Florida Real Estate Blog

Economy Slows Florida Population Growth to Lowest Level in 30 Years

GAINESVILLE, Fla. — The bursting of Florida’s housing bubble and overall economy has also let the air out of the state’s famed population growth, which has shrunk to its lowest levels in three decades, according to the latest projections from the University of Florida.

“A tremendous slowdown is forecast over the next few years compared to what we’ve experienced during the last five years,” said Stan Smith, director of UF’s Bureau of Economic and Business Research. “The state has not experienced a decline of this magnitude since the mid-‘70s, when we were in a national recession.”

The Sunshine State is expected to add an average of only about 209,000 residents a year between 2007 and 2010, compared with annual increases of about 418,000 people between 2002 and 2006, he said.

Although Florida remains a major destination for retirees, far more young and middle-aged people move into the state to find work than their older counterparts arrive to retire, Smith said. But declining job opportunities have stanched the influx of younger people, he said.

“The vast majority of Florida’s population growth is due to migration, and during a recession the rate of job creation slows down in Florida,” he said.

The biggest group moving to the state during the last four or five decades has typically been those in their 20s and 30s, with those 65 and older accounting for only about 15 percent of in-migration, Smith said. But younger people in their 20s and 30s also make up the biggest share of those leaving the state, which is why Florida became the nation’s oldest state after World War II, he said.

Robust real estate markets and burgeoning construction fueled Florida’s growth from 2002 to 2006, just as it did during the boom years of 1971 to 1974, Smith said. In turn, the housing market’s decline dramatically curbed population growth after 2006, just as a national recession in the ‘70s sharply limited expansion between 1974 and 1977, he said.

Another reason growth typically slows during a recession in addition to the availability of fewer jobs is that people have difficulty selling their houses, which delays their move, he said.

“We’ve certainly seen a slowdown in economic growth nationally, and it’s even possible we may be in a recession right now, although we won’t know for sure until later this year,” he said.

Projections call for Florida’s population to return to more normal growth levels of about 317,000 a year between 2010 and 2020, similar to the 1980s and 1990s, Smith said. Although there also was a slowdown in growth during recessions in the 1980s and 1990s, it was nowhere near the steep decline of the 1970s or that which is taking place now, he said.

“It’s really sort of a boom-and-bust pattern that we have seen in Florida,” Smith said. “The years between 2002 and 2006 were the biggest in terms of absolute increases since the early ‘70s, and then just as we experienced in the ‘70s we are going from a period of high- to low-growth numbers.”

The county projected to grow the fastest in percentage terms between 2007 and 2010, Lafayette in Florida’s Big Bend, is something of an anomaly because it owes its top spot to prison construction, Smith said. It is predicted to grow from 8,215 in 2007 to 9,200 in 2010, he said.

Otherwise, many of the high-growth counties are the same as in past years, he said.

Flagler, which was the fastest-growing county between 2000 and 2007, jumping from 49,832 to an estimated 93,568, is expected to continue to expand at a rapid rate, to 103,500 by 2010, Smith said. Its coastal location, proximity to Jacksonville and relatively low cost of living, as well as the presence of the large Palm Coast development, contribute to its high ranking, he said.

Other rapidly growing counties are Sumter, which owes its surge in part to prison expansion and the increasing number of residents at The Villages retirement community, and Osceola County, which receives spillover from nearby Orlando.

In terms of absolute numbers, the counties expected to make the biggest gains between 2007 and 2010 are Miami-Dade, from 2,462,292 to 2,512,300; followed by Orange, from 1,105,603 to 1,154,200; and Hillsborough, from 1,192,861 to 1,234,900.

Source: University of Florida Media Release

Mixed Report On Mortgage Interest Rates from Freddie Mac This Week

Today 3/27/08,  Freddie Mac reported that the average mortgage interest rates for 30 year fixed-rate interest rates have dropped slightly while interest rates for 15 year fixed-rate mortgages rose slightly. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.85% (5.84% in the southeast), down from 5.87% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.34%, up from 5.27% last week.

