According to a recent article at HousingWatch.com, Florida house prices are dropping, even in the state’s most expensive city: Key West.

What was once an impossible location for many buyers in the Sunshine State has become surprisingly attainable. A Miami Herald article cites a couple who “paid $157,000 for the foreclosure that an investor bought in 2004 for $370,000 and in 2006 was appraised for $463,000.”

So while it’s true these numbers reflect problems in the market, it’s also true that they offer good news for those looking to make the most of the downturn.

For a few currently for-sale homes in Key West, check out these listing:
• $375K: Vacant waterfront lot
• $350K: ROGO exempt buildable waterfront lot
• $132,900: Beautiful condo in adult community, 5 minutes from Key West

And for abundant listings throughout Florida and other states, head over to BuyOwner.com and begin searching!

According to a recent article in the Miami Herald, Florida real estate has hit its bottom.

“The real estate market in Florida probably has probably reached its lowest point, according to a survey of professionals across the state,” the article states.

And while such news comes as a welcome surprise to home sellers looking to move on in this market, the picture is not all rosy.

The article goes on to say, “but, they cautioned in the University of Florida’s survey of emerging market conditions, the situation probably won’t get much better anytime soon.”

So what does this mean for you as a home seller?

• Be encouraged: We may see some stabilization and eventual improvement across the market.
• Get motivated: It’s still a buyer’s market, and you won’t sell without effort.

Wondering what you can do to improve your home’s chances of selling? Check out our recent recap post filled with selling tips!

A recent article in The Orlando Sentinel, “Staging Sells Homes,” examines current staging trends and how they affect what you should do to sell quickly.

According to Sandra Rinomato, host of HGTV’s “Property Virgins” show, “Until recently, ‘Staging meant pulling out all the stops — setting the dining table with your best china and crystal, arranging flowers, lighting candles … Now we take the minimalist approach. Basically, you want to strip the house to its bare essentials, depersonalize it, so potential buyers can superimpose themselves and their lifestyle on the house.’”

Keeping that in mind, what can you do to improve your home’s selling appeal? It’s all about making your home look new, move-in-ready and open for new owners.

Along the lines of answering that question, here are some past Buy Owner Blog articles worth reading!

• 15 Minutes to a Better Staged Home: Do you have 15 minutes? Then you can start staging your home.
• Spring Clean Your Way to a Sale: Though spring cleaning is a smart choice for all homeowners or renters, it is increasingly important for those trying to sell their house. Here’s how to get started.
• Spring Means Declutter!: Beyond planting flowers and trimming your hedges, what do you need to do to prepare a home you’re selling for spring interest? In a word: declutter.
• Depersonalizing for a Home Sale: There are many common problems sellers face when it comes to depersonalizing their home to make it more marketable. Take a look, and see if any of these hang-ups might be to blame in your home.

For the month of March, the nation’s real estate market showed signs of improvement with pending home sales, inspiring hope in today’s sellers!

Overall
According to an article from the Associated Press, The NAR’s “seasonally adjusted index of sales agreements rose 8.2 percent from January to a February reading of 97.6.” Whether buoyed by the government incentives or something else, home sales have been showing signs of improvement. For March, “the biggest month-to-month increase was in the Midwest, where pending sales jumped nearly 22 percent. Sales climbed 9 percent in the South and Northeast, but fell about 5 percent in the West.”

Wondering about more specific markets? Check out the below info!

Boston
Pending sales were up 27% from last march for homes and up 38% for condos. According to an article in The Boston Globe, March was the ninth straight month that pending sales gone up when compared to the same month a year ago, the association said.

Philadelphia
A Philly.com article points out that changes even in February, in which “3,630 houses went under contract in the Philadelphia region…compared with 3,397 in January and 3,226 the same month a year ago.”

Nashville
Music City experienced as much as 18 to 20 percent growth in March home sales, according to WSMV-TV. This marks a sharp change from previous months.

So what does this mean for you?
Bottom line, today’s market is changing, if gradually, and this is excellent news for sellers. Now is the time to get your home priced competitively and in immaculate condition; the buyers are out there, increasingly each month!

If you’re one of the many Americans who’s been waiting to dip your toes in the real estate waters, a recent article at CNN Money has your name all over it.

In “Is now the time to snag a great real estate deal,” your questions are answered, on topics ranging from the tax credit to what you have to lose by waiting to the odds of being able to sell your current home before buying another.

