NextHome SunRaye Integrates 3D Video Technology to Showcase Properties Virtually

NextHome SunRaye has added Matterport 3D technology to its marketing arsenal in recent months so that we can continue to utilize the latest, cutting edge and effective technology to market homes for sale. This technology propels real estate marketing to another level, providing an all-in-one solution that serves buyers, sellers, as well as real estate professionals.

This technology enables us to offer distinctive 3D tours that provide realistic details and true experience of a home without setting foot inside the property. Buyers will experience an immersive, self-directed and comprehensive virtual tour before they decide to make an appointment to view the home in person. This saves everyone involved a lot of time and effort. The top quality result that is produced is extraordinary when considering the low cost of the technology itself.

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Check out the 3D virtual tours below on two of our listed properties that are currently for sale. These are great examples of Matterport’s 3D tech capabilities.

6377 15th St. S. in St. Petersburg is currently listed at $215,000. This Pinellas Point home is spacious and sits on an oversized .25 acre lot. Check out the versatile floor plan with 3 large bedrooms, 2 bathrooms, living room, dinette, family room, and two-car garage. The pie shaped backyard is enormous, and it features an open patio with plenty of room for a pool and boat parking. This property is located very close to downtown, Tierra Verde, and beautiful Ft. DeSoto Beach National Park.

7842 Causeway Blvd. N. in St. Petersburg is currently listed at $269,500. This home is ideally located only just over a mile from the Treasure Island Gulf beaches. Take a look inside this 2 bedroom, 2 bath, split floor-plan with large living room that opens to a Florida room. Check out the updated windows, wood cabinets in the kitchen, and the lovely outdoor patio and resort style pool. The backyard is fenced for security and privacy.

If you are in the market to purchase a home, visit our website to peruse our other properties currently listed for sale, and call our St. Petersburg office at (727) 343 – 9600 so we can make arrangements to show you the latest homes and best deals to hit the market in person. If you are thinking about selling your home, contact NextHome SunRaye so that we may discuss the other innovative tools we utilize in addition to Matterport 3D technology to market your home!

Housing Trends: Why are Many Baby Boomers Deciding Not to Downsize?

USA Today recently reported on a new housing trend that has been gaining attention. It includes a growing number of older Americans in the baby boomer generation that are deciding not to downsize their homes as they near the age of retirement, as has been typical in the past. Instead, many are choosing to stay put in the homes where they raised their children. This reluctance to downsize is also contributing to the housing shortage around the country. Why are boomers choosing to remain in their sprawling abodes long after their offspring leave the nest to start lives of their own? Several factors come in to play, however, it appears that baby boomers are choosing to resist the traditional confines of what it means to advance in age just as they defied other establishment norms back in the 1960’s and 1970’s.

Other practical reasons have much to do with the decision to put off downsizing for many older Americans as well:

  • Many boomers are putting off retirement. Labor Department figures show that approximately 20% of Americans ages 65 and up are working or seeking employment, which is up over 12% from 1996.
  • Many have millennial children living with them well into adulthood, making the extra space a necessity. Statistics have shown that over the last decade, it has taken millennials longer than prior generations to launch their careers. According to Census figures, the percentage of senior households that have younger generations living with them rose 2% higher in 2016 from 14.4% in 2005.
  • Many older people are staying in the workforce longer because they are healthier and will need bigger retirement nest eggs to finance longer retirements, according to the AARP Public Policy Institute. This is in part due to a large number of people that lost or had to tap into a signifiant portion of their savings during the economic downturn a decade ago.
  • Sky-rocketing home prices, rising mortgage rates, and inventory shortages at the lower end of the market have the potential to create a new housing crisis for baby boomers. There is a serious shortage of less expensive, smaller homes in the country right now, which has resulted in an increase in prices for homes in this tier, making the tradeoff less attractive to those who are open to downsizing.
  • Many boomers who held off on renovating during and after the housing crash are now focused on making and enjoying those upgrades rather than downsizing.
  • Many want to enjoy bigger properties that they could not afford earlier in life that also offer more room for visiting family members.
  • For some, selling can result in a large capital gain which may negate the benefit of a downsize.
  • Many boomers have finally paid off their mortgages and don’t want to start making housing payments again.

Lastly, 54% of those surveyed by Merrill Lynch said that they don’t plan on downsizing because they feel comfortable in the house where they raised their children. Many feel that their current house has always been and for now, will continue to be “home”.

