Owning a home is its own reward, but home ownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.
Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.
Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you bought a home in the past year, be sure to provide a copy of your HUD-1 statement to your tax preparer. The interest you paid at closing is not reflected in your year-end mortgage statement. Points and other closing costs may also be tax deductible.
Let's look at look at the Miami FL real estate sales for February 2010 compared to February 2009 to see how the buyers are taking advantage of these tax benefits in South Florida.
Single Family Homes Sales in Miami FL
The Miami market is representative of the South Florida market as a whole when comparing February 2010 to February 2009.
The number of single family homes sold in 2010 decreased by 18.2 percent compared to 2009. The number of new homes on the market decreased by 12.5 percent. The average sales price increased by 1.3 percent to $213,917, while the year-to-date average sales price increased 10.0 percent to $232,769.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Feb 2010
|
995
|
320
|
$213,917
|
$232,769
|
|
Feb 2009
|
1,137
|
391
|
$211,148
|
$211,460
|
Condo/Coop/Townhouse/Villa Sales in Miami FL
February 2010 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 30.6 percent compared to 2009. New listings increased by 3.2 percent. The average sales price decreased by 16.0 percent to $148,143 and the year-to-date sales price dropped 13.4 percent to $154,453.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Feb 2010
|
1,156
|
354
|
$148,143
|
$154,453
|
|
Feb 2009
|
1,120
|
271
|
$176,317
|
$178,349
|
If you want to learn more about South Florida real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com.
To begin searching for South Florida homes, please use our complimentary MLS search.
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.