TALLAHASSEE REAL ESTATE » Tallahassee Real Estate

Tax Credit Extended for Home buyers

nathancross — Thu, 03 Dec 2009 18:37:04 +0000

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 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 allowable credit 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:

The price of the home.
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 November 7, 2009, 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 November 6, 2009, 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.

Are you looking for a Realtor to help you find a new home in Tallahassee? I would be honored to assist you with the purchase of your largest investment. Remember it cost's you nothing to work with a Realtor when you're buying real estate, so why not give me a call today?

Search the Tallahassee MLS
Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
New Home Sales Specialist
(850) 443.2125
nathan@bluetomato.me

Do you qualify for the $8,000 tax credit? I get asked a lot about the first-time homebuyer tax credit, so I thought I would write a post about the credit and what criteria a buyer needs to meet...
$8,000 First-Time Homebuyer Tax Credit Video Watch this video to get detailed information about the $8000 tax credit for First-time homebuyers, and how it may help you purchase your new home. Are you looking for...

The 5 Top Selling New Home Communities in Tallahassee

nathancross — Mon, 17 Aug 2009 01:59:04 +0000

This is a new feature that I will be covering on the Blue Tomato. The plan is to take an in depth look at the most popular new home communities in Tallahassee, and uncover the new construction homes that offer you the homebuyer the best value for your money.

Sales figures where compiled using data from the Tallahassee MLS system from 08/01/08 to 08/20/09. Graphs & Data will be added soon.

1. Bull Run (20 sales)

List Price	Sq Ft	Beds	Baths	Address	SP	Sold Price per SQFT	Days On Market
$188,600	1856	3	2	2510 Manassas Way	$188,600	101.62	45
$248,920	1778	4	2	2554 Halleck Lane	$248,920	140	35
$260,260	1820	4	2	2546 Manassas Way	$259,000	142.31	25
$258,115	1805	3	2	2538 Manassas Way	$264,878	146.75	16
$267,670	1885	4	2	2558 Halleck Lane	$269,000	142.71	4
$267,670	1885	4	2	2542 Manassas Way	$277,845	147.4	33
$285,600	2040	4	2	5857 Appomattox Court	$279,900	137.21	14
$285,600	2040	4	2	2549 Halleck Lane	$279,900	137.21	46
$315,000	2083	4	2	5620 Burnside Circle	$280,000	134.42	357
$283,000	2070	4	2	5856 Appomattox Court	$283,000	136.71	60
$289,100	2065	4	2	5848 Appomattox Court	$289,800	140.34	43
$349,000	2103	3	3	2536 CARTHAGE LN	$330,000	156.92	630
$359,900	2121	4	3	2533 Bennitts Mill Way	$336,800	158.79	189
$345,000	2314	3	3	5655 TECUMSEH DR	$340,000	146.93	32
$369,900	2272	4	2	2550 Lagrange Trail	$355,000	156.25	258
$359,900	2272	4	2	2526 Bennitts Mill Way	$359,900	158.41	77
$367,400	2451	4	3	2541 Ulysses	$367,600	149.98	24
$369,900	2272	4	2	2589 Ulysses Road	$369,900	162.81	75
$375,000	2603	4	3	2572 Ulysses Rd	$375,000	144.06	94
$394,900	2356	4	3	2535 Bennitts Mill Way	$375,000	159.17	109

2. SouthWood (17 sales)

List Price	Sq Ft	Beds	Baths	Address	Sale Price	Sold Price per SQFT	Days On Market
$204,749	1363	3	2	2416 Rain Lily Way	$204,749	150.22	41
$262,990	2181	4	3	2464 Rain Lily Way	$262,990	120.58	326
$268,990	2251	4	3	3104 Mist Flower Road	$268,990	119.5	345
$297,910	2375	4	4	2473 Lantana Lane	$297,910	125.44	340
$325,000	2791	4	3	2447 E Orange Avenue	$306,000	109.64	108
$319,000	2450	4	3	2463 Rain Lily Way	$315,000	128.57	209
$333,000	2876	4	4	2451 E Orange Avenue	$315,500	109.7	294
$479,500	2944	4	4	3785 Longfellow Rd	$320,500	108.87	236
$345,500	2619	4	4	2461 Lantana Lane	$323,000	123.33	332
$329,362	3060	5	4	2477 Lantana Lane	$329,362	107.63	406
$389,000	3322	4	4	3113 Mist Flower Road	$330,000	99.34	173
$399,000	2876	4	4	2482 Goldenrod Way	$335,000	116.48	271
$350,000	3060	5	4	3166 Coneflower Drive	$350,000	114.38	293
$398,000	3541	3	4	3146 Duxbury Lane	$371,000	104.77	322
$380,000	2968	4	3	2413 Goldenrod Way	$380,000	128.03	364
$474,900	2628	4	3	3240 Thoreau Avenue	$460,000	175.04	91
$550,000	3751	5	4	3240 Appleton Drive	$550,000	146.63	1

