Berkshire Hathaway HomeServices Florida Network Realty Forecasts Bright Future for 2019 Real Estate Market

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As the end of the year approaches, many homeowners are looking ahead to 2019. What will happen in the real estate market in 2019? Will home prices continue to increase? Will it be a seller’s market or a buyer’s market?

In 2018, home prices along with interest rates has continued to rise, inventory has been limited and homes have sold rapidly. What is on the horizon? Berkshire Hathaway HomeServices Florida Network Realty is forecasting a bright future for real estate in 2019.

“We have seen robust appreciation in nearly every area over the past several years, and that does have to normalize at some point,” said President and CEO Christy Budnick, Berkshire Hathaway HomeServices Florida Network Realty. “Given the job climate, the historically low interest rates and low housing inventory levels, we believe the real estate market will continue to be very strong in 2019. We anticipate slightly lower levels of appreciation, ranging from 3 to 5 percent as compared to the 5 to 8 percent most areas in Northeast Florida have seen.”

The leadership at Berkshire Hathaway HomeServices Florida Network Realty believes the market conditions in 2019 will be good for buyers and sellers alike. Based on industry data and trends, the company sees positive news ahead.

An increase in new-home construction

Berkshire Hathaway HomeServices Florida Network Realty expects to see an increase in local new-home construction in 2019.  More builder product in the market will help prospective buyers locate the right property. It may help some sellers who are thinking they would like to sell, but hesitant to do so because the buyer’s market is so tight. With more homes in the market, there will be more available inventory for buyers.

Opportunities for both sellers and buyers

Current real estate market conditions are favorable to sellers. According to the Northeast Florida Association of Realtors September market report, the months’ supply of inventory was 3.6 months, well below the five to six months considered a balanced market. With more builder product coming to the market, there will be slightly more inventory. However, Berkshire Hathaway HomeServices Florida Network Realty believes limited inventory will continue to some extent in 2019.

Home prices will continue to rise

Berkshire Hathaway HomeServices Florida Network Realty anticipates that home-value appreciation will continue to rise in the 3 to 5 percent growth rate in 2019. The increase in home prices will continue to be driven by the inventory of homes for sale. With rising interest rates, buyers who may be priced out of the market by a rate hike are encouraged to begin the buying process. On an existing home, the process typically takes at least 60 to 90 days from finding the perfect home to closing. Prospective buyers can find a wide range of home choices throughout Northeast Florida.

“Our local neighborhoods offer tremendous appeal,” said Founder and Chairman Linda Sherrer, Berkshire Hathaway HomeServices Florida Network Realty. “The Northeast Florida lifestyle offers something for everyone. Whether it’s golfing, boating, spending time at the beach or enjoying entertainment and culture in the urban core, Northeast Florida has something for everyone. Our neighborhoods offer a wide array of home choices and an incredible way of life.”

In addition to the area’s leading Realtors, Berkshire Hathaway HomeServices Florida Network Realty can connect buyers and sellers with the best mortgage professionals, title company resources, relocation experts and more. For more information, visit FloridaNetworkRealty.com.

*Written by Clockwork Marketing.

Photography:

  1. Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick and Founder and Chairman Linda Sherrer

Berkshire Hathaway HomeServices Florida Network Realty Supporting Dreams Come True 5K

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Event is Saturday, Sept. 29 at Baseball Grounds of Jacksonville

Berkshire Hathaway HomeServices Florida Network Realty is stepping up to support the annual Dreams Come True 5K and they want you to join in the fun.

The event, also known as ‘Walk, Run and Roll,’ is Saturday, Sept. 29, at the Baseball Grounds of Jacksonville. Berkshire Hathaway HomeServices Florida Network Realty is a corporate sponsor and the company’s associates are forming teams, actively participating and fundraising in the event. Founder, President and CEO Linda Sherrer is serving as the 2018 Dreams Come True 5K Corporate Chair.

