3 Things to Know about the Marion County, Florida Sales Tax Initiative

Posted by Duke Rountree on

 

Marion County Logo

1. Vote: March 15, 2016

2. Why: It’s on the ballot because the Board of County Commissioners unanimously approved putting this sales tax option before county voters. The county is faced with a backlog of projects (e.g., road maintenance and expansion) and equipment needs (e.g., public safety gear and vehicles). These investments were postponed to keep property taxes low during our community’s economic downturn.

3. What it covers: If passed, the 1-percent sales tax would fund specific public safety equipment needs for law enforcement, fire rescue and emergency medical services, as well as transportation capital road projects for Marion County and its municipalities (Belleview, Dunnellon, Ocala, Reddick and McIntosh). The temporary tax would be levied over a period of four years (Jan. 1, 2017-Dec. 31, 2020), and would generate an estimated $166 million over those years.

A sales tax means visitors would help pay for the roads and public safety services they use while in Marion County, since the 1% is levied on purchases, and not properties. 

To read full “Sales Tax Initiative” 

Source: http://marioncountyfl.org/about/board-of-county-commissioners/sales-tax-option

3 Reasons Why… It’s Great Time for Sellers Aug 2015

Posted by Duke Rountree on

2015 is turning into an excellent year for sellers because of rising home prices, increased demand from home buyers and happy houseless overall seller competition for most U.S. and Ocala Marion County Homeowners

 

1. Stronger demand from buyers… Demand from buyers has remained high and less competition(homes for sale), is making 2015 a fantastic year for many Marion County home owners. There is currently a larger pool of buyers, including first time buyers, boomerang buyers)previous owners who lost their home to foreclosure or short sale), and traditional owner-occupant buyers.

2. Home prices on the rise…Across the nation home and condo sellers in the first half of the year sold for an average of 13% above original asking price. Homes in the median price range have increased 6.4% since 2014 based on the June – Monthly Market Reports from Florida Association of Realtors for the Ocala/Marion County area. “So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007,” Blomquist says. “In June, sellers sold for above estimated market value on average for the first time in nearly two years.” Median sales prices of existing-homes pushed above the previous 2006 peak to a record high in June, the National Association of REALTORS® reported this week. The median existing-home price for all housing types was $236,400 in June – surpassing the peak median sales price set in July 2006 at $230,400.

3. Less Seller competition… New listings have decreased year over year by -2.6% and pending homes sales have increased 7%. Ocala/Marion County inventory has also decreased -8% and currently there is only a 6 month supply of inventory. This means if no other homes were placed on the market in the coming months it would take 6 months for ALL homes to be sold. Also the decrease in the number of distressed properties has fallen -11.8% and these sales accounts for less than 10% of all closed sales.

It is important to remember that location is the biggest factors in considering all of the numbers and statistics. It is important to find a trusted real estate professional that is knowledgable about your local market to discuss in further detail. Want to know the value of your home…Contact me today for a “free, no obligation” market analysis of your home and property.

 

Source: Realtormag.realtor.org – DAILY REAL ESTATE NEWS | FRIDAY, JULY 24, 2015″2015 Great Year to Sell,” RealtyTrac (July 22, 2015)

Florida Home Buyer Programs for 2015

Posted by Duke Rountree on

Florida currently has 3 home buyer programs available;

  1. FIRST-TIME HOMEBUYER Program -Florida’s First-Time Homebuyer Program offers 30-year fixed rate loans through participating lenders and lending institutions. As with most first-time homebuyer programs, income and purchase price limits do apply. A borrower must have a minimum FICO credit score of 640 to qualify.
  2. Local SHIP Program – Low-to-moderate income borrowers across the state can inquire with their local county as to what down payment and closing cost assistance is available in their given area.
  3. Florida Housing Mortgage Credit Program – The Florida Housing Mortgage Credit Certificate (MCC) Program allows first-time homeowners to claim up to $2,000 each year as a tax credit on the mortgage interest paid. The MCC program cannot be combined with the first-time homebuyer program. Similarly to the first-time homebuyer program, income and purchase price limits will apply.
For more details on Florida Housing Finance Corporation details >>>>> CLICK HERE
 Check out this FIRST TIME HOME BUYER WIZARD TOO! >>>>>>> CLICK HERE FOR WIZARD

Monthly Market Detail Report – June 2015

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In the Ocala/Marion real estate market, conditions continue to be even as fewer houses become available compared to his time last year. June 2015 found an decrease in the number of new listings, active listings and pending sales were up for single-family homes, according to information from Ocala Marion County Association or Realtors®.

The 877 new listings in June 2015 represented a -2.6 percent decrease over previous year. Active listings decreased 8 percent to 3,083 over the same period. Pending sales had a high jump in June, with the 656 pending listings in for the month, indicating a 7 percent increase over June 2014. Actual sales of single-family homes also increased over the same period.

The Ocala Marion County Association or Realtors® reports that in June, a total of 606 single homes were sold in the Ocala/Marion County area. This represents a 12.8% percent increase over sales in previous year. Prices in the Ocala/Marion County real estate market continue to climb during that year-long period. The median price of a single-family home in the Ocala/Marion County area increased 6.4 percent between June/2014 and June/2015, to $116,000.

