There's a new and better tax credit in town. Are you poised to take advantage of the coming surge in home sales?
Are you marketing your properties specifically to first-time homebuyers?
If not, you should be.
Last week, President Obama signed into law the American Recovery and Reinvestment Act. Under this Act, qualified first-time homebuyers will receive tax credits of up to $8,000 if they buy a principal residence this year. And it's expected to bring 300,000 to 1,000,000 new homebuyers into the market.
That's a lot of sales. And those sales should lead to even more as current homeowners look to trade up.
Best of all, unlike the $7,500 tax credit enacted last year, this new tax credit does not have to be repaid, and it's refundable. It can, and will, put money directly into your buyer's pockets.
The highlights:
- The credit is available to first-time homebuyers. That's anyone who has not owned a principal residence in the last three years.
- The credit does not have to be repaid, and it's refundable.
- The credit is equal to 10 percent of the purchase price, up to $8,000.
- The credit is available for homes purchased between January 1st and December 1st this year.
As a real estate investor, now is the time to take advantage of the first-time homebuyer market. From concentrating your sales marketing at those potential first-time home buyers to converting your lease/option tenants into owners through wrap financing, there are many different ways you can turn this new law to your advantage. It might be just the thing to get your deals closed!
At Harlan and Associates, we have years of experience in helping real estate investors be successful. We'd love to be your real estate closing attorneys in Atlanta Georgia. Want to know more? Contact us and we'll be happy to discuss how Harlan and Associates can be of service to you!
1 Circle Arrow, originally uploaded by *Seuss*.
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