“Dreams Come True has been and continues to be very close to our hearts, and we are deeply committed to supporting this wonderful organization,” said Sherrer. “Please join us at this signature community event. You can help make a difference for Dreams Come True and have fun doing it, too!”

Presented by the Kent and Christie Stermon Foundation, the 2018 Dreams Come True 5K event was inspired by the Jacksonville Association of Health Underwriters. Funds raised in the 5K event support Dreams Come True’s programs and services throughout the year. Founded in Jacksonville, Dreams Come True is the First Coast’s only local dream-granting organization dedicated to using the power of a dream to bring hope and joy to area children battling life-threatening illnesses.

Since 1984, Dreams Come True has fulfilled more than 3,700 dreams for children living in or being treated in Northeast Florida or Southeast Georgia. No child is ever denied a dream and no child is ever placed on a waiting list.

Berkshire Hathaway HomeServices Florida Network Realty is a dedicated Dreams Come True supporter. Over the past five years, the company has donated more than $175,000 to the nonprofit organization by contributing a portion of proceeds from every completed home sale. Additionally, team members have participated in numerous Dreams Come True events including Dream Day.

“The Dreamers (the children served by Dreams Come True) and their families are so brave and inspiring,” said Berkshire Hathaway HomeServices Florida Network Realty Broker/Executive Vice President Christy Budnick, who serves as Vice President on the Dreams Come True Board of Directors. “We are honored to support this incredible organization and help make dreams come true for many deserving local children. We encourage everyone to join us for the Dreams Come True 5K.”

The Dreams Come True 5K welcomes walkers, runners and rollers of all levels to participate. Individuals and teams are encouraged to sign up and create a fundraising page during registration. Invite friends, family and co-workers to support your fundraising goal. For business sponsors, the Delores Barr Weaver Fund at the Community Foundation of Northeast Florida will match all donations up to $100,000 made by new donors.

Sign-up for the 5K and help make Dreams Come True for local children battling life-threatening illnesses. The cost to register for the 5K is $35 per person. Entry fees are non-refundable.

To register, visit www.DreamsComeTrue.org/dreams-come-true-5k.

To learn more about Dreams Come True and their incredible Dreamers, follow Dreams Come True on Facebook, Twitter or Instagram.

Photography/Images:

  1. Berkshire Hathaway HomeServices Florida Network Realty is supporting Dreams Come True’s 5K, ‘Walk, Run and Roll,’ on Saturday, Sept. 29, at the Baseball Grounds of Jacksonville. The company’s associates are forming teams, actively participating and fundraising in the 5K event.
  2. Berkshire Hathaway HomeServices Florida Network Realty is a dedicated supporter of Dreams Come True. The company contributes a portion of proceeds from every completed home sale to the organization and team members participate in numerous Dreams Come True events.

Welcome to the Florida Hurricane Network

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New website offers information and tools to stay safe during hurricane season.

Berkshire Hathaway HomeServices Florida Network Realty proudly announces FloridaHurricaneNetwork.com.

Powered by Northeast Florida’s leading real estate firm, the new comprehensive website offers essential information, resources and tools to use in preparation for a hurricane as well as the steps to be taken during and after a storm.

“With Hurricane Matthew in 2016 and Hurricane Irma last year, we experienced first-hand the devastating impact a storm has on our community,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “Every hurricane season has the potential to produce powerful storms and it’s imperative that you’re prepared with the information you need to keep your family safe.”

FloridaHurricaneNetwork.com offers an array of hurricane season resources. The site is easy to navigate and includes a comprehensive preparation guide and an emergency kit checklist. There’s information on how to best prepare your pets for a storm and links to Duval, Clay, St. Johns and Flagler counties’ hurricane preparedness guides so that residents can access vital information specific to their neighborhoods.

To make it easy, Find My County is accessible on every page of the website. Check out the interactive map to find out what flood zone and evacuation zone you live in so that you can accurately prepare your family’s emergency plan. There are also links to live weather maps and news and weather sites to stay up-to-date with the latest information available.

