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That is the million dollar question in real estate. Data show that home values can vary depending on the neighborhood, the age of the home, location/lot desirability and the economic stability of neighbors. No neighborhood is immune to this housing downturn, but some neighborhoods are suffering more than others. In general, areas that had minimal decreases have been around for some time and were not as susceptible to investors. Even in those neighborhoods, however, there are exceptions. In many neighborhoods also the less expensive homes are hit the hardest. It's not just the age of the neighborhoods that contributes to value changes. It is also relatively low prices in certain areas that attracted investors. Like every neighborhood though, it all boils down to when you purchased. If you bought during the housing boom in 2005 and 2006, you're likely upside down and owe more than your home is worth. If you bought before then, you may still have some equity.
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First-time home buyers looking to take advantage of a tax credit need to watch the clock. People should have negotiations settled by mid-October at the latest if they want to close on the sale by the deadline to qualify. First-time buyers can get a fereral income tax credit of as much as $8,000 for homes purchased before December 1, 2009. That means sales must close by November 30th. It can take 45 to 60 days from the time you get approved for a mortgage to the day you close on the sale. To speed a home purchase along, it's best to be pre-approved for a loan before you start house hunting. And expect a rush of last-minute applicants to create a lacklog for mortgage companies and potential lenders. The home must be in the U.S. and must be the buyer's principal residence for at least 3 years. To get the full credit, married couples filing jointly must have a modified adjusted gross inclome of $150,000 or less, while single filers must make $75,000 or less. For more information, visit WWW.IRS.GOV
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The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500, eliminating the repayment requirement, is an incentive you'd expect consumers to be clamoring over. But many buyers who are prime candidates for the credit aren't even aware of it. President Obama signed the economic stimulus package in Denver, CO which includes a gift for first time homebuyers - $8,000 (or 10% of the home's value, whichever is less) on their 2008 or 2009 taxes. Here are the details: REFUNDABLE: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount. PURCHASE DATE: To qualify for the credit, the purchase must be made between January 1, 2009 and November 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house as their primary residence for at least 3 years, or they will be obligated to pay back the credit. PAPERWORK: Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit. INCOME RESTRICTIONS: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) THIS IS A TRUE TAX CREDIT: For example ifyour taxes are $10,000 you would only have to pay $2,000, and if your taxes were only $6,000 you would receive a $2,000 tax rebate. *** Breaking News*** - On May 12, 2009, the secretary of the US Department of Housing and Urban Development said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. There is no doubt that this is a great benefit to home buyers. And don't forget... the tax credit is set to expire November 30th. This information is deemed accurate but not guaranteed, before you act based on this information be sure to consult your own tax preparer.
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Before listing a property for sale I stress to my sellers of the importance of doing everything they can to show their home at its' best. This is key to getting your property sold quickly and get you the most for your home. Here are some simple and inexpensive tips: To make your closet look larger you must declutter, not just move the boxes out of the closets but also don't forget about the hanging clothes. Remove the clothes you wear only once in a while. If the closet still looks stuffed, remove more. A great and inexpensive way to add a bed to a vacant bedroom is to arrange boxes into the shape of a bed, then dress it up with nice bedding. Close all the drains, sinks, and tubs. Close all lids on all the toilets; close the closet doors and let all the sun in. Buyers love to walk into a light and bright house! Create a focal point by picking the most visible corner and put a large plant there or decorative basket with a bit of greenery in or around it. You can also set a spot light behind it so it lights up the leaves and throws a nice shadow on the wall. It really makes a difference in a person's perception of the space. Be sure that the living room furniture is positioned for conversation as well as entertainment. Potential buyers should be able to easily envision sitting in a space where they can talk without having to move a chair or turn completely around. Place flowers in the kitchen to bring a sense of caring and pride of ownership. And for the bathrooms, get sone decorative hand towels, candles and so forth to add a little pizzazz. Remove all personal photos. Buyers tend to stop and see who lives there, which takes them away from seeing the home's attributes. Freshen pet areas and make sure there are no pet oders. Replace the lightbulbs with brighter ones and make sure that all lightbulbs are working. Again inexpensive and easy. Tighten any loose doors or cabinets, put new knobs if there are any missing. Fix things that need fixing and touch up paint where needed. Freshen up the landscaping, trim overgrown shruberry, trees and put fresh mulch in plant beds.
