From RealEstateEconomyWatch.com - http://www.realestateeconomywatch.com -
How the New Homebuyers Tax Credit Works
Posted By Steve Cook On November 6, 2009 @ 9:37 am
The extension and expansion of the homebuyers tax credit that passed Congress November 5 allows more first-time buyers to qualify and creates an entirely new credit for existing homeowners who buy a new home.
The effective date is the date of enactment, presumably today November 6,* for the enhanced first-time buyer credit and for the new credit. It is not retroactive. However, first-time buyers who have been rushing the meet the November 30 deadline for the existing program need not worry. They can qualify under the new one. Existing homeowners who are also in the process of buying a home should consider delaying closing until December 1 or later to qualify for the credit.
Both credits expire next spring. Buyers must have a contract on a home before May 1, 2010 and they have until June 30, 2010 to close in order to qualify.
Key Provisions
Amounts:
The first-buyer credit remains 10 percent of the cost of the home or $8ooo, whichever is less.
The credit for existing homeowners is 10 percent of the value of the new home or $6500, whichever is less.
Definitions:
A first-time homebuyer cannot have owned a home during the past three years.
Existing homeowners must have owned and lived in their current home five out of the preceding eight years.
Only principal residences qualify. No second homes or investment properties.
Income limits:
The measure raises the income limits for those claiming the credit to $125,000 a year for individuals and $225,000 for couples, up from $75,000 and $150,000 in the previous first-time buyer credit. After that, the value of the credit phases out.
The cost of the new home cannot exceed $800,000.
Cost:
Expanding the home buyers' credit will cost about $11 billion. The total cost of extending the first-time buyer credit and adding the existing owners' credit is $16.7 billion.
How to Apply::
Use IRS form 5405, which you file with an amended tax return.
In the month of September in Milton, there were 12 recorded sales per the MLS Property Information Network.
Below you will find those recorded sales:
LIST_PRICE SALE_PRICE TOWN 1580 Canton Ave $875,000.00 $810,500.00 Milton, MA 1185 Brook Road $469,900.00 $440,000.00 Milton, MA 428 Central Ave $699,000.00 $640,000.00 Milton, MA 276 Blue Hills Pkwy $419,900.00 $390,000.00 Milton, MA 134 Church St $399,000.00 $395,000.00 Milton, MA 53 Centre Ln $775,000.00 $740,000.00 Milton, MA 46 Beacon Circle $355,000.00 $340,000.00 Milton, MA 658 Canton Ave $699,000.00 $695,000.00 Milton, MA 21-23 Mechanic St $509,900.00 $487,000.00 Milton, MA 147 Eliot St $245,000.00 $235,000.00 Milton, MA 18 Lyman Road $449,900.00 $449,000.00 Milton, MA 31 Brook Hill Rd $709,000.00 $709,000.00 Milton, MA
There are currently 165 properties on the market in Milton at the time of this writing. This numbers is reflective of condos, single families and multi family homes for sale in Milton, Massachusetts.
There are currently 37 properties under agreement at this time.
If you are interested in Milton Mass Real Estate, you can use the links below:
11th Annual Milton Monster Dash 5K Run/Walk & Kids’ Fun Run In Memory of Sam Cichello Sunday 11:30 Registration opens October 25, 2009 12:30 Costume parade Cunningham Park 1:00 5k Start 75 Edge Hill Road 1:15 Kids fun activities Milton, Massachusetts 2:00 Awards Costumes Encouraged DJ Refreshments
About the Monster Dash and Milton Foundation for Education
The Monster Dash is organized by the Milton Foundation for Education (MFE), a non-profit group that funds innovative programs and opportunities that are beyond the reach of the school system’s budget. All proceeds of the Monster Dash benefit the Sam Cichello Memorial Fund which was created in 1999 in memory of Sam Cichello, a Tucker Elementary School student who died following a playground accident. To honor Sam’s love of science, all proceeds of the Monster Dash-Sam’s Fund support science enrichment in the Milton public schools. Some examples of initiatives made possible through grants from Sam’s Fund include: • Each class in grades K-5 gets a visit from a Trailside Naturalist. • Students in grades 3 and 5 participate in the Junior Naturalist Program at the Trailside Museum. • Supplies for all of the classroom science activities. Each year, the MFE awards grants twice a year to teachers or staff in each of the town’s public schools. In the last year, the MFE has awarded more than $24,000 in grants to fund such things as percussion instruments at Pierce Middle School, science non-fiction books to enhance curriculum and aid research projects at the elementary schools, and math software for smartboards. Once a year, the Milton Foundation for Education presents Outstanding Teaching Awards to seven teachers or staff in the Milton public schools. The award recipients are surprised in their classrooms with a party and then honored at a public reception at Milton High School.