Though the results were mixed, they were so small as to be insignificant. Most of the economic indicators provided results that had been predicted. No surprises to cause the interest rates to fluctuate more vigorously. For example, the index of leading economic indicators fell for the 5th straight month and consumer confidence hit a five year low.

Regarding the housing market, prices continue to fall overall. A yearly price decline of 11.4% was noted from January 2007 to January 2008. However, the National Association of REALTORs noted that sales of existing homes did increase in February of this year. The lower prices are making homes more affordable for many buyers, and the lower interest rates are making them somewhat easier to finance. In face, NAR's "Home Affordability Index" was at its highest in 5 years. Perhaps a light at the end of a long tunnel.

Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com  and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

Florida's Existing Home Sales Remain Slow in February 2008

ORLANDO, Fla., March 24, 2008 – Turmoil in the mortgage market continued to impact Florida’s housing sector in February. Statewide, sales of existing single-family homes totaled 8,310 last month while 11,132 homes sold in February 2007 for a decrease of 25 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

According to the latest forecast by the National Association of Realtors® (NAR), the volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas. NAR Chief Economist Lawrence Yun says, “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions. Therefore, a notable rise in home sales can be anticipated in the second half of the year.”

Florida’s median sales price for existing single-family homes last month was $198,900; a year ago, it was $237,000 for a 16 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In February 2003, the statewide median sales price for single-family homes was $140,500, an increase of about 41.6 percent over the five-year-period, according to FAR records.

The national median sales price for existing single-family homes in January 2008 was $198,700, down 5.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $430,370 in January; in Massachusetts, it was $321,000; in Maryland, it was $286,520; and in New York, it was $240,000.

Sales of existing condominiums in Florida also decreased last month, with a total of 2,765 condos sold statewide compared to 3,375 in February 2007 for an 18 percent decline, according to FAR. The statewide median sales price for condos last month was $175,600, down 20 percent from February 2007’s condo median price of $218,900. NAR reported the national median existing condo price was $220,400 in January 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.29 percent in February 2007, 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 larger markets, the West Palm Beach-Boca Raton Metropolitan Statistical Area (MSA) reported 401 existing homes sold last month compared to 560 homes sold a year ago for a 28 percent decrease. The market's median sales price for homes was $344,600; it was $374,300 in February 2007 for a 8 percent decrease. A total of 438 existing condos changed hands in the MSA last month, down 5 percent from the 462 condos sold the previous year. The existing condo median sales price in February was $159,300; a year ago, it was $209,600 for a 24 percent decrease.

Says John J. Mike, chairman of the Realtors Association of the Palm Beaches and a sales associate with Prudential Florida WCI Realty, “Our members are reporting that activity levels have picked up in recent weeks. The softening of prices has certainly been appealing to buyers who were on the fence about entering the housing market. In addition, people are beginning to discover the reality of Amendment 1, particularly where portability of their property tax savings are concerned.”

Among the state’s smaller markets, the Punta Gorda MSA reported a total of 201 homes sold in February compared to 216 homes a year ago for a 7 percent decrease. The existing home median sales price was $151,300; a year ago, it was $201,100 for a 25 percent decrease. A total of 24 existing condos sold in the MSA last month compared to 30 condos the previous February for a 20 percent decrease. The market’s existing condo median price was $110,000; a year ago, it was $136,700 for a decrease of 20 percent.

Bill Dryburgh, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors and a sales associate with Coldwell Banker Residential LLC, says the area’s waterfront and unspoiled scenic beauty continue to attract new residents. “The recent action taken by the Federal Reserve will help stabilize the mortgage market, which in turn will help the housing market,” he says. “I believe we’re also starting to see some movement in sales activity due to the passage of Amendment 1 and its portability provision.”

Source: Florida Association of REALTORs Media Release

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

A Bit of Good News! National Association of REALTORs Says: Existing Home Sales Rise In February

WASHINGTON, March 24, 2008 - Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.

Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”

The national median existing-home price (2) for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively fewer sales in higher priced markets.

Home prices within metropolitan areas are more telling. The most recent data shows roughly half of the metro areas in the U.S. with price increases, with healthy gains in markets such as Oklahoma City and Trenton, N.J. “In other areas such as Sacramento, a rapid price decline has induced buyers to come into the market and sales are now rising,” Yun said. “The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.92 percent in February from 5.76 percent in January; the rate was 6.29 percent in February 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said that negotiation and knowledge are even more important in the current market. “Consumers need to be aware of local market conditions and comparable sales prices to have a clear picture of a home’s value,” he said. “Realtors® understanding of local markets, negotiating expertise, and transaction experience are invaluable to both buyers and sellers, today as much as ever.”

Total housing inventory fell 3.0 percent at the end of February to 4.03 million existing homes available for sale, which represents a 9.6-month supply (3) at the current sales pace, down from a 10.2-month supply in January.

Single-family home sales increased 2.8 percent to a seasonally adjusted annual rate of 4.47 million in February from an upwardly revised 4.35 million in January, but are 22.9 percent below 5.80 million-unit level a year ago. The median existing single-family home price was $193,900 in February, down 8.7 percent from February 2007.

Existing condominium and co-op sales rose 3.7 percent to a seasonally adjusted annual rate of 560,000 units in February from a downwardly revised 540,000 in January, and are 29.7 percent below the 797,000-unit pace in February 2007. The median existing condo price (4) was $211,700 in February, which is 4.9 percent lower than a year ago.

Regionally, existing-home sales in the Northeast jumped 11.3 percent to an annual pace of 890,000 in February, but are 26.4 percent below February 2007. The median price in the Northeast was $264,800, up 0.4 percent from a year ago.

Existing-home sales in the Midwest rose 2.5 percent in February to a level of 1.24 million but are 19.5 percent below a year ago. The median price in the Midwest was $143,900, which is 7.1 percent lower than February 2007.

In the South, existing-home sales increased 2.1 percent to an annual rate of 1.99 million in February but are 22.0 percent below February 2007. The median price in the South was $163,400, down 8.6 percent from a year ago.

Existing-home sales in the West slipped 1.1 percent to an annual rate of 920,000 in February, and are 29.2 percent below a year ago. The median price in the West was $290,400, down 13.4 percent from February 2007.

Source: National Association of REALTORs Press Release

The Conference Board Consumer Confidence Index Declines Almost 12 Points

The Conference Board Consumer Confidence Index, which had declined sharply in February, fell further in March. The Index now stands at 64.5 (1985=100), down from 76.4 in February. The Expectations Index declined to 47.9 from 58.0. The Present Situation Index decreased to 89.2 from 104.0 in February.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for March's preliminary results was March 18th.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumers' confidence in the state of the economy continues to fade and the Index remains at a five-year low (March 2003, 61.4). The decline in the Present Situation Index implies that the pace of growth in recent months has weakened even further. Looking ahead, consumers' outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon. The Expectations Index, in fact, is now at a 35-year low (Dec. 1973, 45.2), levels not seen since the Oil Embargo and Watergate."

Consumers' assessment of present-day conditions weakened further in March. Those claiming business conditions are "bad" increased to 25.4 percent from 21.3 percent, while those claiming business conditions are "good" declined to 15.4 percent from 19.1 percent. Consumers' appraisal of the job market was also more pessimistic than last month. Those saying jobs are "hard to get" rose to 25.1 percent from 23.4 percent, while those claiming jobs are "plentiful" decreased to 18.8 percent from 21.5 percent.

Consumers' short-term expectations also deteriorated further in March. Those expecting business conditions to worsen over the next six months increased to 25.4 percent from 21.6 percent, while those anticipating business conditions to improve declined to 8.1 percent from 9.7 percent in February.

