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Signs That it’s Time to Sell Your Home

by Craig & Linda Nowicke

Selling your home is a huge decision and one that should not be made impulsively. If you are thinking about selling, but you’re not sure if you should, here are some signs to look for that will indicate that now is a good time to sell:
1. Space is an issue. Has your family grown since you bought your current home? Do you have multiple people sharing bedrooms and bathrooms? If your house is bursting at the seams, it might be time to let it go and find something a little bigger. Alternatively, perhaps you have too much space. If you bought the home when your family was large and now you are an empty nester, you may be ready to downsize.
2. Neighbors are selling homes successfully. If houses are selling like hotcakes in your neighborhood and your neighbors are making tidy profits on their sales, then that’s a cue that you should contact a realtor to find out what your home is worth on the current market.
3. Interest rates are increasing—perhaps up to 4 times in 2018. Current inventory of homes for sale is low, and you have a seller’s market that will make your home even more desirable to prospective buyers.
4. Remodeling won’t be worth it. Maybe you want to stay in your current home and you think that remodeling is the answer. But will the expense of remodeling to fulfill your wants and needs be worth it in the long run? Will it add value to your home? While you might have to do some updates to prepare your home for sale, if the market favors sellers, you might be better off selling and finding a new home to suit your needs.
5. You’re confident the market is strong. It’s important to educate yourself about what’s going on in the real estate market before you decide to put your house on the market.
An experienced Realtor can help you understand the market and determine if now is the
time to sell your house.
All signs are currently pointing at this being a great time to sell. Contact the professionals at
Tampa Realty Now for a complimentary Fair Market Analysis, staging ideas and they can also
help you get your house on the market fast!
YOUR HOME SEARCH STARTS HERE FIND OUT WHAT YOUR HOME IS WORTH

Selling your home is a huge decision and one that should not be made impulsively. If you are thinking about selling, but you’re not sure if you should, here are some signs to look for that will indicate that now is a good time to sell:

1. Space is an issue. Has your family grown since you bought your current home? Do you have multiple people sharing bedrooms and bathrooms? If your house is bursting at the seams, it might be time to let it go and find something a little bigger. Alternatively, perhaps you have too much space. If you bought the home when your family was large and now you are an empty nester, you may be ready to downsize.

2. Neighbors are selling homes successfully. If houses are selling like hotcakes in your neighborhood and your neighbors are making tidy profits on their sales, then that’s a cue that you should contact a realtor to find out what your home is worth on the current market.

3. Interest rates are increasing—perhaps up to 4 times in 2018. Current inventory of homes for sale is low, and you have a seller’s market that will make your home even more desirable to prospective buyers.

4. Remodeling won’t be worth it. Maybe you want to stay in your current home and you think that remodeling is the answer. But will the expense of remodeling to fulfill your wants and needs be worth it in the long run? Will it add value to your home? While you might have to do some updates to prepare your home for sale, if the market favors sellers, you might be better off selling and finding a new home to suit your needs.

5. You’re confident the market is strong. It’s important to educate yourself about what’s going on in the real estate market before you decide to put your house on the market. An experienced Realtor can help you understand the market and determine if now is thetime to sell your house.

All signs are currently pointing at this being a great time to sell. Contact the professionals at Tampa Realty Now for a complimentary Fair Market Analysis, staging ideas and they can also help you get your house on the market fast!

YOUR HOME SEARCH STARTS HERE                     FIND OUT WHAT YOUR HOME IS WORTH

Tampa Luxury Home Housing Report - January 2018

by Craig & Linda Nowicke

The charts below show the 7-day and 90-day rolling averages for list pricedays on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ILHM-TAMPA VS NATIONAL

The charts below compare the ilhm-tampa luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.

The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

Statistics provided by the Institute for Luxury Home Marketing.

Courtesy of Tampa FL Realtor Linda Nowicke.

Make Your Home More Desirable to Buyers in 2018!

by Craig & Linda Nowicke

With new trends endlessly popping up, it can be challenging to decide what home design projects are worth your time and money.  It will serve you well to research what trends are timeless and what trends have gone by the wayside before investing in updating your home, especially if you are getting ready to put it on the market.  To simplify that process for you, here is a list of five of the hottest home design projects for 2018!

