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Obama signs bill: Homebuyer tax credit extended WASHINGTON – Nov. 6, 2009 – President Obama signed H.R. 3548 this morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.
“Extending the homebuyer tax credit and expanding it to reach more homebuyers is the right thing to do,” says 2009 Florida Realtors® President Cynthia Shelton. “It is critical to maintaining the positive momentum we’ve been experiencing in the housing market and in the overall economy. Florida Realtors applaud congressional leaders for taking action to extend the homebuyer tax credit into 2010, which will help Florida families realize their dream of homeownership, improve our communities and strengthen our economy.”
Adds John Sebree, Florida Realtors vice president of public policy, “Florida residents enjoy two additional advantages. The Florida Homebuyer Opportunity Program (FHOP), created by the Florida Legislature earlier this year, still has approximately $28 million that first-time homebuyers can access and use toward their downpayment. And move-up buyers now have the ability to ‘port’ their current property tax savings to a new home.”
First-time homebuyers
Most details for first-time homebuyers mirror the rules currently in existence. The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a “first-time buyer.”
• A purchase must be under contract by April 30, 2010.
• A purchase under contract by April 30 must close no later than June 30, 2010.
• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from limits effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income.
• Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home’s cost.
Current homeowner tax credit
An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. To qualify, that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.
• This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify.
• Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.
Long-time Florida homeowners who enjoy discounted property taxes resulting from the state’s Save Our Homes amendment qualify for property tax portability, notes Sebree. For more information or to calculate how much tax savings can be transferred to a new home, visit floridarealtors.org at:http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm
Florida Homebuyer Opportunity Program
Under FHOP, first-time Florida homebuyers can obtain interest-free bridge loans to access their federal tax credit before they complete a home purchase, enabling them to use that money upfront for downpayment and closing costs. Once buyers submit their returns to the IRS and receive their tax credit money, they repay their loans to the state.
The Florida Realtors-backed program came out of the 2009 session of the Florida Legislature. However, as part of the 2009-2010 budget year, did not become effective immediately. They tax credit extension will allow many first-time buyers to tap into the approximately $28 million in the program's remaining funds.
While funded by the state, the money is distributed through the city and county housing offices that operate the State Housing Initiatives Partnership (SHIP) program. There is no standardized program, and each local agency may operate under different rules for distribution. For more information, buyers should contact their local SHIP office.
To find a local SHIP office, go to:http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx.
Additional changes
The tax credit extension includes other new rules, such as:
• The new law also impacts dependent purchases of homes, which weren’t addressed under the old rules.
• The new law requires a buyer to attach documentation about the home purchase to his or her income tax return. An audit found that some buyers are claiming the tax credit when they don’t deserve it, and investigators continue to seek out fraud. To minimize tax abuse going forward, buyers won’t receive the credit without submitting proof to the Internal Revenue Service (IRS).
The homebuyer tax credit is collected as part of the normal income tax process. As a credit, it’s calculated separately from an individual’s income tax, and paid regardless of taxes owed or withheld from income. As always, however, only a tax planner can render specific advice to anyone seeking the credit. For more information on the credit, contact a tax planner or visit the IRS website at: .
Florida Realtors will update tax credit information and clarify details when available on the Homebuyer Center, part of floridarealtors.org at: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm.
© 2009 Florida Realtors® U.S. government: Home prices up 1.7 percent month-to-month
WASHINGTON, DC – March 25, 2009 – U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. In December, the FHFA first reported a 0.1 percent increase, which was later revised to a 0.2 percent decline. FHFA (www.fhfa.gov) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as authorized by the Housing and Economic Recovery Act of 2008.
For the 12 months ending in January, U.S. prices fell 6.3 percent, and the U.S. index is 9.6 percent below its April 2007 peak.
The FHFA monthly index is calculated using the purchase price of houses sold or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from December to January ranged from -0.9 percent in the Pacific Division to +3.9 percent in the East North Central Division.
Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in prices in January. Home sales disproportionately occurred in areas with the strongest markets, according to the release issued by FHFA. “While it is difficult to perfectly control for changing geographic mix in estimating house price indexes, the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic,” according to the FHFA release.
Reported sales volume, in absolute terms, was relatively low in January. As a result, the FHFA warns that relatively large revisions could occur later.
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Starting at $199,990 First-time homebuyers: How to get the $8,000 tax credit Tax Credit details Every homebuyer has unique circumstances and specific questions. The National Association of Home Builders (NAHB) has launched a consumer Web site with detailed information and an extensive list of frequently-asked questions. To find out more about the $8,000 tax credit, go here.
WASHINGTON – Feb. 17, 2009 – How does a first-time homebuyer take advantage of the $8,000 tax credit that President Obama is expected to sign into law tomorrow? It comes with a few rules. According to the most recent analysis, the following rules will apply – though things could change as tax professionals weigh the details: • The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount. • There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000. • Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000. • If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns. • It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise. • The tax credit applies to homes purchased from Jan. 1, 2009, through Nov. 30, 2009. • The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home. • To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer. • If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify. • The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly. The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund. By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time. Questions? Call FAR’s Legal Hotline at 407-438-1409. It’s a free call for members except for long distance phone charges, if any. © 2009 FLORIDA ASSOCIATION OF REALTORS® HUD plans for $13.6B in stimulus money
WASHINGTON – Feb. 20, 2009 – The American Recovery and Revitalization Act pumps $13.6 billion into the Department of Housing and Urban Development (HUD). Shaun Donovan, the new HUD secretary, explained yesterday how the money will be used.
In a letter to HUD employees, Donovan said the housing investments serve four main purposes:
• The Recovery Act invests $5.85 billion in a range of housing and community development activities, with $4 billion of it going to the public housing program for the renovation and retrofitting of this critical inventory. The Act provides an additional $510 million for the Native American program, and $250 million for assisted housing programs. The Community Development Block Grant program receives $1 billion while HUD’s lead based paint hazard reduction and abatement activities receive $100 million.
Donovan says these activities “can happen quickly, are labor-intensive, create jobs where they are needed most, and will lead to lasting housing and neighborhood benefits.”
• The Recovery Act invests $4.25 billion to spur recovery in the housing sector through targeted interventions. The Act contains $2 billion for a second round of investments in the Neighborhood Stabilization Program to mitigate the impact of foreclosures in some of the hardest hit communities in the country. The Act also contains $2.25 billion in a special allocation of HOME funds to revive the low income housing tax credit market and accelerate the production and preservation of affordable housing.
• The Recovery Act invests $1.5 billion in programs to prevent homelessness.
“I am particularly gratified by this significant investment,” Donovan says. “Many homeless experts are gravely concerned that the economic downturn will trigger a major spike in homelessness due to job dislocation and the eviction of low and moderate renters and homeowners.”
• The Recovery Act provides $2 billion to ensure full 12-month funding for Section 8 project-based contracts.
“I share the president’s confidence and strongly believe that this agency can play a critical role in economic recovery,” Donovan adds.
© 2009 FLORIDA ASSOCIATION OF REALTORS® 10 steps to negotiating an affordable loan modification
DETROIT – Feb. 12, 2009 – Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, LLP, released a list of the top 10 steps homeowners can take to negotiate an affordable loan modification. The following steps apply to homeowners working directly with a lender, as well as to those teaming up with an attorney or alternative third-party representative.
1. Come clean. It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Only by laying all your cards on the table and disclosing the truth can you begin to develop and implement solutions that will put you back on the path to long-term financial health.
2. Understand your lender’s point of view. As far as your lender is concerned, it all boils down to money. You are most likely to be approved if you can show modifying your loan will cost the lender less than a foreclosure.
3. Keep a cool head. Expressing anger toward your lender puts you in an extremely disadvantageous position. For example, your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
4. Give them what they need. In order to expedite the situation, find out exactly which forms you need to fill out and which documents your lender needs to process your application. Make sure you provide everything to your lender or representative in the manner specified.
