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Reflections of Today’s Real Estate Market
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2014 Housing Trends
If the steadily improving real estate trends of 2014 are any indication of what’s to come in 2015, both buyers and sellers can look forward to continued positive news this year. Current data confirms that property values are becoming more consistently stable and on the rise.
According to Realtor.com®, some promising info from 2014 included:
- Consumer confidence steadily increased throughout the past 12 months, with the U.S. Gross Domestic Product trending higher, and with expectations for further, complementary steady climbs.
- Historically low mortgage rates are still available for buyers, thanks to domestic and global efforts to keep the Federal Fund Rate at its current ratios for borrowers.
- Home prices have increased at reasonable proportions, which are consistent with long-term historical performance.
- A decline in foreclosures on the market, as well as short sales, were recorded throughout 2014.
- More opportunities for first-time home buyers were revealed last year, due to facts above. *See additional opportunities available from Fannie Mae and Freddie Mac below. Also, large-scale investors purchased fewer distressed properties, consistent with markets rebounding with additional buyers for properties.
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Local Ocala News
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MLS data for November sales:
- 428 closed sales–a decrease of 4.9% from a year ago
- Pending sales–449–a 12.9% decrease in pending sales year over year
- Average sale price–$122,960, a decrease of 2.4%
- A decrease of 4.4% of active listings
- Months’ supply of inventory was 7.1, down year over year from 8.4 in November 2013
The November report is available from the Ocala Marion County Association of Realtors (OMCAR) report. Please email our office for the report.
If you would like to have information regarding the sale of horse farms, or agricultural land in general, please contact me.
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National News You Need to Know
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ARE YOU READY TO BUY A HOME?
Fannie Mae and Freddie Mac Move to Make Homeownership More Accessible
Last month, Fannie Mae and Freddie Mac–government-backed agencies that finance a large portion of mortgages in America–detailed plans to back mortgages with down payments as low as 3%. The move is designed to make homeownership accessible for more people, including potential homebuyers who may have been shut out of the market by the stricter standards put in place after the 2008 financial crisis.
The agencies say the new programs contain safeguards that protect against abuses that led to the subprime housing market crash. The loans would be allowed only for fixed-rate mortgages on single-family homes that would be the borrower’s primary residence and would require full documentation of the buyer’s ability to repay the mortgage.
Officials from the agencies say the new programs are designed to help credit-worthy borrowers buy a home–particularly those with low or moderate incomes who can demonstrate the ability to repay a mortgage. For many people, the larger down-payment requirements have been an obstacle to buying homes that they could otherwise afford. Unlike programs in the past that have been available only to first time homebuyers, this lower down-payment requirement will be available to anyone purchasing a single-family private residence.
If you’ve been thinking of buying a home but have been holding back because you’ve been uncertain if you could qualify for a mortgage, now may be a good time to investigate your options. See your banker or give us call at 352-351-4718. We’ll walk you through all of your options and get you on the road to that home you’ve always wanted.
More Information on First-Time Home Buyers Forecast from Realtor.com®
See more buying and selling tips from Showcase Properties.
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HOMESTEAD EXEMPTION REMINDER
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We know how busy the first of the year can be with tax prep and all deadlines, so we thought a friendly reminder was in order.
From the website of Villie M. Smith, Marion County Property Appraiser:
Exemptions can provide significant property tax savings, and this interactive system will walk you through the qualification and application process. Many exemptions are available through this process; however, we ask that qualified seniors and combat veterans visit us in person for those additional exemptions.
ELIGIBILITY CRITERIA TO QUALIFY FOR PROPERTY TAX EXEMPTION
- Application for all exemptions must be filed before March 1 of the tax year.
- At the option of the property appraiser, original homestead exemption applications may be accepted as pre-files after March 1, but will apply to the following year.
- Initial application should be made in person at the Property Appraiser’s office or by mail.
- Subsequent yearly renewal of exemption is automatic unless you notify the Property Appraiser’s office of change in status, which may be done by mail.
- Failure to make application by March 1 of the tax year shall constitute a waiver of the exemption privilege for that year.
- Every person who has legal or equitable title to real property in the State of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible.
- First time applicants are required to furnish their social security number, and should have available evidence of ownership (i.e., deed, contract, etc)..
Filing for the First Time or Need More Info? 352-368-8300
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Until Next Month
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Referrals are the livelihood of our business. If you have a friend, family member, or co-worker who would benefit from the Showcase Team’s real estate services, please contact us. We promise to treat everyone with respect and the highest level of integrity and customer service. Your referrals are the greatest compliment that I, and the Showcase team can receive. Thank you for your business and recommendations!
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