Ocala Real Estate Blog - NEW LOCATION!

To keep up with the growing demand for real estate information, The Shultz Team has upgraded their blog site and has now moved it to this location: http://www.ocalarealestateblog.com/

Please feel free to see all future updates and information - bookmark for future reference!

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Ocala Real Estate Statistics - December 2008

According to OMCAR (Ocala Marion County Board of Realtors) from the end of December of 2007 to December 31, 2008 the average sales price for residential homes fell from $171,588 to $141,059 for a decrease of 18%.

The average list price fell from $183,489to $153,608 or a decline of 16% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $107 a year ago to $82 by the end of December 2008, for a decrease of 23%.

The median sales price fell from $145,000 to $119,000 for a decline of 18%.



Our MLS has 6723 active residential listings as of the December 1, 2008, which shows a significant decrease in inventory. Inventory has been declining since December 2007. 162 homes sold through the Ocala Marion County MLS in December 08, which is an absorption rate of 27 (which means a home would take 27 months to sell at the current rate of sales).

Even though we still see negative numbers on the yearly comparison, we definitely see improvement in the decreasing numbers. Our inventory has come down from over 8000 in 2006 to 6723 as of the writing of this article, and we actually have sold more homes in December of 2008, than in December of 2007. Buyer interest is definitely increasing. Interest rates are at an all time low dipping below 5% for a 30 year fixed rate. In my humble opinion, I see lots of signs of having reached or being very close to the bottom.

For more detailed statistics or a free market analysis, please call or e-mail us. Brigitte@OcalaVisualTours.com * 352-875-3897 - Brigitte's Cell


Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
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Real Estate CyberStar Summit 2009

Brigitte Shultz & Allen Hainge - founder of the CyberStars

I am happy to say that I have just returned from my 7th CyberStar Summit - and I am very excited to start implementing the new up-to-date marketing concepts and technology for 2009! The CyberStars are an elite Real Estate networking group of top agents who excel in their market using today's technology. The Summit is the large annual event that is a must-attend for this highly competitive field. The people I have met and the things I have learned have become priceless to me over the years.

This year the most fascinating subjects were real estate tours uploaded to the ever-popular You Tube video website, blogging & upgraded Virtual Tours. Our business has always circulated around offering the best services possible for our clients, and the things I have learned attending their seminars has helped to keep our team in top form. Always looking to improve, I am very enthusiastic about all of the new concepts and implementing them this upcoming year.

Art & Brigitte Shultz THE SHULTZ TEAM
Re/Max Premier Realty
(800) 476-5055 Ext. 122
(352) 732-3222 Ext. 122
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Ocala Florida Real Estate Statistics November 2008

According to OMCAR (Ocala Marion County Board of Realtors) from the end of November of 2007 to November 30, 2008 the average sales price for residential homes fell from $176,901 to $122,019 for a decrease of 45%. The average list price fell from $190,108 to $131,207 or a decline of 44% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $107 a year ago to $77 by the end of November 2008.The median sales price fell from $150,000 to $118,250 for a decline of 27%. Our MLS has 6992 active listings as of the December 16, 2008, which shows a small decrease in inventory. Inventory has been declining slightly since December 2007. 146 homes sold through the Ocala Marion County MLS in November, which is an absorption rate of 32 (which means a home would take 32 months to sell at the current rate of sales).

Buyers are in the driver seat and finding excellent values in Ocala/Marion County. Interest rates are at an all time low. For more detailed statistics or a free market analysis, please call or e-mail us.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Pool Home on 1 Acre - Lease Option!

POOL HOME ON 1 ACRE IN DESIRABLE PRINCE ROSE SUBDIVISION!

Beautiful 3/2/2 Split plan, solid concrete block & stucco construction, spacious eat-in Kitchen with center island, all appliances included & open to Family Room, Formal Living & Dining Rooms, Master Bath with tiled flooring, garden tub, separate shower & double sinks, Master walk-in closet, sliders from Master to pool area, over-sized concrete in-ground pool with screen enclosure & covered Lanai, all overlooks private fenced backyard with 12x16 workshop, over-sized 2-car Garage. LEASE PURCHASE AVAILABLE! Call for details! MLS# 314628 (ID# 785) * CALL DIRECT FOR MORE INFO: 1-800-243-4087 * Email: Info@OcalaVisualTours.com * Looking for more visual tours? - Visit our Homepage at www.OcalaVisualTours.com & search more Marion County & Ocala real estate and see what we can do for you! We can show you ANY LISTING on the market! Visit our homepage with a database of over 700,000 listings for you to choose from!



This property provided to you by:

Art & Brigitte Shultz
THE SHULTZ TEAM
#1 Team at Re/Max Premier Realty
Direct: (800) 243-4087
Info@OcalaVisualTours.com
www.OcalaVisualTours.com

Happy Birthday Lisa Shultz!

The invitation read: “Bring your dancing shoes & your appetite for pizza!”

So on November 29th, that is just what my husband and I did. Art & Brigitte’s youngest daughter, Lisa (who has Down Syndrome) had her 25th birthday party. Guests were treated to live entertainment with Lisa and her girlfriends dancing to “The Chicken Dance” and “The Hokey Pokey.” Everyone had a great time with a great excuse to dance like nobody was watching.

Lisa (as always) had a blast opening up her gifts – such a thankful girl! With a barrage of movies, CD’s, clothes, art supplies, camera & scrap book kit, and more – she was all smiles and giggles. After our own interpretation of “Happy Birthday” (we really cannot quit our day jobs), Lisa blew out the candles and then the chocolate cake was delved out (yum yum!).

Happy Birthday little Lisa!

Christine Barber
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
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* FREE OCALA MOVING TRUCK! * - Contact for more details!

Salvation Army Thanksgiving in Ocala Florida

Art and Brigitte Shultz, together with their Down Syndrome daughter Lisa, served Thanksgiving Dinner at the Salvation Army in Ocala, Florida, on November 27, 2008. Lisa, who turned 25 years old two days after the Thanksgiving Holiday, brightened everyone's day by serving the dinner rolls and salads. There were 12 volunteers who made a difference in someone's life that day. We saw firsthand what the Salvation Army does locally with the money so many of you donate, especially around Christmas Time in the red kettles outside the department stores and grocery stores. Last year Lisa and Brigitte were bell ringers outside the K-Mart store on Silver Springs Blvd. and were grateful for the generosity of the citizens of Ocala who donated to this worthy organization.


