Advantage Real Estate was voted 2013's "Best Real Estate Office" and "Best Commercial Real Estate" in the annual "News Times Reader's Choice Awards". We would like to extend a big THANKS to our wonderful community for your continued support!

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As of 2013, a new tax on home owners takes effect, but don't worry- it's not likely to affect you. Here's why.

Some sources have characterized the so-called Medicare surtax as a transfer tax on real estate, but it's not.

What the tax is: A 3.8% tax on investment income from some sources, such as dividends, interest payments, and capital gains; and a last-minute addition to healthcare legislation, enacted in 2010, to help shore up Medicare. It affects a limited group of high-income people.

Specifically, the 3.8% tax applies only to joint filers with an adjusted-gross income (AGI) above $250,000 ($125,000 for married filers filing separate returns) and single filers with an AGI of more than $200,000.

Another limitation is that it's imposed on the…

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Market update:

  • There are currently 938 residential properties on the market, including 36 foreclosures and 62 short sales.
  • The average sale price in April was $267,568, relatively unchanged from March.
  • The average new listing price was $320,360 in April, down from $348,026 in March.
  • Homes sold for 94% of their list (asking) price in April.

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