RAMB Launches Campaign and Creates Positive Outlook for Local Market

Miami, FL – Sales of homes in the Miami Metropolitan Statistical Area (MSA) – including existing single-family homes and condominiums – increased 50 percent in the fourth quarter of 2009 compared to the fourth quarter of 2008, marking six consecutive quarters of rising sales according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. Sales of all residential property types have increased consistently since August 2008.

Miami sales of existing single-family homes increased 32 percent in the fourth quarter of 2009 from a year earlier. The sales of existing condominiums in Miami surged 68 percent, compared to the fourth quarter of 2008. Statewide sales of single-family homes and condominiums increased 44 and 93 percent respectively.

“In addition to the homebuyer tax credit that is strongly motivating consumers to purchase homes in South Florida, RAMB is responsible for several initiatives that will help more people purchase homes locally,” said Terri Bersach, RAMB Chairman of the Board. “These initiatives will minimize obstacles and will better facilitate the real estate transactions for buyers taking advantage of the tax credit and current market opportunities.”

Time to create a sense of urgency—the tax credit expires soon!
In order to get the credit, consumers need:

• A binding sales contract signed by April 30, 2010
• Home purchase completed by June 30, 2010

Web Site One-Stop Shop for Tax Credit Info http://www.federalhousingtaxcredit.com/ www.federalhousingtaxcredit.com. The Web site provides detailed information on both the extended $8,000 first-time home buyer tax credit and the new $6,500 repeat buyer tax credit signed into law by President Obama.
Consumers can use the Web site to find information on both tax credits — including frequently asked questions and links to social media sites that provide updated information as it becomes available. It also includes a number of home-buying resources for consumers.