Daytona Beach Real Estate

Good news for the Daytona Beach real estate market. This new tax credit adds the third key to an already attractive buyer’s market. With prices so low, and interest rates so low, and now a possible tax credit, now may be the best time to buy.

As part of the American Recovery and Reinvestment Act of 2009, a provision for a tax credit of up to $8,000 for new home buyers was included, but, it’s not just for new home buyers.

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The Daytona Beach real estate market has been in a slump for about 2-1/2 years now. The latest news is that building permits are down from 5138 in 2006 and 3750 in 2007 to 2983 in 2008. That’s a drop of 20.5% over 2007 and a whopping 41.9% over 2006.

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A few days ago, Senator Johnny Isakson had added an up to $15,000 federal tax credit to the so-called “Stimulus Bill.” It didn’t make the final version.

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Senator Johnny Isakson from Georgia, added a provision to the monstrous new stimulus bill that would give buyers of a primary residence, a $15,000 federal income tax credit.

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Last year, sales at any point in the year where never ahead of 2008 Daytona Beach homes sales. This year we start off January 29% ahead.

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