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Florida's Homestead Tax Exemption is one of the most protective of Homeowners in the nation. Designed to prevent homeowners from being taxed out of their homes, it affords assurance that your spot in the Sunshine state will not be threatened by rising taxes. This created quite a controversy in the boom of the past few years as new residents found themselves paying much higher taxes than their neighbors who had been in their homes for years. What Is Homestead Exemption?
A Constitutional benefit of up to $50,000, available to bona fide Florida residents who live in, and claim a residence as their permanent and primary home on January 1, and file an application with the Property Appraiser's Office prior to March 1. It exempts the first $25,000 and applies to the Assessed Value of all taxing levies. The second $25,000 applies to the Assessed Value beginning at $50,000 up to $75,000, of all taxing levies with the exception of the School District. The exemption amount is incremental, depending on the Assessed Value of the property. If your Homestead property has an Assessed Value of up to $50,000, you will keep the current exemption of $25,000. - If your Homestead property has an Assessed Value of $50,001 through $74,999, the additional homestead exemption will increase up to $24,999.
- If your Homestead property has an Assessed Value of $75,000 or more, you will receive the full additional $25,000 Homestead Exemption.
The additional exemption applies to all taxing levies with the exception of the School District. How Does the Additional Homestead Relate To My Value? | | HOME #1 | HOME #2 | HOME #3 | ASSESSED
VALUE | $45,000 | $55,000 | $75,000 | MINUS
CURRENT EXEMPTION | -25,000 | -25,000 | -25,000 | MINUS
ADDITIONAL EXEMPTION | 0 | -5,000 | -25,000 | EQUALS
TAXABLE VALUE | $20,000 | $25,000 | $25,000 |
Here's how it works...when you purchase your Florida home with the intent of residing in it, you must be a legal resident of that home on January 1 of the year you intend to file for homestead exemption. You must have the address of the home on your driver's license, your car registrations must be in that name, your voter registration must be for the district of the home, and proof of ownership of the home by the first of the year must be documented. You may apply in person or by mail. Be prepared to document all of the above qualifying criteria. Here's what you need to bring: What Do I Need To Bring? - Valid Florida Driver License (You cannot have a Driver License in another state.) The address must be the same as your Homestead Property Address. If you do not drive, a Florida Identification Card is acceptable
- Driver License or Identification Card for Spouse
- Hernando County Voter Registration Card (If you are a registered voter, your voter registration address must be the same as your Homestead Property address). If you are not a registered voter, a Declaration of Domicile recorded with the Clerk of Circuit Court is required
- Vehicle Registrations owned or leased by you and your Spouse
- Social Security Number for all Homestead applicants and Spouse
- It is very important for you to know....that Social Security Numbers will remain confidential pursuant to FS 193.114(6) and FS 193.074
- Complete Previous Address and proof of all other property you and your Spouse resided at within the past three years. If rented, a copy of the Lease. If still own, a copy of the most recent Tax Bill. If sold, a copy of the Settlement Statement is required.
- If Homestead applicant or Spouse receives an exemption benefit from another state, a letter is required from that State or Country Assessment Office verifying the cancellation of the exemption
- If employed, employer's name, address and valid phone number
- If you or your Spouse are employed in another state, a copy of your prior year's State and Federal Income Tax Return
- If you are not a U.S. Citizen, an I.N.S. Permanent Resident Card, a Release Form Affidavit, and a Declaration of Domicile recorded with the Clerk of Circuit Court are required
- If the Homestead property is owned by a Trust, see your attorney for specific verbiage required on the deed conveying "equitable title to real estate".
- Mobile Home Title or Registration (Real Property decals required)
There are additional exemptions for widows/widowers, legally blind, permanently disabled, low income seniors, and service connected disabled. These accumulate to substantial savings on real estate taxes, but there is a deadline to file. All applications must be submitted BEFORE March 1 to qualify, so if you are a new Florida resident, Don't Delay.
