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Joanne Tarantino CRS, Realtor®

Things Are Moving, but...

It has been a busy season so far. It's a good thing that most of March has been too windy for boating or my husband would be real unhappy that I was working so many weekends. I have to say, I am enjoying it being busy again. With five properties under contract and waiting to close it feels like the "old days".

At the same time, it seems like the short sales are starting to get some movement finally. But as we know, in the Keys and the rest of the nation, foreclosures are up. The nice thing about a bank owned property is that we don't need to wait 3 or more months to get lender approval on a sale. We usually get an answer to an offer in 7 to 10 days. Some of these properties are extremely well priced and we have even seen some bidding wars! If you would like to be notified of these as they come available let me know.

As I have been moving along busily with an increase in sales I decided to take some time to run some statistics last night. That was a little sobering. Below is a first quarter comparison of 2008 and 2009. The numbers of sales are up, the days on the market are down, but wow, look at the drop in average sales price! I had to double check my math, it is down 29%. No wonder everyone is saying now is the time to buy.

Summary Price Information 2008 2009

Average Sales Price $728,959 $513,820

Min. Price $170,000 $130,000

Max. Price $3.5M $5.7M

Average Days on Market 148 80

Total Number of Sales 79 80

Drop in Average Sales Price = - 29.5%

Famous Quotes About Taxes

With April 15th right around the corner, I thought I would list some famous quotes about taxes. Enjoy.

"There are two distinct classed of men...those who pay taxes, and those who recieve and live upon taxes." -Thomas Paine

"The hardest thing in the world to understand is income tax!"
-Albert Einstein

"When there is an income tax, the just man will pay more and the unjust man less on the same amount of income." -Plato

"The government that robs Peter to pay Paul can always depend upon teh support of Paul."
-George Bernard Shaw

"But in this world nothing is certain but death and taxes."
-Benjamin Franklin

"A taxpayer is someone who works for the federal government, but who doesn't have to take a civil service examination."
-Ronald Reagan

REO listings?

Do any of my fellow Realtors from around the country have any info on obtaining REO listings? It seems as if only a few Realtors in my town are having any real success with these increasingly popular properties.

Enlighten me.

What Does CRS Stand For?

As a CRS for almost 20 years, a lot of my clients often ask me, "Joanne, what does CRS stand for?" And contrary to popular belief, it's not, "can't remember...." Not to fear, today, I will explain the TRUE meaning of those three mysterious letters.

C.R.S. is the acronym for Certified Residential Specialist. As the highest designation awarded to sales associates in residential sales, it recognizes professional accomplishments in both experience and education. According to the National Association of Realtors, less then 2% of all REALTORS® have earned the CRS designation. In addition to the series of courses Applicants must attend, agents must possess actual hands-on experience. That's ten years or more of consecutive experience and documentation of at least 150 residential sales!

Today, Nearly 40,000 members compromise an international network of today's top real estate "career" professionals and I am very proud to say that I am one them.

Now if I can only remember where I put my keys...

Joanne Tarantino, Realtor

This is Stimulating

When my daughter began shopping for her first home last year I was happy as her mother/real estate advisor to let her know that there was a great new $7,500 federal tax credit for first time buyers. Naturally, I began to research the program to assure that she was getting the most out of it. Was it too good to be true or was Uncle Sam actually lending a genuine interest in the millions of first-time home buyers? As it turns out, there is a tax credit for 10% of the purchase price up to $7,500, but unfortunately, it was not enough incentive to pole vault her or others into homeownership. The truth is, it's a trick. It isn't a true "tax credit". It's an interest free loan that you have to pay back to the IRS, $500/year for 15 years. Boy, is that some razzle dazzle government marketing. It reminds me of $19.99 pricing, attempting to make you feel like you are getting more then you actually are.

Another stumbling point is the maximum income of $75,000 for a single person and $150,000 for a married couple. In areas like Key West you have to make more then $75,000 to qualify for an average residence.

The final problem is you get no help at the time you are trying to accumulate enough money for a down payment (which now a days everyone has to have) and closing costs but you do not realize the credit until you file your tax return the following April 15th.

Now, before you get too discouraged, let me tell you the good news. The new economic stimulus bill is to include an $8,000 tax credit that would be available to first time home buyers, but a first time buyer is considered any one who has not owned their own home for the last 3 years and that does not include a rental property or a vacation home. This credit will apply to any purchase from January 1, 2009 until December 31, 2009 and a purchase in 2009 can be applied to you 2008 tax return. Because of this you could actually get the money fairly soon after closing if you buy now and send in your 2008 tax return right away. Even if you can't arrange to get the credit within a short time of closing, how great is that to get the bucks to fix up the new place? So many of the foreclosed and short sale properties are really a mess. The absolute best part of this new bill is that it does not have to be paid back! This will really make it work, but step back real estate speculators. You won't be able to do a quick flip here. If you don't occupy the residence for the first 3 years you pay back the credit. Do not pass go and do not collect $200.

I am really excited about this. I have so many buyers who will love to get this special help. It's about time we have something to get us out of our beat up real estate market. Not to mention the amazing help to our beat up real estate agents! It's time for a change.

Joanne Tarantino, Realtor