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There are a great many deals for buyers and investors. But making a sound purchase can be tricky. Buyers need to be wary of unpaid liens, including mortgage debt, property taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage. Any or all of these financial obligations could become your responsibility when you purchase a property in foreclosure. Unless the property goes through a foreclosure auction and becomes a bank-owned REO, the outstanding foreclosure liens and fees could be simply transferred to the new owner. A buyer looking for a good investment should generally avoid neighborhoods with many foreclosures, particularly newer subdivisions in overbuilt areas. Investors will be tempted to buy foreclosures in these areas because they offer the biggest discounts, but they also carry the most risk of further depreciation. Look in well established neighborhoods with good schools and transportation.
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There has been healthy debate about the stimulus package signed into law by President Barack Obama in mid-February. Although there is not one cure for the economic ills we are facing, there's one point which we all agree and that is that in order to get the U.S. economy back on track, we need a stable housing market. That means reducing inventory. And with the good news from government reports in March stating that sales of newly constructed homes rose unexpectedly in February rebounding nearly 5% after sinking to the lowest level or record in January, we are seeing that we are beginning to be on the right track to reducing inventory. Also the U.S. Census Bureau reported that new home sales rose 4.7% to a seasonally adjusted annual rate of 337,000 in February from a revised 322,000 in January. It was the first increase since July. The March 25th report was the latest in a series of better-than-expected readings on the housing market. In other good news, for 2009 the loan limits for FHA, Fannie Mae, and Freddie Mac loans have been raised to $729,750 in high-cost areas. The tax credit has been raised to $8,000 with no payback, making it a true credit. And interest rates have come down 125-150 basis points. Apart from the new stimulus bill, the administration has committed $50 billion from Troubled Asset Relief Program funds toward foreclosure mitigation, and the U.S, Treasury has doubled its commitment to buy mortgage paper from Fannie Mae and Freddie Mac. These actions should help reduce foreclosures and keep interest rates low. Here in the Fort Lauderdale area my fellow realtors and I have seen a most significant increase in buyers ready, willing and able to make their home purchase in the last 3-4 months. Research shows that home values appreciated 26.5% on average for the 20-year period from 1980 through 2000. In the six years that followed, average appreciation was 89%. Prices are now adjusting to the inconsistent and unsustainable growth that occured during the first 6 years of this decade. In other words, the market is not on the decline. Rather, it is moving toward stability, which will mean healthier markets in the future.
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Completely Furnished
• 2,000 sq. ft., 2 bath, 2 bdrm apartment "Mid-Rise Condo on Intracoastal"
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MLS®
- Rent Incl. all Utilities!
Americas On The Park, Fort Lauderdale
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Seasonal or Annual Rental! Lovely fully furnished model condo with breathtaking unobstructed Intracoastal & Park views. Beautifully appointed. All oversized rooms! All tiled. Featuring high-end maple cabinetry in gourmet kitchen, corian counter tops, wine chiller... Floor to ceiling sliding glass doors to enjoy North/East/West views & impact windows throughout. 2 large master suites plus a den/junior suite (2 queen beds in one suite and a king in other suite). All utilities included in rent. Spectacular location and only 2 blocks from Fort Lauderdale beach. Guard house/secure entry.
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Superb Resort-Style Condominium
• 1,180 sq. ft., 2 bath, 2 bdrm apartment "In High-Rise Condominium"
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MLS®
$2,500 USD
Monthly
- Fully Furnished & Perfect
Fort Lauderdale Downtown, Fort Lauderdale
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Stylish 2 bedroom condo, completely furnished & turnkey. Available until Nov. 31st 2009. In prime location and very desirable 'Watergarden'... in the heart of Las Olas; shopping, dining & entertainment, next to the New River. If only the best will do! Lower floor but really nice unit with tropically landscaped views and some river views too. Beautiful cabinetry & granite in kitchen and baths. Washer/dryer in unit, floor to ceiling windows. Superb resort-style amenities and services: full service gym/spa, pool, theater, business center and more.
