OK, so I'm not going to get into the whole 'I'm-a-taxpayer-so-it-isn't-really-free' debate. The fact of the matter is that this is the closest to a free ride that you're ever going to find.
What are you talking about, Jules?
Why, the Homebuyer Tax Credit, of course!
Time is running out to take advantage of this Fab. U. Lous. opportunity. As of today, you have 101 days to get a house under contract and then you've got another 60 days from then to get it closed.
Some buyers that I've talked to have casually mentioned something along the lines of 'Oh, they're going to extend it again, so I'll probably just wait a while longer.'
To those I say: WHAT, ARE YOU CRAZY???
There's a chance that it might get extended. But then there's also a chance that interest rates, which are hovering around 5% right now will go up. Up a lot. In the very near future. Very smart people are predicting that for very good reasons. Will it happen? I'll let you know when my crystal ball gets back from the shop. At the very least they aren't going to stay where they are indefinitely. And when interest rates go up, so does your monthly payment. Which means that you can't afford as much house.
And there's also a very good chance that it WON'T get extended. And then you'll have missed out on FREE MONEY!
So if you are a first time buyer (that includes anyone who hasn't owned a home in the last 3 years) or if you have owned and lived in your current home for 5 of the last 8 years then you probably qualify for either the 'first time buyer credit' of 10% (max of $8,000) or the 'move up credit' of 10% (max on this one is $6,500).
There are income and purchase price limits but those won't apply to most of you looking for a house to buy in Chattanooga or northwest Georgia. If those limits do apply to you? Well, sorry, but my heart doesn't exactly bleed for you ($225,000 is the income limit for couples and $800,000 is the purchase price limit). You're probably doing just fine on your own. Thanks for being in the upper income tax bracket and covering for the rest of us poor schlubs!
It doesn't really matter what house you are buying. It's the buyer that qualifies for the tax credit, not the house. But you gotta get a contract signed, sealed, and delivered no later than April 30th.
So if you've been sitting on the fence wondering if you should buy now or wait until later...STOP WAITING! DON'T MISS OUT! YOU'LL ONLY BE KICKING YOURSELF LATER! THE GRASS ISN'T GREENER ON THE RENTAL SIDE (AND OTHER CLICHES!) WHY AM I YELLING?
That was my public service announcement for today.
You're welcome.
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