So you think you don't qualify for the first time buyer tax credit? Think again.

By
Real Estate Broker/Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242

Today while consulting with a first time buyer client I brought up the subject of the home buyer tax credit.  I was told there was no need to discuss the subject since he did not qualify.  I did not drop the subject but was curious to know why he said what he did.  After further probing I found out that he was correct, but only under the old guidelines.

The tax credit has been extended and expanded to cover more than just first time buyers.  You should have seen the look on the young man's face when I told him that the income guidelines for a single person had been increased to $125,000.

This encounter made me realize that there might be a group of potential first time buyers who have ignored the program because they are thinking that only the time frame was extended and the other requirements have remained the same.  So if you are one of those who did not qualify under the old rules that might not be the case now.

Enjoy this short video which will give you the highlights of the new tax credit.

 

 

 

 

Jennifer Fivelsdal- Associate Broker- Keller Williams Realty Team - 845-758-6842- jennifer@jfivehomes.com  and www.jfivehomes.com         

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Topic:
Home Buying
Location:
New York Dutchess County
Groups:
Realtors®
1st Time Buyers
Hudson Valley Real Estate and Mortgage Professionals
Tags:
home buyer tax credit
first time buyer tax credit

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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Jenn, good point! I never thought about that. I will make sure I let a few people know who thought they didn't qualify.

Nov 24, 2009 12:26 PM #1
Rainmaker
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Debi Boucher
Real Estate Showcase Photography - Woodland Park, CO
"Realtor Showcase" - Real Estate Photography/Virtual Tours

Jennifer - very nice presentation! Loved the white house with the red door :)

Debi

Nov 24, 2009 12:30 PM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jennifer, hopefully Accountants will be making sure that everyone that qualifies for the Tax Credit takes advantage of it when they sit down with their clients to do their taxes.  It would be ashamed to qualify and not apply for it.

Nov 24, 2009 12:41 PM #3
Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Jennifer ~  I think there are a lot of folks that aren't aware of the changes and who may or may not qualify.  I'm glad you pointed this out.

Nov 24, 2009 01:07 PM #4
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Andrea without that converstion with the potential buyer I probably wouldn't have given it a thought.

Debi Thank you, I can check to see if it is available......lol Love to have you in the Northeast.

George I hope this is the case.  It would be sad to miss out.

Joan I have come to that conclusion, so we need to spread the word.

Nov 24, 2009 01:57 PM #5
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Jen,

Thanks for the good info, I clicked on over to the video and learned a few things myself.

Nov 24, 2009 03:13 PM #6
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Steve Shatsky
Dallas, TX

Hi Jennifer... this topic has gotten so much coverage that I suspect MANY consumers hear the term homeowner tax credit and just tune out.  Let's shout it from the rooftops so they have to listen!

Nov 24, 2009 03:24 PM #7
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Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

A lot of people have the wrong impression Jennifer.  Great that you were able to point this out to your client.
Have a great Thanksgiving

Nov 24, 2009 11:05 PM #8
Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

It is great that you were able to get him up to speed! I can only imagine the feeling of finding out you can get the credit.

Nov 24, 2009 11:16 PM #9
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Lynda I do think we need to let people know of the changes, many are misinformed.

Steve That is exactly what has, people have tuned it out.

Paddy That's true.  Thank you.

Bill he was rather excited.

Nov 25, 2009 01:18 AM #10
Rainer
234,048
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Simplistic video to explain to viewers.... glad you were able to get the corrected information to the potential buyer. 

Nov 25, 2009 01:18 PM #11
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