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 1^st through April 30^th, 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.

Tags: first time home buyer tax credit, Good News, H.R. 3548, Lake Mary, Longwood, move up properties, Orlando, real estate market, Sanford