Good News For Port St. Lucie Buyers And Sellers – First Time Home Buyer Tax Credit Has Been Extended
The suspense is finally over on whether the $8,000 tax credit will be extended. The Senate had already passed the bill, but now the House of Representative have approved the bill unanimously. The President signed it into law today.
This is felt by many as an important step in keeping the housing recovery going. The $8,000 credit has been extended for buyers who have not owned a home for the last three years. The bill has been broadened to include a $6,500 tax credit to buyers who owned and used a home as their primary residence for 5 consecutive years out of the last 8 years. It has raised the income limit for a single person to $125,000 and for a married couple $225,000. The law also limits the home price to $800,000 and under. The home being purchased must be contracted for by April 30, 2010, and must close by July 1, 2010.
Although the inventory of homes is now standing at about 6 month’s supply in the Port St. Lucie area, there are reports that more foreclosures will be coming in the months ahead. This tax credit will be an incentive for buyers to step in and buy a home at not only a low price but to receive a credit. This will help clear the inventory out and eventually stabilize the market. Sellers who are sitting on the sideline waiting for some kind of normalcy to return to the market before putting their homes up for sale can then price their homes at a more attractive price.
For answers to any questions you might have, call us at 800-876-3535, or email us. You can also download this Information Pack from the Florida Association of Realtors, it addresses many common questions and answers.
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Sitting at the closing table as a first time home buyer is easily one of the most exciting moments of your life. Getting there though, can be one of the most confusing, stressful, and heartbreaking experiences of your life, making you doubt your quest will ever come to fruition. That is unless you choose the right realtor. Someone that not only knows the basics of his trade, anyone can fill out paperwork, but possesses a wide array of intangible skills that allows them incredible knowledge of the market they service.
I am happy for myself and my family that I found a realtor in St. Lucie County that possessed the basics, advanced knowledge of the area, an understanding of the very volatile local market, and an incredible devotion to getting me into not just any house, but MY house. That realtor was Brad Colean and the rest of his team.Brad helped my family understand the very turbulent market we were entering into (<100k bank owned properties) and educated us on what to expect. We would have a lot of competition for the good houses, going against investors with resources far beyond ours. Still though, he was undeterred in making sure we attained our first house.You have to find a realtor that is going to help you find YOUR house, not try and force you into the first half decent place you come across. This can take an unimaginable amount of patience on the part of your realtor. Now let me be clear, my wife and I had some slightly different requirements for our first house and it lead to many instances of being just too picky. Over the 4 months of our search, we must have seen over 150 houses, dragging Brad all around the county, and with gas prices the way they are, I am sure it wasn’t cheap. Brad never complained though. Brad never seemed in a rush to get his commission check, but much more interested in making sure my family was in a house we would be happy with for years to come.Most importantly was the amazing accessibility we had to Brad and his team. As first time home buyers we had an infinite supply of questions, and Brad had an answer for any that we sent his way. He never seemed annoyed, even if he was receiving the fifteenth phone call from us in the past hour. Weekends or after 6pm we still got answers, if not right away, well within what would be considered an acceptable time frame. We weren’t Brad’s only customers, though we felt like it, he was seemingly on call only working for us! Anytime we needed to go look at houses, whether it be 1 or 10, Brad would make himself available either the very same day or early the next morning.Overall my family’s first foray into the real estate market was educational, exciting, and a pretty enjoyable experience. I owe most of our positive outlook to Brad’s services. Brad did an outstanding job educating us on the realities of the current real estate market, was never annoyed by the length of our search, and was full of expert advice whenever we asked for it. Most importantly, Brad made us feel comfortable, like he was happy to see us, and when we finally did get the home of our dreams, I am not sure who was more excited, Brad or my family!After our experience with Brad and his team, it leaves little doubt who our real estate experts will be in any of our future real estate endeavors.Sincerely,The Mauss Family (Ted, Nicole & Teddy V)
— The Mauss Family (Ted, Nicole & Teddy V)Affordability Calculator
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