HR 3548 was signed into law, extending the $8000 tax credit offered to First Time Homebuyers, people that have not owned a house in 3 years. The original tax credit was due to expire on November 30, thus we had been scrambling to help buyers find properties. Now a buyer has until April 30, 2010 to get a home under contract, and until June 30, 2010 to get that home to closing.
On December 1, the income limits on the tax credit will change from the original guidelines of $75,000 to $125,000 for single people. And, from $150,000 for married couples to $225,000
Homebuyers cannot purchase a home for more than $800,000.
Effective immediately an existing homeowner may qualify for $6,500 if they purchase a home. Their principal residence must be owned for at least five consecutive years, in the past 8 years. These buyers may purchase a home immediately.
A buyer must own the home for at least 3 years in order to not have to pay back the amount of the credit.
The new law also requires new buyers to submit proof of their new home purchase with their tax returns, as there has been so much fraudlent activity in the program already.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
We received our property tax bills in the mail this week. And, already some disgruntled owners are heading to the tax assessors office to file an appeal, as they feel their taxes are unjust and too high. Owners are frustrated as their taxes on their homesteaded properties are rising in a real estate market that has experienced a downturn.
In September 1995 the Governor approved a rule #12-8.0062 to allow the property appraisers office to increase the assessed value of a homesteaded property even if the market value of the property decreases. The amount of this increase can only be 3% per year or the percentage change of the CPI, whichever is less. This can be done as long the assessed value of the property remains less than the market value of the property. So, in a declining market, a homesteaded property may receive an increased tax bill. Many owners are unhappy with this.
We are hearing that fees for applying for an appeal on your tax bill could be tripling in some counties in Florida.
Property taxes on non owner occupied, investment properties or second homes have a cap of 10% on the assessed value of a property. The tax assessors office implemented this change this year. However, the owner of the property must be the same person since January 1, 2008.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
I recently read an article that indicated that in today's market short sales are becoming one of the most popular ways to help sellers in disposing of a property that they owe more money than it's worth. The article went on to say that the short sale process is becoming more streamlined, as lenders are getting a better grasp on how to handle these types of sales. In some areas more internet programs are being added, as well as additional staff to deal with the large amount of short sale properties. I think that there are many more real estate professionals that have fine tuned their short sale skills, also.
Some agents are indicating the short sale process is taking less time than before and that lenders are more approachable and more eager to work with a distressed seller. Is this true? On one of the files we are working on, the lender has been wonderful to work with. They have been johnny on the spot, prompt and quite proficient.
On another file, the same lender has been dragging their feet in signing a contract after they provided us with an approved short sale price. The buyer and seller were asked, by the lender to sign the agreed upon contract 3 weeks ago, and get it right back to them. We did, And, we are still waiting for the lender to sign off on the contract. The buyer is waiting as he is ready to do inspections.
A short sale stays on your credit for about 2 years, whereas a foreclosure can stay on your credit for up to 5 years.
Real estate professionals, are you finding that short sales are taking less time than before and that banks are more agreeable to working a deal with an owner today? I think it depends on the lender and the mitigator assigned to the file.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
Brevard County Property 2009 tax bills are in the mail. The bills are for the period covering January 1 to December 31, 2009. Home and property owners that don't have their taxes escrowed by their mortgage company have until March 31, 2010 to pay their bills. If the bill is paid in November owners receive a 4% discount. If paid in December the discount is 3%. And so on.
Mortgage companies that electronically receive the tax bills must pay the bills prior to November 30.
This year there was a $64 Million decrease in total taxes billed from 2008 to 2009, with the 378,359 tax bills sent.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
I am on my way out to show houses.
This first time home buyer has been actively looking for a house for over 2 months in a 5 mile radius of Palm Bay. She has realistic expectations. She and her husband aren't looking for a home that is out of the ordinary. She'd like a 3 bedroom, 2 bath, 2 car garage about 1500 square feet of living. In the under $125K price range she should be able to find what she is looking for. She is an FHA buyer, so to stay within FHA guidelines the home she chooses must have a newer roof, newer A/C unit, some type of heat, a stove, no broken windows, and if it has a pool it can't look like a swamp monster lives in it.
Easy right?
Well, maybe not right now.
We have looked at every house in her price range in the area she would like to live. Many are short sales or foreclosures. Many of the foreclosures will not qualify for FHA because of their poor condition. We have checked and double checked the list of houses for sale and haven't yet found a property that works for them.
I remember not that long ago, we were in a buyer's market. There was an huge inventory of homes available for sale. Buyers had no problems finding a property to suit their wants and their needs. But, in some areas and price points in Brevard County today, that has changed. We are finding there is a shortage of good, clean affordable homes under $125K.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
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Full time professional serving your buying, selling & investing needs on Florida's Space Coast. I can assist with your short sale or relocation. I buy, sell, rent, own & manage investment properties.
Hi, I'm Sandy Shores...I am a Full Time REALTOR® since 1996. I have lived in the Lake Washington area of North Melbourne since 1975 and I love it here! I specialize in Residential, Investment Property and Relocations. I can help with your Short Sale, too. I work with buyers, sellers, and investors.
My broker has been in the business for nearly 50 years specializing in Residential, Commercial and Investment Property. He has been a wealth of knowledge for me. He owns and always has owned investment property of his own.
