Real Estate Market

Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

Let's look at Orlando real estate sales statistics (residential) for January to see how the housing recovery is progressing locally.

Orange County Real Estate Sales Statistics - Jan 2010

There were 456 more homes sold in Orange County in Jan 2010 than Jan 2009. A 62 percent increase! The average sales price  declined 28 percent and the median sales price declined 37 percent from the previous year. 

Osceola County Real Estate Sales Statistics - Jan 2010

Osceola County home sales increased by 75 homes or +26 percent. Prices declined however with the average sales price down 18 percent and the median price down 24 percent.

Seminole County Real Estate Sales Statistics - Jan 2010

Seminole County residential sales increased 81 percent with 146 more homes sold in Jan 2010. The averages sales and the median sales price decreased 23 percent and 24 percent respectively from Jan 2009 levels. 

Lake County Real Estate Sales Statistics - Jan 2010

Residential sales in Lake County also increased with 88 more homes sold for a 40 percent increase. The average sales price dropped 12 percent and the median sales price dropped 11 percent during the same time period.

Polk County Real Estate Sales Statistics - Jan 2010

Polk County followed the trend of the surrounding counties with 111 more homes selling, a 29 percent improvement. Sales prices declined with the average sales price dropping 9 percent and the median sales price dropping 5 percent.

What do these numbers mean to you? An increase in sales is usually followed by an increase in prices. The number of homes sold increased across the board in our local markets in 2009. Even though prices continued to drop, it shouldn't be long before prices turn the corner and start to tick upward. The market appears to be at its bottom. Now is the time to get your best price on an Orlando home, before the prices move upward.

Remember, the first-time home buyer tax credit has been extended through April 30, 2010 and a new tax credit has been implemented for current home owners. Give us a call to take advantage of your FREE government money! 

Core Features:

• Personalized to you, and includes the date the report was generated
• Choose to view the map as an illustration featuring roads or as a satellite picture. Even an option to view a hybrid of both
• Detailed information on each listing. The listing details contain most of the general information on the property as stored with the MLS such as the property features and a picture, if available
• The map displays up to 10 of the active or sold comparable properties in the area of your interest and can be zoomed or panned as desired. You can select any listing to obtain further property information
• Each page has its own summary. The Prices page summarizes the number of comparable properties for sale and sold in the area, as well as the average listing and sold price. The Selling Times page summarizes the number of comparable properties for sale and sold in the area, as well as the average number of days on market for the sold and the currently listed properties
• The next update section tells you when you can expect the next update. You can change the frequency by editing the settings. The default is set to every 4 weeks however you can set your preference - ranging from every 2 to 8 weeks
• Multiple graphs comparing asking (listing) prices and sold prices as well as average time on market for comparable properties. 

Seeing the results of their federal tax return is a happier experience for more Americans this year. From credits for homebuyers and energy-efficient home improvements, to increases for the Earned Income Tax credit and standard deduction, the majority of taxpayers will receive a bigger refund or less tax owed on 2009 returns.

Despite the number of tax changes, experts agree doing your own taxes is still easy, fast and affordable. "The key this year is to get organized beforehand and to allow for a bit of extra time to make sure you don't leave any money on the table," says Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT.

Dolmage shares five easy ways that all taxpayers can maximize their federal refund.

1. Get organized. Gather your tax documents and organize by category. Locate records related to events including unemployment, college, new vehicles, having or adopting children, buying a house, moving and changing jobs. New tax laws may give you bigger breaks for those events this year.

2. Use tax preparation software. If you're going to do your own taxes, why pay if you don't have to? Free solutions like TaxACT Free Federal Edition guide you through the new credits, deductions and tax laws. They also do the math, help find missing information and identify potential errors. TaxACT Free Federal Edition at www.taxact.com allows everyone to prepare and e-file for free - regardless of income, age, state of residence and military status. TaxACT also includes a maximum refund guarantee and all e-file forms for simple and complex federal returns.

3. Remember the Earned Income Tax Credit (EITC). Historically, one in four eligible taxpayers fail to claim this credit, designed for those whose earned incomes are below certain thresholds. The credit amount is based on filing status, age and number of qualifying children. Those without children also qualify. For 2009, more workers and families will qualify for this refundable credit. According to the Internal Revenue Service, one out of every six taxpayers will qualify this year. Taxpayers claiming the federal EITC may also be eligible for a similar credit on their state or local return.

4. Consider itemizing. The standard deduction for 2009 has increased to $5,700 for individual or married filing separately returns, $11,400 for joint returns or qualifying widow(er) returns and $8,350 for head of household returns. If your eligible deductions exceed the standard deduction amount, you're likely better off itemizing. Software like TaxACT will identify your best option after you enter your deductions.

5. File and pay as much as possible by April 15. Even if you can't pay your entire tax bill by the deadline, file early and schedule payment any time before April 15 (June 15 for taxpayers who qualify as "out of the country") to avoid penalties and interest. If you need a six-month extension (four months if "out of the country"), Form 4868 is due by April 15 and will extend your filing deadline to Oct. 15, 2010. Remember, an extension to file is not an extension to pay.

The fastest way to get your federal refund is to e-file your return and choose direct deposit, says Dolmage. The exception is those claiming the first-time homebuyer credit. To help prevent fraud, the IRS is requiring documentation for the credit to be mailed with their return and Form 5405 for the credit. In addition, the IRS says it likely won't start issuing those refunds until the end of March. Learn more about 2009 tax law changes and TaxACT at www.irs.gov and www.taxact.com. (ARA)