No Need to be a "First-Timer" to Qualify for the New Home Buyer Tax Credit

The current first-time home buyer tax credit, which expires on November 30th, has been extended through April 30, 2010 by Congress, It has also been expanded to cover those who in many cases may already own a home.

The new legislation expanded eligibility for the home buyer tax credit to include people with higher incomes and those who have already owned a home for at least five years so long as they sign a purchase contract by April 30, 2010 and close on the purchase by June 30, 2010.

The $8,000 maximum first-time buyer tax credit will continue and now be available to individuals with incomes up to $125,000 and couples with annual incomes up to $225,000. Home buyers with incomes up to $145,000 and couples with incomes up to $245,000 will be eligible for reduced tax credits.

Under similar income limits, a $6,500 maximum credit will be available to many families who already own a home and presumably wish to move up to a larger home.

Under the new income limits, two-thirds of all American families who own their own home may be eligible to buy a new home. While buyers will not be required to sell their current home to qualify for the new tax credit, the money must be used to buy a new "primary residence", not a vacation home or investment property.

To exclude from the program speculators who might purchase a home intending to flip it for a fast profits, people who claim the tax credit but then sell the home or no longer use it as their primary residence within three years will be required to repay the credit.

Here's a "heads-up" to those who may have considered buying a first home under the prior program but didn't get around to it.

"Contact a Realtor and get started now. This great deal ends on April 30, 2010."

Legislators in both houses of Congress have indicated that this costly program will not be extended a second time. Critics point out that only about 1/4 of the homes purchased under the prior program would not have been bought anyway without the costly tax-credit program. There are also concerns that the original first-time buyer credit program included high numbers of fraudulent transactions. In this version of the program, the Internal Revenue Service has been given much wider authority to oversee the process to root out fraud.

For more information on homes for sale in the Sarasota real estate market, including Bradenton and Lakewood Ranch, as well as our Island Keys of Longboat, Siesta and Lido Key, I invite you to request my free Sarasota Home Buyer Information Package or call me directly at 941-228-2321 or at my Sarasota RE/MAX Office at 941-360-7777.

Things Are Looking Up for Sarasota Real Estate

The latest home sale figures for the Sarasota real estate market point to a slowly improving market here driven in part by the first-time buyer tax credit, but also by the substantially lower prices of homes and condos.

Total home and condo sales totaled almost 500 again in August compared to only 329 homes and condos sold in August of 2008. While sales were down from July's total of 595, this was an expected drop since Summer is traditionally the slowest period for home sales in the Sarasota - Bradenton area. Inventories of unsold homes are at the lowest level in more than 5 years. Pending sales, those under contract but not yet closed, in August were 820, more than 50% higher than the 541 pending sales in August of 2008.

The median home price in August for a single family home was $155,000 very close to the figures seen in January through May showing that prices are finally stabilizing. The median sale price for condominiums was $285,000 up substantially from the $212,000 in July also showing a stabilization, and maybe even the start of a recovery, in condominium prices.

These latest Sarasota home sales statistics continue to give evidence of a real estate market in the early stages of a recovery and point to a stabilization of home prices. "With high levels of foreclosures and short sales still remaining in the local market, we can reasonably expect sales statistics to be skewed" says Bill Geller, President of the Sarasota Association of Realtors. "However," he says, "we may be seeing a turning point in recent months as the numbers seem to have bottomed out ... People who live here and those who visit know there is no place like Sarasota..."

If you have dreams of moving to Sarasota, Bradenton, Longboat Key, Siesta Key, Lido Key or Lakewood Ranch in a waterfront or golf course community, or just owning a second home here, this is a great time to get involved with a knowledgeable Realtor before prices that have now stabilized start to move up again.

Building or Remodeling with Eco-friendly Materials - Beware of Asbestos Risks

Newly bought homes are often remodeled and repairs may be needed. Having the assistance of an honest real estate agent can make all the difference in the many steps that lead to home ownership. Sarasota Florida is known for its beautiful sandy beaches, too many golf course communities to count, and a vast array of arts and cultural amenities. What potential home buyer would not want to call the Sarasota area their home?

When searching for a new home or apartment in Sarasota, there are many things to consider and decisions to be made. Having the assistance of an honest and experienced Sarasota real estate Buyers Agent can make all the difference in the many steps that lead to home ownership.

While many homeowners may think that building green can take a toll on the wallet, the benefits outweigh any initial monetary losses. Building or remodeling your homes with eco-friendly materials can lower utility and water bills, achieve federal tax credits, higher real estate value, purer air quality, reduced waste sent to landfills and conservation of natural resources.

