SI Real Estate Tampa and The Beaches

This has been an exciting year in the real estate market in Tampa, Florida. The real estate market moved at a fast pace in the first half of the year when the federal government decided to extend the 2009 Homebuyer Tax Credit. Originally, the tax credit was to end on November 30, 2009. However, the 2009 First Time Home Buyer Tax Credit was extended so that those with a binding contract on or before April 30, 2010 and closing on or before June 30, 2010 would be able to take advantage of this fantastic opportunity to become a homeowner. This fueled the real estate market in a big way. Another major force in the real estate market this year has been the abundance of REOs (bank owned) properties that were for sale on the market. These properties sold just about as quickly as they were listed. Not only did they sell quickly, but they received multiple offers which caused an interesting bidding situation for all involved parties. This resulted in a serious reduction in the housing invento...

The National Association of Realtors® article dated July 1, 2010 Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President reported that Congress passed two bills which directly affect the real estate market and its stability. One bill extends the home buyer tax credit closing date and the other bill reauthorizes the National Flood Insurance Program. These bills are now headed to the President for his signature. This is certainly good news for those home buyers in the Tampa Bay area and around the country who are trying to take advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Tax Credit! The original deadline dates for these tax credits were that the a fully executed contract must be in place by April 30, 2010 and the deadline for closing these real estate transactions was June 30, 2010. Now the closing date deadline has been moved to September 30th, and there will be no gap between June 30 a...

Tampa Bay area real estate buyers, agents and sellers worked feverishly to meet the demands of first-time home buyers and move-up/repeat home buyers as they raced to beat the April 30th deadline to get a binding contract in place. The good news was not just for home buyers who were able to meet the deadline to earn the tax credit, but also for sellers who were able to benefit from this opportunity. With so many people eager to place an offer on a home, many sellers found themselves in a unique position of receiving multiple offers and dealing with bidding wars. This, of course is in contrast to an otherwise difficult market for sellers as buyers have been in the driver’s seat for a few years now. The tax credit was an extension of the original first-time home buyer tax credit which was enacted in February of 2009. The original deadline for first-time home buyers was November 30, 2009, but that deadline was extended to April 30, 2010. Additionally, a separate credit was enacted for mo...

Real Estate Buyers: This is Your 11th Hour! First-time homebuyers have been making up a large share of home sales in Tampa, Florida and across the nation. The extension of the First-Time Homebuyers Tax Credit has been a huge factor in this equation. According to HousingWire’s article First-Time Buyers Take Larger Share of Home Sales in March , first-time homebuyers accounted for 48.2% of all home purchases in the month of March, which was greater than the previous high of 46.9% last October 2009. Thomas Popik, research director for Campbell Surveys stated “The strong participation of first-time homebuyers this spring is a welcome surprise. Many observers had felt that the pool of first-time homebuyers had been depleted last fall, but this is turning out not to be the case. Instead the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time homebuyers.” SI Real Estate has seen first-hand the enormous affect of the extension of...

Time is running out! The real estate clock is ticking for those interested in purchasing a home and taking advantage of the First-Time Homebuyers Tax Credit or the Move-Up/Repeat Homebuyers Tax Credit. Anyone who has been tuned into the real estate market at all is aware that the April 30, 2010 deadline is looming to get a binding contract in place in order to qualify for the tax credits. First-time homebuyers stand to earn up to $8,000 and move-up/repeat homebuyers up to $6,500 in actual tax refunds. However, time is truly of the essence. Your time is now!! In an effort to motivate buyers to find their perfect home and meet the tax credit deadline, Florida realtors and sellers held a statewide open house on April 10th and 11th to showcase properties for sale. Florida is not the only state to participate in this open house concept. April 10th and 11th were officially designated “Open House Weekend” and states across the country participated. It was an incredible opportunity for b...