If you want to know how you can help, you can visit their site directly at here - Salvation Army How You Can Help.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Florida Real Estate Statistics October 2008

According to OMCAR (Ocala Marion County Board of Realtors) from the end of October of 2007 to October 31, 2008 the average sales price for residential homes fell from $213,059 to $146,151 for a decrease of 31%.

The average list price fell from $231,658 to $158,831 or a decline of 45% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $123 a year ago to $87 by the end of October 2008.


The median sales price fell from $157,000 to $125,000 for a decline of 26%.

Our MLS has 7071 active listings as of the December 1, 2008, which shows a small decrease in inventory. Inventory has been declining slightly since December 2007. 157 homes sold through the Ocala Marion County MLS in October, which is an absorption rate of 30.1 (which means a home would take 30.1 months to sell at the current rate of sales).

Since our prices have fallen so much since our top at the end of 2005, we have noticed quite a bit of activity from buyers who cannot ignore the many good buys in the Ocala/Marion County Real Estate Market. With the many foreclosures and short sales, a buyer can find some excellent home and land values.

For more detailed statistics or a free market analysis, please call or e-mail us, we are more than happy to be of service to you.


Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Florida Superstar - John Travolta's Red Carpet Event for "Bolt"

RED CARPET EVENT IN OCALA

I had chills that were multiplying and I almost lost control. But even though it was cold outside, it was still “Friday Night Fever” in Ocala, Florida, on November 21, 2008.

The reason for all the excitement? John Travolta held his Ocala Premier for the new Disney animated film, “Bolt” in which J.T. is the voice of the lead character, a little dog by the same name. Miley Cyrus also voices a character in the movie and she and John recorded a song together for the soundtrack, which played throughout the evening to the crowd assembled outside the theater waiting to catch a glimpse of John. I was one of those diehard fans willing to brave the cold to get a chance to see John up close and shake his hand. This would be my second brush with the famous actor. I stood in the rain and cold in March 2007, when John and Kelly held their first Ocala red carpet affair for the premier of his movie, “Wild Hogs”, about middle-aged men on a motor cycle road trip.

This year it was a fundraiser for the Boys and Girls Club of Marion County which raised $55,000. John Travolta and his wife, Kelly Preston, added an additional $10,000 personally for a grand total of $65,000. There was a VIP reception at Easy Street Fun Center that included a “meet and greet” with John and Kelly. Those tickets sold out immediately at $250 each for the opportunity to rub elbows with this movie star couple who call Marion County home. The gourmet delight gala was catered by Felix’s Restaurant.

Photo by Paula Rae

The crowd then walked the red carpet over to the Regal Hollywood 16 Theater for a private screening of the movie. Free tickets were handed out to 40 kids from the Boys and Girls Club. Two scooters donated by Ocala Harley Davidson, hand painted with the “Bolt” logo and personally autographed by John Travolta, were auctioned off. One went for $1,600 in the VIP tent while the other one was raffled off at $1.00 per ticket. I bought three tickets, but alas mine was not the chosen ticket.

When it was my turn to shake John’s hand, I looked into those beautiful blue eyes and said, “Hello Mr. Travolta, when are you going to appear on the cover of AARP magazine?” I have no idea where that stupid question came from. But to John’s credit, he merely said, “Well I don’t really know. I guess I’ve got another year to go.” Then I shook Kelly’s hand and said, “I think he should have been selected (People Magazine’s) ‘Sexiest Man Alive’, don’t you?” She smiled and nodded in agreement.

Then the Travoltas ascended the steps to a stage where the mayor of Ocala, Randy Ewers, presented them with a plaque honoring their service to the community amid the thunderous applause and cheers from their adoring fans. Cameras were flashing as the local media and news stations were covering the event.

I have it on very good authority that John intends to have another red carpet premier/fundraiser in Ocala when the weather will be warmer. He has an “action flick” co-starring Denzel Washington due to come out in summer of 2009. You can bet money that I will again be among the throng of worshipers lining the barricade to have my chance to see John Travolta up close and personal for the third time. I wouldn’t miss it!

Wendy Walters
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Real Estate Sales - Interactive Map

A fellow Cyberstar, Rob Levy, (a wonderful group I belong to and network with) sent this to me today and I thought it was very educational and fascinating.

Just by moving your mouse over the interactive map you can see what the median house prices are in different cities all over the USA and how much the market has changed from a year ago.

To view the interactive map just click on this link.

Please notice, even though we have been going through a very tough market in Ocala/Marion County, prices in other Florida Cities, like Miami, have dropped a lot more. Personally, our team has noticed a big increase in activity and sales for the last quarter of this year. There are lots of investment opportunities in Ocala, Florida now and local buyers and investors are noticing the great buys.

Look for my Ocala/Marion County market update for October shortly.

Have a great day,

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Belleview FL - Small Town Charm

Belleview, Florida

The City with Small Town Charm
Incorporated in 1885, Belleview began as a settlement around Nine Mile Pond nine miles south of Fort King along the military trail that led to Fort Brooke in Tampa. Nine Mile Pond is now Lake Lillian, and the city of Belleview has grown from its original 350 residents to more than 3,800 today. Still, the city's history can be seen in its core residences and public buildings, from City Hall, a Spanish mission-style structure built as a schoolhouse in 1926, to the Chamber of Commerce building and visitor center, a former railway station. Belleview's library, founded in 1886, is the second oldest in the state.

Belleview lies just 4 miles south of the Florida Trail crossing of US 441 at Santos, along the Marjorie Harris Carr Cross Florida Greenway, and provides easy access to 6 major trailheads for day hiking and backpacking opportunities. Also close to Lake Weir - for water and recreational fun! Check it out on our Lake Weir Florida page at www.OcalaVisualTours.com

The Cross Florida Greenway
Originally intended to be the route of the Cross Florida Barge Canal first surveyed in the 1850s, the Majorie Harris Carr Cross Florida Greenway is a broad swath of public land stretching from Palatka to Inglis. Managed by the Office of Greenways and Trails, the Greenway contains three sets of parallel trails for different uses: hiking (the Florida Trail), mountain biking (Ocala Mountain Biking Association) and equestrian. These trails converge at trailheads, road crossings, and across the famed Land Bridge over Interstate 75.

Officially dedicated in 2000, the Florida Trail along the Cross Florida Greenway includes more than 30 miles of continous hiking between Dunnellon and Silver Springs, with the most popular trailheads for day hiking being Santos (just north of Belleview) and the CR 475A / Land Bridge Trailhead (just west of Belleview near I-75).

