If you are thinking of buying or selling, you will want to take advantage of this year's fall-holiday real estate market - and I can help!

If you are thinking of buying or selling, you will want to take advantage of this year's fall-holiday real estate market - and I can help!

Changes to the economic stimulus package have been approved!

The $8,000 first time home buyer tax credit deadline has been extended to April 30, 2010 (a firm contract must be in place with closing NO LATER than June 30, 2010) and the program now expands to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate. This means Rochester area buyers will be looking to take advantage of both tax credits before deadline and listing inventory will be plentiful with serioussellers wanting to capture those active buyers.

 More details about the econonomic stimulus package changes:

Who is Eligible

- First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.

- Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence may be eligible for up to a $6,500 tax credit.

- All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.

- For married couples filing a joint return, the combined income limit is $225,000.

- Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

Types of Homes that Qualify

- All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence.

Tax Credit is Refundable

-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

For more information about the tax credit or buying and selling real estate visit www.MikeLiess.com or www.FlowerCityRealtor.com or call me directly @ 585-750-8337