Bradenton Florida Real Estate News

Tuesday, October 30, 2007

Is Property Tax Reform on the Way?


Is property tax relief on the way for Florida homeowners? Time will tell.


Yesterday, the Florida Legislature passed a property tax reform proposed amendment that will appear on the ballot in January 2008. The amendment offers moderate relief for homeowners and slight relief for commercial property. To become law, the proposal must still receive 60 percent of the votes in the Jan. 29, 2008, election.


While the plan has many pros and cons there are provisions to provide property tax relief to not only primary residences, but also second home owners and business owners. This is something that our seasonal and vacation population has been needing for many years.


Here's a summary of the plan's provisions:


Portability of the Save Our Homes Exemption Dollars: Homesteaders could take up to $500,000 of Save Our Homes protections to a new home purchase. Those who downsize would take a pro-rated portion of their tax protections. This applies to all property taxes. This will allow people who live in Homesteaded properties the ability to move and no longer be trapped in their current homes due to the fear of tax reassessment.


Double The Homestead Exemption: Homesteaders get a second $25,000 exemption on the assessed value on the value of their homes over $50,000 giving homesteaded property owners a $50,000 exemption on their property taxes. This measure doesn’t apply to school taxes.


• Tangible Personal Property Tax Exemption: Businesses get a break on the taxes they pay on equipment. This would apply to all property taxes.


• Assessment Cap for Non-Homestead Property: Property assessments could increase no more than 10 percent each year on non-homestead property. This is a tremendous victory for second home owners, real estate investors and business owners. While it is 7 percent higher than a Non-Homestead Property this is the first benefit of its kind in Florida history.


==================

Please contact me, Dan Forbes, a call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326. Visit my web site at BradentonFloridaRealEstate.com and my blog The Real Estate ZOO.

Labels: ,

Monday, October 29, 2007

Florida Lawmakers Have Until Midnight to Solve Property Tax Problem


I received this email message from the Florida Association of Realtors moments ago.

"At mid-afternoon, the Florida House was still deliberating over a leaner property tax reform package passed out today by the Senate. The proposal would increase the homestead exemption for properties worth at least $75,000 – except for school taxes; would provide a 10 percent cap for non-homestead properties, except for school taxes; and includes a ''portability'' provision allowing homesteaders to take at least part of the benefits they get from the existing Save Our Homes assessment cap with them they move. Lawmakers have until 11:59 p.m. to pass some sort of property tax relief measure if it’s to go before voters on the Jan. 29 ballot."

It is getting ridiculous to watch our Florida legislators bicker about providing tax relief to Florida homeowners. People are mad as H _ _ _ and a tax revolt is eminent.

==================
Please contact me, Dan Forbes, a call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326. Visit my web site at BradentonFloridaRealEstate.com and my blog The Real Estate ZOO.

Labels: ,

Friday, October 26, 2007





Today at our meeting of the Bradenton Real Estate Club we talked the Emotional Cycles of the Real Estate Market.

Where are we in our Bradenton - Sarasota real estate market? Somewhere just past "Frightened" was the consensus of the group.

Please give me a call if you have questions abour our Bradenton real estate market. You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326. Also visit my web site at BradentonFloridaRealEstate.Com and my blog at The Real Estate ZOO.

Labels: ,

Friday, October 19, 2007

Good News - Mortgage Applications Up 1%

The mortgage business was up slightly last week, after an adjustment to reflect the Columbus Day holiday, according to the Mortgage Bankers Association weekly Mortgage Applications Survey. Application volume was up almost 1%.

Mortgage interest rates were mostly flat:
  • 30-year fixed-rate mortgages remained unchanged at 6.4 percent;
  • 15-year fixed-rate mortgages increased to 6.09 from 6.03 percent;
  • 1-year ARMs increased to 6.17 from 6.15 percent

Labels: ,

Wednesday, October 17, 2007

Bradenton Housing Decline Continues


Bradenton's median sale price of homes sold in September 2007 is 32% below the high of 2005. Sales are down 42.4% from a year ago.

Our Manatee County, Florida real estate market continues to reflect a strong Buyer’s Market with a total 36.8 month absorption rate. This is how long it would take to sell all the homes currently on the market at the rate they are selling today.

The chart above shows the absorption rate by price range. There were no homes sold above $2 million for the month of September.

The Total Market Overview Reports below show by price range:
  • Current number of active listings
  • Number of expired listings for the month
  • Total Number of Pending Listings
  • Number of closed sales for the month
  • Absorption Rate
  • Average List Price and Average Sale Price
  • Average Days on Market
  • Market Trend: Improving or Not
  • Compared to 6 months ago
  • Compared to 1 year ago

Residential Total Market Overview (Click Below)
Sep%2007%20Residential%20Total%20Market%20Overview.pdf

Please give me a call if you have questions abour our Bradenton real estate market. You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326. Also visit my web site at BradentonFloridaRealEstate.Com and my blog at The Real Estate ZOO.

Labels: , ,

Friday, October 12, 2007

10 Cities Where it's a Great Time to Buy



Forbes magazine just released it's list of the 10 Most Attractive Real Etate Markets. They studied 40 of the largest housing markets looking at home sales trends and projects. Forbes believes these markets represent a good buy for home buyers.



These areas have experienced price declines but are expected to see increases in the near future:Here are Forbes' and Moody's 10 most attractive markets, along with the median homes sales price and their price change from 2006.



  • Fort Worth, Texas: $156,500, 1.7 percent

  • Kansas City, Mo.: $157,700, -0.7 percent

  • Houston: $154,900, 1.4 percent

  • Cleveland: $128,700, -7.1 percent

  • Denver: $255,200, none

  • Long Island, N.Y.: $482,300, 1.7 percent

  • Washington, D.C.: $445,300, 0.3 percent

  • Orlando, Fla.: $265,100, -2.4 percent

  • Phoenix: $264,800, -2.7 percent

  • Las Vegas: $307,900, -3.6 percent


Please give me a call if you have questions about our Bradenton real estate market. You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326. Also visit my web site at BradentonFloridaRealEstate.Com and my blog at The Real Estate ZOO.

Labels: ,

Friday, October 05, 2007

Self-Employed? It's Harder to Get A Mortgage

USA Today ran a story on how it's more difficult for self-employed people to get a home loan today. Many lenders have closed their doors entirely. And many lenders that still offer such loans have tightened their standards, making it harder for self-employed borrowers to qualify.

Here’s what self-employed borrowers need to qualify for a mortgage in this new environment:

More documentation. Along with two years of tax returns, self-employed borrowers might be asked to provide a profit-and-loss statement, bank statements and proof that they’ve been in business for at least two years. A letter from their accountant probably won’t be good enough.

Fewer tax deductions. Self-employed workers who plan to buy a home in the next year or two might want to forgo some deductions. Show as much income as you can.

Larger downpayments. An old-fashioned 20 percent down is very persuasive.

Excellent credit. A credit score of 720 or higher will give a self-employed borrower some choices.

Patience. Even for well-off business owners, qualifying for a mortgage is not that smooth, easy no-brainer like it used to be. If you want it to be quick, you’re paying a higher price.

Source: USA Today, Sandra Block (10/02/2007

Labels: ,