Hillsborough County Market Trend for October 8, 2012

• Decrease in total active listing inventory with pending sales and sold listings increasing this week in Hillsborough County.
• Days on the Market for pending sales remained steady while Days on the Market decreased slightly for sold listings.
• Total number of Bank Owned, Short Sale and Traditional transactions remained the same from week to week.

Trends indicate a need for more active listings as pending sales and sales remain active in Hillsborough County.

 Sellers: Showings may increase as active inventory declines. 

Buyers: Selection remains limited which could result in competing offers for the same home.

 

 

 

Pasco County Market Trend for October 8, 2012

• Decrease in total active listing inventory with pending sales and sold listings increasing this week in Pasco County.
• Days on the Market for pending sales remained steady while Days on the Market decreased slightly for sold listings.
• Total number of Bank Owned, Short Sale and Traditional transactions remained the same from week to week.

Trends indicate a slowing in active listings but sales remain active in Pasco County.
Sellers: Showings may increase as active inventory declines.
Buyers: Selection remains limited which could result in competing offers for the same home.

 

 

 Pinellas County Market Trend for October 8, 2012

• Current trend indicates a increase in total active listing inventory and sold listings, but a descrease for pending sales in Pinellas County.
• Days on the Market for pending sales increased slightly, but remained the same for sold listings.
• Distribution of Sale Types remained unchanged.

 

Trends indicate no significant change as inventory increased while demand (pending sales) decreased in Pinellas County.

Sellers: Showing activity and offers may remain about the same this week as last.

Buyers: Selection remains limited which could result in competing offers for the same home.

 

 

 

 

 

 

Top Ten Things You Need to Know About the 3.8% Tax

You may have heard rumors about a 3.8% tax on Real Estate. Below is a list of facts provided by the National Association of Realtors pertaining to this tax.

1. When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will NOT be subject to this tax.
2. The 3.8% tax will NEVER be collected as a transfer tax on real estate of any type, so you’ll NEVER pay this tax at the time that you purchase a home or other investment property.
3. You’ll NEVER pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year’s gross income.
4. If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000 (married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income (including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts, you will NOT pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.
5. The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e., rents after expenses).
6. The tax goes into effect in 2013. If you have investment income in 2013, you won’t pay the 3.8% tax until you file your 2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the tax returns are filed.
7. In any particular year, if you have NO income from capital gains, rents, interest or dividends, you’ll NEVER pay this tax, even if you have millions of dollars of other types of income.
8. The formula that determines the amount of 3.8% tax due will ALWAYS protect $200,000 ($250,000 on a joint return) of your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the 3.8% tax would NEVER be imposed on more than $1000.
9. It’s true that investment income from rents on an investment property could be subject to the 3.8% tax. BUT: The only rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income: gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities.
10. The tax was enacted along with the health care legislation in 2010. It was added to the package just hours before the final vote and without review. NAR strongly opposed the tax at the time, and remains hopeful that it will not go into effect. The tax will no doubt be debated during the upcoming tax reform debates in 2013.

 Source: National Association of Realtors  - www.realtor.org



Tampa Bay Area Market Report for October 1, 2012

Hillsborough County Market Trend for October 1, 2012

 

• Current trend indicates a decrease in total active listing inventory, pending sales and sold listings in Hillsborough County.
• Days on the Market for pending sales remained steady while Days on the Market decreased slightly for sold listings.
• Total number of Bank Owned, Short Sale and Traditional transactions remained the same from week to week.

Trends indicate an overall slowing in all areas of Real Estate transactions as we move toward the holiday season in Hillsborough County.

Sellers: Showings may begin to decline, but active buyers will be more serious and may need to act quickly.

Buyers: Selection remains limited which could result in competing offers for the same home.

 Pasco County Market Trend for October 1, 2012

• Current trend indicates a decrease in total active listing inventory, pending sales and sold listings in Pasco County.
• Days on the Market for pending sales decreased slightly while Days on the Market for Solds remained steady. 
• Distribution of Sale Types remained unchanged.

 Trends indicate an overall slowing in all areas of Real Estate transactions as we move toward the holiday season in Pasco County.

Sellers: Showings may begin to decline, but active buyers will be more serious and may need to act quickly.

Buyers: Selection of available homes may be more limited.

 

 Pinellas County Market Trend for October 1, 2012

  

• Current trend indicates a decrease in total active listing inventory, pending sales and sold listings in Pinellas County
• Days on the Market for pending sales and sold listings decreased slightly.
• Distribution of Sale Types remained unchanged.

Trends indicate an overall slowing in all areas of Real Estate transactions as we move toward the holiday season in Pinellas County.

Sellers: Showings may begin to decline, but active buyers will be more serious and may need to act quickly.


Buyers: Selection remains limited which could result in competing offers for the same home.