Friday, January 8, 2021 / by Bridget Bass
What is the Florida Homestead Exemption?
It is a tax exemption offered to Florida property owners that can reduce their property tax liability. This exemption helps thousands of Florida homeowners save money on their property taxes every year. Further benefits are available to property owners with disabilities, senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.
How does it work?
It’s offered based on your home’s assessed value and offers exemptions within ranges of your homes value. Specifically:
For the first $50,000 in assessed value of your home, up to $25,000 in value is exempted. (This exemption applies to all property taxes, including those related to your school district.)
You pay full taxes on any value between $25,000 and $50,000.
For any assessed value between $50,000 and $75,000, an additional $25,000 is eligible for exemption. (but this exemption does not appl ...
Friday, October 16, 2020 / by Jordana Tobel
If you're a South Florida agent in the last quarter of 2020, you're probably feeling what we all know to be true -- our inventory doesn't match the current buyer demand.
According to NAR (the National Association of REALTORS®), inventory in July 2020 was 21 percent lower than 2019’s already low levels. Additionally, homeowners are now moving once every 13 years , instead of 8 years (the average in 2010). This makes things even worse.
Buyers are coming from all parts of the country, to live a life outside year-round. 37% of Americans said the pandemic has caused them to consider moving, and 77% of respondents said that, for 2021, they prefer to live in a suburb over a city. People care less about “proximity to work” and more about “living space.” The survey showed that people are looking for:
More square footage
Larger outdoor areas
Lower population density
These are all things that South Florida provides. Now th ...
Wednesday, October 7, 2020 / by Bridget Bass
There are some amazing perks to buying a new construction home: the opportunity for full personal customization, brand new appliances, amenities, and state-of-the-art home technology.
If you're in the market for a brand-new home and didn't think about hiring your own agent: YOU SHOULD! You could always go straight to the developer's agent, but you're definitely going to want an expert on your team who will represent your side of the deal. The keyword here is "expert". Purchasing new is an altogether different landscape to navigate than purchasing resales. Make sure your agent is equipped with the skills to protect your interests every step of the way.
The Builder's Agent vs Your Real Estate Agent
It is important to identify who is on what side and the role each person will play in the transaction. In a new construction deal, the builder plays a dual role also functioning as the "seller". That being said, the builder's agent's primary goal is to generate sales for the b ...
Wednesday, September 30, 2020 / by Bridget Bass
Buyers are not the only ones who have to pay closing costs!
If you're planning to sell your home, you should consider the portion of closing costs you will have to pay as a factor in determining your sale price. Most of the closing costs will be deducted from the profit on the sale of your home.
While closing costs for sellers can differ due to variations in local tax laws and other requirements, you can expect to pay anywhere from 8% to 10% of the home's sale price during the closing, according to Zillow.com. It’s important that you know about these potential costs to understand your obligations as a seller and avoid unwanted surprises at closing.
Here are some of the most common closing costs for sellers:
1. Real Estate Agent Commissions
A typical commission is usually between 4 and 6% of the sales price of the home, which will be split between the listing agent and the buyer's agent. The real estate commission is usu ...
Monday, August 3, 2020 / by Jordana Tobel
A bad time to sell? Well, no. A bad decision to buy? Absolutely not. What's REALLY happening in the South Florida real estate market?
To those outside the industry, it may feel different but there are facts and circumstances in today's world that simply make this market unlike any other. Those of us who were around for the 2008 Recession may have some moments that feel like deja vu, but the truth is that this is nothing like the last recession.
Let's dispel the top three myths:
MYTH #1. It's a bad time to sell a home.
Yes, we are in a pandemic and unemployment is an issue, however despite that fact, there are many buyers frantically looking for a place to call home. At the same time, many homeowners are choosing not to sell and thus new home listings plunged 14% in early July compared to last year at the same time. Total inventory is also down 32% year over year. That means the current buyer demand is higher than the seller supply.
If you are considering selling, now is ...