Tampa Real Estate Blog

A Complete Guide to Buying Luxury Homes in Tampa

Luxury Homes in Tampa

Buying a luxury home may be the biggest investment you make in your lifetime. Making sure you make a purchase that is smart and financially responsible will give you peace of mind as you move into your new home.

From penthouses to homes with sweeping views of the water, options for luxury homes in Tampa vary widely. Not all luxury homes are priced over a million, you can purchase an incredibly luxury home for anywhere from 200k to 800k in Tampa.

There are many things to consider when choosing your luxury property. What are the amenities for your specific property? Does it have direct water access? Would you prefer a Tampa country home in a more secluded area?

We've done the high-end home research for you and have created the ultimate guide to buying the perfect home in Tampa:

1. Get Familiar With the Process

It is important to become search-savvy in your quest for a new home. The more the home costs, the more specifics a buyer probably wants. Being able to sift through hundreds of homes in a timely manner will save you both time and money. 

Eliminate the homes with the things you know you don't want or need by making your search specific. Not all luxury homes will be listed on your everyday home buyer sites or MLS. Be prepared to expand your search.

Consider a fantastic realtor or broker who specializes in your area and in...

7 Tips For Buying Real Estate in Pinellas County

Real Estate In Pinellas County

If you like it when math doesn't add up, try this: the County of Pinellas in Florida is only 38 miles long and considered the state's second smallest country, yet it has 4,242 acres of landscape, 4,521 miles of roads, 35 miles of beaches, 588 miles of coast, 43 golf courses, 2,865 shuffleboard courts, and over 40,000 businesses.

With all that space, there is plenty of real estate in Pinellas County to be had.

Whether you want to buy near a beach, forest, or something in between, read these tips before you pack your bags.

1. Rising Tides

No, we're not talking about the cost of real estate in Pinellas County, but actual water.

Long-time Florida residents will have a wealth of knowledge for newcomers about flood insurance but there's one thing to know: you need it.

No, it's not necessarily required, and in many cases, homeowners can be surprised that they don't automatically have it in place, especially after a storm.

Don't be that person.

Instead, be like the Boy Scouts, and be prepared. Find out if your home is in a high-risk area, which could qualify you for National Flood Insurance. (The good news is, if you're not high risk, you may actually qualify for a lower-cost flood insurance policy offered by the federal government.) 

The idea is, get a policy to protect the real estate in Pinellas...

Is Getting a Home Mortgage Still Too Difficult?

Is Getting a Home Mortgage Still Too Difficult?

Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.

Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.

What Has Happened to the Number of Mortgages?

Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.

Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.

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Common Things to Look Out for Before Buying Your Dream Home

Common Things to Look Out for Before Buying Your Dream Home

It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.

It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.

1. Why am I Buying a Home?

Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.

These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.

2. What is the Trend with Home Values?

Our current economy and housing market is strong. That means home values and mortgage...

Will Increasing Mortgage Rates Impact Home Prices?

Will Increasing Mortgage Rates Impact Home Prices?

There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.

This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.

A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.

Bottom Line

As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.

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