FloridaHurricaneNetwork.com also offers a Kids Zone. Presented in a fun and engaging way, the Kids Zone features educational videos on hurricanes and hurricane-themed games to keep children entertained during a storm. The hurricane safety information in this section is geared to youth so that everyone in the family understands what to expect.

Berkshire Hathaway HomeServices Florida Network Realty’s trusted real estate advisors are a wealth of information about homes and communities in Northeast Florida, and the company is well known for giving back and serving the community. FloridaHurricaneNetwork.com provides useful and meaningful information to prepare for potential storms.

“I want to thank our amazing creative team for making our hurricane preparedness website a reality,” said Berkshire Hathaway HomeServices Florida Network Realty Broker/Executive Vice President Christy Budnick. “Preparation is the key and we want to make sure everyone in our communities stay safe and has the information they need in the event of a storm.”

Visit www.FloridaHurricaneNetwork.com.

Photography/Images:

  1. FloridaHurricaneNetwork.com offers an array of hurricane season resources.
  2. The Kids Zone features educational videos on hurricanes and hurricane-themed games to keep children entertained during a storm.

Summer is the Right Time to List and Sell Your Home

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Summer is a time of warmth and sunshine, when leaves are green and flowers are in bloom. Summer is when your home can shine, and it’s a wonderful time to list and sell your home.

Consider this home listing tip from Berkshire Hathaway HomeServices Florida Network Realty: Florida homeowners who sell in June receive closest to the asking price, while those who sell in January experience the opposite.

There are many benefits to listing your home in June. Here are the reasons why:

  1. Forty-three percent of the homes listed in the summer are off the market within 30 days.
  2. Summer is moving season. Over 40 million Americans move annually and over half of those move in the summer months.
  3. When school’s out, moving is in. Summer eliminates disruption for families with children.
  4. Warmer days enhance a home’s curb appeal. More green on your lawn can equal more in your pocket.

Daylight saving time also gives buyers more time to look at houses during the day. That means there’s a greater chance to connect with prospective buyers.

Current real estate market conditions are favorable to sellers. According to the Northeast Florida Association of Realtors April market report, the months’ supply of inventory was 3.4 months, well below the five to six months considered a balanced market. The low supply of homes for sale and rising interest rates have intensified the competition for buying a home.

“If you’ve been on the fence about selling your home, the consensus among forecasters is that mortgage rates will continue their upward arc,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “The time to maximize your leverage as a seller is here.”

For buyers, keep in mind interest rates are still historically low and the summer season offers many advantages to prospective buyers — including the largest inventory of homes coming to the market.

“Success requires market expertise and knowledge of inventory on the market and inventory coming to the market soon,” said Berkshire Hathaway HomeServices Florida Network Realty Broker/Executive Vice President Christy Budnick. “While inventory is low and competition is high, it’s not impossible for buyers to find their dream home. But it helps to have expert consultation and guidance.”

Whether you are buying or selling, Berkshire Hathaway HomeServices Florida Network Realty can help you take advantage of the best opportunities in the market. The Northeast Florida real estate firm is home to the area’s most productive, experienced and successful agents and they have a team of professionals to assist their clients in every aspect of the transaction.

Connect with the best at www.FloridaNetworkRealty.com.

Photography/Images:

  1. Summer is moving season. Forty-three percent of the homes listed in the summer are off the market within 30 days.
  2. Tell the professionals at Berkshire Hathaway HomeServices Florida Network Realty what home is to you, and they will help make it happen

Berkshire Hathaway HomeServices Florida Network Realty Representing Villas Continental and Yacht Club

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Berkshire Hathaway HomeServices Florida Network Realty was recently awarded the listing for Villas Continental and Yacht Club.

Nestled among century old oak trees and offering stunning views of the St. Johns River, Villas Continental and Yacht Club spans approximately 7.5 acres with 720 feet of waterfront. The property consists of 60 of the 75 condominiums in 10 separate buildings and 24 waterfront apartments in two buildings.

