The largest group of people who purchased Miami Beach condos in 2008 was those who had never done so before, otherwise known as first time homebuyers according to recent data. Since first time buyers are the ones who appear to be driving the market, the government is looking to boost this buying activity even further this year by throwing in tax incentives.
Some of these incentives have made the news as of late, like the $7,500 credit relegated to a first time buyer which eventually is paid back during a span of fifteen years. While this incentive is certainly a step in the right direction, it does not address what is arguably the biggest concern buyers (first time or otherwise) have: the value of their Miami Beach condos dropping after it’s purchased. This is a major problem the senate is looking to address.
In the senate’s tax incentive, all homebuyers would receive a ten percent home purchase price credit of no more than $15,000. Its purpose is to give buyers more of a reassurance should that aforementioned scenario occur. Many are viewing this incentive as a major plus in boosting sales of Miami Beach condos, what are your thoughts on its potential if it gets approved?
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