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The National Association of Realtors have published the The 2010 Profile of Home Buyers and Sellers in Florida, which describes the motivations of recent homebuyers and sellers in Florida so real estate professionals can track the changing demands of consumers. Read on to see who you are:
Characteristics of homebuyers
• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.
Characteristics of homes purchased
• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.
The home search process
• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.
Home buying and real estate professionals
• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.
Financing the home purchase
• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.
Home sellers and their selling experience
• A real estate agent assisted 86 percent of home sellers. Nationwide, 88 percent of sellers used a real estate agent when selling their home.
• Recent sellers typically sold their homes for 94 percent of the listing price, and 63 percent reported they reduced the asking price at least once. Among all sellers nationally, sellers typically sold their homes for 96 percent of the listing price, and 57 percent reduced the asking price at least once.
• Thirty-nine percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Home selling and real estate professionals
• Thirty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 23 percent used the agent they worked with previously to buy or sell a home.
• Eighty-eight percent of sellers reported that their home was listed or advertised on the Internet.
• Among recent sellers who used an agent, 81 percent reported they would definitely (61 percent) or probably (20 percent) use that real estate agent again or recommend the agent to others.
For-sale-by-owner (FSBO) sellers
• The share of home sellers who sold their home without the assistance of a real estate agent was 10 percent, or slightly higher than the national share of 9 percent.
• The primary reason that sellers chose to sell their home using a real estate agent was to avoid paying a commission or fee.
reprinted with permission from Florida Realtors®
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Social Networking has become a integral part of my real estate branding and referral network. I find it educational and rewarding to read and answer the different advice sections of Trulia and Zillow. I enjoy blogging on Active Rain and spend time daily reading blogs of other professionals in the real estate and mortgage industries. This month's Florida Realtor magazine had a very informative and thought provoking article called Managing Your Online Reputation by G.M. Flisko. It offered both tips on how to grow your business using social media, and more importantly, some pitfalls to avoid. The article quoted a real estate technology consultant and national speaker for the National Association of Realtors, Doug Devitre, who cautions us that the Code of Ethics we Realtors are bound to uphold apply to the virtual business setting of Social Media as well and in the day to day business world where we operate. He warns how our comments may reflect back to us stating "When you become too opinionated or criticize other people and their practices, people may perceive you as not so friendly or easy to deal with. Also remember that sarcasm doesn't work online. People could think you are a jerk." I find that this statement is so relevant regarding how we present ourselves online, especially in the role of giving advice and answeriing questions that the consumer may have regarding their transactions. They use the social media forums to ask questions from professionals or get outside opinions when they don't understand why their transactions are failing, their offer was not accepted, a property was withdrawn from the market or their short sale transaction didn't close. This is our opportunity to shine. This is our opportunity to shed light on the complexities of our business and show relevance of a REALTOR's participation in navigating buyers and sellers through these difficult transactions. It is disheartening to see that this is sometimes used as a forum for frustrated practitioners to cast a bad light on their colleagues without having enough information on the circumstances involved. Many professionals use this forum to show their expertise and professionalism and probably gain a lot of customers and clients because they share this information freely. That is the goal for us all. I am proud of my profession and work hard to keep my good reputation in the business. Each time we speak about another professional in the business, we are also speaking about ourselves. My thanks to all my colleagues in the business who take the time and effort to build up our collective standing in the community through sharing their knowledge with the online consumers.
