Great NW location for this 3 bedroom, 2.5 bath town-home with low monthly fees. Located across from the Clubhouse with pool and lighted tennis courts. Lots of green space with walking paths, sidewalks and streetlights. Have all the benefits of having a yard without the maintenance and upkeep!

Enjoy peace and quiet at this quaint one-room retreat on almost 5-acre lot in Old Town. Nice wood deck extends the living area outdoors. Separate 120 square foot bathroom provides privacy. Lots of room for gardening and enjoying nature. Also included are a 26' Coachman camper and a 14' x 20' utility shed.

The housing crisis that has plagued our nation is expected to end this year according to one analytic firm's, Capital Economics, prediction.  This is partially due to less stringent underwriting requirements.  According to Capital Economics, banks are now lending 82 percent of loan-to-value (LTV).  This represents an almost ten percent increased with the low of 74 percent LTV in mid 2010, allowing qualified buyers to bring less cash to the closing table and take advantage of historic low interest rates.  Miller Real Estate maintains relationships with local banks and mortgage brokers to ensure that you find the best financing available!  Feel free to contact us today for a referral.     

Gainesville-Florida-Realty.com brought to you as a service of Miller Real Estate.  

With home prices continuing to creep lower, record low mortgage rates can make buying a home a bargain compared to renting.  By purchasing a home now, Buyers are poising themselves to reap the benefit of appreciation during the recovery of the housing market.  Contact Miller Real Estate today and one of our experts can help ensure that you do not miss out on this unique opportunity for affordable home ownership.  

Gainesville-Florida-Realty.com brought to you as a service of Miller Real Estate.  

Shining heart of pine floors orignial to the home. French doors from the living room open onto the large tiled family room. French doors open from the family room onto the deck. The master bedroom has french doors that open onto a large tiled screened porch. Both the master and screen porch have vaulted ceilings. The master bath was upgraded in 2001 and the tub replaced with a large shower. Lots of living space. Lots of yard. Lots of fun. Lots of potential!!

Gainesville-Florida-Realty.com brought to you as a service of Miller Real Estate.  

Great central NW location. Walk to Norton Elementary. Unit located across from the clubhouse with pool and lighted tennis courts. Lots of green space with walking paths, sidewalks and streetlights!

Contact our Rental Expert, Harriett Meyer, at 352-871-7645 today!

3/1 Concrete block home in NW neighborhood.  Easy to get to any part of town!  Home has a fenced back yard, indoor laundry room, and an open floor plan.  Ceramic tile in living room and kitchen, and carpet in the bedrooms.  

Contact our Rental Expert, Harriett Meyer, at 352-871-7645 today!

Partially wooded vacant land that previously had a mobile home on the property.  Electric is available, as is well and septic.

5-acres in country setting convenient to Gainesville shopping and hospitals. Easy access to I-75 via Williston Road. Horse friendly community with a horse barn on the property. Use as a weekend getaway or as a home-site for your dream house!

Enjoy the peacefulness of living in the country while having the convenience of Gainesville shopping and hospitals. Close access to I-75 via Williston Road.  Horses are allowed.  Great for a home site!  Purchase as a 5-acre piece of as part of larger parcel. There is a total of 35 contiguous acres for sale!

Vacant land with 300+ feet of frontage along SW Archer Road for only $100,000!  Property is currently zoned residential.  Commercial is a possible best use.  

PRICE REDUCED!!!  Property previously operated as a business with a horse boarding and training facility.  There is a 6-stall stable with electricity, and a lighted, fenced riding/training ring.  There is an additional 2 stall with attached feed room.  A total of 35 contiguous acres are for sale, and can be purchased individually or as a total package.

Watch WUFT today, Thursday March 22nd, at 5:00 pm to see Barbara's interview.  

Gainesville-Florida-Realty.com brought to you as a service of Miller Real Estate.  

A lender will, on occasion, forgive some portion of a borrower’s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available, but, until recently, the borrower was required to pay tax on the debt forgiven. A new law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012 and NAR will be working to obtain an extension throughout the year.

Below is some general information you need to know about this law and cancelation of mortgage debt.

General Rule for Debt Forgiveness
If a lender forgives some or all of an individual’s debts, the general rule is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount. Exceptions apply for bankruptcy, insolvency and certain other situations, including mortgage debt.

