First-time Home Buyer Tax Credit Extended and Expanded
Yesterday the president signed a billed that extended the First-time Home Buyer Tax Credit. This bill also expanded the credit beyond just first-time buyers.
The big differences between the original tax credit and the new and improved version are that now current homeowners are eligible for a $6,500 tax credit, the income limits to qualify have been raised, and the new expiration date is April 30, 2010 but if one has a binding contract by the deadline they can still get the credit if they close the sale before July 1, 2010.
Below is a chart provided by the National Association of Realtors® comparing the original and the new versions of the tax credit.
FEATURE
Jan 1 - November 30, 2009 Rules as enacted February 2009
November 7 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount of Credit
$8000 ($4000 married filing separate)
$8000 ($4000 married filing separate)
First-time Buyer Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase
Same
Current Homeowner Amount of Credit
No Provision
$6500 ($3250 married filing separate)
Effective Date Current Owner
No Provision
November 7, 2009
Current Homeowner Definition for Eligibility
No Provision
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit
Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)
Purchases after April 30, 2010
Binding Contract Rule
None
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)
$75,000 - single, $150,000 - married, Additional $20,000 phase out
$125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home
None
$800,000 November 7, 2009
Purchase by a Dependent
No Provision
Ineligible November 7, 2009
Anti-fraud Rule
None
Purchaser must attach documentation of purchase to tax return
How will this affect the Omaha real estate market? Was this tax credit a good idea? Stay tuned for my follow-up blog post.
Troy Trumm | Alliance Real Estate | troy@troytrumm.com | 402-676-6700
19826 Sycamore Dr, Gretna, NE
19826 Sycamore Dr in the Northridge Estates subdivision of Gretna
4BR/3BA Single Family House
offered at $195,000
Year Built
2002
Sq Footage
2,788
Bedrooms
4
Bathrooms
3 full, 0 partial
Floors
2
Parking
2 Car garage
Lot Size
Unspecified
HOA/Maint
$0 per month
DESCRIPTION
Enough room for any family; four bedrooms upstairs plus a main floor office. The kitchen has maple cabinets, a center island, and new stainless steel appliances. Double doors open to the huge master suite featuring plenty of windows, a walk-in closet, custom light fixtures, dual sinks, and a whirlpool tub. Second floor laundry room with a sink and high end front-load washer and dryer. The basement is nearly finished, it just needs carpet and a ceiling. Professional landscaping and many trees give this home curb appeal that others lack. Other amenities include upgraded flooring, new lighting, fresh paint, a water softener and purification system, sprinkler system and cedar deck.
$10,000 Agent Incentive Program
We are giving away $10,000 of our money as an incentive to real estate agents to sell the homes we represent. No other real estate agent is willing to do this. Our program results in more showings and faster sales.
Your Home Sold within 120 Days or We will Buy It!
Most agents will tell you what you want to hear to get you to list your home with them. Agents will make promises to sell your home for top dollar, but see how quickly they dodge this promise when you ask for it in writing. We will Guarantee You Results - otherwise we will pay you for our shortcomings!
The Program That Guarantees You Results!
We are willing to place ourselves accountable for the promises we make, so if we fail to sell your home, at a price acceptable to you, then we will buy it ourselves!
Find Out How Much We Can Sell Your Home For.
We understand your needs as a home seller and can meet and exceed them. Click on the link below and we will give you a quote on how much we can sell your home for and the details on our Guaranteed Sale program.
For more information, visit http://www.TrummTeam.com.
The numbers for the Omaha real estate market are in for the month of October and they are a little disappointing. Based on the rate of sales there is currently just over a six month supply of homes to sell. This is the largest supply of homes since February 2009.
Total Number For Sale
5276
Total Number of Accepted Offers
868
Total Number of Closed Sales
810
% of sellers that accepted an offer
16.45%
Absorption rate in months
6.08
Much of this is due to the looming expiration of the $8,000 First Time Home Buyers Tax Credit. If this were to be extending, as some in Congress are proposing, I expect that sales would pick up a bit.
HAPPY HALLOWEEN! With the end of the month here, it's time for my monthly blog summary of new homes for sale. If you or someone you know is looking for a home, check these out.
The sale of a property I was representing in the Southern Oaks subdivision of Bellevue at 2721 Coffey Ave closed and the buyer was represented by Lisa.