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As a professional property manager for 13 years, and owner of Gavish Properties and Investments, Inc. in Spring Hill, Florida, I have learned that there are quite a few people who do not care to own a home. In America, and in the Real Estate business, we assume that everyone shares the American dream of owning their own home, but this is not the case. Many people who have good credit, good jobs, and money in the bank consider homeownership a lack of freedom, a burden, a shackle, and a hassle. While most of us think that it is the ultimate goal of every person, it is just not the case. In today's real estatae market, where many homeowners owe more money than their homes are worth, these career renters feel that their choice to rent is validated and they are relieved that they did not sink their savings into such an illiquid investment. There is a growing number of previous homeowners who are coming to the same conclusion. Starting in 2005, many sellers decided to rent instead of pay the prices they knew were inflated. The chose to wait it out to see the outcome of the market where home prices were unsustainable for middle class workers. Today they are glad that they waited, and purchased a home for almost half of what they would have if they had not waited. Conversely, many of those that puchased in the real estate boom in Florida, have lost or are losing their homes, and finding themselves in the position of having to rent for the first time in many years. They are in the process of rebuilding their careers, credit, retirement accounts, and will be renting for years to come. They are facing a difficult challenge of landlords who do not want their pets, and in my market, a limited amount of single family homes available to rent. Landlords are finding that yesterday's homeowner is today's tenant and have a different mindset than career tenants, and many are adjusting their criteria to accomodate them. Many of these new tenants are finding that homeownership did not turn out to be dream they imagined and as they face a long, hard struggle back to financial recovery, are deciding they enjoy the freedom from stress and worry that tenancy affords. Quite an interesting phenomena as we live in a changing world. For more information about Property Management in Spring Hill, Florida or have questions about renting a home, please feel free to contact me at 352-650-1029 or visit my website.
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If you haven't been to The famous Sponge Docks in Tarpon Springs Florida, then make it a detour from the usual Florida vacation spots and you will see why it is one of the treasures of the West Coast of Florida. Located just north of Clearwater and Dunedin, a trip to Tarpon Springs Sponge docks is a celebration of all things Greek. The Sponge Boats dock on the river and unload their precious cargo of Natural Sponges on the sidewalks, and you can eat at one of the waterfront restaurants offering traditional Greek food and some of the best seafood to be found. You can eat outside on the water or inside if you prefer air conditioned atmosphere. Bakeries line the street, fudge factories, art galleries, clothing boutiques, hand made crafts, and Greek and Florida souvenir shops. Steeped in Greek tradition, there are religious and traditional festivals throughout the year, as well as arts and craft festivals. You just never know what you will find if you take to a trip to a community with its distinct and embracing flavor. I happened to stop last weekend to get my favorite hand made olive oil soap from Get a Guru, and found that the main street was blocked off. The air was alive with music and I could see that the streets were lined with tables...I had stumbled on a Saturday night festival and couldn't resist. There were vendors offering beer, wine and soft drinks, the restaurants were serving dinner and the servers were dressed in traditional Greek garb, and I stopped to ask what was the occasion. It appears that Tarpons Springs Florida has a new tradition called "A Night in the Islands". Once a month the community gets together for a cultural celebration, featuring all things Greek. Good food, drink and dance are the order of the evening. What a pleasant surprise and I cannot think of a better place to live than on the West Coast of Florida where the November weather is good and there is always something new to discover. Discover A Night in the Islands for yourself at http://www.youtube.com/watch?v=YAS3to6vJlE
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The International Real Estate buyers are coming to Florida to take advantage of the incredible opportunities they have to purchase. The Canadian Real Estate buyers have a particular advantage, as their dollar is now as strong as the US dollar and Florida has historically been their first choice for a vacation or retirement home. In an International Real Estate Purchase/sale, there are two major factors to consider: the real estate transaction and the currency exchange rate. With the relatively weak US dollar and unbelievably low prices, our International investors are finding Florida properties irresistable. Current statistics show that approximately 27% of Florida properties are purchased by International buyers, and 52% of them pay cash. Today's difficult mortgage market puts them in a prime position to be the winning bid on many distressed Florida properties. Whether it be a condo, waterfront home or lot, single family residence inside or out of a gated community, the price is right and the exchange rate is strong. As a Certified International Property Specialist (CIPS), I had the opportunity to meet with many International Real Estate Professionals at the National Association of Realtors Conference in New Orleans last week, and they were eager to hear about what we had to offer their investors looking at the Florida market. My market is area is the northern Tampa Bay area, and is less than an hour north of Clearwater on the Gulf of Mexico. The waters are calm, the prices are affordable, and Hernando County, known as the Nature Coast, has the most affordable waterfront prices in the state. We have kayaking on the Weeki Wachee River, numerous golf courses and communities, horse back riding trails in the state forests, bicycling on the famous "rails to trails", as well as boating, fishing and beach. Check out the values on my website. We welcome all of our Global neighbors to come and find their piece of paradise in Sunny Florida!
