Key trends impacting the Tampa Bay market in 2020 – TBBWMAG.com
At the local level, the Tampa Bay economy is still in great shape. The market ranks no. 13 in the country for job growth and the 3.1 percent unemployment rate was well below the national average.
Panelists speak at Cushman & Wakefield’s Tampa Bay State of the Real Estate event.
For the first time in nearly a decade, the Tampa Bay market is seeing new Class A office development. In the central business district, the first new Class A office buildings are being built in over 20 years. Overall, more than half a million square feet of new office product is expected to deliver in 2020, much of it on a speculative basis.
While the new product may cause a rise in vacancies, as vacant space leases up, Thorpe said the market is primed to absorb the new space. Office leasing expert Mercedes Angell, who spoke on a panel during the event, echoed Thorpe’s sentiments.
Leasing demand remains especially strong in Tampa Bay, Angell said, adding that rents grew 5 percent, year over year, in 2019. With office rents finally pushing past the $30 per square foot mark, and even into the low $40s for a top-tier product, both Angell and Thorpe predict rent growth will continue throughout the year.
Nationally, and locally, the industrial sector continues to shatter records. While virtually every property sector has been performing well in the Tampa Bay region, the industrial market has come out as the shining star. Bolstered by the area’s strong population growth, especially along the I-4 Corridor, the market saw near-record-low vacancies in 2019.
The Lost Contracts, a Relative Recovery in Denver, CO – My New Era
There is no denying the pandemic shutdown resulted in many lost home sales. Some sellers and buyers scrapped their plans altogether, while others put them on hold. Can these “lost” home sales be found again? The strength of the recovery will largely depend on price point.
Despite a quick rebound in traffic once showings resumed, the Denver metro sold count was down around 24% year-over-year between March and June. For this same period, there were 4,820 fewer closings than in 2019.
One encouraging detail is that more contracts have been written since showings resumed than had been written in the same timeframe last year. This suggests the market will recover at least some of the lost sales from the spring as these contracts finalize.
The recovered home sales have not affected each price point proportionately. Of the new contracts aforementioned, around 49% of them fall into the $0-300K and $300-500K price segments, despite these segments having together made up around 67% of the overall market share back in 2019.
Benefits Of Investing In Commercial Real Estate – Ideas Plus Business
There are lots of benefits of investing in commercial properties. They include:
1. High returns
As the popular saying goes, the higher the risk, the higher the reward.
Commercial property returns and far more attractive than those of residential properties.
A research study conducted by the National Council of Real Estate Investment Fiduciaries found out that commercial real estate investments have an average return of 12.7 percent annually compared to residential properties which have an average of 8.8 percent.
More space attracts more tenants which results in more money in your bank account. This is one of the best choices for an investor who wants to diversify his or her portfolio.
2. Good tenants
It can be hard for investors with residential properties to find tenants who will look after the property like their own. On the other hand, commercial properties attract corporations and businesses.
Since the tenants are backed by their organizations, they are more likely to take good care of the property. Good tenants will make your life easy.
3. Long-term leases
Commercial leases are usually longer than that of residential properties. They normally start from six to twelve months.
If you ask around, you’ll find out that most properties have been leased anywhere from five to ten years. For the investor, this means lower vacancy rates and turnover costs.
Long term leases are linked to reliability and positive cash flow. Commercial investors can end up dealing with undesirable tenants for a long time.
However, they can avoid this by following the law and appropriate application processes.
4. Easy to increase value
One of the major differences between commercial and residential properties is how the property values are determined.
Residential real estate is greatly influenced by other similar properties while commercial properties are impacted by how much revenue they generate.
In short, the higher the revenue a commercial property generates, the higher the property will be valued. With qualified tenants, commercial investors will witness an increase in value faster than residential properties.
5. Triple net leases
Triple net leases vary depending on the situation. However, they are extremely important for investors with commercial properties.
A triple net lease ensures that the tenant handles all property expenses including taxes. All the investor has to pay is the mortgage.
Big organizations such as Walmart and Starbucks sign this lease to maintain the look and feel that goes hand in hand with their branding strategy. The tenants manage all other costs while the investor pays maintenance costs only.
There are different types of leases that you can adopt. However, a triple net lease will accelerate your progress.
Six Fresh Trends Shaping the Face of the Real Estate Industry – Digitized House
Trends are an ever-changing phenomena, whether it’s the fashion industry, music, business, technology, or real estate market. These shifts, however, may not always be positive for the respective genre. But in the case of real estate, things are looking up. As 2019 winds down and we head toward 2020, there’s a strong movement toward real estate technology, known as PropTech. Let’s take a look at PropTech and other fresh trends that are shaping the real estate industry.
- Tech Companies Entering the Real Estate Sector
- Increased Investment in PropTech
- Green Is hot
- Alternative Forms of Housing
- New Technologies Are on the Rise
- Increasing Social Impact on Investment
How to Sell A Multifamily Property Fast for Cash – Highest Cash Offer
Review All Leases & Tenant Rights
It’s absolutely critical to review all the leases and occupancy for each unit in your multifamily home before you put the property on the market. If you plan on selling the home with tenants remaining in the property, potential buyers will have several questions for you regarding leases and occupancy. These questions include what are the terms of any remaining leases, the rent amount and what it includes for each unit and are there any security deposits being held.
