Hayslett Team's Official Blog, or you can call the Hayslett Team direct at 727.443.6700. We are here for you!

Hayslett Team Gets Certified As Fractional Real Estate Professional

Hayslett Team President Kenny Hayslett returns home as we type from an intensive Fractional Real Estate Course held in Atlanta, GA. What is Fractional Real Estate? Simply put, luxury properties in equally luxurious locales that fractional owners can purchase and occupy for specified periods of time during the year.

Fractional Ownership costs can be anywhere from $40,000 to $1,000,000 or more. Properties involved in fractional ownership have all the details buyers are looking for, such as granite countertops, stainless steel appliances, luxury spa-like bath rooms, access to the properties' golf and tennis resorts, etc.

The benefits of Fractional Ownership can be many, such as sharing the ownership of the luxury property without paying the full luxury price, especially if the property is used as a vacation home for several months out of year only.

Fractional Ownership is a somewhat new philosophy of owning, or partially owning, a luxurious property. The details and transactions can be complex however, if you don't have the right professionals by your side overseeing the terms and conditions, etc. Not to worry Fractional Friends...the Hayslett Team's President, Kenny Hayslett, is now certified through FHI as a Certified Fractional Real Estate Consultant.

Want to learn more about Fractional Real Estate? Visit www.LuxuryFractionalGuide.com, a premiere web resource on Fractional Real Estate Properties located around the world, and here locally.

Interested in learning more about luxury ownership at a fraction of the cost? Contact Kenny Hayslett, Certified Fractional Real Estate Professional, at The Haylett Team Office, 727.443.6700, or by visiting us on the web at http://www.hayslettteam.com/.

Pinellas-Based Team Hayslett Grows, Expands Into Tampa Market

Team Hayslett announces its newest Team Member, Tampa-Based Buyer's Specialist Jim Foran, and is excited about the growth opportunites in working for Buyers and Sellers in the Tampa Area.

Buyer's Specialist Jim Foran has a combined 26 years of real estate and mortgage-based work experience. He attended Auburn University and then completed his Finance/Economics Business Degree at Florida Southern College.

Jim is married with five children. Jim's life, education, and work experiences match the client relationship philosphies of the Hayslett Team.

To learn more about properties for sale in the Tampa/Hillsborough Markets, or to discuss the sale of your home within the Tampa/New Tampa/Hillsborough areas, please contact the Hayslett Team at 727.443.6700.

Team Hayslett Keeps Busy, 13 Active Listings Under Contract

The Hayslett Team is busy these days, handling an ever-growing diversified Client Base of motivated Sellers. With 13 active listings currently under contract, and having assisted eight other buyers in the purchase of other listed properties, Team Hayslett's expertise in real-time monitoring and interpreting market changes is invaluable and successful.

Interested in Buying or Selling your home? Team Hayslett has the resources and expertise to guide you through this ever-changing market. Contact the Team direct at 727-443-6700 to speak with any Team Member about your interest in buying or selling your property.

Hayslett Team Invests $4000 on Realtor.com

Team Hayslett intensified it's online listings presence on REALTOR.com®, which is the official site of the National Association of REALTORS® and is operated by Move, Inc.

Team Hayslett thinks like the Buyer and the Seller, and knows where Buyers are searching...online. Investing approximately $4000 each year on behalf of their Clients, Team Hayslett is proud to provide this expanded service to each of their invaluable Client Sellers.

Team Hayslett Links French Buyer to Tampa Bay Home, Closes It Successfully

The Hayslett Team continues it's massive internet marketing campaigns and reaches European Buyers through its diversified marketing strategies. On December 31, 2008, the Hayslett Team worked closely with an interested Buyer from France, and closed the sale successfully.