Home prices are stabilizing in Tampa Bay

1.  Single-family home prices seem to be stabilizing in the Tampa Bay market.

2.  The median sales price of homes in the Tampa has increased to $129,300.

3.  In the first quarter of 2009, sales of single-family homes increased 15 percent in Tampa.

4.  According to Timothy Becker, the director of UF's Bergstrom Center for Real Estate Studies, results are indicating that the real estate market in Florida has finally hit bottom and better yet, is in the process of stabilizing. 

 

This is good news. 

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Tampa Bay Real Estate - Villarosa  4804 Lastrada Court  Lutz, Florida 33558

 

 

Federal Housing Tax Credit

$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.

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Last night (11/04/09) the Senate voted to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30 and it was approved by Congress today.

The White House indicated that the President will sign the legislation.

How the homebuyer tax credit would work:

·        Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

·        Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

·        Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

·        Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

·        How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

·        New anti-fraud limitations imposed.

·        Cost: $10.8 billion.

 

 

The number of executed home sales contracts rose once again in September.  This makes eight straight months of increased signed contracts.  Most real estate experts attribute this consistent increase to the first-time homebuyer tax credit that expires November 30.  There is a rush now of first-time homebuyers trying to close before the deadline. 

            

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Still, that means one in every 77 households received a filing during the quarter, compared to one in every 136 households nationwide.

The decreases in activity could point to improvement in states that have been leading the housing downturn.

While Florida, California and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas, five of the top 10 metro areas reported a year-over-year decrease in foreclosure activity. In contrast, many of the other metro areas with top 50 foreclosure rates reported sharp increases in foreclosure activity.

For example, the Jacksonville area saw a 64 percent increase in the third quarter, compared to the same quarter last year. The metro ranked No. 26 among 203 metros ranked.

The Tampa,-St. Petersburg-Clearwater metro area ranked 34th among metros.

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