Real Estate Market

Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

Let’s take a look at the Miami real estate sales statistics for January 2010 compared to January 2009 to see how the market is looking in South Florida:

Condo/Coop/Townhouse/Villa Sales in Miami

January 2010 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 19.2 percent compared to 2009. New listings decreased by 18 percent. The average sales price decreased by 10.4 percent to $161,150 and the year-to-date sales price dropped 10.4 percent to $161,150.

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.

Americans this year. From credits for homebuyers and energy-efficient home improvements, to increases for the Earned Income Tax credit and standard deduction, the majority of taxpayers will receive a bigger refund or less tax owed on 2009 returns.

Despite the number of tax changes, experts agree doing your own taxes is still easy, fast and affordable. "The key this year is to get organized beforehand and to allow for a bit of extra time to make sure you don't leave any money on the table," says Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT.

Dolmage shares five easy ways that all taxpayers can maximize their federal refund.

1. Get organized. Gather your tax documents and organize by category. Locate records related to events including unemployment, college, new vehicles, having or adopting children, buying a house, moving and changing jobs. New tax laws may give you bigger breaks for those events this year.

2. Use tax preparation software. If you're going to do your own taxes, why pay if you don't have to? Free solutions like TaxACT Free Federal Edition guide you through the new credits, deductions and tax laws. They also do the math, help find missing information and identify potential errors. TaxACT Free Federal Edition at www.taxact.com allows everyone to prepare and e-file for free - regardless of income, age, state of residence and military status. TaxACT also includes a maximum refund guarantee and all e-file forms for simple and complex federal returns.

3. Remember the Earned Income Tax Credit (EITC). Historically, one in four eligible taxpayers fail to claim this credit, designed for those whose earned incomes are below certain thresholds. The credit amount is based on filing status, age and number of qualifying children. Those without children also qualify. For 2009, more workers and families will qualify for this refundable credit. According to the Internal Revenue Service, one out of every six taxpayers will qualify this year. Taxpayers claiming the federal EITC may also be eligible for a similar credit on their state or local return.

4. Consider itemizing. The standard deduction for 2009 has increased to $5,700 for individual or married filing separately returns, $11,400 for joint returns or qualifying widow(er) returns and $8,350 for head of household returns. If your eligible deductions exceed the standard deduction amount, you're likely better off itemizing. Software like TaxACT will identify your best option after you enter your deductions.

5. File and pay as much as possible by April 15. Even if you can't pay your entire tax bill by the deadline, file early and schedule payment any time before April 15 (June 15 for taxpayers who qualify as "out of the country") to avoid penalties and interest. If you need a six-month extension (four months if "out of the country"), Form 4868 is due by April 15 and will extend your filing deadline to Oct. 15, 2010. Remember, an extension to file is not an extension to pay.

The fastest way to get your federal refund is to e-file your return and choose direct deposit, says Dolmage. The exception is those claiming the first-time homebuyer credit. To help prevent fraud, the IRS is requiring documentation for the credit to be mailed with their return and Form 5405 for the credit. In addition, the IRS says it likely won't start issuing those refunds until the end of March. Learn more about 2009 tax law changes and TaxACT at http://irs.gov and www.taxact.com.(ARA)

This Week's HOT Properties...

Bank Owned Property Of The Week:  
4001 S. Ocean DR. Unit 11M - Gorgeous oceanview and beach access.

Sale Of the Week:  
1543 Adams Street - Featured on 2009 Hollywood Historical Society Home & Garden Tour


Women Only:
Discover valuable strategies, tools and tips for accelerating your business success! Sign up for a free membership to Women Helping Women Mastermind.