3. Rivers Landing (15 sales)

List Price	Sq Ft	Beds	Baths	Address	Sale Price	Sold Price per SQFT	Days On Market
$125,000	1095	3	2	Lot 38 Silent Creek Lane	$125,000	114.16	0
$130,000	1089	3	2	4740 Silent Creek Lane	$130,000	119.38	0
$135,000	1095	3	2	4744 Silent Creek Lane	$135,000	123.29	0
$145,900	1100	3	2	4420 Rivers Landing Dr	$141,100	128.27	82
$139,900	1128	3	2	4453 Rivers Landing Dr	$143,000	126.77	234
$145,000	1095	3	2	6291 Rivers Landing Ct	$145,000	132.42	0
$149,900	1063	3	2	4405 Rivers Landing Dr	$145,000	136.41	495
$149,900	1063	3	2	4812 Sampler Drive	$149,900	141.02	325
$149,900	1176	3	2	4442 Rivers Landing Dr	$149,900	127.47	302
$159,900	1357	3	2	4438 Rivers Landing Dr	$159,900	117.83	174
$169,900	1295	3	2	4808 Sampler Drive	$163,000	125.87	481
$175,900	1323	3	2	6319 Rivers Landing Ct	$165,000	124.72	642
$169,900	1063	3	2	6468 Hooded Bay Ct	$168,500	158.51	356
$169,900	1371	3	2	6315 Rivers Landing Ct	$169,900	123.92	19
$179,900	1295	3	2	4704 Silent Creek Lane	$180,000	139	0

4. Montejo (13 sales)

List Price	Sq Ft	Beds	Baths	Address	SP	Sold Price per SQFT	Days On Market
$143,900	1151	3	2	301 Carmen Rocio Way	$139,900	121.55	140
$144,900	1187	3	2	341 Carmen Rocio Way	$140,000	117.94	28
$149,900	1219	3	2	5306 Montejo Dr	$143,000	117.31	197
$144,900	1205	3	2	309 Carmen Rocio Way	$143,900	119.42	76
$154,900	1176	3	2	5273 Montejo Dr	$145,000	123.3	62
$147,000	1259	3	2	337 Carmen Rocio Way	$148,600	118.03	56
$149,900	1219	3	2	5269 Montejo Dr	$149,900	122.97	137
$150,900	1258	3	2	305 Carmen Rocio Way	$150,900	119.95	69
$152,500	1220	3	2	5208 Montejo Drive	$151,000	123.77	88
$152,500	1251	3	2	5204 Montejo Drive	$152,500	121.9	387
$150,000	1200	3	2	5277 Montejo Drive	$155,900	129.92	52
$156,900	1258	3	2	313 Carmen Rocio Way	$156,000	124.01	69
$157,500	1258	3	2	7F Carmen Rocio Way	$157,500	125.2	0

5. Pine Forest (11 sales)



List Price	Sq Ft	Beds	Baths	Address	Sale Price	Sold Price per SQFT	Days On Market
$129,990	1100	3	2	1205 Athens Ct	$129,900	118.09	218
$137,990	1100	3	2	1204 Athens Ct	$130,000	118.18	217
$134,990	1100	3	2	1208 Athens Ct	$134,990	122.72	41
$134,990	1100	3	2	1216 Athens Court	$134,990	122.72	49
$134,990	1090	3	2	1220 Athens Court	$134,990	123.84	80
$144,990	1236	3	2	1254 Athens Court	$144,990	117.31	367
$164,990	1650	4	2	1346 Tuscaloosa Tr	$164,990	99.99	9
$159,990	1444	4	2	1261 Athens Ct	$166,711	115.45	119
$166,990	1650	4	2	1321 Tuscaloosa Tr	$166,990	101.21	89
$171,000	1650	4	2	1345 Tuscaloosa Tr	$169,500	102.73	14
$164,990	1650	4	2	1334 Tuscaloosa Tr	$171,000	103.64	2
$171,990	1655	4	2	1333 Tuscaloosa Tr	$171,990	103.92	55

