‘articles’

Feds Extend First Time Homebuyer Tax Credit

Sunday, November 29th, 2009

Good news for first time home buyers who want to purchase Orlando real estate – the tax credit instituted earlier this year has been extended December 1st through April lake mary home30th, 2010.

Not only has it been extended, but the credit has been expanded to include buyers who are moving up to attain higher-priced property, allowing $6,500 for qualified parties. One of the qualifications is that existing home buyers have to have lived in the primary residence they are selling for five of the last eight years consecutively. Income requirements have also changed along with this extension of H.R. 3548. An individual can earn $125,000 per year while couples are limited to $250,000 in income. Orlando Florida homes must be under contract by the end of April and the purchase must be finalized by June 30.

Since its inception, the tax credit has infused the central Florida real estate market with new life. Orlando, Longwood, Lake Mary, and Sanford homes for sale are all selling at an increased pace while inventory, overall, is declining. The first time homebuyer tax credit has a great deal to do with this trend. Property valuations have stabilized and now that sellers can earn a credit, it is a win-win situation for both sellers and buyers in the central Florida real estate market.

Take a look at the Orlando listings as well as other areas in central Florida now. You may just find the perfect home to purchase, whether you are a first time buyer or just want to move up to a more valuable property, and receive a healthy tax credit to boot.

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What Makes Lake Mary One of the Best Places to Live in America?

Tuesday, November 24th, 2009

According to a 2007 CNN Money report, Lake Mary, Florida is considered one of the best places in America to live, coming in at #4 out of the 100 cities profiled. If you

Timacuan Golf Course, which runs through Lake Mary

Timacuan Golf Course, which runs through Lake Mary

have not heard of this town you may be unaware of exactly what it has to offer. Take a look at the information compiled here and decide for yourself if this Florida community is the best place to purchase your next home.

Perhaps the biggest advantage of living in Lake Mary is that it offers a wealth of amenities, entertainment, transportation, healthcare, and cultural options while still retaining its small-town atmosphere. Shopping malls, diverse cuisine, and concerts are all available within a short distance. For outdoor enthusiasts, fishing or boating on the lake is just as convenient as access to world-class golf courses.

Of course, in real estate it’s all about location, location, location and Lake Mary is situated in an ideal area just half an hour from Orlando and 45 minutes from famous Daytona Beach. This makes it ideal not only for retirees, but for young professionals who are employed by any of the companies in neighboring Orlando and face a daily commute.

Did you realize that there is no personal income tax assessed by the city or state? This makes buying a Lake Mary home even more of a value. Add to this the exceptional air quality index, the extremely low rate of crime, the fantastic weather, and high quality public school system and Lake Mary becomes the natural choice for families of all ages.

Take a look at the available listings of Lake Mary home inventory today and make an appointment to view several. Your ideal home in the resort-like atmosphere of Lake Mary is waiting for you to make an offer.

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Putting Real Estate News Into Perspective

Thursday, November 19th, 2009

If you watch or read national news reports regarding the state of the real estate market, you may be inclined to think all is still gloom and doom. In fact, a recent CNN Money article predicts that the price of homes will lose another 26%. That’s a pretty hefty drop – nearly a third, and that on top of already historic lows.house

Other news reports show the opposite, that the price of residential real estate is on the upswing. Some state that market pricing is flat. Still others claim the U.S. market is now at rock bottom and can’t go anywhere else but up. Who can you believe?

The truth is that anyone can take a look at wide-reaching statistics and make a statement about them that reinforces their own beliefs – or coincides with whatever spin they want to put on them. Future projections are extremely difficult to make with any degree of accuracy. No one has a crystal ball. Another factor is locale – each region, state, and city in the country experiences fluctuations that cannot be defined by a single figure.

So what’s the truth regarding central Florida real estate? Much the same as in other areas of the country, entry-level housing is the hottest ticket. For the previous quarter, Orlando properties sold for a median price of $117,000 and the average listing price was just under $300,000 in October (Trulia). Although the price per square foot is down just over 30%, sales have increased year over year by nearly 70%. There are fewer homes for sale than there are foreclosures, or impending foreclosures.

This means inventory is shrinking and the price for Orlando FL real estate just might begin to increase slightly. Of course, I don’t have a crystal ball so I can’t say for sure. But I do advise potential buyers who are waiting for national news forecasts to come true to pay less attention to widespread statistics and focus on the Orlando neighborhoods they want to live in.