Realtors in Tampa, Florida are finding themselves very busy, the phones are ringing, and the deadline is approaching for home buyers to qualify for the federal tax credit. The now extended First-Time Home Buyer Tax Credit offers up to an $8,000 tax credit to first-time home buyers and the Worker, Homeownership and Business Assistance Act of 2009 offers up to a $6,500 tax credit to move-up or repeat home buyers. In order for people to take advantage of these tax credits, buyers must have a fully executed sales contract by April 30, 2010 and the deal must close by June 30, 2010. The saying “time is of the essence” really applies here. The looming deadline of the federal tax credit, drastically reduced home prices and near record low interest rates have real estate professionals hopping. Transactions are closing, inventory is being reduced and many people are becoming home owners for the first time in their lives. These are all positive factors for the real estate market here in the Tam...

Don’t Miss the Boat! Part 2 of a 2-Part Series Are you a home owner in Tampa Bay, Florida and wish to move up to a larger home or even downsize? Are you uncertain whether you are financially able to make that move in today’s real estate market? Well, think again. Many people are unaware that tax credits are now available for existing and repeat home buyers. Time is of the essence. Time is ticking on this soon-to-expire opportunity! With historically low interest rates, an abundance of aggressively priced homes listed for sale, and the home buyer tax credit being offered, nobody is excluded in today’s real estate market. Everyone is included. Who is eligible for the $6,500 tax credit? U.S. citizens or those with permanent resident status who have owned and lived in the same home for at least 5 consecutive years of the 8 years prior to purchasing are eligible for this tax credit. What are the income limits for this tax credit? Single taxpayers can earn up to $125,000, and marri...

Don’t Miss the Boat! Part 1 of a 2-Part Series For the past six months, there has been a wealth of information and press about the 2009 First-Time Home Buyer Tax Credit, but there has not been as much talk about the fact that move-up home buyers can also benefit from the Worker, Homeownership, and Business Assistance Act of 2009. Who are move-up home buyers and how can they benefit from this tax credit by purchasing a home right here in Tampa, Florida? All real estate buyers should benefit in the first quarter of 2010. According to the National Association of Home Builders Home Buyer Tax Credits , “The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five...

The American Recovery and Reinvestment act of 2009 authorized 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. Any home that will be used as your principal residence qualifies for the tax credit. The law defines a "first-time home buyer" as a buyer who has not owned a principal residence during the three-yaer period prior to the purchase. First-time home buyers purchasing any type of home, new or resale, are eligible to receive the tax credit as long as the closing date and title transfer occurs before December 1, 2009. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The income limit for single taxpayers is $75,000 and $150,000 for a married taxpayers filling a joint return. The money comes in the form of a tax refund, meaning that you will not receive the money until after the house is bought and your 2009 tax return is ...

Student housing makes up the majority of costs when sending a child off to school. Instead of giving more of your money to the University or landlords, why not invest in Tampa real estate market and produce an income? SI Real Estate can assist you in locating a real estate property for your eager student that will provide safe, affordable housing, while at the same time contributing to your family’s investment portfolio and build your student’s credit while they are still in school. Now is an excellent time to take advantage of the real estate market’s drastically reduced prices and our historically low interest rates. An investment in a condo or townhome now could prove to be a valuable asset four, five, or six years in the future, after the degree is earned. Make graduation not only a joyous occasion, but also a lucrative one! Why not join the savvy investor minded families who are enjoying real estate investment properties? After graduation, rent your property or sell in for profit...

There was great news for the Tampa Bay Area in regards to home sales last month. 2,839 homes were sold in the entire Tampa Bay Area with a median price of $135,000. These statistics illustrate a 17% increase in home sales for the same period last year, when 2,044 homes were sold. The median home price of $135,000 is a 25% decrease from $185,000 just one year ago. According to the President of the Greater Tampa Association of Realtors, Jack Rodriguez, “These statistics are extremely positive. Hopefully it signals a trend to better things ahead, both for real estate and the economy in general.” Forecasters at Moody’s www.Economy.com predict that home prices will bottom out at the end of this year nationwide. This prediction is largely based on the assumption that President Obama’s recovery efforts, which includes a 2009 tax credit of $8,000 to home buyers who have not purchased a home within the last three years, will have a huge effect. If you have any questions about the 2009 tax cred...