realtyreport
Home Ownership: Just a Tax Credit Away!
As you may recall, Congress passed new legislation last fall in an effort to stimulate the U.S. housing market. The Extended Home Buyer Tax Credit can help both first time homebuyers and current homeowners in the following ways:
- It extends the First-Time Home Buyer Credit of up to $8,000 to first-time homebuyers until April 30, 2010.
- It expands the program to grant up to $6,500 credit to current homeowners purchasing a new home between November 7, 2009 and April 30, 2010. The homeowner must have occupied the home being sold for five consecutive years out of the past eight.
Because it's already March, you may be thinking you've missed your chance to take advantage of these credits - but, in fact, your opportunity is still available. Under the Extended Home Buyer Tax Credit, as long as a written, binding contract to purchase is in effect by April 30, 2010, the purchaser will still have until July 1, 2010 to close the deal.
The combination of today's low interest rates and the home buyer credits allow eligible buyers an opportunity to purchase their dream home, whether that be a single-family home, a townhouse or a condominium.
A knowledgeable real estate sales representative can help explain and expedite the paperwork involved in both listing your existing property, and buying a new one in time to take advantage of any tax credits.
If you'd like more information on today's real estate market and its many opportunities, please call today.
