Love it or hate it; Tennesseans are using the first time buyer $8,000 tax credit

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

No matter which side of the arguement you come down on; the facts are that lots of Tennessee home buyers are using the $8,000 tax credit to buy a new home with.

A recent release by the Internal Revenue Service (IRS) showed that Tennessee was 13th in the nation in buyers that have already claimed or filed for the 8K credit.

That program ends on November 30th of 2009 and I'm very curious to see what effect it will have on our market. Buyers I've worked with and had contact with this year seem to be much more deliberate and willing to let the price come to them than ever before. I suppose that is a byproduct of the current recession we're in.

Year to date monthly sales for knoxville tn real estate

I wonder what this graph will look like in December & January after the tax credit goes away?

There's lots of talk in the real estate community about whether the credit will be extended past the existing deadline and it's still anyone's guess what will happen. My personal belief is that the fed is going to let it expire and see what happens.

Buyers can now actually claim next year's tax credit this year by filing an amended tax return (most any CPA will do one for about a hundred bucks) on your 2008 return via a special option the IRS has created.

"Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”

If you're thinking of buying there's still time to get in under the wire but I advise you to call me as soon as possible and let's get started finding you a new home.

www.KnoxvilleHomeCenter.com is a great place to start.

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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