Despite the real estate turmoil of 2008, the home sales that did happen were largely attributed to first time buyers.  As a result, the government has implemented further actions to reinforce Miami real estate buying activity.

Many of these incentives have gained lots of press coverage, namely the $7,500 tax credit available to first time buyers.  Buyers who choose to take advantage of this credit would have to pay it back within fifteen years and, as is mentioned, it’s limited to people who are purchasing Miami real estate for the first time.  The U.S. senate on the other hand, is looking to take a broader, albeit pricier approach.

Instead of $7,500, the senate’s proposal would offer $15,000 to all buyers, not just those who are embarking on their first home purchase.  Since the majority of buyers who are on the fence are mostly concerned about seeing the value of their home fall further after it’s purchased, the $15,000 would help to make up for such a situation.  Will a larger tax incentive prove to be the catalyst in spurring the sales of Miami real estate?