REAL ESTATE TAXES – Property tax battle, round 2: Members of Florida’s Taxation and Budget Reform Commission, which can put proposed constitutional amendments on the ballot, voiced frustration that businesses, snowbirds and first-time homebuyers receive little relief in the recently approved tax reform amendment.
MORTGAGE RATES – Rates on 30-year mortgages fell to the lowest level in five months – 6.26 percent – as evidence mounted that the economy is slowing down.
FORECLOSURES – The Bush administration assured Congress on Friday that it is aggressively working to deal with a rising tide of mortgage foreclosures. Officials, however, said homeowners threatened with foreclosure must also do their part and be proactive.
SELLING PRICES – Home sellers who list at a high price to “test” the market do themselves a disservice, according to research by a New Jersey appraiser – their homes spend more days on the market and eventually sell for less than similar homes priced realistically from the start. Most sellers would retort "I don’t want to give away my home." Sold comparable properties are one aspect of pricing a home properly to determine market value. Pending sales are another key aspect of pricing – these tell us what price a buyer and seller see as a price to negotiate and agree to transact. Finally, it is not only looking at comparables within a neighborhood or subdivision, but also looking at the macro view of the real estate market. Finally, looking at active properties to determine the list price.
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