By Joseph E. Seagle, Esq.

👋 Happy Friday! Today is National🦮 Pet 🐈 Day. Do something nice for them today, like washing their toys or vacuuming the bed.

❗️Situation Awareness: Heads up! Florida’s Corporation and LLC annual reports are due by May 1. Late filers must pay a $400 penalty (one of the highest in the country). If you need assistance in filing your annual report, we can help.

1 big thing: IRS Enforcement Cuts and Data Sharing

The U.S. Treasury Department is implementing significant reductions in IRS staffing, with plans to cut up to 50% of enforcement personnel and 20% across other components. Concurrently, the IRS has entered into a controversial agreement with the Department of Homeland Security (DHS) to share taxpayer information with Immigration and Customs Enforcement (ICE), marking a substantial shift in federal tax enforcement and data privacy policies. 

Why It Matters: For real estate professionals—realtors, mortgage brokers, and title insurance agents—these developments could have profound effects:

Client Privacy Concerns: The IRS-DHS agreement allows ICE to request taxpayer data for individuals under deportation orders or criminal investigation. This raises concerns about the confidentiality of clients’ financial information and may deter undocumented individuals from engaging in real estate transactions. 

Market Uncertainty: The reduction in IRS enforcement staff may lead to decreased audit activity, potentially impacting investor confidence and altering the landscape of real estate investments.

Operational Delays: Staff cuts could result in slower processing of tax-related documents like tax return transcripts provided to mortgage underwriters, affecting transaction timelines and the efficiency of closing deals.

The Details:

• The IRS has initiated a Reduction in Force (RIF), offering voluntary separation programs to employees.

• Acting IRS Commissioner Melanie Krause is among the top officials stepping down amid these changes, reportedly in protest of the data-sharing agreement. 

• Legal experts and immigrant advocacy groups argue that the data-sharing agreement undermines decades of trust and federal policy encouraging undocumented individuals to file and pay taxes, potentially violating taxpayer confidentiality protections. 

What’s Next: Real estate professionals should stay informed about these developments, as they may influence client behaviors and the broader market dynamics. It’s advisable to review client confidentiality policies and stay abreast of legal challenges to the IRS-DHS agreement that may affect future operations. Also, small business owners, IRA owners, and others with complicated tax returns may start playing deeper into the “gray areas” on their tax returns or even holding back longer on paying taxes with less oversight and lower threat of enforcement.

Go Deeper: Propublica

2. Condos Selling Below Asking Price Surge in Orlando and Florida

The Florida condominium market is experiencing a notable shift, with a significant increase in units selling below their original asking prices. This trend is particularly pronounced in Orlando, presenting both challenges and opportunities for real estate professionals.

By the Numbers

• Orlando’s Condo Market: In February 2025, nearly 85% of condos in Orlando sold below their asking price, a substantial rise from previous years. The typical condo sold for approximately 10% less than its listed price.

• Statewide Trends: Across Florida, the median sale price for condos decreased by 2.3% year-over-year, settling at $312,500 in January 2025. 

Contributing Factors

• Rising Ownership Costs: Increased insurance premiums and homeowners’ association (HOA) fees have made condo ownership less affordable, deterring potential buyers. 

• Regulatory Changes: Stricter safety regulations have prompted some owners to sell, increasing inventory and influencing pricing dynamics. 

Implications for Real Estate Professionals

• Realtors: The current market offers buyers more negotiating power. Realtors should guide clients on fair pricing strategies and highlight properties with reduced ownership costs.

• Mortgage Brokers: With condos becoming more affordable, brokers can assist clients in exploring financing options that align with their budgets, considering the added costs of insurance and HOA fees.

• Title Insurance Agents: An uptick in transactions necessitates thorough due diligence to ensure clear titles, especially with the increased volume of condo sales.

Looking Ahead: While the condo market faces challenges, the current environment also presents opportunities for buyers to enter the market at more favorable prices. Real estate professionals who adapt to these shifting dynamics can provide valuable guidance to clients navigating this evolving landscape. 

This week’s podcast spotlight is an encore presentation on the benefits of land trusts.

 Listen in or watch on your favorite streaming platform.

3. Catch up fast

1. Google’s AI overviews are expected to crater website search traffic by at least 25%. Bloomberg (gift link)

2. Trump's VA to end veteran foreclosure relief without replacement MPAMag 

3. The 800-pound gorilla now threatening housing affordability. MPAMag

4. Gen-X is finding itself shut out of the careers it built. NY Times (gift link)

5. Why mortgage rates aren’t falling, despite the tariff pause. CNBC

6. The top 6 Recession Housing Questions. CNET

7. Here’s how China could crush the U.S. housing market. CNBC

8. Goldman Sachs estimates that the Fed will slash rates by more than expected this year. MPAMag

9. JPMorgan Chase predicts 60% chance of recession this year. Scripps News

10. Florida housing market crash warning issued for three cities. Newsweek

4. Closing Thought: When’s the Last Time You Did Something for the First Time?

The Big Idea: If it’s been a while since you tried something new, your creative edge might be duller than you think. Visionaries and high performers often get trapped in the routine of success—refining, optimizing, scaling—but forget that growth comes from the edge of discomfort.

Why It Matters: Your business doesn’t just need a better version of last year’s model—it needs your next big idea. That spark often comes from breaking your own mold, doing something unfamiliar, and allowing your brain to rewire through novelty.

📊 By the Numbers: A 2022 study in Nature Neuroscience found that exposure to novel experiences boosts dopamine levels, improving cognitive flexibility—key to solving complex problems.

Try This:

• 🤪 Say yes to something weird. Attend an event outside your industry. Take a class with zero ROI. Follow curiosity instead of KPIs.

• ⛵️ Change your scene. Work from a different location for a day. Your environment feeds your imagination.

• 📝 Journal the question: “What have I never done that I’ve always wondered about?” Make a list. Pick one.

• 🤔 Ask yourself: “When is the last time I did something for the first time?” and write it down — remember the discomfort that came before the revelation and seek out that discomfort again.

The Bottom Line: Doing something for the first time might not scale, and it might not be efficient—but it will wake up parts of your mind that routine has lulled to sleep. And that’s where the magic lives.

One More Thing: True visionaries aren’t just the best at what they do—they’re the first to do what others haven’t imagined yet. Want to lead the pack? Start by trying something new.

We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.

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