Seven “Must-Know” Facts About the New Tax Credit

The recently-changed government Tax Credit offers more to today’s first time homebuyer with greater incentives and relaxed restrictions. It might be just what you need to start building a foundation for the future and enjoying a place to call home.
Here are seven “must-know” facts to help determine whether the First-Time homebuyer Tax Credit will work for you:

1. The incentive has increased from $7,500 to $8,000. It represents a credit of 10% of the home value, with a cap of $8,000. It applies only to those buyers who purchased after January 1, 2009 and before December 1, 2009. 2009 purchasers can make an election to claim the credit on their 2008 returns. Ask your CPA which options are available to you.
2. Income limits restrict who can claim the tax credit. This credit is subject to income limitations. Single buyers need a modified gross income of $75,000 or less to qualify for the full credit and married couples are limited to a gross adjusted income of $150,000. Those earning more than those income caps may qualify for a reduced credit.
3. Any U.S. citizen who pays taxes, has not owned a home as his or her principal residence during the past three years, and meets the proper income requirements is eligible for the tax credit. Married taxpayers qualify only if neither spouse has owned a principal residence in the past three years. The date of purchase is considered the day that the title is transferred. Because it is defined as owning a“principal” residence, if you’ve owned a vacation home for example but not a principal residence, you would still qualify.
4. The unpopular “repayment” condition of the 2008 credit is eliminated for 2009 purchasers. Unfortunately, eligible 2008 purchasers are still responsible for the repayment.
5. The amount of the tax credit is tied to the price of the home. The credit is for 10% of the price of the home, up to a maximum of $8,000.
6. The new credit is refundable. Qualified buyers can take advantage of this even if they don’t have much tax liability. In other words, tax filers see a refund of the full $8,000 even if their total tax bill, the amount of withholding they pay during the year, plus anything they paid to file their returns, was less than that amount. For example if a tax filer had a total liability of $6,000 and had $7,000 in withholding, they would normally receive a refund of $1,000. In this instance he or she would receive $9,000.
7. There is a Recapture clause. Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the IRS. (Exceptions are considered in certain cases such as death or divorce.)

Please contact me if you have any additional questions or need clarification concerning this outstanding limited-time opportunity. I would be happy to sit down and discuss your eligibility AND your options with you. I’m always here to help.

To start looking for your Avalon Park/Waterford Lakes new home, click on the following link and type 32828 into the zipcode search bar.

East Orlando Homes for Sale

Dawn Pratt, Realtor
Keller Williams Advantage II Realty
© ProspectsPLUS!

Coupon from the University of Doglando!

Hey all you East Orlando dog lovers! The University of Doglando is offering us a coupon so that we can pamper our pets. Just click on the picture above and print!

Please click on their website link below to learn more about this fantastic, locally-owned company:
www.universityofdoglando.com

Beautiful East Orlando Home for Sale

This lovely Timber Lakes home has 4 bedrooms, 3.5 bathrooms and nearly 3000 square feet. All rooms are located on the lower level except for the large bonus room, which would make a great office, game or theater room! This home overlooks a pond and is just waiting for you to move in!

  $295,000

 

If you are interested in viewing this spectacular home, please email me by clicking the link below:

Your Waterford Lakes/Avalon Park Real Estate Agent

*Showings are available to clients that have Proof of Funds or have been Pre-Approved with a lender.

Orlando Real Estate Agents – You’re Invited – Keller Williams Advantage II Realty!

Interested in how Keller Williams Advantage II Realty may help increase your business potential? At 4pm today, November 13th, we invite you over so that you may learn a bit more about the Keller Williams Way. This is your opportunity to learn how we have such major market share in East Orlando, and to discover how you may have the opportunity to see your business grow as well.

If you are unable to attend this afternoon, you are more than welcome to attend any one of our upcoming classes. You will have an Ah Ha moment no matter your experience level!
Next week’s classes include:
1. Synergy Mortgage: USDA Rural Housing (did you know the Avalon Park area qualifies for 100% financing?)
2. Real Estate Top 12 Freebies
3. Credit Restoration and Education

For more information about the party this afternoon, class times, or directions- please email Dawn Pratt.

