FOCUS ISSUES
Considering today's face, and tomorrow's face of the City of Seminole.
Let's consider what I, and many people like me might face if they were out buying a home in Seminole today. Would I qualify for a loan on the home I already own? Realtors have used the annual family income, times three, as the valuation of a home a new buyer could afford. Given my family's financial condition, which is comparable to when we bought our home, the home I live in now would be completely out of my financial reach today, if I were in the market to buy.
One might say, well you bought at a good time, be happy with that. I am. But, I am not only concerned for myself. I am concerned about the prospect of who my future Seminole neighbors might be. I hope to be a Council Member representing present and future residents of Seminole, so I cannot rest on what was possible for me six years ago. I must ask the question, who can afford to live in Seminole today, and who will be able to afford Seminole tomorrow? Whose faces will I see up and down on my street in the coming months?
To further understand, those of us who already own homes in Seminole might ask ourselves, if I sold my home today, and immediately bought it back tomorrow, how much more would it cost for me to live in my present home? Take into account the new property valuations and consider seriously the amount of the higher taxes you would be paying if you bought today. Compare that with the present taxes you pay. I am sure the ad valorem taxes would be much higher. How would this affect your home ownership in Seminole?
Next ask youself, what would be the premium on the homeowner's insurance on your home if you had just purchased it? Could you even find affordable homeowner's insurance? Many people today cannot find a company to write their new insurance, let alone an affordable policy.
Answering these questions gives you an idea of what prospective homeowners in Seminole must ask themselves. Sadly, these costs are out of the reach of most people. I'm sure that you see the gravity of this situation and the problems it may cause for Seminole.
What does this have to do with Seminole as a whole? Ask yourself, in consideration of the higher property taxes and home valuations, can young families afford to move into Seminole? Can retired people continue to live here? Who will be able to move into Seminole? Who will be able to continue to live in Seminole?
Let's look at some scenarios. There are many retired people who own homes here in Seminole. Some would like to down-size, to move from multiple bedroom/bath homes, to smaller condos. They'd like to get rid of the lawn maintenance, and don't need the extra space. If they sell their homes, in consideration of the higher valuations of the new property they might buy, they will likely being paying much higher taxes in the new, smaller home. To live in a smaller home and to pay more taxes is a crazy proposition. Common sense tells one that they will not move, and by doing so, this limits their choice and keeps them in a home that a young family may need.
How about this scenario? Rental property owners provide homes for those who either cannot afford to buy, or, for those who choose to rent, and be mindful, there are people who choose to rent. We know that personal income has not gone up for most people in proportion to the huge increase in property valuations. With the huge increases in property taxes and insurance, the landlords are very likely losing money each month as the rental units bring in much less than the owner's expenses. How long can that continue?
I have heard that rental property owners are taking out home equity loans to pay for the huge increase in taxes. How long can that continue before a big chunk of the equity of the rental property is lost? Well, you say, they may simply sell their property. Who will be able to afford the property? Will anyone be able to buy the property at all? Will many properties sit vacant, unsold and unused?
Can recent college graduates afford to purchase a new home here in Seminole? What about mobile home owners? Mobile home ownership is an affordable choice for many people. How affordable will mobile home ownership remain with many residents living on fixed incomes, and the taxes and insurance for their land owners going up?
Please vote for Plantamura on March 11.