Florida Real Estate - 2008!

We are at the beginning of 2008 and all of us, Florida homeowners, are wondering what will happen next year. First let’s recap what happened in 2007:

• property tax has been a big issue for us and the majority of Florida homeowners who felt trapped in their home because of the advantages of Save Our Homes, may get some relief (read on),
• insurance, although a big issue for us, seems to have settled a bit if homeowners are well informed about the several discounts and how to get them. Another thing as important for Floridians is to have a Windstorm Inspection of your home by a certified Wind Mitigation Inspector. That could save you a lot of premium dollars on your windstorm policy. I will address this issue in a coming mailing.
• the mortgage industry has been hit big in the middle of the year with the disappearance of several exotic lenders and loans but buyers who qualify for mortgages are being approved and lenders want to lend.  I can’t stress that enough, please have your current mortgage reviewed by a professional. Our neighbor Cheryl can be reached at 954-675-9531.
• real estate sales, a lot of foreclosures, pre-foreclosures known now as short sales, are in high number as banks need to unload those non-performing loans as quickly as possible. Snowbirds, Canadians and Europeans have started to come down to South Florida with pockets loaded looking for bargains and current homeowners who felt trapped in their homes will decide to sell their current and move into newer properties.

Looking ahead….. For us Florida homeowners, our first order of business will be to approve the new property tax legislation that will be on the ballot on January 29. Here are some of the highlights:

We, as homeowners will be able to take advantage of the Save Our Home Portability. We will be able to sell our current home and be able to transfer up to $500,000 in accumulated tax exemptions in to a new property. That is a big deal for all us who felt trapped in our homes. The good thing is that since we also have built-up equity and the prices have come down so much, it may be time to upgrade to a newer or bigger home or downgrade to a smaller home or condo.

Homestead exemption will double to $50,000 for properties over $75,000. However, school taxes will be calculated on the full assessed value after the original exemption of $25,000.

Snowbirds, second-homeowners, businesses and commercial properties will now have a cap on increases of 10% of the assessed value for 10 years.

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