Liz Deambrose’s Blog

Can you get a mortgage? Yes you can and it’s not as hard as you would be lead to believe.  Mortgage underwriting guidelines have been returned to the where they where about five years ago.  You have to have a down payment of at least three percent Three percent of sales price is allowed with FHA loans. This is the program President Bush is expanding to help out individuals with loans that are now adjusting to a higher interest rate. You must have good credit and have paid your current mortgage for at least the last ten months. Your current lender can help you make the change or call me for the name of a lender who will.

It’s no surprise foreclosures are up.  But do they make a good buy? In this market the answer many times in no.  RealtyTrac  a service that tracks foreclosures publishes the address, market value and loan amounts due.  Review of these gives you a snap shot of American debt. Many of these homes have two mortgages, primary and a home equity loan. Lenders have given home equity loans on very high appraisal figures and are still doing it even as home prices decline. Home owners don’t realize to what extent their property has declined and accept the higher appraisal numbers because they want the cash from the house. If they need to sell because they have lost their job, divorce, etc. they can’t because they now owe more than the house is worth. They are upside down.

Meadow Pointe, Wesley Chapel Foreclosures:  Firewheel Drive, Morwen Place, Emmetts Ct., Helmsdale Drive, Timber Trace and many more.

For more information please call Liz DeAmbrose at  813-956-6487

The year 2007 has been a year of steady monthly declines in homes values. Re-pricing across asset classes and risk tolerance adjustments have led to the decline. Cheap money and variety of mortgages led to a shift from traditional investments such as stocks and bonds in to the housing market. This is turn pushed the price of new and existing homes through the roof. The lower the interest rates the higher home prices rise. Now we are paying the price.

Tampa is nearing the bottom of it’s market. Builders are working through existing inventory, laying off workers and lowering building permits. The resale market is always the last to respond.  Home owners have a hard time accepting the fact that home price can fall. Many have never experienced a down market and still don’t believe that double digit appreciation is not the norm.  Four to five percent appreciation is normal, but you can go for several years with no appreciation.  When Tampa’s market finally hits bottom it will most likely stay flat meaning no appreciation for a year or two.

1.  Clean the house. For buyers, dirt is the biggest turnoff. To buyers a dirty house signals no maintenance is being done.

2.  Remove the clutter to open up the rooms.

3. Use paint to transform the walls; neutral shades are better than bright colors.

4.  Depersonalize the home by removing family pictures, children’s drawings and owners collections.

5.  Use the garage or carport for storing boxes, or rent a storage locker on a short-term basis.

Exterior

1.  Tidy the landscaping, removing dead leaves, branches and plants and pruning back over grown shrubbery.

2.  Plant colorful annuals in containers near the front entrance. Add a new door mat.

3.  Update the front yard and garage coach lights.

Living areas

1.  Entryways should be as open and inviting as possible. Remove extra rugs and extra items from an entry table if there is one. Move personal effects to an inconspicuous location.

2.  Remove heavy window treatments, making the room look for airy, light and brighter.

3.  Take extra leaves out of your dining room table to make the room seem larger. Remove table-clothes and set the table for two with you best china.

4.  Leave a few pieces of art on the walls at eye level.

Kitchen and pantry

1.  Put the toaster oven, coffeemaker and other small appliances away. Clear the counters tops of clutter. Buyers are looking for good prep space.

2.  Clear the clutter from the pantry. Make it look as large and clean as possible. Clear out nonfood items and group similar items together. Use decorative containers and wicker to customize the look of your pantry.  Think Martha Stewart.

3.  Clean the front of all cabinets with a damp cloth removing any spills or finger prints.

4.  Polish the cabinets, counter tops and appliances.  Scrub the floor. The kitchen is the number one selling feature in a home and can make or break a sale.

Bedrooms

1.  Remove excess furniture to add space to the room.

2.  Put a new comforter or spread on the bed.

3.  Display pillows on the bed in soothing colors.

4.  Remove old clothing and shoes from closets. Organize shelving and add extra shelving if needed. It will pay for itself.

Bathrooms

1.  Cleanliness is crucial, shower doors, faucets and knobs should shine.

2.  Remove as many personal items from view as possible.

3.  If necessary, buy a set of coordinating towels for display. If your bathroom colors are bright, use neutral towels to tone it down.

4. Remove rugs to make the space appear larger and cleaner.

Patios and Pools

1. Pressure wash screens and decks.

2. Repair any broken equipment, tiles, or torn screens.

3.  If the view is less than desirable, add potted palms and hanging baskets providing a natural screen.

Few homeowners ever experience a prolonged and sustained period of peace when there is nothing that needs fixing or there is nothing that cries out for imporvement. Many people enjoy doing home improvement jobs themselves because there is a sense of accomplishment and pride in beholding the result of one’s hard labor, while others are driven by the necessity to save money. Either way, people want everything in their homes to work properly without increasing the level of stress in their lives.

If you have the expertise to perform a particular job and you want to save money, doing it yourself can be a good idea. However, if you do not have the expertise to perform a particular job and you make a mistake, you may end up calling a contractor to do the original job plus fix any additional problems that you have created. The entire issue here is a matter of expertise, time, and money. Contractors are presumed to have the expertise and homeowners are presumed to have time and money, but experience with trials and tribulations of life demonstrates that neither premise is necessarily true.

In all facets of life, a true understanding of one’s own capabilities and limitations is an important key to success. You are blessed if you have the ability to discern the difference, and you are even more blessed if you own a home that requires no additional maintenance or improvement.

Welcome to Liz Deambrose’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Tampa.