Sunday, July 19, 2009

Jacksonville, FL Real Estate Market Update

It seems the market may be starting to heat up here in Jacksonville, FL. I spent the weekend showing homes in several new subdivisions in the Mandarin area and there were many buyer there looking. If those translate into sales that will be good for our local market and home prices.

Remember if you are a first-time buyer, there is up to $8,000 Federal Tax Credit available, but home must close by November 30, 2009 to be eligible.

Some basic qualifications for the tax credit are:

  • To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

  • The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit. Some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

  • The credit is for 10% of the purchase price, up to $8,000 (also depending of the income limits noted above)

  • The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Click here to out more information about the $8,000 Federal Tax Credit.

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