The Difference Between a Tax Credit and a Tax Deduction

A tax credit is applied directly to taxes owed. If you owe $6,500 in taxes and apply the $6,000 tax credit, your tax bill is reduced to $500. If you have already paid $7,000 through payroll deductions or estimated tax payments, you will get a refund of $1,000.

A tax deduction is a reduction against earned income. If you made $100,000, an 6,000 tax deduction would simply reduce that income for tax purposes to $94,000, and you would pay taxes on that lower income.

Time to Act is Now

The deadline to receive the tax credit is rapidly approaching so start shopping now. Remember that you must have a valid contract on April 30th to qualify and close on the house by the end of June. With many short sales in the area you will need every bit of this time to close on the house.

All the best!

Judy Griffin, Realtor

Pelican Real Estate

www.EmeraldCoastFloridaHomes.com

Even Uncle Sam wants you to buy a new home. The expansion of the first time home buyer tax credit extended a tax credit of 6,500 to ANYONE who purchases a home between now and May, 2010. The government understands the impact on the economy when just one house is sold so they are letting everyone in on the tax incentive.

There are other advantages to downsizing your home as well.

Reduced Energy Costs. A smaller home costs less to heat and cool.

More money in your pocket at the end of the month. A smaller mortgage payment gives you more money to invest or help with college expenses.

Less to take care of. A smaller home gives you less to clean and maintain.

As you can see there are many advantages to a smaller home. Feel free to contact me if you are interested in finding out the best way to downsize. I would be happy to give you a free market analysis on the current value of your home as well as access to homes on the market that you might like to move to.

Warm regards,

Judy Griffin, Realtor

850-685-8595

judy.griffin@cox.net

Southwest is known for being a leader in value priced fares. Having service available will offer a lot of opportunity for residents and visitors alike to take advantage of the lower fares. Many feel the the lower fares will attract more tourist and industry to our area. 

The new airport is replacing the existing Panama City Airport and is the only new international airport that has been built in the U.S. in over 25 years. The new airport is located in Ebro which is west of the current airport making it more accessible for people traveling to the beaches of Panama City, Santa Rosa Beach and Destin.

Feel free to contact me for additional information.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595

Take a look at the full article: http://www.frommers.com/articles/6469.html

In our area, I often find that many military members relocate around the Christmas break. The time between Thanksgiving and Christmas is an excellent time to attract those military buyers that need to report in January to their new duty station. These homebuyers are serious buyers. They are generally motivated and can move quickly so when you do have a showing there is a greater chance that your house will sell.

Holiday decorations make your house shine! Festive colors, colored lights and spicy fragrances enhance your home and show it off at its very best. Bring in fresh cut Christmas Trees and wreaths with all of their fragrant scents. Red is an emotionally charged color. Use it to it's best advantage in candles and stockings on the fireplace.

Like to bake during the holidays? Nothing says "welcome home" better than fresh baked cookis and pies. Leave a plate out for your showings and open houses and make the buyers feel instantly at home.

So, during this holiday season, take advantage of all the season has to offer to make your home the one that people would like to spend their next holiday in.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595

judy.griffin@cox.net

www.EmeraldCoastFloridaHomes.com

We saw many foreclosed and short sale inventory being taken off the market as well. These homes prsented an excellent opportunity for buyers able to take advantage of the exceptional deals in Niceville, Crestview, Destin, Navarre and Fort Walton Beach.

September Stats:

Area	Number sold	Average Price	Median Price
Destin
Single Family	28	553,692	287,500
Townhouse	5	122,580	132,900
Condo	35	429,780	339,900
Niceville
Single Family	40	273,640	242,500
Townhouse	8	175,987	165,000
Condo	1	97,500	97,500
Miramar Beach
Single Family	18	434,016	391,150
Townhouse	1	145,000	145,000
Condo	26	362,969	298,275
Fort Walton
Single Family	46	182,553	179,000
Townhouse	19	152,074	153,000
Condo	16	251,937	237,500
Navarre
Single Family	74	186,618	179,670
Townhouse	1	212,000	212,000
Condo	5	314,300	292,500
Crestview
Single Family	71	154,578	155,000
Townhouse	0	0	0
Condo	0

