Think You Need 20% Down to Purchase a New Home? Maybe Not!

According to a recent Zillow survey, 2 out of 3 renters consider the task of coming up with money for a down-payment the number one hurdle in buying a home. If you are currently in this boat, you are not alone… and just for your information, there are many resources out there designed to help you overcome this challenge!

Our team here at NextHome Discovery wants to help you discover them and get you into your dream home quickly!

Happy couple in front of sold sign

Take it from current home owners who took advantage of the programs and resources available to them to get them in their new homes. There are more ways than you think and your Realtor will gladly keep you informed.

Home-buyers are getting more and more creative these days, because quite frankly, times are changing. With average home prices higher now than they were in the past, 20% down just isn’t feasible to most, while it used to be what most home-buyers aimed to accomplish. In fact, the median down payment is now closer to 10% and has been since 2013 according to the NAR. It doesn’t change the fact that a 20% down payment helps to save money on the monthly mortgage payment and PMI (private mortgage insurance) costs.

Still, there are several loan options available to most future home-seekers. Down payments as low as 3.5% (with clauses to eventually remove PMI costs) can and will get people into their dream home these days. Also, little to zero down payment may be needed for U.S. military veterans, service members or residents of certain rural areas. Teachers, fire fighters, and other service job holders may qualify to receive additional down-payment assistance and there are over 2,100 funding programs available according to Downpayment Resource, who tracks home buyer down payment assistance programs.

Where there’s a will there’s always a way.

If saving up or tapping into retirement plans aren’t cutting it and you’re willing to look into other, less traditional methods of coming up with a down payment for your future home, you will likely stumble across many options! One company for example, although not yet in Florida, allows you to tap into your home’s future equity to double your down payment today.

The possibilities of home-ownership seem endless and promising. If you’re ready to start looking at your options today, don’t hesitate to reach out to one of our knowledgeable and professional Realtors!

Check out this recent article for more tips on overcoming the down payment obstacle.

Hillsborough County Remains a Seller’s Market with Low Monthly Supply of Inventory in April

A key metric we like to monitor when looking at the health of the Tampa Bay real estate market is the Month’s Supply of Inventory (MSI). The generally accepted benchmark for a healthy market, one that favors neither the seller or the buyer, is 5.5 months supply of inventory. Anything higher than that would be considered a buyer’s market, anything lower – a seller’s market.

So how is MSI calculated?

You divide the current inventory in the market by the 12-month average of monthly closed sales. By dividing by the average of monthly closed sales, we eliminate seasonal effects such as the busy spring selling season or the slow winter season.

Looking at single family homes in Hillsborough County for the month of April 2017, we are currently at a 2.7 months supply of inventory. What this means is if no new single family homes were listed for sale in Hillsborough County, the current supply would be depleted in only 2.7 months!

 

Last 12 months monthly supply of inventory in Hillsborough County.
Last 12 months monthly supply of inventory in Hillsborough County.

Looking at the chart above you’ll notice that we have been at  or below 3 months supply of inventory for the past 12 months. In fact, check out the chart below and you’ll see we’ve been at or below 3 months supply since around September 2015!

 

MONTHLY SUPPLY OF INVENTORY SINCE 2013

So what does this mean for you if you are looking to buy or sell real estate anywhere in Hillsborough County?

With the steady low inventory over the past few years, seller’s are still in the driver’s seat. This means there are more buyers in the market bidding on the same limited supply of housing available. Simply put, this is still a great time to sell! We are seeing multiple offers on a daily basis on listings, especially those in highly desirable parts of Hillsborough County.

Now this isn’t all bad news for buyers. What it means is you need to be sure to align yourself with an experienced real estate professional skilled in negotiation, listening to your needs, identifying the right property for you, and moving quickly on it. It is also another reason why it is vital that buyers get pre-approved by a reputable lender so the pre-approval letter can be submitted with your offer. When it comes to multiple-offer situations, showing the seller you have the financial ability to close on their home goes a long way!

Have more questions about the market or looking to sell or buy in Tampa Bay? Reach out to one of our associates or email our office at connect@DiscoverYourPlace.com.

 

 

 

 

 

 

Tampa #1 Moving Destination and #3 for Millennials this Summer

Tampa, Fla tops the list for where people are migrating this summer.

Migration patterns for those moving this year.


We aren’t surprised but love seeing the data proving why Tampa, Florida is the place to be! A strong job market and affordable housing are key factors in Tampa topping the list.

Tampa, FL tops the list as the #1 destination for those on the move.
Tampa, FL tops the list as the #1 destination for those on the move.

 

With great neighborhoods like Seminole Heights, Tampa Heights, Hyde Park, NoHo district, Channel District and a revitalized downtown Tampa, it’s no wonder Tampa, Fla has worked its way up to #3 as a destination for millennials. That coupled with strong job growth and affordable housing, what’s not to love about moving to Tampa Bay! Oh, and let’s not forget about our top rated beaches and our great sports teams (Go Lightning!).

With strong job growth and affordable housing, millennials are flocking to Tampa Bay.
With strong job growth and affordable housing, millennials are flocking to Tampa Bay.

 

If you are looking to relocate to Tampa Bay, NextHome Discovery neighborhood experts are here to help! Feel free to reach out to us today to begin your home search. We’d love to help you #DiscoverYourPlace in Tampa Bay!

 

Source: “The New Hot Spots Where Americans Are Moving Right Now,” realtor.com® (May 23, 2016)

NextHome Discovery “Housewarming” Party Event was a Great Success!

We want to personally thank all those that attended our Housewarming Party on Oct 28th at our beautiful new offices in historic Ybor City! It meant alot to us having you all there and sharing in the celebration with our team. We look forward to growing our company from within these walls providing our team of agents a collaborative environment they are proud to call “home”!

Here are some pictures from the event. Click on any of the images to open the gallery:

 

 

 

 

 

 

We’re Looking for Ambitious Realtors® to Join the NextHome Discovery Family!

ATTENTION: Tampa Bay Realtors® and those newly licensed agents looking for a company to call home!

We are looking to grow our team of skilled, ambitious professionals throughout Tampa Bay! We invite you to learn more about what we offer, our company culture, and our vision for how real estate sales should be done.

 

  • Full time broker support
  • Deeply integrated technology package
  • Premium placement on sites such as Zillow, Trulia and Homes.com
  • Clean, consumer-centric branding
  • Listing tools to help you secure more business
  • Collaborative, open environment
  • Competitive Compensation Package
  • Much more….

We truly believe if you have the right motivation and ambition, we can help you grow a successful and rewarding career as a NextHome Discovery Realtor®. We’d love to chat with you to see if we are a great fit for each other.

Email or call us and we can set up a time for you to grab coffee / lunch with our broker or just a confidential conversation over the phone.

Email: Connect@DiscoverYourPlace.com

Call: 813-867-4417

 

All you need, at your finger tips!
All you need, at your finger tips!

 

Come Discover Your Place with the

NextHome Discovery family!