Real Estate News
Clearwater Florida
Clearwater Florida News - FL Legislative Session bringing Good News to Real Estate Investors and Home Owners
May 1st, 2009 Categories: Clearwater Beach Florida, Clearwater Florida, Real Estate News, Tampa Bay
Clearwater Florida - As you know we wrote last year about the need to pass the proposed Florida property tax amendment that would in my opinion have protected people buying Clearwater Beach condos or vacation homes. Many 2nd home buyers now worry about feeling the squeeze of property taxes as the Clearwater real estate markets improve.
For those who want to buy a little piece of Florida paradise and enjoy it for many years to come - they don’t want to hear anyone say a few years from now, “Well the good news is, it’s worth more if you sell it.” They tell me they want to know they can afford to keep that special family beach house or retirement home and even dream of passing it down to their children.
In addition, I still think what happened to Florida business owners during the boom of 2004-2006, especially those Clearwater Beach Mom and Pop motels along our beaches (as well as all 26 miles of our beaches for that matter) by calculating their property taxes based on “highest and best use” was awful and amounted to basically a way to force them to sell and we are all worse off for it.
I don’t think that it was fair but after 24 years of my husband constantly reminding me that “fair is a place you take your pigs” I realize my passion for the individual, small business person is personal and some may say even a little naive. Well so be it, I do believe people who want to sell should be able to sell and those that don’t want to sell - shouldn’t be basically forced too. Their businesses could never generate the income needed to pay the proposed taxes and there was no solution but to sell. This is a problem and many people have been fighting hard to see things changed.
So in a time when our best mortgage borrowers are being hit with Jumbo rates which can be basically conventional rates plus 2% and luxury beach property values are down and not get stabalized, I believe we need to make it more attractive to those who are ready willing and able to purchase to do so.
Well when I just got this early recap from the Florida Association of Realtors® I was thrilled to say the least and just had to share…as we finish the first day of May at 10pm tonight the may be good news on the horizon. Here’s their End of Session recap - maybe the peoples voices are being heard - What do you think about these proposals? …
Those that Own Homes in Clearwater or Clearwater Beach Florida may soon be happier
“The House and Senate have completed their 60th day of the 2009 legislative session. This is the day the Legislature should be adjourning “Sine Die.” However, as you have likely heard, the 2009 regular session of the Florida Legislature has been extended for a full week to finalize the budget. While the session was extended to next week, today still has that “last-day-of-session feel,” since all non-budget legislation had to be considered for final passage today if it was going to have a chance of becoming law.
And, it has been an amazing day in Tallahassee for Clearwater Realtors® and all Florida Realtors® for that matter, as most of FAR’s 2009 legislative initiatives ended in victory.
Proposed Constitutional Amendment would help Vacation Home Owners as well as Real Estate Investors in Clearwater FL
One of the final bills considered tonight was SJR 532. This constitutional amendment will:
- Ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. (Remember this was pulled from the ballot last year by a Leon County Circuit Judge so let’s hope this year goes better - read more..Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%)
- First-time homebuyers in Pinellas County and around Florida could benefit, too, with an additional homestead exemption up to $100,000 on their first home.
Related Articles:
Pinellas County Real Estate Today Loses Chance to Cut Property Taxes by up to 32%
More Good News Regarding Property Tax Assessment and Capping Home Insurance Rates?
- HB 521, is the bill that puts the burden of proving that a property tax assessment is correct on the appraiser, not the property owner, also passed both chambers and heads to the Governor. Who doesn’t think this is a good idea?
- In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders (HB 1495). The Legislature also repealed the requirement that, effective Jan. 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on the structure of $500,000 or more, provide prospective buyers the structure’s windstorm mitigation rating.
- Related post:Clearwater Florida Real Estate gets Florida Hotline to Home Insurance Options
- The growth management bill (SB 360) we supported passed as a big package. It includes a provision to encourage urban infill by eliminating transportation concurrency, one that allows for expedited comprehensive plan reviews and another that eliminates the development of regional impact process (DRIs) in urban areas. The bill also extends previously obtained permits and approvals by two years, creates a transition process for moving towards a mobility fee system, and streamlines and reduces inefficiency in our approach to growth management.
- Also, it appears that when theFlorida legislative budget is finalized next week, we’ll have $30 million for downpayment assistance to help “front load” the federal first-time homebuyer tax credit.” - now if we can just get the banks to give a thumbs up or down to all the short sales on their desks we’d be golden!! We are seeing lots of willing buyers and sellers - but with 80% of home sellers owing more than their homes will appraise for today we’re all feeling the bottleneck of the banks.
