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Florida Resort Real Estate Market
Update
Real Estate Taxes Decrease,
Insurance Rates Decrease,
Buying Activity
Increases
The Florida Real Estate Market continues to be a buyer's
market, but this year brings two important improvements. Real Estate Taxes
have dropped and Homeowner's Insurance Rates have dropped! These two
positive changes, along with lower list prices on available homes, have
resulted in an increase in buying activity. This market is now turning the
corner.
Florida Real Estate Taxes, which
increased so quickly during the market boom, are returning, along with
market values, to 2004 levels. Buy a home now and get assessed for taxes
based on these new low purchase prices. And, for an added bonus, the State
of Florida just passed legislation that will double your exemption for
homesteaded property and provide portability of low tax values from your
currently homesteaded property. These are two big positives that are
stimulating demand.
High Florida Real
Estate Homeowner's Insurance
Rates appear to have been a temporary annoyance, and rates are quickly
returning to normal. Here's an example that hits home: The owner of a 3 year
old, $500,000 home recently switched carriers and went from paying $2,400
per year to paying $900 per year for complete fire and wind coverage. Now
that is significant, and as soon as the word gets out, places like Georgia
and the Carolinas won't seem to be low cost any more.
Florida Real Estate Foreclosures and
Short Sales have increased in number due to the many adjustable rate mortgages coming due for rate adjustments
and the investors who bought at the peak who have run through their savings.
This is putting additional downward pressure on pricing, but we are seeing
that savvy buyers and smart, cash ready investors are quickly picking up
these Short Sale deals.
Buyers navigating through this
Florida real estate market should insist on professional representation by an experienced Realtor®,
as they risk making a significant financial mistake by not understanding
real market value. The inventory is there, which makes this one of the best
buying opportunities in recent memory, but a real estate agent who knows the
local market will definitely improve the buyer's chances of buying right.
Sellers need to understand the
difference between current market value and list prices. Sellers also need
to understand the difference between an agent who will actively market and
advertise their listing and an agent who does not have the resources to
compete in the current market. This is no time to take a chance listing with
an inexperienced agent. In a difficult market, experience, performance, and
current marketing resources are what you need to protect your investment.
Florida Home Sellers in need of Short
Sale help should visit our
Short Sale Page.
JUMBO SHORT
SALE?
One of our Florida Short Sale
Clients was just featured in an article published in the Sarasota Herald
Tribune. Ron Suponcic successfully completed this
"Jumbo Short Sale" for his client, George Lewis.
Read the
letter we received from George Lewis, and read the full Sarasota
Herald Tribune article at:
http://www.heraldtribune.com/article/20080302/REALESTATE/803020643
The Florida Resort Real
Estate Market Update
is Provided by Featured Realtor:
Ron Suponcic at Horizon Realty
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