Katy Shultman

Attention all law enforcement officers, firefighters, emergency medical technicians and teachers!!!! You now have the opportunity to purchase a HUD owned home with a 50% discount off the purchase price, through HUD's Good Neighbor Next Store Program. You do not have to be a first time home buyer; however you do have to live in the home as your primary residence for 3 years. If you are a first time home buyer that's even better because you can take advantage of this opportunity and still be eligible for the $8000 tax credit.

For more information visit the HUD website and contact me with any questions you have or homes you would like to see. This program is Nationwide so if you need a Realtor in another area I'd be happy to help.

Everyone is talking about it being a great time to buy real estate, but it's also a great time to sell real estate!

Now you may be thinking how could this be possible???

One reason is Mortgage rates are shy of record lows. 30 year fixed rate mortgage rate was 4.83% on 5/7/09 (Source Freedie Mac, MSNBC) this is important because interest rates effect a buyers mortgage payments, and if interest rates go up a buyer's mortgage will go up. Therefore as interest rates rise the demand for a particular home will go down because it will be less affordable to buyers.

Example:Say you want to list your home for $100,000

30 yr fixed rate at 5%

3.5% down (FHA loan requirement)

= $518.03 mortgage

If rates go up just 1% to 6% with the same 3.5% down, the sales price would have to be $90,000 to equal a mortgage of $520.71

In this example just a 1% increase in rates makes a home worth 10% less in price.

A $250,000 property is worth $25,000 less with a 1% increase in rates

And $50,000 less with a 2% increase in rates.

Now the million dollar question is when will interest rates start going back up?? And how fast will it take for them to go back up??

The one thing we do know is they are at all time lows right now!

Well what about home prices???

Well today's homes prices also make it a great time to sell because according to Pinellas Realtor Organization Single Family Median Sales Price's are back at 2001 Prices. If we look back to see how long it took from 2001 to get to the peak of the market's median sale price it took 4 years and that was in a strong economy. Therefore it could be at least 4 years, 2014 till we so those prices again. So if you are considering selling do you want to wait 4 years?

What if we aren't at the bottom yet, it will take longer than 4 years to go back up.

We also have to realize that the 4 year increase from 2001-2005 was during a strong economy. Since we are in a week economy now that too could make it take longer.

Another question you might want to ask is what will interest rates be in +4 years?

When in comes to Real Estate buyers and sellers should consider all possibilities and the more information you have the better decision you can make. If you have any questions feel free to contact me, I'd be happy to help!

I also want to thank my colleague Gene Senger taking the time time to explain these two very important factor's right now in the Real Estate market.

"It could be a year from now we look back and say, I sure wish I'd know the 1st quarter in 2009 was signaling a change for the better in the housing market"- Ann Guiberson President/CEO of the Pinellas County Realtor Organization

That comment was made after recent statistics came out about the Real Estate Market in the Tampa Bay Area.

The increase in single family home sales from the start of 2009 have continued through April 2009 in Pinellas, Pasco and Hillsborough counties!

Home Sales have increased from last March/April 2008 to this March/ April 2009 for Single Family Homes

Pinellas Single Family homes sold have gone up 12.6% from March/April 08 to March/April 09

Pasoco Single Family homes sold have gone up 9.2% from March/April 08 to March/April 09

Hillsborough Single Family homes sold have gone up 12.3% from March/April 08 to March/April 09

The Median Sales Prices have come down from April 2008 to April 2009 for Single Family Homes, However they have continued to go up from Jan 2009.

Pinellas the Median Single Family Sales price for April 2009 was $144,000 down 19.2% from April 2008 ( Jan Median Sales price $125,000)

Pasco the Median Single Family Sales price for April 2009 was $130,000 down 16.2% from April 2008 ( Jan. Median Sales price $110,000)

Hillsborough the Median Single Family Sales price for April 2009 was $145,000 down 29.3% from April 2008 ( Jan. Median Sales price $136,000)

The number of homes sold have definitely continued to increase from 2008 to 2009 which is a positive sign. Home prices are however still much more affordable from 2008 to 2009 however we are seeing the median sales price continue to rise in 2009. Keep in mind that every neighborhood is different so if you have a specific question on a neighborhood that is in the Tampa Bay Area I would be happy to research that for you.

feel free to visit my website for more information about the first time home buyer tax credit.


*All figures are calculated using the Suncoast MLS Real Estate Statistics with information compiled on the 5th of the month or the next business day if the 5th falls on a weekend

Oldsmar?? That's a strange name for a city! Well many Floridians may not know this but in 1913 Oldsmar was originally named R.E. Olds on the Bay after R.E. Olds "the automobile maker" It switched names once to Tampa Shores in 1927 then back to Oldsmar 1937. Oldsmar went through many ups and downs through the years it used to have traffic from people driving from St.Pete on their way to Tampa however once the Gandy and Courtney Campbell bridges where built traffic died down. Then the city's main source of Traffic came from the Horse track, Tampa Bay Downs. Throughout the 1980's Oldsmar was known for the racetrack and the flea market. Today both are still up and running but Oldsmar reputation has changed to a trendy up in coming city. It's location is convenient to Tampa and the Beaches, it has great city parks on the bay and it looks like every other day a new restaurant or speciality store is opening! Not to mention it still has a close community neighborhood feel to it. So whether you are visiting, moving or just driving through Oldsmar take a moment to have some fun!