 - Vibrant Color Schemes: While neutral colors such as beige and gray are still trendy, bright colors are making a comeback!  Consider creating an accent wall or using colorful accessories to give your room a splash of brightness.

 - Minimalist Furniture: Keeping it simple and elegant is the way to go in 2018. Less is more and furniture with clean lines and easy to care for finishes will please the minimalist in everyone.

 - Quartz.  It looks like quartz is a trend that is here to stay, and for good reasons. Quartz stands the test of time, looks fabulous and is easy to maintain. Quartz countertops  show well and will impress potential buyers. 

 - Metallic Accents: These shiny accents are a hot décor trend that will continue in 2018. But be careful not to overdo it!  Give rooms a luxurious look by  adding a few metallic accents here and there.

These are just a few of many home design trends that can make your home more desirable to homebuyers this year!

 

http://www.tamparealtynow.com/Blog/Modern-or-Contemporary-How-to-Tell-the-Difference

http://www.tamparealtynow.com/Blog/Selling-a-Home-with-Pets

http://www.tamparealtynow.com/Blog/Deal-Breakers-for-Home-Buyers

Why are global stock markets falling?

by Craig & Linda Nowicke

Fears of interest rate rises in the US aimed at taming inflation are making markets nervous
Stock market turmoil – live coverage

The FTSE 100 has posted its worst one-day performance since last April, as the London index picked up from a Wall Street sell-off at the end of last week. Indices also fell in Europe and Asia. Here we look at some of the issues raised by the sell-off.

Why are stock markets falling?

For several weeks, economists and analysts have warned that inflation levels in major economies could increase this year beyond the 2% to 3% that central banks believe is good for developed countries. Official US figures turned those concerns into a sell-off last Friday, after they showed average wage rises in the US had reached 2.9%. The data increased fears that shop prices would soon rise further, increasing the pressure for high interest rates to calm the economy down. Investors then bolted at the prospect of an era of cheap money – which encourages consumers and companies to spend – coming to an end. Over the past month, several members of the US central bank, the Federal Reserve, have argued that three 0.25% interest rate rises scheduled for this year could become four or five.


Q&A

What is inflation and why does it matter?

Inflation is when prices rise. Deflation is the opposite – price decreases over time – but inflation is far more common.
If inflation is 10%, then a £50 pair of shoes will cost £55 in a year’s time and £60.50 a year after that.
Inflation eats away at the value of wages and savings – if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.
A relatively new phenomenon, inflation has become a real worry for governments since the1960s.
As a rule of thumb, times of high inflation are good for borrowers and bad for investors.
Mortgages are a good example of how borrowing can be advantageous – annual inflation of 10% over seven years halves the real value of a mortgage.
On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.
The government’s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the consumer price index (CPI).
The retail prices index (RPI) is often used in wage negotiations.

Is there worse to come?

There is every prospect that the US economic data will continue to strengthen, increasing the potential for higher interest rates. President Donald Trump’s tax reform bill, which gained approval in Congress before Christmas, will inject more than $1tn (£710bn) into the US economy, much of it in the form of corporation tax cuts. Many firms have pledged to give a slice of the cash to their workers. Decades of flat wages should mean that increases expected in 2018 and possibly 2019 are too small to trigger a reaction from the central bank, but investors are betting rates will rise. As a consequence, stock market jitters could continue.

Is it a threat to the global economy?

Many developing world economies have borrowed heavily in dollars and will be stung by the higher cost of servicing their debts. On the other hand, a booming US economy will suck in imports from those nations, boosting the incomes of the developing world. However, the eurozone looks unlikely to increase interest rates until its recovery is more firmly anchored. That means the euro will continue to rise in value against the dollar, making it harder for European countries to export to the US.

What does it mean for the UK economy?

A falling stock market should not affect the economy immediately. Its main effect should be to limit the availability of shareholder funds for investment, affecting the long-term health of the economy. But there is a strong feedback loop from falling wealth, such as share portfolios, into lower consumer spending. Shoppers measure their financial well-being in terms of their asset-based wealth as much as their income. As a result, a big fall in share prices could damage the economy.

