Quincy, MA - Calling the current real estate market a "buyers market" is an understatement! Low interest rates, dropping house prices and most importantly a federal tax credit offered to first time home buyers. Recent changes in the economic stimulus bill offers first time home buyers a tax credit of up to $8000, which does not need to be repaid. The original tax credit offered to first time buyers was more of an interest free loan; however recent changes have increased the tax credit as well as lifted the need to repay the money. "I am surprised that more first time home buyers are not taking advantage of this great opportunity," states Madelene Semeria a local Quincy Realtor working for Century 21 Abigail Adams.
The tax credit is applicable on the purchase of a primary residence on or after January 1st, 2009 and before December 1st, 2009. The credit is only offered to first time home buyers, which is identified as any purchaser (and purchase's spouse) who has either never owned a property or who has not owned a primary residence in the past 3 years prior to the purchase. This option opens up the opportunity to buyers who may have sold their property in the past and were unable to buy a home in the past few years when prices began to skyrocket. Applying for and receiving the credit is a seamless addition when filing your taxes, since it will simply be claimed on the tax return. It is suggested that first time home buyers consult a tax professional before applying for this tax credit.
While the tax credit available is up to $8000, or 10% of the home's value, some income limits do apply. For a married couple the combined income cannot exceed $150,000 in order to qualify. The availability of this tax credit is an outstanding opportunity for buyers. This additional money can be used to help furnish the new home or to make wanted improvements. First time home buyers should not miss out on their window of opportunity to receive this credit, which is truly a gift.
Current homeowners looking to make energy efficient improvements to their current property may also be eligible for a tax credit. An additional aspect of the stimulus bill includes a tax credit of 30% of the cost of the improvements, not to exceed $1500, for any energy efficient improvements. The type of improvements eligible for this credit include: energy efficient insulation, heating/cooling units, doors and windows. Again, it is recommended that you discuss these items with a tax professional in order to maximize your return. For more information on the current real estate market or for help buying a home in Quincy, contact Madelene Semeria at (617) 894-1124. You can also obtain additional information by visiting her website at www.Ma-HomesForSale.com. Madelene has worked in the local real estate market for the past 5 years and specializes in helping first time home buyers find their dream home.
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