You may have seen signs around town that say “Vote For Amendment #1 to stay tax free” and you are wondering what it’s about. This amendment on the November 19th ballot is about real estate transfer taxes, something we don’t need in our state.
Louisiana is one of only 13 states that currently do not impose a real estate transfer tax when property is purchased or sold. This amendment will help it remain that way by preventing local, parish, and state governments from imposing any new tax on the sale or transfer of real property. Right now, the Louisiana constitution is silent on the subject, meaning nothing prevents governments from trying to enact this taxation. In addition, Mississippi and Texas do not have real estate transfer taxes. If Louisiana had one, it would clearly make our state less competitive and hurt property owners.
For example, if you bought a home for $150,000, a transfer tax could add as much as $3,000 (or more) to your closing costs and it would have to be paid by the buyer or the seller when the property is transferred. Real estate owners already pay property taxes. A real estate transfer tax is nothing but another tax on the same property (or double taxation).
For more information about Amendment #1, please visit www.staytaxfree.com
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Sales remained strong in October for Lafayette and especially Acadiana where more homes were sold in October than in September.
This is good news since sales usually are slower in the fall and going into the new year.
When compared to last year, home sales in Lafayette parish were pretty much what they were in 2010 with only 5 more homes sold in October of this year.
Pending home sales have also been pretty stable. There are more pending sales in Lafayette parish this month but slightly fewer in Acadiana.
Available homes are the same this month in Lafayette parish as they were last month with 1300. In Acadiana, the inventory went down by 8 homes from 2406 homes available to 2398.
To search for homes in Acadiana and Lafayette, visit my web site.
The Giant Omelette Celebration 2011 edition is this weekend in Abbeville, November 5th and 6th. This is a great family two-day event held in Magdaline square and downtown Abbeville.
The cooking of the giant omelette is Sunday but there are activities on both days: live music, arts and crafts fair, antique tractor “Egg Cracking” competition (Saturday) and an antique car show (Sunday). For a full list of events, visit the Giant Omelette Celebration site.
This is the skillet used to cook the 5000-egg omelette. Yes, 5000+! This picture is from 2009 as I wasn’t able to attend last year’s celebration. I will be there Sunday this year for the cooking (and eating) of the omelette.
If you’ve been thinking about buying a home, mark you calendar and join us tomorrow night (Novemver 2nd) at 5:30 at the library in Maurice. We’ll be talking about the loan process, the types of loans available to buyers, the home buying process, even investing in real estate. This is a free event for all!
If you’ve been thinking about a career in real estate, you’ll want to attend our career night in the Keller Williams’ office at 900 South College, suite 100, in Lafayette. That, too, is tomorrow and starts at 5:30. You will learn about the real estate business and what it takes to be successful as a Realtor. You’ll also learn about the Keller Williams’ model. Keller Williams is now the 2nd largest real estate company in the U.S. and it will not be long before we are number 1. Come find out why!
If you have any questions about real estate, feel free to call or email me. I’d be glad to help!
