Even with Tax Day 2011 more than nine months away, it’s not too soon for some military personnel to think about taking advantage of the homebuyer tax credit extension.
Though some non-military taxpayers already got the tax return, and others have until Sept. 30 to close a deal, qualified members of the Armed Forces, Foreign Service and intelligence community have longer deadlines if they served official extended duty.
To use the homebuyer tax credit, qualified members need to sign a binding sales contract by April 30, 2011. They’ll then have two months to close the deal. Military members who were overseas for at least 90 days between January 1, 2009 and April 30, 2010 are likely eligible for the extension.
Service members coming back to Keesler Air Force Base and NCBC Gulfport will get some great benefits if they can find a home in the local area. Besides proximity to the bases, homes here are close to the beautiful St. Louis and Biloxi Bays. Also, first-time homebuyers can earn $8,000 or 10 percent of the home’s price depending on which figure is lower. For a $150,000 starter home, the maximum return could be more than 5 percent of the purchase price.
Repeat buyers can get a maximum return of $6,500. As with any tax credit program, there are several eligibility requirements:
-Military members and their spouses cannot have owned a home in the last three years in order to be considered a first-time homebuyer.
-Married couples with an annual income of $250,000 and individuals with that of $125,000 are not eligible for the tax credit extension.
-The maximum purchase price of a home cannot exceed $800,000.
-For repeat buyers, all requirements are the same and they must have occupied their last home for five of the last eight years.
-The tax credit will not be recaptured if homebuyers have to sell or vacate their home within three years of purchase because of another stint overseas.
Active-duty military members have the additional option of using the tax credit in combination with a VA loan, which boasts myriad financial benefits. Since its creation in 1944, the VA loan program has helped more than 18 million men and women purchase a home.

There’s no better time than now for military personnel to decide on using the tax credit extension, even if filing for taxes is at the bottom of priority lists.

Guest Post By James Kelley:
James Kelley blogs on veteran’s issues and real estate in the United States at VA Benefit Blog .He also works for VA Mortgage Center, proudly serving American military families as the nation’s premier VA lender.

The real estate market here in South Central Mississippi is showing signs of Spring! The number of homes for sale that were recorded as closed, according to data obtained through the Gulf Coast Association of Realtors, GCAR, shows a 15% uptick in March’s closed transactions from February’s. While any uptick is considered “good news” for sellers, when compared to the same time period last year this “uptick” actually represents an 8% decline in closed transactions for March 2009 to 2010….Which still is great news….If you’re buying!

Currently there are 3,359 homes for sale in the Central South MS area. The number of homes currently for sale shows that in the month of March only 5 out of every 100 homes for sale that were active on the market actually sold. The area researched was approximately 25 miles in every direction from Gulfport’s Interstate 10 & Hwy 49 intersection. It included the cities of Biloxi, Ocean Springs, Woolmarket, Long Beach, Pass Christian, Diamondhead, Bay St. Louis, Waveland, and Kiln, MS.

Over the past 12 months 2,189 homes for sale were recorded as closed in this area. The average units sold per month was approximately 182. So far in 2010 the number of homes for sale recorded as closed is only 400, an approximate average of 133 per month.

The trend for spring & summer home sales for 2009 was 102 closed in January, 147 in February, 183 in March, 165 in April, 172 in May, 167 in June, 182 in July, and 191 in August and September respectively. There was a tremendous spike in home sales during the fall month of October when 242 homes for sale were reported as closed. Why would that happen? We expect to see a similar trend this year as asset companies attempt to clear their foreclosure inventory before the onset of the winter and a traditionally slower buying period.

Speaking of foreclosures! There are some really great deals out there! If you are in the market for a home contact us to stay as informed as possible on new opportunities. You never know when the next deal may hit! It’s always true that price sells so don’t miss a beat when a new opportunity knocks! We have a proven track-record and are the most informed/informative company on the Mississippi Coast. Click contact us today.

Tech Realty has the latest in tools and technology, is number 1 online, and is also the leader in providing real estate news and market trends to the public in South MS. Be the first to know! Contact us today!

Waterfront homes and lots for sale in Biloxi & Gulfport MS have been slow to sell over the past 12 months. In fact, only 7 waterfront homes were recorded as closed from March 10, 2009 to March 10, 2010 in these two cities. In the previous year, 2008-2009, 24 homes were recorded as closed.

Prices on waterfront properties for sale have fallen considerably over the past year making real estate’s most appreciable properties more appealing now than ever before in Gulfport, Biloxi, & Ocean Springs. Great waterfront homes can be found in other coastal cities as well. Waterfront lot prices are also incredibly low and builders are offering lower build-out prices then you’d dare to expect.

Waterfront lots for sale have been especially hard hit as the effects of Hurricane Katrina appear to have stigmatized the market. In Gulfport and Biloxi there have only been 5 waterfront lots for sale recorded as closed over the past 12 month through the Multiple Listing Service, MLS. The Bay St. Louis and Pass Christian waterfront lot markets have been much busier, recording 28 waterfront lots for sale closed. Prices currently start around $10,000 in some areas.

There are many great deals to be had in key locations. The great thing about waterfront from an investment standpoint is the limited supply. Currently waterfront lots can be found for sale at the same prices as reproducible, land-locked, lots….As mentioned above…Some even for less!