5. Ask for what you want. Before meeting with your lender, make sure you spend some time figuring out what you want and need. For example, how much can you realistically afford to pay each month?
6. Let them do their job. Loan modifications typically take between 30-90 days from start to finish. During this time, avoid the temptation to micromanage the process. To alleviate unnecessary anxiety, ask your lender for an anticipated timeline.
7. Get your financial house in order. Put a tracking system in place today and start developing a budget to ensure you are not spending more money than you are earning.
8. Keep everyone posted of any changes. If anything changes related to your financial situation, be sure to keep your loan modification representative or lender in the loop.
9. Make sure the lender’s offer is truly affordable. If the loan modification is unaffordable or makes your budget so tight that you are only one car repair or medical bill away from defaulting again, head back to the negotiating table to try to work out a better deal.
10. Hold up your end of the bargain. The key to success is discipline and commitment. All the effort you spend setting up a plan is of no use if you don’t follow the plan you created or agreed to.
© 2009 FLORIDA ASSOCIATION OF REALTORS® FAR releases latest report on Florida home buyers and sellers
ORLANDO, Fla. – Jan. 6, 2009 – What did the typical Florida homebuyer look like in 2008? The answer lies within the pages of the 2008 Profile of Home Buyers and Sellers Florida Report released by FAR and compiled by NAR, which is now available at floridarealtors.org. Because the real estate market evolves, it’s important for real estate professionals to have a clear picture of today’s home buyers and sellers. The 2008 Profile of Home Buyers and Sellers describes the characteristics and motivations of recent home buyers and sellers in Florida to help real estate professionals track the changing demands of consumers in a dynamic market. Characteristics of home buyers • The median age of home buyers was 43 years old. Among first-time buyers, the median age was 32. • The median 2007 household income of home buyers in Florida was $68,500 compared to $74,900 among home buyers nationally. • Sixty-seven percent of home buyers had no children under age 18 residing in the home. • Fifty-eight percent of home buyers were married couples, 18 percent single females, 13 percent single males, and 9 percent were unmarried couples. • Seventeen percent of home buyers reported they were born outside the United States, compared to 9 percent nationally. • First-time home buyers accounted for 43 percent of recent home purchases. • Forty-eight percent of first-time home buyers were between 25 and 34 years old. • The median income of first-time home buyers was $58,400 compared to $60,600 among all first-time buyers nationally. • Thirty percent of first-time buyers identified their race or ethnicity as non-white. • The primary reason for the recent home purchase was a desire to own a home for 60 percent of first-time buyers. • For the timing of the home purchase, 34 percent reported it was just the right time for them, 19 percent noted they had to purchase when they did, and 29 percent reported it was either due to improved affordability of homes or availability of homes for sale. Only 7 percent stated they wished they had waited to buy. • Forty-six percent of home buyers reported using social networking Web sites, such as MySpace, Facebook, LinkedIn, and Friendster. Among home buyers aged 18 to 24, 85 percent reported using social networking sites, and 50 percent reported using them every day or nearly every day. Characteristics of homes purchased • New home purchases were 25 percent of recent home purchases. • Seventy percent of homes purchased were detached single family homes. • The typical home buyer purchased a home 15 miles from their previous residence. • The median price of homes purchased was $207,000 compared to $204,000 in the U.S. • The typical buyer purchased a home that was 1,760 square feet in size. The median size of home purchased by first-time buyers was 1,570 square feet • Commuting costs were considered as very or somewhat important by 79 percent of buyers when considering which home to purchase. • Recent home buyers plan to live in their home a median of 10 years. The home search process • Twenty-nine percent of recent buyers reported that their first step in the home-buying process was looking online for properties for sale. Thirteen percent of first-time buyers and 19 percent of repeat buyers reported their first step was to contact a real estate agent. • Eighty-four percent of home buyers used a real estate professional during their home search. • Among home buyers, the typical Internet searcher was 41 years old and visited a median 12 homes. The typical home