Archive for Tax Credit
Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers
With just under two seeks left to use the tax credit there are a few points about the credit to remember. The home buyer tax credit originated as a f
irst time home buyer tax credit but it is no longer just for first time home buyers. If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.
Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up. Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.
If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30. The home needs to close before June 30, but the contract date is nearing. The tax credit offers home buyers a great opportunity to save some money, so contact me today and let’s get out there and start looking at real estate. The inventory in Corvallis and the mid-Willamette Valley is great!
Click here to read all about the home buyer tax credit.
Thinking About Using Tax Credit Toward Buying Corvallis Real Estate? Act Fast!
If you are thinking about using the extended and expanded home buyer tax credit to purchase a home in Corvallis, Oregon this year you better act fast. The tax credit can be used
on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. What does this mean? You have a little more than a month to locate your new home. The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:
- Homes must be closed by July 1, 2010, under contract by April 30, 2010.
- Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
- There are income restrictions, $125,000 for singles, $225,000 for couples.
- The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
- The credit will need to be repaid if you sell your home within a time period of 36 months.
Remember, time is running out. Contact me today to start looking for your new home if you intend on using the tax credit.
The Reality of Realty
The reality of realty is that searching for positive news about real estate is not that difficult these days. Foreclosures have dropped in certain areas of the Country. Some areas are showing rebounds, having an increase in sales volume and home values. The available ho
me buyer tax credits and low mortgage rates are boosting home sales. Even the drop in January sales appears temporary because, after-all, the tax credit expires on April 30th and people will start pounding the pavement in search of the new home to use it on.
Real estate that is selling in most places is selling because the price is right. People are buying real estate that they view as priced appropriately. If the home is affordable it will sell. The real estate that is not selling is real estate that is owned by people who are having a hard time letting go of what they think their home is worth or who will lose their shirt if they sell at the correct price. The reality of realty is that home values are not nearly what most people thought they would be when they bought their homes at the height of the market.
Click here for a recent article from CNBC on what is going on in real estate right now.
Extending the Good News for Home Buyers
Extending the Good News for Home Buyers
By Lawrence Yun, Chief Economist, NAR Research
Let’s first turn to the terrific news regarding the housing stimulus. Earlier this month, the U.S. Congress overwhelmingly passed and the President signed into law new measures to maintain the momentum for a housing market recovery. The home buyer tax credit, originally scheduled to expire at the end of November will now be available through the middle of next year and more potential buyers will be able to take advantage of it. The income limit was also increased and many move-up buyers – not just first-timer purchasers – also will qualify. Furthermore, loan limits will not shrink as was planned for next year; in high-cost areas, the loan limit will remain at near $730,000 in 2010, thereby permitting more consumers to tap into the historically low mortgage rates.
Senate Approved Expanded Tax Credit For Home Buyers
The Senate has approved an extended and expanded tax credit for home buyers
On Wednesday the senate passed an expanded tax credit. The First Time Home Buyer Tax credit has been seen as a huge success and its expiration on November 30 has had many feeling nervous about what its end will mean. Those fears can now be put aside. While the bill still has to pass through the House, which it is expected to do next week, is was overwhelmingly approved by the Senate in a 98-0 vote.
What is new and improved with the extended and expanded tax credit? The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more. The credit is up to for $6,500 for these current homeowners and remains at up to $8,000 for First time home buyers or home buyers who have not owned a home for the past three years. The tax credit is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly. A home must be a primary residence and valued at $800,000 or less. Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.
The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.
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