Tax credit extended for active duty military
WASHINGTON – March 16, 2010 – U.S. servicemen out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.
The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.”
Should that be the case, however, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home. Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply.
For advice in any specific case, consult a qualified tax advisor. The applicable IRS publication is posted online (PDF format) at: http://www.irs.gov/pub/irs-pdf/p3.pdf
For information on real estate on Marco Island, Florida visit http://www.realestateonmarco.com/
Tuesday, March 16, 2010
Friday, March 12, 2010
Mortgage rates
Mortgage rates remain below 5 percent
Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.
The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said.
This week, the average rate on a 15-year fixed-rate mortgage was 4.32 percent, down from 4.33 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.05 percent, down from 4.11 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.22 percent from 4.27 percent.
For all you real estate needs visit http://www.realestateonmarco.com/ or call me at 239-404-7471
Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.
The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said.
This week, the average rate on a 15-year fixed-rate mortgage was 4.32 percent, down from 4.33 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.05 percent, down from 4.11 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.22 percent from 4.27 percent.
For all you real estate needs visit http://www.realestateonmarco.com/ or call me at 239-404-7471
Thursday, March 11, 2010
What is really happening in Marco Island Real Estate?
The real estate market on Marco Island had begun to stabalize and we are seeing some positive changes. With that being said here are some statistics:
NEW LISTINGS ON THE MARKET FOR FEBRUARY 2010:
Single family homes new on the market are down 7% from January 2010
Condominiums new on the market are down 22% from January 2010
PENDING SALES FOR FEBRUARY 2010:
Single family homes under contract are up 82% from January 2010 and up 27% from February 2009
Condominiums under contract are down 8% from January 2010 and up 20% from February 2010.
CLOSED SALES FOR FEBRUARY 2010:
Single family homes are down 8% from January 2010 and down 6% from February 2009
Condominiums are up 10% from January 2010 and up 55% from February 2009
If our inventory levels continue to decline it will make a shift on the supply and demand on Marco Island. The less supply we have the greater the demand.
NEW LISTINGS ON THE MARKET FOR FEBRUARY 2010:
Single family homes new on the market are down 7% from January 2010
Condominiums new on the market are down 22% from January 2010
PENDING SALES FOR FEBRUARY 2010:
Single family homes under contract are up 82% from January 2010 and up 27% from February 2009
Condominiums under contract are down 8% from January 2010 and up 20% from February 2010.
CLOSED SALES FOR FEBRUARY 2010:
Single family homes are down 8% from January 2010 and down 6% from February 2009
Condominiums are up 10% from January 2010 and up 55% from February 2009
If our inventory levels continue to decline it will make a shift on the supply and demand on Marco Island. The less supply we have the greater the demand.
Monday, March 8, 2010
Everglades Bicycle Ride
The Everglades Bicycle Ride will take place March 20, 2010 in Everglade City. They have 8, 23, 50,62, or 82 mile rides. Continental Breakfast, rest stops along route, and SAG vehicle support available. Great family event for kids of all ages.
Sponsored by the Naples Pathways Coalition. Proceeds benefit the River of Grass Greenway and Reach Out Everglades.
For more information contact: Patty Huff at 239-695-2397 or evergladesrogg.org
Sponsored by the Naples Pathways Coalition. Proceeds benefit the River of Grass Greenway and Reach Out Everglades.
For more information contact: Patty Huff at 239-695-2397 or evergladesrogg.org
Saturday, March 6, 2010
Walk to the Beach
Walk to the beach from this beautiful home with 3 bedrooms and 2 baths. Mature landscaping and tile roof located in the prestigious Copperfield area.
The home features a pool and built in spa, boat dock and lift with the boat included in the sale of the home. Relax by the pool and watch the sunset over the water for another perfect day on Marco Island.
For more information on this home, please call Deanna at 239-404-7471 or visit my website at http://www.realestateonmarco.com/
Great home at a great price on Beautiful Marco Island!
$499,000
Tuesday, March 2, 2010
Real Estate Tax Credit
With the Tax Credit deadlines just around the corner, I wanted to go over the requirements.
What's the deadline?
To Qualify, first-time and repeat buyers must have a binding written contract by April 30, 2010 and close by July 1, 2010.
How Much Money is available?
The maximum allowable credit for first-time home buyers is $8,000. The maximum for repeat buyers, also referred to in the legislation as "long-time residents," is $6,500.
What 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 do buyers get the benefit?
Buyers can apply the credit to their 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or apply the credit on their 2010 return, filed on or before April 15, 2011.
Who Qualifies?
To quailfiy as a first-time home buyer, the purchaser or his or her spouse may not have owned a residence during the three years prior to the purchase. To qualify as a repeat buyer, current home owners must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Are there income limits?
The new law raises the income limits for people who purchase homes after November 6, 2009. The full credit will be available to taxpayers with modified adjusted gross incomes up to $125,000 or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000 - or $225,000 and $245,000 for joint filers-are eligible for a reduced credit. Those with higher incomes do not qualify.
This information was obtained from www.realtor.org
What's the deadline?
To Qualify, first-time and repeat buyers must have a binding written contract by April 30, 2010 and close by July 1, 2010.
How Much Money is available?
The maximum allowable credit for first-time home buyers is $8,000. The maximum for repeat buyers, also referred to in the legislation as "long-time residents," is $6,500.
What 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 do buyers get the benefit?
Buyers can apply the credit to their 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or apply the credit on their 2010 return, filed on or before April 15, 2011.
Who Qualifies?
To quailfiy as a first-time home buyer, the purchaser or his or her spouse may not have owned a residence during the three years prior to the purchase. To qualify as a repeat buyer, current home owners must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Are there income limits?
The new law raises the income limits for people who purchase homes after November 6, 2009. The full credit will be available to taxpayers with modified adjusted gross incomes up to $125,000 or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000 - or $225,000 and $245,000 for joint filers-are eligible for a reduced credit. Those with higher incomes do not qualify.
This information was obtained from www.realtor.org
2nd Annual Marco Island Seafood Festival
Marco Island will be holding a Seafood Festival March 20-21 at Vetrans Community Park. There will be a wide range of seafood from fresh fish, stone crab claws, fish chowder and arts & crafts.
There will also be a wide variety of live music. Entertainment starts at 11am both days and ends at 6:45pm.
There will be a bus route that will pick up people at Marco Island Healthcare Center and deliver them to the Festival.
For more information visit http://www.marcoislandseafoodfestival.com/
There will also be a wide variety of live music. Entertainment starts at 11am both days and ends at 6:45pm.
There will be a bus route that will pick up people at Marco Island Healthcare Center and deliver them to the Festival.
For more information visit http://www.marcoislandseafoodfestival.com/
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