Calvert County - First Time Home buyer Credit - And a Bonus
The real estate community has finally gotten its answer on the extension of the First Time Home buyer credit with the addition of a credit for current homeowners who have owned a home 5 of the last 8 years. This bonus is much needed to improve the real estate market as a whole. While the First Time Home Buyer initiative has provided a tremendous boost to the number of sales in the past year, generating increased confidence in the economy overall, including this sector of the market minimizes the partitioning between buyers and sellers. For many sellers it has been very difficult for them to move on due to the prices they have been able to receive for their homes. By creating this incentive for sellers, it should help to bring sellers into the market and provide a platform to put home values on track for at least some level of appreciation.
Sellers have been looking for compelling reasons to move on. By including them, it is good for the real estate market, as well as the overall economy.
For First Time Home Buyers or those who have not owned a home within 3 years, the tax credit remains at $4000 for singles and $8000 for couples, with income restrictions maxing out at $125,000 and $225,000 respectively. Current homeowners - those defined as having owned a home for five of the previous eight years - can now also take advantage of a credit, with slightly lesser amounts of $3250 for singles and $6500 for couples, with the income restrictions the same as described above. To qualify for the new program, purchase agreements need to be signed by April 30th and close by June 30th. For those in our armed forces, persons stationed outside the United States on official duty for 90 days during the period from January 1st 2009 and before May 1st 2010 will have eligibility extended for binding contracts signed before May 1st, 2011 and closed before July 1st, 2011.
If you are interest in buying or selling a home in Calvert County please feel free to call or e-mail me or visit my website: Calvert County Real Estate