buyer who did not use the Internet to search for homes was 54 years old and saw a median 7 homes. • Forty percent of home buyers first learned about the home they purchased from a real estate professional; 24 percent first learned about the home they purchased through the Internet. • Real estate agents were viewed as a very useful information source by 79 percent of buyers, and as a somewhat useful information source by an additional 19 percent of buyers searching for a home. • Six percent of buyers purchased a foreclosed home. 48 percent considered buying a home in foreclosure, but either could not find the right home, or found the purchase process to be too difficult or complex. Home buying and real estate professionals • Seventy-eight percent of home buyers purchased their home through a real estate agent or broker. • Thirty-seven percent of first-time buyers were referred to their agent by a friend, family member, neighbor or relative. • Ninety-seven percent of buyers ranked honesty and integrity as a “very important” factor when choosing a real estate professional to assist with a home purchase. • When asked about their agent’s performance on those qualities considered important, 84 percent reported they were “very satisfied” with the honesty and integrity of their agent. • Seventy-two percent of recent buyers will definitely use their agent again and 16 percent will probably use the agent again or recommend to others. Financing the home purchase • Eighty-eight percent of home buyers financed their home purchase; 95 percent of first-time home buyers financed the purchase of their home compared to 82 percent of repeat buyers. • Savings was the chief source of the downpayment for 65 percent of first-time buyers. • Forty-two percent of repeat buyers used proceeds from the sale of their primary residence toward the downpayment; 44 percent relied on savings for a portion of the downpayment. • 48 percent of home buyers reported they have made some sacrifices to be able to make their home purchase, such as reducing spending on luxury items, entertainment or clothing. • Forty-seven percent of all buyers believe that their home purchase was a better financial investment than stocks, and an additional 30 percent of buyers feel their home purchase was at least as good an investment as stocks. Home sellers and their selling experience • The median age of home sellers was 52 years; they had a median income of $80,600. • Sixty-nine percent of home sellers were married and 72 percent had no children under 18 years old living at home. • Thirty-eight percent of sellers traded up to a larger home when purchasing their next home. • The typical home seller owned their home for 6 years. • The typical home was on the market for 12 weeks. Thirty-one percent of home sellers did not reduce their asking price before their home sold. • Recent sellers typically sold their homes for 92 percent of the listing price. • Forty-four percent of sellers offered incentives to attract buyers, most often assistance with closing costs and home warranty policies. • Eighty-five percent of sellers used an agent or broker to sell their home. • Forty-nine percent of all sellers were very satisfied with the selling process. Home sellers and real estate professional • Fifty-seven percent of sellers contacted only one agent before selecting one to help assist in the sale of their home. • When selecting a real estate professional, 38 percent of sellers received a recommendation from a friend, neighbor or relative. • The reputation of the agent was the most important factor when choosing a real estate professional for 34 percent of recent sellers. • Nineteen percent of sellers used the same agent for their home purchase. • For 23 percent of sellers, their most important expectation was that the real estate agent would help price home competitively; 24 percent reported that their most important expectation was that the agent help sell the home within a specific timeframe. • Ninety percent of sellers reported their home was listed or advertised on the Internet. • Seventy-nine percent of sellers used an agent that provided a broad range of services and managed most aspects of the sales transaction. • Sixty-four percent of sellers reported they would definitely use the same real estate agent again. For sale by owner sellers (FSBO) • Twelve percent of sellers sold their home without the assistance of an agent compared with 13 percent of sellers nationally. Among all sellers, 5 percent were FSBO sellers who knew the buyer. • Fifty-nine percent of FSBO sellers reported that they had some difficulty in selling their home themselves, in performing tasks such as understanding and performing the necessary paperwork to complete the transaction, preparing the home for sale, and getting the price right. To download the 23-page 2008 Profile of