Keller Williams Advantage II Realty
12301 Lake Underhill Rd., Ste. 111
Orlando, FL  32828

East Orlando Single Family Home Sales

Postal Code 32828	August 2008	September 2008	October 2008
Number of Sales	47	47	40
Median Sales Price	$251,000	$236,000	$231,500
Median Sales Price per Sq. Ft.	$113	$101	$101
Active Listings (homes for sale)	557	563	560
New Listings	103	100	102
Median Days on Market	113	102	90

EAST ORLANDO HOME BUYERS:
There are still plenty of homes currently listed at or below current market value, and with rates hovering around 6%, now is the perfect time to buy in East Orlando. Email me at WaterfordLakes@yahoo.com and lets go over the figures to find you the most home for the least amount of money!

EAST ORLANDO HOME SELLERS:
If you are serious about selling, contact me for a free comparative market analysis of your home. Let me sell your home at a discounted brokerage fee and a listing agreement of 90 days. Just mention that you are a www.EastOrlandoLife.com reader. If you are unsatisfied with my performance, you may cancel our listing agreement at any time- no charge to you whatsoever.
My promise to you is to provide you with personalized service, consistent contact, and to do what it takes to reach our ultimate goal- to get your home sold!

Waterford Lakes, East Orlando Florida, Home Sales for October 2008

 

Address	Sq. Ft.	Listing price	Sold date	Sold price
872 Ferry Landing Ln	1380	170,000	10/31	145,000
12209 Calaboose Ct	1556	193,000	10/24	170,000
12720 Raftsmen Ct	1568	189,900	10/17	180,000

For more information regarding real estate in East Orlando, please contact me via email at : Your East Orlando Real Estate Agent – Waterford Lakes

Waterford Chase, East Orlando Florida, Home Sales for October 2008

 

Address	Sq. Ft.	Listing price	Sold date	Sold price
1054 Crystal Bay Ln	1929	164,900	10/13	163,250
418 Canary Island Ct	2284	242,400	10/2	226,000
522 Hardwood Cir	2363	244,500	10/15	244,600

For more information regarding real estate in East Orlando, please contact me via email at : Your East Orlando Real Estate Agent – Waterford Lakes

Timber Springs, East Orlando Florida, Home Sales for October 2008

 

Address	Sq. Ft.	Listing price	Sold date	Sold price
910 Spring Harvest Ct	1352	125,000	10/28	125,900
16069 Old Ash Loop	1966	160,000	10/10	160,000
16455 Tudor Grove Dr	2160	280,000	10/21	175,000
434 Spring River Dr	2951	274,900	10/23	258,000
921 Jack Pine Pl	3815	344,900	10/9	325,000
16061 Bristol Lake Cir	3388	339,900	10/23	340,000
16327 Bristol Lake Cir	3394	370,000	10/23	350,000

For more information regarding real estate in East Orlando, please contact me via email at : Your East Orlando Real Estate Agent – Timber Springs Homes

 

Stoneybrook, East Orlando Florida, Home Sales for October 2008

 

Address	Sq. Ft.	Listing price	Sold date	Sold price
14036 Weymouth Rn	2430	279,900	10/31	247,000
2520 Lockington Ct	2395	310,000	10/21	290,000

For more information regarding real estate in East Orlando, please contact me via email at : Your East Orlando Real Estate Agent – Stoneybrook Homes

 

Eastwood, East Orlando Florida, Home Sales for October 2008

 

Address	Sq. Ft.	Listing price	Sold date	Sold price
13103 Jupiter Hills Ct	1677	169,900	10/6	162,500
13031 Quail Ct	1990	199,900	10/13	166,000
13116 Cog Hill Way	1520	169,900	10/15	180,000
14203 Castlerock Dr	2302	237,000	10/30	225,000
1477 Anna Catherine Dr	2833	360,000	10/3	340,000

For more information regarding real estate in East Orlando, please contact me via email at : Your East Orlando Real Estate Agent – Eastwood Homes