Did You Know?

According to Remodeling magazine’s 20th annual Cost vs. Value Report, the top three mid-range home improvements that bring the greatest returns in the Jacksonville market are:  a wood deck addition (85.6%); siding replacement (85.1%), and minor kitchen remodel (82.7%).  So if remodeling your home is on your to do list this Spring, consider the return on investment before deciding which projects to tackle.  For more information on projects that add value to your home, visit www.costvsvalue.com.

Buy or Rent?

Should you buy or rent?  This is a very personal decision and one that can only be answered by you and you alone.  As a Realtor, I make a living helping people buy and sell real estate.  However, I have also counseled many prospective buyers and advised them against purchasing property.  The fact is that buying real estate is a major decision that should not be taken lightly.  There is no dispute that now is a great time to buy, whether you are buying a single family home, townhome or condominium.  Interest rates are low, home prices have become more affordable, and we have a healthy supply of inventory.  Look for my indepth analysis on buying verses renting this Saturday, April 12th in the Homes Section of The Florida Times Union.

26.2 With Donna

As a board member and Secretary of The Donna Hicken Foundation, I have never experienced such an outpouring of love and support from our community than what was experienced during the weekend of the 26.2 With Donna - The National Marathon to Fight Breast Cancer.  I would like to thank all who volunteered their time and resources to put on such a worthwhile event.  And mark your calendars for next year - the date has been set, Sunday, February 15, 2009. 

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.

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.

Foreclosures

Unfortunately I am hearing from homeowners who are facing foreclosure who have either financed their home with creative financing, have a mortgage with an interest rate that has adjusted significantly, or took out a second mortgage and now can’t make the payments. However, there is help. First, homeowners should contact their lender and let them know of their situation. Believe me, lenders do not want to foreclose. They just want their money. So try to work out an acceptable solution with them. If that doesn’t work, try contacting the Homeownership Preservation Foundation at 888-995-HOPE or visit their website at www.hopenow.com. Their phones are manned 24/7. The sole purpose of this non-profit counseling organization is to help homeowners avoid foreclosure.

Buyer’s or Seller’s Market?

I get asked alot whether we are in a buyer’s market or a seller’s market.  While I would agree that the market has shifted from our robust seller’s market, I think it’s time for a new market definition.  I believe we are in an opportunistic market.  Let me explain.  Opportunity exists for both buyers and sellers.  If you a buyer, you have more available inventory and cooperative sellers than ever before.  Builders are willing to throw in incentives and prices are adjusting to meet market demand.  Everything is negotiable…from the fees you pay to secure financing to the appliances and pool equipment.  Never before in my ten plus years of selling real estate have I seen such a good market for buyers.  And with interest rates still at record lows, now is a great time to buy.  And as a seller, if you are buying another home, you too will reap the benefits of this as well.  With the healthy real estate market we’ve had in previous years, most sellers are still making a healthy return from their sale.  In my opinion, our current market offers opportunities for both.

Shorelines Blog

What a great response to my inaugural blog in the Shorelines section of The Florida Times Union last week. Thanks to all who read it and called or emailed with their thoughts. It seemed like there was an underlying theme with the feedback…2008 is going to be a good year for Jacksonville real estate. So what real estate information can I provide you?   My goal is to use this forum as a means of providing updates on the Beaches real estate market, as well as any issues affecting the Jacksonville housing industry. Please email me your questions and suggestions, or visit me online at www.pstaines.com.  And if you are free for lunch on Wed, why not join me from 11 -1pm at www.realtypowerlunch.com?  I will be online, taking your real estate questions live.

2008 Housing Market

Q. What are your thoughts on the 2008 Jacksonville housing market? 

A.  I must be asked that question on a daily basis.  Keeping in mind that real estate is a local issue, all indicators are pointing to a better year for Northeast Florida’s real estate market.  In fact, I was encouraged to read in the December 25^th edition of Fortune magazine that “the southeast housing market looks healthy for the region, which may boast 12 of the 20 hottest markets for 2008”. 
Jacksonville was ranked 25 on a regional level and 52 on a national level.  How refreshing it was to read some positive press about
Jacksonville!  The Realtors have been saying all along that our market is not as bad as the press is making it seem, and now a national publication agrees.  What a great way to ring in 2008!  Happy New Year!

Family Member or Professional?

Q.  We are planning to sell our home in a few months.  My aunt is Realtor in Daytona and said she can put us in the MLS at no charge, but my wife wants to hire a local Realtor.  What do you think we should do?

A.  I’m sure your aunt is only trying to help her nephew, but in this ever changing market you need more than just the MLS to sell a house.  Ask yourself these questions.  Does your aunt know our market?  Who is going to show your home?  What marketing will she do?  Will you cooperate and compensate a Realtor if they bring a buyer to your home?  How familiar is your aunt with our NEFAR policies, procedures, contracts, and addenda?  I would recommend you interview three local Realtors who specialize in your community and then decide what approach is best for your situation.  If you need the names of Realtors who handle your area, please contact me.