July 31, 2020

Where's the Housing Market Headed for the Rest of 2020?

Where Is the Housing Market Headed for the Rest of 2020? 

Where Is the Housing Market Headed in 2020? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The housing market is forecasted to finish the year with growing strength.
  • Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.
  • If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today.
Posted in Blog
July 10, 2020

Best Time to Sell? When Competition is at an ALL-TIME Low

Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Posted in Blog
June 25, 2020

New Index Reveals Impact of Covid-19

New Index Reveals Impact of COVID-19 on Real Estate

New Index Reveals Impact of COVID-19 on Real Estate | MyKCM

Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry, tracking each of the following:

  1. Housing Demand – Growth in online search activity
  2. Home Price – Growth in asking prices
  3. Housing Supply – Growth of new listings
  4. Pace of Sales – Difference in time-on-market

The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa.”

The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.New Index Reveals Impact of COVID-19 on Real Estate | MyKCMIt’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):

“As the nation reopens, housing is well-positioned to lead the economy forward.”

The data today indicates the housing market is already on the way up.

Bottom Line

Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.

Posted in Blog
April 18, 2020

The Real Estate Adaptation - Episode 3

Check Out Episode 3 of The Real Estate Industry Adaptation!

This we he had a great call with another local lender in the Tampa Bay area. His bank is still lending and they haven't seen too much of a slow down in loans. Although Chase is now requiring a 700 credit score and 20%, his bank is still closing loans down to a 640 credit score. He's also still working with buyers that qualify for downpayment assistance. One thing that I think makes Denny stand out is his willingness to help give advice buyers who aren't quite ready to buy. This is sometimes overlooked by busy lenders but I think it's so important to help people right now, especially during this tough time in the world.

 

If you have any questions for Denny, here's his contact info:

Denny Umphreys II, Vandyk Mortgage

Loan Originator NMLS # 1319463

3801 W. Bay to Bay Blvd.

Tampa, FL 33629

O: | C: (813) 810-9108 | F: (727) 214-6337

dumphreys@vandykmortgage.com

 

If you have any real estate questions, feel free to contact us anytime.

Jason Canaan 813-802-7646 

Amanda Canaan 813-446-1571

Canaan@TampasBestRealty.com

25344 Wesley Chapel Blvd, Ste 104

Lutz, FL 33559

www.TampasBestRealty.com

 

Posted in
April 16, 2020

DOWNLOAD a FREE Home Selling Guide

DOWNLOAD a FREE Home Selling Guide

 

WHAT’S HAPPENING IN THE HOUSING MARKET?

Why This Spring Is a Great Time to Sell Expert

Insights on the Housing Market

Equity Gain Growing in Nearly Every State

Moving? Equity and Low Mortgage Rates Are on Your Side

This Year Have You Outgrown Your Starter Home?

Thinking of Selling?

Now May Be the Time

WHAT YOU NEED TO KNOW BEFORE SELLING YOUR HOME

Having a Professional on Your Side Makes All the Difference

Why You Shouldn’t “For Sale By Owner”

Tips to Sell Your House Faster

How to Prepare Your House for a Winning Sale

WHAT TO EXPECT WHEN SELLING YOUR HOUSE

Is Your House Priced to Sell Immediately?

The Role Access Plays in Selling Your House

5 Reasons to Hire a Real Estate Professional

 

Posted in Blog
April 8, 2020

The Real Estate Adaptation - Episode 2

Check Out Episode 2 of The Real Estate Adaptation! We'll go over the March Data for the Tampa Bay area!

Posted in
March 31, 2020

The Real Estate Adaptation - Episode 1

Hey Everyone it’s Amanda Canaan, I’m a real estate Broker at Tampa’s Best Realty located in the Tampa Bay and Jacksonville Markets.  I created a new real estate show called 

The Real Estate Industry Adaptation to give people reliable updates on the Real Estate Industry Post Coronavirus. 

 

I’ll be interviewing professionals from multiple industries to find out the inside scoop of what’s Actually going on in their day to day business. 

 

I’m hoping that by providing the facts, I can help eliminate the fear, and show how it’s important that all businesses adapt, innovate, and meet the needs of their clients even when faced with difficulties. 

 

In our first interview, I talked to Ken Ynes. He is a successful local lender in the Tampa Bay Area. He offers some great insight into the mortgage industry and how his business has adapted to serve his clients.

 

Let me know what Real Estate Questions You have or Who you would like me to interview next? Text Me at 813-446-1571. I’d be happy to get you answers! 

 

Check Out the Interview now. Please Subscribe to our Page!

 

 

Posted in
March 17, 2020

Find Out Where to find FREE LUNCH for Kids Under 18 in FLORIDA

Click the Link Below to find a location near you!

https://summerbreakspot.freshfromflorida.com/

 

Help us Spread the Word! If we each do our part to be our best, we can change the world!

 

Posted in Blog
March 1, 2020

13203 Sanctuary Cove Dr #301

Check our New Listing!

2/2 CONDO NEAR USF ONLY $99,995!

 

13203 Sanctuary Cove, Unit 301

Temple Terrace, FL 33637

 

http://Tours.febreframeworks.com/13203sanctuarycovedr301

 

Call Jason Canaan at 813-802-7646 to schedule a showing!

Tampa's Best Realty, LLC

Posted in Blog
Feb. 18, 2020

Financial Advantages of Homeownership

 

The Overlooked Financial Advantages of Homeownership

The Overlooked Financial Advantages of Homeownership | MyKCM

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability.

1. You Won’t Always Have a Monthly Housing Payment

According to a recent article by the National Association of Realtors (NAR):

“If you’ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you won’t have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.”

As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity. As you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. The same piece states:

“Both the interest and property tax portion of your mortgage is a tax deduction. As long as the balance of your mortgage is less than the total price of your home, the interest is 100% deductible on your tax return.”

Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.

3. Monthly Housing Costs Are Predictable

A third item noted in the article is how monthly costs become more predictable with homeownership:

As a homeowner, your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a long period of time, unlike the unpredictability of renting.”

With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

Bottom Line

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, let’s get together to determine if buying a home sooner rather than later is right for you.

Posted in Blog