Average home prices declined -3.7 percent during that period to $145,862. The closed sales by sales price during the year

increased in all price categories except for “less than $50k and over $1,ooo,ooo. Homes spend an average of 73 days on the market in Ocala/Marion County, which is decrease from June/2014 of 38.1 percent year-over-year. Generally higher prices, limited availability, and quicker sales of those homes that come up for sale make the Marion County real estate market a favorable environment for sellers, and because of the great value in our area buyers can find quality homes far cheaper than average rent prices for the area.

Rountree Realty provides expert real estate services to residential buyers and sellers in Marion County including Ocala, Fort McCoy, Anthony, Sparr, Citra, Salt Springs, Orange Springs and and surrounding communities. Contact us today for more information on local real estate and for professional assistance navigating this sometimes complex home market.

This report describes member activity for the association and is not confined to any specific geographic area. Statistics for each month compiled from MLS feeds on the 15th day of following month. Data released July 22, 2015, produced by the Florida REALTORS®

COSTS vs VALUE 2015 Report – Exterior Improvements Best Return on Investment

Posted by Duke Rountree on

When you begin to consider remodeling or home improvements, homeowners should consider the return on investment(ROI) or recouping of their costs. Many updates are preformed simply because the homeowner desires that upgraded kitchen or bathroom. It is important to remember that many, if not most, updates are not great ROI, because they are more for personal reasons rather than a cost vs. value.

“It can be a daunting task to even decide on what home improvement projects to undertake, let alone to physically tackle and complete them,” says National Association of Realtors (NAR) President Chris Polychron. “Realtors know what buyers are looking for during their search, and curb appeal is and always will be important. That explains why Realtors once again rated exterior projects as some of the most attractive and valuable for homeowners.”

Seeing these reports now for many years in a row I have noticed one update that always stands above the rest in terms of cost vs value; the steel entry door. According to Realtors, a new steel entry door returns about 101.8% of its costs upon resale compared to 96.6% last year. For my sellers and marketing the property to future home buyers we always start at the curb first and front entry way next. These areas are two of the most important areas to focus. Why, because first impressions do matter and the entrance to every home being marketed for sale should be warm and inviting. If you cannot afford to replace the front door, then we suggest a good painting and replacing all door hardware for that fresh and clean look.

The good news is the steel entry door is consistently the least expensive project in the report.

Rounding out the top 10 projects in terms of cost recouped:

  • Manufactured stone veneer (92.2 percent)
  • Garage door replacement – midrange project (88.5 percent)
  • Siding replacement with fiber cement (84.3 percent)
  • Garage door replacement – upscale project (82.5 percent)
  • Vinyl siding replacement (80.7 percent)
  • Wood deck addition (80.5 percent)
  • Minor kitchen remodel (79.3 percent)
  • Wood window replacement (78.8 percent)
  • Foam-backed vinyl siding replacement (77.6 percent)

© 2015 Florida Realtors® http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=317926

 

Existing Home Sales Continue to Rise In October 2014

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Existing-home sales continued to rise in October and are now up year-over-year for the first time in 2014, NAR Chief Economist Lawrence Yun says during a Nov. 20 press conference in Washington. This is good news for our local Ocala/ Marion County market because the inventory is moving closer to a balanced market. The largest issue facing the future is a lack of inventory in many price ranges. If you are a seller and thinking your home might not be worth what you owe, you could be be mistaken. There are still great deals to be found for buyers too. Want to chat more about real estate or discuss your homes value, please contact me today.

 

https://www.homesforsaleocalamarion.com/wp-content/uploads/2015/01/Ocala_MSA_Single_Family_Homes_2014-10_Summary-2.pdf

 

MORE..Mortgage Modification Options

Posted by Duke Rountree on

Are you two or more years late on your mortgage payments?

If so, you could get another opportunity  to save your home with the recent changes in loan modification rules by the Federal Housing Finance Agency. Fannie Mae and Freddie Mac announced the elimination of an eligibility cap that forbid loan modifications to homeowners with delinquencies of 720 days or more. This change was made to the “streamlined modification” program which was created in 2013 and touted as an automatic route to lower mortgage payments because no paperwork or application is required. According to the FHFA it is estimated that nearly half of borrowers nationwide would be eligible now under these new guidelines and all lenders must comply with the cap elimination by April 1, 2015 and all are encouraged  to make the change immediately. All borrowers who were previously denied a modification must be reevaluated.

We’ve had multiple clients receive approvals under this program,” said Paul Baltrun, director of corporate development for the Law Office of Paul A. Krasker in West Palm Beach. “It’s very little paperwork, mostly just phone conversations with the lender, and the turn time is quicker.” If the borrower agrees and makes three on-time payments, the modification becomes permanent. Baltrun said it’s hard to gauge how many people the change will affect. Although the worst of the foreclosure crisis is over, he said a significant number of homeowners are still looking for modifications because they have lost jobs, or have used up their savings trying to stay in their home.”I think it will help a small number of people in specific circumstances,” said Baltrun, who believes removing the cap is a good change. “Why would someone who is 721 days late be declined when someone who is 719 days late is approved?