You also need to be cognizant of the rights of your tenants, which are different from state-to-state. Be sure to review your local tenant rights before putting the home up for sale.
Selling a multifamily home with tenants on extended leases can be an extremely difficult process. Your chances of a sale will improve dramatically if the home is empty.
Prepare the Property for Prospective Buyers
No matter the type of property you plan on selling, you must make sure it’s prepared for prospective buyers to view. In most cases, multifamily homes are viewed as investments, so a buyer isn’t going to want to invest in a home they believe needs a lot of work.
When preparing the home to be viewed, ensure all the doors and locks on the property are working properly. Few things look worse to a potential buyer than struggling with a troublesome door or fidgeting with a faulty lock.
If there are designated parking areas on the premises, ensure they are clearly defined and in presentable condition.
If there any common areas on site, be sure to tidy them up before any showing.
Finally, don’t forget about curb appeal. Simply dressing up the front door, sweeping sidewalks or walkways and trimming bushes or flower beds can help make a great first impression.
Key trends impacting the Tampa Bay market in 2020 – TBBWMAG
While there are many factors that could put the U.S. economy at risk, from trade issues to record-high stock values that simply can’t keep increasing forever, there are also many reasons to feel confident about the economy in 2020 and Tampa Bay’s outlook.
For example, the U.S. cranked out an average of 180,000 jobs a month in 2019, leading to an unemployment rate of 3.5 percent in December – the lowest in 50 years. Job openings were at an all-time high at the end of the year and wage growth finally began to accelerate. One of the most telling stats is the quit rate, or a number of people who leave a job willingly, which is currently at a record high nationally. This means the average worker is confident they can leave a job’ and find a new one, which wouldn’t be the case if there was widespread economic uncertainty on the horizon.
At the local level the Tampa Bay economy is still in great shape, Thorpe said. The market ranks no. 13 in the country for job growth and the 3.1 percent unemployment rate was well below the national average.
Home Selling 101 For 2020 – Tre Pryor
Real estate isn’t just a matter of training how to “talk” to people and convincing them to buy your property. A huge part of it is ensuring you’re providing them with the kind of product that they’ll surely buy – not just because they want it, but because it’s the best option for them. Home selling 101 is putting your home’s best foot forward. From the elements of the property itself to the updates to the presentation—making sure everything is in tip-top shape. Below are four keys to focus on that will make your house sell quickly for the highest possible price.
- Aesthetics Seal the Deal
- Repairs and Updates Can Improve Your Price
- Sometimes, It’s Location, Location, Location
- Documentation Matters
Home selling 101 means tackling all the important things. When it comes to a successful real estate transaction, it’s not just about a slick salesman. It more about what you are offering. Nothing makes a home sale better than actually showing off a good home.
With the above considerations in mind, you’ll have a good set of things you may want to ensure you have before you proceed with your home sale. And if you don’t have these elements in check, you might want to revisit the drawing board and plan your house sale accordingly.
ARE YOU AWARE OF US HOMEOWNER TAX CHANGES? – ACME Real Estate
Mortgage Interest Deduction
The current mortgage interest deduction covers debt up to $750,000 and was created as a way to make homeownership more affordable for buyers. This was scaled back from $1 million beginning in 2018. What it does is cuts the federal income tax that a qualifying homeowner pays by reducing their taxable income by how much mortgage interest they pay.
There is an exception to the law for buyers who were under contract by December 15, 2017, and closed by January 1, 2018. Another exception involved refinances, where the law treats the new loan as if it originated on the original loan date, meaning the $1 million would apply.
Property Tax Deduction
In the past, homeowners were able to reduce their taxable income by the total amount of property taxes paid. However, this has now been reduced to a total of $10,000 for the cost of property taxes along with state and local income taxes or sales taxes.
Home Equity Funds
Homeowners used to be able to borrow against their home “for reasons other than to buy, build or substantially improved (their) home,” meaning an owner could have borrowed from a home equity line of credit to help pay for a child’s college tuition and used this as a tax deduction. However, this too changed in 2018.
Now, interest paid on home equity debt can only be deducted if the money was used “to buy, build, or substantially improve the taxpayer’s home that secures the loan.”
Mortgage Interest Deduction Changed for Second Homes
Homeowners can continue deducting interest on mortgage debt for both their primary and second homes, but the $750,000 limit of eligible mortgage debt does apply as discussed above.
Expert home seller advice by a top Real Estate Broker
In this article: How to sell your house without paying for updates. Learn how to get your property ready for the market and protect your money. If you’re like me you’d want to get the absolute highest and best price selling your house. Obviously, if my house needs a bit of TLC it won’t be winning any awards or grab the same price as the house down the street featured in Curbed that just sold. That house is in better condition and has a view of DTLA.
If you live in reality and follow this advice you’ll earn more money in the sale of your home every single time.
Getting your home ready to be offered for sale on the MLS represented by a local Realtor.
