For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Classic architecture coupled with all the amenities of a new home due to the spacious and masterfully done expansion. This timeless home preserves the character and charm of its historical 1920s origins with columned entrance and stately porte-cochere. Gleaming hardwood floors, crown molding and abundant wood framed windows are found throughout as well as central foyer and staircase, fireplace and other fabulous built-ins. Double French doors give way to a separate office off formal living room with a bonus study at the landing off the upstairs bedrooms. Formal dining room and big butler's pantry with ample cabinets connects to the gourmet kitchen. The kitchen's quality stainless steel appliances, granite counters, custom period cabinetry with under-lighting and oversized island with plentiful bar seating gives way to the open family room featuring additional French doors and views of the rear covered porch and yard, large enough for a future pool and play area. Great master suite is a relaxing retreat with walk-in closet and en suite bath featuring a dual vanity and sinks, timeless tile designs, separate shower, and oversized tub. Discreet rear alley allows for both trash pick up and access into the detached garage. All the work has been done, time to make this your home.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Paradise found in this secluded city home, conveniently located just minutes to Downtown Tampa while driving along Tampa Bay's scenic Bayshore Blvd and it's linear parkways. Abundant Glass, built around the outdoors with privacy walls and intimate court- yard, this home is a unique and one-of-a-kind masterpiece. Reflections and a tranquil feeling of peace surround you from the rippled glass block walls during daylight hours to the visual expansion of twilight with glass reflections of the majestic oaks. No cost has been spared with quality upgrades from red oak and granite floors to the expansive impact windows and state-of-the-art designer kitchen with stainless steel Architectural appliances including microwave, convection oven, warming drawer, French door refrigerator, icemaker, Viking 5-top gas range and Eurocave six-foot wine cooler. Every fixture, appliance and detail has been chosen to complete and enhance the experience of owning this piece of art. Enjoy the outdoor fireplace during cool evenings or dine by the two-sided fireplace while the reflecting flames dance on the glass walls at night, a time when the grounds come alive with accent lighting of walls and landscape. Completing this experience and encompassing the outdoors is the resort style swimming pool with the negative edge spilling into the reflection pool, outdoor showers, spa and grotto. You and your guests alike will be intrigued by the life and flow of this home as you live and entertain throughout all seasons.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Short Sale. Contingency. Contract Pending. Buyers Right of First Refusal. Contact Listing Agent. Contingency. Contract Pending. Buyers Right of First Refusal. Contact Listing Agent. Tucked away in the quiet recesses of Magdalene Reserve, this luxury home lies at the end of a quiet and desirable cul-de-sac. Enter into the grand, two-story foyer featuring wooden staircase and banister, and follow the gleaming wood floors to the open and inviting living room. Continue on into the formal dining room elegantly flanked by dual columns. Spacious family room contains built-in entertainment shelving and beautiful marble fireplace and opens to the impressive eat-in, gourmet kitchen with pantry, desk, plentiful cabinet space, granite tops, bar, central island with additional sink and stainless steel appliances including gas range with convection oven and additional warming drawer. Upstairs contains all secondary bedrooms as well as huge master suite with his and her closets and en suite bathroom offering dual sinks and garden tub. Large back yard contains custom screened patio featuring pool and spa with waterfall.  Further amenities of this incredible home include separate 1/1 guesthouse and 3-car garage.  Easy access to Dale Mabry and I-275 make this home's Carrollwood location convenient no matter your destination. 

