In my 23 years of selling real estate, I don’t know if there has ever been a better time for first time homebuyers to get into the market. Armed with record low 30 year fixed interest rates of 4.625%, an 18% reduction in home prices over the past year, a slew of homes on the market to purchase and now the $8,000 Home Buyer Tax Credit, this is an incredible opportunity.
What this means is that you will effectively be paid $8,000 (in the form of a tax credit, whether you paid the taxes or not) if you purchase a home. This is truly an amazing opportunity.
Thanks 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 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.
To learn more, call Lee Davies Real Estate today. If you qualify, then this is the time to move and we look forward to educating and representing you.
