Orlando Real Estate News Blog

There are some important deadlines approaching with regard to provisions of Amendment 1.

What you should do to receive benefits of Amendment 1   To receive some of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008.   The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:  

1.    Increased homestead exemption

2.    Portability of "Save our Homes" benefit

3.    $25,000 exemption for tangible personal property

4.    10% annual assessment limitation for non-homestead property   What taxpayers must do to receive these new benefits:

1.       Increased homestead exemption - Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary.  

2.       Portability of "Save our Homes" benefits - If you received the homestead exemption in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of "Save our Homes" to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the "Save Our Homes" benefit to your new homestead for 2008. Form DR501t is attached. We would recommend that REALTORS® call their 2007 clients who sold a homestead and bought a new one to make certain they are aware of the filing requirement.  

3.       $25,000 exemption for tangible personal property - Tangible personal property taxes apply only to certain taxpayers in Florida - typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.

4.       10% limit on annual assessment increases for non-homestead property - The 10% limitation does not apply until next year. No application is necessary for 2008. If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida's property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://www.jerrysellsorlando.com/ for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

Orlando is one of the best cities for bargain hunters.

According to Forbes magazine Orlando is one of the top ten markets for home bargain hunters. Here they are:

1. Salt Lake City, Utah

Of the major metros in the U.S., Salt Lake City is adding jobs faster than anywhere. The economic boom in SLC has drawn residents from all over the country, and more than a few home builders trying to make a profit in these otherwise woeful times. Housing supply has gone up quickly, and there hasn't been a high rate of foreclosure.

2. Raleigh, N.C.

Raleigh is another market that has been driven by job growth. Like much of the Southeast, the expanding economy here has kept people moneyed enough to make home payments. According to RealtyTrac, there is only one foreclosure per 319 households, one of the lower rates in the country. The inventory of homes available is slightly lower than Salt Lake City (No. 1 on our list), at 14,764, despite Raleigh's larger population of 408,985 people.

3. Orlando, Fla.

South Florida markets aren't often referred to as bargains, but Orlando stands out for two reasons. First, it's adding jobs at a much quicker clip than other cities in the state, especially those in the South. Second, the market didn't go through as much of a speculative boom as did the bigger cities of Miami and Tampa, so it doesn't have as far to fall.

4. Charlotte, N.C.

Just like in-state neighbor Raleigh, Charlotte has expanded quickly as the result of an economic boom that has drawn many residents from the North and Northeast. The financial sector is largely responsible and this is something to keep an eye on as banks' woes continue. While the city continues to grow, building activity has supplied plenty of inventory on the market, keeping things in the buyers' favor.

5. Phoenix, Ariz.

Phoenix has a very high foreclosure rate; there's no way around that. Based on RealtyTrac's estimates, there is one foreclosure for every 87 households in Phoenix. Still, our data suggest that strong job and economic growth in many non-housing sectors of the local economy is enough to offset it, and people are still moving to the Valley of the Sun at a quick rate.

6. Seattle, Wash.

It looked like the good times were never going to end here, but housing price growth has slowed. The local economy continues to add jobs, and the city's port, in particular, has profited from the weak dollar. The market slowdown isn't an indicator of a crash and offers good bargains.

7. Las Vegas, Nev.

Las Vegas is a market hammered by foreclosures, due largely to extremely high speculation in both residential communities and the condo market. Though the housing slowdown has hurt jobs in the construction sector, Vegas continues to attract businesses and job seekers to its growing economy, making its excess inventory (and there's a ton) less toxic than in other places. According to ZipRealty, inventory is down from its September peak by about 2,500 houses.

8. Jacksonville, Fla.

Jacksonville didn't go through an obscene speculation boom, making its recovery cycle far less daunting than other Florida spots. Job growth isn't outstanding, about average for the cities we measured, but the foreclosure rate is lower than any of the Florida cities we looked at, making the high inventory rate more likely to improve than get worse.

10. Houston, Texas

Compared to housing prices in other cities, Houston real estate has always been a bargain, which is partly why the population has expanded so much since 2000. Jobs are being added to the books at the sixth fastest rate of cities measured, and while the city has had more than a few foreclosures, especially in Harris County, it hasn't taken a huge hit. Based on inventory levels and construction projects in the works, buyers still have good standing to negotiate price.

Home prices are forecast to fall more than 30% in some communities in 'the most severe housing recession' since 1945.

Housing markets from Orlando, Fla., to Stockton, Calif., will crash, and some will suffer price drops of more than 30% before the housing crisis is over, a report from Moody's Economy.com said today. I find this funny because once again the media is slow to find out. I've been telling people now for a year that we won't see the bottom until fall of 2009.

We are now in the spring here in Orlando and I've sold 4 homes this week and listed another. Does that mean we're turning the market?    My opinion is NO.  It's simply the seasonal shift that we always have. Buyers always come out around the end of February and buying subsides in August.

On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist of Moody's Economy.com, and Celia Chen, director of housing economics.

The report paints a worsening picture of the hard-hit housing sector, which is in the midst of its worst downturn since World War II. Again, I say we won't see an up-tick until 1^st quarter of 2010.

While activity will stabilize in 2009, it will be 2010 before a measurable improvement in sales, construction and pricing will emerge, the report said.

Overall, house prices are forecast to fall 13% from their peak through early 2009. After accounting for incentives home sellers are offering buyers, effective declines from peak to trough will total well over 15%, according to the report, which said the housing recession will ultimately be severe enough to be characterized as a housing crash.

Punta Gorda Fla. and Stockton are the hardest hit markets in the United States, with price declines from peak to trough forecast at 35.3% and 31.6%, respectively.

"This is the most severe housing recession since the post-World War II period," Zandi told Reuters.

These markets have been hard hit due to several reasons, namely the exiting of investors from the areas, a fair amount of subprime mortgage loans causing an increase in foreclosures and overbuilding by home builders, Zandi said.

As I personally look at the MLS and each subdivision - community I see that nearly 10% of the homes are in short sales or foreclosure.  We're looking at another 12-18 months before all of those get washed out. However, that  means there are some fantastic deals for buyers. The funny thing about is that when the media catches on and  says that the market is turning, the great deals will be gone.

In summary, I say if you want a great deal on a house call me now and lets find you that great deal now, before they all disappear.

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://www.jerrysellsorlando.com/ for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

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The above chart assumes that your average commission is 3% (per transaction side) and the most that you would pay to the company is $21,000 per year.  After that- you CAP OUT!

HOW MUCH WAS LEFT IN YOUR POCKET? CHECK YOUR 1099?

* The KW cap is the most that you would pay the company on commission. Most of our agents start out on a 70/30 split. If you are doing less than 3 million in sales, you would only pay a small percentage of your commission until reaching the cap of $21,000 - You would not be responsible for paying the cap. It's a Win-Win!

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If you would like to learn more about our company, call us at: 

 (407) 580-7011,  for a confidential meeting.

Check Out Some of the Links below to Learn More About Keller Williams

  Curious About Keller Williams?   Keller Williams Culture Part 1                     Keller Williams Culture Part 2                    Keller Williams Cares to Share the Light        Agents tell how they work together like family   Training for Top Producers Training for $6 million plus Mega producers - Millionaire Real Estate Agent training Millionaire Mondays - Web Seminars that turn our best sellers into reality Luxury Home Marketing Training                                   

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 I can help!   Please do not hesitate to contact me for a no-pressure, confidential consultation. Why not call me or email me right now?  I am here for you.   Jerry LaRose, P.A., ABR, GRI, e-PRO, Realtor 407-580-7011

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://www.jerrysellsorlando.com/ for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)