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How To Hire A Great Home Inspector

June 8, 2018 by Lance Mohr

One of the biggest mistakes home buyers makes when they hire a home inspection to inspect their home is thinking all inspectors are the same. This is a HUGE mistake that can cost your thousands of dollars. Watch this video to get some great home inspection tips so your hire a GREAT home inspector. Not all inspectors are the same. You have to do your due diligence to make sure you are hiring the right inspector for the task. This video will help you.

Transcription

Hi everyone. It’s your Tampa Bay Realtor Lance Mohr and in this videos, I want to talk about how to hire a great home inspector. I know this is really hard looking at buying a new home or a pre-owned home if you don’t know a home inspector but I’m going to talk about what you need to do to make sure you get a really good home inspector. That’s going to rip the home apart. That’s what I’m going to talk about in this short video.

I think when you’re buying a home, whether you’re buying a pre-owned home, whether you're buying a new home you need to get the home inspected. It doesn’t make any difference. A lot of people think while I’m buying a brand new home why do I need to get the home inspection before? Why do I need a home inspector? Well as I always say it’s a new home, it’s not a perfect home. So get a home inspector but don’t go out there and just get anybody and let me give you an example.

A while back, I had one of my clients and they hired their own home inspector and it was a 3,000 square foot home. Is about 10 years old. The inspector went out there and did the inspection in 55 minutes on a 3000 square foot home. I was shocked. I couldn’t believe it would take him a nap short of a time to do an inspection. So I was curious I asked the buyer I saw how much did you for the home inspection and he said $250 and they’re like oh well there you go.

See there are two types of inspectors in my opinion. Number one is you have the inspector that just goes out there. Tries to cram as many appointments in a day as they can. Maybe they do hour inspections or an hour and a half inspections they charge $250 or $200. They can knock out three or four of them a day and a lot of them do that. There’s a lot of those out there. That’s not what you want. You want someone you might have to pay him a little bit more money or at least fair market rate but if you want someone’ who’s going to be in there a while.

If my inspector went out to that 3000 square foot home he’d probably be there a good three and a half hours. Maybe four hours just depending. You want someone to go in to check the irrigation system. You want them up on the roof. Crawling through the attic. You want them looking at everything. The home inspector is pretty much at least in Florida they’re licensed, they’re insured, they’re bonded but you get what you what you pay for.

So I would say like my inspector he’s four hundred dollars. He would approximate let’s say $400 to $450 on a 3,000 square foot home. He would probably have been out there three and a half to four hours maybe more. I’ve talked to mine 2,500 square foot home where he’s been out there five hours before. He only does on to two inspections a day. Where this one was out there 55 minutes and it was $250.

So first off on how to hire an inspector, you get what you pay for. If the going rates about 400 dollars and you’re going to pay 300 or 200 or something like that. You got a figure you’re not going to get the most detailed inspector out there. Now the other thing I would highly recommend doing. Now but of course you might get the inspector from your real estate agent. You might get them from a family member, from a friend, from a co-worker but you want to do is ask them for an inspection report. So they should have an example inspection report that they could give you. So you could hoe detailed it is. Do they go over and above? Do they not only go through what’s on the state form but that they go through their own form? Do they take a lot of pictures that they give detailed explanations? What about the inspectors done can the selling agent call him or can you call him back.

I’m sure you can, you should be able to. Can the seller of the home call him or is it just like hey we’re one and done sorry I’m on to my next inspection unit pay for a bunch of people to be calling me. So you got to really look at it like you get what you pay for but always do your due diligence. Talk to people get an idea how long the inspector will generally be there for the inspection and get a copy of one of their inspections so you could see how detailed they are. You can see what the inspection report looks like.

I hope this video helps you. If it does and you like this video please do me a favor. Give me a thumbs up so I know that. If you have any questions. There you have anything you want to say leave them in the comments below. I’d love to hear from you. I’d do this videos for you. The home buyer and the home seller. So I hope this helps. I hope you have a wonderful day. If you are in the Tampa area and you’re looking a great aggressive agent don’t hesitate to reach out. Give me a call (813-317-4009) I would love to help you. Have a great day. For more educational real estate videos please visit my YouTube Channel.

