It is no secret that Florida’s economy has been impacted by the COVID virus, yet many snowbirds are not willing to return until at least winter 2021. For those who have homes and condos for sale or rent in St Petersburg this upcoming season, it’s important you know what these changes mean for your investment property! Read on below to learn more about how Tony Smith from the Dalton Wade Real Estate Group will help keep you informed throughout the coming months of 2021, as financial decisions continue to be made regarding tourism here in Tampa Bay.
Through local real estate market research, he discovered that Canadiens including snowbirds remit annual property taxes owing in the tens of millions of dollars annually in Pinellas County, Florida, and over the previous 22-months Canadians have paid a staggering $38 million USD in property taxes on real estate investments which include single-family homes, St Pete beach condos, and commercial holdings throughout Pinellas County, including the city of St Petersburg.
What has happened in the Florida Real Estate Market over the previous 18-months?
Um, the home prices have increased by 22%!
The local St Petersburg’s real estate market has been on a steep-incline since 2016 with the market’s normal pattern exacerbated by the  pandemic, which caused home prices to skyrocket by 22% annually and home prices have continued climbing in 2021, although at a slower rate.
Whether you are looking to buy or sell your real estate investments review our professional advice and let us know how we can answer all your questions about the St Petersburg real estate market.
When to Sell Your St Petersburg Single-Family Home
The US land border with Canada has been closed for the past 22-months and many snowbirds have been unable to return to their winter homes in St Petersburg or the beach communities. Normally, peak selling season has always been in October or November contentedly when snowbirds arrive in Florida. The ideal period of time for Canadian snowbirds to sell their second homes is at the start of the snowbird season with prices at their peak and decreasing in early spring. This article discusses why now is a great time to sell your home if you are a Canadian snowbird looking to relocate from Florida back north before winter sets in again.
Thinking About Selling Your Florida Investment Property?
Tony Smith a Realtor based in downtown St Petersburg with the Dalton Wade Real Estate Group and specializes in working with Canadian snowbirds who own single-family homes, St Pete Beach condos, or other real estate investments throughout St Petersburg. In some areas, the Florida real estate market homes prices have reached their peak after surging 22% over the previous year, July 2020. Snowbirds who are thinking about selling their investment properties in Pinellas County can request a complimentary real estate consultation from Tony Smith where topics such as home pricing, the home inspection process, and FIRPTA compliance.
5 Steps Snowbirds Should Take When Selling Their Investment Property:
The winter of 2021, will be when many Canadian snowbirds decide that the time is right to sell, follow these steps before listing your investment property for sale: Tony Smith is a local St Petersburg real estate market expert advising snowbirds how to navigate the selling process .
The first of many steps include determining the just market value of the property and identifying your target buyer. It could be your current tenant, another real estate investor looking for a turnkey rental property, or a buyer looking for a home of their own. Knowing who your target buyer is how you price your home and what you do with an existing tenant.
Step 1: Decide on your pricing strategy
Rental property investors may be willing to pay more for a home already rented to a good tenant. That’s because cash flow begins the day escrow closes, and saves the new owner the time, trouble, and lost rental income of having to look for a tenant.
On the other hand, if the tenant or owner-occupant is buying your home, they probably won’t pay more than what the recent real estate comparables show your property is worth.
Step 2: Order a pre-listing inspection and do repairs
With St Petersburg’s red-hot real estate market one of the best ways to get top dollar for your rental property is to have the buyer’s inspection come out squeaky clean.
Before listing your home for sale, order a pre-listing inspection to discover any needed repairs and fix what you can so that the buyer doesn’t have to worry about the condition of the property. Building buyer confidence will ensure a successful closing.
Step 3: Conduct a lien search
If your investment property is financed, you have a lien on the property from the lender which is removed when the house sells and the mortgage is paid off at closing. However, you may have other encumbrances such as a mechanic’s lien that you are completely unaware of.
Ask your escrow officer to order a title search and take care of any lien issues ahead of time to ensure that your property transfers to a new owner free and clear.
