-If you have been thinking of buying the last few years but can’t decide if timing is right or not, it may be time to seriously consider. I have been very busy recently with first time buyers and boy are they getting some deals.
Here are some things you should know.
-First time buyers are getting up to $8,000 back from the IRS, free and clear.
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
-Rates are still historically low.
Interest rates are the best they have been in decades. Low interest, mean lower payments and better deals.
-Inventory is up
With more to look at and choose from, the buyer definitely has an advantage in this market. Foreclosures and short sales are out there and make deals even sweeter. Some of my clients have bought $15,000, $20,000 and even $30,000 under value!
Let me know if you are thinking of buying this year. Remember, you must close on a home before December 1st to get the $8,000 back from the IRS.
For more information on the tax credit, go to :
http://www.federalhousingtaxcredit.com/2009/faq.php
As always, I’m here to help! Let me know if there is anything I can do!
Happy Hunting!