Filed Under: Home Buying Tips Tagged With: florida, home, Home Buying Tips, inspections, inspectors, real estate, tampa, tips

The Truth Above Home Builders In Tampa

April 14, 2018 by Lance Mohr

I did this video because new home buyers have a lot of unrealistic expectations from home builders and they just don't understand what the builders and their contractors are going through. Most all home buyers do not understand what is going on in the real estate market (now) in regards to new construction home builders. Everyone knows that it's a crazy seller's market and home prices are going up. I will help you understand what is really going on right now.


Transcrption

Hi everybody. This is your Tampa Bay realtor Lance Mohr and in this video I made a go over about the truth about new construction homes in Tampa. What’s really going on and I'm going to be talking about some stuff a lot of you may not want to hear and personally won’t like but that’s what I’m going to talk about in this short video.

So as most of you know, we are in a sellers’ market. In other words there’s a lot of buyers out there and not a lot of inventory and not a lot of inventory and a lot of people are starting to lean, have been leaning toward new homes in the Tampa area. The reason is because a lot of sellers just aren’t realistic on their price. If you look at a lot of pre-existing homes they’re either overpriced or they’re not nice condition or their assumption something functionally wrong with them and it’s just drawing people to new construction homes but the problem we have here and it’s not just in Tampa, it’s not just in Florida, it’s in a lot of places across the country is that everything is going up up up. So labor cost is getting higher. Prices that people want is getting higher. Material cost a whole bunch of different factors and there’s not enough qualified people around the country to build homes or having to do a lot of training. Then of course people get the training they want to go somewhere else and make more money.
So this is coming up everywhere. Now this is something, if you watch my new home videos. I talk about all the time, inspections, inspections, inspections, but I’ll give you a couple of examples. The other day I was talking to a representative with multi-home. He showed me this upgrade on the home and he said “see that upgrade over there?” and I said “yes” he said “last week that was $3800 this week it’s $5,200”. He said “that’s not something we’re doing”. He said “the company that we go to that does that their cost to us went up $1,400”.

I was talking to another builder and he was telling me where I always tried to get my buyers to get their scheduling if they’re coming in from out of town to go into the design center and take a look at everything before their appointment and a lot of builders will actually let you go in before you even write a contract. So I had buyers go into this one company before they even wrote a contract and I had them take the pricing catalog to get a good idea. The problem was the builder just cut that out, they said “You know, what we’re not when people in our design center. If they are on the fence there’s no more of that. You have to be under contract with the home. Once you’re under contract with a home then you could go to the design center and just look around before your design center appointment.”

So things are starting to change and a lot of this because a lot of the builders especially the good builders and the good areas are just busier than they know what to do it. They have so many buyers out there and there are so many consumers. I’m going into this model homes and I’m walking in and there may be on or two cars in the parking lot all of a sudden I’m walking out an hour late. The entire parking lot is full of people parking on the streets. So it’s just something to keep in mind when you’re looking for a new home just take everything with a grain of salt because things are changing. They are always changing, it’s not that the builders trying to be mean, it’s just that they’re very very busy right now and they’re really taken their pick and going with buyers that are ready to buy right now opposed to sitting on the fence in another six months or a year. And this happens when the market is busy. So hopefully you’ve had a chance to watch some of my new construction videos and how to save money and understanding the process. I’ll put a couple up above.

If you have any questions at all don’t hesitate to give me a call (813-317-4009). If you like these videos give me a thumbs up and if you’re in the Tampa Bay area and you need a good real estate agent let me know I’d love to talk to you, help you out. Thank you very much for watching my videos. I wish you the best of luck no matter where you’re building a new home.

For more education real estate videos. From home buying tips, new homes and new construction, seeling a home tips etc. Please visit my real estate YouTube channel. Share my videos and don't forget to subscribe. You can also visit my podcast https://www.spreaker.com/show/how-to-buy-a-house-series. Thank you.