Each fall, the MFE sponsors Celebration for Education, a gala event that raises money for various initiatives in the public schools. Over the past ten years, proceeds of Celebration for Education have funded Language Arts, Physical Education, Libraries, Music, and Science and Technology. This year’s Celebration for Education is on Saturday, November 21, 2009, and the theme is “Up and Away: Beyond the Basics.” Proceeds from this year’s Celebration will fund enrichment activities and initiatives at all the schools and the ongoing work of the MFE.
We will be hosting a first time homebuyer seminar in Milton on October 20,2009
at 7:00 PM at the Milton Public L:ibrary. Seating is limited to 16. Please
sign up here
I just wanted to take this time to let you all know about a couple great condos over at the Village at Crown Colony.
I've always said that the Village at Crown Colony was one of these unique condominium complexes particularly in the City of Quincy.
The other day I had the opportunity to preview four of a five of the listed properties in the Crown Colony Village complex on Village Drive.
Wow! I was so impressed with what was being offered in the 399k range, I felt as though I had to tell you all about the units that were there.
All of the units that I previewed were very large easily over 1000 square feet, which is pretty significant for condo. All of the units I previewed @ Crown Colony were at least two bedroom units.
One in particular was fantastic it was a two bedroom unit with a loft. In the loft was the home office of a homeowner who happens to be an architect. This unit was very special. Talk about upgrades. This property had it all. An awesome kitchen, fireplace, and two wonderful bathrooms.
If you're out new market for a condo and you're looking at Marina Bay or perhaps some of the higher end condos in Quincy, you need to call me and see these units.
A great new edition to the Village a Crown Colony is the fact that the owner of the land which abuts the complex has created an easy onramp right on to route 93. This makes it unbelievably accessible to both Boston and the South Shore.
In other feature of this complex (Crown Colony) is that in the morning and the late afternoon there's a shuttle which runs between the Quincy Adams T stop and the condominium complex.
If you have any questions about the village a crown colony please call me at 617 -648 -3983.
Are you looking for homes for sale in Milton, Massachusetts? View recently listed real estate properties throughout the Milton, Massachusetts area on 02186.com. We have hundreds of listings including condos, town homes, foreclosures, new homes and apartments for rent. Once you have located a listing of interest, simply complete the information request and a Milton Real Estate Agent will be in touch to help you find or purchase your new Milton home. We receive new listings everyday from local agents, brokers and the MLS, so check back regularly.
Thanks for visiting Michael "Mike" Mahoney's web page dedicated to Milton Massachusetts Real Estate. By using this web page, you will be able to get information on all properties for sale in Milton, Massachusetts. You will be able to review all homes for sale in Milton, Massachusetts (02186).
You will be able to access Milton single family homes, Milton multi family homes, and Milton condominiums using this web page.
We will be hosting a first time homebuyer seminar in Milton on October 20,2009
at 7:00 PM at the Milton Public L:ibrary. Seating is limited to 16. Please
sign up here
Known as the "City of Presidents" and the "Birthplace of the American Dream," the City of Quincy is home to a booming population of approximately 93,000 residents. Many are drawn to this city's historical roots, small town atmosphere and New England lifestyle, not to mention the city's proximity to the Boston and Cambridge metro areas (both approximately 20 and 25 minutes away, respectively).
Quincy's affordable and diverse housing market is another reason why so many are attracted to the area. Not only will prospective buyers find historic homes and waterfront properties, but also single-family homes in modern communities and subdivisions, condos, townhouses, and gorgeous New England-style estates. Thirteen neighborhoods define the City of Quincy; these include Adams Shore, Germantown, Hough's Neck, Marina Bay, Merrymount, Montclair, North Quincy, Quincy Point, Quincy Center, South Quincy, Squantum, West Quincy, and Wollaston.
Students are served by the Quincy Public Schools district. Once students have graduated and are ready to move on to a more collegiate learning environment, they may attend any number of area colleges including Quincy College and Eastern Nazarene College. Residents looking to learn more about their city and how it helped shape our nation can take a historical tour through such points of interest such as the Adams National Historical Park and the Hancock Cemetery. The latter serves as the burial place for two of our former U.S. Presidents, John Adams and John Quincy Adams. To round out the end of the week, residents may engage in a number of recreational activities such as golf, boating, fishing or picnicking at the beach.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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