It only took a year to do, but Congress has finally passed a bill extending some tax credits, including the one that does not count your short sale debt forgiveness as taxable income. Florida continues to be one of the hardest hit states, and this really should be continued through 2015, at least, but we will, most likely, have to wait until the end of the year, yet again, to see if it will get extended. To see this and other tax breaks in the bill, click on the "2014 Tax Breaks" link, below!
2014 Tax Breaks
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Wednesday, December 17, 2014
Wednesday, November 19, 2014
Wall Of Snow, Buffalo, NY.
Photo by Mark Branden
See the time lapse of the "wall of snow" arriving in Buffalo. (Click on "Why We Live In Florida!") The lake effect snow is just one of the many reasons we move to Florida!! A very GOOD one, I might add!! I can help you find that "warmer" oasis in the Tampa Bay area!
Thursday, September 25, 2014
TBT: My First Closed Sale
TBT for the blog!! This is the first closed sale I made as a Florida Realtor! One always remembers their "first"! Biggest issues for the client...... "There aren't enough phone jacks in the house!" "Why isn't there a phone jack in the kitchen?" "You would think people would have put a phone jack here!" "I cannot make an offer on a house that doesn't have enough phone jacks!" Once I convinced him they can actually put more in....... we made a decision! LOL!!
It has been a wonderful ride since this home, taking me to all points of the Tampa Bay area! Hundreds of satisfied clients later, I still enjoy seeing the faces of folks when they finally get that perfect home....
Tuesday, March 22, 2011
First-time Buyers Prepare for Best Market in Recent History
Click on the title to get the complete article and tips on preparing to purchase your first home. This is a GREAT buyers' market and I can help you make the best deal possible!
Friday, March 18, 2011
15 yr. rate below 4% and 30 yr. still below 5%!
The signs are still there that this is a great time to purchase that home! With rates this low, it makes sense! Click on the title for the complete article! There are a lot of options out there. Let me know how I may assist you in your next purchase.
Thursday, March 3, 2011
Welcome to the Strawberry Festival!
The Florida Strawberry Festival kicks off today! Weather is absolutely GORGEOUS, so head on over to Plant City for your festival food and all the strawberry shortcake you can handle! Click on the title for the Florida Strawberry Festival website for all of the details and the entertainment that will also be performing.... Enjoy the festival!
Friday, January 21, 2011
Interest rates inch higher!
Interest rates are STILL at historical lows. Now is a GREAT time to purchase! Click on the headline to get the rest of the story!
Friday, January 14, 2011
Mortgage Rates Inch Lower
For the second week in a row, rates decreased slightly..... but how long will this last? Historically low interest rates make today a perfect day to purchase that home! Click on the title for the complete story!
Thursday, January 13, 2011
Tampa Area in Top 10 Markets searched online!
Perhaps we are getting closer to recovery as three Florida markets are in the top 10 searched online. Tourism is picking up and more people are moving into Florida than relocating elsewhere. Now is a GREAT time to be purchasing that home in the Tampa Bay area!! Click on the title for the complete story!
Wednesday, January 12, 2011
First Time Homebuyer Credit Extension for Military and other Federal Employees
Perhaps it has been forgotten, but there are certain military personnel and other federal employees that qualify for the first time home buyer credit extension. Click on the title for the full article from the IRS.
Friday, December 17, 2010
Mortgage Rates Rise for 5th Week!
Mortgage rates, while still at historic lows, rose for the 5th straight week. Click on headline for the complete article.
Tuesday, July 28, 2009
Tampa Bay Prices Unchanged, NOT Down!
Tampa, Florida
May 2009 Home Price Index
One-Month Change: 0.0%
One-Year Change From May 2008: -20.8%
Peak Month: July 2006
Source: S+P/Case-Shiller Home Price Index
May 2009 Home Price Index
One-Month Change: 0.0%
One-Year Change From May 2008: -20.8%
Peak Month: July 2006
Source: S+P/Case-Shiller Home Price Index
Prices Rise for First Time Since 2006!
According to the latest S+P/Case-Shiller data, the 20-city index rose 0.5 percent from April to May, although it is still down 17.1 percent year over year from last May. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the index has now shown four consecutive months of improvement.
Wednesday, June 3, 2009
Pending Home Sales UP For Third Month!
WASHINGTON – June 2, 2009 – Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
“Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” says Lawrence Yun, NAR chief economist. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West, the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan says there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans to buy down the interest rate or make a larger downpayment.”
NAR’s Housing Affordability Index (HAI) is in record territory. The index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. Tracking began in 1970.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.
“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” Yun says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
“Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” says Lawrence Yun, NAR chief economist. “Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. In the Midwest the index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. The index in the South slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. In the West, the index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan says there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans to buy down the interest rate or make a larger downpayment.”