Step 4: Inform your tenant
Let your existing tenant know the property will be going on the market for sale. They’ll likely be concerned, so explain to them how their lease and security deposit will transfer to the new owner.
Agree to a showing schedule that isn’t too disruptive to the tenant, and that still helps you sell the property fast to qualified buyers. Consider giving the tenant an incentive for cooperating with showings, such as free weekly cleaning or an Amazon gift card.
Step 5: The Meaning of FIRPTA When Selling and Buyer Florida Real Estate
The Foreign Investment in Real Property Tax Act (FIRPTA) withholding is a percentage of the sale price that is withheld by the seller. FIRPTA applies to any foreign person who invests in U.S real estate, with certain exceptions for permanent residents and non-resident aliens. This can be an issue if you are a buyer or seller of Florida real estate because it means paying more upfront money at closing, which could make your mortgage application less likely to be approved! We have some tips below on how to avoid this situation while still being compliant with the law.
Over the previous 18-months, the St Pete Beach real estate market has rocketed by 22%!
Is now the time to sell your St Pete Beach condo?
Snowbirds were also early beach condo owners with the trend dating back to the 1980s when Canadian snowbirds started investing in beach resort communities like the Silver Sands condos along the Gulf of Mexico in St Pete Beach Florida.
The trend continues today, where St Pete Beach Condos are one such investment opportunity for a retiree or someone looking for an alternative lifestyle during retirement years.
A majority of the St Pete Beach Condos are located on a quiet street just off US Highway 19 North, close to many restaurants, shops, and attractions.
The average two-bedroom/two bath units start at $150K USD and can be purchased as an individual unit and many of these units offer property amenities like internet access, cable TV service included in the monthly HOA maintenance fee.
How to Sell Your St Pete Beach Condo
How do you sell a Florida condominium while still dodging negative misconceptions about Florida condos collapsing? Well, before even considering putting your St. Pete Beach condo on the market, make sure that all records are up to date and accurate as possible for an interested buyer’s due diligence process. This includes obtaining any documentation from the association relating to maintenance history or sale prices in order to accurately determine what price point would be reasonable when listing your property.
Florida Condo Collapse
Snowbirds in North America awoke to the horrific news that a condo had collapsed in Florida and immediately thereafter nearly every Canadian snowbird was checking their St Pete Beach condo for any sign of damage. Luckily, they were not experiencing problems with overall resale market conditions.
Canadian Snowbirds Selling Florida Mobile Homes
Many snowbirds will recognize the Sea Horse Mobile Home Community in St Petersburg, Florida as a safe and friendly community that offers affordable living at an affordable price. This mobile home community and many others are ideal for snowbirds from Canada who want to enjoy the warm winter weather without having to pay expensive housing prices and where mobile homeowners own their lot and enjoy low maintenance fees for community amenities.
Preparing to sell a Florida mobile home
Are you a Florida snowbird considering how to sell their mobile home? The first step we recommend is addressing any deferred maintenance and ensure the property is ready to attract buyers. Florida mobile homeowners will need to complete the required property disclosure highlighting any issues with the mobile home and provide the necessary mobile home community (HOA) disclosure documents.
Many Florida mobile home communities have age restrictions (55+), or pet restrictions and it’s a best real estate practice to advise buyers in advance of any restrictions. Tony Smith is a local Realtor in the St Petersburg real estate marketing with the experience required to successfully sell your mobile home. Tony’s selling strategy includes digital photography of the property, a detailed home inspection, and targeted marketing to buyers who are wanting to buy a mobile in a local St Petersburg, Fl community.
St Petersburg Realtor
St Pete Talk provides the latest real estate news, including homes for sale in St Petersburg which are handled by local Realtors Tony Smith from Dalton Wade Real Estate Group. He joined Canadian Snowbird Association to educate fellow members about Pinellas County’s property market and welcomes other countrymen who need a friendly agent when looking for their next home or selling theirs.