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.

If history is any indication, right now is the best buyer’s market we’ve seen in 35 years.  Here’s some data to support this fact.  In April of 1973, mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002, the height of the seller’s market where there was little inventory. In the last two major buyer’s markets, one in the early 1980s and the other in the early 1990s, the rates were much higher. In 1978, interest rates were at 9.75 percent, en route to 18 to 21 percent in 1980. In the early 1990s, the rates were hovering in the 11 to 12 percent range. Thus, today’s buyer’s market, with exceptionally low mortgage rates plus a substantial supply of inventory, is the best time in decades to purchase.

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.

As a Realtor, I often come into contact with homeowners who do not have flood insurance.  Even if your property is not in a flood zone, your home can still be damaged by rising water.  Yesterday’s storms are a reminder of that.  Please keep in mind that the elevation of your property determines whether you will be required by your lender to obtain flood insurance and not whether you are near a body of water.  There are various elevations that determine your flood risk, so once you have your survey and flood elevation certificate, your insurance agent will be better able to explain in detail. 

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. 

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.

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.

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.

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.