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Today's 55+ crowd are not just retirees, and Active Adult Communities offer a great lifestyle for those looking to enjoy their senior years to the fullest. Most Active Adult Communities in Spring Hill, Florida offer the safety and security of a guarded gate, so that those seniors who want to travel or live in Florida part time have the surety that their home in the Sunshine State is secure in their absence. Many Active Adult Communities offer a wide range of social activities, as well as swimming pools, golf courses, tennis courts and club house. Many of the club houses in Active Adult Communites have performing arts center, fitness centers, billiard rooms, a library, a card room, as well as a restaurant and bar. A social director may be on staff to help coordinate social events, travel excursions, and other functions. Seniors who are looking at options in an Active Adult Community in Spring Hill Florida have different lifestyles available to fit their individual needs. Timber Pines, located just outside my office at Keller Williams Realty offers the best in country club living at affordable prices. The accommodations vary from 1 bedroom maintenance free villas to spacious homes overlooking the lake or golf courses. For seniors who are caring for their parents or loved ones who need the next level of care, The Residence at Timber Pines is just outside the north entrance. Wellington at Seven Hills has a completely different flavor. Located near the Suncoast Parkway for easy access to Tampa, offers patio homes, villas, and spacious single family residences. As well as golfing, bocce, tennis, shuffleboard and an outdoor swimming pool, they offer a wide variety of social activities, social clubs, and classes. Today's Active Adult Communities have a diverse population, and the criteria for qualifying vary from community to community. There are strict laws governing how a community can qualify as an Active Adult Community, but in general, at least one member of the family must be at least 55 years of age. They may have a spouse or significant other who is younger, and some allow children as long as they are at least 14 years of age, so please make sure you get a copy of the restrictions before you decide which community best fits your needs, and your family requirements. Most Active Adult Communities are generous in their allowances for grandchildren's extended stays, and these time allowances are monitored for conformance. Today's prices aer making it very attractive for buyers of any age. Many purchasers are buying in Active Adult Communites today to take advantage of the prices and low interest rates, and having a professional property management company help them rent these homes until they are ready to retire. Having a professional manager to ensure compliance with the communites' regulations is critical to successfully renting out a home in an Acitve Adult Community or any other form of absentee ownership, but it is worth the investment to know that your home is well cared for until you are ready to move to the Sunshine State.
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One of the greatest appeals of homeownership in Florida is the option of a Maintenance Free home. Whether you are a snowbird or a full time resident, a retiree or part of the workforce, there are many options to choose from in Maintenance Free Living. - Condominiums offer the greatest freedom because you only own the interior space of your home and a fractional portion of the common area. This means you can enjoy a lifestyle you may not have been able to afford otherwise, such as living directly on the Gulf of Mexico or Atlantic Ocean.
- Townhouses are connected to one another through shared walls, usually with three or four units per building. You may or may not have a patio and small private yard. You own the exterior of your home and what is included in your fees vary.
- Patio homes or Villas are free standing homes on small lots. Many have large spacious floor plans so you sacrifice nothing except yard work.
These lifestyles are often found in gated communities for extra security, so you can come and go as you please, using your Florida home as a getaway, a part time residence, or enjoy Maintenance Free Living year round.
One of the most important comparisons in shopping Maintenance Free living is what you get for what you pay. Some communities offer cable, trash and yard maintenance. Others escrow for an exterior paint job every 5-7 years and even escrow money for roof replacement. This is most critical if you are sharing a roof with other units, as not everyone may be as financially stable as their neighbors.
Some communities are labelled as "Active Adult Communities" and these are age restricted, so be sure to get a copy of the restrictions in a community before you consider purchasing, because whether Active Adult Community or not, they all have restrictive covenants and you want to make sure they match your lifestyle.