Current Law for Mortgage Debt
(Jan. 1, 2007 through Dec. 31, 2012): A borrower can be excused from paying tax on forgiven mortgage debt. The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements.

Does the relief apply only to a sale?
No. The provision has broader application. Lenders might forgive some portion of mortgage debt in a short sale (when value at sale is less than the amount owed) or in a foreclosure where the debt is wiped out. In addition, if a borrower still living in the home is able to make an arrangement with a lender that reduces the principal balance of a mortgage, the amount forgiven in that workout will not be taxed.

Can the homeowners in a short sale or foreclosure claim a loss?
No. The loss is considered a personal loss and is, therefore, ineligible for either capital loss or ordinary loss treatment.

What happens to the seller when mortgage debt is forgiven?
Until January 1, 2013, the homeowner will pay no tax on any forgiven amount.

Does this provision apply to a refinanced mortgage?
Only in limited circumstances. The relief provision can apply to either an original or a refinanced mortgage. If the mortgage has been refinanced at any time, the relief is available only up to the amount of the original debt (plus the cost of any improvements). Tax relief is generally not available for second mortgages or home-equity lines of credit where the funds are not used for home improvement. Any amount that is not eligible for the relief provision will be taxed as ordinary income.

How does the homeowner get the correct information to the IRS?
The lender is required to provide the homeowner and the IRS with a Form 1099 reflecting the amount of the forgiven debt. The borrower/homeowner must file a Form 982 to reflect the amount forgiven and to show the reason why the forgiven amount is not taxable. Any taxable portion of forgiven debt will then be reported on the homeowner’s Form 1040 for the tax year in which the debt was forgiven.

What if a property declines in value but the owner stays in the house?
The provision would not apply. The provision applies only at the time of sale or other disposition or when there is a workout (reduction of existing debt) with the lender.

Do all lenders forgive mortgage debt when property values decline or the home is in foreclosure?
No. Some states have laws that allow a lender to require a repayment arrangement, particularly if the borrower has other assets. Forgiveness of debt is always at the lender’s discretion.

Linda Goold is the Tax Counsel for National Association of REALTORS®.

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancelations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generate actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

McLEAN, Va. – March 23, 2011 – Freddie Mac wants to help consumers separate foreclosure fact from fiction using a new video series launched today on its YouTube Channel.

Each 90- to 120-second video dispels one of five common myths that could prevent people from keeping their homes if they face foreclosure. Freddie Mac based the content on its “Get the Facts on Homeownership” education and outreach materials.

 “The videos provide information and resources that just might keep individuals from losing their home,” says Dwight Robinson, Freddie Mac senior vice president of Corporate Relations and Housing Outreach.

The videos each cover one of the following “myths”:

Myth 1: If my house is foreclosed, I can never buy a house again – the foreclosure will stay on my record forever.
Truth 1: Foreclosure can have a devastating effect on your finances and you personally, but you can recover. Use the time after foreclosure to prepare yourself for successful homeownership the second time around by creating a spending and savings plan, and rebuilding your credit.

Myth 2: I should stop paying my mortgage so I can get assistance with my mortgage payments.
Truth 2: Stopping payment on your mortgage only hurts your situation and can expose you to foreclosure and credit difficulties that could require years to rebuild.

Myth 3: If I’m late on my monthly payments, I’ll lose my house.
Truth 3: If you have a financial hardship and fall behind, it’s possible to keep your house and get back on track if you contact your lender as soon as possible to discuss your options. You can also contact a HUD-approved housing counselor by calling the Homeowner’s HOPE Hotline at (888) 995-HOPE (4673).

Myth 4: I am getting many offers for help from a variety of people. They are probably all scams.
Truth 4: Scam artists often target homeowners who are struggling to meet their mortgage commitment or are anxious to sell their home. It’s important to always open and respond to communications from your lender, particularly if you’ve already missed a mortgage payment. In addition, if you are in a financial crisis or facing foreclosure, make sure you work with your lender or a HUD-approved counseling agency to avoid common scams.

Myth 5: My lender is not responding to my inquiries, so I should just give up and face foreclosure.
Truth 5: Whatever you do, don’t walk away and don’t give up. It may take several attempts to reach your lender because their call volume can be very high.

