And Finally.... the Number One Reason to Buy a Home in New Tampa or Wesley Chapel is.....

Now is the time to buy!

It’s a buyer’s market right now with prices dropping to meet the demands of the current economic climate. The real estate market is constantly changing; however, homes are retaining a lot of their values. Buying a home now and making improvements on it could prove to be a worthy investment in a couple of years. Why waste money every month in rent payments when you could invest in a home and build equity? Whether it is an investment property or a primary residence, New Tampa and Wesley Chapel are some of the hottest areas of Tampa in which to purchase properties. Casa Fina Realty agents are experts in these areas and can help you make an informed investment in your future.

Reason #2 to Buy a Home in New Tampa or Wesley Chapel

Luxurious Communities with an Abundance of Premier Amenities

A “Luxury Community” is generally defined by the price, size, type, and builder. For instance, in New Tampa, luxury homes are in the price range of around $500,000+. The average size is around 3,500+ square feet, they also have larger lots (average lot size in the suburbs would be ½ acre+ and 2-3 acres+ in rural areas), 3 car+ garages, and tiled roofs. These communities also come with superior amenities such as recreation centers, tennis courts, gyms, pools, walking trails, playgrounds, etc. Some of the Luxury Communities in New Tampa, Wesley Chapel, and South Tampa include:

New Tampa:

Tampa Palms: The Reserve, Whitehall, Kensington, Stonington, and Windsor

Hunter’s Green: Heritage Oaks

Wesley Chapel:

Saddlebrook

South Tampa:

Davis Island

Bayshore Blvd

Culbreath Isles

Historic Hyde Park

If you are looking for a home in a luxury community, feel free to contact us. Our agents have vast knowledge of these communities. We can help you find the perfect luxury home in one of these upscale suburbs of Tampa.

Reason #3 to Buy a Home in New Tampa or Wesley Chapel

Great Dining Options

New Tampa and Wesley Chapel have some of the best restaurants in Tampa, with an abundance of variety and options for every taste and budget. Some of the local “hot spots” and our favorite places to eat are:

Ciccio's Lodge - http://www.ciccioslodge.com/

Cantina Laredo - http://www.cantinalaredo.com/

Pagelli’s - http://pagellis.com/

Wasabi - http://www.japanesesteakandsushi.com/

Sushi Tsu - http://sushitsu.com/

Prime Bar - http://www.restaurants-america.com/ra/restaurants/primebar/

Grill Smith - http://www.grillsmith.com/

Acropolis Greek Taverna - http://www.acropolistaverna.com/

Mr. Dunderbaks - http://www.dunderbaks.com/

Lee Roy Selmans - http://www.leeroyselmons.com/

Liang’s Bistro - http://www.liangsbistro.us/

Cobb Cinebistro - an upscale dine-in Movie Theater that won the 2010 Best of the Taste of South Florida. http://www.cobbcinebistro.com/grove-show.asp

Reason # 4 to Buy a Home in New Tampa or Wesley Chapel

Fantastic Places to Shop

New Tampa and Wesley Chapel have several brand new and convenient places to shop. Some of our favorites include:

The Shops at Wiregrass is a brand new outdoor mall that opened in 2009. It offers 83 shops and restaurants, and tons of events including weekly children’s activities, wine tastings, festivals, and special holiday events. During the holiday season (Nov. 20-Dec 31), they have symphony of lights shows nightly from 6-9pm. These shows feature 250,000 lights that dance to the music of Trans Siberian Orchestra.

28211 Paseo Drive, Suite 100 • Wesley Chapel, FL 33543

http://www.theshopsatwiregrass.com/index.cfm

The Grove Shopping Plaza is a massive shopping, restaurant and entertainment complex sitting at the corner of Interstate-75 and State Road-54. Includes national retailers and restaurants like Bed Bath & Beyond, Ross, Michael's, Dick's Sporting Goods, Best Buy, Ulta, PetsMart, T.J. Maxx, Babies/Toys 'R' Us, Dollar Tree, Fuddruckers, UNO, Ritz Camera, Cobb Theater 16, as well as small shops, galleries and restaurants.

