Miami Real Estate

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Sellers undertaking the ”FOR-SALE -BY OWNER”  challenge (FSBO)  …thinking it can’t be all that hard… are in good company.

How many times have  I heard:   “WITH THE INTERNET NOW, I CAN LIST IT ONLINE and I DO OPEN HOUSES… so… Read the rest of this entry »

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You may be eligible for a tax break when you purchase a home. The First Time Home Buyer Tax Credit is benefitting many people by making it more affordable to buy. Here’s what you need to know…

Are You Eligible?

If you purchase a primary residence between now and April 30, 2010, you are eligible. If you (and your spouse if applicable) haven’t owned a primary residence in a 3-year period before the current purchase, you qualify as a first time home buyer. Last November, it was decided that buyers who have lived in their primary home for 5 of the last 8 years also qualify for the credit.

How It Works

The credit directly reduces the total amount of taxes you owe. When filing your taxes for the year of your home purchase, you will subtract the amount of the Federal income tax liability. In doing so, you increase the size of your refund or reduce the amount you owe.

Funds At Closing

The Department of Housing and Urban Development created guidelines for FHA lenders that allow them to make the credit available to buyers to cover closing cosrs or a down payment above 3.5% required for an FHA insured loan. Meaning the credit can be available at closing no matter where you’re purchasing, as long as your lender participates in the program. Check with your lender to make sure they are on board.

How Big Is The Credit?

The tax credit is equal to 10% of the purchase price of your home up to $8,000 for first time buyers and up to $6,500 for most other buyers. A full credit is available for single individuals whose adjusted gross income is less than $125,000, and $225,000 for married couples filing jointly.

Other Provisions

The purchase price of the home may not exceed $800,000. If you sell your home within 3 years of the purchase, the entire amount of the credit is recaptured (the government takes it back). You cannot clain both the DC and the national First time Homebuyer Tax Credit. Purchases by  non-resident aliens are not eligible. The house must be under contract by April 30, 2010 and must close by June 30, 2010.

Take advantage of this phenomenal opportunity to purchase a home. Contact me with any questions or to get started on finding the right home for you!

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Since 1980, real estate has appreciated nationally (unlike many investments!).  Looking at five year increments real estate has appreciated between 25% and  89%:

1980-1985         25%

1985-1990         27% 

1990-1995         25%

1995-2000         29%

2000-2005        89%

Real estate prices, now, are dropping in all market segments.  Sales are up in the lower price ranges, below $300,000.00 .  The luxury market will  typically rebound after the lower end does.  In Miami there is a gap between asking price and selling price, for the most part. Real Estate Prices ARE DROPPING.  We are living through a CORRECTION period.   Looking to buy or sell real estate in South Florida or elsewhere?   Give me a call at 305 793-1365.  I will be pleased to help  you.

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10 Years from now, someone will be saying:   “That house around the corner, I could have bought it for 1/2 that just  a decade ago,  and I could have gotten a 5% mortgage!”   Each generation says pretty much the same thing. 

My husband and I are kicking ourselves (still) for not having bought an apartment in Manhattan  30 years ago, in John Lennon and Yoko Ono’s building .  The one we  ‘almost’  bought was for sale for $40,000.00.  I can only imagine what it would be worth in today’s market.

And… we wish we’d bought a weekend get-away on Miami Beach.  Read the rest of this entry »

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Can the Seller Keep My Deposit?  One of the most common concerns that buyers have  revolves around RISK FACTORS  with regard to their ESCROW DEPOSIT.   Rightfully, buyers want to minimize their risk, and protect themselves.  So…  ” Can a SELLER keep my money?”  The short answer is yes… if the buyer does not abide by the terms of the contract, and the time frames.

Whether your escrow deposit ( known as an ‘earnest money deposit’  or ‘good faith deposit’) is $1,000  or $100,000, the  guidelines are Read the rest of this entry »

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In  THIS market, how do you REALLY know if a property is priced right (… or not!) ?   Whether you’re buying or selling, there are a number of tools available to you.   By using this link Read the rest of this entry »

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BusinessWeek bellows:  “If you don’t buy a house now, you’re stupid or broke”.    Okay, Marc Roth softens the blow somewhat as his article continues … but the basic gist of the message is simple and straightforward.  Here’s what matters…  Want to know why?   Read the rest of this entry »

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Apply once… between January 1st and March 1st…and  REDUCE YOUR FLORIDA PROPERTY TAX !     Apply for a HOMESTEAD EXEMPTION  before March 1st … because after that, your eligibility for the year 2010 will expire.  

To qualify for the Florida real estate tax exemption, you must  1) own your property (or hold legal title to it) ,   2)occupy the property as your primary residence, and 3) be a legal resident or US citizen. Read the rest of this entry »

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