I believe that nothing has done more in the past year to revive our housing market than the $8,000 first time home buyer credit. Since the tax credit was extended and expanded, I think we have another window of opportunity, but many folks I visit with are not aware of the details.
In a nutshell: To qualify for the credit, Buyers must have a home under contract by April 30, 2010 and must close on the property by June 30, 2010. The credit is $8,000 for first time buyers (or anyone who hasn’t owned a home in the last three years) and $6,500 for existing home owners (must have owned their home for at least 5 years).
The surge we normally see in the spring may well occur in late winter because of these deadlines. Hopefully, the credits will help Sellers also and reduce our “homes for sale” inventory.
Be sure to check with your accountant for any details that might affect you differently. This can be a great opportunity for Buyers and Sellers.
Interest Rates Are Great!!!
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