October Stats

Area	Number sold	Average Price	Median Price
Destin
Single Family	26	304,405	238,500
Townhouse	3	199,000	160,000
Condo	38	313,624	245,000
Niceville
Single Family	32	344,579	282,450
Townhouse	3	131,500	137,500
Condo	0	0	0
Miramar Beach
Single Family	23	561,018	399,000
Townhouse	4	335,500	352,500
Condo	25	351,956	260,000
Fort Walton
Single Family	56	186,302	155,500
Townhouse	4	335,500	352,500
Condo	25	351,956	260,000
Navarre
Single Family	63	224,263	185,000
Townhouse	3	179,966	180,000
Condo	4	374,291	395,000
Crestview
Single Family	71	159,674	162,000
Townhouse	2	106,200	106,200
Condo	0

So, it is essential that your home is in the best condition possible to capture the buyer.

There are four varibles that sell a house.

• Price
• Terms
• Condition 
• Location
• Agent You Pick to Represent You

Each aspect must be taken into consideration if you want a property to sell.

1.  Price fixes everything!  Don't let anyone tell you different.  When the buyer perceives value they will buy the home.

2. Terms: Often, there are circumstances where a buyer has lost the ability to qualify for a traditional loan because of a foreclosure or bankruptcy. Offering owner financing may help your home sell. Often, the buyer would be willing to pay more if they can buy the home with a small down payment.

3. Condition:  Condition is a key factor in selling a home. Homes in top "Show Condition", are more attractive to buyers. The home is in move in condition with very little for the buyer to do. The seller can expect to get top dollar for their home. If the home is in poor condition with worn carpets, outdated wallpaper and fixtures, the price needs to be adjusted downward.  Buyer's need to be compensated for the repairs and updates needed to the home to make it worth their while to invest in a home with work needed. The needs to be the BEST property at the Lowest price to get to the closing table.

Carpet or paint allowance does NOT work in selling a home.  If the home needs carpet, put it in.  If the home needs painting, get it painted.  Many times this can cost a seller $5,000 to $8,000 to do those upgrades.  The money invested will come back in the form or a quick sale at full market value.

4. Location: This is the toughest variable in the sale to compensate for.  Most people have heard about in Real Estate the terms Location, Location, Location. If the location is bad.. ONLY price will sell the property.

It does not matter that the same model home across the street sold for thousands more, because it was ACROSS THE STREET and did not back to the highway.  If the seller got a good deal when they bought because it had a bad location then they have to give the new buyer the same good deal to sell. 

Sellers should take all the emotion out of the business of selling a home and treat the transaction as an investment decision. 

If the goal is to get the home sold then listen to your realtor. Make the required improvements or be prepared to lower the price to compensate for any deficiencies. 

I would be glad to take a look at your home to see what items would be worth investing in to get your home sold. Call me at 850-685-8595. I would be glad to be of service.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595

judy.griffin@cox.net

www.EmeraldCoastFloridaHomes.com

Buyer's Agent Get to Know You

A buyer's agents job is to get to know you and your family and find the house that meets your needs. The agent will know the local community and know the past and present homes on the market to better help you make a good decision on the home you purchase at the right price. Ultimately, the buyer's agent is your advocate to help you find the best property.

Buyer's Agents Work Hard For You

Many agents spend countless hours finding the right home for a client. They look through the homes listed on the MLS to insure that you do not miss a property that might work for you. Often the agent will contact For Sale By Owners so they know of every property on the market. Buyer's agents make appointments to view listings and spend countless hours showing homes and helping you evaluate the merits of each property. When writing a contract to purchase a property, the buyer's agent can provide recent data to insure that you know the market vaule of the home you are buying.

The Agent Introduces you to Industry Professionals

The buyer's agent can recommend professionals that help you complete the transaction. They often know the lenders with the best rates and lowest fees in town or the ones that offer special discounts for teachers, firefighters, first time home buyers and the military. They can provide you with a list of qualified home inspectors, insurance companies and local handyman that can fix just about anything.

