Blog – Page 8

When Is Hurricane Season and Should You Care If Your Are Selling Your Clearwater Home

November 11, 2021 By Deborah Ward

Hurricanes are a yearly occurrence on the Eastern seaboard of the US. They are also seriously damaging storms that more often than not hit one part or another of Florida. It’s just a fact of life in Florida, so should you care if you are selling your Clearwater home?

What is a hurricane?

When Is Hurricane Season and Should You Care If Your Are Selling Your Clearwater Home A hurricane is a tropical cyclone rotating low-pressure weather system. To be classified as a hurricane it has to have maximum sustained winds of 74 mph. There is a scale with a 1 to 5 rating, or category, based on a hurricane’s maximum sustained winds. The higher the category, the greater the hurricane’s potential for property damage. Hurricane Season begins on June 1st and ends on November 30th, and happen on average, 12 times a year in the Atlantic basin.

Hurricanes cause a lot of damage

Even category 1 hurricanes can cause damage to homes and businesses due to the winds and rain intrusion, not to mention flooding from the rain or higher tides. Regular homeowner’s insurance doesn’t cover damage from hurricanes or flooding. That means that your buyer will have to look at the prospect of the cost of both hurricane insurance and flood insurance. That can be pricey, given the number of hurricanes that have caused severe damage in the last 10+ years.

Limit the damage your home suffers

The threat of annual storms, plus the cost, can make buyers nervous about buying in Clearwater. Hurricanes aren’t preventable, but you can limit the damage your home suffers. If you haven’t taken measures, your buyer will also be looking at the prospect of that cost as well.

Insurance

Another thing that your buyers have to worry about if they are looking to buy during hurricane season is whether they can actually get homeowners, flood and hurricane insurance during the season. If a particularly nasty season is forecasted, it may be impossible to get the insurance they need.

Hurricanes are a fact. Keep that in mind when trying to sell your Clearwater home.

Why It Is Still Hard To Get A Mortgage For Clearwater Real Estate

November 11, 2021 By Deborah Ward

If you’ve been trying to buy a house this year, you know that it’s still hard to get a mortgage for your Clearwater home purchase. It had been a little easier to since about 2012, but starting this year, that ease in access tightened right up.

Websites like Zillow® track this kind of thing

What they have found is that credit availability this year is just about the same as last year. While experts expect that mortgage access will improve, a survey earlier this year said that 60 out of 100 economists and housing experts said they think regulation will loosen further, 2015 hasn’t been a banner year in that expectation.

Ease of credit access

The index hasn’t plummeted, but it stagnated for a bit. Zillow’s Mortgage Access Index measures ease of credit access, and a higher number means it’s easier to obtain. In July 2004 it was at 136, but by September 2010 it was at just under 12. Today’s numbers are hovering about 65, low, but much better than a few years ago.

Debt-to-income ratio

They look at things like credit scores and how low they are before there are mortgage denials. They look at debt-to-income ratio. That is the total monthly debt as a percent of gross monthly income. A higher debt-to-income ratio means that mortgage credit is easier not harder to get.

Loans at a higher rate

Private Mortgage Insurance rates and FHA loans at a higher rate also show an easing of mortgage credit. There are other factors, but these all show that those with a bigger risk factor getting mortgages shows that the access to mortgage credit is easing.

Mortgage credit is not easing

Lately those factors have shown that mortgage credit is not easing, and definitely not at the rate that it has been. It could change, if the experts are right. If they are, let’s hope that they don’t ease to the point of breaking.

A History of Clearwater Florida

November 11, 2021 By Deborah Ward

Clearwater, Florida like many of its surrounding towns, has a storied history. Present day Clearwater sits on the west coast of A History of Clearwater Florida Florida along the Gulf of Mexico.

Hundreds of years ago Clearwater was the home of the Tocobaga Indians. When Spanish explorers discovered the area the Tocobaga were a well established in the area.

Fort Harrison constructed

Around 1835 Fort Harrison, which was named after William Henry Harrison, was constructed to be used as an outpost during the Seminole Wars. The fort was located in a spot that was overlooking Clearwater Harbor, where today Harbor Oaks is located. Archaeologists from the University of South Florida uncovered an underground ammunition bunker on the spot.

Occupation Act

The Federal Occupation Act of 1842 caused a population growth. The Act offered 160 acres to anyone who would farm the land and also bear arms. Early settlers included the Stevens, Stevenson and McMullen families. Each claimed and farmed large tracts of land.

Clear Water Harbor

Initially the area was known as Clear Water Harbor, the “Clear Water” is believed to have come from a fresh water spring found near the location of the current City Hall building.
During the Civil War, most of the residents fought for the Confederacy. Union gunboats repeatedly raided the community’s supplies since it was largely unprotected.

Development really took off after Peter Demens completed the first passenger railroad line to Clearwater. It became a popular vacation destination and it’s reputation grew after railroad magnate Henry Plant built the Belleview Biltmore in 1897.

During World War II, Clearwater was a major training base for US troops destined for Europe and the Pacific. All of the hotels in the area, including the Belleview Biltmore and the Fort Harrison Hotel, were used as barracks for new recruits. Sand Key, then known as Dan’s Island, was used by the Army Air Corps for strafing and bombing practice.

Today, Clearwater is still a beacon for vacationers, but also a great place to live and soak up the history.