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Home Buying Considerations for Retirees

Saturday, November 14th, 2009

Are the golden years of retirement a good time to buy a house? The answer depends on your own personal circumstances.seniors

When it comes to real estate, Orlando is always a great place to buy; Florida is eternally popular with retirees. There are some great bargains on the Orlando real estate listings right now so it may be the best time to buy a new primary or secondary residence. But enter the transaction with your eyes wide open.

Here a few considerations to take into account before putting an offer on that perfect central Florida house.

Budgeting a Limited Income

Your retirement years are not the time to be house poor. Make sure your monthly income is enough to afford a new mortgage payment in addition to entertainment, travel, and anything else you have saved these years to do. Consider your heirs, too. Do you want to leave them with a mortgage that might be upside down after you pass away?

Location, Location, Location

Many retirees choose Orlando, Lake Mary, or any of other popular cities in Florida as the place they want to spend their waning years. The truth is, central Florida real estate is always a hot buy. You are better off buying a home in one of the top-rated Orlando neighborhoods than you would be purchasing real estate elsewhere because it will always have value.

Taxes

Of course you will be able to deduct the mortgage loan interest and property taxes on your Florida home, whether it is your primary residence or a vacation property. But if you decide to sell a second home, the profit on the sale will be considered a capital gain and taxed accordingly. Regarding the sale of a primary home, $500,000 in profit is allowed by the IRS tax-free.

If you currently have a second home you wish to sell, it may interest you to note that if you live it in for two consecutive years out of five the high capital gains tax will not apply.

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The Future of Central Florida – the SunRail

Monday, November 9th, 2009

One of the few drawbacks to life in central Florida is the amount of traffic congesting the state’s freeways. The working class is obviously the hardest hit. For instance, residents who enjoy living in Lake Mary homes and who must commute to downtown Orlando each day for work often spend hours on the road. But this doesn’t mean you shouldn’t consider buying that luxury Florida vacation property; SunRail is on the way!SunRailLogo

The SunRail is the newest project aimed at providing relief to commuters in central Florida cities. While the construction phase can be painful to businesses along the planned route, the end result should be reason to rejoice.

Based on successful urban light rail systems such as the one newly installed in Phoenix a year ago, the SunRail provides a quick, easy, and comfortable form of transportation that bypasses gridlock and traffic accidents. The metro light rail has already gotten accolades and achieved much recognition in Phoenix for its aid in reducing pollution and providing a quick, clean commuter transport with convenient access to the most visited locales in the city.

The first phase of the SunRail route instituted by the Florida Department of Transportation will link Orlando with the suburb of DeBary. Currently, the first phase of the project is scheduled to be completed in the early months of 2011. Subsequent routes will include service to DeLand and Poinciana and all points in between these towns and Orlando.

For anyone considering the purchase of central Florida real estate in areas previously accessible only by car, the SunRail is great news. Don’t be afraid to place on an offer on property in the ‘burbs; the light rail is coming soon!

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Central Florida Living – the Good News

Wednesday, November 4th, 2009

Everyone knows that central Florida is a great place to live. From the beaches on either side of the state to the Disney World theme park, a warm and sunny climate to numerous natural lakes, ponds, and rivers, the area beckons new residents and visitors alike. Although most people think of central Florida real estate as being most attractive to retired couples, the truth is this is a wonderful location for younger families and singles, too.

Whether you are looking for Orlando luxury homes for a primary residence or Lake Mary properties for a vacation destination, the truth is you can’t go wrong buying real estate in Florida’s central corridor. But if you need a bit of added incentive, we will remind you of the good news going on in the state periodically in this blog.The first piece of good news is a recent decrease in the rate of electricity for homeowners in Winter Park. That’s right – instead of going up like everything else, those who own Winter Park real estate are now finding lower electric bills in their mailboxes. The 4.5% decrease went into effect October 1st of this year. The director of the city’s electric utility department gives the credit to falling prices for fuel and is pleased to pass along this savings to customers. This trend is expected to continue in the next year or two.

Now isn’t that great news? In an economy that has been marked by nothing but a higher cost of goods, a lower real estate valuation, and an increasing loss of jobs, the ability to save money on a monthly bill is a real boon.

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