By and photo credit: https://www.theguardian.com/business/2018/feb/05/why-are-global-stock-markets-falling?CMP=share_btn_link

Stand Out to Sellers with a Mortgage Loan Pre-Approval

by Craig & Linda Nowicke

Across the country right now, the number of buyers seeking homes far outnumbers the number of homes available.  Because of this, the housing market is super competitive and buyers often need to do something to stand out.  One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even in a less competitive market, knowing your budget will give you security of knowing if a home is within your reach.

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process.  Once you have chosen a lender, you will need to fill out their loan application and provide them with vital information regarding your credit, debt, work history, down payment and residential history.

There are 4 Cs that aid in determining the amount you will be qualified to borrow:

-          Capacity: Your current and future ability to make payments.

-          Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash.

-          Collateral: The home or type of home that you want to purchase.

-          Credit: Your history of paying bills and other debts on time.

 

Getting pre-approved not only shows sellers you are serious, but also speeds up the process of completing the purchase once your offer has been accepted.

Many people overestimate the down payment and credit scores needed to qualify for a mortgage.  If you are ready to buy, you may find yourself pleasantly surprised at what you can afford!

 

http://www.tamparealtynow.com/Blog/How-to-Negotiate-for-the-Best-Deal

http://www.tamparealtynow.com/Blog/The-50-20-30-Rule-Creating-a-Budget-You-Can-Live-With

http://www.tamparealtynow.com/Blog/Why-You-Should-Hire-a-Realtor

THIS HOME IS OFF THE GRID!! NO ELECTRIC BILLS THANKS TO NEW, WHOLE HOUSE VIVANT MOSAIC SOLAR SYSTEM (a $30K value)!! Charming 1-story, 3 bedroom, 2 Bath, PLUS BONUS ROOM, 2-car garage home has a completely fenced backyard! NEW EXTERIOR PAINT in 2017 offers loads of curb appeal in a cul-de-sac! The GREAT ROOM plan with built-ins, cathedral ceilings & easy-care tile blends seamlessly with the kitchen with acres of counter space, oodles of 42" cabinets, full appliance package, ISLAND & closet pantry! A separate dining space adjacent to the foyer features double FRENCH DOORS. A BONUS ROOM makes a perfect home office or playroom! The master bedroom offers wood floors, cathedral ceilings & ceiling fan. The master bath features a space-saving pocket door, new dual sinks & faucets, maple cabinets, a walk-in closet, garden tub & separate walk-in shower! Bedrooms 2 & 3 share a sparkling full bath. The extended, screened lanai overlooks the spacious backyard & is the perfect spot to Barbeque & entertain! Extras include a NEW 15.5 SEER A/C, hot water heater, garbage disposal & all sinks, fabric storm shield for all windows & doors, pull-down stairs in the garage, gutters & downspouts & a sprinkler system! Plantation Palms offers 18 HOLES OF CHAMPIONSHIP GOLF, the on-site, full-service Mulligan’s Restaurant, LIGHTED DRIVING RANGE & MINIATURE GOLF! Just minutes to the LAND O LAKES SPORTS COMPLEX with POOL, public library, PUBLIX, & Tampa Premium Outlet Mall! Easy access to the Vet's X-Way & Tampa International Airport!

For more information, please call Linda Nowicke at 813-413-4343; email info@TampaRealtyNow.com; or visit our web site at TampaRealtyNow.com

Wonder what your Tampa area home is worth? Visit TampaRealtyNow.info 

Want to search for Tampa FL Real Estate? Visit TampaRealtyNow.net

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Tax Changes for Homeowners

by Craig & Linda Nowicke

This time of year, many people start thinking about doing their taxes.  It’s a dreaded task for some, but a necessary one that we all must do.  One of the perks of being a homeowner is that it provides the benefit of some tax deductions.  All homeowners should be aware of these tax perks to take advantage of them and maximize their financial savings.  Recently, a government overhaul of U.S. tax laws included changes that affect homeowners.  While these changes will not be in place for the 2017 tax year, it is wise to be prepared for how they will affect your 2018 taxes.

