Gifts we Found in Real Estate News for 2012

Santa will be here in less than a week, but according to National statistics the Real Estate Market has a few gifts to share now!

• The housing recovery is nearly halfway complete, according to Trulia’s Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago. Trulia monitors delinquency and foreclosure rates, existing home sales, and construction starts and compares them with their worst points during the housing crisis and their normal pre-bubble levels. All three indicators showed improvement in October. 
• Housing recovery is the real deal - U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum. 
• Housing in recovery, will boost GDP - Housing data released over the past few months clearly shows a market in recovery, according to the MarketPulse report released last month by CoreLogic Inc. CoreLogic estimates housing recovery could boost GDP a quarter-percent in 2012 and a half-percent in 2013. 
• Consumer confidence holds at five-year high - Consumer confidence held at 82.7 in November, marking a five-year high based on the widely followed survey by Thomson Reuters/University of Michigan. 
• Existing home sales jumped 25% in October in Florida. 
• Pending sales, those expected to close within 90 days, but not yet completed shot up 56.7 in October from a year ago. 
• The median sales price increased year to year by 9% to $145K.  
• Florida’s unemployment rate fell to 8.5% reaching the lowest point in nearly four years. 
• Sales of homes priced at 500K and above have jumped more than 40% in the past year.

With all this good news it looks like 2013 is

shaping up to be a very Happy New Year for all!

11 Reasons to List During the Hollidays

1. People who look for a home during the holidays are more serious buyers.

2. Serious buyers have few houses to choose from during the holidays; less competition means more money for you.

3. You may receive more money for your home now, because you have less competition.

4. Throughout the holiday season, you may restrict showings during your personal family events.

5. Houses show better when decorated for the holidays.

6. Buyers have more time to look for a home during the holidays especially during vacations.

7. January is traditionally the biggest transfer month – and you must be on the market to capture those buyers since transferees cannot wait until Spring to buy.

8. By selling now you can have a delayed closing or extended occupancy until the beginning of the following year if you want it.

9. When you sell during the winter you have an opportunity to buy during the spring, when many homes are on the market.

10. You may have fewer actual showings but more qualified and motivated prospects.

11. Some people must buy before the end of the year for tax reasons.

 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.

Tampa Bay Area Market Report for Sept. 24, 2012

Hillsborough County Market Trend for September 24, 2012

• Current trend again indicates a decrease in total active listing inventory in Hillsborough County with pending sales and sold listings continuing to increase.
• Days on the Market for pending sales increased slightly to previous weeks level.
• Total number of Short Sales decreased by 1% while Traditional Sales increased by 1%.

 Trends still indicate a need for additional inventory and show continued demand for homes in Hillsborough County.

Sellers: Less Competition and home may sell more quickly.

Buyers: Less selection available which could result in competing offers for the same home.

 

 

 

Pasco County Market Trend for September 24, 2012

 

• Current trend indicates a decrease in total active listing inventory in Pasco County with pending sales effectively remaining unchanged.
• Sold listings decreased slightly. Days on the Market for pending sales decreased slightly.
• Distribution of Sale Types remained unchanged.

Trends may indicate the start of a change in inventory levels as Active listings and Days on Market decreased in Pasco County.

Sellers: Competition is still high and home may sell more slowly, but improvement may be on the way.

Buyers: More selection available which could result in opportunities for better sales price.

 

Pinellas County Market Trend for September 24, 2012

 

• Current trend indicates an increase in total active listing inventory in Pinellas County with pending sales decreasing, and sold listings increasing accordingly.
• Days on the Market for pending sales and sold listings decreased slightly.
• Distribution of Sale Types remained unchanged.

Trends still indicate a need for additional inventory and show continued demand for homes in Pinellas County as changes in inventory are not statistically significant.

Sellers: Less Competition and home may sell more quickly.

Buyers: Less selection available which could result in competing offers for the same home.

5 Reasons to Use a Real Estate Agent

Working with a true real estate professional comes with a lot of advantages over trying to go it alone. By working with a pro you'll get:

• Someone with Market Knowledge who can help you navigate existing inventory and get you a good deal
• Someone with the industry contacts to help you through a pain free transaction
• To save time! Avoid common newbie mistakes. Plus you'll be able to quickly focus in on properties fitting your unique criteria
• A 3rd Party Buffer when it comes time to negotiate. You won't want too many emotions involved here – having a buffer could make you lots of $$$