6105 Wesley Chapel Blvd, Wesley Chapel, FL 33544

http://www.groveshopping.com/

Reason # 5 to Buy a Home in New Tampa or Wesley Chapel

Play Ball!

Tampa is famous for its many professional and college sports teams (listed below). Club sports and little leagues are also in abundance in the area. In New Tampa and Wesley Chapel, there are plenty of great places to play golf, tennis, softball, football, racquetball, and just about every sport you can imagine. There are many beautifully landscaped golf and country clubs in the area that are either public or private clubs.

Professional Teams include:

Tampa Bay Devil Rays - MLB
Tampa Bay Buccaneers - NFL
Tampa Bay Lightning - NHL
New York Yankees MLB Spring Training
Tampa Bay Rowdies – ASL

New Tampa and Wesley Chapel also boasts numerous health clubs and gyms in which to join for personal exercise and wellness.

Reason #6 to Buy a Home in New Tampa or Wesley Chapel

New Tampa and Wesley Chapel are simply beautiful

Driving around New Tampa and Wesley Chapel feels like driving in the country, although you are still very much in the city. There are many parks in New Tampa, including Riverview Park and Flatwoods Park, which can be seen from the main roads and provides beautiful scenery and landscaping to admire on your morning drive to work. New Tampa is in fact new; meaning new developments and construction, therefore everything is shiny and clean.

Reason #7 to Buy a Home in New Tampa or Wesley Chapel

It’s a Great Place to Raise a Family

The neighborhoods are safe, the schools are excellent, and the activities are endless. New Tampa and Wesley Chapel are family friendly environments that have lots of activities, and events that are geared toward families. Tampa boasts some of the highest rated parks, zoos, and museums for children and families, such as Lowry Park Zoo, Glazer Children's Museum, and MOSI. Weekends in Tampa are always filled with boundless family fun.

Reason # 8 to Buy a Home in New Tampa or Wesley Chapel

Safety First

New Tampa and Wesley Chapel are both very safe places to live, work, and play. The crime ratings in these areas are some of the lowest in Tampa. People living in these communities feel free to engage in activities out of doors without worrying too much about their personal safety. Almost every community has a neighborhood watch program, and many of them are gated with security guards checking in with visiting guests and monitoring security.

Reason # 9 to Buy a Home in New Tampa or Wesley Chapel

Excellent Schools

New Tampa and Wesley Chapel area schools are known for being some of the best in Hillsborough County. With smaller class sizes, these schools offer the kind of personal attention to students that help foster enriching educational experiences and lasting intellectual growth. There are many different options from public to private schools in the area and even Montessori schools.

Tampa also has several excellent colleges and universities, such as:

University of South Florida
University of Tampa
Hillsborough Community College
Art Institute of Tampa

Top 10 Reasons to Buy a Home in New Tampa or Wesley Chapel

Number TEN...

Diverse Art and Entertainment Nearby

New Tampa is an upscale suburb of Tampa, including part of Wesley Chapel, and is located a close proximity to all of the attractions of a major metropolitan city without the chaos of downtown traffic. Some of the attractions in Tampa that are only a short drive away from New Tampa and Wesley Chapel include:

· The Museum of Science and Industry (MOSI) and IMAX theater

· The Lowry Park Zoo (Voted #1 Best Zoo in the U.S. by Parents Magazine)

· The Florida Aquarium (1 of the top 10 aquariums in the county)

· USF Botanical Gardens

· Hillsborough River State Park

· Busch Gardens

· The Tampa Theatre

· The David A. Straz, Jr. Center for the Performing Arts (TBPAC)

· The Salvador Dali Museum

· Museum of Modern Art

· NEW - Glazer Children's Museum

· Historic Ybor City - offering unique shops and restaurants, museums, art galleries, theaters, bars, and comedy clubs.