Also, borrowers are encouraged to apply for other loan modification plans, such as Home Affordable Modification Program, which could offer a better deal. About 3% of Florida homeowners with mortgages were 90 days late or more on payments during the second quarter of 2014 and nearly 10% were either 90 days delinquent, or in foreclosure. That puts Florida only second behind New Jersey with the highest foreclosure and delinquency rate in the nation, but a far improvement from the near 18% back in 2011. IN Florida streamlining this process is crucial because the foreclosure process is moving quicker and quicker through the process which mean less time for negotiating with the bank before foreclosure judgement is issued.

Where can you find help? http://www.fhfa.gov/Homeownersbuyer/MortgageAssistance or http://www.harp.gov/

Source: floridarealtors.org and Copyright © 2014 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.

 

How Important Is a 3rd Bedroom or 2nd Bathroom in Ocala Marion County?

Posted by Duke Rountree on

How Important Is a 3rd Bedroom or 2nd Bathroom in Ocala Marion County?

In my over 13 years of experience selling real estate in Ocala Marion County area this conversation comes up several times a year, if not more. Many buyers do not need or require a 3rd bedroom or 2nd bathroom at the time of their purchase. But as a Realtor, I make sure we discuss all aspects of the home purchase including the potential future resale value and more importantly the future marketability of the property. As you can see below the extra third bedroom home sales are considerably higher and some months even double the number of closed sales. The additional second bathroom shows an even larger increase in number compared to home with only one bathroom.

In my opinion, if at all possible and within budget. always opt for the home with a third bedroom. Most importantly, demand that second bathroom in your new home, condo, townhouse or manufactured home. Humans are nomadic(person who does not stay long in one place, always on the move) and there are few of us who live in a home for more than seven years based on recent statistics. The small additional upfront cost could equal an important boost in future marketability and demand of your investment.

What Are Benefits of Working with REALTOR® & Rountree Realty

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What Are Benefits of Working with REALTOR®rlogo

 

Experience: The typical REALTOR® has 11 years of experience 80% of REALTORS®  have over 6 years. With an average of 8 transaction sides closed per year, the knowledge your REALTOR®  possesses is invaluable in the success of residential and commercial advertising, appraising, renting, leasing, buying, selling, auctions or exchanges.

Education: Real Estate Associates must complete 63 initial hours of education before licensure and an additional 45 hours before 2 year anniversary. Brokers must have 2 years experience in real estate field and complete 72 hours of coursework to obtain Broker license with an additional 60 hours to completed within 2 years. Also, 30% of REALTORS have a Bachelors or some college experience.

Local Expert: A Realtor that specializes in a local market will know things that are not appearing on the listing information online; they’ll know more about the neighborhood. Letting a Realtor take what is a very emotional decision and apply objective criteria is one of the largest benefits.And when it’s time to write an offer, they’ll know what other properties have sold for and the intricacies of those properties, the differentiating features, so then you can get the best deal for your money.

So I would say it’s ok to shop on your own, but absolutely retain a trained professional REALTOR® for one of the most important purchases that you’ll make in your entire lifetime.Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR) can call themselves REALTORS®. All REALTORS® adhere to NAR’s strict Code of Ethics, which is based on professionalism and protection of the public. That’s why all real estate licensees are NOT the same. “Dedicated to serving America’s property owners at local, state, and national levels, the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, is the largest professional association at 1 million members strong. So, whether you’re buying or selling a home – it pays to work with a REALTOR®. Look for the REALTOR® logo when choosing your real estate agent. -Courtesy of NATIONAL ASSOCIATION OF REALTORS®”

“Perform at your best when you best is required. Your best is required each day.” John Wooden

HOT Sales Activity in Ocala

Posted by Duke Rountree on

Today I am going to be talking about a few areas of Ocala experiencing a little heatwave on our “Trend Maps.” Something we have not been experiencing for the last couple weeks here in the Horse Capital of the World, Ocala, Florida. What are trend maps? A trend is a general direction something is going and combined with a map provides a look at “Sales Activity” based on zip codes. The statistical data is overlaid onto a map and provides a more visually geographical representation compared to simple data chart. The trend map included here shows the “HOT” areas for “Sales Activity” right now are 34472(Silver Springs Shores), 34476(Shady Hill area, Ocala), 34481(Leroy area, Ocala) and 34491(Summerfield.)

34472,34476,34481,34491,
Sales Activity Map Trend for Ocala, FL

I also thought it would be interesting to look at the median DOM(Days on Market) to contract, for these same zip codes. Notice the trend for most of the zip codes have gone down from the same time last year. The only zip code experiencing a longer days on market is Silver Springs Shores area due to the higher foreclosure rate and over supply. So we are seeing these areas experience higher sales activity and less days on the market to contract. If your a seller it is a great time to “SELL.” If your on the fence about selling it might be time to talk to a great local REALTOR, me, and find out if the time is right for you. If your a buyer and you want to buy in one of these zip codes, It’s time to get with your preferred lender, get on the phone, text or email me.

Days On Market To Contract