Blog Northwest Florida

With all the work the National Association of Realtors is doing to get the word out on the home-buyer tax credit changes, I'm surprised to talk to current homeowners every day who have no idea they qualify for up to $6500 in a tax credit if they purchase a new home before the end of June 2010.

Now there's an attractive incentive to move to a new home! I wish Uncle Sam had been so generous when I moved to my current home back in '04. Now, there is that newer model with the pool and state-of-the-art office that I have been eying down the street! Perhaps I need to be talking with my accountant and lender . . .

• So what are the rules for the tax credit? Simple really:

1. You must have owned your current home for five consecutive years of the past eight years.

You must have a contract on your new home in place by April 30, 2010.

Single tax filers who earn up to $125,000 are eligible for the full tax credit, as are joint filers who earn up to $225,000.

The maximum purchase price to qualify for the tax credit is $8,000.

Think you qualify? Get in touch and we will walk you through the details and get you down the road to a new home before the deadline passes!

Since my real estate office is on Pensacola Beach flood insurance is always a "Hot" topic with my real estate clients. Who should buy flood insurance? What does it cost? What is a specila flood hazard area? These are crucial questions when looking at purchasing on or near the water.

Flood insurance is a MUST PURCHASE if you live in a special flood hazard area. According to the Santa Rosa Island Authority Pensacola Beach had 3,349 flood policies in force as of June 2008.

Flood insurance is provided through the National Flood Insurance Program (NFIP) which is federally backed and available to everyone, even those who don't live in a special flood hazard area. Flood insurance is always a separate policy from your homeowners insurance policy, so don't get into the mindset that you have homeowner's insurance so you are covered for flood . . . this just isn't the case.

In my real estate market area, Escambia and Santa Rosa counties, we saw hurricanes in both 2004 and 2005 which resulted in flood insurance claims. Unfortunately, many homeowners - and those with second homes on the beach - were not covered for flood damage. Don't let yourself be caught by surprise like this! When arranging for a home sale I - and my team - always make sure our real estate clients are aware of the necessity for appropriate coverage.

Should you have any questions about flood zone determination on Pensacola Beach, or in other areas of Escambia or Santa Rosa counties, feel free to call me at 850-516-8185.

Click Here for an article on Pensacola Beach improvement plans