Make your homeownership dreams come true...
Thanks to our friends in Washington, DC the Home Buyer Tax credit has been extended! I personally am giving my thanks to the powers that be. I hope this will continue to stimulate the housing market. My brokerage had a record breaking October as a direct result of the $8,000 tax credit to first time home buyers. The new legislation also expanded the credit to include repeat home buyers. That amount is up to $6500.00. My hope is that this will stimulate the sale of homes over $200,000.
Here's the skinny, but please contact your tax professional for more details:
- First-time home buyers must have a purchase agreement written before April 30, 2009.
- Ditto for the current home owners.
- Current home owners must have lived in their sold home for five consecutive years within the last eight.
- First-time home buyers may not have owned a home three years prior to the purchase of the new home.
- The credit amount is determined by the price of the home and the buyer's income.
- Homes must be under $800,000.
- Single buyer income must be $125,000 and under to receive the maximum credit.
- Married buyers income must be $225,000 and under to receive the maximum credit.
- Home buyers receiving the credit must live in the home for three years or the full amount of the credit will be recouped on the sale.
This is a great time to buy. There are nice properties for sale in the Cedar Rapids real estate market.
This is also a great time to list. I say this with the hope that extending a credit to existing home buyers will stimulate the market in our area. My advice is not to wait until Spring to list. List now and see what happens.
Thank you for reading my blog and have a great day!
Wanda
Wanda Tharp, Realtor, Coldwell Banker Hedges Realty, Licensed to sell real estate in Iowa