Why Buyer's Agents Ask for a Buyer Broker Contract

Agents who want to ensure that they have a legal and binding agreement that allows them to represent a buyer exclusively, and be paid for their efforts, will ask a buyer to sign an exclusive buyer broker agreement. Agents are independant contractors and do not get paid unless they help a buyer complete a transaction. A buyer broker's agreement simply insures that they will be paid for the time they invest in finding you the buyer the perfect home.

Do Buyers or Sellers Pay the Buyer's Agent?

Generally, a listing agreement between the seller and the seller's listing agent specifies how much the listing brokerage will pay the selling brokerage for bringing a buyer.

Yes, the seller pays the buyer's agent to negotiate on behalf of the buyer, not the seller. Many buyer broker representation agreements state that if anybody other than the buyer pays the commission, then the buyer does not have to pay it.

For more information about buying a property in Niceville, Destin or Crestview, Florida feel free to contact me at judy.griffin@cox.net.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595

The sales activity for August was very strong along the Emerald Coast. The average sales price was up slightly accross the board. The active inventory of properties is down almost 50% over a year ago showing signs of a more stable houseing market.

If you would like additional information, please feel free to contact me for the statistics for your neighborhood.

Judy Griffin

Judy Griffin is a Real Estate Professional the specializes in Real Estate along the Gulf Coast including Destin, Niceville, Crestview, Fort Walton Beach, Miramar Beach, and Navarre. Jusy can be reached at judy.griffin@cox.net or visit her website at www.EmeraldCoastFloridaHomes.com.

Foreclosures - Deal or No Deal?

 

Many people contact me about buying a foreclosed property. There is a common perception that a foreclosed property is a good deal. While these homes are sometimes offered 10's of thousands of dollars less than competing homes they are not all a good value.

Foreclosed properties are distressed. Usually foreclosed properties were on the market prior to being foreclosed  and did not sell. The properties often have an inherent problem that makes them less desirable for many buyers.  A bad lot, too close to a road, no back yard are some of the defects. Or it could be a very dated interior, abused carpets, or loud paint. For these reasons you may find them undesirable as well.

Many foreclosed homes have been vacant for extended periods of time. Yards become overgrown with weeds, pools are not maintained and the utilities have often been off for months. Owners losing their house to foreclosure will often take appliances, light fixtures, and leave the place a mess. All of these factors add to the amount of work that will need to be done by the new owner.

Once viewing these homes buyers start to see the sad and true reality of what the Foreclosure market is really like.  The vast majority of these homes are in bad shape and in need of lots of work to make them habitable.

Buyers often find good value in homes currently on the market.  Homes on the market are priced 15 -25% less than the height of the market which represents a good value for today’s homebuyers. These homes are readily available and are often in good condition.

Now, I am not saying there are not good deals out there in the Foreclosure Market only that it takes someone with a strong motivation, the time, vision, and the financial resources to buy one of these homes .If you are considering buying a foreclosed homes you will want to make sure that you have a good home inspector and evaluate each property carefully to insure that you know what will be needed to do to make your home a great investment for you and your family.

 Judy Griffin is an experienced real estate agent in Destin, Florida serving Niceville, Crestview, and Fort Walton Beach. Judy can be reached by emailing judy@judygriffin.com, by cell 850-685-8595. You can also visit her website for additional information at www.EmeraldCoastFloridaHomes.com

 

 

 

 

 

There are many programs that offer help for homeowners in this position. Freddie Mac offers this advice:

Hopefully we these resources you will be able to work with your lender to modify your mortgage or find a solution that would work for you. If all else fails you can try to sell the property, even it is for less than you owe. Many banks would rather sell the house short than to take it back in a foreclosure.

Fell free to contact me if I can help in any way.