· Channelside Bay Plaza – retail, entertainment, dining

· Hyde Park – bars, restaurants, shopping, recreation

· Riverwalk

Stay tuned for more of the top 10!

Choosing the Right Real Estate Agent

This video will demonstrate the importance of choosing the right real estate agent for your needs. Take a look at what these industry experts say about the home-buying process and the agent-customer relationship.



A few of the key factors they outline for selecting an agent include; finding an agent that has a similar schedule as yours, making sure your agent has experience in the field and excellent product knowledge, and choosing an agent who will be exclusively representing you, the buyer.

At Casa Fina Realty, you can be sure that our agents will not only accommodate your busy schedule and be available for you whenever you need them, but they are also very well-versed in product knowledge in the Tampa area and have had many years of experience in real estate. Personal attention to clients' needs is also very important to our agents and you can be sure that if we are representing you as a buyer on a property, your needs will come first.

Contact us now at info@casafinarealty.com or 813-569-6294 if you’d like for us to start a search for you and/or answer any questions you may have about the buying/selling process.

We hope that you choose a Casa Fina Real Estate Agent to help you buy your next home!

Top 6 Mortgage Mistakes

by Mark Riddix
Sunday, October 24, 2010

During the 2007-2009 financial crisis, the United States economy crumbled because of a problem with mortgage foreclosures. Borrowers all over the nation had trouble paying their mortgages. At the time, eight out of 10 borrowers were trying to refinance their mortgages. Even high end homeowners were having trouble with foreclosures. Why were so many citizens having trouble with their mortgages?

Let's take a look at the biggest mortgage mistakes that homeowners make.

1. Adjustable Rate Mortgages
Adjustable rate mortgages seem like a homeowners dream. An adjustable rate mortgage starts you off with a low interest rate for the first two to five years. They allow you to buy a larger house than you can normally qualify for and have lower payments that you can afford. After two to five years the interest rate resets to a higher market rate. That's no problem because borrowers can just take the equity out of their homes and refinance to a lower rate once it resets.

Well, it doesn't always work out that way. When housing prices drop, borrowers tend to find that they are unable to refinance their existing loans. This leaves many borrowers facing high mortgage payments that are two to three times their original payments. The dream of home ownership quickly becomes a nightmare.

2. No Down Payment
During the subprime crisis, many companies were offering borrowers no down payment loans to borrowers. The purpose of a down payment is twofold. First, it increases the amount of equity that you have in your home and reduces the amount of money that you owe on a home. Second, a down payment makes sure that you have some skin in the game. Borrowers that place down a large down payment are much more likely to try everything possible to make their mortgage payments since they do not want to lose their investment. Many borrowers who put little to nothing down on their homes find themselves upside down on their mortgage and end up just walking away. They owe more money than the home is worth. The more a borrower owes, the more likely they are to walk away.

3. Liar Loans
The phrase "liar loans" leaves a bad taste in your mouth. Liar loans were incredibly popular during the real estate boom prior to the subprime meltdown that began in 2007. Mortgage lenders were quick to hand them out and borrowers were quick to accept them. A liar loan is a loan that requires little to no documentation. Liar loans do not require verification. The loan is based on the borrower's stated income, stated assets and stated expenses.

They are called liar loans because borrowers have a tendency to lie and inflate their income so that they can buy a larger house. Some individuals that received a liar loan did not even have a job! The trouble starts once the buyer gets in the home. Since the mortgage payments have to be paid with actual income and not stated income, the borrower is unable to consistently make their mortgage payments. They fall behind on the payments and find themselves facing bankruptcy and foreclosure.

4. Reverse Mortgages
If you watch television, you have probably seen a reverse mortgage advertised as the solution to all of your income problems. Are reverse mortgages the godsend that people claim that they are? A reverse mortgage is a loan available to senior citizens age 62 and up that uses the equity out of your home to provide you with an income stream. The available equity is paid out to you in a steady stream of payments or in a lump sum like an annuity.