Trailheads and access points

1. Baseline Trailhead. The Florida Trail crosses SR 35 (Baseline Road) at its intersection with CR 464 (Maricamp Road) to the northeast of Belleview. The trailhead entrance is located along SR 35 just north of the intersection, on the right. This trailhead provides potable water, restrooms, and a playground plus access to a paved biking trail leading northeast.

2. Historic Santos. The Florida Trail follows SE 41st Ct and SE 80th Ct through the historic African-American community of Santos that was displaced during construction on the Cross Florida Barge Canal.

3. Santos Trailhead. Located just west of US 441 on SW 80th Ct. The Florida Trail crosses US 441 just east of the trailhead behind the Santos Sheriff Station. This trailhead provides potable water, restrooms, and a campground plus access to the famed Santos mountain bike trails.

4. SW 25th Ave. Road crossing with trail access.

5. SW 95th St. Road crossing with trail access.

6. CR 475. Road crossing with trail access. Bench in the shade just to the east of the road.

7. CR 475B. Road crossing with trail access.

8. Land Bridge Trailhead. Located along CR 475A, 2 miles north of SR 484. Entrance on the west side of the road, trail crossing just north of the entrance. This trailhead provides potable water, restrooms, and access to equestrian trails. A loop trail along the Florida Trail - the Land Bridge Loop - provides an easy 2.7-mile day hike for you to visit the Land Bridge.

9. SW 49th Ave Trailhead. Located along SW 49th Avenue in Marion Oaks, north of CR 484. Trailhead is on the east side of the road. This trailhead provides a composting toilet and access to equestrian trails.

10. CR 484. Road crossing with trail access, east of SR 200 about 2 miles.

11. Ross Prairie Trailhead. Located along SR 200, 1 mile south of CR 484. Entrance on the east side of the road, trail crossing just 0.5 mile south of CR 484 and again just north of the trailhead entrance. This trailhead provides potable water, restrooms, shower facilities, camping, and access to equestrian trails as well as to access the Holly Hammock Trail at adjoining Ross Prairie State Forest. The trailhead sits on a 3-mile loop in the Florida Trail, the Ross Prairie Loop, which features blue blazes leading east and west to connect you with the main orange-blazed trail. The loop trail crosses SR 200 twice; use extreme caution in crossing this busy, high-speed highway.

12. Pruitt Trailhead. Located along CR 484, 8 miles west of SR 200 intersection. Trailhead has parking, composting toilet,potable water, and picnic tables, plus access to the equestrian trails as well as the Florida Trail. Wet conditions may be present along the first half mile of this trail.

Most Common Mistakes Home Sellers Make

The Ocala Marion County Real Estate Market may be in the dumpster, but that does not mean houses are not selling. Sellers just have to follow a few simple rules to get the job done.

1. Asking Price too high

A lot of sellers are still stuck in 2005 and 2006 prices and are chasing the market on the way down. In a “down market” you need to price your home “ahead” of the market (which means lower than the last home sold and lower or at least the same where your neighbors home is offered for sale) or you risk loosing potential buyers. If you price your home according to a sale 6 months or a year ago, you will be overpriced. A good realtor who is in tune with the current market should be able to help you price your home accordingly.

2. Turning down the Fist Offer

Many Sellers reject their first offer holding out for more money. In a time when credit is tight and loan underwriting guidelines are extremely tough, buyers experience less purchasing power. Remember, your FIRST OFFER may very likely be your BEST OFFER. Most buyers today are very educated and with a record high inventory of homes on the market (especially here in our Ocala/Marion County), they are relentless in getting the best deal and lowest price. Of course sellers should expect to get some low ball offers, but even those, if negotiated properly, may get you moving in the right direction. The faster you sell your home in a declining market, the more money you will realize in the sale.

3. Beware of the Wrong Buyer

Especially now, be selective to whom you agree to sell your home to. As I mentioned before, due to the many loan defaults in the sub prime market, lenders have tightened their guidelines, thus making it more difficult for buyers to obtain a mortgage. A recent pre-qualification letter is imperative.

If possible work with a buyer who has not added any contingencies, like a home to sell.
It is better to look for a first time home buyer with some of their own cash to put down or someone who has already sold their home or at least their home is under contract ready to close.

4. Failing to Respond to Low Ball Offers

So you received an offer that is simply too low? Don’t take it as a personal attack, but rather as a starting point for negotiations. You should not blame the buyer for testing the market. If you were buying, wouldn’t you do the same? And who knows, while negotiating with one party, another offer may come in, which will help you to gain leverage. Now you can tell the brokers, to be competitive to bring you their buyer’s best offer.

It is best at this time not to get too self confident. Sellers need to set a realistic bottom price they are willing to take, even if it is below their expectations.

5. Staging your Home

Show your home off in its best light. Especially in a slow market take a critical look at your home and look at it from a buyer’s perspective. Does the outside of the house need attention like pressure washing or a fresh coat of paint, sprucing up the landscaping? Do the walls need to be painted? Pack up most family knickknacks and store extra furnishings to make the rooms give the feeling of more space. Finally, make necessary repairs before putting your home on the market. If you take care of the small things, buyers feel confident the big things (like roof, AC and Heater) are in good repair.

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
Toll Free: 800-243-4087
Direct: 352-291-1276

Ocala Florida Real Estate Statistics September 2008

According to OMCAR (Ocala Marion County Board of Realtors) from the end of September of 2007 to September 30, 2008 the average sales price for residential homes fell from $189,551 to $149,949 for a decrease of 26%.

The average list price fell from $200,038 to $161,109, or a decline of 24% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $113 a year ago to $90 by the end of September 2008.

The median sales price fell from $164,500 to $135,000 for a decline of 22%.

Our MLS has 7214 active listings as of the October 23, 2008, which shows a small increase in inventory. Inventory has been very steady since December 2007. 217 homes sold through the Ocala Marion County MLS in September, which is an absorption rate of 33.2 (which means a home would take 33.2 months to sell at the current rate of sales).

For more detailed statistics or a free market analysis, please call or e-mail us, we are more than happy to be of service to you.

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Ocala Real Estate Market Update - Bargains Bargains Everywhere!

Bargains, Bargains Everywhere! Is it time to buy?