Map featuring the locations of new constuction communities in Tallahassee ‘ Address –Search By City– Tallahassee, FlTallahassee, Florida Radius 1 mi 5 mi 10 mi 25 mi 50 mi 100 mi 200 mi 500 mi Lots of Locales by...

How does the HOP program work?

nathancross — Fri, 10 Jul 2009 16:00:35 +0000

I received a call recently from a reader and she asked me about the HOP program, she had heard about the program before but wasn’t sure if she qualified or the 25% interest free downpayment. I thought in the interest of trying to better educate my readers I would write a post about HOP and the benefits of buying a HOP approved home if you qualify for the financing.

What are the income limits for eligible homebuyers?

The income limits depend on how many members of the family will be living in the home. Download HOP Income Limits for Florida

What are the benefits of the HOP program?

Also know as the Home Ownership Pool, the program was designed to help eligible homebuyers with downpayment assistance, up to 25% of the purchase price of a home. The amount a homebuyer can receive cannot exceed $70,000. The money is not free though it acts as silent second mortgage with a 0% interest rate.

Where does the money come from?

HOP is funded through the United States Department of Housing and Urban Development (HUD) and Florida Housing’s Homeownership Assistance Program (HAP). The program does not have an infinite supply of money and once the funds are gone eligible homebuyers have to wait for the pool to be refunded which can take up to 12 months. Typically the pool is funded twice a year.

What does a homebuyer need to do in order to qualify for HOP Financing?

I recommend homebuyers should talk with a Realtor that understands the HOP program, the Realtor can help determine if the buyer is eligible for the program and recommend a good local lender that can further assist with the qualification process.

Will any home qualify for the HOP program?

The short answer is No. The good news is that home builders are building brand new homes that meet the HOP building guidelines. There is a good selection of HOP approved homes for sale in Tallahassee.

What effect can the HOP financing have on my monthly payment?

Lets say that a first-time homebuyer wants to buy a home priced at $170,000. If they were to borrow the $170,000 at 5% over 30 years the monthly principal and interest payment would be $912.60. Now lets compare that to a HOP approved home that is also priced at $170,000 but this time the homebuyer gets 25% of the purchase price as an interest free loan, with the same 5% interest rate and the same 30 year term, the monthly principal and interest payment would be $684.45.

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Do you qualify for the $8,000 tax credit?

nathancross — Tue, 23 Jun 2009 21:14:27 +0000

I get asked a lot about the first-time homebuyer tax credit, so I thought I would write a post about the credit and what criteria a buyer needs to meet in order to qualify for it. $8,000 dollars is a lot of money and if used correctly can be a big help to anyone buying a home in todays market.

The most important aspect of the credit in my opinion is the time frame in which a qualified homebuyer needs to close on their home in order to receive the $8,000. If you close on a home after November 30, 2009 you will NOT qualify for the credit.

Buyers claim the credit on their federal tax return which will reduce their tax liability. If the $8000 tax credit is more than what you owe for your taxes , you will get a refund check for the difference.

The new tax credit does not have to be repaid if the buyer stays in the home at least three years. If you sell before the three years is up, the entire amount of the credit is recaptured on the sale of the home. Please take it from a professional if you are not planning on living in a home for at least 3 years you should not be buying now.

I have a great resource that you can download for free that will explain the tax credit in more detail.

Understanding the homebuyer tax credit

$8,000 First-Time Homebuyer Tax Credit Video Watch this video to get detailed information about the $8000 tax credit for First-time homebuyers, and how it may help you purchase your new home. Are you looking for...
Tax Credit Extended for Home buyers Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009...

$8,000 First-Time Homebuyer Tax Credit Video

nathancross — Fri, 19 Jun 2009 20:29:29 +0000

Watch this video to get detailed information about the $8000 tax credit for First-time homebuyers, and how it may help you purchase your new home.