There are many drawbacks to getting a reverse mortgage. There are high upfront costs. Origination fees, mortgage insurance, title insurance, appraisal fees, attorney fees and miscellaneous fees can quickly eat up your equity. The borrower loses full ownership of their home. Since all of the equity will be gone from your home, the bank now owns the home. The family is only entitled to any equity that is left after all of the cash from the deceased's estate has been used to pay off the mortgage, fees, and interest. The family will have to try to work out an agreement with the bank and make mortgage payments to keep the family home.

5. Longer Amortization
You may have thought that 30 years was the longest time frame that you could get on a mortgage. Are you aware that some mortgage companies are offering loans that run 40 years now? Thirty five and forty year mortgages are slowly rising in popularity. They allow individuals to buy a larger house for much lower payments. A 40-year mortgage may make sense for a young 20-year-old who plans to stay in their home for the next 20 years but it doesn't make sense for a lot of people. The interest rate on a 40-year mortgage will be slightly higher than a 30 year. This amounts to a whole lot more interest over a 40-year time period, because banks aren't going to give borrowers 10 extra years to pay off their mortgage without making it up on the back end.

Borrowers will also have less equity in their homes. The bulk of payments for the first 10 to 20 years will primarily pay down interest making it nearly impossible for the borrower to move. Besides, do you really want to be making mortgage payments in your 70's?

6. Exotic Mortgage Products
Some homeowners simply did not understand what they were getting themselves into. Lenders came up with all sorts of exotic products that made the dream of home ownership a reality. Products like interest only loans which can lower payments 20-30%. These loans let borrowers live in a home for a few years and only make interest payments. Name your payment loans let borrowers decide exactly how much they want to pay on their mortgage each month.

The catch is that a big balloon principal payment would come due after a certain time period. All of these products are known as negative amortization products. Instead of building up equity, borrowers are building negative equity. They are increasing the amount that they owe every month until their debt comes crashing down on them like a pile of bricks. Exotic mortgage products have led to many borrowers being underwater on their loans.

The Bottom Line
As you can clearly see, the road to home ownership is riddled with many traps. If you can avoid the traps that many borrowers fell into then you can keep yourself from financial ruin.

Article can be found at:
http://finance.yahoo.com/loans/article/111080/top-mortgage-mistakes?mod=loans-home

If you are considering purchasing a home, keep these tips in mind when selecting a bank and mortgage to finance your new home. Avoiding these pitfalls can result in a smooth investment that will pay off in the end. Let us know if we can help you with your home buying experience. Our agents are well-versed in the current market trends and conditions and can make things easy for you.

Contact us now at info@casafinarealty.com or 813-569-6294 813-569-6294 if you’d like for us to start a search for you and/or answer any questions you may have about the buying/selling process. Let us put our expertise to work for you today.

Casa Fina Realty Receives 2010 Best of Tampa Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

WASHINGTON D.C., September 21, 2010 -- For the third consecutive year, Casa Fina Realty has been selected for the 2010 Best of Tampa Award in the Real Estate Agents category by the U.S. Local Business Association (USLBA).

The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Nationwide, only 1 in 120 (less than 1%) 2010 Award recipients qualified as three-time Award Winners. Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.

About U.S. Local Business Association (USLBA)

U.S. Local Business Association (USLBA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising.

The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Local Business Association

CONTACT:
U.S. Local Business Association
Email: PublicRelations@uslbaaward.com
URL: http://www.uslbaaward.com

How To Buy a Home at a $100,000 Discount

Article by: AnnaMaria Andriotis
Tuesday, September 28, 2010

To pare down their growing inventory of properties, Fannie Mae and Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. And that means 2004-esque deals — like requiring as little as 3% down, offering to pay a portion of the closing costs and arranging special financing and warranties for repairs and renovations.

It's another option for home owners who want to trade up — and an easier way into the market for first-time home buyers, says Dean Baker, co-director of the Center for Economic and Policy Research who studies the housing market.

The best bargain might be the home's price. A SmartMoney analysis revealed that buyers could save $100,000 by buying a Fannie or Freddie home instead of similar fair-market properties just a few blocks away.