Side note – You could offer your house for sale “off-market” or “pre-MLS” to test the waters for a higher price. When a house is offered as a “quiet sale” it appears to be more desirable or special to the general public. If it doesn’t fetch the price you want either adjust your selling price expectations or there are a few other strategies listed below to get top dollar.
Imagine the hunt for Prince/Princess Charming sans crappy one-night stands, catfishing, lies, and the “not ready for commitment” factor. The Multiple Listing Service (or MLS—a large online database of homes for sale) is like Tinder or Bumble, but instead of swiping right for your next potential date or possibly the man of your dreams, you are hunting for a prime investment to build your personal wealth—and this fish wants to be caught! The outcome? You’re the one who owns the castle and all the equity that goes along with it.
Looks can be deceiving
I’m going to break down and demystify the whole property buying process for you, so whether you’re ready to take the leap to buy something now or two to five years from now, you will have a plan of action.
The past does not determine your present
I’m encouraging you to start thinking of real estate not as the conclusion to a love story, but as the building block to your financial future.
Why aren’t you married yet?
The most annoying question of all time. Learn how real estate can turn you from a bystander into the star of your own life.
HOW TO SELL AN EMPTY PROPERTY? – Beat Color
Selling empty properties means that interiors photos will not be quite as appealing as they would be for a furnished property, so it is vital that the exterior photos are exceptional. So how to make the exteriors be stunning? Don’t think it is a big problem. Take it easy and write down basic things which need to be done. For example, repainting the wall and the fence, mowing lawn, sweeping out all the dead leaves, collecting litter or removing broken objects are necessary to be listed… After finishing these things, your exteriors will look like new again. If possible, you can make use of empty land to plant some flowers or tiny trees. Try to make the exteriors stand out, because customers prefer to see something in those photos that will make them want to arrange a viewing.
Even though interiors is empty, it still needs some touching up because empty rooms can reveal many little flaws, scuffs, nail holes and cracks which you may have never noticed. However, these problems can be fixed by putting a fresh coat of paint on the wall. Painting rooms not only gives you the opportunity to neutralize the colors if your chosen hues were on the bold side, but also helps to convey subtly a sense of newness. Floor is another part you should keep an eye on if removing your furniture reveals worn-off wood finishes, dingy carpets, or blackened grout in high-traffic areas. Damaged sections of flooring will make the house look like abandoned, so if your budget allows consider getting them repaired. If this is not feasible then hire a good floor cleaning machine and tidy them up as best you can.
Staging the empty house
Empty rooms can be difficult for buyers to get a clear sense of how big the rooms. Empty dining rooms or bedrooms may actually appear smaller than they are, making buyers nervous about whether their furniture will fit. However, this problem can be fixed by adding a few tasteful items that can anchor the eye and show the relative spaciousness that your home offers. A neatly-made bed in the master bedroom can work well, or a painting hung near an accent chair in the living room. If you haven’t got the furniture to spare, you can use virtual staging service which doesn’t cost much. Using this service, you can stage your house with computer-generated items and your house will look like fulfilled and stunning as a furnished house.
Easy ways to sell a property to a buyer even when you don’t speak their language – Kyero
One of the useful functions of Kyero we often talk about is the ability to translate your listings into 13 different languages. But some agents we speak to are reticent about using this to market themselves to international buyers because they’re worried they won’t be able to speak to them in their own language if they make an enquiry. To give you a little bit of extra encouragement we’ve come up with a few ways you could overcome the language barrier and make those international sales.
- Establish if there’s a common language
- Use Google translate
- Use a translator
- Let the property do the talking If you really can’t find a suitable way to communicate that works for both parties, there is another option – you can let the property speak for itself.If you provide the right information on your Kyero listings, provide attractive and honest photographs and use the Kyero translate function, your buyer will already have got a very good idea about the details of the property and whether they’re interested. The viewing should then become a formality.In which case you can guide the buyer to the property, point out the things that make it particularly special and let them make up their own mind.
- Establish key features to find the right propertyIf you receive a request for help from a potential customer with whom you can’t find a common language, it may be a good idea to aim to narrow down their search criteria so that you can focus on finding a property that meets their needs. Try using one of the methods above with the intention of establishing exactly what the enquirer is looking for. You’ll then be able to scour your portfolio for the right thing and avoid wasted time and frustration on both sides.Whichever method you choose, there’s no need for language to be a barrier to a successful sale.
Hire Property Management Agency! – Morris Invest
If your goal is to maximize your profits and expand your portfolio, then managing your own investment properties wouldn’t be very practical, even if you feel you’re capable of pulling off the job. This is where a property management company comes in. They can successfully manage your real estate investments and ultimately funnel more money into your bank account! Here are reasons why:
- Avoid Financially Draining Vacancies with Proper Marketing Strategies
- Escape Financial Risks by Weeding Out Bad Tenants
- Efficient Rent Collection Ensures a Consistent Cash Flow
- Boost Your Revenue by Achieving Higher Tenant Retention Rates
- Save Thousands by Letting a Management Company Handle Property Repairs
- Build Great Wealth by Investing in the Best Rental Markets
- Grow Your Portfolio by Seeking Out Other Profitable Real Estate Investments