"ONE FOCUS" YOUR REAL ESTATE NEEDS

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First-Time Home Buyer Tax Credit read below
The upside of
Let's take a look at some of
the opportunities and positive indicators for the future of Florida's
real estate market.
1. Great prices.
Statewide, home prices have fallen about 20 percent in the past year.
FAR statistics show the existing-home median sales price was $185,400 in
the third quarter of 2008, compared with $233,200 in third quarter 2007.
By the way, those numbers are still significantly higher than in the
early years of the decade. In 2003, the third-quarter sales price was
$163,700, which reflects an increase of about 13.3 percent over the
five-year period. (The median is a typical market price where half the
homes sold for more, half for less.)
2. The time is right.
Home sales volumes are rising again a signal that the market recovery
may be underway. In third quarter 2008, statewide sales of existing
single-family homes were up 5 percent compared to the same period last
year, according to FAR statistics.
3. High inventory
levels.
Conditions are ideal for buyers to find their dream home. Inventory is
plentiful in all price ranges. But as sales volumes increase, inventory
levels are likely to shrink. That reality translates into this advice
for buyers: Do not wait too long.
4. Low mortgage
rates. Mortgage rates are still at
the lowest levels since the 1960s. Lower rates multiply a buyer's
financial power. Even half a percent can make a sizeable difference. For
example, on a $200,000 home, half of 1 percent could save the homeowner
about $815 a year. Buyers can get more home for the money, which is a
perfect scenario for families looking to upsize.
5. Incentives to buy.
Federal, state and local housing programs can help buyers make that big
purchase. The U.S. Housing and Economic Recovery Act of 2008 includes a
$7,500 tax credit for first-time buyers on a home purchased between
April 9, 2008, and July 1, 2009. President Obama's 2009 economic
stimulus package promises to enable programs that will assist
homeowners. Talk to a local mortgage lender about state and federal
incentive programs.
6. A long-term-growth
state.
Long-term economic and demographic trends continue to favor
7. A migration
magnet. Even with a slowdown in
economic growth nationally, projections call for Florida's population to
return to more normal growth levels of about 317,000 a year between 2010
and 2020, similar to the 1980s and 1990s, said Stan Smith, director of
the
8. A favored
retirement destination.
Over the long term,
9. A diverse economy.
Floridas economy, like that of the rest of
the nation, is impacted by the recession. Some business sectors, though,
appear promising for the
10. Investment
outlook. Every quarter, the
11. Homeownership has
value.
Realtors believe and research supports that belief that
homeownership provides a variety of tangible and intangible benefits to
the community and homeowners. Studies show that home equity is still the
largest single source of household wealth.
12. Greater sense of
well-being.
Owning a home leads to increased personal well-being. Research shows
that people who own their own homes tend to show higher levels of
personal self-esteem and life satisfaction, which in turn helps to make
homeowners and their children more productive members of society.
13. Beneficial for
kids.
Studies show that children raised in homes owned by their families are
more likely to stay in school and more likely to graduate high school.
They are also shown to have a higher lifetime annual income.
14. Community
involvement.
People who own homes have a strong financial stake in what happens to
their community and tend to become more involved in community and civic
affairs. Studies show that homeowners also interact more with their
neighbors and communities. Compared to renters, homeowners join up to 41
percent more civic and/or nonprofessional organizations, such as the PTA
or Scouts; vote in local
elections 15 percent more often; enhance their neighborhoods with
gardens 12 percent more often; attend church about 10 percent more
often; and have a 3 percent greater chance of being interested in public
affairs.
15. An unsurpassed
lifestyle.
Finally, let us not forget the things that brought people to
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First-Time Home Buyer Tax Credit
Frequently Asked Questions About the Home Buyer Tax Credit
The American Recovery and
Reinvestment Act of 2009 authorizes a tax credit of up
to $8,000 for qualified first-time home buyers
purchasing a principal residence on or after January 1,
2009 and before December 1, 2009.
1.Who is eligible
to claim the tax credit?
5.What is
"modified adjusted gross income"? To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
6.If
my modified adjusted gross income (MAGI) is above the
limit, do I qualify for any tax credit?
7.Can
you give me an example of how the partial tax credit is
determined?
8.How is this
home buyer tax credit different from the tax credit that
Congress enacted in July of 2008?
9.How
do I claim the tax credit? Do I need to complete a form
or application?
10.What
types of homes will qualify for the tax credit?
11.I read that
the tax credit is "refundable." What does that mean?
12.I
purchased a home in early 2009 and have already filed to
receive the $7,500 tax credit on my 2008 tax returns.
How can I claim the new $8,000 tax credit instead?
13.Instead
of buying a new home from a home builder, I hired a
contractor to construct a home on a lot that I already
own. Do I still qualify for the
tax credit?
14.Can I claim
the tax credit if I finance the purchase of my home
under a mortgage revenue bond (MRB) program?
5.I
live in the District of Columbia.
Can I claim both the Washington, D.C. first-time home
buyer credit and this new credit?
16.I
am not a U.S. citizen. Can I claim the tax credit?
17.Is a tax
credit the same as a tax deduction?
18.I bought a
home in 2008. Do I qualify for this credit?
19.Is there any
way for a home buyer to access the money allocable to
the credit sooner than waiting to file their 2009 tax
return?
20.The
Secretary of Housing and Urban Development has announced
that HUD will allow "monetization" of the tax credit.
What does that mean?
21.If I’m
qualified for the tax credit and buy a home in 2009, can
I apply the tax credit against my 2008 tax return?
22.For
a home purchase in 2009, can I choose whether to treat
the purchase as occurring in 2008 or 2009, depending on
in which year my credit amount is the largest? |
Many Satisfied Clients
July, 2003
Debra kept us unbelievably informed and is timely, efficient and charming.
Everything was handled, from suggestions of inspections, mortgage brokers, etc.
The whole package but most importantly was that Debra knew our needs and never pushed us and had the patience of a saint." Our children called her Aunt Debra
The Simba Family Tavares, Fl
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We really appreciate your commitment as it benefits our future also. Thank you for making a difference in our confidence through your tenacity and skill. Your tireless, continuing effort to "close" a deal display's extraordinary sincerity and outstanding character that is very meaningful in today's business climate."
The McMillians
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Three transactions and they all went without a hitch...
Great Job, very persistent, You can count on her to get the job done right the first time.
Thanks,
Mr. Lynch
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Keep up the great work
The Porchs
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I bought several property's from Debra. Everything went smooth and I was very impressed. I would recommend her to anyone.
Alex Justo
Miami, Fl