Uncertainty in the market place is at an all time high. Everywhere I go folks are talking about the economy, gas prices, real estate, the Wall Street mortgage debacle, the election, and the overall state of affairs in general. With regard to Real Estate I am constantly being asked, “When are things going to turn around? Have we hit bottom yet? Is there light at the end of the tunnel?” My standard response is that “I don’t know anything. If I did, I would have bought two or three hundred lots in 2003 and sold them all by August of 2005.” However, I do have an opinion and my opinion is……

I would now like to share that opinion with you- our clients, friends, and neighbors, and I apologize in advance for being a bit wordy, but as most of you know, that’s my nature. First, a little historical recap. Brigitte and I have been selling Marion County real estate since 1993. She began in 93- myself in 99. From that time to about 2003, inventory levels of homes for sale, county-wide, ranged generally from 3500 to 5000. That began to change in 2004 and drastically changed in 2005. During that red hot market inventory declined to a multi-year low of approximately 1188 homes by June of 2005 and then began to climb; increasing every single week to it’s peak of 7967 homes in November of 2007. On the demand side there are 40% fewer buyers today than a year ago and 60% fewer buyers than 2 years ago. That’s a 650% increase in inventory with half the buyers. You do the math.

Now let’s talk lots. Marion County lots sat dormant in several major subdivisions such as Marion Oaks, Silver Springs Shores, and Rainbow Lakes Estates in Dunnellon for 30 years. Up until about mid 2003, you could have bought every lot in those locals for $1,000 to $5000; $8,000 Tops would have bought them all. Then the market began it’s move and the price of lots escalated to the $30,000 to $50,000 range ($75,000 to $125,000 for an acre) before topping out in late 2005. This was a price advance, in many cases, of 10 fold. There were 9300 lots sold via our MLS in 2005, 3300 in 2006, approximately 1200 in 2007 and today you can hardly give them away.

What Happened?

After the stock market and dot.com melt down in 2000, a short recession post 9/11 in 2001 coupled with the fed’s continued interest rate reductions beginning in 2002, and subsequent record 40 year mortgage rate lows, real estate emerged as the investment of choice for the professional and layman alike on a predominately national basis through roughly 2006. The hottest areas during that time were California, Arizona, Nevada, and Florida. Those one time hot spots are the hardest hit markets today. By late 2005 virtually everyone had become a “real estate expert and/or wealth building advisor”. Folks were buying anything and everything of real value without fear or judgment. Banks were making zero down/no doc loans to people that couldn’t qualify for a loan at a buy here/pay here car lot. There was never going to be another poor day.

I was raised in the cattle business and my Grandfather once said “When your banker starts wearing boots, its time to get out of the business.” He also said, “If your banker ever agrees to grant you a signature loan without any collateral, you need to change banks.” My Grandfather was a wise man. (P.S. If you’re our banker, please don’t take offense. We Love You.)

Where are we today?

Well, basically, housing prices are down approximately 25% plus or minus from their record levels in late 2005 to early 2006. In other words, if you bought a home in the year 2000 for $100,000, in 2005 it was probably valued in the $200,000 range and today, most likely, around $150,000. Land values or lot prices in most cases are off 35% to 50%. For those folks that got carried away, caught up in the fever, and purchased vacant land in less desirable areas, they could be off 85% to 90%. We are, by all accounts, currently, back somewhere between 2003 and 2004 levels. Timing is everything. For some it is pretty bloody.

What’s in store for the future?

I knew you were going to ask that. I read an article recently that likened real estate to the perfect storm. The bubble has burst. Record inventory and sub-prime loans are reeking havoc on all fronts, and now, even prime loans are taking a hit. JP Morgan’s purchase last spring of Bear Sterns and, as of this writing, Wall Street, once again, in the midst of crises with the Chapter 11 filing of the 158 year old firm Lehman Brothers; the Merrill Lynch, purportedly, forced sale to Bank of America; the AIG request for emergency funding from the Fed; the bailout two weeks ago of Fannie Mae and Freddie Mac now requiring tax payer capitalization estimated at up to 200 Billion; and of course European, Asian, and world markets all effected by the USA’s housing market. The gloom and doom prognosticators are out in force and having an absolute hay-day. The list goes on and on. Man, we have really hit the big time.

This plethora of negative rhetoric reminds me of another pivotal time in history-The stock market collapse of 1973-74. Today’s news media reporting with regard to real estate strangely parallels the following 1974 stock market headlines. Business Week: “Whistling Past the Graveyard”; Forbes: “Why Buy Stocks?”; Barron’s: “Running Scared” and Fortune: “A Case For Gloom about Stocks”(Lowenstein, pg. 157). All this negativity was espoused at the tail end of a six year bear market with the Dow in the 500 to 600 range, price-earning at post great depression ratios, and all the while Warren Buffett is licking his chops and buying with both hands. Undervalued stocks or companies with major intrinsic value (the yard stick of measurement taught by Buffett’s mentor Benjamin Graham) were all over Wall Street ripe for the plucking. Yet, most all the celebrated securities analysts remained fearful and too timid to pull the Trigger. During this apocalyptic newscasters vision of Wall Street’s world spinning out of control, Warren Buffett granted Forbes an interview and made the first public prediction of his life with the Stock Market at 580 in early October 1974. “How do you feel?” asked Forbes. Buffett explained that he was so excited about the market that every morning he couldn’t wait for his feet to hit the ground. He said, “This is the time to start investing” (Lowenstein, pg. 161).

Well, as the old adage goes, “It is always the darkest before the Dawn” or if you are a pessimist, “It is always the darkest right before it goes completely Black”. I choose to be an optimist. I believe that adversity and opportunity are kissing cousins and if there has ever been a time to kiss your cousin, the time is now. It was John D. Rockefeller who said, “Be Fearful when people are greedy and greedy when people are fearful, the time to buy is when there is blood in the street”. Has the market hit bottom? Who knows? Can the market decline further? Of course. Will the market decline another 25%? Now here is where I pull out the old crystal ball. Some say “yes”; I say “no, I don’t believe it will” and let me give you a couple of reasons why.

The first turn of events which was of absolute necessity to signal a turn around or a slow down in price decline, was a housing inventory top. The number of properties for sale peaked at just under 8000 homes in November of 2007 and today’s numbers are around 7100. Second on the agenda was housing starts. Supply and demand has remedied that dilemma. Housing starts in Marion County for the 2005-2006 period ending in June were approximately 6750 and for the same period in 2007-2008 they were 784. That’s a reduction of 90%. New Homes are currently selling below builders’ cost. The bottom line is that if you are a builder in Marion County today, unless you are into renovations, you are retired. Third are REO bank foreclosures and short sales. These properties had to start moving and they have, primarily due to drastic price reductions. However, they still have a substantial way to go. At present, short sales and REO properties have put a lid on everything. Fourth and last but not least are the financial markets. The U.S. government’s decision to seize mortgage giants Fannie Mae and Freddie Mac a couple weeks ago produced a huge sigh of relief on Wall Street. While I understand that many do not necessarily applaud their action, I do know this . . . The last time I checked, it appeared to me that Americans were pretty well hooked on Credit. Also, I am quite sure that the financial sector’s sudden inability to sell or lay off securities in these secondary markets would most certainly have further exasperated the current housing crisis.

