Marianna FL Real Estate - Ellen Marsh - (850) 209-1090

Tax Advantages of Home Ownership

Ellen Marsh — Wed, 22 Jul 2009 21:11:00 GMT

Planning to buy a house? It's one of the smartest decisions you can make-and not just because you'll be creating a wonderful home in the location of your choice. It's because homeownership has many tax benefits as well.

Homeowners may receive benefits from Uncle Sam when they purchase or sell a home, and tax advantages may even accrue during the period you own a home. That's why many people consider homeownership to be the ultimate tax shelter.

Here are just three of the possible tax-saving opportunities for homeowners:

Mortgage interest deductions. Interest paid on a mortgage on a first-or even second-home is deductible for those who itemize. That reduces the cost of ownership. For example, someone who pays $10,000 in mortgage interest and who falls in the 25% tax bracket could save up to $2,500 in taxes each year. Generally, all the interest paid on a mortgage is deductible, unless the loan is more than $1 million.
Real estate tax deductions. Property taxes based on the assessed value of your home and paid to a state or local government can be deducted-whether you pay directly or through an escrow account. Your bank will provide you with a statement of the actual amount it paid. Also, remember to look at your settlement statement if you recently purchased a home. Any prepaid taxes for which you reimbursed the seller are deductible as well.
Capital gain exclusion for the sale of a home. Under current law, if you are selling your principal residence, you can exclude from taxation any profits up to $500,000 for married taxpayers or $250,000 for single taxpayers.
All of this combined with the current first-time home buyer tax credit makes owning a home a really smart move. Just remember that to qualify for the first-time home buyer tax credit you have to close by November 30, 2009.

Energy Bills Got You Down? Cut 'Em

Ellen Marsh — Wed, 22 Jul 2009 21:02:00 GMT

According to the U.S. Department of Energy, a typical American family spends about $1,900 a year on home utility bills. But you can save energy-and money-with these tips to make your home more energy-efficient.

Get a home energy survey from your local utility. Many will do a free analysis of your home and provide specific ways to save money on your utility bill.
Replace old furnaces and air conditioners with newer ones that are more energy efficient.
Install programmable thermostats.
Swap light bulbs for compact fluorescent bulbs bearing the Energy Star label.
Air dry dishes.
Turn off lights and ceiling fans when you leave a room.
Turn off computers and TVs when they are not being used.
Plug home electronic devices into power strips, and turn them off when the equipment is not being used. These devices often have a "standby" mode that uses power even when they are off.
Lower the thermostat on your hot water heater to 120° F.
Install a low-flow head on your shower. Opt for showers, not baths.
Only run the washer or dishwasher with full loads.
Purchase appliances that have the Energy Star label.

These tips can help you lower your energy use up to 25 percent, according to the DOE. That will not only save you money now, but reduced utility bills could also help you command a higher price for your home when you sell.

Man, it's Hot!

Ellen Marsh — Fri, 19 Jun 2009 19:26:00 GMT

That title sums it up! We are having some of the hottest weather on record this early in the season. I would expect upper 90's and 100's in late July and August, but the middle of June? No way! We haven't even reached the official "first day of summer" yet (June 21). Having lived here for...many decades, uh huh....this has been unusual. I can only wonder what the rest of the summer will be like. I imagine the opposite would be what Minnesota is like in February. Brrrrrrrr. Wow, that thought sure did feel good! But after all this is Florida, nicknamed "The Sunshine State" for a reason. I think I'm going to sip some cold lemonade and resume my thoughts of Minnesota.

Open House in Marianna on Sunday

Ellen Marsh — Mon, 15 Jun 2009 21:44:00 GMT

Marianna, Jackson County - We invite everyone to visit our open house at 2929 Wildwood Circle on June 28 from 2:00 AM to 4:00 AM.

We will have ice cold water to drink and chocolate chip cookies. Hope to see you there!

Property information

Mortgage Anyone?

Ellen Marsh — Mon, 18 May 2009 16:26:00 GMT

If you are planning to buy a home or refinance your mortgage, you might be a bit apprehensive about the mortgage application process. Media reports on the credit crisis and on how banks have tightened their purse strings can make the process seem a bit daunting.

