Gulf Coast Associates' Blog: Real Estate Information

What Are The Typical characteristics of a Florida Homebuyer?

Based on a review of NAR’s “2007 Profile of Florida Homebuyers", the answers to this question are intriguing and provide real estate professionals many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today's dynamic marketplace.

Florida Homebuyer Characteristics

• The median age of homebuyers was 43 years old.
• The median income of homebuyers was $67,500.
• 64% of homebuyers reported they had no children under age 18 living in the home.
• 59% of homebuyers were married couples, 21% single females, 12% single males, and 6%…

Congress quietly amended the IRS rules governing capital gains taxes on real estate in its final session of the year. The news will come as welcome relief to those who have lost a spouse and face the dilemma of having to sell their home quickly in order to keep their $500,000 exemption.

Under the old guidelines, a surviving spouse had to sell their home by the end of the year in order to keep their entire $500,000 tax exemption intact. While in most cases, they still would not owe any capital gains taxes because they inherit the property under what is known as a "stepped up" basis, many widowers still felt pressured to have to deal with selling their homes during their time of grief.

Under the new rules, surviving spouses will have two full years to sell…