Judy Griffin, Realtor

Pelican Real Estate

judy.griffin@cox.net

www.EmeraldCoastFloridaHomes.com

Area	Number sold	Average Price	Days on Market
Destin
Single Family	23	397,343	173
Townhouse	5	119,100	198
Condo	27	330,311	207
Niceville
Single Family	43	307,000	121
Townhouse	4	236,000	123
Condo	0
Miramar Beach
Single Family	12	367,107	227
Townhouse	0
Condo	32	331,697	211
Fort Walton
Single Family	51	201,296	114
Townhouse	6	107,233	105
Condo	13	227,385	278
Navarre
Single Family	82	207,325	115
Townhouse	4	204,962	172
Condo	4	200,625	157
Crestview
Single Family	55	164,603	185
Townhouse	0
Condo	0

I would be happy to provide you with sold prices and statisrics in your neighborhood. Just click here for a quick Market Update in your negihborhood.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595

www.EmeraldCoastFloridaHomes.com

Fort Walton Beach is close to both Eglin AFB, Hurlburt Field and Duke Field. The area has some of the best schools in the state of Florida. There are many progrmas that area kids can take advantage of including the Science Center in Fort Walton Beach, The Indian Mound Museum, and many programs at Northwest Florida College.

One of the most important reasons people like Fort Walton Beach is it's proximity to the beach. The weather is moderate almost year round which is great for year round sports including golf, tennis, and fishing.

When choosing you next duty station consider Fort Walton Beach for all it has to offer. I'm sure you will be glad you did!

Judy Griffin, Realtor

850-685-8595

I have lived in Niceville, Florida for over 12 years. For the first seven of those years we never had more than a passing tropical storm. With that experience, I really didn't know what to expect when the hurricane's of recent memort, Dennis, Georges, and Ivan came through our area.  Now me and my family have a plan. Some of these tips you may want to incorporate into your hurricane plan.

Water - at least 1 gallon daily per person for 3 to 7 days

Food - at least enough for 3 to 7 days
— non-perishable packaged or canned food / juices
— foods for infants or the elderly
— snack foods
— non-electric can opener
— cooking tools / fuel
— paper plates / plastic utensils

Bedding including sleeping bags and pillows

Clothing - seasonal / rain gear/ sturdy shoes

First Aid Kit / Medicines / Prescription Drugs and medical supplies

Special Items - for babies and the elderly

Toiletries / Hygiene items / Moisture wipes

Flashlight / Batteries

Radio - Battery operated and NOAA weather radio

Telephones - Fully charged cell phone with extra battery and a traditional (not cordless) telephone set

Cash (with some small bills) and Credit Cards - Banks and ATMs may not be available for extended periods

Car keys, maps and a full tank of gas.

Toys, Books and Games

Important documents - in a waterproof container or watertight resealable plastic bag
— insurance, medical records, bank account numbers, Social Security card, etc.

Tools - keep a set with you during the storm

Pet care items
— proper identification / immunization records / medications
— ample supply of food and water
— a carrier or cage
— muzzle and leash

Experts agree that you should make a hurricane evacuation plan that includes the following:

Identify ahead of time where you could go if you are told to evacuate. Choose several places–a friend’s home in another town, a motel, or a shelter.Keep handy the telephone numbers of these places as well as a road map of your locality. You may need to Make Hurricane Plans! Listen to NOAA Weather Radio or local radio or TV stations for evacuation instructions. If advised to evacuate, do so immediately.

See Ready America [http://www.ready.gov/america/beinformed/hurricanes.html] for more detailed information.   

I hope you find this information helpful when getting your hurricane plan together for your family. Even with the storms that come to our region, I still would not want to live anywhere else. Niceville is home and one of the most beautiful, friendly places I have ever lived and I am sure you will find it one of the best places to live as well.

Judy Griffin, GRI

Realtor, Pelican Real Estate

850-685-8595

www.EmeraldCoastFloridaHomes.com 

The Home is in Bad Condition. Your home needs to be in show condition the day that you put the home on the market.

• The house not only needs to be clean but needs to be de-cluttered and de-personalized. Put away collections that can make a room fussy and crowded. Take down family photos, military recognition, and trophies. Having these things around the house distract the buyer. You want them to focus on your home not your things.
• Do repairs and updates on your home. Often small items can make a big impact on a buyer. New light fixtures and cabinet hardware can be quick, relatively inexpensive way to up-date a room.
• Paint is one of the easiest and inexpensive ways to update and give a room a clean fresh appearance. Use warm neutral shades that will brighten up a room. Re-paint all rooms that have strong, dark tones.
• Take down wall paper. Everyone loves their wallpaper but no one likes someone elses.
• Fix squeaky doors, cabinets that won't shut and appliances that don't work.