“Villas Continental and Yacht Club is a turn-key income producer with a stable current tenant base, and the development possibilities of this property are endless,” said Berkshire Hathaway HomeServices Realtor Liz Bobeck. “With only 15 individually owned condos, it affords a new owner a realistic opportunity to acquire the whole development.”

Villas Continental and Yacht Club’s amenities include a community boat ramp, fitness center and limited covered parking. Residents may join Club Continental for convenient access to the club’s amenities including a pool, tennis courts, a restaurant and bar.

Villas Continental and Yacht Club previously had a 30-slip marina in the protected yacht basin that new owners may be able to rebuild.

“Villas Continental and Yacht Club is located next to the prestigious Club Continental and presents an outstanding opportunity for the right buyer or buyers,” said Berkshire Hathaway HomeServices Florida Network Realty Realtor Josh Nugent.

For more information about Villas Continental and Yacht Club, contact Realtor Josh Nugent at (904) 962-5176 or Realtor Liz Bobeck at (904) 210-6399, or visit www.FloridaNetworkRealty.com.

Berkshire Hathaway HomeServices Named ‘Real Estate Agency Brand of the Year’ in 2018 Harris Poll EquiTrend® Study

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Consumers also tap the network as ‘Most Trusted Real Estate Brand’ in study, which included input from more than 77,000 U.S. consumers.

Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks which includes Berkshire Hathaway HomeServices Florida Network Realty, recently announced their network was recognized as “Real Estate Agency Brand of the Year” and “Most Trusted Real Estate Brand” in the 30th annual Harris Poll EquiTrend® study.

More than 77,000 U.S. consumers rated 3,000 brands in about 300 categories in the online study earlier this year. Berkshire Hathaway HomeServices received the highest ranking in the Real Estate Agency category based on consumers’ perception of its brand familiarity, quality and purchasing consideration, among other qualifying factors.

“We are honored to be recognized by consumers in the respected Harris Poll EquiTrend® study,” said Gino Blefari, Berkshire Hathaway HomeServices president and CEO. “It’s a tribute to our franchisees’ tireless work and support of clients and the exemplary way they represent our brand in the marketplace.”

This year’s EquiTrend® study reflected an emerging trend in consumer behavior – the push to simplify and align with brands they know and trust.

“We’re so proud that the Harris Poll EquiTrend® study acknowledged the undeniable strength of our brand,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “Coupled with the skills and talent of our agents, we truly are an unstoppable force in the market.”

Berkshire Hathaway HomeServices has momentum in eyes of consumers. The brand was recognized for “Highest Overall Satisfaction for Repeat Home Sellers Among National Full Service Real Estate Firms” in J.D. Power’s 2017 Home Buyer/Seller Satisfaction Study.

The 2018 Harris Poll EquiTrend® study measures and compares the brand health of companies. Respondents offer their perceptions of brands, gauging their emotional connection to them plus brand awareness, influence and familiarity.

“Our brand stands for strength, integrity and trust, and we offer the best talent, experience, assets and relationships to our clients – sellers and buyers alike,” said Broker/Executive Vice President Christy Budnick. “Our Realtors bring our strong reputation and access to the best resources to help their clients in all phases of their real estate transaction.”

For more information about Berkshire Hathaway HomeServices Florida Network Realty, visit www.FloridaNetworkRealty.com.

GreenPointe Communities Hosts Cocktails by the Coast at EvenTide in Ponte Vedra Beach

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More than 200 special guests recently enjoyed an introduction to the area’s newest luxury neighborhood by GreenPointe Communities when they attended Cocktails by the Coast at EvenTide in Ponte Vedra Beach.