While it’s true that mortgage applicants face challenges not present at the height of the real estate boom, there is some good news you may not be aware of: 30-year fixed rate mortgages are now in the 5% range, or below… some of the lowest rates in over 30 years. That combined with the tax credits that I wrote about earlier make the news very promising.

There are things you can do now to ease the application process and increase the odds of finding the right mortgage. They are:

Improve your credit. Standards have normalized and you’ll need a good FICO score to obtain the best rates.
Make the largest down payment you can afford, and don’t forget about the closing costs.
Gather necessary paperwork to verify employment and other income as well as any assets.
Be an educated consumer. Learn about the various types of mortgages, and for adjustable rate loans, consider the impact if the adjustment reaches its peak.
Pay down debts. The fewer debts you have, the better your application looks to the lender. Mortgage lenders prefer borrowers who aren’t overleveraged.
Once you make an application, respond quickly and fully to any requests you receive from the lender for additional information.

Most importantly, talk to me, your REALTOR®, so that I can connect you with a local mortgage specialist.

House Hunters International

Ellen Marsh — Mon, 20 Apr 2009 18:34:00 GMT

I love to watch the House Hunters International show on HGTV. You know the one, where a couple from the USA wants to find their perfect second home in some country far away. It is interesting to watch them look at all of their possibilities and I have a good time, as I'm sure you do, too, trying to guess which home they will choose.

One common thread that always runs through the International shows is that the couple is always looking for a place that is unlike the metropolitan area that they are from. They are looking for a quiet retreat far away from the hustle and bustle of big city life.

As I watched this the other night I had the thought, "why would they have to leave the good, old USA to find such a place when it is right here under their noses". This area of Northwest Florida is the perfect getaway for those looking for a slower pace. It is in effect one of the last naturally-occurring pristine, unspoiled areas in Florida. If you are a hunter you will find abundant wildlife. If you are a fisherman you will find lakes, rivers, and boat ramps. If you are into horses you will find equestrian trails and parks. If you just like the outdoors you will find state parks, camping sites, ball fields, and community centers. If you like the ocean and all that is to be enjoyed there you are only a hour away. With the completion of the new Panama City/Bay County International Airport in May of 2010 travel to and from here will become a breeze. Oh, I forgot to mention eating. If you like to eat fresh seafood there are so many delicious "mom & pop" restaurants that you could spend all of your time just doing that.

What are you waiting for? Don't leave the "country"! Come on down to "God's Country". Your home away from home awaits you here.

Sell Your Home Faster With An Inspection

Ellen Marsh — Tue, 14 Apr 2009 17:39:00 GMT

What can make your home more attractive to buyers with more choices than ever before? A pre-listing home inspection might do just that. It might help your home sell more quickly and for more money. Imagine catching the eye of a prospective buyer by advertising the fact that your home has already been inspected and that there are no surprises. A home that has been well maintained may give buyers more confidence that are no underlying issues and creates the impression that the seller is acting in good faith by conveying the home in good condition.

A pre-listing inspection will not only alert sellers to potential problems with the house, but sellers who nip problems in the bud and undertake repairs immediately will also be eliminating potential bargaining chips. This can put more money in the sellers' pocket.

Most contracts contain inspection contingencies that allow buyers to back out if issues arise. By providing a pre-inspection report, a seller might even be able to eliminate these contingencies, thereby saving time and reducing the chances that the buyer will back out.

How can you find a qualified home inspector? The American Society of Home Inspectors provides referrals to certified inspectore via the "Find an Inspector" tab found on its web site, at www.ASHI.org or simply ask me for a recommendation. I can provide you with the names of several licensed inspectors in our area.

We'll Be Back

Ellen Marsh — Tue, 17 Mar 2009 16:18:00 GMT

Happy St. Patrick's Day!

