Amanda Wilson

It's a start for homebuyers...$8,000 tax credit windfall.

• Ta credit is for first-time home buyers only. Buyers who have not owned a principal residence for the prior three years.
• This tax credit DOES not have to be repaid, as long as you live in the residence for three years.
• Tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the FULL tax credit. If over these amounts, the credit is prorated.
• Just claim the tax credit on your federal income tax return.
• Tax credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.

Buy now or before December 1, 2009 and receive the $8,000 tax credit if you qualify.

Real Estate Market Comparison 2007 vs. 2008 10/07-12/07: Single Family Homes

• Exceeded a 29-month supply of inventory-15,570 homes for sale
• Median price home--$326,000
• Average price per square foot--$196

Condominiums

• Exceeded a 38-month supply-23,010
• Median price condo--$168,000

10/08-12/08: Single Family Homes

• 18-month supply of inventory-13,950 homes for sale
• 15% drop in inventory from 2007
• Median price home--$232,000 (Represents a 30% decrease from 2007)
• Average price per square foot--$140

Condominiums

• 27-month supply of inventory-21,173
• Median price condo--$100,000

Broward County

• Single family homes under $300,000 = 54% of total inventory and 67% of total sales. Homes over $1M = 9% of total inventory and 2% of total sales.
• Condos under $300,000 = 80% of total inventory and 91% of total sales. Condos over $1M = 3% of total inventory and 6% of total sales.