I don’t know if you have noticed but the prices  for homes are changing in Hernando County. Real Estate in Spring Hill, Weeki Wachee, and Brooksville is selling!  What you could buy last year is not the same as this year.  You could buy a small but nice 2/2/1 for under $35,000 about a year ago.  I recently took a couple out and the properties that were currently on the market in Spring Hill needed considerable work.  I also took a couple out that were looking for a property 3/2/2 below $75,000.  Here again we were running into problems with the homes.  Most needed considerable work in the interior and/or a new roof.  When we did find some properties we were finding that multiple offers were being placed on the property.  It is very apparent that the  Real Estate market  in the Spring Hill, Weeki Wachee, Brooksville area is changing.  Whether it is the lower end of the spectrum to the higher end homes; Our housing inventory is the lowest it has been in several years.  As of today the active inventory is 1838. 

Here are some breakdowns of inventory in our local MLS over the years for comparison. 

February 2009 Active Sales Volume of 3119

February 2010 Active Sales Volume of 2431

February  2011 Active Sales Volume of  2392

February 2012 Active Sales Volume of 1838

With the homes prices being more affordable than ever and interest rates at an all time low,   We are starting to see the pendulum swing.  

If you are interested in Buying or Selling your home in the Hernando County area.  Please don’t hesitate to call or email me!  I am dedicated to building relationships with one customer at a time. 

Tabetha Sibley

Realtor-Associate

Tropic Shores Realty

(352)428-2371

TabSells@yahoo.com

www.TabSells.Net

Information obtained from the Hernando County MLS

Information deemed Reliable but not guaranteed

As I sit here and write this a couple of months have passed from New Years Eve.I moved to the Royal Highlands area approximately 2 years ago. For all who don't know where the Royal Highlands is, it is located on the West Coast of Florida just north of Spring Hill. I have been living in the Hernando County area for well over 8 years and working as a Realtor-Associate for Tropic Shores Realty over 3 years.On New Years Eve kicked off our first annual New Year's Eve block party. A few of us neighbors got together to coordinate the gathering and then spread the word. I met several people who were from my hometown area of Upstate New York. Oh Boy what a night it was. We blocked of the street and had a huge block party with cornhole, food, DJ, fireworks, dancing, and kids laughing and playing galore. We all brought goodies and cooked out on this chilly night to mingle with our fellow neighbors. As we were dancing and laughing away, I noticed a couple with their small little boy (about the age of my son) standing at the edge of the driveway just watching the gatherings going on. I could tell by their body language that they were contemplating whether or not to come over. I walked over to them and introduce myself and asked them to join. They immediately agreed; with their son hand and hand they joined the party. They actually didn't live on our block but lived down by the Hexam Rd area. They were visiting their parents and just recently had a new baby. I introduced them to several of the new neighbors that I had met. It was great to meet with them and we talked for a few hours finding that we had a great deal in common. We laughed and watched our boys play. As the New Year was closing in, we sang and danced as strangers now became friends.We counted down from 10 until we reached 1 and we all erupted in jubilation.Everyone began hugging their neighbors and passing on inspirational words to one another for a prosperous New Year! It was a really great experience to meet wonderful people in our neighborhood that have now become more than just our neighbors but friends. It really hits home that now is a great time to go outside and meet your neighbors.

You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year.

The government is giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences provided your lender officially releases the debt. You must make sure that your lender will do this. Your realtor or attorney can help you with this.

Beginning January 1, 2013 the fules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.

The deficit from the short sale is taxed and depending on what tax bracket you are in, the amount you would owe can vary.

Homeowners would be on the hook even if the house sold but the bank had not formally forgiven the loan in a letter: The banks must officially sign off in writing before Dec. 31.

When listing your short sale with a realtor, please make sure they are familar with short sales. Many realtors, may have a SFR designation (as I have) which is a Short Sales and Foreclosure Resource Certification which means that we took educational classes on short sales.

We will always keep you posted.

Have a great day and enjoy!

ELSIE KEMPSEY,SFR & JULIE LUDOVICO

Team Tropic Hernando

It seems like it is going to be good news.  The market is going to come back but slowly, according to all the articles I have read.  We get various realtor magazines as realtors and those are the predictio

As a realtor in Hernando County (Spring Hill, Weeki Wachee and Brooksville), we have seen less foreclosures and definitely more "arms-length" transactions.  The sellers can now sell.  They won't get what they got a couple of years ago, but if they bought 10 or more years ago, they will probably still be ahead.

Prices in Hernando County are still very affordable.  We see a lot of retired northerners who want to escape from the cold buying cash because the prices are so inexpensive.  We are close to the beach and within 45 minutes to an hour, you can be in Tampa.

Call a realtor today and be informed!

Let's hope we are on the mend.

We will always keep you posted.

Elsie Kempsey & Julie Ludovico

Team Tropic Hernando

HUGH YARD SALE in the parking lot of the Weeki Wachee Springs Park on SR 19 just south of SR 50. There are going to be 50 vendors and all kinds of fun stuff! It is from 9 - 3.