Filed Under: Home Buying Tips Tagged With: builders, florida, home, new construction, new homes, tampa

Sales Price vs DOM – Does It Really Matter?

April 13, 2018 by Lance Mohr

The answer to this questions is, YES! I say this for 3 reasons:

1. The National Association of Realtors (NAR) statistics show that the number of days a home is on the market (DOM) effects the sales price. The longer a home is on the market for sale the less money the owner will get.

2. After being a Realtor for 20 years in can tell you for a FACT that this is true. I always tell sellers that they should not rush into a sell, but they need to sell with a sense of urgency.

3. It's just common sense. Would you want to pay full market value for a home that’s shopworn? You have to wonder what’s wrong with if it’s not selling. Right?

Transcription

Hi everyone. This is your Tampa Bay Realtor Lance Mohr and in this video, I want to talk about sales price versus days in the market. In other words, how long is your home been on the market?

All right, I remember over 20 years ago when I first got in this business. I’ve always heard the longer a home sits on the market the less money the seller will get. So that truth or is it the myth? I’ll just get straight to the point. It’s the truth and there are three reasons why.

I say that the reason number one. Every single year since before I got into real estate the National Association of Realtors has been taking surveys in every single year. They state this so statistically, it’s just true. The longer a home stays on the market the less money a seller will actually get from the fair market value not from what they listed it for but for fair market value.

The second reason. I say this is just from being in the business so long, from working with so many buyers, so many sellers. This is absolutely true. I see it over and over again that’s why I tell every seller. You don’t want to rush into a sale but you have to sell with a sense of urgency. A lot of people say well I’m not really in a hurry to get my home sold but you don’t want it sitting on the market because when buyers come to your home and they see a home’s that’s normally selling in your neighborhood. From maybe one week to four weeks and all the sudden yours has been on for three months or four months. You’re not going to get as much money and this leads me to the third reason.

It’s just common sense. If you got out there and you look at homes and you’re a buyer, you like a home and it’s been on the market like two or three days there is probably isn’t much-negotiating room in it. I’m not saying there won’t be but chances are sellers tend to think and you probably know this if you’re the seller. Well I just got an offer in three days I’m going to continue to get offers and it’s the same thing if it’s been on the market a week or two weeks it really depends what the markets like in your area and how fast homes are selling in that area. Sometimes I’ll go out and I’ll look at a $150,000 home in the area and they are selling within one or two or three weeks but then here’s a home that’s been on the market for 50 days and the buyers just say what’s wrong whit it? Why doesn’t anybody want it? They don’t understand the seller started off at $180,000 lowered it to 170 then 160 now it’s at the fair market value at 150 and this goes for any price range.

Now obviously the higher the price of the home the longer it’s generally going to take. You can’t say a home that you know it’s been on the market for at least in our market In Tampa if a $500,000 home has been on the market 30 days that isn’t a super long time for a $500,000 home even though the market is extremely tight and that higher price bracket but if I get a home in it’s a hundred and twenty thousand and it’s not under contract within a week in this market there’s something seriously wrong with it. So again at the end of the day and I tell all my sellers you’re the owner you’re the decision maker, it’s your home, it’s your price. You need to figure out what you need to do for you and your family but you have to sell with this sense of urgency because you have to understand the longer home sits on the market the less negotiating power you’re going to have and eventually it’s just going to get chopped born and you’re going to lower and lower and the lower the price.

So hopefully as I always say in my videos to sellers interview smart. Get an agent that knows what the heck they’re doing someone who’s going to tell you the truth, not just someone who tells you what you want to hear and someone who really understands the market. Who understands negotiation and has a phenomenally written marketing package. I hope this helps. If you know anybody looking at selling a home show this with them. I do these videos for you. I hope this helps. Have a wonderful day. Visit my YouTube channel for more educational real estate videos.

