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Real Estate News

Happy New Year!  Now is a great time to consider how real estate impacts the taxes you pay.  If you purchased your home last year and made it your permanent home as of January 1, you are eligible for Homestead Exemption.  This lowers the value on which you pay property taxes, and triggers the ‘Save Our Homes’ benefit limiting future annual increases in assessed value to 3% or less.  The deadline to file for Homestead Exemption is March 1 (see for more information).  Other tax strategies include a 1031 tax-free exchange if you own investment property and are considering selling it; or, placing your real estate in a personal trust. Consult a tax expert for advice.

Real estate activity slowed down at the end of the year, partially due to the holidays and higher interest rates.  According to 11/29/18 NEFMLS, only 9 homes are for sale in Deercreek. The homes for sale range in price from $425,000 (10037 Deercreek Club Rd) to $675,000 (10015 Watermark Ln).  The 9 homes for sale have been on the market for an average of 79 days (with the longest at 226 days).  Based on conversations I’ve had with residents, I expect to see a couple more homes come on the market soon.

Only 5 homes sold the last 3 months, yet 5 others are under contract and will close soon. The homes sold ranged in price from $370,000 to $595,000.  Average price per sf was $142.91; yet, price per sf ranged from $97.13 to $183.36.  Homes were on the market an average of 78 days.  The homes pending closing range in list price from $324,900 to $750,000.

January is a time for new beginnings and resolutions.  Losing weight and reducing taxes are two resolutions I would like to keep in this year.  How about you?