Home Buyers and Sellers Florida Report in PDF format, visit floridarealtors.org at: http://www.floridarealtors.org/LegislativeCenter/Research/index.cfm © 2009 FLORIDA ASSOCIATION OF REALTORS® Survey says Americans still eager to buyWASHINGTON – March 24, 2009 – Nearly 25 percent of adults say they plan to purchase a home in the next five years and half of those (53.5 percent) will be first-time homebuyers, according to a survey commissioned by Move Inc., operator of Realtor.com. More than 18 percent cite the $8,000 tax credit as a motivating factor. Potential homebuyers with higher incomes are more interested in the tax credit than those in lower income brackets, with 43.4 percent of potential first-time buyers who earn $50,000 or more saying they plan to use the tax credit. According to the survey, half of all Americans (49.6 percent) are paying more attention to home values today than they were a year ago, especially those ages 25 to 34 (61.9 percent). The median age of first-time homebuyers is 30 years old. The Move survey uncovered changing attitudes toward owning a home. About two-thirds (62.5 percent) now consider their home primarily a place to live as opposed to an investment. Adults earning up to $20,000 and between $30,000 and $39,900 annually are significantly more likely to feel most strongly that a home is more of a place to live than an investment as compared to those earning $50,000 or more. When presented with a list of amenities, homeowners wanted it all – with more space leading the list (about 10 percent chose that option). Other amenities that were high on many shoppers’ lists included energy saving features (6.8 percent), bigger or nicer yard (6.1 percent), a better location (4.2 percent) or updated amenities (3.4 percent). The Move survey also found that 18 percent plan to take advantage of the Obama administrations program to prevent foreclosures. But even for those who are not in foreclosure, they reported the following: • 21 percent of all homeowners with a mortgage contacted a lender in the last 12 months to restructure their loans. • 10.6 percent received help; 5 percent are still waiting for an answer. • 27 percent know someone who is likely to face foreclosure. • 25.6 percent know someone whose mortgage is underwater. Source: Move Inc. (03/23/2009) © Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688 | |
| Florida real estate: 20 market positives
Let’s take a look at some of the opportunities and positive indicators for the future of Florida’s real estate market.
1. Long-term economic and demographic trends continue to favor Florida. By 2010 it has been forecast that Florida will be the third most populated state in the country. Florida’s population is expected to increase about 75 percent by 2030. Florida demonstrates a long history of strong growth. It has been one of the 10 fastest-growing states in the U.S. for each of the past seven decades, and often it has been in the top four, according to census data. Population growth will continue to provide a foundation for other economic growth such as new jobs and growing incomes. All of which is good for real estate.
2. People are continuing to move here. It’s estimated that 1,000 people move here every day (www.stateofflorida.com, “Florida Quick Facts”). No wonder Florida’s population has grown 13.4% since 2000, compared to only 6.4% for the rest of the country, according to census data.
3. Five of the top 15 cities in the Milken Institute’s 2007 “Best Performing Cities” survey, which looks at sustainable economic growth, are in Florida, including the No. 1 city, Ocala. A total of 13 Florida cities are in the top 50.
4. Low unemployment. Almost 120,000 jobs were created in Florida in the year between August 2006 and August 2007. Florida’s unemployment rate has hovered at or under 4% for a long time; and was 4% in August 2007, according to the latest data available from the U.S. Department of Labor. That not only puts it well below the national unemployment average, it also is the lowest unemployment rate among all ten of the most populous states.
5. Jobs are plentiful, and that trend will continue. A recent study by Bizjournals called “Where the Jobs Are” found that 7 of the hottest 15 job markets are in Florida.
6. Let’s take a look at the weather. If you think the hurricanes we experienced are going to have long-term effects on the Florida real estate market, consider this tidbit from Fortune Magazine. It recently reported, “Economists and geographers who have studied how natural disasters affect real estate values have generally found there to be no lasting impact.” Example #1: When Hurricane Hugo hit Charleston, S. C., home values were actually higher one year later. Example #2: That same year, 1989, a huge earthquake made big news in San Francisco, and the same thing happened—house prices went up.