Filed Under: Selling Tips Tagged With: Days on market, DOM, home, sales price, selling, tampa

Staging Your Home To Sell

April 5, 2018 by Lance Mohr

Have you ever wondered how Important staging your home to sell is? In this video, I go over a Shocking TRUE Story of staging a home to sell. Look at it like a 3 legged stool. You have Price, Marketing, and Conditioning (staging your home). If you take away one of the legs the stool falls over or in other words, you will NOT get close to top dollar.

Staging your home to sell it is one of the most important and the MOST overlooked things a homeowner can do to make more money. You only have one chance to make a first impression on a home buyer.

I always stress the importance of staging a home to sell because I spend a lot of time and money on marketing my listings. The LAST thing I want to do is bring my professional real estate photographer in to take amazing pictures just to see a home not conditioned/staged.

Transcription

Hi everyone. This is your Tampa Realtor Lance Mohr and in this video I'm going to go over staging your home to sell. I want to talk about it true story that actually happen to my sister to illustrate the importance of staging a home before you get it on the market and try to sell it.

Okay, I’m going to go pretty quick in this video because I have a lot of things to go over but this is actually a true story. Back in 2000 I had a condo in California I sold to my sister. The tenant trashed it. I actually had to go replace all the floorings and I had to replace closet doors, I repainted the whole place, I put screens on all the windows so it looked really good when I give it to my sister.

She lived in it, in about a year and a half and then they were moving so they were trying to sell it. She called me up and she said “Lance here's the situation. I have my home on the market for a couple months and I’m just not getting any bites on it. So what I'm thinking of doing is taking it off of the market, relisting it in about 2 weeks with another agent but I might go with the same agent but they told me to lower the price. And I said well what’s the price at now and she said 170,990. At the time that was very fair price and I told her that I say won't do anything to the price. I said don't lower it. I said how long is it been in the market how many days and she said write about 60 days. I said ok to approximately how many showings if you've got into the home? About 40 to 42 and I said wow, that’s really good.

I said look Gina at the end of the day there’s only three things that sell any home.

  1. Number one is the price.
  2. Number two the marketing.
  3. The number three is the conditioning or the presentation of how the home looks.

I said, so you can't argue with the marketing I said he's gotten 40 to42 buyers in the home in 60 day time period that's really really good. I said I know because I found a place 170 99 is right on the mark right now. I said so that's really good. So what I’m going to do if I’m going to send you my free eBook. The eBook I give to the clients and stuff before they get the home on the market. I'm going to send you that. Its 12 pages. I want you to do every single thing in that eBook but I said now it will give you some tips and advice it will go over 90 things that you need to do.

Most people need to do probably 5 or 8 of them. You might need to do a little bit more. So do every single thing in the eBook and when you do give me a call. Don’t change agent. Don’t lower the price and she said ok. Let me just tell you something before we get off the phone. I'll let you know how this is going to play out if you don't do anything. If you keep your home work out right now in the condition it is whatever it looks like you’re probably have to lower your price to 169,990. I said did then people are going to see it’s been on the market for 60 days then probably offer you 165 you'll get it sold. You don't want to do that. So do everything in this eBook. She agreed to do it. She called me up 2 weeks later said she is she's going to relist it tomorrow with the same agent it went 179 990 they did every single thing in the eBook to get conditioned. I said fantastic. She called me 2 days later and she said you're not going to believe it the first two people that walked in the home, they both wrote above a full price offer and I ended up getting under contract for 182. I said see there? That's the importance of conditioning your home. You probably would have got about 165 if you did nothing but you're getting 182 so in other words she got 10%. The 10% allowed her to take all of her real estate fees. All the closing costs. And for her and her husband to go on a short vacation.
That's how important conditioning is to the home. Let me say another thing when it comes to conditioning the good thing very few people condition their home now in the higher price ranges you’re going to get more people to condition their home but when you start getting into and price ranges or even lower price ranges most people just don't do it so it's a huge advantage for you.

