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Economics of Real Estate

Found 12 blog entries about Economics of Real Estate.

The housing market is back and everyone is agreeing.  Read what the major publications are writting.

US News and World Report  December 19, 2012

“Rising home prices should motivate would-be sellers to put their homes on the market and it also stimulates new construction, both of which will expand inventory, boost sales, and give house hunters more to choose from.”

CNN Money Magazine  April 8, 2013

“Inventory is tight, and bidding wars are back in some parts of the country.  To snag your dream home, you’ll have to pay up and contend with continuing strict loan requirements.  The bright side: Despite rising prices and mortgage rates that are edging upward, buying a home is still cheaper than renting in the majority of the top 100 markets.”Sarasota Real Estate Recovery

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There has been much discussion and general confusion about a tax on real estate from the new Obama health care law that is scheduled to go into effect this coming year. The following is a list of ten things you need to know about the health care tax on real estate as recently researched and published from NAR - National Association of Realtors®. NAR has prepared a guide "Top Ten Things About the 3,8% Tax".  Be advised to check with your tax professional about how this tax effects you.

Health Care Tax on Real Estate1) When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will NOT be subject to this tax.

2) The 3.8% tax will NEVER be collected as a transfer tax on real estate of any type, so you’ll

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Sometimes when people are thinking about moving they will ask me the question,

Should I Rent My Home or Should I Sell My Home?

As with all of life's greatest questions the answer is usually the same.   WELL, . . . .  That Depends!

Don't you just love that answer?  It really depends on so many different factors that I thought the  best way for people to make that decision is to be better informed.  The following article came from Steve Harney and his team at KCM.   Just some food for thought. Enjoy!

Should I Rent my House If I Can't Sell It?

should_i_rent_my_home_400_01 

by The KCM BLOG August 6, 2012

There has been a lot written about how buying a home is less expensive than renting one in many parts of the country. Rents are skyrocketing and homes are at bargain prices.

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The following article was published January 2012  By Donna Gehrke-White, Sun Sentinel, Ft. Lauderdale, FL.

WASHINGTON – Jan. 9, 2012 – You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?

Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.

But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.

So if a house sold $50,000 short of what is owed on the mortgage, then the selling

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Applying for a Florida Homestead Exemption is a simple process and can be done on-line or in person through the Sarasota County Appraisers office however, there are certain guidelines and dead line dates that you must be aware of in order to qualify. 

How to apply for a Florida Homestead Exemption

Florida Statute 196.031 specifies that every person who has legal title or beneficial title to real property in the State of Florida and makes the same their permanent residence in good faith, is eligible for this exemption entitlement. The law does not require you to reside at your property a minimum number of days every year in order to be a permanent resident.

Visit this link to view:      What is required to be a permanent Resident of Florida

In

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The following article was written by Michael Saunders this past week.  As we move forward the Sarasota Real Estate market has recovered and is moving in a positive direction.  I wanted you to read what Michael is saying about Sarasota.
Enjoy!

Sara
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A Window Of Opportunity | Michael Saunders Real Estate Blog

http://www.thesaundersblog.com/a-window-of-opportunity/ June 27, 2011

Posted by Michael Saunders on June 21, 2011

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Throughout one of the strongest buyers’ markets in Florida real estate history, sellers have had precious little to feel cheerful about as they watched home prices deflate by as much as half from their boom-time highs of 2005.   But the clouds

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Borrower -  Beware of possible recourse with that short sale or foreclosure.

short_sales_beware 

Ever since short sales and foreclosures began several years ago, there has been a growing consensus of opinion that at some time banks and lenders were not going to continue to let the borrower “off the hook” for the money owed. 

That time seems to have come according to this article written by Michael Pollick on Sunday June 19, 2011 in the Sarasota Herald Tribune.  Homeowner & Condo Associations along with Banks are becoming proactive in recovering deficiency judgments for the money owed on short sales, foreclosures and association fees.

Visit the link below to view the complete article and read how this may effect you if you are going to be a short sale or a

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 Sarasota Real Estate Market Update

   In January’s Market Update I shared that the Sarasota Real Estate Market has seen some very significant improvements.  Even though national and global economics can influence the market, the bottom line has always been that real estate is local in nature.   Let me explain.  The price of a house in Boston has nothing to do with what a person is willing to pay for a house in Detroit.  A boom for houses in Seattle doesn’t effect a bust for houses in Nevada. So what has happened to make Sarasota real estate such a hot topic around the country and how does that effect you and me?

Sarasota Real Estate is Local not Global

Sarasota prices have adjusted over the last several years to the level of pricing that we experienced in 2000-2001.  Why? Because Buyers were…
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          This is the Sarasota Real Estate Market update for closed business in December with some year end numbers for 2010.

   The year of 2010 has proven to be a very busy and productive year for real estate, myself and my fellow agents at Michael Saunders & Company.  The Sarasota real estate market of 2010 saw an increase in unit sales over 2009 from 6,739 to 7,603, and in dollar volume a marginal increase of .5%.  

            I personally ended the year in the top 4% at the Sarasota Association of Realtors, finishing the year as the 116th realtor out of 3,400 realtors. 
Thank you for trusting and referring me!

            However, in one of the most challenging years ever Michael Saunders and Company agents closed company wide sales of $1.432 billion
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