And while many of Fannie and Freddie's homes are at the lower end of the market and in less-desirable areas, a SmartMoney.com search of Fannie Mae and Freddie Mac listings revealed that buyers could find properties in good neighborhoods — and for $100,000 less than comparable houses nearby. For example, a five-bedroom, three-bath with a backyard, deck and two-car garage in tony Alexandria, Va., was listed for $445,000, $100,000 less than the average listing price in the area, according to Trulia.com. Four blocks away, a similar non-foreclosed colonial is listed for $639,900.

Or how about a three-bedroom, two-bath in Bergen County's leafy River Edge, N.J for $359,900 -- $85,000 less than the average listing in the area. One avenue over, a non-foreclosed similar home is listed for $474,888.

The downside: Angry neighbors. These types of listings are devaluing nearby properties, says David Howell, realtor and executive vice president at McEnearney Associates, which sells homes in the metropolitan Washington D.C. area. That means in some areas where Freddie and Fannie homes are on the market, buyers could find a better deal on a nearby market-rate home that doesn't require repairs, he says.

Buying a Fannie or Freddie home can be more complex than pursuing an open-market real estate listing — or even a commercial bank foreclosed property. There's a smaller selection of appealing properties — there were just six higher-end homes listed on a recent day in Alexandria, for example — and those tend to sell the fastest. And there's little room to negotiate price.

"Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them," says a Freddie Mac spokesman. "We absolutely have no motivation to be leading a downward spiral in home prices."

The three best features of Fannie and Freddie foreclosures that make digging for these deals worthwhile:

Small Down Payment

For its foreclosed properties, Fannie Mae will accept down payments as low as 3% on 30-year mortgages at the same interest rates banks are currently offering. And Fannie Mae doesn't require private mortgage insurance. Compared to a typical bank mortgage, which requires 10% down, plus PMI for buyers with less than 20%, that's a huge savings — an estimated $51,000 up front and upwards of $2,500 per year PMI on a $300,000 mortgage.

It's a tradeoff, though. For buyers with 20% down, mortgage payments on a 30-year mortgage loan at 5% would be $1,288 a month. With just 3% down, the buyer would need to borrow $291,000 and make a $1,562 monthly payment.

Help with Renovations

Fannie and Freddie have fixed big flaws like leaky roofs and damaged electrical work, and they often handle small projects like replacing appliances that are broken or missing, tearing up old carpet, or fixing other damage left by former owners or vandals.

Now, to entice buyers who want to update or upgrade, many of Fannie Mae's properties come with an optional mortgage that includes extra financing up to $30,000 for repairs and improvements. But with a little down payment and the extra amount tacked on, the buyer could end up owing more than the house is worth — especially if home prices continue to drop.

First Dibs

Buyers who plan to live in their Freddie Mac-purchased home will get to see properties for at least the first 15 days they're on the market — before the listing opens to would-be landlords. Many bank-owned foreclosure properties are snatched up by cash-stocked investors who can wait out the downturn to sell later at a profit.
And Fannie and Freddie homes can be seen inside and out — unlike some regular foreclosure listings. Consider bringing along a contractor when you view the home to help spot areas that need repairs and provide pricing. (Most contractors will do this for free.)

"It gives families who want to buy a home to live in the opportunity to look and bid without competition from cash-rich investors," says a Freddie Mac spokesman.

Article can be found at:
http://financiallyfit.yahoo.com/finance/article-110858-6830-2-tips-on-buying-a-home----at-a-100000-discount?ywaad=ad0035&nc

If you are considering purchasing a home and want to take advantage of these kinds of deals, don't hesitate to contact us! These market conditions WILL NOT last forever.

Contact us now at info@casafinarealty.com or 813-569-6294 if you’d like for us to start a search for you and/or answer any questions you may have about the buying/selling process.

Home Sales Plummet 19% in Tampa Area

By SHANNON BEHNKEN
sbehnken@tampatrib.com

TAMPA - The federal homebuyer tax credit is over and, boy, does it show. Both locally and nationally, July was a month of reckoning.