Don't Overprice Your Home

• You have the biggest audience of buyers when you first put the home on the market. Most of the buyers have seen all of the other homes on the market and jump to see the new listing. If your price is to high compared to the other houses they have seen they will not buy your home.
• Some agents deliberately overstate the value of a home to get the listing. There are many reasons why agents do this, but the bottom line is sellers lose a competitive edge when later reducing the price. The bottom line is sellers who "test the market" get stung.
• A good agent should be able to show you homes that have recently sold that are comparable to your home. With this information price the house realistically.

Picking the Wrong Agent

• Real estate agents all have different backgrounds and skill sets. Picking the wrong agent can cost you time and money in the transaction.
• The National Association of Realtors reported that the average agent sells 5-8 homes a year. Ask your agent how many transactions they had last year.
• Look at their designations listed after their name. Each one represents a designation that they earned taking additional classes in a specific area.

Selling your home can be accomplished in any market by have all of your ducks in a row. Pick an experienced real estate agent, take their agents advice to prepare the home for sale, and price your home correctly. Success will follow!

For more information Contact:

Judy Griffin, GRI

Pelican Real Estate

850-685-8595

www.EmeraldCoastFloridaHomes.com

Inventory - There is a good supply of properties on the market. Many call it a buyers market when the inventory of homes and the absorption rate is greater than three months. In a buyers market sellers are more likely to accept low offers and make concessions on closing costs and the like to get their property sold.

There is also a good supply of short sales. Many home owners that bought their home in the height of the market are upside down. The only way they will be able to sell their homes is to ask their lender to accept a short payoff. This offers a great opportunity for buyers to get a good deal on a property. Short sales do take 60-120 days to complete so they are not for everyone.

Financing - Rates on residential mortgage loans remains below 6%. Rates don't generally stay this low for very long. Many mortgage professionals agree that these rates won't last forever. So, buyers would be wise to take advantage now before the rates start to rise.

Money is available for conventional, FHA and VA loans. All of these loans types require a good credit rating, verifiable income and some cash. The State of Florida has a few other options for "no money down" mortgages throught the Florida First Program. Contact me if you would like some more details.

Inflation - Many economists predict that the circulation of all the bail out money will cause a period of inflation. Those that own homes today will benefit from the rising home values that are expected to go along with inflation.

First Time Buyer Tax Credit - The federal government is offering a $8,000 tax credit for first time buyers and those that have not owned a primary home in the last three years. How does this work? The home must be purchased by the end of 2009. You will take advantage of the credit when you file your taxes. If you do not owe any money to Uncle Sam then you will get a cash refund for the credit. This is an unprecedented benefit from the Federal Government that we may never see again.

All of these factors make this one of the best buyers market in recent years. So good that people will look back at this time period and wish that they had bought a home. If you or anyone you know would like more information on buying or selling a home in Niceville, Destin or Crestview, feel free to contact me.

Judy Griffin, Realtor

Pelican Real Estate

850-685-8595 direct

www.EmeraldCoastFloridaHomes.com

judy.griffin@cox.net

Many attribute the increase to the $8,000 tax credit the President instituted earlier this year. Many first time home buyers are taking advantage of the tax savings and the low interest rates to buy their first home. In turn, seller s are able to move on to purchase step-up homes or homes in areas that they have already relocated to. This domino effect can be felt in many different price points across the board. Here are the stats:

Housing Market Indicators:

Florida existing home sales:
(month-to-previous-year comparison)

• 16%

Florida existing condo sales:
(month-to-previous-year comparison)

• 21%

Florida existing home median price:

• $144,400

Florida existing condo median price:

• $113,400

Florida consumer confidence: 

• 71

National existing home sales: 
(month-to-previous-month comparison; all housing types)

• 2.4%

National existing home median price

• $173,000

National (Freddie Mac) mortgage rate
(all housing types)

• 5.38%

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.