Homebuyers received a big boost from Congress earlier this month when President Obama signed into law a five-month extension of the first-time homebuyer tax credit and a new tax credit benefiting existing homebuyers.
The first-time credit, part of the American Recovery and Reinvestment Act of 2009, was set to expire Nov. 30. Both credits will be available for qualified buyers through April 30. "Congress did the right thing by extending and expanding these tax credits," said Prudential Chaplin Williams Realty President Hugh Williams. "The first-time homebuyer credit played a significant role in the U.S. housing market's recovery in 2009, and both will help the market in the new year."
According to the National Association of REALTORS, nearly half of all home sales are now being made by first-time purchasers. In fact, 47 percent of all Americans who purchased homes this year had not owned one during the previous three years, said NAR, up from 36 percent in 2006. NAR forecasts that existing home sales will rise 2 percent this year to just over 5 million. NAR predicts a 13.6 percent gain in 2010 to 5.69 million homes sold.
The first-time homebuyer tax credit equates to as much as $8,000, or 10 percent of a principal residence's purchase price and is available to those who have not owned a principal residence in the past three years. Existing homeowners who have lived in their current home for at least five consecutive years of the previous eight and who are purchasing a home to be their principal residence may be eligible for up to a $6,500 tax credit. Start Your Home Search
Bank Owned Properties
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Homebuyers received a big boost from Congress earlier this month when President Obama signed into law a five-month extension of the first-time homebuyer tax credit and a new tax credit benefiting existing homebuyers.
Want to see the entire range of bank owned/foreclosed property and short sale opportunities throughout Nassau County? We've setup a special site for you to obtain the most up to date lists of distressed assets available. Our dedicated team searches dozens of resources daily so you don't have too!
We can create for you a free, no obligation, comparable market analysis to assit you in pricing your home right! We’ll account for everything from your neighborhood, homes location, recent sales in the area and current market conditions. 
Not ready to buy a home? We'll we have you covered. Check out Chaplin Williams Rentals, Inc. for long term rentals on Amelia Island, in Fernandina Beach and Yulee. You'll find a wide range of property types with price points sure to please. And if you're looking to make some money by offering your home for rent they can do that too!