Tampa-St. Petersburg-Clearwater saw sales plummet a whopping 19 percent from the same month last year, according to the Florida Realtors group.

That comes after a 13 percent increase in June. Nationally, sales fell 27 percent - to the lowest level in 15 years.

"We're starting to see what the housing market looks like in a post-tax credit world," said Chris Lafakis, an economist who follows Florida and the Tampa Bay area for Moody's Economy.com. "This report shows that tax credit demand was propping up the market a lot more than we thought."

There were 2,283 homes sold in July in the Tampa-St. Petersburg-Clearwater area, compared with 2,822 last year. The median sale price was $130,500, down 9 percent from $143,100 in July 2009.

Locally, sales of existing homes haven't dropped this much since February 2008, when sales fell 29 percent. Sales in the Tampa-St. Petersburg-Clearwater area haven't dipped since May 2009, when sales slid a modest 1 percent.

The credit - up to $8,000 for first-time buyers and $6,000 for repeat buyers - expired in April. That, combined with rising unemployment, is putting a damper on demand.

"We knew things were going to slow down after the tax credit," said Vernon Taylor, president of the Greater Tampa Association of Realtors. "July is historically low in Tampa for real estate, and unemployment is up. It's all working against us."
Economists worry it could get worse over the next several months because the July data still reflect some of the boost given by the credit. Those taking advantage of the tax credit have until the end of September to close deals.

Florida as a whole saw sales drop, although not as much as in the Bay area. Sales in the Sunshine State fell 14 percent to 13,589 sales. The median sale price was $138,000, down 7 percent from $147,600 during the same month last year.

Nationally, sales fared even worse. The National Association of Realtors said July sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million.

Lafakis, from Moody's, said he expects prices to continue to decline because of increasing foreclosures. Despite the federal government's push to stop foreclosures, homeowners continue to lose their homes.

Trial mortgages have fallen by 23 percent since the peak in February, Lafakis said.

"Some of those modifications have failed," he said.

Sale prices have fallen 42 percent since they peaked in mid-2006. Moody's calls for Bay area prices to drop an additional 9.3 percent through the third quarter of 2011.

Reporter Shannon Behnken can be reached at (813) 259-7804.
SOURCE: Tampa Bay Online, TBO.com
http://www2.tbo.com/content/2010/aug/25/sp-home-sales-plummet-19-in-tampa-area/

-----------------------------------

With sales so low, now is the perfect time to jump into the market; prices are low and buyers aren't up against as much competition as in previous months. Very importantly, rates are at records lows, but they WILL NOT stay this low for long.

If we can start a search for you or answer any questions about the buying/selling process, please contact us -- info@casafinarealty.com.

Four Biggest Lies in Real Estate

by Ilyce Glink

A funny thing about the digital age — the more information we have access to, the more misinformation we get hit with. In the not-so-long ago days when the Internet was mainly for e-mail and facebooks were made of paper, homes were mostly advertised through newspaper ads. As long as you understood that TLC meant you needed to be handy with a hammer and an "efficiency kitchen" meant you'd better like take-out, you could avoid getting suckered.

Anyone gearing up to buy or sell a house this spring, however, has to bring a bit more skepticism to the process. Sure, the Internet has transformed the process of buying and selling a home in wonderful ways, but it has also increased the opportunities for mischief. Fall for bogus listings and lousy home price "data" and you could wind up overpaying for a home or finding yourself stuck, unable to unload the one you have. Don't get taken by these big lies:

1. Phony Photos and Videos

Digital photos and video have been a godsend for real estate agents, homebuyers and sellers, enticing prospects to drool over images of Viking ranges, sparkling pools and lush lawns. Lately, agents have been posting interactive photos and floor plans, letting buyers view rooms and exteriors from different vantage points. Some houses have their own YouTube sites.

