First-time homebuyer tax credit set to expire April 30, 2011

I know what you're thinking.  The tax credit was LAST YEAR.  For most home buyers, that is true.  But some buyers are still eligible if they meet some special requirements.

Those who served in the military, certain Foreign Service positions or intelligence positions might be eligible for the tax credit if they served overseas for 90 days during a period between 12/31/2008 and 5/1/2010.  If that is the case, they would have to enter into a contract to purchase a home by April 30, 2011 and close by the end of June 2011.

There are certain advantages for those taking advantage of the tax credit now.

1. There is not nearly the number of buyers out there as what there was in April 2010.
2. Some who might not have met all of the requirements last year might be eligible this year.
3. In many areas prices have dropped some, meaning that current buyers might find a better value.
4. Interest rates are extremely favorable, making home ownership potentially quite affordable.
5. Rents are trending upward and subject to possible further increases.
6. If increased inflation comes as many predict, today's buyers will be able to buy a home at a good value with affordable payments.  That could cause considerable protection against the effects of inflation.
7. Add to that of course the tax credit of up to $8,000 just for taking advantage of the opportunities available in today's real estate market.

For further information about the extended tax credit, check with the IRS website about the subject:

http://www.irs.gov/newsroom/article/0,,id=215594,00.html

As always, buyers are strongly urged to consult with a qualified tax professional about any issues regarding the tax credit or any other tax issues and how it might relate to their specific situation.

For information about one of the most affordable real estate markets in the country (Indianapolis - Carmel Indiana) be sure to contact me about opportunities available or visit my website about Carmel Indiana Real Estate.  You can contact me about Central Indiana real estate on my direct line at 317-709-2537.