A new year, a new administration and lots of changes coming our way.
We are optimistic of our nation's economy and especially the housing market. Though, not expecting instantaneous results we are confident positive changes will begin to take effect which will boost the housing market and overall economy. It may take time, yet we will again reach a stable platform for our nation.
One of the recent changes affecting the housing market is the revised home buyer tax credit program.
The concept is not new as our government rolled out a similar plan in Spring of 2008. The purpose was to stimulate the housing market by providing a tax credit to "new home buyers" - those who have not owned a home within the past three years. The catch, though, that led to an ineffective stimulus was the fact that the credits had to be repaid over time. For many, this just did not sit well or provide a true benefit. For Realtors, it was difficult to try and explain and to market the benefits with so many "exceptions".
We are excited to market the modified home buyer tax credit program for 2009 as the program is now built to truly benefit and stimulate the housing market by providing a TRUE tax credit of $8,000!
No repayment is required so long as you retain your home for a minimum of three years. Here is the program at a glance.
The tax credit...
... is for first-time home buyers only.
... does not have to be repaid.
... is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
... is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
... available to single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
In order to provide a clear picture of the 2009 tax credit program, we have dedicated a portion of our website to educate you. Please visit our website for more information.
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