The outlook for the labor market was also more pessimistic. Consumers expecting fewer jobs in the months ahead increased to 29.0 percent from 28.0 percent, while those anticipating more jobs declined to 7.7 percent from 8.9 percent. The proportion of consumers expecting their incomes to increase declined to 14.9 percent from 18.0 percent.

Source: March 2008 Consumer Confidence Index - The Conference Board

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Florida Association of REALTORs Advises That You Protect Your Home While On Vacation

ORLANDO, Fla., March 12, 2008 -- Is spring fever prompting you to head for the beaches or some other vacation getaway? If you’re planning to travel during the spring holidays this year, you can help protect your home while you’re away by following these tips from the Florida Association of Realtors® (FAR):

• Make it look like you're home. Install timers on interior lights so they turn on and off periodically. Many timers cost less than $25. Some more costly products are capable of varying the time that your lights turn on. Also consider leaving your radio on and tuned to an all-news or talk show station.
• Disconnect and remove all exterior electrical decorations before you leave to reduce the chance of fire and theft. Install exterior lights that are controlled by motion sensors to make your home a more difficult target for prowlers.
• Discontinue your newspaper delivery temporarily. Be sure to give several days notice so your order can be processed in time.
• Ask someone to collect any free papers or sales materials left near your house. When fliers and papers are left on a driveway day after day, it's a sure sign that no one is home.
• Have the post office hold your mail. This can be initiated by calling the U.S. Postal Service at 1-800-275-8777 and listening to the option for putting a vacation hold on your mail. You can make arrangements up to 30 days in advance of your vacation; at minimum, two days will be needed to process your request. Or you can go to the Postal Service Web site at https://dunsapp.usps.gov/HoldMail.jsp and follow the instructions.
• Ask a friend or neighbor to park a car in your driveway occasionally and keep an eye on your place. If your neighborhood is patrolled by police, give the police your schedule so they’ll watch for suspicious activity; if there’s a crime-watch program, notify the person in charge.
• If you have an alarm that is monitored, tell the alarm company you will be away. If possible, provide a phone number where you can be reached.
• If you’re going to be away for two weeks or more, have a friend or lawn service mow the grass.

Before traveling for spring break, take these simple steps to help protect your property.

The Florida Association of Realtors®, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 67 boards/associations.

Source: Florida Association of REALTORs Press Release

Smaller Insurance Companies Taking the Places of Some of the Bigger Players in Florida

I have heard reports and have also heard similar information from local insurance agents, that Citizens Property Insurance and other larger companies are losing some of their business to smaller underwriters that are beginning to do business in the state. Though for some properties, Citizens may still be the only option. It is good to hear that other companies may provide consumers with more choices when they are looking for coverage for their homes.

Citizens growth had been rapid up until last fall. However, in February of this year it was reported that they were covering 9% less properties than they were in the autumn of 2007. They had lost much of this business to smaller Florida-based companies.

Some of these newer companies only insure properties that are worth over $1,000,000. Others only will take properties that were formerly customers of Citizens. And others prefer to market their products in the mainstream marketplace.

So if you are looking for a new company to cover your property, you may want to do some searching and see what options are available to you.

A few of the newer companies are: Edison Insurance, American Integrity Insurance, Privilege Underwriters Reciprocal Exchange or PURE ($1,000,000+), and American Strategic Insurance.  As the length of time from last hurricane landfall in Florida lengthens, we may see more companies enter the market here. Let's hope so. We have received little loyalty or price breaks from the so-called "big boys" like State Farm and Allstate. Let's see if the local crowd can serve us better.

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Freddie Mac: Fed Interest Rate Drop Helps Lower Mortgage Interest Rates

Today 3/20/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates have dropped. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.87% (5.84% in the southeast), down from 6.13% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.27%. down from 5.58% last week. Pretty good decreases. So again both the 30 year fixed-rate and the 15 year fixed-rate mortgages are below 6%.

