Homebuyers, Sellers, Homebuilders and Mortgage Lenders All Help Tampa Houses For Sale

According to a Tampa realty company, there are several small signs rising through the fog of recession that the housing market is starting to stabilize, even in places like coastal Florida, Las Vegas and Washington, DC – some of the hardest hit with foreclosures and new home buildings sitting empty.  Since 2004, sales of existing homes have risen for three straight months, as reported in August by the National Association of Realtors (NAR) and at the same time the inventory of unsold homes has decreased slightly.

There are four individual groups that make the housing market run: buyers and sellers, homebuilders and mortgage lenders.

Homebuyers – countless buyers are taking advantage of foreclosed property or people selling their property as a short sale in order to avoid foreclosure.  Foreclosed property and short sale property is usually sold at less than market value making the property very attractive to multiple buyers.  In addition, many first-time homebuyers are using the government’s tax incentive program that offers an $8,000 tax credit to a first-time home buyer.

Sellers – prices have dropped roughly 20 percent in the Washington, DC area after a seven-year stretch where home prices more than tripled.  The inventory of unsold houses dropped to five months supply and this relatively tight supply is creating the kind of bidding wars that were seen at the height of the housing bubble.  Prices have stabilized and multiple offers are back on the table.    

Homebuilders – Tampa house for sale, as well as those across the country, have experienced an increase in construction spending for single-family homes for June 2009, according to the U.S. Census Bureau, which is the first construction spending spree since February 2006.

Mortgage lenders – numerous lenders have been criticized during this housing market crisis for selling ‘tricked out’ mortgages to millions of borrowers with little due diligence and now they are being vilified for refusing to modify the loans with new terms homeowners can afford to pay.  One of the success stories in the lending field has the financial institution visiting the applicant through Tampa houses for sale before a decision is made on their home loan and painstakingly going over a line by line budget to see what they can actually afford.

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