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Market Update ... Last 7 Days in Pinellas County!

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Ryan Bogden shares a new program, Hometown Heroes

As a Veteran myself, I am so excited to tell you about a brand new program that was just approved by the Florida Legislature aimed to help our “Hometown Heroes” get into a home for the first time. Not only does this program offer down payment assistance for first-time home buyers that work in one of the nearly 50 approved professions, but it will help active-dutyfirst-timefirst-timefirst-time, military or veterans with down payment assistance regardless of whether or not the service member is a first time home buyer. The government has criteria for who qualifies as a first time homebuyer, and even if you purchased a home before you may still qualify as a first time homebuyer, so make sure to review that criteria. 


So how does it work, you ask? First you have to work with an approved lender (we know a few!). The Hometown Heroes Homeownership Program will provide up to 5% of the first mortgage loan amount (maximum of $25,000) in down payment and closing cost assistance. This assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. Now, if you decided to sell the property, refinance the first mortgage, transfer the deed, or you (the homeowner) no longer occupies the property as their primary residence, the second mortgage would become due. 


We all probably know doctors, nurses, teachers, firefighters, military, veterans, and EMT workers in our social circles, please tell them about this program. It has the potential to help so many! There are over 50 approved vocations including some you may not think of: massage therapists, nursing assistants, childcare workers, physical therapists, etc. Checkout the website to learn more. 


There are income and purchase price limits, which are generous and are based on the county. In Pinellas County the purchase limit is $647,200 for conventional and VA loans, with income limits just north of $123,000.


Please visit the website to learn more.  And as always, reach out to us with any questions about this program.

Visit Hometown Heroes

Two Reasons Why Today’s Housing Market Isn’t a Bubble

You may be reading headlines and hearing talk about a potential housing bubble or a crash, but it’s important to understand that the data and expert opinions tell a different story. A recent survey from Pulsenomics asked over one hundred housing market experts and real estate economists if they believe the housing market is in a bubble. The results indicate most experts don’t think that’s the case (see graph below):

As the graph shows, a strong majority (60%) said the real estate market is not currently in a bubble. In the same survey, experts give the following reasons why this isn’t like 2008:

  • The recent growth in home prices is because of demographics and low inventory
  • Credit risks are low because underwriting and lending standards are sound

If you’re concerned a crash may be coming, here’s a deep dive into those two key factors that should help ease your concerns.


1. Low Housing Inventory Is Causing Home Prices To Rise

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The supply of homes available for sale needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.


As the graph below shows, there were too many homes for sale from 2007 to 2010 (many of which were short sales and foreclosures), and that caused prices to tumble. Today, there’s still a shortage of inventory, which is causing ongoing home price appreciation (see graph below):

Inventory is nothing like the last time. Prices are rising because there’s a healthy demand for homeownership at the same time there’s a limited supply of homes for sale. Odeta Kushi, Deputy Chief Economist at First American, explains:

“The fundamentals driving house price growth in the U.S. remain intact. . . . The demand for homes continues to exceed the supply of homes for sale, which is keeping house price growth high.”

2. Mortgage Lending Standards Today Are Nothing Like the Last Time


During the housing bubble, it was much easier to get a mortgage than it is today. Here’s a graph showing the mortgage volume issued to purchasers with a credit score less than 620 during the housing boom, and the subsequent volume in the years after:

This graph helps show one element of why mortgage standards are nothing like they were the last time. Purchasers who acquired a mortgage over the last decade are much more qualified than they were in the years leading up to the crash. Realtor.com notes:

“. . . Lenders are giving mortgages only to the most qualified borrowers. These buyers are less likely to wind up in foreclosure.”

Bottom Line

A majority of experts agree we’re not in a housing bubble. That’s because home price growth is backed by strong housing market fundamentals and lending standards are much tighter today. If you have questions, connect with a local real estate professional to discuss why today’s housing market is nothing like 2008.


*Source - Keeping Current Matters

Home Price Deceleration Doesn’t Mean Home Price Depreciation

Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a few terms you may hear:


  • Appreciation is when home prices increase.
  • Depreciation is when home prices decrease.
  • Deceleration is when home prices continue to appreciate, but at a slower pace.


Where Home Prices Have Been in Recent Years


For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for 122 consecutive months (see graph below):

As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been more dramatic as home price growth accelerated.


So why did home prices climb so much? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was high and supply was low.


Where Experts Say Home Prices Are Going


While this is helpful context, if you’re a buyer or seller in today’s market, you probably want to know what’s going to happen with home prices moving forward. Will they continue that same growth path or will home prices fall?


Experts are forecasting ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. None are calling for prices to fall (see graph below):

Mark Fleming, Chief Economist at First American, identifies a key reason why home prices won’t depreciate or drop:

“In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect house prices to decline.”

And although housing supply is starting to tick up, it’s not enough to make home prices decline because there’s still a gap between the number of homes available for sale and the volume of buyers looking to make a purchase.

Terry Loebs, Founder of the research firm Pulsenomics, notes that most real estate experts and economists anticipate home prices will continue rising. As he puts it:

“With home values at record-high levels and a vast majority of experts projecting additional price increases this year and beyond, home prices and expectations remain buoyant.”

Bottom Line

Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace. Connect with a trusted real estate professional to get a full picture of what’s happening with home prices in your local market and to discuss your buying and selling goals.


*Source - Keeping Current Matters

Celebrate July 4th Around Tampa Bay

Let's Celebrate the 4th of July in Tampa Bay - UNATION

A Story By Aimee Pacchiarotti Check out some of our favorite places to watch fireworks around St. Pete and Clearwater! Grab your pals or the fam, and check out these 4th of July weekend events. Cheers to America with a Yuengling in hand at Armature Works! There's so much to love about Tampa Bay!

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4th of July 2022 Tampa - Things to do for 4th of July in Tampa Florida 2022

We celebrate July 4th in Tampa Florida with fireworks, parades, backyard BBQ, fairs, baseball games, shopping for great deals, or enjoying a nice evening out with friends and family. However we choose to celebrate 4th of July 2022 in Tampa FL, we do so by honoring the the founders of our great nation.

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4th of July 2022 St Petersburg & Clearwater - Things to do for 4th of July in St Petersburg & Clearwater Florida 2022

Looking for things to do for 4th of July in St Petersburg & Clearwater Florida? Looking for 4th of July events in St Petersburg & Clearwater Florida or want to find shopping deals for 4th of July in St Petersburg & Clearwater Florida

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Our Favorite Ways to Spend Fourth of July Weekend in Tampa B

Independence Day is fast approaching, and that means it's time to figure out how to celebrate. This year, there are tons of cool Fourth of July fireworks displays and events in Tampa Bay for you to choose from. We've rounded up our favorite events in Tampa Bay for some 4th of July fun.

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Do you or someone you know in our community have an unmet need?  We want to help! We set aside a portion of every closing check to donate to unmet needs in our community. If you know of an individual, family or small organization that needs financial assistance (car repair, utilities, etc), please reach out to us via Teri@lockhartteam.com
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Keller Williams Realty Gulf Beaches
175 107th Avenue
Treasure Island, FL 33706
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