November brought great news for homebuyers and sellers with the first-time homebuyer tax credit being extended and expanded.

Originally scheduled to expire Nov. 30, the first-time homebuyer tax credit has been extended until April 2010 and homebuyers will have until July 1 to close as long as the purchase contract is in effect on April 30. A new $6,500 tax credit is now available to existing homeowners wanting to buy.

Eligible homeowners must have used the home being sold as a principal resident consecutively for five of the previous eight years with a price limitation on the new purchase of $800,000. Income limits have also been increased to $225,000 for married homebuyers and $125,000 for individual (single) buyers. Buyers in Santa Fe can take advantage of this opportunity to purchase a larger home for their growing families, other desired home amenities, or simply downsize.

On the home front, Santa Fe home sales are trending up throughout 2010 and October single-family home sales topped over 100 for this first time this year. Condo and townhome sales remained flat in September and October, likely due to the fact that affordability continues to improve for single-family homes. Lower prices may also bring some international buyers wanting to scoop up Santa Fe homes while the value of the dollar is still hitting record lows. This may explain why France was listed as one of the top 10 states/countries searching for homes online here in Santa Fe. With the help of a new service to the Association of Realtors, participating brokerages can track the top 10 states/countries for online visits to Santa Fe area listings. Realtors, Sellers ... parlez-vous français?

To help get more Santa Feans in homes, the County of Santa Fe has recently established several pilot programs designed to increase work force housing and help county workers purchase a home. On Nov. 17, the County Commission voted unanimously to earmark $500,000 to support three affordable-housing programs.

The most unique of the three will initiate a developer subsidy of up to $10,000 per unit to defray the cost of infrastructure when building affordable housing. A down-payment assistance program for county employees will be created and the ordinance will permit the county to donate land or buildings for conversion to affordable housing. Administrative policies are being crafted by county staff to support these new affordable housing initiatives.

Information provided by the
Santa Fe Association of Realtors®, www.sfar.com.