If you have wondered how the extension of the Home Buyer Tax Credit is affecting pending home sales read this report.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
wwwTheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Buyers have less than 4 months to take advantage of the new and expanded Federal Tax Credit. The deadline to have a home under contract is April 30, 2010, the closing date cannot be any later than June 30th, 2010.

I also want to point out that there is no requirement to sell your current residence now – or ever. Only properties priced up to $800,000 qualify for the tax credit.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
wwwTheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

It is a buyer's market

There seems to be a general sentiment in real estate of putting 2009 in the past and looking forward to a brighter 2010 – and Ocala, Florida is no different.  Looking at where we are and where we are headed as far as real estate goes will take us from the present into the future.  Taking a look at the market, home values are currently affordable, prices being at an uncommon low and interest rates bottoming out have made more homes available for more families than years before the real estate boom.  Both of these low levels add up to the fact that it is a great time to be a buyer when it comes to real estate – the deals are out there!

One trend that will only be available for a limited time is that interest rates have been hovering at 5% or lower for the better part of the past year, which cannot be expected to continue.  As the market stabilizes more and the economy gets better, interest rates will rise just as they have in the past.  While home prices still may drop in many areas of the country (including some areas in Marion County, FL), they will not drop much more.  Areas that are less affected by foreclosures, short sales and REO properties are likely to level out faster than other areas due to the lack of distressed sales in their inventories.  A rise in interest rates may bring real estate prices down to sell but the days of 20% and 30% decreases appear to be unlikely.  It is mostly hinged on distressed properties in an area which are competing with sellers who cannot compete with such low prices.  Some homeowners may not be able to sell until the market shows this stabilization.

The low down is that now is a great time to buy if you have been waiting for the right time to plunge into the market.  Take advantage of low interest rates, tax breaks and seller/bank incentives while they are here.  Just as it was a seller’s market a few years ago – it is a buyer’s market now, but just like the seller’s market, it won’t last forever.

For an interesting analysis of the real estate conditions and a forecast of 2010, feel free to contact The Shultz Team.

If you are thinking about selling your home, or would just like to know what a buyer would be willing to pay for it in today’s market, feel free to get in touch with us to request a free market analysis, we are more than happy to assist you.

You can email us at Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Buyer's Keys To Success

One of the biggest issues in the great real estate bubble bursting was the lack of realization that you should only own a home in which you can reasonably afford.  If there is one thing we can take from the mess of the real estate meltdown it is the importance that there is a vast difference in purchasing the home you want and purchasing a home you can afford.  It is the great American dream of owning your home and of course we aspire to “move up” in life, but to get a grasp on your current finances is vital. The days of no-doc loans (short for “no document loans” where you merely had stated income and were approved, now loans must be verified to a lender before they will consider you as a potential borrower) and leveraging your assets to the hilt are gone (mortgage companies will only allow a certain percentage of equity to be used on the home – not all of it, so there is no more 100% financing or maxed out home equity loans).  In today’s real estate market it is more important than ever to borrow what you can afford.  Emergencies pop up such as temporarily being unemployed, injury, death in the family – your finances should still be able to float you during these times, not be a means to an end on you being able to afford your mortgage payments.  Keeping a reasonable cushion is key.

According to an article at Yahoo Real Estate, “Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.”

Keeping the percentage at 28% or lower can only improve your financial situation.  Take a good hard look at your finances, look at your income and look at your expenses, both fixed and other spending habits.  This is what locks you into place when you get pre-approved for a mortgage.  A lender will not justifiably give you a loan if your debt is higher than your income or you have poor credit (unpaid or delinquent debts, bankruptcy, foreclosure, etc).  The most important thing is to be honest with yourself, and be educated about the local economy.  One of the biggest problems with homes in the central Florida area was that buyers were purchasing properties that they really did not have the ability to pay once the adjustable rate mortgages kicked in.  In Marion County in particular there is not a large pool of executive positions to be placed in – so understanding what is available in the local job market is also very important.  In the long run you and your bank account will be better off for being realistic.

What can you afford?

The senate and the house voted overwhelmingly yesterday to pass legislation to extend and expand the home buyer tax credit. President Obama is expexted to possibly sign it as early as today.

1. The $8,000 tax credit for first time home buyers will be extended through 4/30/2010.

2. Now repeat buyers who owned their present home 5 out of 8 previous years now qualify for a $6500 tax credit as long as they pruchase between 12/01/2009 and 4/30/2010. The legislation limits eligibility to homes worth up to $800,000.

3. As long as buyers have a binding contract by the end of April, they will have an additional 60 days to close the transaction.

4. Income limits will be expanded to $125,000 for a single person, $225,000 for couples filing jointly.

5. This legislation will take effect December 1, 2009 and is not retroactive, and both credits are only available for primary residences.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

A fellow Cyberstar, Rob Levy, (a wonderful group I belong to and network with) sent this to me today and I thought it was very educational and fascinating.

Just by moving your mouse over the interactive map you can see what the median house prices are in different cities all over the USA and how much the market has changed from a year ago.

To view the interactive map just click on this link.

Please notice, even though we have been going through a very tough market in Ocala/Marion County, prices in other Florida Cities, like Miami, have dropped a lot more. Personally, our team has noticed a big increase in activity and sales for the last quarter of this year. There are lots of investment opportunities in Ocala, Florida now and local buyers and investors are noticing the great buys.

Look for my Ocala/Marion County market update for October shortly.

Have a great day,

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * – Contact for more details!

Belleview City Hall

Lake Lillian, Belleview FL

Belleview lies just 4 miles south of the Florida Trail crossing of US 441 at Santos, along the Marjorie Harris Carr Cross Florida Greenway, and provides easy access to 6 major trailheads for day hiking and backpacking opportunities. Also close to Lake Weir – for water and recreational fun! Check it out on our Lake Weir Florida page at www.TheShultzTeam.com

Cross Florida Greenway

Officially dedicated in 2000, the Florida Trail along the Cross Florida Greenway includes more than 30 miles of continuous hiking between Dunnellon and Silver Springs, with the most popular trailheads for day hiking being Santos (just north of Belleview) and the CR 475A / Land Bridge Trailhead (just west of Belleview near I-75).

Florida Trailhead Map

Trailheads and access points