I came across this article at the Florida Home Builders Association. It covers new tax benifits from home ownership.

More Big Wins for Move-Up Buyers

Potential home buyers who aren’t eligible for the $8,000 first-time home buyer tax credit because they currently own a home actually have what could be an even bigger advantage — the opportunity to buy a new home that is bigger and better than they could have just a year or two before.

“Now may be an ideal time for any family looking to upgrade from their starter home to one more suited to their current or future needs,” said Joe Robson, chairman of the National Association of Home Builders and a home builder from Tulsa, Okla. “Buyers are able to get more home for their money by taking advantage of current prices and interest rates, along with the bargaining power that comes from the large number of homes on the market.”

Here are the top five reasons current home owners should consider upgrading to their dream home:

1. Interest rates are at historic lows, which means you can buy more house than you could a year ago — for the same monthly mortgage payment.

2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.

3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice–and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.

5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.
The current housing market offers unprecedented opportunities for first-time and move-up buyers alike.

For more information on the $8,000 first-time home buyer tax credit, go to www.federalhousingtaxcredit.com.

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The nation’s housing industry and the economy have just about seen the worst of the painful downturn that greatly intensified since last September’s turmoil in the financial markets, according to economists speaking at NAHB’s recent Construction Forecast Conference. And despite a continuation of rising unemployment well into next year, although at a slowing pace, housing in this year’s second half is expected to begin gradually leading the economy to higher ground, they said. “There’s a lot of skepticism out there. This is a very deep hole we’re in,” acknowledged NAHB Chief Economist David Crowe. But he said there are several reasons to believe that “the housing recession is nearing an end and housing will return on a very slow basis.” Crowe said that new single-family home sales probably reached their trough in the first quarter of this year, hitting a record low of 320,000 on a seasonally adjusted annual basis, down from about 1.2 million at their peak. Contact OrlandoMortgageCentral.com to learn how you can buy a newhome at a great price in the down market. Contact us today.