In addition to gourmet hors d’oeuvres, libations and live music by Barrett Thomas, guests appreciated the neighborhood’s gorgeous views as the sun set over the Guana River. Guests also valued meeting the community’s premier builder and marketing teams and learning about the exceptional new neighborhood offering private beach access just steps from the Atlantic Ocean.

“We appreciate the enthusiastic response we have received since announcing EvenTide and we are thrilled a record number of guests could join us for our unveiling celebration for this spectacular community,” said GreenPointe Holdings President and Chief Executive Officer Ed Burr. “EvenTide is a rare opportunity to build a distinctive new construction home along Ponte Vedra Boulevard. With its private deeded beach access, this premier property is truly worthy of the home of your dreams.”

Located along Ponte Vedra Boulevard between Sawgrass Drive and Mickler Road, EvenTide is an intimate enclave planned for 23 coastal eclectic-style homes designed to complement the surrounding natural environment. GreenPointe Communities and EvenTide’s preferred custom homebuilder team, Arthur Rutenberg Homes by Mark Refosco and Glenn Layton Homes, have created a portfolio of home designs to meet the needs of every lifestyle.

Construction is underway on an exquisite new showcase home designed exclusively for EvenTide by Arthur Rutenberg Homes by Mark Refosco. This West Indies-style home of more than 4,800 square feet embraces Ponte Vedra-style living with 2,000 square feet of covered outdoor living area overlooking the pool.

GreenPointe Communities has worked earnestly to preserve the integrity of the land as reflected in the majestic oak trees surrounding the community and the Sunset Park with views of the Guana River. Located at 1044 Ponte Vedra Boulevard, the community is within minutes of elite clubs, golf courses, specialty boutiques and dining destinations with easy access to Jacksonville, St. Augustine and major employment centers. EvenTide is zoned for A-rated public schools in the St. Johns County School District.

Homebuyers also may engage with their own custom builder to bring their dream home vision to reality. EvenTide is exclusively marketed by Berkshire Hathaway HomeServices Florida Network Realty. The community’s 23 estate-sized homesites range in size from approximately a third acre to more than one acre and are priced from the $600s with pre-construction incentives for a limited time.

For more information about EvenTide, call Berkshire Hathaway HomeServices Florida Network Realty Realtors Elizabeth Hudgins or Lee Elmore at (904) 285-5499 or visit www.EvenTideLiving.com.

Photography:

  1. From left, Jenny Krebs, Joan and Mark Refosco, and Billie Jo and Ed Burr
  2. From left, Katrina Watkins, Cheryl Cavanaugh and Glenn Layton
  3. From left, Amanda Barker, Elizabeth Hudgins and Christy Budnick

Article written by Clockwork Marketing

 

Berkshire Hathaway HomeServices Florida Network Realty Honored at Sales Convention 2018

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Berkshire Hathaway HomeServices Florida Network Realty was honored among the Top 50 affiliates in the Berkshire Hathaway HomeServices network at the company’s annual convention in San Antonio. The Northeast Florida real estate firm ranks No. 24 nationally among 290 companies.

An annual company award, the Berkshire Elite Circle is the highest company honor presented to the Top 50 affiliates in the network based on total GCI (Gross Commission Income.) Berkshire Hathaway HomeServices is America’s fastest-growing real estate brokerage network, with more than 44,000 agents and 1,400 offices.

“We are so honored to be acknowledged as one of the leading affiliates in our real estate network,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “This achievement is directly correlated to the commitment and contributions of our Realtors, employees and leadership team. Our associates are the best in the industry and we appreciate all they have done to help us achieve this level of success.”

