Normal Real Estate Market

I am asked quite often from homesellers when the real estate market will return to “normal”. First of all, there is no such thing as a normal real estate market.  For those of us wishing for the frenzied market of a few years back, get over it.  It’s not here, nor will we likely see it in the future.  But that’s not to say you shouldn’t get your home on the market now. The majority of real estate transactions occur due to an event in one’s life such as a change in employment, birth of a child, death of a spouse, injury, illness, etc.  As long as these life events occur, real estate will continue to be transacted.  So yes, the market may have changed, but it’s not dead.  Forget about what you read or hear in the news.  Jacksonville Realtors are still selling quite a number of homes…you just don’t read about it in the papers.  So go ahead, take the next steps and get your home ready for sale now.

My Safe Florida Home

I wanted to pass along some information about a free program for homeowners offered by the state of Florida.  The My Safe Florida Home program is being offered by the state to advise homeowners how to protect their homes against wind damage.  The inspection looks for ways to harden your home against hurricane and wind damage, determines your home’s current hurricane resistance rating to withstand hurricanes, and offers suggestions for improving your home’s ability to withstand wind damage.  And, implementing the inspector’s recommendations may result in a potential discount on your homeowner’s insurance.  Although the inspection is free, it is not a home inspection.  Eligible properties include single family, detached homes.  I just had the inspection performed on my own home a few months ago and was surprised by the findings.  For more information, please visit www.mysafefloridahome.com.

Price or Location

While Realtors may debate what really matters most to homeowners when selling a home, The National Association of Realtors (NAR) research shows that the number one concern for all buyers (65 percent of all respondents) is “quality of the neighborhood.”  Coming in second (50 percent) was “convenience to work,”  while “overall affordability of homes,” “convenience to friends and family” and “quality of the school district” rounded out the top five. The quality of the neighborhood was most important to married couples (68 percent), whereas single males were not nearly as concerned (56 percent). However, if your home is overpriced, the above criteria may not matter in this market due to the amount of inventory. So if you are thinking of selling your home and are in a favorable neighborhood and school district, price it right.  You’ll be ahead the market before the sign even goes in the yard.

Homestead Exemption

I’m hearing from a lot of buyers regarding how to file for their Homestead Exemption.  If you purchased a Florida property in 2007 as your owner occupied, primary residence, you are eligible for the homestead exemption as long as that property is your permanent home as of January 1st.  This means you will receive a tax-saving exemption on the first $25,000 of assessed value (as determined by the County Property Appraiser)  You have until March 1st, 2008 to file so just ensure you contact the County Property Appraiser’s Office prior to March 1st, and provide proof of property ownership such as your deed or tax receipt.  This can result in a significant savings in your annual tax bill so don’t forget!  The deadline is fast approaching.