Our Average Days On Market- 2011( so far! )

Earlier this week we explained the term ” Average Days On Market” : the average length of time a home is on the market in Broward County is 87 days.

Today we would like to reveal our Average Days on Market is 37.5 Days.

Here are the details of the homes we marketed and sold in the last 6 months:

• 1134 NW 85 Avenue:      14 Days on Market
• 2121 NW 99th Way :        14 Days on Market
• 9818 NW 2nd Court:        74 Days on Market
• 262 SW 57 Avenue:         24 Days on Market
• 9188 Magnolia Court         9 Days on Market
• 3142 Peachtree Circle     90 Days on Market

Priced correctly and actively advertised/promoted  real estate listings are selling in Broward County.

What is The Average Days On Market?

Like most industries there are many terms that are thrown about. This is the start of a series on these off beat words.

Today we will discuss :

Average Days On Market.

The average number of days a listing is for sale in  the local multiple listing service before it is placed in a pending status is called the “Average Days On Market”

Pending status of course means a contract has been placed on the property. After many years in the real estate business “pending status” can change in a flash, a nature of the business… contract fall through.

However the average days on market is a good guideline. If a home is priced according to market value, the average days on market should be in accordance with the normal/average in the market area. (more…)

Downsizing Your Lifestyle- A Four Part Video Series

What is Homestead? Part 2

Not everyone can qualify for Homestead.

Even though you may be an owner/occupant of a piece of real estate, that may not mean you can apply. There are some Homestead exemptions that you should be aware of that may make it possible for you to still apply for your Homestead. Many may be able to make use of an exemption.  It is actually a law to have a Homestead Exemption before appling  for any additional exemptions that are listed below.

• Disability: $500 for the permanently disabled with a note from your doctor.
• Widows/Widowers: $500 with a death certificate .
• Low Income Senior: $25,000 for those 65 and older and household income doesn’t exceed $26,203.
• Veterans Disability: $5000 with a copy of your certificate stating you are disabled as a result of a military action from Veterans Affairs.
• Active Military
• Combat-Wounded Veterans
• Blind: $500 with a certificate from the Division of Blind Services, Department of Education.
• Granny Flat: built-on additions to existing Homesteads.
• Historic Property: must be listed on the National or State Registers of Historic Properties.
• Non-Profit
• Religious
• Educational
• Governmental

Please be aware that Homestead Exemptions are not transferable. 

You will receive a receipt for your particular exemption.  You will receive an annual receipt for renewal.  If the property is sold or disposed of then a new application will be required as well as if the use of the property goes through a change.  If residents in any particular homestead changes then that will also require a new application.

What is Homestead?

To find out what is a Homestead is an easy task. 

 The down and dirty answer is an owner/occupied residence.  No matter if you are the own and occupy a house, condominium, co-op apartment or some of the mobile home lots you qualify to have a Homestead.

Simply put…. Homestead is a reduction in your real estate taxes. The real estate must be your primary residence.

So now that you know you have a Homestead, how do you file it as such? 

There are a few things you will need to include with your application.

1. Proof of Ownership.  The recorded Deed or Co-Op Proprietary Lease with the names of the people who are applying for homestead recorded on the documents is necessary.
2. Property if held in Trust.  A Certificate of Trust must be notarized and provided. If this is not possible then you must at least provide a full copy of the Trust Agreement.
3. Proof of Permanent Residence. 
4. Valid State Driver’s License or State Issued ID Card.
5. Voter’s Registration or Declaration of Domicile.
6.  Non Citizens need to provide the previously mentioned items as well as proof of residency or asylum/parolee status.

The application itself will request information that includes the following. 

This would apply to all applicants:

• Current Employers
• Address listed on IRS Income Tax Return
• Date of Permanent Residence
• Date of Occupancy
• Social Security Numbers

This is the basis behind filing for a homestead.  Applying for homestead may include a lot of information, but it is a rather easy process nonetheless.

Stop by next week for the second part in this series… the nitty gritty of Homestead, included additional reductions that are allowed.