2010 Tax Credit - Time is Running Out

By
Real Estate Agent with Jack White Real Estate 15598

Deadline for Home Buyer Tax Credits Draws Near

Home buyers wishing to take advantage of the generous tax credits need to start thinking about finding their new home as soon as possible. Even though the deadline to close on a newly purchased home is still months away, the law requires that would-be buyers be in a binding contract no later than April 30, 2010.

Eligible first-time home buyers can receive up to an $8,000 tax credit, while eligible repeat buyers can receive up to $6,500. A first-time home buyer is defined as someone who has not owned a principle residence in the last 3 years. Repeat buyers must have owned their current home for 5 consecutive years out of the last 8 years at the time of closing on the new home. For both first-time and repeat buyers, the home being purchased must be used as a principle residence. Income limits also apply; to ensure eligibility buyers should speak to their tax professional as well as their REALTOR. For more details on the program, click here for a fact sheet.

Tips for Buyers:

1. Don't procrastinate: To have any chance at finding a home and having an offer accepted by the end of April, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, contacting a bank for mortgage pre-approval and beginning the home search process. Home buyers who have a house to sell need to act NOW and should price it aggressively to generate interest and a sale in time to close on their new house by the June 30th deadline.

2. Don't count on another extension: The tax credits won't be available forever. To guarantee you can take advantage of it, act now.

3. Mind the interest rates: Interest rates are low right now, hovering around 5%. Anyone considering a home purchase in 2010 should do it now to take advantage of the cheaper cost of borrowed money in addition to the tax credits if they qualify.

For more information on the Tax Credit or to get started with the home-buying process, please contact me right away and I will be happy to assist you. If you have a house that you will also be selling, I would be happy to provide you with a market analysis showing the value of your current home.

I look forward to hearing from you soon; Marianne 907-529-6602

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Marianne 907-529-6602

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Rainmaker
126,381
David Dee
RMX REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orang

From the desk of David Dee,

Marianne, time is definitely running out. Buyers who want to take advantage of this credit should be agressive now or else they will miss out of this great benefit.

Feb 20, 2010 06:08 PM #1
Rainer
100,267
Marianne Grant, Realtor
Jack White Real Estate - Anchorage, AK
CRS 907-529-6602
Hi David, I think they're getting it... I am swamped. Nice to hear from you. How's your market?
Feb 21, 2010 04:32 AM #2
Rainmaker
126,381
David Dee
RMX REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orang

From the desk of David Dee,

Marianne, same here with the buyers. We're scrambling to get something to meet the deadline. It's all good for everyone! Hope you're having a productive weekend. :D

Feb 21, 2010 05:16 PM #3
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Rainer
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Marianne Grant, Realtor

CRS 907-529-6602
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