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Brand new interior from new floors to ceilings with new kitchen and all new high-end updated bathrooms. Entire downstairs is open, which lends itself to entertaining with lots of parking on this oversized lot. Great home tucked away at the end of a secluded cul-de-sac in quiet Sunset Park. Make your way past multiple shade giving trees in front yard and enter this home through front door with striking cut glass window. Follow beautiful bamboo floors from the foyer into either spacious living room or large, formal dining room and further on into updated kitchen with custom all wood cabinetry, granite countertops, dual stainless steel sinks and matching black appliances including range, built-in microwave with exhaust hood and dishwasher. Kitchen has eat-in area as well as entrance to back yard and opens to inviting family room. Bright and airy Florida room is entered from family room's large sliding glass doors and is a relaxing retreat for enjoying the outdoors all year round. Elegant central staircase gives access to second floor and all three bedrooms. Master suite contains separate sitting area and en suite bathroom with dual, glass bowl sinks as well glass bricked shower stall with frameless glass door. Other features include plentiful windows for desirable natural lighting, half bath downstairs, inside utility room, extra storage under stairs and outside utility shed. Well maintained home shows pride of owner ship and is a must see for discerning buyers.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Paradise found just 20 minutes north of downtown Tampa.  Tranquil setting on Lake Stemper (one of the largest lakes in northern Hillsborough at 136 acres) affords privacy and seclusion.  Feel like you are on vacation everyday in this quality built, 1991- updated custom home with over 4600 SF of living space including 5 bedrooms, 4 full bathrooms, two fireplaces (one double, one single) and an open floor plan with lake views from most rooms.  Other features of this great home include stunning oak floors throughout, bar area, stunning double staircase to balcony overlooking family room with wet bar, upstairs loft for play/workout room, security system and intercom.  Master suite and second bedroom reside upstairs with separate staircase and individual baths and two screened balconies.  Huge eat-in kitchen features granite counters, an island and secretary desk and overlooks formal dining room with lake view.  Inviting screened and tiled lanai with pool and spa along with solar outdoor kitchen and bath plus private dock with boatlift sit on premier portion of lake, which allows for jet skiing, boating or relaxed canoeing.  Also features two-car garage and two utility buildings.  Great home in great area with private schools nearby.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Month/Year	# of Sold Homes	Average DOM	Average Price
01/01/08	30	122	$766,026
02/01/08	29	127	$670,814
03/01/08	30	116	$722,097
04/01/08	40	129	$632,093
05/01/08	41	135	$520,874
06/01/08	49	113	$495,295
07/01/08	55	135	$590,089
08/01/08	49	115	$524,944
09/01/08	50	142	$533,258
10/01/08	35	133	$595,138
11/01/08	26	118	$520,935
12/01/08	29	153	$739,964
01/01/09	29	141	$462,603
02/01/09	30	125	$494,714
03/01/09	40	129	$596,693
04/01/09	40	182	$349,335
05/01/09	46	158	$412,408
06/01/09	46	120	$535,597
07/01/09	59	128	$517,557
08/01/09	52	103	$390,140
09/01/09	57	112	$527,927
10/01/09	27	128	$468,772

With 448 homes currently on the real estate market, there are a lot of opportunities to purchase a great home in one of the best school districts Hillsborough County has to offer.

Move-in-perfect home on wide canal in Dana Shores has been completely remodeled and updated from top to bottom.  Make your way from the manicured yard, up the paver walkway and through the beveled-glass front door into the home's spacious living room with French pattern travertine tiles that run throughout this home.  Kitchen with tiled counter opens from living room and features wood cabinets with select glass fronts in addition to side by side sinks with garbage disposal and Frigidaire appliances including ceramic top range, microwave and combined exhaust hood, dishwasher and French door refrigerator.  Dining room opens to inviting family room perfect for quiet contemplation with large windows that afford abundant natural light and views of the yard and canal beyond.  Central hallway leads to secondary bedroom as well as additional full bathroom and ends at master suite.  Impressive master bedroom contains walk-in and supplementary closet with separate seating area and en-suite bathroom offering frameless glass shower stall with dual showerheads, twin sinks and stone counter tops.  Back yard with oversized paver patio is beautifully landscaped and has in-ground, tiled spa.  Other features to this incredible home include NEW roof, soffit, A/C, exterior stucco, all light fixtures and interior walls.  This home is a must see and shows attention to detail at every turn.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Classic 2/1 bungalow in Historic Hyde Park lays on enviable corner lot across the street from Kate Jackson Park and Community Center. Come up the walkway to the covered porch made for relaxed evenings and enter this 1,386 SF home through its vintage front door. Spacious and inviting living room contains wood burning fireplace with brick mantle and tiled hearth as well as built-in, dividing shelves. Dining room features hardwood floors continued from living room, on into the hallway and both bedrooms.  Master bedroom has original French doors with transom opening to enclosed front sunroom. Second bedroom can be entered from both hallway and oversized, inside utility room that in turn offers access to open kitchen via pantry. Kitchen off of dining room also opens to back yard through the separate, back mudroom. Large back yard with plenty of shade affords recreation space and multiple storage spaces as well as access to drive space and alley in rear. Other highlights of this home include original, wood framed windows and doors with vintage hardware and paneled doors, volume ceilings, upgraded electrical throughout and large, gabled attic that can be converted to suit buyer's needs. A great location within a great community, this charming house is waiting for the right buyer to make it a home.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