A man called me today to complain that interest rates were up and things were terrible. Well, rates under 6% look pretty good to me. And they are. Many of you can remember mortgage interest in the 1970's that was nearly 20%! Now 6% looks pretty good. Home prices are still low as well. That is good for home buyers, and in a round-about way, good for sellers as well, especially if they have owned their homes for more than 4 years or so.

Various things happened this week to help the rates drop. Inflationary pressures were determined to be weaker than had been predicted. The Consumer Price Index (CPI) remained unchanged for the first time since November 2006.  And as many of you heard in the news or here on the blog, the Federal Reserve cut its funds rate by 0.75% based on slowing consumer spending and poor employment news.

The combination of all of these factors worked together to force interest rates down this week. The Fed has indicated that it will take further action if it appears to be necessary.

Later in the spring we are all supposed to get a check from the government that is supposed to spur on the economy. However, as far as the housing market goes, I do not think that a check worth from $600 to $1,200 will have any effect at all. It is too little, too late at this point. Something to protect persons with unbearable mortgages might be a better route. A one-time infusion of a little cash is unlikely to help these troubled homeowners in the long run.

Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com  and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

Federal Reserve Drops Its Rate by 0.75%

Today the Federal Reserve dropped its funds rate by 0.75%, so that it now sits at 2.25%. Many had predicted that they would drop it a full percentage point, but none-the-less, this was a significant drop. The rate now sits at the lowest it has been since December 2004. The Dow Jones reacted by going up 420 points. The Fed indicated that it would take further steps in the future if it felt they were necessary and would help the country economically. On Thursday we will see if these cuts have had an effect on mortgage interest rates.

I am unsure that these decreases will have a drastic effect on our current situation. The mortgage interest rates have been VERY low for months and the prices of homes have been at record lows as well. Yet the housing market drags. In my opinion, business and/or the government need to do something to change the mind set of the people in this country. If we believe times are bad, we will react based on those beliefs, even if it is just our perceptions, and not reality. Will getting a $600 to $1,200 check in May do the trick? Again, I have my doubts. We need a leader, most likely from the government, that can capture the imagination of the nation and make us believe that there is a light at the end of the tunnel. I am way too young to remember, but my parents and grandparents used to say that FDR had the ability to do that. Maybe that is what we need again. Someone who makes us see the hope and possibilities that are all around us.

In any case, we will see if these tactics by the government will help, hurt, or have no effect. Time will tell.

Nice Price Reduction! Double-Wide Mobile Home For Sale in Colony Hills Near Zephyrhills, Florida

The owners of this wonderful home for sale in the Colony Hills subdivision near Zephyrhills, Florida have just reduced its price to a low $79,900! This is one of the most popular subdivisions in the area. This is not a rental park. You own the land here.

This home has two bedrooms and two baths. The home is larger than it seems. County records indicate 1,144 square feet of living space. But the owners have winterized the addition on the front of the home and this creates an additional 230 square feet of interior space for you to enjoy. Add to that the Florida room and the utility room, and you have plenty of room for comfortable living in the Florida sunshine.

Most of the home has laminate flooring so maintenance will be easy. Included in the sale of this property are the range, refrigerator, dishwasher, washer, and dryer.

Homeowner fees are currently just $30 per month and gain you access to the large recreation building, swimming pool, whirlpool spa, tennis court, and shuffleboard courts. There are numerous activities that take place throughout the year, especially during the winter months when the "snowbirds" arrive. However, many residents stay here all year so there always seems to be something happening.

This great home is now even more attractively priced at just $79,900. With so many winter visitors out there looking for a vacation home to purchase, this property will not last long. Call 813-783-4444 today for more information or to arrange a tour. You can also e-mail me at: e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my webpage to see a slideshow of this property and see other properties that are available for purchase. Just go to: www.jelwell.century21bnr.com

Will the Federal Reserve, As Rumored, Drop Interest Rates by a Huge Amount??

We are being told that, in an attempt to further stimulate the economy, the Federal Reserve will reduce one of its key interest rates. This after another large reduction just a few weeks ago. Many think that they will drop it a full percentage point which is almost unprecedented. Others think the change will be more limited, though still a substantial alteration.

