Taxes vs. Climate: Why Do People Move to Florida?

Florida certainly has two things going for it: a great climate and a no individual income tax. Have you ever wondered how powerful the tax code is in attracting new residents? Below is link to an article from the New York Times asking that very question.

http://www.nytimes.com/2013/02/16/business/high-taxes-are-not-a-prime-reason-for-relocation-studies-say.html?pagewanted=1&hp

Florida Leads Nation in Foreclosures

For the fifth month is a row Florida is leading the nation in foreclosure activity, according to RealtyTrac. In Palm Beach County foreclosure filings rose by 60 percent compared to a year ago. Foreclosure notice were up 105 percent in January from December 2012 and 50 percent from January 2012. In January, 29,800 homes statewide either received a lis pendens or a notice of a foreclosure sale or were repossessed by the bank. As of December 31, statewide there were 371,119 pending foreclosures and 31,678 in Palm Beach County.

South Florida ranked second behind Ocala for highest number of foreclosures in a major metropolitana area.

Low Inventory Makes Now A Great Time to Sell!

We have seen quite a change in the real estate market since 2010. Back then we had around an 18- month supply of available homes. Now we have less than six months in inventory. So what was once a buyers market has become a sellers market even though our market has not yet fully recovered. To put it simply, now is the best time since 2006-2007 to sell your home. Interest rates are at historical lows, rents have risen and the American dream of homeownership still stands.

I recently listed a townhouse for sale. I had a contract within a week and two other buyers ready to make offers if that contract falls through. Prior to that I listed a single-family home and received a full-price offer within seven hours of listing it.

If that is not enough to convince would-be sellers to sell now, Florida now ranks first in the nation for foreclosures, so we can expect more inventory at some point. But for now those who want to sell should take advantage of these current conditions.

According to the Realtors Association of the Palm Beach, prices for single-family home in Palm Beach County rose about 10 percent in 2012 from the previous year to a median of $212,000. Condominium and townhome sale prices increased 13 percent last year to $88,000.

Writing a Hardship Letter

The New York Times just wrote a helpful article on writing a hardship letter. Below are the major points; you can read the full article from the link.

1. Keep the letter concise. The person reading the letter has many letters to read and you want to keep their attention.
2. Don't be overly emotional. This is a business transaction, make sure your letter reflects that.
3. Don't reveal more than you need to in order to make your case.
4. Be honest and don't be ashamed about how you ended up in this situation- remember, it isn't personal, it's business.

Writing your hardship letter