Whichever type of Maintenance Free Living you choose in Florida, you can relax and enjoy the swimming pool, tennis court, golf course, and other amenities without the hassle and worry. Visit my website to see your options
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In making the final decision about which home to purchase, buyers frequently ask about the real estate taxes, weighing the pros and cons of the two or three homes that they are considering before making their final choice. In Florida, it is important to know how our real estate tax laws affects the current owners taxes, because a transfer in ownership can dramatically affect the taxable value and the taxes for the new owner in the years after the purchase. This can also occur when a buyer contracts with a builder to construct a new home. In the year of the closing, the purchaser is paying taxes on the lot, and the following year, when the property is reassessed at current market value, the taxes will be increased dramatically. If the purchaser is getting a loan, the lender uses the current taxes in considering whether the buyer is qualified to purchase a particular loan. In the subsequent year, when the taxes go up, the buyer can have an unpleasant shock if the payment increases due to taxes. This is not currently the case, as values are decreasing in Florida, but it is still important to understand how our taxes. During the real estate boom, this created such a shock to buyers that it is now the law that a seller must disclose that the amount of taxes the buyer pays in the year of the purchase has no relevance to what the buyer will pay in the subsequent years. To understand how this works, it is important to understand Florida's Homestead Tax Exemption and the Save Our Homes Cap. Historically, the majority of Florida's residents were retirees on fixed incomes. The intent of the law was to assure that these residents would not be taxed out of their homes in times of increasing values. To prevent this, the homestead act allows for exemptions from the assessed value of the home. The basic homestead tax exemption is $25,000 off of the assessed value, based on the purchase price. In recent years, the possible exemptions have increaesd with the price of the home up to an additional $25,000, to keep taxes affordable. Additional homestead exemptions apply for seniors on fixed incomes, widowed persons and disabled veterans. Most importantly of all though, is that in the mid 1990's, the "Save our Homes" amendment created a cap on how much assessed values could increase on a homestead. The Homestead exemption is applied for only once, and unless the owner moves away it stays with the home. From that point forward, no matter how much assessed values increase for neighboring homes, the assessed value of a homesteaded property cannot increase more than 3% per year, or the Consumer Price Index (CPI), whichever is less. Once established, this a a tremendous benefit to homeowners in Florida. In addition, if a homesteaded resident moves to another residence in Florida, that savings that have accumulated over the years is portable to a new Florida residence. When a new owner purchases a homesteaded home, the property is reassessed the following year at fair market value, and then they may establish homestead exemption status based on the new price. Confusing? Yes, and this is one of the reasons you need a professional to help guide you through the ins and outs of home purchasing in our beautiful Sunshine State.
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I hear people from the Northern States talk about the seasons, and how we don't have seasons in Florida. Yes, we do have seasons, they just don't correspond with other states. We are currently in our longest season....Hurricane Season, and if you are buying a home in Florida during the summer months, it is important to know how this season affects a home purchase. Hurricane season runs from June through the end of November, beginning slowly with storms and tropical depressions swirling around in the Atlantic Ocean. We give them names that correspond with the alphabet and alternate male and female names for gender equity. Hurricane season begins slowly with maybe a storm or two in June, and steadily gains momentum as the storms increase in volume and intensity as each month progresses. By the time September comes, the storms come much more frequently and by October they may be back to back as we watch the news and plan our lives around the distinct possibility that the weather may affect our barbecues, weekend boating and beach plans, and generally expect that anywhere from 3 pm forward, we may get drenched by a sudden thunderstorm and our childrens sports events cancelled due to weather. If you are purchasing a home during these summer months in Florida, it is important to know how the storms brewing off the islands affect your ability to close on your home in a timely manner. especially if you are acquiring financing. In past times, there was a "box" that the insurance companies used to gauge whether they would bind insurance for a home closing. The Hurricanes of 2004, whose names we Floridians call "CharleyFrancesJeanneIvan", since we cannot recall when one ended and the other began, changed those rules and now if there is a storm that is given an official name, the insurance underwriters shut down their computers and no insurance agent has access to write policies, or bind the commitment effective on a future closing date until that storm passes. What this means is that until the storm passes and our state is considered safe again, you will not be able to get final clearance on your purchase loan. One of the stipulations that a lender requires is that the homeowners insurance be in place effective on the closing date. The Florida Realtors/Florida Bar contract for sale and purchase has a clause automatically extending the closing date for a period of time to cover this event. This can create a personal crisis if you have successfully closed on your home in another state and are now unable to move into your new home as expected. If you plan properly, this does not have to become a problem. Begin shopping for homeowners insurance as soon as your purchase contract is executed. Not all insurance companies are as competitive as you would expect, as Florida is not their favorite state to insure. Once you pick your company, make sure that you get your application in early, especially during this season when a storm could pop up out of nowhere. You will be required to write a check at time of application, and the policy will be made effective as of the closing date. If you have delays due to financing or other issues, call your insurance company and change the date accordingly. This is the best way to ensure that come closing day, no matter what storm is brewing in the Gulf of Mexico or Atlantic Ocean, your purchase will close on time with no unpleasant insurance delays.
