Tax Cuts and Tax Credits are good things! Especially for Local real estate market in the Bluffton, SC and Hillton Head Island area.
The House of representatives did a good thing--extending the first-time home buyer credit and, in addition extending tax credit of $6500 to move-up buyers. The President signed the bill today.
To Qualify
- Applicants must have a purchase agreement in force by April 30th, 2010 and Close by June 30th 2010
- Annual Incomes must be below $125000 for individuals an $15000 for those how file their taxes jointly
- The Home must be a PRIMARY residence--vacation homes and investment properties are excluded
- Applicants may purchase homes with values up to $800,000
How advantageous is this for Hilton Head, Island Real Estate?
Well, this program is better than nothing. But, it would have been good for our law makers to consider areas of the country--like Hilton Head--with its larger inventories of vacation homes and investment properties--
While home sales will pick up nationally, sales of vacation homes remain depressed. That said, now is a great time to buy--that's what Warren Buffet does.
Bluffton Benefits
Home builders should be jumping for joy. Newer Planned unit developments have been pretty quiet. This should be a shot in the arm for them and good medicine for the Bluffton economy.
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