The HomeBuyer Tax Credit

Great news! The Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current qualifying homeowners. The following are some of the features of the new bill:

• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days or no later than June 30, 2010.
• Eligibility and amount of new credit:
  - $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
  - Up to $6,500 credit for homeowners who have lived in the home they are selling (or have sold), as a principal residence for five consecutive years of the last eight.
• Buyers with incomes exceeding $125,000 for single and $225,000 for married couples are not eligible for the full tax credit but may qualify for a portion of it.
• Homes valued at more than $800,000 are not eligible.

Sooooo....if you are a current homeowner, you might be eligible for a $6500 credit. And if you're a new homebuyer, you can receive up to $8000 credit.

BUT, legislators on both sides of the aisle agree that this credit will not be extended again. They urge anyone considering buying a home to do so by next Spring. This should also inform potential sellers' decisions regarding listing a property. Time is of the essence.  Fall and winter has always been a slow time in the home sale market, and prices tend to be lower now than in the spring market, so now would be the best time for buyers to buy homes. 

If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling.  You can save thousands by listing your home with Advance Realty Anne Arundel Inc..  If you are considering buying a home, there is no better time than now to buy.  The tax savings and wealth building a lone is worth the plunge into todays market.

In keeping with saluting our heroes, during 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's.  If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement.  This is a $350 savings.  If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent.  Our office is open 7 days a week and we can be reached at 410-761-1550.

June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.