Attention, homeowners! Looking to take advantage of this great market to move up or downsize? There's good news-the government has just expanded the first-time home buyers credit to include YOU-the Homeowner! You can now benefit from the tax credits in two ways:
By selling your home in this market, you have the distinct advantage of having a huge number of first-time home buyers who are trying to buy a nice home-NOT a foreclosure or short sale-to cash in on the $8,000 tax credit. PLUS! If you have owned your home for at least five of the last eight years, you can now sell your home and purchase a new home-and receive a $6,500 tax credit from your rich Uncle Sam! This new expansion of the tax credit is going to have a tremendous impact on the real estate market. As prices are already beginning to stabilize, don't you want to take advantage of the low prices before they start to rise?
Economists with the National Association of Realtors estimate that the current first-time buyer tax credit has already contributed about $22 billion to the national economy, and about 2 million people will take advantage of the first-time home buyer tax credit this year. Add to that figure the number of homeowners looking to upsize or downsize this year, and you have a perfect balance across all price ranges.
There's more good news-the tax credit was expanded in the income caps, and the new income level for the credit was extended to individuals making no more than $125,000 for single buyers and $225,000 for couples. The new maximum purchase price for a home is an incredible $800,000.
Looking for a sign? Here it is! SOLD!
Comments(0)