Working with a good agent makes my job much easier. Lisa did a great job and made the sale very smooth.
I hope we can do more business together in the future.
The sale of my listing at 10906 Black St in the Deerwood subdivision of Omaha closed and the buyer was represented by Ron.
Working with a good agent makes my job much easier. It is time consuming selling over 50 homes a year, but having a good agent on the other side of a sale makes closing a deal much easier.
Troy Trumm | Alliance Real Estate | troy@troytrumm.com | 402-676-6700
3318 S 19 St, Omaha, NE
3318 S 19 St in the Deer Park subdivision of Omaha
3BR/1BA Single Family House
offered at $83,000
Year Built
1895
Sq Footage
1,274
Bedrooms
3
Bathrooms
1 full, 0 partial
Floors
2
Parking
2 Car garage
Lot Size
Unspecified
HOA/Maint
$0 per month
DESCRIPTION
Classic turn of century home with modern updates in a secluded neighborhood. You are greeted with a ceramic tile entry and curved staircase. Incredible formal living room and dining room with glass front built-in cabinets and ceiling fans. The kitchen is spacious with new cabinets, ceramic tile counters and flooring. You will be impressed by the completely remodeled bathroom. The master bedroom features a walk-in closet. There is new frieze carpet over hardwood floors and restored oak woodwork throughout. Two car garage plus off street parking.
$10,000 Agent Incentive Program
We are giving away $10,000 of our money as an incentive to real estate agents to sell the homes we represent. No other real estate agent is willing to do this. Our program results in more showings and faster sales.
For details visit, http://www.TrummTeam.com.
Your Home Sold within 120 Days or We will Buy It!
Most agents will tell you what you want to hear to get you to list your home with them. Agents will make promises to sell your home for top dollar, but see how quickly they dodge this promise when you ask for it in writing. We will Guarantee You Results - otherwise we will pay you for our shortcomings!
The Program That Guarantees You Results!
We are willing to place ourselves accountable for the promises we make, so if we fail to sell your home, at a price acceptable to you, then we will buy it ourselves!
Find Out How Much We Can Sell Your Home For.
We understand your needs as a home seller and can meet and exceed them. Click on the link below and we will give you a quote on how much we can sell your home for and the details on our Guaranteed Sale program.
Troy Trumm | Alliance Real Estate | troy@troytrumm.com | 402-676-6700
5269 N 111 Cir, Omaha, NE
5269 N 111 Cir in the Escalante Hills subdivision of Omaha
3BR/3BA Single Family House
offered at $135,000
Year Built
1986
Sq Footage
2,169
Bedrooms
3
Bathrooms
3 full, 0 partial
Floors
2
Parking
2 Car garage
Lot Size
Unspecified
HOA/Maint
$0 per month
DESCRIPTION
DON'T MISS THIS DEAL! Former model home. Tri-level with three bedrooms, three baths and 2,169 sqft in Escalante Hills subdivision of Omaha. Open kitchen overlooking a bright family room with fireplace. Formal dining room with chair rail and living room featuring a bay window. The master bedroom includes a walk-in closet and tiered ceiling, plus there is a large private master bath. Vaulted ceilings, ceiling fans and neutral colors throughout. Basement has brand new carpet and paint. All appliances are included. Huge yard with privacy fence, sprinkler system, patio and deck. Service 1 Evaluated.
$10,000 Agent Incentive Program
We are giving away $10,000 of our money as an incentive to real estate agents to sell the homes we represent. No other real estate agent is willing to do this. Our program results in more showings and faster sales.
For details visit, http://www.TrummTeam.com.
Your Home Sold within 120 Days or We will Buy It!
Most agents will tell you what you want to hear to get you to list your home with them. Agents will make promises to sell your home for top dollar, but see how quickly they dodge this promise when you ask for it in writing. We will Guarantee You Results - otherwise we will pay you for our shortcomings!
The Program That Guarantees You Results!
We are willing to place ourselves accountable for the promises we make, so if we fail to sell your home, at a price acceptable to you, then we will buy it ourselves!
Find Out How Much We Can Sell Your Home For.
We understand your needs as a home seller and can meet and exceed them. Click on the link below and we will give you a quote on how much we can sell your home for and the details on our Guaranteed Sale program.
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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