Now, the main reason for this lengthy discourse, as stated in paragraph one, is to share my opinion. So here goes. I think the market is at or near a bottom. The market could certainly be in for further decline, but I think anything substantial is unlikely. Let me put it this way-if you bought property in late 2005 and are selling today, it would be like jumping off a cliff, but I believe if you buy today and were forced to sell in the next year, it would be no worse than falling off a 3 ft stepladder. We’re close.

One set of circumstances that render Marion County real estate particularly enticing is our median price level. The national median is $212,000- down 7% from last year; Ocala’s median price level is $138,000, which is down from $168,000 last year. We live in one of the most beautiful spots on the planet, yet we are much less expensive than other comparable locations. Hmm . . . , maybe that is what Benjamin Graham considers to be intrinsic value.

Will the market turn on a dime and head right back north? I doubt it. As a matter of fact, I think we will probably go flat for a couple years and then begin a slow but gradual recovery. A likely scenario, in my opinion, is that it could be 2015 before we see 2005 price levels again. If you bought in 04, you looked like a genius in 05. Hopefully those of us who buy in 08, 09, and 10 will look like the smart guys in 2015.

It was Henry David Thoreau that said, “The mass of men lead lives of quiet desperation”. Personally, I believe it is fear that holds the majority back. None of us want to be known the rest of our days as a certain top level IBM executive, who said in the early 1970’s, “Why would anyone buy a personal computer; the market there will always be limited”. Fortunately, if you are to succeed in any venture, you have to get off the fence. The only time a turtle moves forward is when he sticks his neck out. That’s why there is currently so much opportunity out there in real estate. Most folks are still on the fence because they don’t want to stick there neck out. Allow me to share one of my personal favorites by President Theodore Roosevelt, “Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat”.

Is it time to buy? I believe so. Is it time to sell? I think not. Shall we sit on the fence? You decide. In summary, please remember, should all this heart felt, expertly crafted, finely tuned rhetoric prove to be totally without merit, as I said early on, my standard response is, “I don’t know anything, but……”.

Your Realtors for life,

Art & Brigitte Shultz

The Shultz Team

Re/Max Premier Realty
Direct Toll Free: (800) 243-4087
Info@OcalaVisualTours.com
www.OcalaVisualTours.com

Works cited

Lowenstein, Roger. Buffett The Making of an American Capitalist,2 ed. Random House, Inc., New York, 2008.

$7,500 Tax Credit for First Time Home Buyers

President Bush just signed the Housing and Economic Recovery Act of 2008. The benefits for first time home buyers are simply fantastic. Now, this is a $7500 tax Credit, not a tax deduction.

You qualify as a first time home buyer, if you have not owned a home in the last 3 years. As long as you buy a home after 4/9/2008 and before 7/1/2009, you qualify for the credit.

The tax credit will be calculated as 10% of the price of the home, up to a max of $7500.00. If your home costs $75,000 or more, you will qualify for the full amount. Let’s assume your tax liability is $6,000, the IRS will still take $7,500 off your tax bill, which means you will get a refund of $1,500.

Home buyers are required to repay the tax credit to the government, interest free, over 15 years or when the house is sold, if there is sufficient capital gain. The payback is 6.67% of the credit each year or $502.50. If you keep the house for 15 years, the loan is paid off without interest. If your home has not appreciated in value, by the time you sell it, the debt will be forgiven. Also, if you die before repaying the debt, it is forgiven.

There are income restrictions to qualify: $75,000 for a single person, $150,000 for a couple filing together. For more details, please contact your tax professional.

Do you know anyone who has been thinking about buying a home? Please forward this blog to them or have them call The Shultz Team. We are ready to serve.

Call Brigitte Shultz at 352-875-3897 800-243-4087
Re/Max Premier Realty
Ocala, Florida

Ocala Florida Real Estate Statistics July 2008

According to OMCAR (Ocala Marion County Board of Realtors) from the end of July of 2007 to July 30, 2008 the average sales price for residential homes fell from $187,206 to $152,155 for a decrease of 23%.

The average list price fell from $197,945 to $163,491, or a decline of 21% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $115 a year ago to $92 by the end of July 2008.

The median sales price fell from $164,400 to $138,000 for a decline of 19%.

Our MLS has 7184 (7158 June 21st, 2008) active listings as of the August 18th, 2008, which shows a small increase in inventory. 195 homes sold through the Ocala Marion County MLS in June, which is an absorption rate of 36.8 (which means a home would take 36.8 months to sell at the current rate of sales).

For more detailed statistics or a free market analysis, please call or e-mail us.
Brigitte@ocalavisualtours.com 352-875-3897 Brigitte's Cell
www.OcalaVisualTours.com

FEATURED HOME:

LAKE WEIR ACCESS! - Gorgeous Waterfront Home! BEAUTIFUL PARK-LIKE SETTING - GRANDDADDY OAKS ABOUND WITH 600 FT PAVED DRIVE TO PRIVATELY LOCATED HOME ON CANAL WITH DIRECT LAKE WEIR ACCESS! View the lake right from your backyard & complete sheltered canal frontage. Impressive two-story home with 4 bedrooms, 3 bathrooms, a 2-car garage and 2,946 sq ft of living area, double leaded glass door entry, inviting tile foyer, Living Room with lofty 22 ft ceilings, custom maple gourmet Kitchen complete with corian countertops, pantry, 7-stool breakfast bar & Nook, downstairs Master Suite with tray ceiling & his/hers walk-in closets, luxurious marble Master Bathroom with separate garden tub & shower with custom glass enclosure, upstairs dedicated high-tech Home Theater with 15-seat rocking chair gallery & $70,000 of THX certified theater equipment included, 2nd & 3rd Baths both with marble vanities, Master Suite & Guest Bedroom & Bath located downstairs, two Guest Bedrooms & Guest Bath located upstairs, large covered lanai with gorgeous view of Lake Weir & canal, folks you don't want to miss this one - it's a real find and is priced to sell! MLS# 307087 (ID# 770) For 24 hour recorded information call 1-800-828-7993 ID# 770. Call us direct at 1-800-243-4087 or email us at Info@ocalavisualtours.com

Lake Weir Waterfront Home - Summerfield FL

Art & Brigitte Shultz
THE SHULTZ TEAM
Re/Max Premier Realty
Info@ocalavisualtours.com
www.OcalaVisualTours.com
(352) 291-1276

Ocala Florida Real Estate Statistics June 2008

Ocala Florida Real Estate Statistics June 2008
by Brigitte Shultz

According to OMCAR (Ocala Marion County Board of Realtors) from the end of June of 2007 to June 30, 2008 the average sales price for residential homes fell from $203,348 to $193,035 for a decrease of 5.3%.