So to let me know your thoughts. Do you think on a scale of 1 to 10 what would you say how important is condition in a home to sell? Leave it in the comments below because I'm curious to hear what you have to say. If you're selling a home get it in condition. If you have any questions let me know. I love to talk to you. If you’re in the Tampa Bay area looking for a good real estate agent let me know but let me know what you think about condition on a scale of 1 to 10 how important is it? Leave it in the comments below. Thank you.

Feel free to visit my YouTube channel https://youtube.com/tampa2enjoy for more educational real estate videos. I have uploaded tons of videos that will help you whether you arre buying a new home, a pre owned home or you are selling your home for the first time and don't know what you are going to do. Please subscribe and share my videos. Thanks.

Filed Under: Selling Tips Tagged With: home, homes staging, house, property, stagers, staging, tampa

Tampa Real Estate Market Statistics For September

October 8, 2015 by Lance Mohr

Hey everyone – Here's the Tampa real estate market stats for September. It's great news for home owners because it's a sellers market. If you are a buyer you better hurry because home prices are continuing to go up.

Please visit our website and give me a call if you have any questions.

Filed Under: Market Statistics Tagged With: home, keller williams realty, Market Statistics, prices, real estate, realtor, tampa, values

Lower Tampa Home Prices Are Better For Buyers

December 30, 2013 by Lance Mohr

Like many other cities across this great nation, Tampa home prices have taken a dive in recent years.  But these times of hardship make an impact on sellers more so than buyers.  For the buyer, the situation makes for a perfect opportunity to get into your first home, or at least one that you wouldn’t ordinarily be able to afford.

Take a look at a couple of the most common ways one could take advantage of property values that are struggling to hold their ground in an industry that hasn’t fully rebounded from the woes of recent years.

First Time Homebuyers
When it’s time to buy your first home, if you are like most, it’s normally a financial stretch.  Lower home prices in Tampa can be the perfect opportunity to purchase a little piece of the Floridian landscape.  You could be looking for a beautiful South Tampa waterfront condo or maybe even a single family home on the golf course in a community like Pebble Beach; any home has the potential of suffering from Tampa home prices that have fallen.  This is where a buyer comes in and takes advantage of a property that may have sold years ago for much more and is currently being sold at a great bargain to a buyer who is at the right place at the right time.

Looking For Something Larger
Lower Tampa home prices are also a prime time for an expanding family to upgrade to a larger home.  When it’s time to move out of your starter home because you and your family have outgrown it, a larger home may be in order.  But what if you don’t have a lot of money and would still like to get a lot of house?  The answer is in taking advantage of the good bargains that are sure to be out there when house prices decline.

This is the time to get excited and give me a call so that we can get you started on finding just the right home to make an offer on.  Also keep in mind that just as Tampa home prices have fallen, eventually they will once again rise, and when they do you’ll be sitting on more equity than you could have ever imagined.

The city of Tampa, and all of its surrounding communities, is still a fabulous place to call home.  There are homes available to fit every budget.  Get a condo or townhouse close to town or move a little further outside of city center into a beautiful home in a gated community.  With just a little bit of patience you can ride out the wave and be prepared to take advantage of the time with home values in Tampa begin rising again!

If you have any question on home prices or values in Tampa please visit our website.

Filed Under: Investing Tagged With: florida, home, house, prices, tampa, values

Florida Housing Market Improves During Last Months of 2012

December 25, 2012 by Lance Mohr

There is encouraging news about an upsurge in home sales. Summer Greene, 2012 Florida Realtors President, states that Florida’s real estate market has retrieved its ‘sizzle’. Credit for the hot market is due to things like the shortage of for-sale homes.

The regional manager for Fort Lauderdale’s Better Homes and Gardens Real Estate Florida 1st, Greene is in a position to observe market trends. More jobs and a better economy are bolstering consumer confidence for 2013. Mortgage rates are expected to remain low.

The Chief Economist for Florida Realtors, Dr. Jon Tuccillo, endorsed the optimistic outlook. Growth in home prices is the result of a solid recovery in real estate in Tampa Bay and other parts of Florida. Average prices have soared, resulting in actual marketplace appreciation. that impacts median prices, which usually would be less as investors take on the lower end of the market inventory.