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Fort Lauderdale Downtown, Fort Lauderdale
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The apartment at 1410-347 N. New River Drive E. has been sold.
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Plantation Hills, Plantation
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The single story at 831 W. Plantation Cir. has been sold.
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Really priced to sell!
• 1,470 sq. ft., 2 bath, 3 bdrm apartment "Luxury High-Rise"
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MLS®
$489,000
- Picture Perfect condo
Fort Lauderdale Downtown, Fort Lauderdale
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Sophisticated 3 bedroom 2 bath condo with 2 parking space in most desirable downtown Fort Lauderdale - Las Olas luxury Hi-rise. Stroll Las Olas & the New River. Enjoy floor to ceiling views of city skyline, ocean and river. This immaculate unit offers large neutral tile in living areas (carpet in bedrooms), closet organizers, frameless tub & shower enclosures, elegant cabinetry & granite tops in kitchen and baths. Master bath with his & hers vanities. Laundry room, walk-in closets in master suite. Two large balconies to enjoy spectacular views.
Resort style amenities and services including 24hr front desk & valet, concierge, theater, heated pool & jacuzzi, full service gym, business center and more.
Best of all it is priced to sell.
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Rolling Hills Lake Estates, Davie
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The single story at 3888 Spanish Oak Point has been sold.
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Bright & Open
• 2,050 sq. ft., 3 bath, 3 bdrm townhouse "Feels like a house!"
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MLS®
$559,000
- Contemporary Townhome
Victoria Park, Fort Lauderdale
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Not a short sale... just a motivated seller! Bright, contemporary townhouse that feels like a house. Front corner unit with LOTS of windows. Unique 4-townhome complex on desirable Victoria Park Road (close to all shopping, dining & entertainment). 2 balconies with downtown & partial beach views, a private courtyard and 2 car garage. 3 bedrooms plus den and 3.5 baths. Impact windows, french doors, travertine marble floors in all living areas, Brazilian cherry wood stairs and carpet in 3 bedrooms. All marble baths. Kitchen & baths with Euro-style cabinetry, granite top in kitchen, marble tops in baths, cooking isalnd, stainless steel appliances & more. Open floor plan, low monthly association dues.
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Upgraded to the 9's!!!
• 1,228 sq. ft., 2 bath, 2 bdrm apartment "Trendy mid-rise Building"
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MLS®
$2,000 USD
Monthly
- Completely Furnished!
Waverly Las Olas, Fort Lauderdale
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Incredible price for a fully furnished, top of the line 2 bedroom condo!!! Enjoy life... Las Olas Style! Super view of pool deck & city skyline from this immaculate condo. Stylish, hardly lived in and gorgeous. New cabinetry, granite tops, wood/pergo flooring and completely furnished... down to the dished, glasses, linens, TV's... Hot water is included in rent. Bedrooms are large and a split plan. Roman tub at master bath, laundry room, huge closets. A trendy building with of of the line amenities and services, right in the heart of downtown Fort Lauderdale. 2 parking spaces & this condo is close to elevator too. Shop & dine Las Olas, walk the New River... Can be rented unfurnished as well.
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Completely Remodeled!
• 1,750 sq. ft., 2 bath, 3 bdrm single story "Absolutely Charming"
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MLS®
$459,900
- Priced to Sell!
Tarpon River, Fort Lauderdale
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A quiet lovely neighborhood, at end of cul-de-sac yet just minutes to HOT owntown Fort Laudrdale / Las Olas dining, shopping & entertainment. Charming and completely remodeled home... perfect for entertaining, on a large corner lot just accross from the South Fork of the New River (dokage available). 3 bedrooms plus office, formal living room and family room. Ktchen boasts granite tops, full tumblestone backsplash, large center island, wood cabinetry, stainless/blk appliances... This home also features a fireplace, crown molding, jacuzzi tub a master bath, all tiled or with terrazzo flooring. A bright & cheery home with lots of windows to enjoy the lush tropical landscaping. Yard is all fenced and has large pavered deck & pavered circular driveway. This home is a 10! ... also available as seasonal rental between January - April 2009.
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