For Buyers Archives - Larry Roorda Realtor

Flood Insurance History & Reformation

Flooding is the most catastrophic natural hazard and causes, on average, $3 billion dollars in damage annually. In 1936 The Flood Control Act was the first national program aimed at flood damage. In 1965 Hurricane Betsy caused over $1 billion dollars in damage along the Gulf Coast of Florida to Louisiana, and was the first…

Save Our Homes Act

The Florida Constitution was amended effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption to three percent or the change in the Consumer Price Index, whichever is lower. No assessment, though, shall exceed current fair market value. This limitation applies only to property value, not property taxes. When a house is…

Homestead Exemption

Homestead Exemption One of the great many advantages of owning a home in the state of Florida is the tax benefit of Homestead Exemption. Every person who purchases and resides in a home in Florida on January 1st and thusly makes this their permanent residence, is eligible to receive a homestead exemption of up to…

Assessed Value vs. Fair Market Value

It usually starts out on a rainy Sunday afternoon. You act on the musings of your imagination, and begin to Google Florida real estate. You of course find your way to Trulia, Zillow, House Hunt, etc. all the while seeing various homes that seem relatively appealing, until… THERE IT IS! The absolute home of your…

Condo Association beats Bank in Million Dollar Foreclosure Battle

AVENTURA, Fla. – June 25, 2013 – It is a condominium association’s version of winning the lotto. A big bank missed its deadline to file for foreclosure on a million-dollar condo unit by 10 days. As a result, Peninsula Condominium Association in Aventura will get to keep the condo – a fancy three-bedroom, three-bathroom bayfront…

U.S. home construction rises 6.8% in May

WASHINGTON (AP) – June 18, 2013 – U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy. The overall pace of homes started rose 6.8 percent last month…

U.S. home prices jumped in April by most in 7 years

WASHINGTON – June 4, 2013 – U.S. home prices increased 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes. Real estate data provider CoreLogic says prices rose in April from the previous April in 48 states. Prices also rose 3.2 percent in…

IRA can help a retiree qualify for a mortgage

WASHINGTON – June 4, 2013 – A policy revision at Freddie Mac – Fannie Mae has something similar – allows seniors to include money in their individual retirement account (IRA) or 401(k) to qualify for a mortgage, according to Kenneth Harney in the Washington Post. The change could allow baby boomers in retirement to…

Is now the time to buy that Vacation Condo?

Prices in resort areas may have hit their bottom, but getting the right investment property without getting hurt takes planning and savvy. Q: I want to buy a vacation condo and rent it out as an investment. What are the pros and cons? I want to start small and buy with cash. Is this the time to…

New-homes sales rise 1.5% in March to 417K

WASHINGTON (AP) – April 23, 2013 – U.S. sales of new homes rose in March to a seasonally adjusted annual rate of 417,000. The increase added to evidence of a sustained housing recovery at the start of the spring buying season. The Commerce Department said Tuesday that sales of new homes increased 1.5 percent. The gain…