Gov. Charlie Crist signs $8,000 homebuyer tax credit advance into law Beginning July 1, 2009 First-time homebuyers who qualify for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on their home,...
Do you qualify for the $8,000 tax credit? I get asked a lot about the first-time homebuyer tax credit, so I thought I would write a post about the credit and what criteria a buyer needs to meet...
Tax Credit Extended for Home buyers Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009...

New details released about the FHA $8,000 downpayment advance

nathancross — Sat, 30 May 2009 05:40:49 +0000

New details have been announced that affect how the $8,000 first-time homebuyer tax credit can be used.

There has been a lot of miss information floating around about the $8,000 tax credit. FHA loans require that a 3.5% downpayment be made by the borrower. Speculation by many in the industry suggested that eligible first-time homebuyers would be able to use the $8,000 tax credit towards their downpayment. Unfortunately that is not true. First-time homebuyers will have to come up with the 3.5% downpayment on their own, then the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and paying closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back. This type of financial product may not be immediately available to buyers since lenders will need to create the internal programs to handle the process.

Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
850.443.2125

Gov. Charlie Crist signs $8,000 homebuyer tax credit advance into law Beginning July 1, 2009 First-time homebuyers who qualify for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on their home,...

Gov. Charlie Crist signs $8,000 homebuyer tax credit advance into law

nathancross — Wed, 27 May 2009 22:17:33 +0000

Beginning July 1, 2009 First-time homebuyers who qualify for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out.

New developments as of July 1st 2009

Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available.

While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.

Under a different federal program, the Federal Housing Administration (FHA) has done something similar, yet with a significant difference: The federal program applies to FHA loans only, and buyers must still come up with a minimum downpayment of 3.5 percent.

Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
(850) 443.2125

$8,000 First-Time Homebuyer Tax Credit Video Watch this video to get detailed information about the $8000 tax credit for First-time homebuyers, and how it may help you purchase your new home. Are you looking for...
New details released about the FHA $8,000 downpayment advance New details have been announced that affect how the $8,000 first-time homebuyer tax credit can be used. There has been a lot of miss information floating around about the...

Price cuts lead to sales for Beazer Homes

nathancross — Mon, 18 May 2009 19:39:30 +0000

Beazer Townhomes

We have all seen real estate price reductions over the past 2 years or so, especially in the last 12 months. But I have never seen such big discounts on new Beazer townhomes, as I have in the last few days. On April 3rd I received an e-mail from one of the Beazer New Home Sales Specialist. In the e-mail, to my surprise, I was informed that Beazer was about to cut all prices on their existing homes & townhomes.

Real Estate price reductions are no surprise to me, the current market has been difficult to say the least. Foreclosures are on the rise and it seems like there is a For Sale sign next to every other home you drive by. Home sellers in this market have had to price their homes right in order to sell, the sellers that don’t are finding it difficult to get buyers to make an offer.

All this being said Beazer Homes prices over the last 12 months have come down, like everyone else’s, but never this dramatically. I met with a salesperson from Beazer earlier today and he told me that Beazer was cutting prices on all their existing new homes (anything already built or under construction), from Tallahassee to California and everywhere in between. Beazer is prepared to take a financial loss on their current home inventory, so that they can free up credit to use in the area’s of the country that they predict will be the first to turn around. Next I asked him if Beazer Homes was leaving SouthWood. He told me that was the first question he asked when he found out about the new prices and that the answer was definitely not.

These prices are hard to beat, if you have been looking at Townhomes for sale in SouthWood and if you have followed the prices then you will agree with me that these are incredibly low compared to what has sold in the past and also compared to what is currently for sale in SouthWood, and the rest of Leon county.

The Madison

1551 Square Feet, 3 bedrooms 2.5 bathrooms, 2 car garage, solid surface counter tops, hardwood floors, Was $211, 403 Now $161, 403. That is a $50,000 price reduction, almost 25% from their most current price.

The Jefferson

1889 Square Feet, 3 bedrooms 3.5 bathrooms, 2 car garage, reduced from $272, 815 to $202, 815. That is a $70,000 price reduction.

Call me if you need a Realtor to help you find the right townhome for sale in SouthWood. I am here to help you. I live in SouthWood, and I am always available for my clients. Remember it costs you nothing to work with a Realtor when you are purchasing real estate. Why not have a professional help you?

Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
(850) 443.2125

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