I began purchasing single family rental homes over 13 years ago and have continued to buy 1 to 2 properties per year since then. I believe that there is no better place to put your investment dollars than in real estate. But, remember, in real estate you don't get rich quick over night. You accumulate wealth over time, and real estate has it's ups and downs.
The real estate market is cyclical. We have seen the Brevard County, Florida Real Estate market come full circle. Currently, we are experiencing a market correction. Our property values went up by 180% in a 5 year period of time! Investors lost money in the Tech Stock Market Bubble. Many shifted to real estate. In 2005 homes were selling in Brevard for over inflated prices. Buyers were optimistic that the market would continue up. House flippers were buying and reselling for a quick profit. It couldn't last. New owners got their tax bills based on new assessed values.They didn't expect such a blow. We were then visited by a couple of hurricanes, sending insurance rates soaring. Then, owners interest only, 100% financed, negative amortization, adjustable rate mortgages readjusted upward ...that was the final straw. Owners had to sell. The market became saturated with houses for sale, thus it began on the decline. We are currently experiencing a market correction. Today, the buying opportunities are plentiful! Sellers that purchased 5 or more years ago, are still in a position to sell for more than they purchased their homes for. Interest rates are low and short sales and foreclosures are putting downward pressure on home prices. Many homes are becoming more affordable. These deals are being scooped up first. There are home buying opportunities available today.
The Buyer...
Buying a home is probably the largest purchase you will make in your lifetime! Having lived in Florida since 1968 and in Melbourne since 1975, I know the area and understand the market. The first step is in securing a reputable REALTOR®. I can guide you through the buying process. The next step is choosing a reputable local lender in the area in which you are buying. You should compare 3 written good faith estimates to see which lender can provide with the most affordable costs and best rate (without any hidden fees)! The lender can review financing programs to find which mortgage loan is best for you. Once you have a pre approval letter in hand, I am able to assist in showing you affordable, homes, in a good area, that suit both your wants and your needs.
It's important that you not overpay for the home. Are you buying it to live in it? How long will you live there? Will it be a second home? Is it an investment property? What are your investing goals? Will you be able to sell for the price you are paying today? Always consider resale, when buying. Upon choosing the right house, I will assist you in the maze of paperwork. I follow up on financing, inspections, survey, homeowners insurance, title work, repairs, etc, to be sure the contract successfully gets to closing.
The Seller...
My job is to professionally market your largest asset, your home, for sale. For some, this is an emotional experience. Your home holds your memories. I bought and sold my own home in 2001. I handled every aspect of the transaction, for both me as the seller, and the buyer of my house, as for me as the buyer and for the seller of the home I was buying. I understand the emotions tied to the transaction, having gone through it myself.
I understand the current market conditions, nationally, as well as localty. Is the market going up or down? This will affect pricing on your home. What are interest rates doing?
The house must be in "show" condition. If there are items that need attention, they must be addressed before it goes up for sale. It is important that we don't overprice the home for the current market.
The home must be properly advertised, accentuating it's positive features. With my marketing plan the goal is to create urgency to potential buyers. I will present various financing options to a new buyer to make the home affordable and easy to "get in".
My job is to net you the best possible price in the least amount of time, with the least amount of headaches and hassles. I must attract the REALTOR community and every approved buyer to your home! Once the contract has been negotiated and signed with a pre approved buyer, it is my responsibility to see to it that every aspect of it is completed to close the sale; from inspections, to title work, insurance and follow up. Then, I will stay in touch with you to keep you abreast of current market conditions.
Today, location and condition are important in getting a home sold, however, price is the most important factor in getting a home sold!
Sandy, Thank you so much for all of your help from start to finish, and making my dreams come true. You are a credit to your profession. You and your family are welcome at my home anytime!
- Cheers, Tony Ward, England
...Through perseverance, knowledge of the Real Estate Market and knowing our personal needs, Sandy was able to sell our property within thirty days. Her services and professionalism were a credit to the Real Estate profession. It was a joy to us because the property sold due to her knowledge of market conditions and her expertise. -Danny & Diane Sicilia, Melbourne
Sandy Shores is one of the finest real estate agents that I've had the pleasure to be associated with in my 45 years in the business. Sandy is far above the competition in knowledge and ability. And best of all, she has a true concern for the customers she comes in contact with. Sandy is 100% committed.
-Willard "Bill" Mallery, Palm Bay, Florida
Sandy's persistence and detailed market appreciation enabled out house to sell within one month of her hiring...Sandy's extreme job knowledge make difficult questions easily answered...Hiring Sandy Shores ensures you get the best Realtor for the job!
-C.E. Booton, Retired Major USAF 23 years, Navarre FL
Every time I hear of someone who is interested in buying a new home, I immediately begin singing my praises of you. You went far beyond the call of duty. I also rave about how you helped me, with a new business. work through more than a few major problems with the mortgage lender. I really thought it was not going to happen, but thanks to you any your hard work and diligence I am now sitting in my very own new home!
Sandy, you impressed me with your professionalism and even after the closing I could rely on you to help with some of the challenges of owning my first home. You really take the time to help, listen and suggest possible solutions. There are very few people who go out of their way for people the way you do. For professionalism you get an A+, for customer service, A+, and for knowledge in your field A+. If I ever sell this home or buy another, I want you as my Realtor. Thank you for everything! - Kathi Belger, Melbourne
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