P'cola Real Estate News

Here's what's going on in real estate and related activities in the Pensacola area---

The Florida Legislature passed property tax reform and a proposed constitutional amendment to implement the tax cuts will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property.  To become law, the amendment must be approved by 60 percent of the voters in the Jan. 29, 2008, election.
Here are some of the features--

double the homestead exemption, but only for homes valued at more than $75,000 and not for school taxes

• Allow owners of homestead property to transfer up to $500,000 in Save Our Homes benefits, including school taxes, to a new home

• Impose a 10 percent assessment cap on non-homestead property for the next 10 years. The cap does not apply to school taxes. After 10 years, voters will have the option to restore the 10 percent cap

• Allow businesses to exempt $25,000 in taxes paid on computers, office equipment and other personal property

 The Pensacola real estate market continues to be a strong buyer's market, but the number of listings may be declining somewhat. Listings for the time being are below 7,000, which means of course there is still a lot to choose from in Escambia and Santa Rosa Counties.  Plus, mortgage interest rates continue near record low levels in the general area of 6.5%. Home sellers have a lot of competition and many are accepting purchase offers well below asking price. So if you're buying your first home, upgrading or moving to Pensacola, this is a good time to be making offers.

And despite the so-called crisis in the sub-prime mortgage business, many mortgage banks and other lenders are still offering special financing packages for first-time home buyers. If you have never owned a home before or in recent years, you're probably eligible for one of the many different plans designed to help buyers either with closing cost money or down payments, or both. There are some income restrictions, but most of the programs are very attractive to buyers.  Again, check with me by email or phone if you're interested.

And, if you have any questions about Pensacola area real estate, please get in touch with me. I'll try to get the best answer I possibly can for you.

See you soon!