If you live in the State of Missouri, you must watch this. Period.
If Amendment 3 does not pass (and the State of Missouri opts to add a "transfer tax" to every sale within our state), it will have detrimental effects on our already-feeble real estate market and economy. Period.
When the real estate "bubble" burst a couple of years ago, it took with it thousands of dollars of equity from the average homeowner. In a real estate climate laden with short sales and foreclosures where inventory is at an all-time high, Buyers remain conservative, and Sellers are struggling to walk away from their properties with any cash in their pocket after inspection predications and standard closing costs ... an additional 2-4% fee at closing would be devastating. On an average $200,000 sale, that is 8K of YOUR home equity going to the Missouri government in taxes. Period.
I beg that you vote "YES" on Amendment 3 in November and that you spread the word about this initiative. It is vital to the continued growth and rejuvenation of our local economy and real estate market. If it doesn't pass, it will affect all of us in a negative way. No one in the State of Missouri will be immune.
