Amendment 2 keeps important limit on certain property taxes

August 7, 2018

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This November’s ballot will include a crucial amendment that affects every Floridian. Amendment 2 will make permanent a 10% cap on annual tax increases for properties that don’t fall under the homestead exemption, which includes businesses, rentals, non-primary homes and vacant land.

 

The amendment has strong bipartisan support from the Florida Senate and House of Representatives.

 

If it fails, however, millions of Floridians will experience skyrocketing property taxes. So, who exactly is affected?

 

Owners of non-homestead properties –The amendment protects these residents from higher property taxes on non-homestead properties like rental homes and small businesses.

 

Renters – It protects renters from rent increases that result from higher taxes being passed on to them by landlords.

 

Everyone –It ensures our state stays an affordable place to live by preventing excessive property tax increases that can push residents away.

 

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Jacksonville Real Estate Trends in June – Have you ever wondered if you can use funds in your IRA to buy a home?

July 27, 2018

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An article in USA TODAY by Matthew Frankel gives a good and simple answer. “First-time homebuyers can take out as much as $10,000 from their traditional IRA penalty-free, although it will still count as taxable income. And if your spouse also has a traditional IRA, they can take out $10,000 as well.

 

Furthermore, the homebuyer doesn’t necessarily have to be you. You can use the money to help your child, grandchild or parent buy a home as well. The IRS has a liberal definition of what a “first-time” homebuyer is. Basically, you must not have owned a principal residence within the last two years.” A Roth IRA can be used also, but the rules are slightly different.

 

Our local real estate market is still looking strong in the Northeast Florida Association of Realtors market stats for June. There were 3,868 new listings in June, an increase of 13.4% from last June and 8.1% year to date, which is very positive since the homes available for sale have been very low.

 

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Jacksonville Real Estate Trends in May – An increase in new listings which is very good news!

June 26, 2018

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The Northeast Florida Association of Realtors market stats for May show an increase in new listings which is very good news. There were 3,797 new listings in May which is up 9% over last May and we are up by 7% year to date.

 

Even with the increase in new listings, the inventory of homes for sale is down 9% from last May to 8,398 properties. There are 3.4 months of supply of inventory which is down 13% from last May. A balanced market is 5 to 6 months of inventory. The shortage of homes for sale is most acute in the price ranges under $300,000.

 

There is plenty of buyer demand. There were 2,996 contracts written in May which is an 11% increase over last May. Pending sales are up 6% year to date.

 

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Jacksonville Real Estate Trends in April – Millennials, Boomers & Investors all Competing for Homes

May 29, 2018

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The biggest issue we discuss every month is the homes available for sale in our local market and the nation. The largest shortage continues to be in the lower price homes. Millennials, boomers and investors are all competing for these homes creating a very competitive market.

 

According to the Northeast Florida Association of Realtors market stats for April 2018, the inventory of homes available for sale is down 9.4% from last year to 8,264 homes. The inventory of homes under $150,000 is down 40% from last April and the homes between $150,000 and $200,000 is down 19%.

 

There is 3.4 months supply of inventory available which is down 12.8% from last year. A balanced market is 5 to 6 months of inventory available.

 

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Q&A with Sherry: Buying strategies for a seller’s market

April 27, 2018

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Like much of the country, Northeast Florida’s home inventory has remained low and prices continue to inch upward. So, what does that mean for our real estate market? It means we are in the midst of a seller’s market, one that tends to be more competitive for buyers on the hunt for a new home.

However, there are a number of ways buyers can position themselves for a successful home search. I recently caught up with Davidson Realty President Sherry Davidson who provided some insights on our current market and how buyers can best prepare for buying in a seller’s market.

Northeast Florida inventory is down almost 12% and months’ supply is down 15+%. What do you see driving this trend?  We are seeing strong buyer demand. There are nearly 1,000 people a day moving to Florida. The economy is good and people are more confident. Also, millennials are the largest percentage of purchasers now as they begin to buy homes and start their families.

How do you think this trend will play out as we enter summer months? New construction is increasing but buyer demand is strongest in the spring and summer. I think we will continue seeing multiple offers and increasing prices.

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