© 2011 Florida Realtors®

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Gainesville-Florida-Realty

SEATTLE – Feb. 4, 2011 – Zillow.com and Yahoo! Real Estate launched an exclusive partnership that brings together the two sites and, according to the companies, “creates the largest real estate network on the web.” The number of listings challenges Realtor.com, which is owned by The National Association of Realtors®.

If Zillow and Yahoo do pass Realtor.com, it will be close. For the week ending Jan. 29, 2011, Realtor.com had 6.05 percent of visits in the “Business and Finance – Real Estate” category tracked by Experian Hitwise. The combined total of Yahoo (2.18 percent) and Zillow (4.63 percent) would have been 6.81 percent. Zillow claims that it has almost 16 million unique monthly visitors.

Under the deal, Zillow will handle all real estate listings, and all ads sold will be posted on both websites. The companies say it also opens up Yahoo to local ads, a service formerly available only through Zillow.

The process leading to this final operating agreement, announced yesterday, first began in 2006 when Yahoo Real Estate incorporated Zillow’s Zestimate home valuations into its platform.

© 2011 Florida Realtors®

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Florida Realtors Report: 2010 Profile of Home Buyers and Sellers ORLANDO, Fla. – Jan. 5, 2011 – The 2010 Profile of Home Buyers and Sellers in Florida looks at the traits of the state’s current real estate clients, and it identifies the characteristics of today’s homebuyers. It describes the motivations of recent homebuyers and sellers in Florida so real estate professionals can track the changing demands of consumers.

Characteristics of homebuyers

• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.

Characteristics of homes purchased

• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.

The home search process

• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.

Home buying and real estate professionals

• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.

Financing the home purchase

• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.

Home sellers and their selling experience

• A real estate agent assisted 86 percent of home sellers. Nationwide, 88 percent of sellers used a real estate agent when selling their home.
• Recent sellers typically sold their homes for 94 percent of the listing price, and 63 percent reported they reduced the asking price at least once. Among all sellers nationally, sellers typically sold their homes for 96 percent of the listing price, and 57 percent reduced the asking price at least once.
• Thirty-nine percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

Home selling and real estate professionals

• Thirty-nine percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 23 percent used the agent they worked with previously to buy or sell a home.
• Eighty-eight percent of sellers reported that their home was listed or advertised on the Internet.
• Among recent sellers who used an agent, 81 percent reported they would definitely (61 percent) or probably (20 percent) use that real estate agent again or recommend the agent to others.

For-sale-by-owner (FSBO) sellers

• The share of home sellers who sold their home without the assistance of a real estate agent was 10 percent, or slightly higher than the national share of 9 percent.
• The primary reason that sellers chose to sell their home using a real estate agent was to avoid paying a commission or fee.

Keeping You Informed!  Gainesville-Florida-Realty

Article Provided by © 2011 Florida Realtors®

WASHINGTON – Dec. 9, 2010 – Despite confusion created by recent and probable year-end tax legislation changes, the 2010 federal income tax environment is still quite favorable, noted Robin Christian, senior tax analyst for the Tax & Accounting Business of Thomson Reuters. “However, we may not be able to say that after 2010; therefore, tax planning actions taken between now and year-end may be more important than ever. Be careful though – Congress could change the ball game before the end of the year.”

Following are seven planning ideas to consider while there is still time to act before the end of the year.

1. Accelerate itemized deductions into this year. If your Adjusted Gross Income (AGI) will be more than $170,000 ($85,000 if you are married and file separately) next year, you may want to accelerate into 2010 your state and local tax payments that are due early next year. You may also want to prepay in 2010 some charitable donations that you would normally make in 2011. Why? Because for 2010, the phase-out rule that previously reduced write-offs for the most popular itemized deduction items (including home mortgage interest, state and local taxes, and charitable donations) is gone, but is scheduled to come back in 2011, unless Congress takes action to prevent it, which looks increasingly unlikely.

If the phase-out rule comes back as expected, it will wipe out $3 of affected itemized deductions for every $100 of AGI above the applicable threshold. For 2011, the AGI threshold will probably be around $170,000, or about $85,000 for married individuals who file separate returns. Individuals with very high AGI may have up to 80 percent of their affected deductions wiped out.

2. Think twice before deferring income into 2011. This strategy makes sense if you are confident you will be in the same or lower tax bracket next year, but the tax picture for 2011 is blurry. With just weeks left in 2010, the fate of many tax provisions for 2011 and beyond is still unknown.

