News that effects the Ocala Marion County area real estate market

Ocala Florida weather December 2009

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The weather in Ocala Florida during the winter revolves around cold fronts. Most of the time the temperatures will be in the low to mid 70’s. Then along comes a cold front and the temps drop to the 60’s during the day. In the evenings after a cold front Ocala can get the occasional frost or even a lite freeze. We get several frosts a year which is why we have different plant material than you find further south in Florida.

If you have a question just ask using the comment feature or shoot me an email. My contact info is in the right side column.

Meyers Lemon Tree with fruit

Meyers Lemon Tree

Citrus trees fruit in the winter here in Ocala.  Above is my lemon tree.

Ocala Real Estate Market Report November 09

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Much to my surprise sales in November at 266 homes were down from previous months. Sales in Marion County in October were 344, September 302 and August 293. I am really surprised by this and I doubt it is any sort of trend. There are 588 houses listed as Pending but of course not all of them will close. It’s important to realize sales are the result of contracts that take 30 to 45 days to close and often more in the case of foreclosures and short sales.

Once again foreclosures at 95 sales and short sales at 25 sales are an important part of our market. It should be no surprise that about half of all foreclosures are concentrated in just a few subdivisions such as The Shores, Marion Oaks, Rolling Hills, Rainbow Park, The Ocala Waterway and Ocala Park. The rest are scattered around in various areas and price ranges.

Buyers if you are trying to figure out if the market is near the bottom consider the following. Interest rates are at historical lows and may even dip below 5%. There is a federal tax credit but you have to get your house under contract by the end of April. Finally, a lot of buyers are interested in the newer foreclosures in Marion County. There is a finite number of newer foreclosed homes and some day the supply will run out. For example there were a lot more large, almost never lived in, foreclosed homes in Rolling Hills 12 months ago than there are today.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate but are not guaranteed at the time this blog was written and are subject to change

Ocala Real Estate Market Report October 2009

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Sales in October were 337 homes, September was 300 homes, August 294 homes, July came in at 282 homes and June at 329. Total listings remain around 5,500 homes. About 14 homes sell every business day in Marion County.

Sellers sales are still being driven by bargain hunters. As you can see most homes sell for less than $200,000 and the majority sell below $100,000. There were 31 short sales and 137 foreclosure sales in October. That accounts for 50% of all sold homes. The Ocala area has a 13.5% unemployment rate. It will be 10 years before the market returns to the prices we saw in 2005-07. Waiting for the market to recover is not an option.

Buyers prices aren’t going much lower. We are already rolled back to about 2004. Interest rates are at historical lows and given the federal deficit and the weak dollar interest rates have to go up soon. There is still a great selection but if you’re looking for one of those newer foreclosures there are a finite number and they will run out sooner or later.

Ocala Florida Weather Update November 2009

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The temperatures are finally returning to normal after an exceptionally hot October. October temperatures were in the mid ti high 80’s instead of the lower 80’s all month. It was also pretty humid most days, more like September than October.

November should be in the 70’s during the day and the 50’s at night with no humidity. Hopefully this will turn out to be true. I think October through the end of December is a great time of year. You don’t need AC or heat and no humidity. In Ocala we look forward to the winter months.

I have a new Ocala Weather page on my web site with average temperatures and rain fall for all 12 months.

If you’re interested in moving to Ocala see my Ocala Real Estate web site for a ton of Ocala information.

Ocala FL Weather October 2009

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So far this month the weather here in Ocala has been unseasonably hot.  The day time temperatures should be in the mid to high 80’s but we have been in the 90’s almost all month. Several days have actually recorded record highs for the date.  It  has also been unusually humid for October, more like August.

October should be the start of the dry season. It should be in the mid 80’s during the day and around 60 at night. Most of the humidity should be just about gone too.

The beginning of winter and the dry season is my favorite time of year. You can leave the doors and windows open and not pay for the AC. It’s a great time to do projects in the yard too.

If you don’t look forward to winter why not move to Ocala? Visit my Ocala Real Estate web site to find more about moving to Ocala.

For more on Ocala Weather see my new web page.

Ocala Real Estate Market Report for September 2009

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Sales in September were 273 homes, August was 283 homes, July came in at 269 homes and June was the best month so far this year at 319. Total listings remain around 5,500 homes. Homes are selling every day here in Marion County.

Sales are still being driven by bargain hunters. There were 27 short sales and 92 foreclosure sales in September. That accounts for 45% of all sold homes. Worse yet are the number of short sales that expire or get withdrawn because these are the foreclosures of 6 months from now.

My advice to sellers is to price your house very aggressively. In addition to a great price the only thing that might give you an advantage over bank sales is condition. By that I mean an immaculate move in ready house. A house with maintenance issues isn’t much better than a foreclosure.

