Staycation this Summer in Jax?6/4/2019
Some Real Estate Information about Riverside for November 2015
The Riverside real estate market is not healthy, but has seen more sales than in Avondale over the past 30 days. The median list price is $282,750 and the average home has been on the market for 106 days. In the past month, there have been 11 real estate transactions in Riverside, with a median sale price of $286,000. The recent sales activity in Riverside represents a +26.3% change over the prior month. With the Sales price and listing price so close together, it was nice to see this change.
There are currently 72 Riverside homes for sale, which equals about 6.6 months of inventory. There are 49 detached homes for sale, 1 townhouse for sale, and 22 condos for sale. In the past 30 days, there have been 18 new listings in Riverside, 22 price changes, 14 new contracts, and 11 home sales.
Some Real Estate Information about Avondale for November 2015:
The Avondale real estate market is entering a challenging period. As the holidays approach the average days on market will rise as there are fewer people looking to move or change during the holidays. The median list price in Avondale for homes on the market is $287,950 and the average home has been on the market for 80 days. In the past month, there have been 7 real estate transactions in Avondale, with a median sale price of $260,000, those homes were on the market an average of 110 days. The recent sales activity in Avondale represents a +10.6% change over the prior month.
There are currently 60 Avondale homes for sale, which equals about 8.6 months of inventory. There are 60 detached homes for sale, zero townhouses for sale, and zero condos for sale. In the past 30 days, there have been 22 new listings in Avondale, 24 price changes, 10 new contracts, and 7 home sales. The number of price changes has doubled since last month, signifying that buyers are not willing to chase the market in some instances. Riverside Avondale Real Estate
I am still flabbergasted as to why the President of the United States of America would rather fly to California to meet with the President of Zillow, rather than to speak with the Oracle of Omaha on the status of housing in the US of A. It makes no sense to me that he thinks an online company that builds NOTHING is more important than a man who owns many businesses who employ thousands who build products and solutions for our great country. Especially when Zillow lies in its data presented.
Case in point, last Sunday, one of my new clients was interested in a house in Jacksonville Beach. It was a foreclosure that was listed by the foreclosure division of our offices, and the sign was still in the yard. The REO agents rarely return calls, just they way they "roll", so my client gets on "Zillow" and searches for information on the property. He finds it, Zillow shows it is still available and for sale. He asks me if we can go look at it.
I will give Zillow credit, often times they include the MLS number, which makes it easier to search on a 6 digit number than a long address which may or may not be in MLS correctly, again REO properties are all over the place in correctness. So I do the search on the property, only to find that the property was sold 3 weeks before and that the buyer has been lazy to remove the sign. Zillow, Trulia and other online sites that do not have direct access to listings and their data are doing harm to the Real Estate Profession.
With less than 8000 homes on the market in Jacksonville, we are under 5 months of supply of homes and an average days on market of only 79 days. The point here is that you cannot afford to look at crummy sites that are not current with data. If you are in the market for a house, work with your agent, they can send you a link to all the properties that come on the Multiple Listing Service, for your area just as soon as they are added. No cost, no fuss, and all in real-time. IF you must search, use the Realtor.com site, it is the best place for up to date data.
Zillow, Trulia and the others will have a day of reckoning, it may not be tomorrow, but their day is coming. They are not needed in the Real Estate business, their marketing is sloppy and ultimately hurts those who come to rely on their "data".
I know we are all looking forward to the holidays in Historic #Avondale #Riverside #Springfield #Sanmarco and #Ortega. But, it would be prudent to at least plan on some of these tax issues NOW, rather than when we have had too much egg nog.....
Dozens of tax laws are set to expire at the end of 2013. Many of these provisions are quite popular and may be extended by Congress. Exactly when or how lawmakers will get around to doing this is unclear.
The situation is complicated by the fact that both the White House and Congress want to enact serious tax reform in 2014. Key members of Congress and the Obama administration have proposed that extending or making permanent some of these expiring provisions be made part of the overall tax reform process instead of being done piecemeal though special tax extension legislation.
The expiring provisions of most importance to the real estate industry include:
Mortgage insurance premiums deduction: Since 2007, qualifying homeowners have been able to deduct premiums for mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, the Rural Housing Service, and private mortgage insurance. Homeowners whose incomes are not too high can treat such payments the same as mortgage interest payments. Unless the law is extended, no deduction will allowed for amounts paid or accrued after Dec. 31, 2013.
Discharge of indebtedness on principal residence exclusion: Since 2008, homeowners have been allowed to exclude from their taxable income up to $2 million of debt forgiven on their principal residence by a lender in a short sale, mortgage restructuring, or forgiven in a foreclosure.
Unless this provision is extended, the exclusion will not apply to indebtedness discharged after 2013. If this provision does expire, the impact will vary from state to state.
Tax credit for qualified energy efficiency improvements to principal residence: Homeowners have been able to claim a maximum lifetime tax credit of up to $500 for installing energy efficiency improvements in their main homes, including the cost of insulation, windows, doors and roofs. The credit expires at the end of 2013.
Since 2008, homeowners have been allowed to exclude from their taxable income up to $2 million of debt forgiven on their principal residence by a lender in a short sale, mortgage restructuring, or forgiven in a foreclosure."
Section 179 expensing deduction: IRC Section 179 allows small-business owners to deduct the cost of business property in a single year instead of depreciating the cost over several years. Section 179 is subject to an annual dollar limit. During 2010 through 2013, the annual limit was $500,000. The limit is scheduled to go down to $25,000 in 2014.
Bonus depreciation: Since 2007, businesses have been able to take advantage of special “bonus depreciation” rules that permit them to deduct in a single year 50 percent of the cost of qualifying business property. Bonus depreciation will end on Dec. 31, 2013, unless extended by Congress.
Energy-efficient commercial buildings deduction: Since 2006, a special deduction has been available to commercial building owners who upgrade their existing buildings to make them more energy efficient, or design more energy-efficient new structures. A deduction of up to $1.80 per square foot was available for energy upgrades to a building’s interior lighting system, â€¨heating, cooling, ventilation, and hot water system, or building envelope. This deduction ends in 2013, unless extended.
Credit for construction of new energy-efficient homes: Since 2006, certain contractors have been allowed an efficient-home credit of $1,000 or $2,000 for constructing or manufacturing qualifying energy-efficient homes. Like the other energy efficiency deductions, this is set to expire at the end of 2013.
With all of this, it looks like the government may not be raising taxes, but essentially doing away with deductions, which kinda sorta looks like a tax increase. Hopefully Congress will be able to save some of these for the consumer, especially the energy efficiency programs.