Problem is, it's easy to Photoshop photos and edit video to make a house and its neighborhood seem far more attractive than they are. Some sellers post photos of kitchens and gardens you won't find in the actual property. Videos get color-corrected so the grass, flowers and trees seem fresh and alive. A house may seem newly painted, even though the photo was taken five years ago.

Get the Truth: Go to Google Street View or Microsoft Live Search Maps for a reliable third-party look at a neighborhood or home exterior. They won't show the inside of a house, though, so you'll need to drive to the property and see it for yourself.

2. Valuations Lacking Value

Knowing how much a house is truly worth is vitally important whether you're a buyer or seller. With home values down an average of 30 to 40 percent since 2005 in major metro areas, every penny counts. But you can't always trust the numbers on home valuation sites such as Zillow, CyberHomes and Realtor.com.

When I plugged in a particular 5-bedroom/4-bath house on these sites, I received vastly different valuations and sometimes incorrect information about the number of bedrooms and bathrooms it had. I'd estimate the house is worth between $1.2 and $1.4 million. Zillow's "Zestimate" (a calculation also used by RealEstateABC.com) was $943,000; CyberHomes suggested a range of $960,000 to $1.2 million and Realtor.com went with $788,036.

Get the Truth: It's fine to start with online valuation sites for ballpark estimates. But to get a reliable valuation, get out of the virtual world and into the real world. If you're selling, invite several real estate agents to walk through your home and analyze its value based on recent comparable sales. You might also hire an independent appraiser (cost: around $350 and up). If you're buying, hire an agent who has worked the area for years, if not decades. It's generally a waste of money for a buyer to hire an appraiser, since the lender will require its own appraisal before granting a mortgage.

3. Mortgage Rates You Can't Get

Visit a mortgage aggregating site such as Bankrate.com and you'll naturally want to apply for the lowest rate shown. But that rate may not really exist — at least not for every applicant.

Mortgage lenders often advertise fake low rates online without explaining that you can't get them if your down payment or credit score is too low or you're not willing to pay extra-high closing costs. At worst, the rate may be a "bait and switch" and wholly unavailable.

Get the Truth: Start your mortgage shopping by identifying a well-known national or regional bank, a small local lender, a well-regarded mortgage broker, a credit union (if you belong to one or can join one), and an Internet mortgage aggregator such as Priceline. Then go to AnnualCreditReport.com to pull a copy of your credit history and to pay to get your credit score. Next, find out what each lender on your list would really charge for your loan. Use the quotes to negotiate the best deal.

4. Unreal Property Descriptions

The old saw, "You can't believe everything you read" is often true about online listings. A property advertised as having a "water view" might feature a glimpse of the ocean if you open the window, stick your head out, and look left.£ A "light, bright" apartment implies loads of sunshine, but may instead describe the wattage from overhead lighting. A condo's listing sheet promoting "Southern exposure" might leave out a key fact: The front rooms look south, but the rest of the place faces a warehouse 10 feet away. A mention of an "in-law" or "rentable" apartment over the garage won't say whether renting out that room is illegal, subjecting you to a future showdown with local zoning officials.

Get the Truth: To weed out unreal estate, do some fact-checking. If the beachfront condo supposedly has a water view, tell the broker to e-mail you a floor plan for the entire building. When a listing sheet says the house had a substantial renovation, check it out before you get too excited. And if you get serious about the property, you can always ask the town building department to confirm a renovation; there may be blueprints on file. If you're counting on renting out a room above the garage, ask the building department if it's allowed.

Bonus: Euphemism Alert

One thing that the digital revolution hasn't changed at all — the extraordinary ability of real estate agents to put lipstick on a pig. Here's a guide to words and catchphrases you're likely to encounter and what they really mean:

The Listing Says...but the Listing May Mean:

"Cozy/Dollhouse": The house is tiny, cramped and everyone over 6 feet tall will bump their head on the ceiling.

"Handyman's Special": You'll need to do a gut remodel if you want to make the home livable.

"Great View": You might have to crane your neck out the window to see the water.