Related Articles: Clearwater Real Estate | Property Tax Portability Passes - Calculate Your Benefit
Also Read : Buying Clearwater Real Estate bargains - Bank owned, REO, short sales, Foreclosures So, call us today to discuss any property tax estimates or info on how we can help you buy an investment property or beach house, condos or villas on our Tampa Bay beaches.
Want to See All the Clearwater Homes for Sale?
Here’s what some of our past clients have to say about how we helped them….or check out over 20 video message here
- “you treated us like family”
- “you dig for info on each property, researched and worked hard to make sure we knew everything about the home we bought”
- “being out of state we needed someone we could trust - and that was you!”
- “we didn’t want any pressure - we worked with you a long time and there was never any pressure”
- “you are the Painless REALTORS - I’ve bought and sold homes and you handled all the details for us - thanks”
Buyers continue to tell us that selecting the best Clearwater real estate agents, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727)710-8035 or (727) 710-8036
P.S. So go ahead an search all the properties for sale in the Clearwater MLS now…
and just so you know, we require no email or sign in - like everything else we do - our goal is to continue to provide you with ALL the information available so you can make the best decisions!
Copyright © 2007-2009 Jack and Cyndee Haydon, REALTORS and Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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Clearwater Florida Home Owners - FHA isn’t Fooling April 1 Cash Out Refinancing toughens
March 27th, 2009 Categories: Clearwater Florida, Real Estate News, Tampa Mortgages
Clearwater Florida Home Owners - Act Fast on FHA Refinancing - No fooling
Clearwater Florida - If you own a home in Clearwater and want to do a cash out refinance using and FHA loan, think again, the most liberal cash-out program in town is about to make Tampa mortgage qualification more difficult.
Effective April 1, 2009, (yes I know it’s April Fools but this is no joke) the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of your Clearwater home’s value to 85%.
In its official press release, the FHA says it’s making the change to “limit its exposure to undue risk”.
It also lists the following Clearwater home owner cash-out requirements:
- With less than 12 months since the purchase date, your home’s value cannot exceed its original purchase price — even if home improvements were made.
- A Clearwater home owner must be current on their mortgage payments to qualify
- A second, verifying appraisal may be necessary, depending on loan traits
- Co-signers may not be added to the FHA mortgage note in order to qualify
The last day to register a FHA 95% cash out refinance is Tuesday, March 31, 2009. The loan does not need to be “locked” — only registered.
So, if you know that a 95% cash out FHA refinance is in your future, talk to your Tampa home loan officer before Wednesday morning about registration. If you need to know the name of a good Tampa mortgage professional or two - just call or email me and I can help you out.
Buying a Home in Clearwater Florida - We can help
If you have been thinking about buying a home or condo now is a great time to buy in home in Clearwater
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. This article may not be copied, reproduced, distributed, transmitted, displayed or published.
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Clearwater Florida First Time Home Buyer Credit Form From The IRS is Here
March 3rd, 2009 Categories: Clearwater Florida, Real Estate News
Clearwater Florida First Time Homebuyers IRS Form Arrives
Clearwater, Florida - Anyone that’s been thinking of buying their first home now has 8,000 reasons to do it in 2009. As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the First-Time Homebuyer Credit Form - now you just have to find your Clearwater home to buy (that’s where we can help :=).
True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.
Form 5405 is a helpful, go-to resource for Clearwater Florida home buyers with questions about the first time homebuyer tax credit.
For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.
In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:
- $8,000 for Clearwater homes bought in 2009
- 10 percent of your home’s purchase price
Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.
Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.
This past week we were excited to be able to help a widow buy her new Clearwater home after renting the last few years while her husband was in a nursing home. He recently passed away and now she’s being blessed with a new beginning. The good news is it appears that even she will meet the guidelines for this first time homebuyer tax credit and while she doesn’t normally file taxes - she’s contacted a CPA and will this year and is delighted to know that Uncle Sam will be sending her a check for $8,000 which she’s excited to use to remodel her kitchen.
Thinking of Buying your First Home in Clearwater Florida - We can help
If you have been thinking about buying your first home or condo and haven’t owned one in the last 3 years now is a great time to buy in home in Clearwater
Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..
Call Us Today at (727) 710-8036 to hear more about how we can help you!
Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
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