Buyers, now is the time to buy. Prices are low and there is a great selection out there. Interest rates are at historical lows and given our countries debt have no where to go but up.

Ocala Real Estate Market Report Aug 09

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Sales in August at 283 homes were up from July’s 269 homes. June was the best month so far this year at 319. Total listings remain around 5,500 homes.

Sales are way up in 2009 over 07 & 08 but that is because home prices are way down. Most of current sales are driven by bargain hunters snapping up foreclosures and short sales. The 55+ communities will always attract buyers because people retire regardless of the economy but prices are coming down in these communities as well.

Home prices in Marion County will not rebound to 2006 levels because they should never have gotten that high in the first place. Marion County does not have an economy to support $200,000- plus housing and never did. That is what out of the area builders and investors never understood and local builders ignored. Now that construction has almost stopped our unemployment rate is 12.5%.

I don’t mean to get down on our area but it is important for sellers to get a true picture of our economy so they can make informed decisions. Homes are selling every day but price is the way to move a house. The MLS is on the internet and buyers know a good deal from an over priced house and no amount of advertising can change that.

Buyers now is the time to buy. Interest rates are at historical lows and given the deficit spending our government is doing, inflation and higher rates are almost certain.

Ocala Weather Update September 09

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September is still the summer in Ocala and not at all like fall as in other parts of the country.  It’s still plenty hot and plenty humid. Towards the end of the month the heat will begin to back off a little. By that I mean the high 80’s instead of the mid to low 90’s.

Here we are in September, at the peak of hurricane season and for the second year in a row, nothing is happening. Why do experts make predictions anyway when they are so wrong so often. Ocala is one of the least hurricane prone areas in Florida but the remnants of hurricanes provide a lot of scary wind and huge amounts of rain. In that sense I’m glad we’re having such an uneventful season and I hope it continues.

August was much wetter than in past years. We had several years of low rainfall and this year is back to normal. By that I mean afternoon thunderstorms on a regular basis. Some of these thunderstorms can drop 2 or 3 inches in less than an hour. I’m not kidding, I’ve had to lower my swimming pool several times to keep it from over flowing.

Remember as I love to say, the hot summers are a very small price to pay for no winters. I look forward to the winter.  Do you?

Ocala Property Taxes

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Property taxes in Ocala, as in the rest of Florida, are pretty confusing. A lot has to do with the Save Our Homes initiative, also know in real estate as amendment 10. Save Our Homes was supposed to keep seniors from getting taxed out of their homes by capping tax increases on homestead properties by 3% or the rate of inflation, which ever is lower.

The problem with amendment 1o is that you can buy the exact same house as the guy across the street, who has been there for 10 years, and pay twice the taxes that he does. Another example of politicians helping one group at the expense of another.

Now that property values have dropped like a stone here in Florida a new issue has come up with Save Our Homes.  This is called the recapture rule. The recapture rule states that tax assessors must increase the assessed value of a house by up to 3% as long as that it  is less than the homes market value.  This is why most peoples taxes are not going down even though their homes value has gone down.

Now here’s some home work. Below are 2 great links. One is to the Marion County property appraiser. Read the FAQ and check out the tax estimator. If you live in Florida read the portability calculator because you can bring your Save Our Home exemption with you to a new house. The other link is to an article from the Ocala Star Banner which has a detailed explanation about why taxes aren’t going down.

Marion County Property Appraiser

Ocala Star Banner

If you buy a foreclosure or short sale in the Ocala area it is important to understand that you will be assessed at market value and not the amount you paid for your house.

Finally, when you see the taxes on a real estate listing be aware that it is not the amount that you will be paying. Taxes adjust every time a house is sold.

Florida population down, Marion County up

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While Florida lost population for the first time since the end of WW2, Ocala Marion County gained in population. From April 08 to April 09 Marion County added a little over 3,800 residents. Over all Florida lost over 58,000 people. Some counties losing more than others and a few counties actually gaining population like Marion County.

Why are people coming to Ocala and Marion County?

  • The lowest median home prices in Florida.
  • Lower property taxes than much of the state.
  • Lower home owners insurance than much of Florida.
  • Much lower hurricane risk than south Florida.
  • Less traffic and crime than other parts of the state.
  • Just a better quality of life.

There has never been a better time to buy a house in Ocala Marion County than now. Interest rates are at historical lows with no where to go buy up. Home prices are down 50% in some areas from 2005-07. Call or email me today and I’ll send you a list of homes that would meet your needs. All I need to know is what you want. Or try my Ocala Dream Home Finder. What ever is easier for you.