"Rentable In-law Apartment": This might be a separate room, a half-finished basement, or completely illegal.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and the upcoming Buy, Close, Move In!. She blogs about money and real estate on MoneyWatch and at ThinkGlink.com.

Source: Yahoo! Finance - http://finance.yahoo.com/real-estate/article/109494/4-biggest-lies-in-real-estate?mod=realestate-buy


Are you as horrified by these lies as we are?! Rest assured that with Real Living Casa Fina Realty, you receive only the best service -- no lies! We will guide you and guard you in your transaction, looking out for your best interests in the way that only we can! Contact us today - info@casafinarealty.com.

Tax Credit Extended for Military, Foreign Service, and Intelligence Community

Special Rules for Members of the Military, the Foreign Service and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

* Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
* However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

* The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
* However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
* A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

* “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
* “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Source: National Association of Home Builders
http://www.federalhousingtaxcredit.com/service_mem.php

For more information, please contact us at info@casafinarealty.com.

Become a Fan!

Now that we are REAL LIVING CASA FINA REALTY, we created a new fan page on Facebook.

Take a look, become a fan, and spread the word!

Florida Open House Weekend

For Immediate Release

Casa Fina Realty GMAC Real Estate to Take Part in Florida Open House April 10-11

Tampa, FL (Grassroots Newswire) February 11, 2010 -- Casa Fina Realty GMAC Real Estate will be offering clients the opportunity to reach dozens of prospective buyers in a single weekend as part of the Florida Open House Weekend sponsored by the 115,000-plus member Florida Realtors.

On Saturday and Sunday, April 10-11, Casa Fina Realty GMAC Real Estate will participate in the multitude of Open Houses in the Tampa area. Blue balloons, featuring the Realtor “R” in white, will denote those homes that are part of the statewide open house campaign. Balloons will be on display simultaneously at open houses from the Panhandle to Key West.

The Florida Open House Weekend comes just before the April 30, 2010, deadline for the federal homebuyer tax credit. Homes need to be under contract by April 30, 2010, and closed by June 30, 2010, to take advantage of up to $8,000 in tax credits.

“This event offers people a convenient way to see as many homes as they wish in one weekend and gives our members a chance to be part of this massive effort to match buyers to their sellers,” says Mehdi Belhassan, Broker-Owner.

He adds that the weekend will be a fun way to attract buyers and help them learn more about what is available in the local housing market.

For more information, email info@casafinarealty.com or call 813-569-6294.

Customer Satisfaction

Here at Casa Fina Realty, we strive for your utmost satisfaction. Once your transaction is complete, we even survey you to see how we did. Take a look at the latest feedback our agent Lisa Prisco received!


Do you know of many companies who have a 99% customer satisfaction rate, as surveyed by an independent third party? Can you think of other companies who put their service guarantee in writing? This is the level of service you will consistently find at Casa Fina Realty.

If you are in need of the services of Tampa's premier real estate agents, you came to the right place. Let us show you what we have to offer -- info@casafinarealty.com.

Letter from the Broker - New Year, New Market

Happy New Year to you! May all your wishes come true. 2009 was a rough year in our industry and the economy, to say the least

However, the real estate market is starting to show some positive signs of improvement. In our New Tampa luxury market, there are only 17 active listings (eight to ten less than other quarters!). The average list price per square foot is $210. There are four pending transactions at an average price of $160 per square foot. Eight luxury properties have sold in the fourth quarter at an average of $183 per square foot, compared to only three sales in the previous quarter and five sales one year ago.

These statistics and the overall market performance are making me quietly optimistic. The first quarter of 2010 will give us a great indication of what to expect for the rest of the year. I don’t foresee a recovery in pricing yet, but at least the market is more dynamic.

Interest rates are still very low! The tax credit has been extended and expanded which should stimulate the market and entice buyers to purchase properties before the contract deadline of April 30. The biggest potential downfall of our recovery would be an excessive inventory of short sales, foreclosures and bank owned properties.

For more information, please contact us at info@casafinarealty.com.