 

Older Couple

Image via Flickr by Stannah International

Make Your Home FHA Loan Friendly and Appeal to More Home Buyers

11859 Dunster Lane

 

With 30 percent of today’s homebuyers using FHA mortgage loans, it is important to capture this buyer pool when marketing your home for sale. First time homebuyers gravitate toward using FHA loans especially because it allows them to make a down payment of only 3.5% of the purchase price. Here are some other FHA facts to know that will help you get your home FHA ready:

  1. It is important to learn the FHA lending limits in your area. In Pinellas and Hillsborough counties, FHA will insure a mortgage of up to $314,827 on a single family home. For a duplex, FHA will insure a mortgage of up to $403,125.
  2. Buyers will want a home inspection, regardless of the type of mortgage loan they plan on getting. As the seller, you will need to provide an FHA buyer with a form that details what a home inspection can reveal, and how home inspections are different from appraisals.
  3. As a seller, you need to be prepared to rectify any problems that appear on the home inspection, otherwise, FHA will not give approval until serious defects are repaired, such as a roof leak, mold, structural damage, or any interior or exterior paint that could contain lead and predates 1978.
  4. Although the buyer can choose his own appraiser to assess your home, FHA only allows inspections by appraisers that are FHA approved. As a seller, it is recommended that you assist the buyer’s lender’s appraiser by providing easy access to crawl spaces and other areas, which the appraiser will most likely have to photograph.
  5. For all FHA loans, the seller and other interested parties can contribute up to 6% of the sales price or toward closing costs, prepaid expenses, discount points, and other financing concessions.
  6. If you are selling a condo, you will need to find out if your condo is FHA approved for mortgages. To learn this information, visit HUD.gov. You will get the best results by searching by zip code. There are rules that apply in order for condo associations to qualify for FHA approval. These rules include restrictions on the percentage of unit owners that are late on association fees. FHA usually won’t insure loans in condo associations where that percentage exceeds 15%. Other factors like insurances, cash reserves, and how many units are owner-occupied play a part in whether a condo association becomes FHA approved. If your condo does not meet all of the requirements, there are some lenders who will provide FHA waivers. You can discuss this with your agent who can help you identify some of those lenders if this becomes necessary.

When you are ready to sell your home, give a NextHome SunRaye agent a call. Our team is eager to help you get your home FHA ready and market it to all qualified buyers. Partnering with a NextHome SunRaye Realty expert will ensure the prompt sale of your home and a maximum return on your investment.

Homeowners are in the Best Position to Sell in Today’s Tampa Bay Real Estate Market, but the Time to Act is Now.

 

Surging home prices are making the news again, as the Tampa Bay Times reported on the biggest price increase in a year for the Tampa Bay area just last week. The reason? Rising values are due to the lack of homes for sale in the area’s inventory. With a lopsided market of too many buyers and not enough homes to buy, even homes that normally fall within an affordable range of $100,000 to $400,000 are seeing moderate price growth. However, while prices are rising, Pinellas and Hillsborough counties have seen a decline in sales, simply because the supply of homes to buy is so low. Here are some market facts to put it all in perspective, as reported by the Times:

 

  • Pasco County leads with a 17.2% surge in single family homes from a year ago, with a median price of $219,220. Hernando County follows in second place, up almost 12% to $164,000, Pinellas County is up 10%, to $244,250, and Hillsborough County is up 6.3% with a median price of $239,090.
  • Statewide, prices of single family homes increased 3.3% in February to a median of $246,500. Sales rose 6.9%.
  • Nationally, sales of existing homes (including condos, townhomes and houses) increased 5.4% from a year ago, with the median price rising to $241,700, a jump of almost 6%.

 

For the Tampa Bay area, however, there’s a little more to the inventory shortage than meets the eye. Not all homeowners are sitting on the sidelines waiting for the best moment to put the For Sale sign up in the yard, it’s institutional investors that have purchased thousands of Tampa Bay area homes during the foreclosure crisis. They have been renting out the homes ever since and aren’t selling. This presents a prime selling opportunity for the individual homeowner with a home that falls within that affordable range.

 

Florida Realtors reported these metro area median price percentage increases for the month of February:

  • Tampa-St. Petersburg-Clearwater $228,000 8.6%
  • Cape Coral-Fort Myers $250,223 2.1%
  • Jacksonville $241,500 10.8%
  • Lakeland-Winter Haven $188,500 12.5%
  • Miami-Fort Lauderdale-West Palm Beach $336,000 6.7%
  • Naples $491,000 15.9%
  • Orlando-Kissimmee $255,000 13.3%
  • North Port-Sarasota $286,995 4.7%

 

Now is the time to sell! If you are interested in learning what your home is valued at, give us a call at NextHome SunRaye Realty, and we can tell you exactly what it’s worth, answer all of your questions, and provide you with the best strategy for selling in this market. Get the best knowledge, expertise, and leadership at NextHome SunRaye.