10 Top Reasons Why It’s a Great Time to Buy Real Estate

A recent article just came out about how “now is the time to buy real estate”. Given the fact that we have over 16,000 homes on the market in Orange County alone is overwhelming, to say the least. Word by the some of the media is, don’t buy now, prices are still going down. Well, it’s all a matter of opinion… You and I both know that no one has a crystal ball. This is definitely a buyers market and there are some very good buys out there.
#1 Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Lots of options on the market today.
#2 Yay! No bidding wars. In 2005 we had multiple offers on a single home. This feeding frenzy that we experienced back then was horrible. The good news; there is no competitive bidding in this buyer’s market.
#3 You can make an offer. A few short years ago when you made an offer, the only question was how high above the asking price could the buyer reach in hopes of being the best offer on the table. Today this is not the case. Most sellers are grateful to get a fair price for their home.
#4 Patience is tolerated. In the hot seller’s market that existed everything was a big rush, rush. Today a buyer can take their time. Look at several homes and think about their decision for a few hours. Offer to purchase a home that they are “really happy” with. Not buying one out of desperation for fear they will not find another.
#5 This one is really crazy. In the not so distant past, buyers had to play games just to get into a new home. I remember several times I went to the model center at 5am in the morning for my out of state or out of country buyers and stood in line just to make sure my buyers had a chance at the lottery to build a new home. At one model center, there were homebuyer’s who slept on lounge chairs in front of the sales center doors at the model to ensure they were first in line. It was a crazy time and now builders have thousands of specs ready for anywhere from immediate to a few months down the road occupancy. Oh, did I mention how negotiable they will be on those specs!
#6 In this market even, due diligence is welcomed. A buyer is encouraged to obtain a home & termite inspection (which by the way we have always encouraged our buyer’s to order inspections. Back in 2005, many buyers waived these contingencies in order to gain an advantage with multiple offers.
#7 After a home inspection has been completed, the buyer submits a repair request to the seller. In the past a seller might insist the home be sold as is. And, in some cases you will find that today, but there are few back up buyers waiting.
#8 It was estimated that one third of all the sales in 2005 were to investors. Mortgage fraud became commonplace. We still have investors, especially on the foreclosure side, but the mortgage fraud has decreased dramatically.
#9 Location, location, location. How many times have you heard this. Well, it’s very true! Today many buyer’s can find homes closer to work and in areas that they are attracted to. In 2005, favorite communities were almost impossible to get into.
#10 Last, but certainly not least! Real financing is available… The “wink - wink” zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back and FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. Hip-hip-hooray! It’s a great time to buy real estate!!!
Source: Broker Agent News

Tampa Real Estate
Orlando Homes for Sale

Revised Property Tax Relief Proposal for Florida

Recent email from the president of the National Association of Realtors, Nancy Riley

For over a year now you have been advocating for property tax reform that is comprehensive and not just a simple tax cut. Your message has been clearly delivered to the legislature that reform needs to address all property types - not just Homestead property owners.

This afternoon The Florida House of Representatives released a revised property tax relief proposal that will be considered on Monday. This plan includes provisions advocated by both Republicans and Democrats in the House.

In addition to Portability which is being embraced by the Governor, Senate and House, this new House proposal includes a five percent assessment cap on Commercial and non-homestead property. This is intended to provide the predictability and stability that non-homestead property owners have been advocating for.

The House is also advocating a new homestead exemption that, instead of doubling the current $25,000 exemption, would guarantee a minimum Save Our Homes exemption of 40% of the county median home value. House leaders believe this will provide relief to not only new buyers but those who have purchased in recent years.

Again, we expect the House to begin consideration of this proposal on Monday. Both the House and Senate plans that are being considered maintain the current Save Our Homes structure and provide for portability of Save Our Homes.

Attached is a side-by-side that gives more detail on the current Senate and House proposals.

Here is a complete list of the issues being proposed in the House plan today:

• Instead of doubling the homestead exemption, this exemption is tied to the county’s median home value and will target relief to all homestead property owners (not just first time buyers). Again, the exemption would be 40% of area median.


• Save Our Homes-like cap on non-homestead and commercial property to help restore fairness, equity and predictability to our property tax system by capping any increase at 5%. This will help businesses who have faced outrageous tax increases and owners of second homes (Snowbirds).


• Portability - homeowners may transfer their Save Our Homes benefits to a new homestead anywhere in Florida within 2 years of leaving their former homestead.


• Creates a new Tangible Personal Property Exemption of $25,000


• Limits the authority of local governments to increase property taxes


• Provides for limitations on assessed values of properties used for affordable housing


• Provides an assessment growth limitation for all non-homestead properties in Florida by 5%


• Creates more flexibility for the Legislature to limit assessments for working waterfront properties


• Election of all county property appraisers