Home Selling in Tampa>Question Details

Rich, Both Buyer and Seller in Tampa, FL

Want to upgrade our housing in Tampa

Asked by Rich, Tampa, FL Tue Mar 11, 2008

Hello. We currently own a great home in Virignia Park in South Tampa. However, our family has grown since we bought the house in 2005 and we would like something bigger. We would like to find something in the Tampa Palms/Hunters Green neighborhoods which would allows us to be closer to work, family, and would also afford us a larger house with a large yard on a conservation homesite. My questions is, would it do us any good to attempt to sell now or should we just wait a couple of years until the market stabilizes?

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7
You are in a great area. I personally live in Virginia Park. Homes are selling here in fact I know that since January 2 homes have sold and 4 others are currently pending sale. Right now is a great time for home buyers so even though you may not get what you want for your home you will be able to get your next home at a great price. If you would like it would be my pleasure to help you in your decision of whether or not to sell or stay.
2 votes Thank Flag Link Tue Mar 11, 2008
You should make the move now. If prices are higher in two years for the home you currently own, they will also be higher than they are now for the home you want to buy. In other words, sell low now, buy low now. Sell high later, buy high later. Since you mention "upgrade" you are probably wanting to buy a more expensive home than you currently have. That more expensive home will appreciate, typically, in bigger dollars than the less expensive home you currently have. Translation: if you have a $300,000 home that goes up 10% in the next 2 years, that's $30,000 (roughly); if the home you want is currently $400,000 and it goes up the same 10% that's $40,000. You save the difference, $10,000, by moving now and you get into the house you really want 2 years sooner. That's 2 good reasons to do it now. Ron Cress
0 votes Thank Flag Link Mon Jun 30, 2008
Hi Rich,

Nathan may be a good choice to get your house sold in S. Tampa, since he's an expert and also lives in Virginia Park. I would call him to sell your house.

If you wait until the market "stabilizes" you will have to pay a higher price for the New Tampa house and the supply of homes on desirable conservation lots will diminish.

Find an agent experienced in Hunters Green and Tampa Palms (me) to help you locate your new house. You may be able to make an offer that is contingent on the sale of your current home (although it may have a kickout clause if your house doesn't sell fairly quickly). One important thing to be aware of is some of the newer homes in Tampa Palms pay a significantly higher CDD tax than older areas of Tampa Palms. Hunters Green doesn't pay CDD tax but they do have a fairly expensive HOA fee. Hunters Green is impeccably maintained and with the manned guarded entrance and country club golf course atmosphere and elementary school within the community the higher HOA fee may be justifiable.

So, call Nathan if you decide to sell and call me to find your new Hunter's Green/Tampa Palms house.

All my best,
Alma
Alma Kee, P.A.
Charles Rutenberg Realty, Inc.
813.244.9898
http://www.SoldOnTampa.com
Web Reference: http://www.soldontampa.com
0 votes Thank Flag Link Wed Mar 12, 2008
HI Rich, South Tampa is a great market for holding values. If depreciation is your primary concern I would like to suggest that you lease for a few years and buy now while the market is low.

Of coarse it is so hard to give advise over a forum, and in my experience it can vary significantly from one person to the next. My advise is that you interview a few agents or check them out online (google their name) see what comes up. I always do this before I go business with someone, especially on a large transaction, such as buying and selling real estate.

Feel free to "google" me or check out my blog and other online references. You will find past clients share their experience with me and tell you the truth about their experience in their own words.
Here are a few links with home tours and client advocate videos:
http://www.youtube.com/kmadewel
http://activerain.com/blogs/kmadewell
http://thebesthomesintampa.com

All my best in your new home search.
Katrina Madewell
(813) 235-9889
0 votes Thank Flag Link Tue Mar 11, 2008
Rich I'm assuming, that having brought your house in 05, you'd NOT have much equity in it.
Altouth S. Tampa didn't depreciated too much, it would be favorable to hold on it or rent it out for the moment, another option would be lease option.....where you get a "down" payment
question is: do you have enough to put down on another house?
I know there's a huge inventory of new houses in N. Tampa where you'd like to move in, and builder are almost giving them away.
I'd be glad to be of more help if you get me more details...... I live S. Tampa myself.
813-785-7529
Web Reference: http://www.hothomespot.com
0 votes Thank Flag Link Tue Mar 11, 2008
Rich, it is important to look at numbers to see what kind of depreciation in prices there are in your neighborhood versus the others to truly make the decision, along with a few other factors. One of the most important is that if you are going into a bigger and probably a more expensive home if yours say lost 10% or 20% or whatever, if the bigger home you may go into also depreciated close to the same percentage, then you may be smart to sell and then buy.

For example say you take one home that was purchased for $300,000 in 2005 and maybe lost 10% then it would likely be worth $30,000 less and would likely sell for $270,000 today. A bigger home that would have cost $500,000 in 2005, if it also lost 10% would have lost $50,000 and you could buy it for $450,000 today.

The important thing is to speak to a good Realtor and they will run the numbers to see if you are better off selling now or not. Oftentimes in a declining market if you are upsizing, you are often ahead because of the bigger decline dollar wise in value of the larger more expensive home that you will be buying. You lose a certain amount when you sell, but get a bigger discount on the bigger home you are buying.

I am located in New Tampa and there are some incredible deals in both Tampa Palms and Hunters Green.
0 votes Thank Flag Link Tue Mar 11, 2008
Rich,
You need an unbiased opinion on this from a great Tampa agent... if you don't have one, let me know and I will put you in touch with one.

This is a big decision for you, and you need expert advise before moving forward.
0 votes Thank Flag Link Tue Mar 11, 2008
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