During the convention, 10 Northeast Florida Realtors were recognized among the network’s most successful and long-serving professionals as Legends award honorees. The coveted Legend award designation is presented to elite Realtors who have consistently performed at a high level for consecutive years. The Berkshire Hathaway HomeServices Florida Network Realty Legend include:

  • Elizabeth Hudgins (Ponte Vedra office) – 20 year Legend award
  • Anita Vining (San Marco office) – 15 year Legend award
  • Margie Rasey (Beaches office) – 15 year Legend award
  • Judy Law (Ponte Vedra office) – 10 year Legend award
  • Allison Steilberg (Avondale office) – 5 year Legend award
  • Jennifer Sexton (Beaches office) – 5 year Legend award
  • Lee Elmore (Beaches office) – 5 year Legend award
  • Lisa Barton Team (Ponte Vedra office) – 5 year Legend award
  • Priscilla Johnson (Ponte Vedra office) – 5 year Legend award
  • Stefanie Bernstein (St. Augustine office) – 5 year Legend award

“Our Legends are well known for their enthusiasm, unparalleled service and loyalty,” said Berkshire Hathaway HomeServices Broker/Executive Vice President Christy Budnick. “We are so honored so partner with these award-winning Realtors who are among the most respected in the industry.”

Budnick appeared as a featured panelist with five other Broker/Owners during the Berkshire Elite Circle Broker Group meeting. Budnick discussed the importance of talent retention.

“HomeServices leadership asked me to discuss this topic because we are passionate about retaining our people,” Budnick said. “We recognize that our greatest assets walk out the door every day and it is incumbent upon us to make them want to return.”

The network’s three-day sales convention welcomed Brokers, Realtors and other leadership team members from around the world. During the conference, Berkshire Hathaway HomeServices announced its first global franchise alliance with an award-winning real estate brokerage in Germany. The conference offered opportunities to gain insight from motivational speakers, discuss market trends, preview the network’s latest tools and resources, network with other colleagues and celebrate the success of agents, teams, brokerages, and the brand.

For more information about Berkshire Hathaway HomeServices Florida Network Realty, visit www.FloridaNetworkRealty.com.

Photography:

  1. Julia Fattahi, Beth Chesak, Heather Cosgrove, Linda Benson, Kathy Davenport, Liz Bobeck and Jack Bobeck (Avondale/San Marco and Fleming Island offices)
  2. Ann King, Linda Sherrer and Christy Budnick (St. Augustine/Murabella and Home offices)
  3. Neill Lasher, Linda Sherrer, Anita Vining and Beth Chesak (Ponte Vedra and Avondale/San Marco offices)
  4. Shannon Boahn, Stacey Scanlan, Ann King, Linda Benson, Tracy Glochau, Stefanie Bernstein and Christy Budnick (St. Augustine/Murabella and Fleming Island offices)
  5. Don Cline, Myrna Brannon, Cathy Bade, Beverly Hecht and Dawn Niermann (Beaches office)

 

Rebuilding After Hurricane Irma – Jacksonville Homes are Better than Ever

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It has been a long road for many since Hurricane Irma’s storm surge swamped Jacksonville, causing record flooding, evacuations and leaving many homes and businesses uninhabitable with water damage.

Berkshire Hathaway HomeServices Florida Network Realty Broker/Business Coach Sheron Willson knows all too well the challenges homeowners have faced in the storm’s aftermath. Her Avondale home is nearing the end of its recovery after having been severely flooded by Hurricane Irma last September.

“We purchased our home in 1991 and water has never come inside the home before,” Willson said. “Our home was built in 1924 and this has never happened. I was just amazed. I never would have expected it.”

Willson’s neighborhood, located between the St. Johns River and Big Fishweir Creek, was inundated with water from a fast rising storm surge and a foot of rainfall resulting from Hurricane Irma. During the storm, Willson evacuated and had to wait two days until the water receded before she could return home. Hurricane Irma left Willson’s home under water, causing significant damage and leaving the home uninhabitable.

“Hurricane Irma created a rare event of a magnitude that we have not seen in 140 years,” said Berkshire Hathaway HomeServices Florida Network Realty Broker/Executive Vice President Christy Budnick. “The response from everyone in our community has been equally remarkable – taking something that was initially devastating and turning it into an opportunity to make their homes better than before.”