Just wanted to take a few minutes to share the fun that was had this past Saturday in downtown Marianna. The festival and bedrace were a huge success. Lots of folks turned out even though rain threatened. The bedrace was loads of fun with the REALTORS coming in second place and winning the spirit trophy. We had a great group of guys who pushed the bed and were only slightly behind the Firemen at the finish line (the firemen were obviously in better shape from fighting all those fires). Our bed looked terrific with our REALTOR logo proudly displayed and everyone dressed in their REALTOR shirt. We sold hotdog, hamburgers, and sausage dogs from our booth along with glow necklaces and glow teeth. A great time was had by all and we look forward to next year. Look out firemen.....as a famous actor said, "We'll be back"!

A Little St. Patrick's Day Fun

Ellen Marsh — Fri, 13 Mar 2009 18:17:00 GMT

I know tomorrow is not St. Patrick's Day (March 17th), but it is close. If you are looking for something to do in downtown Marianna come on out between 3PM and 9PM on Saturday, March 14th and watch a bunch of crazy REALTORS in a bed race. There will be lots of other teams racing beds and trying to win bragging rights. The corner of Madison & Market Street will be the center of the action. There will also be live entertainment, food, arts & crafts and lots of green Irish fun! If you get hungry the same bunch of REALTORS will be selling hotdogs, hamburgers and drinks. We'll even have fake tatoos for the youngsters and youngsters at heart, too. So, come on out, bring the family and be sure to stop by our booth and say hello.

Are You Superstitious?

Ellen Marsh — Fri, 13 Mar 2009 18:05:00 GMT

Friday the 13th usually is seen as a day to beware, a day to be cautious, a day full of superstition. I have had people who did not want to close on a home or enter into a contract on a home on Friday the 13th. If you have these feelings that is understandable. However, if you are afraid to buy a home right now for any other reason you may want to rethink that decision. Interest rates won't stay low forever and they have been low for quite a long time now. There is a tax refund coming your way if you are a first time home buyer ( I wrote an entire post on this previously). The deals at present are just phenomenal. You will look back in 10 years and kick yourself in the pants for missing this opportunity. So, if you are not buying a home today, Friday the 13th, I understand, but tomorrow on the 14th there is nothing to be afraid of. Go for it! You'll be glad you did.

More Good News For First-Timers

Ellen Marsh — Tue, 24 Feb 2009 20:04:00 GMT

As you may have heard, substantial improvements in the temporary First-Time Homebuyer Tax Credit were signed into law on February 17. This is to provide a housing stimulus for first-time home purchases that occur between January 1, 2009 and December 1, 2009. This is more good news for first-time homebuyers because the tax credit maximum has been increased from $7500 to $8000 and best of all it does not need to be repaid unless you resell your home within 3 years.

Here are the significant points:

Credit maximum was increased from $7500 to $8000. The credit is calculated as 10% of the purchase price. For example: If the puchase price is $80,000 the credit is $8000.
There is no longer a repayment requirement, provided the homebuyer does not resell the home for 3 years.
Only first-time homebuyers are eligible. In this case, a first-time homebuyer is defined as someone who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
The tax credit can be claimed on one's individual or joint tax return for the purchase of any single family home between January 1, 2009 and December 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. You should always consult a professional tax advisor for exact tax calculations and timing.

So, first-timers what are you waiting for? Prices are right. Tax credits are in your favor. Get out there and buy!

Time Is Running Out

Ellen Marsh — Tue, 10 Feb 2009 18:19:00 GMT

Did you buy a home in Florida in 2008 and move in before December 31? If so, have you remembered to file for your homestead exemption? You only have until March 1 to do so. Failure to make application by March 1 constitutes a waiver of the exemption privlege.

How much is the exemption?

$25,000 for your primary residence

$25,000 additional exemption for persons 65+

$500 additional for widows

$500 additional for permanently disabled

$500 additional for blindness

However, you only get these exemptions if you file. So go in person, call or visit your property appraiser's website now before you forget because time is running out.

Still The One

Ellen Marsh — Tue, 06 Jan 2009 17:35:00 GMT

Remember the song, "Still The One" by Orleans?