We currently have a waterfront lot listed at the mouth of the Jourdan River in Bay St. Louis, MS for $55,000. This is a double lot with a grandfathered-in boat-house. This makes it one of few. It has 88 ft of canal frontage, sits only a couple hundred yards from wide open water, and has great access to the river, bay, and gulf. Located nearby to the Hollywood Casino and The Bridge’s Golf Course it’s a tremendous value in an area that is coming back better than ever before! On the other side of the bay in Pass Christian, MS we have a smaller lot, 50X100, priced at $20,000. This lot is raw land with no bulkhead, but would be a great place to build a nice camp or vacation home. It’s not a far boat ride from great fishing and wide open water! Approximately 5 minutes to the east side of the bay!

In Gulfport we recently came across a beautiful 3,400 square foot waterfront home for sale on an acre of land in a very desirable subdivision priced at $440,000. It has beautiful features inside and out including a 4 car garage, boat house & dock, theater, huge deck, and luxurious interior amenities. Everything you’d expect in a million dollar home can be found here for under half the price! Finding a house and lot of this size in a premier area at this price is almost like taking a trip back through time!

As far as new construction opportunities, our builder partners are able to provide unbelievable deals for your custom waterfront home built. We also have plans available for “camp” style homes with price tags starting in the $120,000 range including lot! Insurance prices have fallen dramatically over the last year and are even lower for newly constructed homes. If you are interested in waterfront living now is a great time to request more information from us!

At Tech Realty® we realize that in order for successful people to make the best decision on purchasing a property it is our job to provide the most accurate information & the most options possible. If you are seriously considering a waterfront purchase, drop us a line by clicking contact us. We pride ourselves in sharing our research and resources with waterfront enthusiasts like you!

Tech Realty is the #1 real estate news provider on the MS Gulf Coast as well as the #1 online real estate company in our market. For more information on your area of interest, please contact us.

The Mississippi Coast Real Estate market has not seen the drastic declines that many other areas have over the past couple of years. While pace has been slower than it has in previous years, much of this can be attributed to stronger lending requirements.

Over the past year, we have seen more home sales slip through because of what used to be minor issues but now the banks simply do not budge on their requirements. Even with these issues, we have seen a steady stream of home buyers who have contacted us to assist in buying a home and we continue to work with them daily. Over the past few months, we have continuously seen more requests for information through this website and our other sites and have noticed that more of these contacts are ready to start looking for their new home where many of the requests several months ago were more “information gathering”.

We leave this site open and report as much data as possible on our area and the housing market and leave all doors open to our readers to gather as much information from this site as possible. We are available for questions or to assist you in your home search when you are ready and will have as little or as much contact with you as you want. Make no mistake – the Mississippi Coast Housing Market is moving and we are here to assist you in your needs. Check out our Buyer’s Page or Contact Us for more information on general real estate inquiries or when you are ready to put us to work for you!

Here in south MS privacy is a valued amenity. Private homes for sale with acreage in a rural setting are a popular choice for 2nd time buyers who are upgrading with a growing family. Many “empty-nesters” are also known to look for a way to get out of the hustle and bustle of town, but few want to be too far from the amenities like those found in Gulfport, Biloxi, D’Iberville & Ocean Springs, MS.

Here on the MS Coast insurance rates have risen considerably since Hurricane Katrina struck the area in 2005. However, insurance costs have decreased for some in recent months, especially for newer properties. Homes for sale north of Interstate 10 in more rural areas have not seen a dramatic rise in insurance costs as they are not impacted as much by a storm’s winds. This has helped spur quite a bit of growth in the rural and private setting homes for sale market further north from the MS Coast.

In Pass Christian, MS, just north of I-10, we recently came across a lovely rural estate on acreage for sale. This home sits approximately 2 miles from Interstate 10 and is set in the back of a slightly rolling 5 acre parcel. This rural and private home for sale is only 12 years old has many stunning interior features, but there is much more included with this private property beyond the featured all brick home. This home and property is set up almost as a compound, with a huge 1200 sq ft shop and an additional 830 sq ft guest house overlooking an in-ground swimming pool. The shop and guest house are both heated and cooled and each have their own full bath. The shop has a roll-down door and enough space for just about anything dad wants to play with while the guest house house has it’s own laundry, full kitchen, 2 car carport, and is handicap accessible.

The 2,700 square foot main house boasts all the features you’d expect in an upscale home for sale and then some. It was custom designed by its current owners and all rooms, including bathrooms, are over-sized. The interior features include granite, hardwood, tile, skylights, soaring ceilings, wet bar, separate tub & shower in master, his & her closets, 2 car garage, loft, fireplace, and much more! Huge windows allow lots of natural light throughout the living areas giving this rural home for sale on acreage a sense of warmth & spirit! The huge back patio and pool beneath mature palm trees will surely provide your senses with the feeling that you own your own private oasis!

The seller’s of this private setting and home for sale in the rural area of Pass Christian understand that in today’s buyer’s market they had to price their home below the competition to sell. While other comparable homes for sale start in the mid $400,000 range, this rural private estate is listed to sell at $385,000! It’s only a couple miles from “The Oaks” golf course in Pass Christian, a very nice course here in south MS.

For more information on this home, other availabilities, or on the real estate market in general, continue to search this site or click contact us. We search on and off the general market to bring the best deals available to you! Click contact us today!