The average list price fell from $216,087 to $209,729, or a decline of 3% for the same 12 months period.

The median sales price fell from $175,000 to $145,000 for a decline of 20%.

Our MLS has 7158 (7216 last month) active listings as of the June 21st, 2008, which shows a small drop in inventory. 226 homes sold through the Ocala Marion County MLS in June, which is an adsorption rate of 31.9 (which means a home would take 31.9 months to sell at the current rate of sales).

For more detailed statistics or a free market analysis, please call or e-mail us, we are more than happy to help you!

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE MOVING TRUCK * - Contact for more details!

Ocala Real Estate Market Trends May 2008

Ocala Florida Real Estate Statistics May 2008
by Brigitte Shultz

According to OMCAR (Ocala Marion County Board of Realtors) from the end of May of 2007 to May 31, 2008 the average sales price for residential homes fell from $201,190 to $184,810 for a decrease of 8.1%.

The average list price fell from $212,557 to $203,660, or a decline of 4.2% for the same 12 months period.

The median sales price fell from $166,000 to $150,500 for a decline of 9.3%.

Our MLS has 7216 active listings as of the June 23rd, 2008, which shows another drop in inventory.


For more detailed statistics or a free market analysis, please call or e-mail us - we are your one-stop real estate source!


Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Florida Real Estate Statistics February, 2008

Ocala Florida Real Estate Statistics February, 2008
by Brigitte Shultz

According to OMCAR (Ocala Marion County Board of Realtors) from the end of February of 2007 to February 28th, 2008 the average sales price for residential homes fell from $189,959 to $167,969 for a decrease of 12%.

The average list price fell from $198,333 to $181,480, or a decline of 8.5% for the same 12 months period.

The median sales price fell from $165,144 to $145,000 for a decline of 12%.

Our MLS has 7459 active listings as of the March 26th 2008, which shows the first significant drop in inventory.


Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Interesting Ocala Florida History

Ocala (Indian village name meaning "Big Hammock" ) is the largest city within Marion County which is the fifth largest county in the state of Florida. Hernando de Soto passed through a Timucua village or province named Ocali or Ocale near the present site of Ocala during his famous expedition through what is today the southeastern United States in 1539. Greater Ocala is known as the "Kingdom of the Sun." Rail service reached Ocala in June 1881, encouraging economic development. Two years later, much of the Ocala downtown area was destroyed by fire on Thanksgiving Day, 1883. Buildings were rebuilt with brick, granite, and steel rather than lumber. By 1888, Ocala was known state-wide as "The Brick City."

In December 1890, the Farmers' Alliance and Industrial Union, a forerunner of the Populist Party held its national convention in Ocala. At the convention, the Alliance adopted a platform that would become known as the "Ocala Demands." This platform included abolition of national banks, low interest government loans, free and unlimited coinage of silver, reclamation of excess railroad lands by the government, a graduated income tax, and direct election of United States Senators. Most of the "Ocala Demands" were to become part of the Populist Party platform. Ocala was an important center of citrus production until the "Big Freeze" of 1894-1895.


More Information about Ocala can be found at: Ocala Real Estate Links

The Shultz Team
Ocala Florida Real Estate Team
Re/Max Premier Realty
800-243-4087
352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com

Marion County Florida Tax Relief Information

Here is some more information for you about the upcoming tax changes for Marion County, FL:

On January 29, Florida voters approved Amendment 1 that provides additional tax relief to property owners. The Amendment has four provisions. Below is the information you need to know about each provision:

1. Doubling the Homestead - this allows an additional exemption of $25,000 to apply to the value between $50,000 and $75,000. For instance: for a home valued at $72,000, the first $25,000 is tax exempt; taxes are due on the second $25,000. Then, $22,000 would be tax exempt as that's the amount that's more than $50,000. The additional $25,000 exemption would be applied to all levies with the exception of school districts.Filing Information - NoneAction Required - No action required by the property owner.

2. Portability - this allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits within 1 year and not more than 2 years after relinquishing their previous homestead. If the homestead is more valuable than the old homestead, a taxpayer can transfer the entire old CAP dollar amount (up to $500,000 CAP transfer). If a taxpayer downsizes, the percentage of protection will transfer to the new homestead. In other words, if they had 50% protection before, they will have 50% protection in the new downsized home (up to $500,000 CAP transfer).Filing Information - To qualify for this benefit for 2008 you must have received homestead exemption on your previous Florida property for 2007 and be claiming homestead exemption on your new property for 2008.Action Required - Complete steps 1 through 5 on DR501T form and return it to the property appraiser's office by March 1, 2008. Click here for Form DR501T.pdf

3. TPP $25,000 Exemption - this grants a new $25,000 exemption for tangible personal property. Filing Information - To qualify for the exemption a 2008 Tangible Personal Property Tax Return is required to be filed. The filing deadline is April 1, 2008. Action Required - Taxpayer must file a Tangible Personal Property Return DR405 or if they filed a 2007 Tangible Personal Property Return they can file a DR-405EZ Return instead. Once you file the DR-405EZ Return you will not be required to file a Tangible Personal Property Return in future years unless your value exceeds $25,000.Click here for form DR-405EZ.pdf.

4. Non-Homestead 10% CAP - this limits assessment increases for specified non-homestead real property except for school district taxes. Non-homestead properties will be capped at 10%. This non-homestead CAP would have a based year of 2008 and the CAP would apply in 2009. Properties may be assessed at Just Value following a change in ownership. The 10% CAP on non-homesteads would be applied to all levies with the exception of school districts.Filing Information - NoneAction Required - No action required by the property owner.