It has taken months of rebuilding and repairs to renovate and restore Willson’s home. The home’s first floor was gutted so that flooring, drywall, cabinets, countertops, appliances, electrical, and heating and air conditioning systems could be replaced. A labor of love, Willson used the renovation to make many upgrades to the home.

Willson was just days away from putting her home on the market when Hurricane Irma arrived. The home is coming soon to Berkshire Hathaway HomeServices Florida Network Realty. For listing information, call or text Realtor Liz Bobeck at (904) 210-6399. The home is one of many listings that have been enhanced following the storm.

“In the face of adversity, we are thankful that we saw our community come together with such strength and resilience,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “Hurricane Irma couldn’t stop this community. Residents came together to help others even if their homes were devastated. The love and caring is inspiring.”

Berkshire Hathaway HomeServices Florida Network Realty’s Metropolitan office, under the leadership of Managing Broker Josh Cohen, is the market leader for real estate in Avondale, Ortega, Riverside, San Marco, Downtown Jacksonville and the surrounding communities. The office is home to the area’s most successful Realtors and is well known for its support of and participation in community and charitable activities. For more information call (904) 296-1737 or visit FloridaNetworkRealty.com.

 

Photography:

  1. Hurricane Irma delayed Broker Sheron Willson from putting her home on the market. Once renovations are complete, the home is coming soon to Berkshire Hathaway HomeServices Florida Network Realty. The home is one of many listings that have been enhanced after the storm.
  2. Willson’s home was gutted so that flooring, drywall, cabinets, countertops, appliances, electrical, and heating and air conditioning systems could be replaced. Many improvements and upgrades were included as part of the renovation.

Tax Reform – What Homebuyers Need to Know

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Tax season is officially underway, and many are tracking down their receipts and filling in forms in preparation for the tax deadline in April 2017.

Many also have questions about the newly enacted tax policy – The Tax Cuts and Jobs Act, which was signed into law by President Trump in December 2017.

The new tax law, which went into effect on Jan. 1, 2018, does not apply to this year’s tax return, which has to be filed in April. Most of the changes will not be noticeable until consumers file their taxes in 2019.

What is in The Tax Cuts and Jobs Act? There are notable changes in the new tax law that affect nearly everyone, and there are changes of particular interest to current and future homeowners including the mortgage deduction.

Under the new law, new homebuyers are able to deduct interest on the first $750,000, formerly $1 million, of mortgage debt on a newly-purchased home. Current homeowners who had a mortgage in place by Dec. 14, 2017, will not be affected by this change.

Homeowners must itemize their taxes if they want to claim the mortgage interest deduction. With the higher standard deduction under the new law, fewer Americans are expected to itemize next year.

Taxpayers are no longer able to fully deduct state and local property taxes plus income or sales taxes. The new law allows individuals to deduct up to $10,000 in property taxes and state and local income or sales taxes.

Taxpayers may exclude up to $500,000 ($250,000 for single filers) from capital gains when they sell their primary home, as long as they have lived there for two of the past five years.

“My advice to everyone is to consult with a tax professional,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “There are numerous factors that can determine what your tax bill will be, and a tax expert can help you understand what the changes in the new law mean for you.”

According to the National Association of Realtors, the legislation will benefit many homeowners, homebuyers and real estate investors.

“Keep in mind that every tax situation is different and we encourage everyone who is buying or selling a home to consult with a tax professional about the variables that could affect you,” said Broker/Executive Vice President Christy Budnick. “There are many factors in a homeownership decision, and the tax implications are just one of them, not the whole picture when making a home-buying or selling decision.”

Founded in 1988, Berkshire Hathaway HomeServices Florida Network Realty has a team of more than 400 real estate professionals in nine offices throughout Northeast Florida. For more information, call (904) 296-1906 or visit FloridaNetworkRealty.com.

Photography:

  1. Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda H. Sherrer

 

  1. Berkshire Hathaway HomeServices Florida Network Realty Broker/Executive Vice President Christy Budnick