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Predictions for 2015

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Hello Tampa Bay:

I wanted to share with you my predictions for 2015.

SLOWER GAINS IN PRICE
I predict home prices will rise 3% in 2015.  With improving inventory and the exit of institutional investors, we’ve entered into a “normal” phase of steady growth, rather than the rapid recovery phase of 2012-2014.

BUYING HYSTERIA TO FADE
The homebuying process will be less hectic in 2015.  I’ve already seen the home buying process become easier for regular people.  Sellers will face more competitive pressure, and buyers will face less…as inventory continues to rise, investors exit, and buyers face increased access to credit.  As such, a more balanced market will continue to develop.

MORTGAGE RATES WILL RISE
I predict interest rate on 30-year mortgage will rise to 4.5%.  We are currently near historic lows of 3.7%.

FORECLOSURES WILL DECLINE
Foreclosures will continue to decline as many people have gained equity in their home due to the price gains over the past few years.

GLOBAL BUYERS
Foreign buyers will continue to play a huge role in Tampa Bay housing market.  In 2014, Florida had the highest percentage of foreign buyers in the country, and Tampa Bay had the highest percentage among Florida metropolitan areas (even higher than Miami!).

Best regards,

Michael A. Melnyk

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Merry Christmas, Tampa Bay

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snowman - tampa bay real estate

Spread Joy

This
Christmas
end a quarrel.
Seek out a forgotten
friend. Dismiss suspicion,
and replace it with trust.
Write a love letter. Share some
treasure. Give a soft answer. Keep
a promise. Find the time. Forgo a grudge.
Forgive an enemy. Listen. Apologize if you
were wrong. Try to understand. Examine your
demands on others. Think first of someone else. Be
Be kind; be gentle. Appreciate. Laugh a little. Laugh a
little more. Express your gratitude. Gladden the heart of a
child. Welcome a stranger. Take pleasure in the beauty and the
wonder of Earth.
Speak your love.
Speak it again.
Speak it yet
Once again.

MERRY CHRISTMAS, TAMPA BAY.

It’s Greek Month

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greek month 1 - tampa bay real estate

Hello Tampa Bay:

We’ll keep it short and sweet, but wanted to reach out!  It’s been a big summer for us.  We are constantly growing and evolving.

Recently discovered this amazing Greek restaurant, one of those rare finds of authentic, homemade cooking.  If you or someone you know has real estate needs, then let’s make a reservation to discuss real estate over some very enjoyable Greek food.

By the way, the name of the restaurant is Suvlucky Corner.  Top photo is their Moussaka, bottom is their lamb and orzo.

Best regards,

Elegant Casas

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greek month 2 - tampa bay real estate

Wall Street Journal Analysis

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Hello Tampa Bay:

Here are some notes from an interesting article of The Wall Street Journal.

  • Home-price appreciation is slowing (a welcome trend for potential homebuyers)
  • Single-family housing prices for Tampa-St. Pete-Clearwater market rose 1.3%  from the same quarter a year earlier (note that the average for the 25 largest metro areas is 4.4%)
  • “We see moderation in price gains continuing”
  • Interest rates expected to continue to increase next year, which could further slow appreciation

Here is a link to the original article:
http://online.wsj.com/articles/home-price-growth-slowdown-a-mixed-trend-for-economy-1407861595

Best regards,

Elegant Casas

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