3. Time your investment gains and losses and consider being bold. As you evaluate investments held in your taxable brokerage firm accounts, consider the impact of selling appreciated securities this year instead of next year. The maximum federal income tax rate on long-term capital gains from 2010 sales is 15 percent. However, that low rate only applies to gains from securities that have been held for at least a year and a day. In 2011, the maximum rate on long-term capital gains is scheduled to increase to 20 percent. That will happen automatically unless Congress takes action, which currently seems unlikely.

To the extent you have capital losses from earlier this year or a capital loss carryover from pre-2010 years (most likely from the 2008 stock market meltdown), selling appreciated securities this year will be tax-free because the losses will shelter your gains. Using capital losses to shelter short-term capital gains is especially helpful because short-term gains will be taxed at your regular rate.

What if you have some poor performing securities (currently worth less than you paid for them) that you would like to dump? Biting the bullet and selling them this year would trigger capital losses that you can use to shelter capital gains, including high-taxed short-term gains, from other sales this year. If you think your investments that are currently underwater are poised for a comeback, you can buy them back after taking a loss as long as you do not reacquire them within 30 days.

If selling many poor performing securities would cause your capital losses for this year to exceed your capital gains, no problem. You will have a net capital loss for 2010. You can then use that net capital loss to shelter up to $3,000 of this year’s high-taxed ordinary income from salaries, bonuses, self- employment, etc. ($1,500 if you are married and file separately). Any excess net capital loss gets carried forward to next year.

Selling enough poor performing securities to create a big net capital loss that exceeds what you can use this year might turn out to be a good idea. You can carry forward the excess net capital loss to 2011 and beyond and use it to shelter both short-term gains and long-term gains recognized in those years, plus up to $3,000 of ordinary income each year-all of which may well be taxed at higher rates after 2010. This can also give you extra investing flexibility in future years because you will not necessarily have to hold appreciated securities for more than a year to get better tax results.

4. Maximize contributions to 401(k) plans. If you have a 401(k) plan at work, you can tell your company how much you want to set aside on a tax-free basis for next year. Contribute as much as you reasonably can, especially if your employer makes matching contributions. You turn down “free money” when you fail to participate to the maximum match.

5. Take advantage of flexible spending accounts (FSAs). If your company has heath or child care FSAs, before year-end you must specify how much of your 2011 salary to convert into tax-free plan contributions. You can then take tax-free withdrawals next year to reimburse yourself for out-of-pocket medical and dental expenses and qualifying child care costs (depending on the type of plan). Watch out, though, FSAs are “use-it-or-lose-it” accounts – you do not want to set aside more than what you will likely have in qualifying expenses for the year. And, starting in 2011, over-the-counter drugs (e.g., aspirin and antacids) will no longer qualify for reimbursement by health FSAs, so you may need to consider that when determining your 2011 contribution amount.

If you currently have an FSA, make sure you drain it by incurring eligible expenses before the deadline for this year. Otherwise, you will lose the remaining balance. For health FSAs, it is not difficult to drum up some items such as: new glasses or contacts, dental work you may have been putting off, or prescriptions that can be filled early. Also, for 2010, over-the-counter drugs still apply.

6. Adjust your federal income tax withholding. If it looks like you are going to owe income taxes for 2010, consider bumping up the federal income taxes withheld from your paychecks now through the end of the year. When you file your return, you will still have to pay any taxes due less the amount paid in. However, as long as your total tax payments (estimated payments plus withholdings) equal at least 90 percent of your 2010 liability or if smaller, 100 percent of your 2009 liability (110 percent if your 2009 adjusted gross income exceeded $150,000; $75,000 for married individuals who filed separate returns), penalties will be minimized, if not eliminated.

7. Make energy efficiency improvements to your home. A great way to cut energy costs and save up to $1,500 in federal income taxes this year is to make energy efficiency improvements to your principal residence. Basically, if you install energy efficient insulation, windows, doors, roofs, heat pumps, furnaces, central A/C units, hot water heaters or boilers, or advanced main air circulating fans to your home during 2010, you may be entitled to a tax credit of 30 percent of the purchase price. However, the maximum total credit you can claim for 2009 and 2010 combined is limited to $1,500. Without Congressional action, the credit will not be available after 2010.
Taxpayers should consult with a personal tax advisor before applying these or other tax strategies.
 
Copyright © 2010 The Associated Press.

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