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®
Alabama Gulf Coast Condominium Market Update...
The condo market in Gulf Shores and Orange Beach, AL is very favorable to buyers. There has never been a better time to invest. Condos are 50% off what they were several years back. In some cases you can get a condo at 2002 prices! We have gorgeous beaches, golf courses, fishing, tennis, boating, shopping, sailing, jet skiing, diving, terrific restaurants, parasailing... and the list goes on and on. Join us! The Alabama Gulf Coast attracts the investor who is looking for all of this and more...
CLICK HERE to receive WEEKLY UPDATES of Gulf Shores, AL and Orange Beach, AL foreclosures. I offer updates for condo buyers looking for Alabama Gulf Coast real estate.
Alabama Gulf Coast Beaches....
Something magical happens when you visit Gulf Shores and Orange Beach, Alabama. The moment you arrive, the world starts to fade away. Maybe it's the sound of waves gently lapping the shore or the smell of coconut oil. Perhaps it's our white sand Gulf Coast beaches and sparkling emerald water. Suddenly building sandcastles moves to the top of your "to-do" list. You remember just how much fun your spouse is. You linger over a succulent, fresh seafood dinner at one of the waterfront restaurants in Orange Beach and Gulf Shores, where nobody rushes to get away from the table.
The Alabama Gulf Coast is more than you may realize. It is more than just a beautiful place, more than just the friendly people who live and work here. It is more than sand and sun and waves rolling onto 32 miles of sugar-white beach. The Alabama Gulf Coast is all these things and more. Taken together, these unique attributes create a region with a welcoming sense of place, perfect for families, investors, retirees and growing businesses. The Alabama Gulf Coast has been a family destination for many generations. Ask both visitors and residents, and you'll find that most folks down here have memories of the Alabama Gulf Coast that stretch back to childhood. Many parents recall visiting area beaches with their parents. Now they want to share that same fun with their children. As the area grows, the same family-friendly atmosphere that makes the Alabama Gulf Coast such a special place to visit makes the region a desirable permanent home. The past decade has witnessed significant growth in our area. As upscale residents and business owners relocate to the region, they bring with them increased services, commercial opportunities and a growing sense of community pride. From schools that continually score above the state averages to investors who pump dollars back into the local community, the Alabama Gulf Coast offers the best of all worlds. Come visit us. When you realize all that Gulf Shores and Orange Beach offer, you'll want to stay forever....
If you are interested in owning a beach condo in Gulf Shores or Orange Beach, I would be happy to speak with you. My experience, training, market knowledge, contacts and enthusiasm can help you accomplish your objectives, should you be considering the option.
Want to come to the area to have a look? Rent our Beach Club condo here.
Thanks!
Scott Myrick
Re/Max of Orange Beach
251-269-3114
www.tinsleymyrick.com
Scottmyrick@yahoo.com
by Tinsley Myrick, September 9, 2009
The following information was shared at the RE/MAX of Orange Beach sales meeting yesterday by Patrick Daily, Broker/Owner.
Patrick recently attended the RE/MAX Owner meeting and brought us back this interesting info given by David Linegar, founder of RE/MAX in 1973, and Carter Murdock, Bank of America's Economist:
•Savings is at its highest level. People are saving and not spending.
•The economy is already beginning to improve. It's going to recovery slowly.
•Unemployment is REALLY at 11-12% right now.
•Have to get more people working before people will start spending again.
•Small businesses will lead us out of the recession. However, there are no incentives for small businesses right now so the recovery will be slower than it has to be. All the help is going to large corporations rather than small businesses.
•Linegar's staff is been asked to bring solutions to the White House regarding the housing market (ie: where to go with it). The current administration knows they need real results and that they have made mistakes.
•Another real estate boom is coming in 2011 & 2012!
•Where a severe recessions starts (the US), it will be the first recovery.
•Loan markets are going "back to the left."
•Markets with the largest growth percentage will recover the quickest. This is great news for Baldwin County where projected growth is 40% over the next 10 years!
•It will be good for the economy when oil is $40-$80 a barrel.
•Mortgage rates have to go up for market to recover. We are seeing the best rates we are going to see. Therefore, NOW IS THE TIME TO BUY! THESE RATES WON'T LAST!
GENERATIONAL MARKETING INFO I FIND FASCINATING:
Matures (Ages 65+): Have one more real estate transaction in them!
Baby Boomers (Ages 45-64): Have 3 transaction left. Most are downsizing. Typically haven't been savers but pretty good investors. There are 80 million Boomers.
Gen X (Ages 29-44): They have low birth rates. Not having as many kids as the Boomers. There are 48 million Gen Xrs. They are buying and selling real estate. Very tech oriented.
Millennials (Ages 15-29) (aka Gen Y): These guys will probably have similar habits as the Boomer, however, they will be wiser. They will have more kids than the Gen Xrs. There are 74 million of the Millennials. Very tech oriented.
David Linegar told everyone that agents that are unable to relate to clients with tattoos, piercings, torn jeans, etc, will get left behind when the Millennials start buying and selling! Also, we must be able to communicate to the Gen Xrs and Millennials in the ways THEY want to communicate (text, email, Facebook, etc).
Fortunately, Scott and I are in good shape with this. We are 1st and 5th year Gen Xrs. We have Baby Boomer work ethics but we do the work like Gen Xrs!
All for now.
Tinsley
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Gulf Coast Real Estate Professionals - Specializing in the Alabama Gulf Coast (Gulf Shores, Orange Beach) & Perdido Key, Florida. Certified Luxury Home Specialists (CLHMS)-Million Dollar Guild. <ifr
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