MARKET CONDITIONS IN SOUTH FLORIDA:


1.   Is this the right time to buy or do you think prices will keep declining?  

Well....I can't answer that with a fact; nobody has a crystal ball.  I can tell you  that prices have dropped down to 20% since 2005.  Prices are still slightly dropping but a lower decling rate of about 5% .  The prices have reached to low point where buyers can purchase a new home within their budget.  I am seeing alot of multiple offers on the same house which tells me buyers are actively pursuing a purchase.  Interest rates have never been so low.  If you're waiting for prices to continue to drop, don't disregard the fact that a low interest rate can lower  your mortgage payment significantly thus allowing you to afford a higher price home.


2.  I heard Florida may reduce it's property taxes next year; is that true?

 The new property tax law was finalized in October 2007.  It was quite disappointing to many tax payers but it's a start towards more tax reduction.  The law now alows "save our home" portability, double homestead exemption, and non-homestead exemptions.   There are alot more changes...read my property tax campaign.  Click on the link below to calculate your portability taxes:


PROPERTY TAX ESTIMATOR



3.  What advantage is there to close by the end of the year?
If you close by the end of the year, you will qualify for homestead exemption to be implemented in your next tax bill.  If you close thereafter, you loose homestead exemption for the year following.  Also, you can deduct some of your closing cost in your Federal Tax return.


4.  What is the cost of Home Owner's Insurance in Florida?
It am happy to inform that it has reduced by almost 40% since last year.  You can now purchase home insurance (windstorm, etc.) for as little as $1500 per year on a large single family home.  Of course, the more coverage, the higher the premium.



Click here for current MARKET TREND:

Yours Truly,

- Teresa Santana