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The recent stock market plunge is sending a clear message to Americans, that we are not out of this crisis yet. Not by a long shot. The Dow Jones Industrial Average dropped by more than 500 points in the biggest single intra-day loss since the 2008 financial meltdown.

In my previous blog I indicated that home sale cancellations were on the rise. The reason is simple, Americans are scared. Buyers and sellers are waiting to see what happens next. They do not want to get caught up in a large ticket transaction like purchasing a home when the U.S. economy is struggling to stay afloat.

The epicenter of the global financial crisis was and still is Real Estate. Firms gobbled up mortgage back securities consisting of high risk loans that went sour when homeowners began defaulting on their ARMS.  As the crisis continues, the Real Estate industry will still be caught in the middle as distressed properties take up large chunks of home inventories across the country.

If you are a buyer or seller in this market, you must tread carefully as the U.S economy heads towards uncharted territory. It’s unclear if and when another financial crisis like in 2008 will occur.  In any case you must seriously weigh your options and make sure that if your buying or selling a home, it is a risk that you can afford.

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Since the Real Estate bubble burst several years ago short sales have become a popular way for homeowners to escape foreclosure and  rebuild their finances. Despite the positives, short sales have gained more of a bad reputation as of late, mainly due to the length and complication of these kind of transactions.

Buyers and sellers alike have grown increasingly frustrated with the process since the average short sale can take ninety days to six months. There are cases where short sales have taken up to a year or longer to close.  Many buyers who submit offers on short sale properties end up walking away because of the lengthy process.

The reason short sales are so complicated is because there are so many parties involved unlike bank owned properties where you are just dealing with the bank.  If you decide to purchase a short sale, you want to make sure your Realtor understands the process and is experienced in dealing with short sales.

Most importantly, you need to understand the pros and cons when it comes to short sales. Remember that once you submit and offer, don’t expect for the property to close anytime soon. It simply becomes a waiting game.  If your selling your home as a short sale, make sure you meet with a tax and credit specialist before you decide to short sell your home.  A short sale can have credit and tax implications.

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I absolutely love cars. I know I know your wondering why I’m talking about cars in a Real Estate blog. I’ll get to that in a minute. Anyway, my favorite kind of car are your American muscle cars. I own a Mustang which is an absolute bute. Of course I share an affinity for European style cars like BMW, Mercedes, and others. What does that have to do with Real Estate? Well I think the home you own and where you live should be able to accommodate the vehicle you drive.  You don’t want to be driving your lambo in the streets of New York would you? To appreciate open road cars, you need well…. the open road. States like my home of Florida are great for cruising with the top down because of open highways and plenty of road to break in your new sports car. As far as the home, you want a property with a wide drive way and a spacious garage to house your favorite vehicle. I know this is a no brainer, but you will be surprised how many buyers purchase homes with a garage and driveway that doesn’t appropriately store their vehicle. A car just like a home is a reflection of your personality. You want to emphasize that as much as possible. There is nothing wrong with a little showing off.

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According to the Miami Herald, coastal properties in South Florida have been somewhat stable. The property sector that has maintained stability has been non-distressed properties. Distressed properties however have continued to play a significant factor in the decline in property values, especially in South Florida.  The coastal properties that were least affected were high end neighborhoods such as Miami Beach, Biscayne Bay, Coconut Grove, and others. Coastal properties naturally will maintain their value in a stagnant or declining Real Estate market. Luxury homes prices did not decline as sharply as homes in lower price ranges or in less affluent neighborhoods.  Buyers are gravitating towards regular listings because  they are less complicated or messy then a short sale. Short sales can normally take three to six months to close.  Buyers are preferring foreclosures over short sales since foreclosures can take only thirty to forty five days to close. But buyers have become wary of banks and how they are playing the Real Estate market due to the robo signing fiasco from last year.   Luxury homes are becoming one of the few segments of the Real Estate market that have maintained stability since the market collapse of a few years ago. Some of the factors that can get in its way are an influx distressed properties and another shock to the U.S. economy.

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Tampa is known for its great weather and rich history. But Tampa also has some of the most beautiful luxury homes in the west coast of Florida. From colonial and ranch homes to modern day mansions. Tampa has a variety of homes to satisfy any home buyer.  However you do have to look at the right parts of town to find what you’re looking for.  One of my favorite high end neighborhoods is Westchase. Westchase is close to the Carrollwood section of Tampa. It has a golf course as well as stores and restaurants. The homes are stunning to where each neighborhood has a specific home design in mind. Some subdivisions have colonial homes while others are modern trac homes.  Another part of Tampa I like is the South Tampa area. The homes off of Bayshore have bungalow and classical homes each having their own architectural style.  They have their own character and charm that many new homes lack.  So if your looking for luxury homes. Westchase and South Tampa are a great place to start.

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Everyone loves to have a little luxury in their lives. Come on who doesn’t? We all want to save to buy that luxury sports car with the leather seats and the big engine.  When we fly, we accumulate frequent flyers points so we can fly first class. When it comes to purchasing a home, not only do we want value, but we want the luxurious amenities that come along with buying a luxury home.  If you’re trying to sell your home, focusing on luxury will get you major points with buyers.  One great idea can be installing a retractable screen over your pool. This adds some wow factor to your home. If you have some exotic cars with a garage to show them off. Keep your garage doors open when potential buyers come and visit. Buyers want to visualize where there putting their stuff when they visit a home. Let them imagine how there Mercedes will look like parked in the driveway. With the kitchen, install an espresso coffee maker. The idea having Starbucks style coffee in the convenience of your own will make buyers scream with delight. These are just some of the many things you can do to make your home standout in todays buyers market.  If you have the money, spare no expense.

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If you would like to browse our Foreclosures Database, Please visit us here: Tampa Foreclosures.

We appreciate you coming by and please check back soon!

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