Nestled in this secluded South Tampa enclave, enter this end unit townhome via a brick walkway & private security gate & walk through the cut glass door into the open & inviting foyer with closet & access to the inside utility room. Follow the wood floors through the French doors & into the family room with crown molding & built-in custom cabinetry. Breakfast nook is down the hall & attached to the kitchen with lit tray ceiling, custom cabinets, granite counters, island & stainless appliances including French door refrigerator, wine refrigerator & glass top range with hood & convection oven. Formal dining room is spacious & contains dual French Doors to afford soft evening breezes while entertaining or just relaxing. The open living room boasts additional French doors opening to the screened patio & landscaped yard beyond as well as a wood-burning fireplace with large, polished stone hearth & overhang for artistic displays. Second floor contains large master bedroom with walk-in closet & en suite master bath with dual sinks, spa tub with separate shower & private toilet & bidet area. Second bedroom with personal bath & walk-in closet has private porch accessed from dual French doors. Third floor is carpeted & features third bedroom/loft area with built-in shelves & desk. Two-car garage with opener is attached & has separate rear entrance & ample storage space. Further features of this great home include in-wall intercom & music system & new exterior paint. This home is a must see!

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

This amazingly renovated bungalow is a one-of-a-kind South Tampa find with natural stone exterior & stately porte cochere. Enter this Golf View home via the classic covered bungalow porch into the family room with in-ceiling surround sound speakers as well as built in shelving, cabinets & window seat. Follow the gleaming wood floors into the formal living room featuring a wood-burning fireplace complete with wood mantel & the bonus sunroom/office just beyond.  Separate, formal dining room off living room opens to the expanded & upgraded kitchen with additional speakers, walk-in pantry, solid wood cabinets with ample storage, dual sinks, granite counters & new appliances including the gas cook top on the kitchen’s island, built in microwave & oven, wine refrigerator & side by side refrigerator. Informal dinette off kitchen offers convenient & easy dining in addition to access to the family room. Upstairs features spacious master bedroom plus two additional bedrooms. Inviting & landscaped backyard offers brick patio for relaxing & has been wired for speakers.  Further features to this home include: crown molding throughout, new interior & exterior paint, new alarm system with dual panels, upgraded plumbing & electrical throughout, new Trane heating & cooling systems including ductwork & new 30 year dimensional shingle roof. Property includes garage & carriage house that could easily be converted to an office or pool house. Attention to detail is seen in & out of this incredibly renovated bungalow.

For more information on this and other homes, contact the Bell Korhn Team and speak with one of our qualified professionals at (813) 857-7955 or email us at Info@BellKorhnTeam.com.

Bell Korhn Team

Keller Williams Realty South Tampa

(813) 857-7955

Info@BellKorhnTeam.com

To view more, click here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221235

Source: CNNMoney.com, Les Christie (08/06/2009)

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

When thoughts of storms and hurricanes are as distant as foreboding weather systems off the west coast of Africa and the skies above are blue, it is the perfect time to do some basic preparations.  First off, review the current homeowners insurance policy.  Ensure that there is adequate protection and appropriate coverage.  Keep in mind that homeowners insurance does not cover losses incurred due to flooding.  Flooding, one of the greatest destructive forces of storms and hurricanes, is covered under separate flood insurance and should be considered by all who live in flood hazard areas.  Also of note is that homeowners insurance may cover valuables, but up to certain limits.  One should consider securing additional coverage for individual items of great value and importance.  Once all insurance details are worked out, document and inventory all personal property with photographs or video.  Store this, along with all pertinent insurance information and other valuable documents, in a safety deposit box or in a fire/weatherproof security box that can be easily accessed for evacuation purposes.  Besides arranging one’s insurance policies, there are a few things that can be done around the home before any signs of inclement weather.  Take the time to have hurricane shutters installed or pre-cut ¾ inch plywood for all the windows of the home.  When yard work is being done, be sure to cut back branches of trees that could break windows.  If there are large sections that need removal, contact a professional tree trimmer to help with this.