True, there are a lot of incentives towards buying NOW. But, as reporter Beth Braverman points out, “[B]uying right now is not a no-brainer. In some areas home prices may fall further. If you own a house now, it may take longer than you expect to sell it, and you may walk away with less cash than you thought.”

To consider these and other points, head over to the full article at CNN Money!

According to a recent article in the Wall Street Journal, the forecast for real estate this spring is not a bleak one:

“After polling builder communities in North Carolina, Virginia, Florida, Texas and California’s Inland Empire, Ticonderoga Securities Analyst Stephen East says the spring home-selling scene is coming along nicely.

‘The season is indeed under way despite being delayed a bit by bad weather,’ he writes in a client note. What’s more, ‘while the market is benefiting from the tax credit, it is also showing distinct signs of normalizing.‘”

To read the rest of the article, click here.

If you are a parent considering gifting a down payment to your children or a child considering accepting a down payment from your parents, you’ll want to check out this recent article from The Wall Street Journal.

Answering questions regarding tax implications for money given from parents to children for home purchases, this quick Q & A provides helpful info for you.

According to the article, “The tax implications differ depending on whether the money is a loan or a gift, according to Chad Bordeaux, a certified public accountant and certified fraud examiner in Lake Wylie, S.C.”

What to Be Aware of: If parents give a child money as a gift of more than $100000, the child has to declare it on his or her tax returns that year. On the other hand, the problem with it being a loan is that mortgage lenders may be reluctant to lend the balance of the purchase price.

For more information, see the original article, “Tax Implications When Parents Gift Down Payment.”

Retirement. The very word conjures up images of sunshine and golf courses and backyard lanais. But is that what today’s retired population is looking for?

According to a recent article in the news-press.com, a National Association of Home Builders survey revealed that today’s 55-plus crowd has a new set of preferences, and they’re not what you’d think.

WHAT THEY WANT:

• In-unit washer/dryer sets
• Lots of storage space
• An entrance without steps
• Private patios and/or porches
• Main-level master bedrooms
• Bigger bathrooms
• Convenience features: user-friendly thermostats, garage door openers, easily opening windows, wide doorways, nonslip flooring

WHAT’S LESS IMPORTANT

• Fireplaces
• Kitchen islands
• Sunrooms
• Workout rooms

The article also says golf courses are out (in favor of walkways and green areas) and high-tech items, while appealing to younger buyers, usually aren’t important to the recently retired.

To read the rest of this article, “Preferences Changing for Dream Retirement Home,” click here.

from “Cheaper Prices–More Than Tax Credit,” U.S. News & World Report:

The article goes on to say:

So what does this mean for you as a home seller?

1. Don’t rely on tax credits to motivate buyers towards your property.
2. Be proactive in pricing aggressively to attract interest.

For more information on pricing, see these Buy Owner Blog articles:

• Top 3 Selling Mistakes
• The Basics of Pricing Your Home
• 5 Price Tags of Overpricing
• How Not to Sell Your Home This Spring

With the current homeowner tax credits in place, new home buyers can get up to 10% or $8K of their home’s purchase price back, which is a pretty significant incentive. Think about it: spend $300,000 on your first home, and potentially receive $8,000 in your pocket.

But a November article in the Wall Street Journal, “The Case for the $80,000 House,” points out that this savings is actually most beneficial for those who spent $80,000 on their new home.

Why? Simply put, it’s the difference between a 2.6% rebate and a 10% rebate.

Buy a home for $300,000, and your $8K refund is 2.6% of the purchase price. Buy a home for $80,000 on the other hand, and your refund is a whopping 10%. That’s nothing to scoff at.

With that in mind, I’ve grabbed a couple FSBO listings currently priced at $80,000 in the cities and surrounding suburbs of Chicago, Miami and Atlanta. Take a look!

Chicago Area
• Chicago Heights home, 2 bedrooms, 1 bathroom
• Merrillville condo, 3 bedrooms, 1.5 baths

Miami Area
• Homestead Condo, 2 bedrooms, 2 bathrooms
• Pembroke Pines, 2 bedrooms, 2 bathrooms

Tampa Area
• New Port Richey home, 2 bedrooms, 2 bathrooms
• Bradenton townhome, 2 bedrooms, 1 bathroom