CherylShurtz’s Blog

ShurtzTales provides HouseTalk

HouseTalk – More on Extended Tax Credit

I know a lot has been said about the extended tax credit. However there are still many people who are not aware that the tax credit was extended to all home buyers. The $8000 tax credit for 1st time buyers was extended. A $6500 tax credit for “repeat” home buyers was added. If you have owned a home 5 consecutive years out of the last 8 years, you  may qualify for $6500 tax credit. There are income restrictions. You also have to be under contract for your home purchase by 4/30/2010 and close on the home by July 1, 2010. For specific information – check out

https://www.remax.net/marketing/downloads/Lists/Downloads_Library/Tax_Credit_Repeat_Buyers.pdf

Yesterday, I was holding a public open house and a potential buyer dropped in that was not aware that the tax credit was available to non-1st time buyers. $6500 isn’t that much and may not be enough of an incentive for some buyers to make a move – but it will/or can cover the cost of new carpet, appliances, window coverings or replace some mechanicals in a home.  Combine the $6500 with low-interest rates and a great selection of homes – it makes sense to consider purchasing a home now.

These are just some of the buyers that may be eligible for the tax credit:    1)Seniors/retirees that are downsizing to another “primary” home, 2) investors that want to keep their existing home for a rental and purchase another home as their primary residence, 3) an individual that sold their home  in the last couple of years and is currently renting plus many other scenarios.  For more details, contact me anytime or also call your CPA to verify that you do qualify.

Spread the word to your family and friends that are considering a move.  April 30th will be here before we know it. 

 

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December 1, 2009 Posted by | 1st Time Buyers, Investors, Repeat Buyers, Seniors on the Move | , , , , , | 1 Comment