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I regularly advertise my available rental listings on Craig's list and have found it a good vehicle for advertising and attracting tenants for my homes. However I recently received a phone call from a customer who had answered an ad on Craig's list for one of my rentals. My ad had been cloned by someone who had created an email address to contact that contained the owner's name to appear legitimate! When the customer contacted the email address, she was told to go ahead and walk around the outside of property to see if she liked it, and could look in the windows, but the owner's family was staying in the home so the customer could not view the inside. If the customer liked the property, she was directed to send $700 to the "owner" and the keys would be sent to her. When she arrived on the property, she saw my sign and called me, confused (understandably). She sent me the email from the scam artist and it was very heartfelt and sincere sounding, telling a sad story of how the person meant to come down to Florida and live but now is forced to rent it out. In my case, a disaster was averted because I was able to stop it before any money changed hands. It is now my practice to place a flyer on the inside of the window of all my rental properties with my contact information, as I have heard that there are many scams involving fraudulently "renting out" properties by persons who are not the owners or the agents. Tenants are sometimes being moved into properties by pretend agents and owners, and are surprised to find out that they gave money to someone who was not authorized to rent out the property, leaving the tenant without money or a home. I called the sheriff's department and my local Association of Realtors to alert them. Beware of disreputable people and make sure you deal with a professional. There is a screening process, a formal application, a background and credit check and a place of business when you are dealing with a professional property manager. Owner and tenants beware!
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The number one reason for home purchases not closing is that appraisals are coming in low, or banks are shaving off value of good appraisals. Banks are fearful of Fannie Mae's policy of forcing them to buy back a loan if it is over valued, and are undervaluing the properties. Some use computerized valuation programs that only rely on public record data and give no considerations for interior or exterior upgrades. Buyers rely on these appraisal figures and either can't or won't come up with the difference. This hurts the sales and also drags down the values of neighboring homes.
Fannie Mae has come up with a new rule effective September 1 that will no longer allow banks who sell their loans to Fannie Mae to arbitrarily drop their values.
There are other issues with appraisals for these loans. Many times inexperienced or out of area appraisers are performing appraisals and using unsuitable comparables. These issues will also be addressed, and hopefully our values will begin to stabilize.
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The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly.
Homebuyer tax credit
The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. This is great news for buyers who are awaiting bank approval of the terms of their short sale contracts. Although many had acted in a timely manner, it appeared that the deadline would come and go and there was no rushing the bank negotiators. What a great act of good faith from the government at a time when it is needed most.
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Broker Representation: Accounting for 28% of brokers represented in the top 500 and up-and-comer list, Keller Williams has positioned itself as the No.1 real estate brand in Florida.
Ranking | BROKER REPRESENTATION | Total | Percentage | 1 | Keller Williams | 19 | 28% | 2 | RE/MAX | 15 | 22% | 3 | Century 21 | 9 | 13% | 4 | Coldwell Banker | 8 | 12% | 5 | Realogy | 6 | 9% | 6 | Prudential | 2 | 3% | 7 | ERA | 1 | 1% |
| Independent | 8 | 12% |
| Grand Total | 68 | 100% |
Total Sides Closed: KW’s agents also closed the highest number of transactions.