When the skies are black and the storm is on its way and it is too late to change insurance policies, there are still plenty of things to be done around the house.  One of the first things to do is turn refrigerators and freezers to their coldest settings and refrain from opening them unnecessarily.  This will allow them to retain the greatest amount of cold during the period when they may be without power and is the greatest chance to keep these perishables from spoiling.  All outside items should be brought inside and large objects should be secured as best as possible.  Next it is time to put one’s earlier preparations to work by closing all the hurricane shutters or board up the windows with the pre-cut plywood.  Bathtubs and sinks may be filled with water for cleaning purposes after the storm has passed.  Immediately prior to evacuation or the storms onset, one should turn off all circuit breakers, the main water line and gas utilities if possible.  This will greatly reduce the possibility of fire, electrocution or explosion.  Should one be staying, remember to rely on candles and battery-powered appliances during the storm.  If evacuating, all valuables should be taken at this time.  One may not have the opportunity to retrieve these items for some time afterwards.

When the worst has passed and the skies are gray, one’s first inclination is to turn everything on and begin on the clean up.  One should fight this initial instinct and wait to turn on all circuit breakers until all power has been restored.  After power is restored and circuit breakers have been turned on, one should examine the home’s electrical system checking for frayed wires, burning smells or other problems.  Should any problems exist, turn off the electricity and contact an electrician immediately.  Next the water and sewer lines should be inspected to ensure they are functioning correctly.  If any problems are detected, contact a plumber immediately.  If one utilizes gas, turn on the gas and check for any possible leaks.  Should a leak be perceived, immediately exit the home, turn off the gas and contact the gas company.  Once these items are taken care of, it is time to begin assessing any damage to one’s property and possessions.  Be sure to document all damage and comply with your insurance company’s requisites for claim submission.  Note that damaged items should not be disposed of without the prior approval of one’s insurance claims adjuster.

No one wishes to experience the uncertainty and danger of large storms and hurricanes.  We all celebrate our near misses with a faint sense of guilt acknowledging our windfall is another’s devastation.  One can never predict the weather 100%, nor can one ever be 100% prepared, but we can all do our best to limit the damages and meet head-on all difficulties that may come our way.  Stay prepared, smart and safe.

The Demand

47 homes contracted over the past 14 days and are now pending sales (that is an average of 3.36 homes contracted a day).  85% were under $300,000 while only 2% (a total of 10 homes) contracted above $500,000.  Could the stimulus package to new home Buyers be working?  Contact us to find out how many of these properties were first time homebuyers.

52 homes sold in the last two weeks (that is an average of 3.7 homes closing daily).  41 homes closed for under $500,000 (3.79%) while only 2% closed above the $500,000 mark.  Did these homes contract after the first time Buyer credit of $8,000 was implemented?  How many of these sales were purchased by investors (false demand)?  Contact us if you would like to know.

The Supply

117 new homes were listed.  80 of these homes (68% of the total new listings) were listed under $500,000 with 37 new listings (32% of the total new listings) priced above $500,000.  Which neighborhoods had the most new listings?  Contact us to find out.

54 homes came back on the market that were previously listed but did not sell.  This puts the total increase of supply at 171 homes, which equates to more than 12 homes coming on the market daily.  All these homes are in competition for the approximately 3 Buyers purchasing per day.  How many homes are listed in these zip codes?  Log on to our website and search for yourself or contact us for your personal appointment.

195 homes have reduced their prices in the past two weeks (an average of 13.93 price reductions a day).  143 of the price reductions (73% of the total) dropped below $500,000 with only 52 homes changing price but remaining above $500,000.  Are Sellers more motivated in the under $500,000 range?  How many of the price changes for properties are short sales or foreclosures that are motivated by Banks?  Contact your South Tampa Home Experts to get the data for your neighborhood.

Should you Sell? Buy? Or Hold? Maybe yes and maybe no depending on your personal goals.  Call your Real Estate consultants to assist you with your personal goals and find out if your neighborhood is one of the niche markets going against the trend of price softening.  If you are upgrading and wanting to stay in your own neighborhood than this will be your best time ever to accomplish that goal.  Contact us to take advantage of this Opportunity.

Here is an easy to use chart (courtesy of the National Association of Realtors):

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

 

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	12/01/09
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

Read more online with US News.