Freddie Mac reports the average interest rate dropped from 3.99 percent in November 2011 to 3.35 percent for November 2012 on a 30-year fixed-rate mortgage. The overall savings that result led to an increase in Florida’s housing market pending and closed sales, as well as average and median prices. Florida Realtors reports a noticeable reduction in the inventory of condos and homes for sale during the final months of 2012.

According to industry analysts, a balanced market between sellers and buyers features a 5.5 month supply. November 2012 inventory statistics for Florida single-family homes showed a supply for 5.1 months. Townhome and condo properties also reported a lower amount, with a 5.3 month’s supply.

Statewide sales of townhomes and condos are up 18.3 percent from November 2011. November 2012 registered the monthly sale of 8,079 units across Florida. Pending sales, which are signed contracts that have not been closed or completed, have increased 30 percent when compared to townhome-condos statistics for November 2011. Although lower than the national condo median price reported by the National Association of Realtors (NAR) for October 2012, the $112,000 Florida townhome-condo median reflects a 23.1 increase from last year.

Single-family existing homes statewide have a median sales price of $150,000. That represents an increase of 11.2 percent in the year from November 2011. In the same amount of time, pending sales show a 45.8 percent increase. Median prices across the nation include California ($341,370), New York ($209,000) and Massachusetts ($287,000). As of October 2012, the national median sales price raised 10.9 percent to $178,700.

Data from 10K Research and Marketing as well as Florida Realtors Industry Data and Analysis, showed 17,072 existing single-family homes sales closed statewide in November. That is an increase of almost 25 percent in just one year. Once the sales contract was written, closing generally took between 30 and 90 days.

Median prices reflect the midpoint. Half of the sold homes are less than that amount, while the remaining half represents a higher sale price. Factors affecting the median price in Florida and nationwide include discounted prices for distressed properties and foreclosure sales. Those prices are typically less than that of a well-kept, traditional home.

For more information on Tampa Bay home prices please visit http://www.tampa2enjoy.com.

Filed Under: Market Update Tagged With: florida, home, house, housing, market, prices, properties, real estate, tampa

Foreclosure Properties Are Still a Valid Housing Option

November 29, 2012 by Lance Mohr

Foreclosure Properties Are Still a Valid Housing Option

Recent sales of foreclosure properties in Tampa, Florida show a decline in those sales. One reason is the increase in price and another has to do with other homes being placed on the market. Empty homes tend to lose the sparkle possessed by those that are occupied.

Think about model homes that are shown with beautiful comfortable furniture, quality draperies and matching appliances. Buyers tend to select based on what they see. It is easy to be swayed by an enticing example.

Just because a home has sat empty for awhile does not mean it has been neglected. There are foreclosed homes in fairly good condition on the market, but they are few and far between. As the holiday season approaches, people traveling to this area will visit neighborhoods to see friends and family. Local businesses, especially boutiques and restaurants, are gathering points. If those guests are considering the purchase of Tampa homes, an empty home is easier to move into.

Home sales are closing faster as all parties involved are anxious to get deals completed before the end of the year. The luxury of bidding wars and long, drawn out negotiations will hamper that goal. Buyers must come to the table qualified for a loan or holding ready cash. The bank must know its bottom line and be ready to act.

A qualified local Realtor is an invaluable asset. Awareness of current market conditions and special considerations for different areas helps a prospective buyer find the right home. In some cases, the story behind the house is part of the information. Being able to pull down any liens or other data about interesting homes helps narrow the list of homes to view.

If the foreclosure home is a starter home for you, think ahead to resale value. Look at the other homes in neighborhoods you are considering. Is curb appeal present? Find out about the crime rate and the schools. What local facilities are available for families and for senior citizens? Homeowners are reverting back to the old tradition of getting a home with the intent to remain for life. If that is your mindset, this is a great area to select.