Ranking | NUMBER OF SIDES CLOSED | Total | Percentage | 1 | Keller Williams | 23,556 | 24% | 2 | RE/MAX | 18,067 | 18% | 3 | Prudential | 12,476 | 13% | 4 | Century 21 | 10,633 | 11% | 5 | Coldwell Banker | 7,247 | 7% | 6 | Realogy | 4,396 | 4% | 7 | ERA | 1,121 | 1% |
| Independent | 21,126 | 21% |
| Grand Total | 98,622 | 100% |
Number of Offices: KW’s model continues to prove successful as Keller Williams’ offices, while being the third highest, were the most productive as measured by number of sides closed per office.
Ranking | NUMBER OF OFFICES | Total | Percentage | 1 | Century 21 | 60 | 17% | 2 | Prudential | 56 | 16% | 3 | Keller Williams | 38 | 11% | 4 | RE/MAX | 35 | 10% | 5 | Realogy | 30 | 9% | 6 | Coldwell Banker | 25 | 7% | 7 | ERA | 7 | 2% |
| Independent | 95 | 27% |
| Grand Total | 346 | 100% |
Ranking | Brand | Sides per Office | 1 | Keller Williams | 620 | 2 | RE/MAX | 516 | 3 | Coldwell Banker | 290 | 4 | Prudential | 223 | 5 | Century 21 | 177 | 6 | ERA | 160 | 7 | Realogy | 147 |
Number of Agents:
Ranking | NUMBER OF AGENTS | Total | Percentage | 1 | Keller Williams | 4,229 | 31% | 2 | Prudential | 2,105 | 15% | 3 | Century 21 | 1,588 | 12% | 4 | RE/MAX | 1,124 | 8% | 5 | Coldwell Banker | 671 | 5% | 6 | Realogy | 615 | 4% | 7 | ERA | 139 | 1% |
| Independent | 3,240 | 24% |
| Grand Total | 13,711 | 100% |
THE BELOW STATS ARE FOR OFFICES ONLY IN THE TOP 500 OF REAL TRENDS
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TALLAHASSEE, Fla. – Aug. 5, 2008 – The property tax reform amendment advocated by FAR has a new backer – Florida Gov. Charlie Crist. Concerned about the Florida economy, Crist offered his first full endorsement yesterday, and says he will stump for passage. “If this Amendment 5 were to pass in November, which I hope it does, people will look at that as a lot more than a tweak,” Crist says. “I think it could be a significant stimulant for Florida’s economy.” Crist’s position puts him firmly on the side of Florida’s Realtors but at odds with a number of other groups, including schoolteachers, business groups and some fellow Republicans. But even opponents admit that Crist carries significant weight in Florida, and say that his support will go a long way to pass the Amendment 5 at the polls in November. “I think the governor would be formidable in his campaign,” says Associated Industries of Florida President Barney Bishop, who opposes the property tax reform. “I just hate to see him lose, because I don’t think this amendment is going to pass.” Other opponents are not deterred. “He’s one person, but statewide, we have 260,000 teachers, bus drivers, cafeteria workers,” says Pat Santeramo, president of the Broward Teachers Union. However, proponents of the amendment see Crist’s support as a significant coup. “I don’t think it would be possible to overestimate the importance of the governor’s endorsement,” says former Senate President and Amendment 5 architect John McKay. “Charlie may be the best campaigner I’ve ever seen. I think the governor will sell this quite effectively.” There is one caveat to Crist’s support, however: If John McCain picks him as a vice-presidential running mate, Crist won’t have much time to spend advocating Amendment 5. “Only time will tell,” Crist says. “I’m just trying to figure out the degree of help, the time I’ll have to do it. I hope to be very helpful.” To read more about the campaign to pass Amendment 5, go to: http://www.giveme5florida.com. © 2008 FLORIDA ASSOCIATION OF REALTORS®
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