FIRST TIME HOME BUYER STIMULUS - Did You Get Lucky or What?
This is a great opportunity for you first time home buyers out there who have been kicking around the idea of purchasing a home. It seems that it paid off for you by waiting until 2009 to buy that home. The $7,500 tax stimulus that was offered in April, 2008 (to expire July, 2009) was a non-interest loan where one had to repay over a (I think) 15 year period every year when your income tax was filed.
The newly enacted bill was raised to $8,000 and doesn't have to be repaid as long as you occupy your home for a 3 year period. This plan is put in place of the existing $7,500 plan. You can actually put $8,000 (or 10% of your purchase price) into your pocket next April 15 by purchasing a home by the end of November, 2009. If you purchase prior to filing your income taxes for 2008, you may claim the tax credit this year! What a deal. Let's say that the federal income taxes that you owe don't even total the $8,000 - guess what - you get a check for the difference.
The inventory is great right now and the prices haven't stabilized yet. There are great opportunities to negotiate even further on asking prices. And interest rates fell again last week. Who knows where they'll be next week but the point is that they are historically low.
I urge you to contact your real estate agent or me, if you don't already have an agent. Your luck may not hold out beyond next November!
Check out the resources on my web site and then contact me for detailed information on available homes.