See you there.

We will always keep you posted.

Have a great day and enjoy!

ELSIE KEMPSEY & JULIE LUDOVICO

Team Tropic Hernando

Goldman Sachs reported that the housing market is recovering and they believe it has reached the bottom.  The national decline in the housing market from 2007 was approximately 35%.  It is predicted that it may decline another 2.5% in 2012 and then start going up again.  However, the belief is it will take another six years to go back up to where the prices were in the "boom".

The indicator that they use is price to rent and price to income ratio.  I feel the price to income ratio is probably something the lenders should have been looking at when they were handing out mortgages to anyone on the street.  If you can't afford a home, they should not have given you a mortgage, and guess what, we probably wouldn't be in this mess now.

Buyers just keep in mind when prices start going up, so will the interest rates which are at a all time low now.  Contact a realtor today, or a lender first, to get the advice you need to make a decision if this is the right time to buy for you.

We will always keep you posted.

Julie and I would like to wish everyone a Happy Holiday and Happy New Year and a special heartfelt Thank You to our Troops and Welcome Home!!

Elsie Kempsey

Team Tropic Hernando

It is a real joke that "short sales" are called "short"; what a misconception.  They need to find different verbiage because a while back people thought "short sales" didn't take too long.   We have one "short sale" that is now going past five months and the lender still hasn't answered us.  It is a nightmare!

There have been others that haven't taken as long; some two months and then there was the one that took a year.  In that time, the value of the house goes down.  Being in this industry as a realtor, besides our own horror stories, we hear about others.  We have a rental house and someone waiting to close on their "short sale" rented our home.  About two weeks before closing, when they were under the assumption that all was good with the contract, the lender did another appraisal and wanted another $8,000 to close. 

We all know that the banking industry is a mess but they are taunting us with their lies and misconceptions.

I have a cousin in CA who is going through a very rough patch and she tried to "modify" which I believe is the new term for the banks to help us folks with mortgages we can't afford.  They "modified" it and came out with a higher appraisal and wanted her to pay more.  She had to walk away from it.  She asked for help and was willing to give the keys but the people working for the banks can't see outside the box and now there is going to be another foreclosure. 

We still would rather our buyers not go into a "short sale".  It is not always what it seems, but there are instances where the buyer does get a "good deal", but patience is the key and they need to redefine "short sale".

We will always keep you posted.

Have a great day and enjoy!

Elsie Kempsey & Julie Ludovico

Team Tropic Hernando

As a realtor for a couple of years in Hernando County (Spring Hill, Brooksville and Weeki Wachee) when I first started, I really felt uncomfortable asking people about "pre approval" and their finances.  Frankly, I didn't think it was any of my business.  At that time, it really didn't matter, because the banks and mortgage companies were virtually lending money to anyone.  Then the tides changed!

We started asking "have you talked to a lender?"  I still felt uncomfortable but as I watched my buyers being "denied" for one reason or another, it started to become clear that it was benefical and necessary for all parties that the buyer get "pre approved".  Now, that is not enough. 

Today's market is tougher than ever.  A buyer can get a "pre approval" without the potential lender pulling the credit, get into contract and then find out they still don't qualify.  It is so necessary in today's market that if you are a buyer, you talk to a couple of lenders until you feel comfortable, then when you have chosen one, ask them to go one step further and pull the credit.  Don't do this a lot because that can cause you harm in your credit scores.  It is so necessary now because you want to know what you can afford, what they will give you and what you can shop for.

Have a great day and enjoy!

We will always keep you posted!

Elsie Kempsey & Julie Ludovico

Team Tropic Hernando

Florida sales market stabilizing as prices, activity increase

Sales activity and median sale price for existing Florida homes and condominiums rose in August, according to a report released today by Florida Realtors.

Statewide, 16,026 homes were sold in August, up 15 percent from a year ago. The median sale price of a Florida home increased 2 percent to $137,500. Nationally, the median sales price for an existing single-family home was $168,400, down 5.4 percent from a year ago, according to a National Association of Realtors report.

There was also a 17 percent year-over-year increase in the number of condos, 7,098, sold in Florida, and the median price was $91,100 -- 12 percent greater than last year's $81,500 average price. Nationally, NAR said the median condo sold for $167,500 in August.

Sales of distressed properties, which are especially prevalent in Florida, are pushing down prices, according to the report.

In Miami, home sale activity gained 49 percent to 951 sales, while the price declined 1 percent to $180,900. Condos in Miami increased 13 percent in median price to $118,800, and activity rose 53 percent.

In Fort Lauderdale, home prices increased 5 percent to $191,8000 while condo prices increased 6 percent to $79,500. Sales activity rose 19 percent for homes and 21 percent for condos in the area. -- Adam Fusfeld

Tags: existing home sales florida realtors nar national association of realtors