NAR’s Housing Affordability Index (HAI) is in record territory. The index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. Tracking began in 1970.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.
“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” Yun says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Saturday, May 30, 2009
Details of FHA's $8K Downpayment Advance
WASHINGTON – May 29, 2009 – The U.S. Department of Housing and Urban Development (HUD) released more details today about its program to help first-time homebuyers use a tax credit as part of a downpayment.
HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.
“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”
The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.
“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.
Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms. To read the complete overview in Mortgagee Letter 2009-15, go here.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.
“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”
The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.
“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.
Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms. To read the complete overview in Mortgagee Letter 2009-15, go here.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Wednesday, May 13, 2009
Two Points!
The $8,000 first-time homebuyer tax credit has received a lot of attention lately, but it has also overshadowed another big reason to buy a home now: record-low interest rates.
In May, 30-year mortgage rates of 5 percent were widely available. That's down from January's already-low 5.8 percent, and two percentage points less than in August 2008.
How important is two points? On a $200,000 home, a buyer could save $257 per month ($3,084 per year) by buying now rather than last August. On a $200,000, 30-year fixed rate mortgage, the monthly payment difference is:
• 7 percent: $1,330 monthly (rates in August 2008)
• 6 percent: $1,199 monthly (rates in December 2008)
• 5 percent: $1,073 monthly (rates in May 2009)
© 2009 FLORIDA ASSOCIATION OF REALTORS®
In May, 30-year mortgage rates of 5 percent were widely available. That's down from January's already-low 5.8 percent, and two percentage points less than in August 2008.
How important is two points? On a $200,000 home, a buyer could save $257 per month ($3,084 per year) by buying now rather than last August. On a $200,000, 30-year fixed rate mortgage, the monthly payment difference is:
• 7 percent: $1,330 monthly (rates in August 2008)
• 6 percent: $1,199 monthly (rates in December 2008)
• 5 percent: $1,073 monthly (rates in May 2009)
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Tuesday, May 12, 2009
Home Sales UP!!!!!
Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to FAR - the third consecutive quarter for higher existing home sales. Statewide existing condo sales in the first quarter rose 19 percent compared to 1Q 2008. Nationally, NAR says sales of all housing types slipped in the first quarter.
Tuesday, May 5, 2009
Lakes Of Cristina New Listing!
This MacKay, former model, Grand Aruba floor plan has well over 2700sf of open living space, 5BR, 4BA, POOL and a THREE car garage! The home boasts custom molding, built-in wall unit that can house a large screened TV, wired for surround sound andsliders leading to the screened pool. The master bedroom has a walk-in closet, dual sinks and a coffee bar with small refrigerator. The Bonus Room (5th BR) comes complete with a full bath! The kitchen has plenty of light oak cabinetry, including 42" uppers, built-in desk, pantry, breakfast bar and more. There is plenty of room to entertain in this home and additional space is available out on the ample lanai. The large laundry area has a built-in ironing board. The home comes with hurrucane shutters that cover the lanai. There are many other features you will have to view to appreciate. The home is located in an excellent school district and is walking distance from Riverview High. The home's location allows an easy commute to Tampa and surrounding areas. This home has everything you want and more! Priced at $289,900!Fast Fixes to Sell a Home!
It's not rocket science: Houses that look fresh and attractive sell faster than beat-up homes. Here are some cheap tricks from Money Magazine for boosting appeal:
• Buy a new mailbox, house numbers, doorbell and knocker: $200
• Green the grass with nitrogen-rich fertilizer: $50 to $200, depending on the lawn's size
• Edge and mulch flowerbeds: $300 to $600, depending on the number of beds
• Replace the bathroom faucet: $300
• Install beadboard over dated bathroom tile: $800 to $1,000
• New paint: $60 to $100 per room if homeowners do it themselves
• Replace switch plates and outlet covers: 50 cents each
• Install stone tile over existing Formica countertops: $500 to $1,000
• Buy a new mailbox, house numbers, doorbell and knocker: $200
• Green the grass with nitrogen-rich fertilizer: $50 to $200, depending on the lawn's size
• Edge and mulch flowerbeds: $300 to $600, depending on the number of beds
• Replace the bathroom faucet: $300
• Install beadboard over dated bathroom tile: $800 to $1,000
• New paint: $60 to $100 per room if homeowners do it themselves
• Replace switch plates and outlet covers: 50 cents each
• Install stone tile over existing Formica countertops: $500 to $1,000
Friday, May 1, 2009
Mortgage Interest Rates week ending 5/1/09
Rates on 30-year mortgages slid to an average of 4.78 percent this week, tying a record low and spurring refinancing activity as the housing market moves closer to bottom, according to Freddie Mac's weekly nationwide survey.
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