Mortgages Are Harder To Get Now: 5 Things To Know Before You Buy

November 11, 2021 By Deborah Ward

The days of easy to get mortgages have been over for awhile. That’s a good thing, but it can make buying a home a bit more difficult. There are some things you can do before you buy to get the best rate and mortgage for your new home.

Your credit score

These days your credit score is more important than most everything else in determining if you get a mortgage and what your interest rate will be. Take a few minutes and get your score. You can pull it once a year free from the big three credit rating companies: Equifax, Experian, and TransUnion. You don’t need to use one of those “free credit score” companies. But do get all three and know your numbers and average.

Don’t assume. A low credit score and credit fraud can stop a mortgage application dead in its tracks. Most mortgagors require a minimum credit score of 680 for conventional mortgages and 620 for FHA mortgages. If there are problems on your report, such as erroneous information fix it now before you apply.

Save, save, save

These days getting a mortgage with no down payment or a very low down payment is nearly impossible. How much depends on many things, but know that you’ll need at least a 3.5% down payment. More is better. You’ll also need money for closing costs and living expenses after the purchase.

Don’t change jobs

Don’t change employment. If you need to change jobs, wait until after you close on the home. Any changes in your employment or income can delay the mortgage process or stop it all together. If you change jobs your lender will need to re-evaluate if you still qualify for the mortgage or not.

Pay down your debt

If you have debt, pay it down and don’t take out new loans. High income to debt ratios can put the kibosh on your mortgage hopes. Lower income to debt ratios can get you a better interest rate on your mortgage. Also don’t go on a buying spree for new things for the house until after you close. New loans will show up when the lender does that last minute credit check. That includes co-signing loans for others.

Should You Buy Your New House Before Your Last One Sells?

November 11, 2021 By Deborah Ward

It used to be a moot question. When the real estate market was super hot there was no question about whether you should buy your new home while still selling your current one. You’d lose the new one and the old one would sell likety-split anyway. Today it’s not such an easy question to answer, even though the market value is trending upward.

Sell first?

So today do you sell your old home first? Or do you buy and then sell? It’s a good question and the answer depends on a few different things. One is you, the seller/buyer and whether you fall into one of two categories: someone who has to know where you’re going before you sell or someone who has to know you can sell before you buy.

Some things to keep in mind

First, those who are able to make an offer without the contractual out of selling their current property are favored over those who make offers contingent on selling their home.

If it’s a buyer’s market, you are at a disadvantage trying to sell, but at an advantage in looking for a new home since there are more to be seen. So selling first is probably a good idea.

In a seller’s market you could probably get away with listing while you look, just remember that there will be competition for the home you want to buy, so don’t offer on a new one unless you are sure yours is sold or just about sold.

Do your homework

Your best bet if you are going to take the chance and buy and sell simultaneously, then do some homework first. Start by talking to real estate agents to get an idea of market value of your home. Then talk to your mortgage company and find out two things: first, if you qualify for a loan for a new property, second, if you can get that mortgage before your current home is sold. Then be prepared to have a time period of paying both mortgage payments. If you can’t stomach that thought, sell first, then look and buy.

Look at the options

If you sell first, then buy, there are a few things you can do as well. First, look at the options for temporary housing while you look for your new home and close on it. Don’t rely on the assumption that the buyers of your current home will allow you to rent back from them. Then enjoy the experience of buying and having the negotiating edge!

Why Florida Is The Best Place To Retire

November 11, 2021 By Deborah Ward

It seems cliché, but Florida really is the best place to retire. There are a lot of reasons, so let’s explore a few.

Top of the list: taxes

When you retire your income is no longer a guaranteed thing and is now limited to your pension/401K/IRA and Social Security. That can be a challenge if you live in some other states like New York or Maryland that feel that pillaging your retirement income is their prerogative. So why not move to Florida where Why Florida Is The Best Place To Retire there is no state income tax, no inheritance tax or estate tax?

Stretch that retirement dollar

You know what else goes right along with the lower taxes? A lower cost of living, generally (some areas are higher, but that goes for anywhere you look). Homes are less expensive, as are the other necessities of life. You can stretch that retirement dollar a lot farther.

Sunny days

You can’t ignore the weather in Florida. Yes, it’s hot in the summer. Yes, it’s humid in August. Guess what? It’s hot and humid a lot of other places too. Ever been in Washington DC in August? How about Michigan in February?

Snow!

You won’t be shoveling snow in Florida. Or blasting your heat either. You might need a light jacket or sweatshirt in January, but not a parka, scarf, hat and mittens just to go from the house to the car! You will have to be aware that the sun IS stronger in Florida in the summer, but like you adjust to freezing temperatures in the winter now, you can adjust your activities to avoid too much sun in July.

Enjoy water play

Along with those lovely warm temps comes water. Florida is surrounded by it on all but one state line. The Atlantic Ocean is on one side and the Gulf of Mexico on the other. In between are lakes, canals and marshland. That means plenty of things to do like swimming, boating, fishing, biking, bird watching or whatever else you like to do on the beach or at the pool.

A great place to vacation for your family

You know those kids and grandkids left behind in the colder, more expensive climes? Grandma and Grandpa’s house now becomes a great place to vacation. Going to the beach or even to Orlando for some time with Mickey Mouse or at Universal Studios. Many towns have their own water parks and there is so much to do that the kids will be worn out in no time. There are plenty of airports to make their trip down quick and easy.

So why retire anywhere else?