The First Time Home Buyer $8000 Tax Credit is going to be extended…That’s GREAT news!!! Not only that, but there are some really positive perks added to it….
Here’s the gist of it, and I’ll dissect it further down..”Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years”….”But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.”
Targeted for first timers…” home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30.” AND “income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.” The tax credit amount is the same, but the good news is…they upped the income caps. It was originally $75,000 for single and $150,000 for couples. By doing that, they broadened the market base. If you are considering buying, keep in mind that you MUST be in contract by April 30th. From this date, that only gives you approximately 4 months to find a home. If you are looking at purchasing a short sale property, you really should start NOW. You MUST close by June 30th. In many cases short sales are taking 6 months to close.
The other part of the credit …”The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.” This helps both buyers and sellers. The reason it helps both is…there are currently not a lot of “non-distressed” homes on the market for buyers to choose from. Many sellers have been hesitant on putting their homes up in an unstable market. By this addition to the program, it’s an incentive to sell. Therefor giving buyers more to choose from. Sellers that purchased their homes prior to 2004 can benefit from the great prices on homes now, and can “upsize” if they’d like. Homeowners that purchased prior to 2004 are more than likely in an equity or break even position. Nothing to lose, only to gain! If you are a homeowner and would like to check your neighborhood values…
CURRENT HOME MARKET VALUES
(sorry…only good for Pinellas, Pasco, Hillsborough, and Hernando Counties)
So anyway…if you have been on the fence about buying or selling, now might be a REALLY good time to look into it! Check neighborhood home values, join some Facebook groups, and start asking questions. Two helpful Facebook Pages are listed under my links.
Source: Associated Press
Here’s the gist of it, and I’ll dissect it further down..”Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years”….”But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.”
Targeted for first timers…” home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30.” AND “income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.” The tax credit amount is the same, but the good news is…they upped the income caps. It was originally $75,000 for single and $150,000 for couples. By doing that, they broadened the market base. If you are considering buying, keep in mind that you MUST be in contract by April 30th. From this date, that only gives you approximately 4 months to find a home. If you are looking at purchasing a short sale property, you really should start NOW. You MUST close by June 30th. In many cases short sales are taking 6 months to close.
The other part of the credit …”The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.” This helps both buyers and sellers. The reason it helps both is…there are currently not a lot of “non-distressed” homes on the market for buyers to choose from. Many sellers have been hesitant on putting their homes up in an unstable market. By this addition to the program, it’s an incentive to sell. Therefor giving buyers more to choose from. Sellers that purchased their homes prior to 2004 can benefit from the great prices on homes now, and can “upsize” if they’d like. Homeowners that purchased prior to 2004 are more than likely in an equity or break even position. Nothing to lose, only to gain! If you are a homeowner and would like to check your neighborhood values…
CURRENT HOME MARKET VALUES
(sorry…only good for Pinellas, Pasco, Hillsborough, and Hernando Counties)
So anyway…if you have been on the fence about buying or selling, now might be a REALLY good time to look into it! Check neighborhood home values, join some Facebook groups, and start asking questions. Two helpful Facebook Pages are listed under my links.
Source: Associated Press
Maureen Velilla
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com
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nice post...
ReplyDeleteThanks Jonathan!!! :)
ReplyDelete