The 2009 market is forcing Realtors to age about as gracefully as Keith Richards! You think being a US president causes gray hair? Try closing an FHA buyer on a short sale!

$8,000 First-time Home Buyer Tax Credit at a Glance
· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

· The tax credit applies only to homes priced at $800,000 or less.

· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

· The tax credit applies only to homes priced at $800,000 or less.

· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

June, 2009 report from the Greater Tampa Assn. of Realtors reflects that there is a major improvement from the same period last year. The number of units sold was up, days on market were less, inventory was down, and the average sales price was up. The avg. sale price increased for the second month in a row to $173,544. The total number of units sold showed a 23% increase over June, 2008. Don’t forget the first time homebuyer tax credit up to $8,000 is only good until Nov. 30, 2009. Tick tock!

Town Hall Meeting

There will be a free town hall meeting on Aug 15th from 9a-1p at Stetson Univ. Law School, 1700 N. Tampa St.  Discussion will be regarding the housing market. Please see attached flyer for more details. This event will be very informative with numerous representatives from the state and county region.

Are you going to miss the best opportunity to buy a new home in 30 years? The current economic stimulus package includes a home buyer tax credit of up to $8,000 for first time homebuyers or those who have not owned a home in the past 3 years. This applies sto homes cloused up to November 30, 2009. The clock is ticking. Historically low interest rates, huge reductions in Tampa prices, plus an $8,000 tax credit make this the very best buying opportunity of your lifetime. Don’t wait. Call me today!

The recently passed HVCC law which requires a 3rd party company to select the real estate appraiser, rather than the lender is wreaking havock on the real estate community. I’ve had two homes recently fail to appraiser since that law went into effect. Prior to that, only one other issue with an appraisal in 20 years of selling homes! They’re selecting appraisers from out of the area who don’t know what their doing. My current appraisal involved the use of 2 foreclosures and one short sale as comparables for a beautifully updated home. Watch the attached video (it’s pretty funny) and sign the petition if you agree. http://www.thinkbigworksmall.com/mypage/player/tbws/10919/1088048

They also mention that the Nehemiah Program is back on radar with a great home retention plan for re-structuring loans.

Unique 3/2 home on small lake offering fishing from the dock, bird-watching, kayaking or just relaxing in the beauty of nature. Sparkling pool w/wrap-around lanai is perfect for entertaining. There’s even a pool 1/2 bath outside. In addition you’ll find2 sun decks outside the screen enclosure. Pass thru from the kitchen to pool area for entertaining. This greatroom home feels large with cathedral ceilings throughout, terra cotta tile in wet areas, and new laminate wood floors throughout most of the rest of this lovely home. Romance abounds with the cozy wood burning fireplace. The greatroom features two sets of French doors leading to the screen lanai. There’s a separate dining area. Kitchen updates include the newer stainless appliances, include a smooth cooktop range and side-by-side refrigerator with water on the door. All appliances are included. The updated luxurious master bath features his and her vessle sinks with new fixtures and vanities, new ceramic tile, sunken jetted garden tub, a picture window with view of lush landscaping. Also features a separate shower. Master bedroom has newer set of sliding doors leading to private patio plus a walk-in closet and separate closet, plant shelves and cathedral ceilings. There’s a large laundry room with extra cabinets and utility sink. The garage is oversized w/ storage area. Newly landscaped corner lot with grandfather oaks and beautiful water view. The third bedroom is set up with double doors, so it would work great as a home office too.

http://www.realtor.com/Prop/1108633740

Florida residents can save hundreds of dollars with a Wind Mitigation Inspection. I know an inspector who charges $100 for the reports but guarantees you at least a $200 savings on your homeowners insurance, if you qualify. Your home must be older than 2001 (newer homes automatically get the discounts). Different factors contribute to how much of a discount. For example, was your roof installed after 2001, do you have a hip roof, newer windows and doors, etc? To find out more information, contact me today.

This is a rare moment in history to invest in your first home. If you’ve been sitting on the fence, consider these reasons to buy now:

1. Home Affordability – You can benefit from the drop in average median priced homes. In the Tampa market, the average priced home is $136,000 so more people can qualify for a loan. This is not good news for sellers, but definitely a benefit for first time buyers.
2. Low Interest Rates – Interest rates are lower than they’ve been in more than 40 years. We’re looking at historically low, bargain basement rates. At some point in time, interest rates will rise and that can disqualify you for the mortgage you need.
3. Large Inventory of Homes – It’s supply and demand and the market is flooded with lots of homes for sale. This is a rare occasion when both interest rates and home prices are low. In the past, first time homebuyers had to buy small starter homes. You’d be amazed at what you dollar will buy today.
4. An $8,000 Tax Credit Bonus – If you’re a first time homebuyer (or have not owned a home in the last three years) and purchase before December 1, 2009, you will receive a tax credit of 10 percent of the purchase price, up to a maximum of $8,000. Unlike previous home-buyer tax credits, this one is refundable, meaning that the credit can be claimed even if you have little or no federal income tax liability to offset it.
5. Mortgages May Cost More in the Future – Right now you can get an FHA mortgage with only 3.5% down on a home valued up to $300,000 in Tampa. Just a few years ago the FHA limit was so low you could not find a decent property in that price range. Expect this to be a temporary situation because FHA may be next in the mortgage meltdown like FannieMae and Freddie Mac before them. Foreclosures have stripped away FHA’s insurance reserves. Now’s the time to buy while loan costs are still affordable.
6. If You’re Pre-Approved to Buy, Act Now – If you’re employed, have an acceptable credit score, and enough cash for a downpayment,, it makes sense to buy while you’re pre-approved. Life can change and you may not be qualified in the future. For example, a new car payment can knock you out of the price range home you desire.
7. Home Ownership Creates Long-Term Financial Stability – Statistics show that Americans who purchase their own home create greater long-term wealth due to appreciation, equity buildup and it’s your hedge against inflation. You can keep your principal and interest fixed for 30 years. If you’re renting, you’re at the mercy of your landlord.

Admittedly, buying your first home is a big step. But with so many positive market factors in your favor, this is a rare opportunity to secure your financial future and purchase your first home.

Are you wondering if it is still a smart financial decision to own a home with recent loss of equity? A recent analysis of Federal Reserve data shows the answer is YES! In comparison with renters, home owners have much greater household wealth. Owners’ wealth exceeds that of renters by a factor of 50-to-1. The main wealth difference between the two is home equity. This holds true in even the hardest hit areas.

The data clearly shows that homeownership remains the biggest store of wealth for the typical household, even when markets are buffeted by some admittedly very rocky years.