The Average Sales Price for 2008:  $609,294

The Average Days on the Market:  128

Number of Transactions:  463

As always, the late spring and summer time had the most number of transactions in 2008, with July having the most at 55.  We ended the year strong with 29 transactions in December as well as an average sales price of $740,000. 

2009 is off to a good start:

• 36 homes contracted so far in January
• 33 homes are projected to close by the end of January

To see all statistics in graph format, please click on the following link: 

 http://www.southtampahomeexpert.com/agent_files/South Tampa History.pdf

This data is for Single Family Homes only, in the Plant High School district defined by the Hillsbourough County School System.  Data is pulled from MFRMLS, and is deemed reliable but not guaranteed.

HouseFront.com provides a service

Step 1:  Enter the address as a text message

            Example: 4310 Sutton Pl, Sherman Oaks, CA, 91403

Step 2:  Send the messages to the 5-digit phone number "HOUSE" (46873)

Step 3:  Receive up to 2 text messages with information on value, characteristics and sales history about the house you sent 

Visit www.HouseFront.com for a history of your text message property searches and more info!

South Tampa sales for the last 90 days.  The areas I choose to include are from Kennedy Blvd South to Euclid (west of Dale Mabry) / Gandy (east of Dale Mabry) and included Davis and Harbor Islands.

Sold Dates:	08/06/08	11/04/08
Property Type	# of Sold	% of Total
Condos	68	29%
Townhomes	30	13%
Single Family Homes	133	58%
Total	231

 

Price From	To	All Property Types	% of Total	Just Single Family Homes	% of Total
$0	$200,000	45	19%	14	11%
$200,001	$400,000	101	44%	58	44%
$400,001	$600,000	35	15%	26	20%
$600,001	$800,000	16	7%	13	10%
$800,001	$1,000,000	17	7%	10	8%
$1,000,001	+	17	7%	12	9%
Totals		231		133

What these graphs tell you is that the highest concentration of sales are Single Family Homes in the $200,000 to $400,000 range, however there are just as many sales in the $400,000 and up range as well. 

Although homes are selling in ALL price ranges, I assembled the chart below for a specific listing in the $250,000 to $500,000 price range and wanted to share this information as well.  This shows the number of sales in this price range over the last year: 

And lastly, here is yet another graph that I put together for the same listing that compares the New Listings vs. Pending Sales (homes that went under contract during that month).  This is a good sign for this price range.

Looking at the data will always help you make educated decisions.  We strive to provide the right data to our clients and assist them in interpreting it correctly.  If you would like an analysis like this for your home, contact us.

Where:  George E. Edgecomb Courthouse at 800 E. Twiggs Street, Tampa, FL  33602. Click here for a map!

When:  Monday through Thursday at 2:00

What to bring:  5% down and be prepared to pay the rest by the following day at Noon!

Where can I find the properties for auction:  This is a little tricky, but the Hillsborough County Clerk does a great job of describing it on their website:  click here

If you need help understanding this process, or simply want a foreclosure list in your area, email us!

If you have not owned a home in three years, you qualify as a first time home buyer. If you buy a home after April 9, 2008 and before July 1, 2009, you qualify for this credit. Call your friends who just bought a home since April 9th and tell them they may take $7,500 off their tax bill if they qualify. It has to be your principal residence, so rentals do not count.

The tax credit is 10% of the cost of the home, up to a maximum of $7,500. This is not an additional deduction that lowers the amount of income to be taxed, it is a tax credit. In other words, you take $7,500 off your tax bill. But there is a catch; the credit you receive now is actually an interest-free loan that must be repaid.

The loan has no interest, and will be paid back over 15 years. You get the credit on your 2008 taxes, but you start paying it back on your 2010 taxes that are due in 2011, so you get at least two years without a payment. You pay back 6.67% of the credit each year, so for a $7,500 credit the payment is $502.50 per year. If you stay put for 15 years, you pay it off with no interest.

What happens if you sell the house? You pay the balance back at the closing. So, you get $7,500 now, and pay the rest of it back if you make money on the sale of your house. What happens if you do not make enough money when you sell your house? They forgive the rest of the debt.

Other restrictions stipulate that you have to buy your first house in three years before July 1, 2009, not have super high income, not use bond financing and buy anywhere in the US.

If you'd like to learn more about this program, please call me!