Asbestos

Gaining popularity more than a century ago, asbestos was used in many industrial and building applications throughout the 20th century due to its fire resistant qualities. Asbestos typically appeared in ceiling insulation, piping, siding, roof shingles and flooring. Homes and buildings built before 1980 may still contain asbestos materials. This should not make you jump out of your seat because asbestos exposure can be easily prevented by taking simple precautions.

Healthy Tips

If you locate any suspected asbestos in the home, most experts suggest leaving it un-disturbed until a home inspector can examine your property, take evaluations and determine the safest course of action. Sometimes the best action is no action at all. Disturbing asbestos in good condition may cause its fibers to be released into the air.

If asbestos needs to be removed, it should be performed by licensed abatement contractors. These contractors are trained in the handling and disposal of asbestos in public facilities and homes. Although it may prove to be costly, it is worth the price for achieving a healthy home.

Exposure can result in the development of related illnesses such as mesothelioma and asbestosis. Mesothelioma causes are as a result of inhaling asbestos fibers that become ingested in the inner linings of your lung.

Home Green Alternatives

The implementation of Eco-construction, green energy solutions will play an important role in the transformation to a healthier and sustainable world. Many locations throughout the United States are swiftly changing their construction practices to suit the environment and the health of human beings. Sustainability and energy guide many aspects of life in Florida.

Many green healthy alternatives to asbestos are available and should be sought out upon removal or renovation. These include the use of cotton fiber, lcynene foam and cellulose. Cotton fiber is quickly becoming a favorite for home builders and renovators. Made from recycled batted material, it is also treated to be fireproof. Research suggests that these Eco-friendly insulation alternatives can even reduce annual energy costs by 25 percent.

Have You Visited Bradenton Beach

Bradenton Beach, one of three communities on Anna maria Island is a vibrant waterfront community of about 1,500 residents. This charming beach village sits at the southern end of Anna Maria Island, just North of Longboat Key, where Sarasota Bay meets the Gulf of Mexico.

Laid back, friendly and open-hearted, Bradenton Beach welcomes visitors and new residents with equal warmth.

With miles of sugary white sand beaches on the gulf-side, Bradenton Beach is an ideal waterfront community if what you want is the casual ambiance of a secluded village. While Gulfside homes have gorgeous sunset views, natural mangroves accentuate the Sarasota Bay side of Bradenton Beach.

Here you can sail on warm Florida Gulf waters with steady winds off Bean Point or enjoy some exhilarating kite surfing just south of the Beach House Restaurant in Bradenton Beach. Go parasailing or snorkeling. Go scuba diving on reefs just off shore of Anna Maria Island for giant grouper. Fish from the popular City Pier or hop aboard a charter fishing boat to go after tarpon, dolphin and sailfish. For the more sedate, while away the day paddling through mangroves or collecting shells on beautifully white beaches
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In the middle of Bradenton Beach, just back from the beach, is a charming village famous for its ultra-casual beach combing lifestyle. Seaside inns and “Old Florida” cottages have been fastidiously preserved. Residential choices on the island vary from classic to modern, from bungalow to beach villa. All enjoy an unspoiled natural beauty and a casual and friendly, laid-back lifestyle. What a grand place to spend a seasonal get-a-way now, and then when it's time, to while away your retirement years.

If you would like to know more about Bradenton Beach waterfront homes or about our white sand beaches, shopping and dining, I'd be happy to show you around this wonderful island community.

I invite you to learn more about the entire Bradenton Florida area including this wonderfully casual community of Bradenton Beach on Anna Maria Island. Request my Bradenton Florida Real Estate Information Package. For more immediate assistance, call me directly at 941-228-2321 or at my RE/MAX Office at 941-360-7777.

Baltimore Orioles Spring Training Coming to Sarasota

Sarasota County and the Baltimore Orioles have reached a tentative agreement for the team to do spring training at Ed Smith Stadium for the next 30 years. After almost 60 years of preseason baseball in the Miami - Fort Lauderdale area, the Orioles will be in Sarasota beginning in the Spring of 2010.

The $31.2 million deal will be funded with local tourism tax revenue and more than $7 million in state money. The agreement calls for the Orioles to pay all operating and maintenance costs at Ed Smith for the term of the lease.

The deal also includes:

• A proposed Orioles and Cal Ripken Baseball youth academy at Twin Lakes Park.
  
  
• And promotion of Sarasota County in the Baltimore Washington metro area.
  

I invite you to learn more about the many attractions of Sarasota and Bradenton Florida. Visit my Sarasota real estate website for more information on all the many advantages of living the Sunny Sarasota lifestyle. For more immediate service, call me directly on my cellphone at 941-228-2321.

