Panama City Real Estate | First Time Home buyer credit
If you’re a home buyer hoping to take advantage of the First Time Home buyer credit here are some helpful facts on how to take full advantage of the credit:
According the IRS.gov website:
- You must enter into a binding contract to purchase a principle residence by April 30, 2010
- You must close on the property by June 30, 2010, . Buyers may elect to use the credit on their 2009 or 2010 tax returns.
As you can see, time is of the essence and if you want to take advantage of the credit, now is the time to act.
Panama City Real Estate | Home buying articles
As promised, this year my team and I will be adding many new services and features to my already extensive website.
As the Panama City Real Estate website continues to be the Premier website for Panama City Florida real estate and since first time home buyers are exceedingly prevalent in today’s economy I’ve written a new article target at those just entering the home buying market: Why get Pre-Approved before shopping for a new home.
No matter where you live or what real estate market you are interested, today’s real estate market and economic conditions are not what they were.
Florida real estate | What’s new in Panama City real estate
It’s been a short while that I’ve updated the blog so here is a quick list of updates and things to come:
The $8000 Tax Credit – If you’ve been waiting for the tax credit to expire, you’ve done a great job! The tax credit is still scheduled to expire by November 30, 2009. Remember if you plan on using the tax credit you have to “CLOSE” on your sale prior to the expiration to use it. Unless you are paying cash for your new home, it takes at least 30-45 days to actually close a sale. What are you waiting for? Contact me directly for more information on how you can take advantage of the $8000 first time home buyer tax credit today – (850) 774-6582
Florida real estate | The Numbers That Drive Real Estate: Home Sales
In our next installment of the Keller Williams report: The Numbers That Drive Real Estate, we look at home sales statistics…
Sales of existing homes trended upward for the fourth straight month, benefiting from favorable affordability conditions.
The $8,000 tax credit continued to draw in first-time buyers, who accounted for 29% of all transactions in May. Repeat buyers, who often sell their current house to first time buyers, are also coming back to the market in large numbers.
Home Sales – In Thousands
Check back for the next installment in this series: The Numbers That Drive Real Estate: Median Home Sales.
Panama City Florida Mortgage Information – Reversal of HUD’s $8,000 tax credit announcement
As you may or may not know HUD (Housing and Urban Development) made an announcement on May 12 that they were going to allow homeowners to use the $8000 tax credit as down payment monies by empowering state agencies, non profits and HUD approved Mortgagees to lend the monies to home buyers.
HUD drafted the HUD Mortgagee Letter (2009-15), however, the letter was never officially released.
HUD has since reversed their position on allowing the monetization of the tax credit over concerns that the proposal too closely resembles the now illegal practice of seller funded down payment assistance programs. IRS officials were also concerned that the proposal could create income tax issues.
keep looking »
Daily real estate news- Real Estate industry Watch
- Tax Credit Coming to an End?The First Time Home Buyer Tax Credit of 2009 was given new life late last year. President Obama extended the original credit end date until April 30th for purchases and buyers under contract before then have until the end of June to close escrow and claim the credit. The credit has been a success to [...] […]
- International Living Reveals Top 10 Best Countries to LiveThe 2010 Quality of Life Index, produced by International Living, ranks and rates 194 countries based on their quality of life. The index looks at nine categories: cost of living, culture and leisure, economy, environment, freedom, health, infrastructure, safety and risk, and climate. For the fifth consecutive year, France tops the list. The top 10 countries […]
- Harris Real Estate University – Tim and Julie HarrisInterviewers note: I really enjoy meeting new people and the fun part of the real estate business is that there are all sorts of fun people to meet. One of the more fun people that I have met has been Tim Harris of Harris Real Estate University. Tim is bigger than life, and far more [...] […]
- Promising Outlook for Commercial Real Estate Worldwide in 2010Worldwide, 2010 looks promising for commercial real estate investment across most markets, and Asia offers the best opportunities, according to the 16th edition of the LaSalle’s Investment Strategy Annual. The report says that the free fall in values has stopped in nearly all the major markets it follows and the early stages of restored investor confidence [ […]
- Century 21 franchisor in China going public?It was reported today on Blogging Stocks that the company with the exclusive franchise rights to the Century 21 brand in China, IFM, has started to fill out the needed paperwork to proceed with an IPO. So far, IFM has the largest network of real estate offices in China, with more than 1,000 locations across 34 [...] […]
- Tax Credit Coming to an End?
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