About Baldwin County, AL

Tax Credit up to $8000 available through 2010 for Home Buyers

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between the date the bill is signed by President Obama and April 30, 2010.
  
• Current home owners purchasing a home between the date the bill is signed by President Obama and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

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.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum credit allowed for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit which is effective on the date the bill is signed by President Obama single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and the date the bill is signed by President Obama, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 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 $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. 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 this three-year period, the full amount credit will be recouped on the sale.

Information provided at Realtors.org

Call Prickett Properties LLC for more information on how to receive your 2010 Tax Credit

www://www.GoToTheGulfCoast.com

Daniel Prickett 251-209-0074

WASHINGTON - Nov. 5, 2009 - The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it's very close to gaining a longer life.

The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama's signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.

Until the president signs the bill, however, it is not law.

In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.

Florida downpayment assistance

After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program - a downpayment and closing costs assistance program relating to the federal tax credit -automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.

For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm

Also check floridarealtors.org for updates as they're released; and, after the tax credit extension becomes law, details on the new program.

© 2009 Florida Realtors®

YOGA

Julie Wilkins leads

yoga class facing

Steelwood Lake on

Friday mornings at

9AM at the

Clubhouse.

Participants

explore a series of

sequences and

postures to tone

the body, increase

flexibility and

improve

endurance. Bring

your own mat and

work at your own

pace. Class is $15

per person,

suitable for all

levels, and no

advanced sign up

is required.

MEMBER

UPDATES

QUAIL HUNTING

Quail season is here and there

is a change to the fee structure

to hunt at Steelwood. Members

can select one of two options:

(1) Pay a $4000 fee for the

season that includes unlimited

hunts for parties of up to four.

There is an incremental fee of $8

for each bird taken from the

field; and (2) Pay as you go

hunts charged at $300 for the

first gun, $200 for the second

gun and $150 for each

additional gun. Fee includes 12

birds per gun with additional

birds billed at $8 per. Make

reservations via the Pro Shop

FISH CAMP

Great news! A recent test

showed that the mercury levels

of the fish are well below EPA

standards.

MEMBERSPONSORED

GOLF OUTING

The Board of

Directors has

approved a limited

number of Member

Sponsored Golf

Outings on Tuesdays

only for a maximum

of 72 players. The

course fee is $500.00

with greens and cart

fees of $95 per

player. The

Clubhouse can

handle food and

beverage needs.

To schedule a tour of homes available call Mark Cross 251-401-4698

The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area.

Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope.

The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next.

At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama's desk for signing.

Pending sales have improved slightly from 128 at the first of September to 140.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125

Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)


Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8

(Data from the Baldwin County Multiple Listing Service)

If I can help you with any of your home needs, please feel free to call or email.

Janet English

251 591-2411

The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area.

Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope.

The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next.

At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama's desk for signing.

Pending sales have improved slightly from 128 at the first of September to 140.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125

Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)


Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8

(Data from the Baldwin County Multiple Listing Service)

If I can help you with any of your home needs, please feel free to call or email.

Janet English

251 591-2411