LakeCountyHomePros Community Forum

"Existing Homeowners Taking Advantage of $6,500 Tax Credit"

Many Existing Homeowners are eligible for a credit up to $6,500 when they purchase a home.

It's no secret that Florida is a great place to live and for a short time you may receive a $6500 gift when you purchase a home!

One fact that surprises many purchasers is that they do not have to sell their currenthome to receive the credit. Of course, the home must become their primary residence.

Qualifi ed first time purchasers still receive a credit of up to $8000. Purchase agreements must be signed by April 30, 2010, and closings must be fi nal by June 30th.

The best way to learn how to take advantage of this historic tax credit is to contact any Realtor.  Here is just one example of how this credit is stimulating the economy. One gentleman who purchased a fixer-upper for $52,000 was pleased to learn he will receive a $5,200 credit. The money will be used to update the kitchen with new appliances and flooring. 

Previously the fi xer-upper had been on the market and abandoned for over one year.  Clearly the incentives are having a positive effect on home sales. The monthly number sales by Realtors® in Lake and Sumter counties climbed over 60% from 204 to 335 when compared to December 2008. The market is responding to increased affordability coupled with appealing interest rates and the tax credit.

Karen Lindeman-Bennett of Regions Bank in Lake County, FL said:" Stimulating the housing market is one of the best ways to accelerate the recovery of our local and national economy. The $8,000 tax credit has a powerful role in increasing home sales in Central Florida. With the expansion of the credit to include moveup buyers we expect this trend to continue."

Raphael "Ray" Levy

Lake County Home Pros

www.lakecountyhomepros.com

352-978-8551