 - Mortgage Interest Deductions

The mortgage interest tax deduction is considered a way to make homeownership more affordable.  Qualifying homeowners can reduce their taxable income by the amount of mortgage interest they pay.  Currently, you may deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married and filing separately) on your primary home and a second home.  Beginning in 2018, for homes purchased December 15, 2017 and after, the numbers change to $750,000 ($375,000 if married and filing separately).  There is an exception in the new tax law that allows for a refinanced mortgage loan to be given the old loan’s origination date. This means if the old loan originated prior to December 15, 2017, the old limit of $1 million would apply.

 - Property Tax Deduction

The tax law through 2017 allowed homeowners to reduce their taxable income by the total amount of property taxes they paid.  Starting next year, the deduction will be limited to a total of $10,000 for the combination of the cost of property taxes, state and local income taxes or sales taxes.

 - Home Equity Deduction

Up through your 2017 tax return, the tax law allowed for an added deduction for interest paid on home equity debt “for reasons other than to buy, build, or substantially improve your home.”  In other words, if you took out a home equity line of credit to do something like pay tuition, the interest you paid on that line of credit was tax-deductible.  Starting next year, this deduction will be eliminated.

 - Mortgage Interest Deduction for Second Homes

As stated above, you may deduct interest on mortgage debt on both your primary home and a second home.  The new law changes this a bit for 2018.  It reduces the amount of eligible mortgage debt from $1 million to $750,000.

 - Moving Expenses

While it was a complicated process that involved criteria such as distance and timing of a move, up through this year the tax law allowed you to deduct some moving expenses if you moved for a new job.  Starting in 2018, only active-duty members of the armed forces will be allowed to deduct moving expenses.

If you find the tax laws confusing, you are not alone. It is smart to ask a reputable accountant any questions you may have so that you can maximize the tax perks of being a homeowner!

http://www.tamparealtynow.com/Blog/The-50-20-30-Rule-Creating-a-Budget-You-Can-Live-With

http://www.tamparealtynow.com/Blog/Steps-to-Take-Before-Selling-Your-House

http://www.tamparealtynow.com/Blog/Resale-Value-What-is-Important

Truth or Fiction? Real Estate Myths

by Craig & Linda Nowicke

Whether you are buying or selling a home for the first time or you are a seasoned veteran of buying/selling real estate, chances are you think you have the knowledge needed to navigate the process based on what you have read or heard from friends and family. Unfortunately there are a plethora of myths circulating about buying and selling a home that have become prevalent, but just aren’t true.  The pitfall of believing everything you hear or read is that real estate myths can hurt you where it counts…in the wallet.  Here are eight common ones that can cause home buyers/sellers to make unnecessary mistakes:

 

  • Set your home price higher than what you expect to get. Setting your asking price too high, may actually net you a lower price. That’s because many shoppers and their real estate agents will not look at houses that are priced above market value. While it’s true that you can lower your price if you have not gotten offers in the first few weeks, “Buyers are highly suspicious of houses that have sat on the market for more than three weeks,” says Nela Richardson, chief economist for the brokerage Redfin.

 

  • You can get a better deal as a buyer if you don’t use a real estate agent.

This is a false assumption. When a house is listed with an agent, the total sales commission is already built into the price.  If the buyer doesn’t use and agent, that just means the selling agent will get the entire commission.

 

  • You can save money selling your home yourself.

While it is possible to successfully sell your home on your own, there is a great deal of work that goes into it. You must know how to get the home listed online, market it to prospective buyers, negotiate the contract and deal with any issues that arise during the inspection or loan application phases.  In addition, buyers will expect a significant discount, so what you might save on real estate commission may not be as much as you thought it would be.

 

  • The market will only go up.

Over the years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline due to the economy and then an upturn where values increase again.  But many people believe the market only goes up.  You need to be aware that prices can fall dramatically.

 

  • You should renovate your kitchen and bathroom before you sell.