Information Provied By Marion County Property Appraisers

DIRECT LINK:

http://www.pa.marion.fl.us/

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

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FEATURED HOME:

FOLKS THIS EXQUISITE GENTLEMAN'S ESTATE HAS IT ALL & IS PRICED TO SELL! Beautiful 4 bedroom, 3 full bathroom, 2 half bathroom 10-car capacity (2-car attached garage, 6-car detached garage & 2-car pole barn) home located on 16.48 gated acres is in a spectacular country setting. With built-in attic trusses above the main house, garage & barn, you could easily double the living square footage from it's current 3.095 sq ft to 6,200 sq ft! Citrus grove, two well-done ornamental koi ponds with waterfall, professional landscaping with large mature shade trees, rocking chair front porch entry, 10' ceilings with crown molding & wood & tile flooring throughout, formal columned dining room, den/office, formal living room, recessed lighting in the formal dining & master suite, sprawling upgraded gourmet kitchen with no expense spared including custom cherry wood cabinets, large 5-stool breakfast bar, tile flooring, commercial-grade gas 6-burner range, grill & range hood, center island, Sub-Zero refrigerator, storage pantry, tile countertops, dishwasher, microwave, disposal & even the washer & dryer are included as an added bonus, breakfast nook is perfect for casual dining, roomy family room with cozy antique tiger oak mantel fireplace is open to the kitchen & nook area, over-sized master suite with sitting area, columned entrance to master bathroom, his & hers walk-in closets, beautiful oasis-style bathtub, separate tile dual-headed shower, double split sinks plus make-up vanity, french door with private access to pool area, three additional guest bedrooms, 3rd full bathroom with shower & antique dresser vanity, powder room with pedestal sink, step out to the inviting swimming pool area with tiled & covered columned lanai overlooks custom-built screened-in swimming pool, hot tub & waterfall - pool complete with built-in table! Large detached garage can easily be hobby workshop, craft shop, restoration shop, etc...the possibilities are endless. Pole barn can not only house vehicles but can also be a great place for boat or RV storage! Gorgeous landscaping all around, very private setting - folks, one's like this don't come by every day! Must see to appreciate... $1,100,000 MLS# 276113 For Recorded Information: 1-800-828-7993...ID# 781

$1,100,000

MLS# 276113

ID#: 781

Ocala, FL

CALL FOR MORE INFO: 1-800-243-4087

Info@OcalaVisualTours.com

www.OcalaVisualTours.com

Gorgeous Luxury Home in the gated Cobblestone Community!

FABULOUS 4/2/3 POOL HOME IN MUCH SOUGHT-AFTER AREA HAS IT ALL!
Crown molding & 10-12ft ceilings throughout, lighted tray ceilings in Master & Great Room, stainless steel appliances, granite countertops, upgraded cabinetry, outdoor shower & Summer Kitchen, etc... Kitchen complete with storage pantry, gorgeous maple cabinets, breakfast bar & Breakfast Nook with decorative cultured stone accents, Master his/hers walk-in closets, Master Bathroom garden tub, tile walk-around shower, double vanity with granite, Formal Dining Room with decorative tray ceiling, covered Lanai & Summer Kitchen opens to the screened pool area with gorgeous column support, property enclosed with wood privacy fence, top of the line absolutely gorgeous piece of property is the prestigious gated Cobblestone subdivision. You don't want to miss this luxury pool home - a must see to believe!
$419,900
MLS# 296708
(ID# 772)
Belleview, FL
CALL FOR MORE INFO: 1-800-243-4087




Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Feds Cut Interest Rates - Ocala Real Estate News

The Federal Reserve has cut key interest rates for the fifth time since September 2007.

For those of you with a loan tied directly to the Prime Rate, like home equity lines of credit or HELOC accounts and charge cards with variable rates will see an interest rate reduction on their next statement.

Long-term mortgage rates, however, could actually see an increase after today's cut, based on past performance and trends.

So don't count on long term rates to decrease more. Our current rates are the lowest rates we have seen since 2005. Go ahead and buy to capture a great rate before it is too late.

Art Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Florida Real Estate Statistics - January 2008, by Brigitte Shultz

Ocala Florida Real Estate Statistics January, 2008
by Brigitte Shultz

According to OMCAR (Ocala Marion County Board of Realtors) from the end of December of 2006 to December 31, 2007 the average sales price for residential homes fell from $199,152 to $165,653 for a decline of 16.8%.

The average list price fell from $211,771 to $178,685, or a decline of 15.6% for the same 12 months period.

The median sales price fell from $160,000 to $140,450 for a decline of 12%.

Our MLS had 7891 active residential listings as of the end of 2007, which represents a 39.5 months supply of homes for sale. A 3-5 months supply is ideal for a balanced market. This also means for every buyer there are 39.5 homes on the market to choose from.


Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Ocala Buyers - What Are You Waiting For?

Interest rates are at historic lows. They may dip at least once more. But what if they don’t? By waiting, interest rates may creep up again. Please look at these 2 examples that illustrate how expensive a one point interest rate increase can be:

On a $200,000 loan an increase from 6 to 7 percent costs the buyer an additional $47,340 over the life of the loan.

On a $400,000 loan, a one percent interest rate increase from 6 to 7 percent costs the buyer an additional $94,680 over the life of the loan.

According to the Federal Reserve, the average renter accumulated $4000 in wealth between 1995 and 2004 versus the $184,400 average home owner’s accumulation.
It costs the first time home buyers an average of $18,000 for every year they wait to purchase a home.

The incredible drop in prices in the last two years and a historic increase in inventory has led to a more affordable housing market that gives buyers greater opportunity to find their dream home.

CALL THE SHULTZ TEAM NOW
AND START INVESTING IN YOUR FUTURE.
800-243-4087

Click Here to start searching our Visual Tour Inventory.

Click Here to send us a message to start you on our MLS auto-email program (where you will be emailed as often as you like for homes in your search criteria - as soon as they hit the market!)


Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

7 Top Reasons To Buy Real Estate Now - Ocala Market Update

1. Record Inventory: There are 7862 homes on the market in Ocala/Marion County today. 2376 homes are brand new and have never been lived in. There is something on the market in every price range. Just 2 years ago, buyers had to make compromises to find their dream home. We also have many building lots in all sizes at fantastic prices.

2. No Bidding Wars: In 2005 multiple offers on one property drove buyers insane. They had to make their first offer the best offer, or they would loose the house they wanted. Many buyers gave more than the asking price. In today’s Buyer’s Market I have not seen any competitive bidding.

3. Time to shop: In the Seller’s market of two years ago, time was of the essence. You had to hurry to make an offer, or you would be in competition with other buyers. Today you can take your time – look at several homes and weigh all your options.

4. Make an offer: Sellers invite you to make offers. Most of them will not be insulted if you make them a reasonable offer they can’t refuse.

