PRICE Is Primary Driving Force Behind Current Sales

Buyers are shopping the internet aggressively for their new homes. With short sales and foreclosures speckling the Tampa Bay real estate market, coupled with historically low mortgage interest rates, as well as the $8000 New Home Buyer Tax Credit, PRICE is at the top of the list of what Buyers are looking for first.

After shopping by price, Buyers also evaluate the neighborhood where their future home is located, determining how safe it is, how close they are to schools, etc. After Price, and Safety, comes the Home's Condition.

Buyer's needs have been redefined. Buyers have modified their Needs and Wants and are asking themselves, "Do I really need a 4 bedroom home, when a 2 or 3 bedroom home will do? Do I need a pool? What do I really need? And what do I really want?"

As Buyers have evolved, Realtors must be in line with these Buyer patterns. Marketing strategies must be reevaluated and must be aggressive. Below are some fast facts according to research gathered by the NAR (National Association of Realtors):

• 56% of new home buyers are considering/seeking a foreclosure or short sale as their new home.
• 63% of new home buyers are considering a fixer-upper or "as-is" condition of a home.
• 68% of new home buyers think it's better to buy now than it was 6 months ago, and that they anticipate a further drop in real estate prices. This may indicate buyers are waiting a little longer before making their home purchase.

"Price, Price" may be this year's "Location, Location".

Tampa Bay Realtor Kenny Hayslett of the Hayslett Team monitors the ever-changing real estate market and has one of the most aggressive internet real estate advertising campaigns in the area. His ability to interpret the market day by day has resulted in the smooth and efficient sale of 13 properties this year, and 71 properties sold last year in 2008.

You can reach the Hayslett Team at 727.443.6700, or by visiting the Hayslett Team website at www.HayslettTeam.com.

Tampa Bay Real Estate, Short Sales, The IRS, And Cancellation of Debt

In the not-so-distant past, a short sale meant the lender forgave part of the home seller's debt, but the home seller - many times to his or her surprise - had to pay federal taxes on the forgiven amount because the IRS treated it like income. Under new tax rules, however, the lender sends a 1099-C, Cancellation of Debt, to the home seller in most cases. The forgiven debt does not have to be included in taxable income, and it gets reported instead on Form 982. To be eligible for debt cancellation, the mortgage must have been a primary one on a principal residence; the cancellation occurred between 2007 and 2012; and the mortgage's principal balance must be less than $2 million ($1 million if filing separately). As with any tax matter, home sellers should keep all paperwork to back up their claim in case it's questioned. It's also a good idea to consult a tax attorney on any tax issue. For more information, go to www.IRS.gov.

"This is good news for many Sellers that are faced with the difficult decision to quickly sell their home," says Tampa Bay Realtor and Certified Fractional Real Estate Professional Kenny Hayslett of the Hayslett Team. "This newly forgiven debt provides some temporary relief to those that would otherwise be paying additional taxes on property no longer tied to them."

Kenny Hayslett and the Hayslett Team are equipped and knowledgeable in assisting Sellers with a variety of needs --- contact the Hayslett Team today at 727.443.6700 with your questions or desire to sell your property as smoothly and as efficiently as possible.