Posts Tagged ‘ocala first time home buyers’
Florida population down, Marion County up
While Florida lost population for the first time since the end of WW2, Ocala Marion County gained in population. From April 08 to April 09 Marion County added a little over 3,800 residents. Over all Florida lost over 58,000 people. Some counties losing more than others and a few counties actually gaining population like Marion County.
Why are people coming to Ocala and Marion County?
- The lowest median home prices in Florida.
- Lower property taxes than much of the state.
- Lower home owners insurance than much of Florida.
- Much lower hurricane risk than south Florida.
- Less traffic and crime than other parts of the state.
- Just a better quality of life.
There has never been a better time to buy a house in Ocala Marion County than now. Interest rates are at historical lows with no where to go buy up. Home prices are down 50% in some areas from 2005-07. Call or email me today and I’ll send you a list of homes that would meet your needs. All I need to know is what you want. Or try my Ocala Dream Home Finder. What ever is easier for you.
Ocala Foreclosures and multiple offers
Yes that’s right, Ocala foreclosures are getting multiple offers, even in our extreme buyers market. There are lessons here for both buyers and sellers of Ocala real estate.
Buyers need to understand that really prime or unusual properties can get bid up beyond the asking price. It’s supply and demand. There seems to be a never ending supply of foreclosed homes in The Shores and Marion Oaks but houses on large lots and mini farms are much harder to come by. Foreclosed homes that were never occupied might also fit into this category of especially desirable foreclosures.
When ever a bank gets more than one offer they ask the buyers to submit their “Highest and Best Offer”. Foreclosures that get bid up above the asking price are usually still a bargain. It’s all about comparable sales in the last 60 days and the lowest priced active listings. That is how to value property. Your Realtor should provide a CMA to find the foreclosed homes value and the buyer should base his offer on this data.
Sellers can learn that despite the doom and gloom you see on the news, really well priced houses are selling every day. Traditional sales can compete with foreclosures by offering a better location, exceptionally good condition as well as a very aggressive asking price.
The $8,000- tax credit expires the end of the year
Do you qualify for the Ocala first time buyers tax credit? If you haven’t owned a house in the past 3 years you probably do qualify. This is free money. You don’t have to pay it back. You don’t need to owe $8,000- in taxes.
You do need to start looking for a house soon. The tax credit expires the end of this year. In order to close by the end of 09 you will need to be under contract by mid November at the very latest.
Not all offers get accepted. Deals fall apart for a lot of reasons. Don’t wait for the last minute. Start shopping early for the best deal.
Everything you need to know about the First Time Buyers Tax Credit in Ocala
Ocala foreclosures you need to be flexible
People contact me about Ocala foreclosures on a regular basis. Now this is not unusual because I write about them all the time and I can be found all over the Internet. The problem is that you have to be some what flexible when looking for foreclosures here in Ocala. For example there are very few to be found in the 55+ communities. You will find a few farm properties but once again not too many. There are a lot of newer homes that were lost by investors but many if not most of these need work even if they were never lived in. Most of these investor homes were never landscaped and many never had the builder go through a final punch list fixing all those things that sub contractors didn’t get quite right. A buyer has to be flexible about location and condition when looking at foreclosed homes in the Ocala area.
Sell high and buy high or Sell low and buy low
Is now the time to buy a house in Ocala FL? Thiink of it this way.
In a sellers market you sell high and generally in a short time. BUT then what do you do? Unless you’re headed to the nursing home or planning a backpacking trip to Tibet you’ll probably have to buy another house. You go out into a sellers market with few choices and pay top dollar for your next house.
Now in a buyers market you may sell lower than you’d like and maybe a lot lower. But you can go out into a buyers market full of inventory and pay an equally low price. That’s why I think a buyers market is actually better than a sellers market.
The best deal of all is for first time buyers. It’s the first time buyers who get to buy low without selling low. In the Ocala market with prices as low as they are, first time buyers can own a home for the price of an upscale apartment or renting many homes. Not to even mention the income tax advantages and first time buyers tax credit and historically low interest rates.
There’s a new insurance company in town.
Well not really a new insurance company. More like an established insurance company moving into a new market. AAA which is best know for rescuing stranded motorists and for car insurance is entering the home owners insurance market here in Florida. The big deal is that other major insurers are leaving the property insurance market here in Florida. Big insurance companies only want to collect premiums and they really don’t want the risk that comes along with Florida hurricanes.
The Ocala area doesn’t have the insurance costs of south Florida because Ocala isn’t in the path of hurricanes. Hurricanes generally either hit south Florida, go up the Atlantic coast or into the Gulf of Mexico. So there is less risk and lower insurance costs here in Ocala.
I think this could be a great idea in AAA’s part. A lot of people want to get their car and home owners insurance from the same company. This could be a great way to get market share in a very large state.
Ocala, FL