Filed Under: Foreclosures Tagged With: florida, foreclosure, home, housing, properties, real estate, tampa

Enhance Curb Appeal

November 28, 2012 by Lance Mohr

picture of a home with beautiful curb appeal

Enhance Curb Appeal

Even if your home is the only one for sale in a popular neighborhood, curb appeal can lead to bidding wars and a higher price for your property. Very few people have the same list of ‘must haves' when shopping for a home. When concern is demonstrated for the appearance and overall care of the structure and property, it offers encouragement for someone to stop and consider your home. What tips will help provide curb appeal when selling your house?

Make a List and Act on It
Walk by your home on a sunny day and look at structures and the yard from every angle. What makes it stand out? Sometimes we are so used to coming home and walking inside we forget that loose shutter or dented area in the garage door. Weather takes a toll on roofing, exterior paint and walkways. Performing basic maintenance does more than add curb appeal. An interested party might discuss the area with neighbors that will comment on the concern you show by taking care of your home.

Orderly Appearance
If you have an enclosed area for recycling bins and the rolling trash can, put them there. Make sure your mail box is in good repair and the numbers are visible. Pick up flyers and papers from the yard and driveway. Organize skateboards, bicycles and toys so they are not tripping hazards.

Cleaning and Painting
Sparkling clean windows show off the beautiful blinds and drapes or curtains within. Remove decals from the windows and wash the inside, as well. Clean the porch area and the front door. Take pictures of the property and download them to your computer. Looking at the home through the story of the camera will provide a visual offering of areas to concentrate on first. If painting is needed, hire an expert to do the job so the result is a warm, welcoming appearance.

Check the Lights and the Door Mat
Check that outdoor lights are working and clean the light fixtures. Put colorful solar lights in the front garden area for an inexpensive green touch. Choose a door mat with a friendly message or design to welcome visitors and potential buyers. A good first impression will last through the day. Spectacular curb appeal will make your home a consideration when a decision is made at the end of the day.

If you are considering selling your home and have question about home prices in Tampa Bay, please visit www.tampa2enjoy.com.

Filed Under: Selling Tips Tagged With: Appeal, Curb, Enhance, florida, home, tampa

Changes Likely for Mortgage Deduction

November 23, 2012 by Lance Mohr

picture of tax returns

Changes Likely for Mortgage Deduction

Realtors attending the conference and expo hosted by the National Association of Realtors (NAR) shortly after the 2012 General Election received distressing news about mortgage deduction and its future. This tax benefit is arguably one of the best five reasons for purchasing a home. It provides a significant discount to those who itemize deductions on their federal tax return.

Like many others across the world, political commentator Charlie Cook (Cook Political Report) has been following the nation's advance towards the looming fiscal cliff. Joined by Major Garrett, the National Journal corresponded for the White House, the two reviewed the implications of the election results. Once again, the Senate and House are split with a four-year record on non-cooperation with each other or the executive branch.

Using the 400 point stock market loss the day after the election to demonstrate Wall Street's lack of faith in the economic direction of the country, Garrett stressed that the deficit situation must be resolved quickly. Tax cuts allowed at present, including the mortgage deduction, total hundreds of billions of dollars. Failure to extend the tax relief for millions of American businesses and families will adversely affect the nation's Gross Domestic Product (GDP).

The negative impact to a country still working its way back from recession is obvious. Both President Obama and the legislature are expected to address the issues soon. It is possible the current deductions will be extended for a short time while a resolution is pounded out and approved. The mortgage interest tax deduction (MID) has the opportunity to be adjusted with a percentage or dollar cap. Whether a person owns waterfront property in Tampa or a condo in another part of the country, a change is on the way.

Expect a deal before the end of the year to avoid sequestration and tax reform issues to be addressed in 2013. The return of recession will be on the shoulders of Congress. It is in the best interests of many to retain the best parts of MID, although it is doubtful it will survive without changes.

Filed Under: General Tagged With: Deduction, florida, home, irs, mortgage, tampa, tax

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