Learn About Sarasota Area Golf Course Communities

Sarasota may be the premier "golf town" in all of Florida. If you are searching for a golf course community in which to buy your dreamhome, the Sarasota Bradenton area is the right place to look. I've put together on my website a list of over 20 of the most desirable golf course communities in the Sarasota Florida area for your to review. I invite you take a few minutes right now to browse through the many golf course communities in the Sarasota - Bradenton - Venice area of Florida.

Whether you enjoy enjoy the recreational and social amenities of a country club lifestyle or you're just looking for a new "home course," one of these golf course communities in Sarasota and Manatee County will surely fit your needs and desires.

Providing you with information on Sarasota area golf course community homes and condos for sale in all price ranges would be my pleasure. Prices are very attractive right now and they are likely to start increasing in the near term as the current economic recession begins to recover.

I invite you to learn more about the Sarasota and Sarasota County real estate market. Request my free Sarasota Florida Information Package or, for more immediate attention, call me directly at 941-228-2321 or at my Sarasota RE/MAX Office at 941-360-7777.

All About Buying A "Short Sale" Home

You may be wondering what a "short sale" property is. In most cases, it is a property whose owner is facing foreclosure and trying to preserve his/her credit rating.

Short sales are different from other property sales. Instead of only involving two parties, the buyer and seller, a short sale also involves the holder of the mortgage loan. The seller has approached his or her mortgage holder requesting to sell the property for less than the balance owed on the mortgage, thus the expression “short” sale. The mortgage holder may reject that request and proceed into foreclosure, but many banks are ready now to accept less money for a property than is owed on it because a short sale will likely cost the bank less than putting the property through foreclosure. A short sale can be a good deal for the seller and it can also make the property a good deal for a buyer.

If you are a buyer looking for a great deal, a short sale properties can be an attractive option although you need to understand the differences between a normal real estate purchase and a "short sale." In a short sale, the buyer and seller negotiate and agree on a price as with a normal real estate transaction. The differences are as follows. You will have to offer to buy the property "as is." The seller is very unlikely to agree to pay for any repair needs uncovered during a home inspection. You also will not be able to stipulate any contingencies. At this point, the process moves out of the seller’s hands to the bank’s loss-mitigation department.

To increase your chances of a successful offer, make your offer price reasonable and include a substantial earnest money deposit. If you plan to use a mortgage to pay for the home, include a lender approval letter with your offer.

A buyer's offer usually takes about 30 or more days to get through the bank's loss mitigation process. Mortgage holders seldom make counter-offers and some banks will not notify you or your Realtor if the offer has been rejected... only if it is accepted.

If you are a prospective short sale buyer, I will work with you to get you the best possible deal. With my designation as an "Accredited Buyer Representative," you can feel confident that I know how to go about getting exactly that for you.

I invite you to call me directly at 941-228-2321 or at my Sarasota REMAX Office at 941-360-7777 with any questions you may have. I always have available a list of Sarasota area short sale properties available for viewing.

Sarasota Florida Home Sales Top 500 Again In May

Overall home sales in the Sarasota real estate market exceeded 500 for the second time since June 2008, inventory levels dropped, and the median sale price for both single family and condominiums stabilized in May 2009. These statistics all point toward a normalization and moderation of the market following a more volatile period during the past two years.

Overall home sales of 506 included 375 single family homes and 131 condominiums,
nearly identical to the April, 2009 numbers. Pending sales also remained at highly elevated levels, with 719 pending sales for single family homes and 210 pending sales of condominiums in May. The trend for pending sales has been upward for several months beginning in March 2009, when the figure topped 800 for the first time in three years.

“We are all encouraged by the recent strength of the Sarasota - Bradenton - Venice real estate market, and we're hopeful that this upward trend will continue as we enter the traditionally slower summer season,” said Sarasota Association of Realtors President Bill Geller. “Of course, until we get through this period of elevated foreclosures and short sales, the median sales price will remain artificially low."

Sarasota has mirrored the national trend. The median sale price for single family homes stood at $155,000 in May 2009, down slightly from the figure of $160,000 in April 2009. The median sales price for condo was $181,000 in May, also slightly lower than last month’s figure of $182,750. While prices have leveled off, they are still much lower than May 2008, primarily due to the high number of short sales and foreclosures, which have pulled down the median prices from last year’s levels.
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The health of the Sarasota real estate market in May 2009 continues to improve for both single family homes and condominiums as inventory of homes for sale continues to decline.

If you would like to know more about homes for sale in Sarasota and its surrounding communities of Bradenton, Osprey and Venice, visit my Sarasota & Bradenton Real Estate website. You may also want to review my thoughts on my view of the proper role of a Sarasota Florida Buyer's Agent. I invite you to call me directly at 941-228-2321 or at my Sarasota REMAX Office at 941-360-7777 with any questions you may have.