Patrick AFB, FL

This article is part of "The Patrick AFB Online Relocation Package".


Announcing Our Military Homebuyer Closing Cost Credit

At AmericanAirmanHomes.com we have just launched an exciting new program.

Everyone could use some help with their closing costs, right? If you allow us the honor in representing you for your home purchase, you could receive up to $1550 in closing cost help.

Purchase Price Credit

This rebate is available to active duty and retired military only.

This article is part of "The Patrick AFB Online Relocation Package".


UPDATED 1/1/10

Recent History For Home Values In Brevard County FL, "Florida's Space Coast":

Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties put a lot of downward pressure on home prices. From the peaks in 2005 to the end of 2009 the median price for residential property has declined 49%*. Up until the beginning of 2009 the pace of the decline had been rather dramatic. But since the start of 2009 prices have been relatively stable. have we hit bottom? I feel that unless there is a dramatic increase in the number of distressed properties Brevard County has hit bottom. I don't see any measurable appreciation in prices anytime soon, but a least the "bleeding" has appeared to stop.

In other good news the number of residential properties that sold in Brevard County rose from 5407 in 2008 to 6638 in 2009. That's a 23% increase. I think that had a lot to do with the first time home buyer tax rebate that has been extended until April 30th 2010, but hopefully this is a continuing trend.

*Chart data from Brevard County MLS: Sold; Residential

ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.

The Average Residential Absorption Rates For Brevard County:

2004: 2.6
2005: 4.4
2006: 12.9
2007: 17.0
2008: 16.0
2009: 9.5

Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but the inventory of homes is starting to come down and is starting to level out.

Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County

There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.

If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and excellent condition of your home are the keys to accomplishing this.

What does all this mean?

Now is your opportunity!

• Historically low interest rates and a $8000 Tax Credit for first time home buyers and a $6500 for non first time home buyers, until April 30th 2010.
• If you are buying there are plenty of deals available and sellers are willing to negotiate.
• If you are selling, don't listen to all the bad news. IT CAN BE DONE! You just need realistic expectations and an aggressive marketing plan.
  
  

This article is part of "The Patrick AFB Online Relocation Package".

The new Patrick AFB BAH rates for 2010 are now available. In general ,there was a slight increase over last year. Interest rates are at all time lows, there is a homebuyer tax credit, and home prices in Brevard County seem to have stabilized. It appears that 2010 might be one of the best buying opportunities in years.

2010 BAH Rates - Patrick Air Force Base

The President signed the bill to extend the homebuyers tax credit. The bill not only included an extension but also added credits for "non first time homebuyers".

The $8000 first time buyer credit was extended to purchases made from January 1st, 2009 - April 30th, 2010. The original expiration date was November 30th 2009. The credit is available to individuals that did not own a principle residence in the United States 3 years prior to the purchase of a home.

The new provision in the bill includes a credit for people that have lived in their former home for an extended period. If you purchase a new home and have lived in your previous home consecutively for 5 of the previous 8 years, you would be eligible for a credit of $6500.

One of the most important parts of this new bill is that the first time homebuyers credit for military personnel that have extended duty service outside of the US for at least 90 days from 12/31/08 - 5/1/2010 is extended another year until April 30th 2011.

So those of you PCSing to Patrick AFB, from overseas, in the next few, years will be able to take advantage of this tax credit.

The income limits on the tax credits are $125,000 - single and $225,000 married.

The government has added some anti-fraud provisions - you'll need to include you closing statement with your tax return.

This article is part of "The Patrick AFB Online Relocation Package".

Wow!!! For those of you PCSing to Patrick AFB in 2009 there is a huge benefit that just got passed in the stimulus bill: $8000. The fully refundable, $8000 (or 10% of the purchase price, up to $8000) is a tax credit for first time homebuyers that purchase a home between January 1, 2009 and November 30, 2009.
Update: This program has been extended until April 30th 2010.


Here are the details:

What is a first time homebuyer?
Someone who has not owned a principle residence in the past three years. So many of you coming from overseas who have owned a home in the past, but have been living on base for three years will still qualify.

Are there income limits?
Yes, $75,000 for singles and $150,000 for couples.

Will I have to pay this back when I sell the home?
If you stay in the home for three years you do not have to pay it back, anything less and you will have to pay it back. So this is a gift, a grant, free money. Well not exactly free the taxpayers are paying for it.

Here are some typical scenarios:

1. At the end of the year you typically owe $7000 in taxes, and from your withholding they have taken $7000. When you file your 2009 taxes, you will get a check for $8000, which you can use for whatever you want: furniture, clothes, vacation, etc.

2. At the end of the year you owe $7000 in taxes. From your withholding they collected $8000. In this scenario you would usually get $1000 refund check. With this tax credit you will get a refund of $9000.

3. You owe $7000 in taxes. They withhold $6000. In this scenario you would normally have to pay $1000. With the tax credit you will get a refund of $7000 ($8000-$1000).

This money can not be used for a down payment, but will be refunded from your taxes. All you need to do to get this credit is claim it on your 2009 tax return.


With interest rates hovering around 5% (at the time of writing this), prices falling into affordable ranges, and this generous tax credit, this just might be the time to buy a home.

John S Murphy is a full-time REALTOR® with RE/MAX Elite in Melbourne, FL, and the creator of AmericanAirmanHomes.com, a website that specializes in Military PCS, DoD, civilian, and retired military relocations to and from the Patrick AFB area in Florida. Please feel free to visit the website where you can search the entire Brevard County MLS.