GREAT news for all buyers, and especially first time buyers! We have a $8000. First Time Buyer's Tax Credit! And now it got even better....you may even be able to use the funds at your closing!
You will find information and links below for the details on this exciting home buyer incentive.
The basics are that the stimulus package gives an $8000. tax credit to first time buyers and applies to principal residences purchased and closed between 01/01/09 and 12/01/09.
The best thing about this tax credit over last year's 7500. first time buyer tax credit is that it does NOT have to be repaid.
The $7500. credit was more of a no interest loan and this is an actual credit if you stay in your home at least three years.
Another very important point to note is that the definition of a first time buyer is someone who has not owned (or spouse has not owned) a home in the past three years prior to the purchase.
The tax credit is for 10% of the homes purchase price, up to $8000. maximum.
Real Estate is ON SALE...which is GREAT news for ANY buyer!
Each day I review the new and changed listings on our MLS HOT SHEET in my area, and I am just AMAZED at what homes are listed for and selling for. It just makes me shake my head that there are not more buyers taking advantage of this market. And, by taking advantage, I do not mean taking advantage of other peoples misfortunes. I have so many really nice clients that I work with, and more than one has expressed that they are not interested in foreclosures, distressed sales, REO, or short sales, because they felt badly profiting from another person's misfortune. I can certainly understand and appreciate that viewpoint, but if you share this very compassionate concern, you really must know that one of the best things for this housing market, home values and prices is to move all of these homes OFF the market by buying them! The sooner we get through the GLUT of foreclosures, pre-foreclosures, REO's, Short Sale, and all Distressed Properties the sooner we WILL help stabilize the market, which not only helps the Real Estate market, but the overall economy we are now facing.
Please see the links below to read all of the details of this housing stimulus plan and how this may apply to your personal situation. There are inclusions, exclusions, exceptions, income limits, etc., of course. I would also strongly advise that you consult your tax professionals for the details.
From H and R Block: Breaking News President Obama Signs $787 Billion Economic Plan, Most Sweeping Rescue Package In Decades. So what is the 2009 stimulus plan and how might if affect me and my family?
From RISMEDIA: Housing Plan Is Bold, But Will It Fix the Problem?
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