Tallahassee Real Estate Blog

    The first time home buyers credit was an $8000 tax credit given to first time home buyers. There was also a move-up buyers tax credit that was for $6500.  At the end of June Congress voted to extend the amount of time needed to close the sale.  Now first time home buyers have until September of 2010 to close on a house that had been contracted on or before April 30, 2010.  So essentially these tax credits have expired.

However, there are special rules that apply to certain service members. If one is in the military, foreign service, CIA (do we have CIA here in Tallahassee??) or FBI and were on official extended duty outside of the United States for at least 90 days between January 1, 2009 and May 1, 2010 could qualify for a one year extension. Because of their service they did not have the opportunity to purchase a Tallahassee home because they were out of the country. If you are a member of any of those agencies - call us 850.445.2476.  We're prior military and federal service!

There is no move to bring back the credits. It was good while it lasted for buyers.  But doubts about how effective it was in stimulating demand and the current resistance to new stimulus spending make it highly unlikely we'll see it again.

Terance Keenan    

Your home mortgage is a consumer product - just like your car or your home computer.  You should shop, compare and negotiate for your Tallahassee mortgage just like you do any other product.  Price and terms quoted by a lender may be negotiable. 

While interest rates and points are important, you should also be sure to clarify what fees are charged by each lender you contact.  These fees can be called different names - origination fees, underwriting fees, funding fee, lender fee, etc.  Don't hesitate to be very insistent regarding what each fee is for. 

Clearly ask how the broker or lender you are working with will be compensated - how much money they will make on the loan.  Reputable lenders will charge a reasonable profit as we'd all expect.  But unethical lenders will try to put you in mortgages with higher rates or fees that earn them extra money.  Reputable lenders will easily answer your questions regarding compensation.  If you see signs of hesitation, evasion, or awkward mannerisms, you should be concerned. 

We have a list of reputable local lenders that we feel will provide you good service at reasonable rates for your Tallahassee home purchase.  Feel free to call them and find a mortgage you're comfortable with.  Tell them we sent you!  Go to www.TallaHome.com/Mortgages .

Terance   

While the Tallahassee economy and housing market are still struggling to regain momentum, that doesn't mean homes are unsellable.  Even expensive homes have buyers after them. 

Click to view this Bobbin Brook luxury home that sold for $750,000 this week.  Once it was reduced to the right price, it went under contract in about 6 weeks. 

Every Tallahassee home can be sold even in today's turbulent market.  It's all a matter of price and presentation. 

Stay tuned to future articles on what Tallahassee home prices will do in the next year.   

Take a look at this luxury home at 9260 Shady Crest Lane in Tallahassee.  Do you know someone looking to buy a beautiful home on 3 acres?   

Terance

There are currently about 175 single family homes in Tallahassee currently listed for sale and going through the foreclosure process.  They range from a $10,000 cottage near Gaines Street to a $525,000 home in Woodbrook. 

If you'd like information about buying a foreclosure, there are several key tips that can help you decide if a foreclosure sale is right for you.

If you know someone facing possible foreclosure, please have them call us.  Many foreclosures are avoidable.  There are several alternatives that benefit both homeowners and lenders.  No alternative is perfect or painless, but they are better than the extremely wrenching experience of foreclosure.  We can help - 850.445.2476.

Terance

Recently there has been quite a bit of online discussion and chain email regarding the new 3.8% Medicare tax and how it relates to home sales and capital gains.  The following is a summary of information from the National Association of Realtors.  In short, this tax will not affect most Tallahassee homeowners selling a primary residence.

Summary Points: 

Recent health care reform legislation includes a new 3.8% Medicare tax on "unearned income" of "high income" taxpayers beginning in 2013.

High income taxpayers are defined as single filers with Adjusted Gross Income (AGI) of more than $200,000, and married couples filing a joint return with AGI of more than $250,000.  Unearned income is the income that an individual derives from investing his/her capital. It includes capital gains, rents, dividends and interest income.

In selling a primary home, the new Medicare tax would apply only to any gain that is more than the $250,000/$500,000 existing primary home exclusions, and only if the seller has AGI above the "high income" $200,000/$250,000 AGI thresholds.

As an example, if you and your spouse sold your Tallahassee home for a $530,000 gain ($30,000 above the exemption amount), and your adjusted gross income as a married couple was $180,000 (below the $250,000 threshold), the 3.8% Medicare tax would not apply to this sale.  But if you and your spouse had an AGI of $290,000 (above the threshold) the 3.8% tax would apply to the $30,000 taxable gain (not to the whole sale amount.)

Vacation homes and investment property are a little more complicated to summarize here.  If you have questions about these, please contact me with your general situation, and I can provide the basic info.  As always, you should contract your tax professional for specific tax planning.  I will gladly work with your tax advisor to accomplish the tax outcome you desire.

Terance

850.445.2476  

Freddie Mac's weekly PMMS found the nationwide average rate for 30 year mortgages was 4.57%.  This is another all-time record low in the 39-year span that Freddie Mac has tracked these rates.  Wow.

Click on Tallahassee Mortgage Advice for no hassle guidance on getting a mortgage that fits your needs. 

Terance Keenan

Our weekly report on Tallahassee home sales is very popular judging by the number of visitors each week.  Take a look at our updated sales... in northeast Tallahassee you'll see everything from a $135,000 sale in Killearn Acres, to a $750,000 cash deal in Bobbin Brook!  Cash!  Buyers must have tired of putting it under their mattress.

Are you wondering about the value of your Tallahassee home?  Click on www.TallaHome.com/TallahasseeHomeSales and submit the form at the bottom of the page.  We'll provide you a straightforward approximation of your home value, no hassle, right to your inbox. 

Terance

Freddie Mac released their weekly Primary Mortgage Market Survey in which the average rate for a 30 year mortgage dropped to 4.58%.  The 15 year rate dropped to 4.04%.

These are the lowest rates since Freddie Mac began tracking in 1971. 

To you, the home buyer, every half-point you can shave off your rate is the same as a $11,000 reduction in purchase price for a typical Tallahassee home. 

If you have good credit, and a steady income, you likely qualify for these great interest rates.  Please call me at 850.445.2476, and visit www.TallaHome.com/Mortgages for a list of reliable Tallahassee mortgage lenders.

Terance Keenan  

The top 2 things homebuyers want to see online (according to National Association of Realtor research) are information on home listings, and information on recent home sales.  We have brought real estate consumers both of these things in one convenient place -  www.TallaHome.com ! 

If you're looking for recent Tallahassee home sale information simply go to www.TallaHome.com/TallahasseeHomeSales . You'll be able to access detailed information on each home that sold in Tallahassee over the past week, divided by northeast, northwest, southeast, and southwest neighborhoods. 

Do you have a question about a specifc home that sold, or sales in a specfic neighborhood?  Submit the form at the bottom of the sales page, and we'll deliver your Tallahassee home sale information promptly!

Terance Keenan