Myrtle Beach Area Retirement and Real Estate

The Myrtle Beach Real Estate Market In 2010 Is Primarily Baby Boomers Retiring 

Myrtle Beach area - Summer of 2010 has been hot both in weather and real estate as those nearing retirement have decided it is time to take advantage of home prices that were seen in 2003.  Yes that is right, real estate can be found in the Myrtle Beach area for less then we saw before the real estate "boom" began.

Spring of 2010 began with a slow but steady stream of home buyers.  The first-time home buyer and the primary residence replacement tax credits helped in some areas but not as much around Myrtle Beach. Spring also brought buyers to the Myrtle Beach area who had been snowed-in during most of the winter and they want to buy, but sit on the fence.  Purchases of real estate will no longer qualify for either tax credit but lower real estate prices may be to your advantage.

November 2009 - Home Sales Higher Then Expected For October

From an article in Money magazine existing home sales were up 10.1% in October 2009 based on a report by  the National Association of Realtors and new home sales were 6.2% higher in October 2009 compared to  September 2009.  Yes, the credit for First-Time Home Buyers contributed to the higher then expected  increase but the key word is contributed.  Many potential real estate buyers who had been sitting on the  fence finally made the move.

Current Long-Time Homeowners Buying A Replacement Principal Residence December 1, 2009 - April 30, 2010 Could Have Qualified For $6,500 Tax Credit.   Those who made a purchase must close by June 30, 200.

From IRS.gov website:   Updated Nov. 6, 2009, to reflect new legislation — more to be added soon

New Legislation

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.

The Legislation noted above has ended.  Only those who made a purchase before April 30, 2010 and close on their purchase by June 30, 2010 will qualify for the Principal Residence Replacement Credit.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.