Tax Relief For Florida Sellers

Relief–Well that's what many Florida homeowners hope to realize since the passing of the tax-relief package on October 29th. “Realistically, buyers might get their best Florida real estate deal right now,” says Keith Gordon, Broker for ADDVantage™ Real Estate Services, “if on January 29th this plan meets Florida voter's approval.”

Like the legendary song says,” The times–they are 'a changing.” Florida Realtors® seem to be counting on it. Getting buyers and sellers to the closing table has been challenging, with numerous and collective issues being branded as “the culprit”. From tighter credit to poor economic stability nationally, the housing market has suffered a pretty good blow. Florida has suffered specifically when it comes to property tax increases and it is time for a change.

There are still nooks and crannies around the U.S. that have faired better than others and Tampa Bay is one of them. Forbes recently said that Tampa is the #1place in Country to buy a home. Buyers are getting good deals right now and sellers who are priced right, patient and who sell for sale by owner are leaving the closing table feeling reasonably satisfied. Although it will be some type of relief for sellers– it's no reason to wait to sell your residential real estate. Sellers who are waiting until after January to list and sell, may have unreasonable expectations about the actual benefits that this tax package will afford them…and they may be taking a big risk with that thinking. Buyers are buying now and the tax package will help sellers but– who says how long the economy or credit crunch will last? The deals for buyers are in the present and they aren't going to wait until next year to look for their dream home if their dream home is on the market right now.

This very well may add some juice Florida's changing real estate market but, if it doesn't–what will? That remains to be seen but, for now, ADDVantage™ is confident that sellers can save thousands in commissions and market their homes for sale by owner affordably and effectively and all the way to the closing table. Homeowners can look forward to being released from a “tax-snare” that has afflicted them for some time now and that is good news if this legislation passes. But, it's still unsure exactly what effect this will have on Florida's real estate market as a whole. How will buyers in today's economy and credit crisis respond to overzealous and overpriced homes should this be an after affect of the passed legislation? It's hard to say. A homeowner who truly wants or needs to sell should do so right now—because right now sellers know and understand how the market is performing and so do buyers. Both have adjusted their expectations and selling and buying strategies accordingly. If sellers wait, it's anyone's guess what they will be facing come next year.