The last stanza says,

"You are still the one that makes me shout
Still the one that I dream about
We're still having fun, and you're still the one... "

This makes me think real estate. Why? Because over the long-term real estate has always appreciated in value. It has always been one of the most solid investments in America since people always have and always will need a place to live. According to the National Association of Realtors' chief economist, Lawrence Yun, "If a buyer were to put down $10,000 for a down payment on a typically priced home in the United States at a typical appreciation rate of 5%...(he/she) would see a return of $100,300 after 10 years. The same $10,000 invested in the stock market appreciating 10% annually would result in $23,600. Historically, home ownership pays off well for people who keep their homes at least 7-10 years. If you are looking for a place to park your money or if you are just looking for a place to live why not consider real estate? The inventory is great, the prices are low and so are mortgage rates to qualified buyers. If you are not a qualified buyer you should not even consider buying a home. If you are not sure whether you are a qualified buyer or not please speak with a mortgage professional before you decide to go house hunting. There are some great deals out there right now. I've heard people says, "I'm waiting for the market to reach the bottom." My response is, "How do you know the bottom has been reached until things start going up?" Once inventory is depleted, prices are up and mortgage rates rise you will know that there was a bottom, but then it will be too late. The savvy buyers are buying right now because they know that real estate is Still The One.

Christmas in Northwest Florida

Ellen Marsh — Wed, 03 Dec 2008 16:22:00 GMT

Do you live in a place where it is so cold you dread getting out of your house in the winter? Are you tired of shoveling snow just to be able to get your car out of your driveway? Have you had enough of the slippery roads and other hazards that winter brings? Why not move to Florida and leave all of that behind. What is that you say? You would miss the changing seasons? What you may not know is that unlike Central or South Florida we have the changing seasons. The leaves this year have been and still are unusually beautiful. Various shades of red, gold, and orange have been so bright and vivid that it makes you just want to stop and stare awhile. The weather gets cold here, too. It is not unusual to wake up to temperatures in the high 20's and 30's. But snow is a rarity. Having lived here for 5 decades I can count the times on one hand that we have had actual snow that stuck to the ground. It definitely gets cold enough to "feel like Christmas" and if you want a White Christmas you can do what I do... get a steaming cup of hot chocolate with marshmallows, wrap up in a blanket, get in the recliner and watch the movie. Ahhhhhh....Christmas in Northwest Florida.....can't be beat!

Dinner and Auction

Ellen Marsh — Tue, 11 Nov 2008 15:58:00 GMT

Habitat for Humanity began as an idea in the 1960's in Americus, Georgia. Since then Habitat has built nearly 300,000 houses around the world. Locally Habitat has built 42 homes in Jackson County since it's beginning almost 20 years ago. You can help that local effort by attending the annual Habitat for Humaity smoked steak dinner and auction at the Jackson County Agricultural Center this Thursday night, November 13. Tickets for the smoked steak dinner are $25 in advance or $30 at the door, or you can choose to attend just the auction for $5. There will actually be 2 auctions in one. A silent auction will begin at 3:00 P. M. with quiet a variety of items on display from gift certificates to furniture. A live auction will begin at 6:30 followed by the smoked steak dinner. So, Thursday night there is no menu to plan or any dishes to wash, just come out to the Ag Center to support a worthy cause and have some great fun.

Halloween Happenings

Ellen Marsh — Wed, 29 Oct 2008 14:09:00 GMT

Here is a list of some of the fun that will be taking place in conjunction with Halloween in our area this year.

October 29 & 30 the ARC will host a Haunted House and Hay Ride from 6 to 9 P.M. at 2973 Penn. Avenue in Marianna. $5 single admission or $8 double. Children will receive a free treat bag. Call 850-526-7333 for more details.
October 29, 30, & 31 Sneads High School Project Graduation will host a Haunted House at the Log Cabin in Sneads beginning at 6 P.M. each night. Witches Brew and baked goods will be served.
October 31 children can receive candy, cotton candy, and popcorn will be passed out at Marianna City Hall from 8 A.M. to 4:30 P.M.
October 31 Compass Lake in the HIlls Volunteer Fire Department will host a Halloween Party and Spook House from 6 to 8 P.M. at the Firehouse on Nortek Blvd. Prizes and snacks will be available for children under 12. Admission is free. Call 850-579-4303 for more information.
October 31 the Jackson County Senior Citizens will host a Masquerade Party at 2931 Optimist Drive from 10 to Noon. There will be refreshments, prizes, free vision, hearing and bone density screenings.
October 31 Marianna WalMart will have candy for trick or treaters from 5 to 7 P.M.
October 31 & November 1 Florida Caverns State Park is hosting "Sprirt of the Caverns" from 6 to 10 P.M. each night. Music, hayrides, interpretive displays, childrens' games, and prizes will be featured. Vehicle to the park is $4. If you dare to take the Haunted Cave Tour it will only cost you $8.