7. Grant Thrall, a professor of what’s called Economic Geography, explains this phenomenon this way—residents move away and home prices fall only when natural disasters start becoming regular occurrences in an area, not when they happen periodically. And while the hurricane seasons of 2004 and 2005 may still be fresh in our minds, the fact is, historically it was a fluke. Eight storms hit the Florida mainland in those two years. But if you look back at the 50 years prior, only six Category 3 or higher storms hit the Florida mainland in half a century.
8. Gov. Charlie Crist, state lawmakers and business groups are committed to finding real solutions to the escalating costs and shortage of property insurance in Florida, as well as much-needed property tax reform. Florida Realtors will continue working closely with lawmakers to help resolve these complicated issues and keep the state’s economy moving forward. For example, 2007 FAR President Nancy Riley sits on the governor’s property tax reform commission, and 2005 FAR President Frank Kowalski served on the governor’s insurance reform commission.
9. Interests rates currently are still low, on a par with interest rates in the 1960s. And thanks to the Fed’s recent rate cut, we’re already seeing lower rates on home equity and mortgage loans, including jumbo loans. The Fed’s action effectively increases the number of homebuyers able to make a purchase, which should increase demand, and also help support home prices. Home prices continue to stabilize, inventory is plentiful and homebuyers have lots of options.
| | 10. Homeownership has value: Realtors believe… and research supports that belief … that homeownership provides a variety of benefits, tangible and intangible, to the community as well as the individual homeowner. 11. Studies show that home equity is still the largest single source of household wealth, both for the individual homeowner and for homeowners as a group. Home value is the most important single aspect for homeowners.
12. Owning a home leads to increased personal well-being. Research shows that people who own their own homes tend to show higher levels of personal esteem and life satisfaction, which in turn helps to make homeowners and their children more productive members of society.
13. Studies show that children raised in homes owned by their families are more likely to stay in school and more likely to graduate high school. They’re also shown to have a higher lifetime annual income.
14. People who own homes have a strong financial stake in what happens to their community and tend to become more involved in community and civic affairs. Studies show that homeowners also interact with their neighbors to gain wider influence over their neighborhoods and communities.
15. Homeowners join up to 41 percent more civic and/or nonprofessional organizations than renters, such as the PTA or Scouts; vote in local elections 15 percent more often; enhance their neighborhoods with gardens 12 percent more often; attend church about 10 percent more often; and have a 3 percent greater chance of being interested in public affairs.
16. 2007 Florida Association of Realtors® (FAR) President Nancy Riley says, “Florida Realtors know buying a home is a very personal investment – an investment in a family’s future. Although research shows it is the largest single investment most families make and helps to provide security for the future, owning a home isn't just a financial investment. Ownership is about having a place to call home: a place where families build a future and become part of a community.”
17. Over the past five years, the average homeowner has seen an increase of 50 percent in value, according to the National Association of Realtors® (NAR). Here in Florida, the statewide median home price has shown an increase of 52.5 percent from November 2002 to November 2007, according to FAR records. NAR housing industry analysts project that prices will rise about 2 percent next year, and in coming years, average home price appreciation should return to historical averages of around 6 percent.
18. Florida is a great place to live and work. According to Enterprise Florida Inc., the Sunshine State has one of the nation's strongest tourism industries; it is fourth in the nation in high-tech jobs; is the third largest exporter of high-tech goods and services; and is ranked as one of the best states in the nation to be an entrepreneur.
19. Orlando-based economist Dr. Hank Fishkind recently said in several media reports he believes that “the worst of the so-called housing crisis has probably been mitigated by the actions of the Fed. Recovery will take a while, but it has begun.” Another economist, Dr. Lawrence Yun, chief economist with the National Association of Realtors, predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010.
20. And let’s not forget the things that brought people to Florida in the first place, and will continue to attract them – beautiful beaches, fabulous weather and a friendly business climate, with no state income tax. It’s no wonder that Florida’s combination of temperate climate, outstanding recreational amenities and economic opportunity has consistently put us at the top of Harris Poll’s “most desirable places to live” survey.
Palace Properties International, Inc. Office phone: 321.441.3512 Cell phone: 321.704.9305 | |
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