Tax Credits for Home Buyers - Still Available in 2010, but in our particular area, I don't think that word has gotten out to Home Buyers yet.
In our office, we certainly had a flurry of First Time Buyer activity in September and October of 2009 but as soon as it became evident to potential buyers that they weren't going to find THEIR home in time to close by November 30th, the activity dried up - - after all, that was the deadline that we (and the media) had drilled into their minds.
Then, while REALTORS and lenders were watching minute-by-minute as the legislation to extend and expand the Home Buyer Tax Credit inched its way through the process to passage into law, the home buyers had gotten off to better things like Thanksgiving celebrations with family and Holiday shopping and parties. Hope they didn't all spend their down payment and closing cost cash! Industry folks talked alot about it amongst ourselves, but NO ONE TOLD THE BUYERS!
Our local Board of Realtors plans to get the word out, but not for another couple weeks. Meanwhile, we are all thinking that the Spring Market will come in January this year because of the tax credits -- Well, that would be NOW, but unless Sellers and Buyers know about the current Tax Credits for Home Buyers, how is that supposed to happen??? Preaching to the choir here, I know, but we need to spread the word! We need to re-focus buyers on the benefits of purchasing before April 30, 2010, and not just First Time Buyers this time around!
So, under the current law, qualified First Time Homebuyers who purchase a principal residence before April 30, 2010 are eleigible for up to $8,000 in tax credit. Starting November 7, 2009, Repeat Buyers who have lived in their primary residence for five of the last eight years can also qualify for a tax credit of up to $6,500. The credit for repeat buyers also expires April 30, 2010 under the current law. The law does provide for a buyer to close by June 30, 2010 if the purchase is under contract by the April 30th deadline and still be eligible for to claim the credit.
If Buyer and Spouse (if married) have not owned a principal residence for a 3-year period before purchase, they may also qualify for the First Time Buyer Tax Credit of up to $8,000.
A Repeat Buyer does not have to be a move-up buyer; A Repeat Buyer could be down-sizing or moving to a new area, as well, and still qualify for the Tax Credit of up to $6,500.
Of course, there are certain requirements such as income limits and purchase price limits and you may not be eligible for the full amount of the tax credit, depending on your purchase. And some folks just plain won't qualify, but it is certainly worth checking into.
For more information about the tax credits or homes for sale in MidCoast Maine, CLICK HERE TO CONTACT ME.
TERRY DRISCOLL, REALTOR : MID-COAST MAINE RESIDENTIAL REAL ESTATE : 207/449-9696
ALLEN & SELIG REALTY . 15 VINE STREET . BATH, MAINE 04530 . 207/443-2200
ALLEN & SELIG REALTY . 1 WALNUT HILL COMMONS . NORTH YARMOUTH, MAINE 04097 . 207/829-3339
Comments(8)