Country Crossing

Ellen Marsh — Tue, 28 Oct 2008 18:24:00 GMT

The long awaited ground breaking for Country Crossing took place yesterday. Country Crossing is a mega-entertainment complex located just over the Alabama line about 20 miles north of Marianna. This complex will kick off in approximately nine months with a family restaurant named for country music star, Tracy Lawrence. Upon completion it will house other themed restaurants sponsored by artists such as John Anderson, Lorrie Morgan, and George Jones. Also, there will be electronic bingo, a hotel, an amphitheater, and many other attractions. The biggest plus is the anticipation of jobs to boost the lagging economy. Phase I of Country Crossing is supposed to employ 700 to 1,000 people initially and more than 5,000 when the site is fully developed.

Country Ride

Ellen Marsh — Sun, 19 Oct 2008 01:23:00 GMT

I went for a ride today up to Graceville and then west on Highway 2. This is a beautiful area that just typifies true country living. Large stretches of farm land with houses far apart, a small corner store, and hardly any traffic made this a most pleasant outing. I pulled off the road at one point, got out and just listened. An occassional car or two went by but other than that all I heard was....nothing. There was a cool fall breeze which made the tree branches sway just a little. Peaceful, serene, calming. This is what I like about living in Northwest Florida.

Big Sale

Ellen Marsh — Mon, 06 Oct 2008 13:55:00 GMT

Have you heard about the big sale going on? Yeah, there's a big sale going on. Where? Stocks and Real Estate. Let's think about which one would be the best buy. Stock prices are very low right now, that's true, but so are houses and land. Now let's compare buying a stock to buying a property. Could you go to your stock broker and say, "I want to buy some stock, but I don't have all of the money to pay for it, in fact, I only have about 10% or 20% of it." What do you think your stock broker would say (after he quit laughing, that is)? Could you go to your REALTOR with the same scenario? Of course you can, because this is normally what a REALTOR would hear. Typically people buy properties with only 10% or 20% down and use other people's money (a mortgage) to pay for the rest. Try doing that with a stock!

I did mention a big sale, so here are just a few of the great deals you can find in our area.

Marianna - A 3/1.5 brick home for $115,000

Chipley - A 3/1 brick home for $85,000

Bonifay - A 2/1 brick home for $48,000

Blountstown - A 3/1 immaculate home with new paint inside and out for $62,500

Compass Lake in the Hills - 1 acre lots for under $8,000

Sunny Hills - Lots for under $9,000

Cottondale - A 3/1 brick home for $110,000

If you are looking for a home for your family you just can't beat these prices. If you are an investor consider the fact that you can invest in the stock market and have your investment disappear if your stock goes belly up. Property, on the other hand, is a tangible asset that never goes away.

Financial Goals

Ellen Marsh — Wed, 01 Oct 2008 18:16:00 GMT

If you have been following the financial news as of late, you know that all the buzz is about how our economy has fallen on hard times. You personally, may not be able to do anything about the "crisis on Wall Street", but how about your own personal economy? What steps can you take to insulate yourself form economic hard times?

Start out by setting some financial goals that are specific, with beginning and ending dates. The easiest way to do this is to answer the questions, WHO, WHAT, WHERE, WHEN, and WHY.

WHO - Well it's you, of course

WHAT - What do you want to accomplish? Do you want to save $500 or do you want to pay off a credit card?

WHERE - Where will you get the money from? Will you save it? Will you cut your expenses? Will you invest?