Question is, will this do anything to stimulate our economy? How about the checks we are all going to get in the next few months? Those will be drops in the bucket and I doubt a $600 tax rebate will do much at all. Perhaps let us pay off a few bills that are overdue, but not much more.

Just like in your own household, the worst time to have financial difficulties is when you have run up a large debt. That seriously limits your resources that could help bail you out. Have you taken a look at our national debt lately. It is at record highs! Now along comes this recession and we have no savings to fall back on and we are in debt up to our ears. So now we will go even further into debt by giving everyone money that we will have to pay back eventually. To top it off, I heard that the government is spending $42,000,000 just to send us letters telling us that we are going to get the money!! Common sense is sorely lacking in Washington at the moment.

In any case, let's wait and see what the Fed does and if it does have any effect at all. I truly hope it does, but guess I have serious doubts that it will.

Wonderful Furnished Double-Wide Mobile Home For Sale in Zephyr Shores near Zephyrhills, Florida

This clean and neat double-wide mobile home is located in the Zephyr Shores subdivision, just to the west of Zephyrhills, Florida. Whether you are looking for a year round home or a place to escape the cold winter winds, this home might be just what you are searching for. It is being sold furnished and has been updated in many ways. The seller has even added a nice deck just off the master bedroom for you to enjoy! Though most of the park is dog free, you may have a small dog up to 20 pounds in this section. This not a rental park. You own the lot here. Low homeowner association fees of just $275/year cover use of the pool, clubhouse, and shuffleboard courts. Trash pick-up is also included in the fees. Due to its location you will have only short trips to supermarkets, supercenter, parks, restaurants, and medical facilities. As you can see from the following pictures, this home has a lot to offer. Click on any picture to enlarge it for easier viewing. For more information or to arrange a tour call John Elwell - REALTOR® at CENTURY 21 Bill Nye Realty 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Freddie Mac: Follow the Bouncing Interest Rates, Up We Go Again

Today 3/13/08, after a drop last week,  Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans moved upward again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.13% (6.08% in the southeast), up from 6.03% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.60%, up from 5.47% last week. A year ago the 30 year rate was almost exactly as it is today, 6.14%. Funny how we seem to go round-and-round sometimes.

Freddie Mac is reporting that interest rates are up for ALL mortgage products this week. However, the average 30 year mortgage interest rate over the past 11 weeks, was still the lowest it has been since 2005.

Lower interest rates and lower home prices combined to create a more affordable housing market. (Seems like I mentioned this once or twice in the past months). January 2008's pending home sales held steady, though it had been predicted that they would drop as much as 1%. Many believe that this "steady" trend will continue when February's figures are released.

Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com  and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

Freddie Mac: Interest Rates Drop Some, But Overall Economy Does Not Look So Hot!

Finally, after several weeks of seeing the average interest rates climb higher and higher, today 3/6/08,  Freddie Mac reported that the average mortgage interest rates for 30 year and 15 year fixed-rate interest rates have dropped a bit! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.03% (6.03% in the southeast), down from 6.24% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.47%. down from 5.72% last week.

Mortgage interest rates played "follow the leader" as weak economic indicators, including lower consumer confidence, slowing in the manufacturing sector, and job market declines, pulled the total economic picture to a lower level.

The median prices of new homes fell 15.1% in January and that was the biggest drop on record. As you have heard me say in the recent past, they cannot go much lower. It will be impossible to for them to build homes that they have to sell for less than it cost them to construct. Residential construction fell 19.7% over the past 12 months.

Now, if that is not enough sour news, tonight all of the news stations are trumpeting the fact that for the first time in ages, homeowners on average owe more on their homes than they have equity in them. Since for many Americans their homes are their biggest investments, this is not good news.

Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com  and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

Use Reputable Companies or Lenders If You Are Facing Foreclosure

I do not know how it is in other states, but here in Florida you cannot drive down any road without seeing handwritten signs like this one promising to take care of all of your financial woes. What are people thinking when they call these people??? Is there any doubt that the companies that put up signs like this are less than on the "up and up". Even if they had signs printed, most reliable companies would not advertise this way. Would you pick a doctor using a sign like this?  I would tend to doubt the sanity of someone that did. Your health is too important, and so is your financial security!

In many cases if you get involved with these companies you will end up in a worse situation than you now find yourself in. There are many many legitimate companies out there, including your own lender, who will do what they can to help you avoid foreclosure if it is at all possible. Your local REALTOR, like myself, can also often point you in the right direction.

My advice is to ignore roadside solicitations and stick with companies or professionals that you know. You can also get recommendations from friends and neighbors. The US Department of Housing and Urban Development can also offer you suggestions. You can reach their site by clicking here: HUD Advice For Avoiding Foreclosure

If you do decide to call one of the numbers on these handwritten signs (and I still think it is a bad idea), at least take another ten minutes to call your local Better Business Bureau and see if 1. They have a record of this company and 2. Do they have any outstanding complaints against them.

Quality established companies are not going to use handwritten or printed stick-in signs to solicit business for themselves. A temporary sign could be an indicator of a TEMPORARY company. If I were you, I would keep right on driving and find a company that can truly help make your situation better, not WORSE.

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

 

Mobile Homes Selling Briskly in Zephyrhills and in the Rest of Florida

One of the agents in our CENTURY 21 office always says that "In January buyers kick the tires on the vacation homes here, and then make their decisions to buy in February, March, and April". That seems to be holding true this year as well. As a plus for buyers, this year there are many more homes on the market, and sellers are pricing their homes more reasonably and are often willing to negotiate.

If you are looking for a vacation home or permanent residence in Zephyrhills, Dade City, Wesley Chapel, North Tampa, North Lakeland, or the general Pasco County area of Florida, do not hesitate to contact me. I can e-mail you the most recent listings directly from the MLS. Often listings from other sites are outdated, sometimes by several months. I can also set up an auto-search for you so you will be notified immediately as soon as a new listing comes on the market.

You can call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Homeowners Finally Competing Head-to-Head With Developers/Builders on Home Prices

For several months now you have heard me mention again and again how many home sellers were asking for more money per square foot than the developers were. It made little sense to me that a buyer would pay $134/sq ft when a developer would sell them a brand new home for $100/sq ft. Yet sellers would stubbornly hold on to the dream of hitting a jackpot while the developers sold off their inventories.

Now we are seeing that the light of reality has finally begun to shine on many sellers and they are giving some of the developers a run for their money. The builders are limited to the costs of constructing a home in today's economic circumstances. Resellers, however, are limited only by the price they paid for their homes. And if they purchased then several years ago, they can undercut the prices of the builders and still make a profit.

As an example, in our area we have a large subdivision called Lake Bernadette. It was started in the 1980's but construction continues to this day in various parts of it. I recently pulled up the MLS listings that were currently on the market. Of the 56 that came up as "active", half of them were at, or very close to, $100 per square foot. A few were substantially under that amount. This tells me that homeowners are not telling their agents to be more aggressive in their pricing and are offering their properties for realistic amounts that compete well with the builder/developers.

What also helps the homeowners at this time is the cut-back in new construction that is taking place. We have several subdivisions near our office that have streets, lights, stop signs, etc, and not a single home under construction. They have sat this way for many months. This lack of of additional inventory each month can only help those sellers who want to move their homes.

So if you home has been languishing on the market for months, or in some cases years, take a lesson from your neighbors who are going after those buyers who will pass you by on the way to the homes that are reasonably priced.

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

My March 2008 Florida Real Estate Newsletter Is Now Available for Download

My March 2008 real estate newsletter is now available for download as a PDF (Adobe Acrobat) file. Just click on the following link: Download March2008newsletter.PDF

If you would like to receive these newsletters automatically in the future each month, just send me an e-mail and let me know. I would be glad to add you to my e-mailing list. You can e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com