5. Inspections: Buyers are encouraged to obtain home and termite inspections and appraisals. During the hot Seller’s market, many buyers waived these contingencies to gain advantage with multiple offers.

6. Builder concessions: Builders are extremely motivated to sell the many specs they have in their inventory. They are offering help with closing costs, inexpensive lease options and offering many of upgrades at a great discount.

7. Financing: Gone are the days of no doc, adjustable and sub-prime loans. Low fixed rates are back (the feds lowered the prime rate by a quarter point last night). FHA financing, special loans for first time home buyers, teachers and police officers are still available. Don’t wait, buy Real Estate now!!!!

Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

The Ocala Real Estate Market - What's Going On?

Many people are asking themselves what happened to the Ocala Real Estate market. Our market had a great run up in prices which fizzled out in 2005/2006 and now we are going through a much needed correction. Although Ocala has a low unemployment rate, our wages are also much lower than the average wage in the rest of the country. So once the investors quit buying and became sellers, our local economy could not support the appreciated values of most of our homes.

Three of the reasons people were moving to Ocala to retire here, were the low prices of homes, insurance and taxes. Our inventory went from around 1100 residential listings in June of 2005 to 7860+ residential listings today, which is a 714% increase in inventory.
On the buying side, volume was 48% in September, and has been off 30-50% consecutively for the past 12 months.

Sub Prime loans are very hard to get any more, which cuts out a lot of buyers who are willing, but not able.

The Sub Prime woes, foreclosures and the high inventories are nationwide problems, which keeps buyers from selling in other states, and in turn from buying here.

This is a much needed correction and it will take years to absorb our high inventory.
Hopefully our local government will help with real estate tax reductions. They are working on a PROPOSED SUPER HOMESTEAD (check it out at http://www.pa.marion.fl.us/).

Ocala is a beautiful place to live and lots of baby boomers are getting ready to retire and there are only so many warm places to move to in our country. I am very optimistic for the future of the Ocala Real Estate market – it’s a perfect time to buy and realistic priced homes are selling every day.


Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * - Contact for more details!

Seniors - 2006 Tax Tips & 2007 Tax Changes

Brought to you by the Senior Advantage Real Estate Council®

2006 TAX TIPS

The April IRS tax filing deadline is looming. Here are some tax tips to pass to clients and to use as you prepare your own returns.
-Early mortgage and property tax payments-If you made your January, 2007 mortgage payment before the end of 2006, be sure to deduct the mortgage interest for that January payment on your 2006 taxes. The same goes for pre-paid property taxes.
-Retirement Contributions-If you're self-employed and have a Simplified Employee Pension (SEP), you have until April 16, 2007 to make contributions for tax year 2006. If you file an extension on your tax returns, you can extend that date to October 15, 2007.
-Home office deductions-If you're self-employed and qualify for a home office deduction, don't forget to write off a portion of heating and lighting costs and home insurance premiums.
-Energy-efficient renovations-If you've modified your home with energy efficient products, such as solar panels, energy-efficient windows, and so forth, see whether you're eligible for a tax credit.
-Investment Properties-Add up receipts associated with investment properties. Repairs to keep the property in good working condition are deductible during the year you pay them. Significant investments, like a major kitchen renovation, get depreciated over 27.5 years for residential real estate.


2007 TAX CHANGES

There are a number of changes in the laws affecting estate, gift, and capital gains taxes. Here's some brief information on the changes.

Federal estate tax law amounts--For many over age 50, their home is the largest asset in their estate. The amount in an estate that is excluded from Federal Estate Tax is $2 million for 2007 and 2008. The exclusion rises to $3.5 million for 2009.

Gift tax--An individual can make a gift of up to $12,000 to any other individual without paying a gift tax or reporting the gift. Just a reminder: The tax on gifts over $12,000 is paid by the donor--the person giving the gift.

Capital Gains Tax-In 2007 and 2008, the maximum tax percentage is 15% on long-term (over a year) capital gains (sales price minus basis, which varies based on the circumstances). On December 31, 2008, that maximum rises to 20%.

The minimum tax percentage fluctuates. It is 5% in 2007, dips to a zero minimum (0%) in 2008 and then goes up to 10% on December 31, 2008.

In 2007, the capital gains tax exemption amounts remain the same: $250,000 is not subject to tax for an individual, and for couples, the figure is $500,000.


NEW LIMITS: RETIREMENT ACCOUNTS

(Most Baby Boomers are still contributing to retirement accounts. For those who are no longer working, the distributions may be their primary source of money to live. The source of money impacts their housing and lifestyle goals.)

Contribution limits:
Roth IRAs and traditional IRAs 2007: $ 4,000 2008: $ 5,000

Roth IRA Basics:
-Contributions are made with after-tax dollars
-Contributions are not deductible
-Can contribute even after the age of 70 -1/2
-Money can stay in a Roth IRA for your lifetime
-No tax penalty if you withdraw early
-Qualified distributions are tax free
-No income restrictions
-No income tax on withdrawals during retirement

Roth IRA income limits increase in 2007:
-Single people: A full contribution is allowed if income is $99,000 or less. A partial contribution is allowed if income is up to $114,000.
-Married couples: Contribution limits range from $156,000 to $166,000.
-To convert from a traditional to a Roth IRA, income cannot exceed $100,000, regardless of marital status.

Catch-up contributions:
Individuals age 50 and older can make "catch-up" contributions to their retirement plans.
-Regular IRAs: Limits for 2007: $5,000; Limits for 2008: $6,000
-SEP IRAs, 401K, 403(b) and 457 plans: Limits for 2007: $5,000
-SIMPLE plans: Catch-up contributions equal 50% of whatever the current limit is for 401k, SEP, and 457 plans.

Qualified retirement plans: The current contribution limit allowed to be considered when determining contribution amounts and benefits is $250,000.

Defined benefit plans:
-2007 cap on annual benefits is the lesser of $180,000 or 100% of the average compensation for the last three years.
-Annual additions are limited to the lesser of $45,000 or 100% of compensation.

401K, SEP, 403 B, Elective Deferrals:
The 2007 limit is $15,500 for elective deferrals for 401k plans, tax sheltered annuities, and salary deduction simplified employee pension plans.

Annual elective deferrals to a SIMPLE plan: The 2007 limit is $10,500.

Annual deferrals under section 457 plans (such as deferred compensation plans or state or local governments or tax-exempt organizations): The 2007 limit is $15,500.

Many thanks to the SENIOR ADVANTAGE REAL ESTATE COUNCIL® for putting this together!
www.seniorsrealestate.com

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