WHEN - When will you begin and when will you be finished?

WHY - Why is this important to you? This is what will keep you from spending the money instead of saving it.

Writing down your goals forces you to take the abstract and make it concrete. Read them every day and realize that you can't do it all at once. Moving forward one step at a time is what it takes to see your goals to completion. Whatever the nation's economic condition, when you have met your financial goals you will be in much better shape.

Airport Update

Ellen Marsh — Fri, 26 Sep 2008 19:26:00 GMT

The long anticipated Panama City/Bay County International Airport got a big boost recently. The Airport Authority announced that it would construct a 10,000 foot main runway at the new airport being built in West Bay. The runway was originally designed to be 8,400 feet but will not only be longer, but thicker with centerline lighting to accomodate a 10,000 foot runway. The Florida Legislature, during the 2008 legislative session, awarded the airport an additional $4.5 million in funding to lengthen the runway. The Airport Authority has begun the permitting process for the runway extension. The change in length is not expected to impact the construction schedule with the airport expected to open in late May 2010. Joe Tannehill, Airport Authority Chairman said, "We appreciate the tremendous support we have received from the State of Florida for this new airport. The State knows how important this new facility is to the future of air service and economic development in Northwest Florida. it is an investment in the future of the Panhandle and the future of Florida. This new runway will be the only 10,000 foot commercial runway in the Northwest Florida region." The airport project, which began in January 2008 with a cost of $318 million is actually 3 months ahead of schedule at this point. This airport is great news for our area.

How Does Wall Street Affect You?

Ellen Marsh — Wed, 24 Sep 2008 14:49:00 GMT

I talked with a mortgage broker friend of mine today to get his thoughts on the current crisis on Wall Street and how it is affecting his customers day to day. Of course, how his customers are affected directly impacts the real estate industry as most people need a mortgage in order to purchase a home. He told me that it is now becoming harder for someone with a marginal credit score to obtain a home loan. The days of 100% financing are over except in the case of some Rural Development loans. Borrower qualifications have tightened along with loan underwriting guidelines. Rates are going up, but have not yet reached double digits as they were in the 1980’s. Stated income loans, popular with the self-employed, are practically nonexistent now. Adjustable rate mortgages, better known as ARMs, are frozen. This makes interest rates higher for someone with good credit as the lender can no longer make money as the ARM adjusts. He has to make his money by giving his good credit risks a higher rate. If you have good credit and a stable job or secure source of income and need to buy a home due to a job transfer or space requirements it is still a good time to buy. As my friend said rates are up, but still historically low. If you are an investor and want to purchase a rental property or want to purchase land to develop in the future now is the time to do it. The inventory is incredible.

True or False

Ellen Marsh — Tue, 16 Sep 2008 17:02:00 GMT

True or False – Every cloud has a silver lining. True. Even the black cloud surrounding Wall Street these days has a silver lining. What is it? Well one aspect could be that mortgage rates are going down due to the government take over of Fannie Mae and Freddie Mac. The national average for a 30-year fixed-rate loan was 5.93% for the week ending Thursday, down from 6.35% the prior week and 6.31% a year ago. What does that mean for you the potential home buyer? It means that you will pay less per month for your new home and less overall for the life of your loan in interest. That’s a good thing. So if you are tired of renting, which amounts to paying someone else’s mortgage or just outright giving them passive income, and want to own your own home, now is the time to buy.

Patterns

Ellen Marsh — Wed, 10 Sep 2008 19:08:00 GMT

Just south of Chipley is a little town called Wausau. I stopped to take a picture of this unusual brick pattern on this old building. It reminds me of a handmade quilt produced through many hours of hard work and love. You never know what you will find here in the Real Florida.

Keeping Cool

Ellen Marsh — Sat, 06 Sep 2008 21:49:00 GMT

Saturdays are good days to get outside, ride around and not be in a hurry or on a schedule. I saw these guys keeping cool by standing in the shade down Hwy 77 just north of Sunny Hills in Washington County. This is a good protrayal of the peaceful, serene, laid-back lifestyle of our part of Florida.