Improving Housing Markets Double In January - Jacksonville On List
The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders / First American Improving Markets Index (IMI). The IMI now shows 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry. In Florida, three cities made it onto IMI's improved list: Jacksonville, Cape Coral and Punta Gorda. Click here for the full story.

Many Settlement Providers / Attorneys Now Request "Wire Only" Funds For Closings
Recently, most settlement companies and attorneys have gone to a "wire only" policy for closing funds from the buyer, rather than a cashier's check. The change in procedure is due to an increase in fraudulent cashier's checks and money orders. While a sales contract may state that you can provide funds via cashier's check, the reality is that collecting on cashier's checks can take five days or more, which could delay or even jeopardize your closing. When your closing agent requests a wire of funds, it is to protect all parties involved in the transaction.

Survey - Five Homebuying Myths
Overall, today's homebuyers tend to be fairly knowledgeable about the real estate market, but there are still a few points of confusion in the process, especially for buyers just entering the market. Here are the five main areas of confusion found in a survey by Zillow:

• Appreciation: About 42 percent of homebuyers believe home values will appreciate by seven percent a year. Reality: Historically, home values in a normal market appreciate by two to five percent in a year.
• Appraisals: 56 percent of the buyers said the purpose of the appraisal was to determine if a home was in good condition. Reality: That's the purpose of a home inspection; an appraisal estimates fair market value.
  
• Homeowner's insurance: 37 percent of homebuyers think that buying homeowner's insurance is optional. Reality: Lenders require homebuyers to purchase homeowner's insurance if they carry a mortgage.
  
• Ownership: 47 percent of homebuyers said a prospective buyer owns a home after the purchase contract is signed by the seller - when the two parties reach agreement. Reality: The purchase and sales agreement is the beginning of the closing phase but ownership doesn't occur until the transaction closes (when settlement occurs).
  
• Mortgage insurance: 41 percent of buyers think that they must purchase private mortgage insurance, regardless of the amount of their downpayment. Reality: Buyers only need to purchase PMI if their downpayment is less than 20 percent of the home's purchase price.
  Source: Zillow Inc. Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688

Online Homestead Exemption Application Available For Duval County
The Duval County Property Appraiser's Office now offers an online method to apply for homestead exemption, saving homeowners time and money. Previously, new homeowners had to either visit the Appraiser's office downtown or submit applications by fax or mail with additional attachments. The intuitive application asks necessary questions based on responses. The homestead exemption is a benefit for Florida homeowners which can provide up to $50,000* off the assessed value of a home; lowering property taxes. Once in place, the homestead exemption triggers another state law which limits the increase in the property's assessed value to three percent or less per year. Qualifying homeowners who moved into their home after Jan. 1, 2011 are eligible for a 2012 exemption and may file now through the March 1, 2012 deadline. The application is available at DuvalPA.com.*A portion of the exemption does not apply to school taxes.

Sellers, Considering A Short Sale? Do Research Before Taking Action
If you're a seller considering a short sale, don't sell yourself short! Short sales can pose a number of legal and financial risks, including your credit score being negatively impacted. To learn about the issues and risks associated with short sales, as well as resources and considerations to help you make the right decision for you, check out our FREE Short Sale Seller Advisory - click here.

Get To Know NEFAR
From education to community involvement to serving as the voice for real estate in northeast Florida, NEFAR members do so much more than help you buy or sell a home. Get to know us better by watching our video.

NEFAR is the voice for real estate in northeast Florida, providing a facility for professional development, political advocacy, professional standards administration and exchange of information among its members and serves the public through efforts to protect private property rights. NEFAR is Northeast Florida's largest professional association, comprising more than 5,300+ members working in all facets of the real estate profession. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka and World Golf Village.