If your kitchen and bathroom are in working order, an extensive remodel could be a mistake. Potential buyers might not like what you’ve done with the place, but they don’t want to change something that has just been renovated.  Ask your Realtor what updates they recommend to ensure that you do not over improve.

 

  • You’ll earn back what you spend on renovations.

Repairing things like your heating system, air conditioner or roof may help your home to sell faster, but you probably will not recoup dollar for dollar what you spend. Check out Remodeling Magazine’s 2017 cost-vs-value report.

 

  • All the properties listed in the multiple listing service show up online.

Your agent must choose to let the listings show up online. Most do, but it’s a good idea to verify that yours will.

 

  • Open houses sell properties.

Homes rarely sell to buyers who have visited them during open houses.  Agents like to have open houses because it helps them to find additional potential customers.  If you and your agent opt not to have an open house, it probably won’t hurt your chances of selling.  On the other hand, having a broker’s open house for other agents might be worthwhile.

 

If you are thinking about buying or selling a house, the professionals at Tampa Realty Now can assist you in the process and keep you avoid the pitfalls of real estate myths.  Give them a call today at 813-728-3880!

http://www.tamparealtynow.com/Blog/Heres-How-to-TellThat-Youre-Ready-to-Sell

http://www.tamparealtynow.com/Blog/How-to-Negotiate-for-the-Best-Deal

http://www.tamparealtynow.com/Blog/Deal-Breakers-for-Home-Buyers

The Perks of Downsizing

by Craig & Linda Nowicke

Have you recently become an empty nester with a home spacious enough for a large family?  Maybe it’s time to consider downsizing.  There are numerous perks to downsizing to a smaller home:

  • Saving Money. You will not only save on your monthly mortgage payment in a smaller home, you will also save money on frivolous living.  One of the advantages of downsizing your home is that you can stop wasting money on furniture, and home décor that are used to fill space rather than to fulfill a function.  Filling a smaller space will allow you to prioritize what items are important and necessary for you.
  • Less Stress.  After working hard all week to pay the bills, it’s no fun to have to spend your weekend doing chores.  A smaller home equals fewer chores and less upkeep. This will free up time for leisure activities for enjoyment and relaxation.
  • Save energy. If you live in a large home, you know that energy costs can be expensive.  Smaller homes will not only save you money on heating, cooling and water costs, it will also allow you to reduce your carbon footprint.
  • Free time for travel.  With additional disposable income and less upkeep needed, a smaller home will afford you the time and cash for travel and adventure.  Weekend getaways or even long trips are less of a hassle now that you don’t have to worry about being house-poor.
  • A new beginning. Downsizing can be the beginning of a new chapter in your life.  If being an empty nester has you feeling down, a lifestyle change might be just what you need to start focusing on how you want to spend your time, money and energy. 

If you are thinking about downsizing, the professionals at Tampa Realty Now can help you get your current home on the market and sold.  We can also help you find your new home.  Now is a great time for new beginnings, so call today! (813) 413-4343

http://www.tamparealtynow.com/Blog/Heres-How-to-TellThat-Youre-Ready-to-Sell 

http://www.tamparealtynow.com/Blog/Why-You-Should-Hire-a-Realtor

http://www.tamparealtynow.com/Blog/Deal-Breakers-for-Home-Buyers

Tampa Luxury Home Housing Report - December 2017

by Craig & Linda Nowicke

 

The charts below show the 7-day and 90-day rolling averages for list pricedays on market, and inventory for the metro area's luxury market (e.g. top 10 zips with median prices above $500k)

ILHM-TAMPA VS NATIONAL

The charts below compare the ilhm-tampa luxury market with the ILHM National Luxury Market Index and show 90-day rolling averages for Median List Price and Days on Market.

The chart below shows the Altos Market Action Index for the metro area's luxury market and the National Index.

Statistics provided by the Institute for Luxury Home Marketing.

Courtesy of Tampa FL Realtor Linda Nowicke.

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Photo of Linda and Craig Nowicke Real Estate
Linda and Craig Nowicke
RE/MAX ACR Elite Group
14823 N. Dale Mabry
Tampa FL 33618
Linda: 813-728-3880
Craig: 813-675-5030
Fax: 813-961-6016

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