Gainesville FL Real Estate Blog

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.

Lets look at Gainesville FL real estate sales for February to see how the housing recovery is progressing:

The Gainesville FL real estate (single family) sales saw sold listings remain consistent in February 2010, when compared against February 2009.  New listings saw an increase of 18%.  Pending sales saw a 22% increase and the average sales price increased by 10% to $175,150, while market times increased by 23 days.

The Gainesville FL area Condo/Townhome market saw the average sales price decreased by 37% to $84,743 in February 2010 compared to February 2009.  While new listings were up 19% and sold listings increased by 32% in February 2010.  Pending sales increased by 34% when compared to February 2009, while the average market times increased by 48 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.