September is the month when we usually enter a seasonally slow real estate market and it normally continues until about January of next year., August numbers show that foreclosure activity rose by 77% over the month of July. We expect continued record increases in the foreclosure rate in October. In total almost 34,000 foreclosures were filed in Florida, or one in every 243 households filed for foreclosure. While some so-called experts predict that the Florida real estate market will recover by the end of 2008, each new monthly report shows we are not on the path to recovery.. certainly at least not yet.
Reports also show that, based upon the number of home buyers that took out adjustable interest rate loans back in 2004 to 2006, many of whom are bow nowing into foreclosure, more and more home buyers will face financial difficulty and be forced into foreclosure. I believe this adjustable rate mortgage crisis will keeping forcing homes into foreclosure for many many months to come, maybe even for a few years. We could be looking at as much as four more years of declining Sarasota home prices, not just one year.
Buyers can get it great deal on a house right now but one ought to understand what is involved. Foreclosure real estate isn't usually that cozy little home in perfect shape you may envision. Read my article on buying foreclosure real estate to get an appreciation of what is involved..
If you find yourself needing to buy or sell real estate anywhere in Tampa Bay or Hillsbough County, Florida, call upon me. I'd be happy to help.
Sunday, September 30, 2007
Tuesday, September 18, 2007
New Hillsborough County Tax Exemption Calculator
The Hillsborough County Property Appraiser’s website has a great tool that homeowner’s can use to gauge the benefits (or lack thereof) of the so-called Super Exemption that will be on the ballot come next January.
Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.
The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.
So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.
The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".
These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.
For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at http://www.tampafloridahomes.net/
Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.
The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.
So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.
The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".
These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.
For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at http://www.tampafloridahomes.net/
Friday, September 7, 2007
Tampa Bay A Real Estate "Bounce-Back" Locale
Forbes magazine recently declared Tampa Bay is the #1 place in the country to buy a home right now. Because of Tampa Bay's strong and growing economy and modest housing prices, Forbes calls Tampa-St. Petersburg-Clearwater a prime bounce-back real estate market.
There is currently 20 months worth of homes and condos inventory on the market. Some of those sellers need to sell, and sell now. So, since the Forbes article, the Tampa Bay real estate market has begun to pick up as buyers grab "bottom of the barrel" home prices available right now.
This opportunity will not last for long. It is my belief that we've got a few more months at these bottom level real estate prices before the market starts recovering early in 2008.
If you're interested in Tampa Bay real estate, please contact me at (813) 263-6806 or visit my website today.
There is currently 20 months worth of homes and condos inventory on the market. Some of those sellers need to sell, and sell now. So, since the Forbes article, the Tampa Bay real estate market has begun to pick up as buyers grab "bottom of the barrel" home prices available right now.
This opportunity will not last for long. It is my belief that we've got a few more months at these bottom level real estate prices before the market starts recovering early in 2008.
If you're interested in Tampa Bay real estate, please contact me at (813) 263-6806 or visit my website today.
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