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
Wanda, Great blog and terrific headline. Many of us have blogged about the Home Buyer Tax Credit, but yours has been the only one that really grabbed my attention!
Thanks Gary! I'm trying to improve on my blogging skills!
Okay, to play the AR Grinch again: I think this is a really, really bad idea. The economy still faces the real danger of tanking even more, most first-time buyers are on limited incomes, this is encouraging even more folks to dive into home ownership who may find themselves laid off in a few months.
I know we realtors are supposed to stand up and cheer anything that potentially puts more money in our pockets, but do we really want to celebrate legislation that could very well lead to Market Crash, Part Deus?
None of us know what is going to happen Mr. Grinch :). The upper end market is very stale in our area, we can only hope that the tax credit will help. I like to be positive. Thanks for your comment!
To Steve Heydel@Cumberland Real Estate & Auction:
I have a referral for you... they are now hiring on the graveyard shift at Wal-Mart for shelf stockers...I think you would be perfect for the job.
Market Crash, Part Deus?...I don't think so!....Saay hey now,,, whatta' ya gonna' give for it...I only charge 25% for job referrals...but you must turn in your Real Estate License to the the Iowa Real Estate Commision to receive your referral fee... and also promise to never stalk web-sites of hard working, well-deserving, Realtors like Wanda.
Mike Scrutchfield, Licensed Broker in Missouri and Kansas for 30+ years
p.s. The Market is GREAT!, and as good, as I have ever observed it!
mikes@max-mail>net
My observation: In the past two weeks, the buyers have thawed out and are venturing out into the market place. Sellers in 120-150's are in a good spot to see a profit and get a great deal on a bigger home. This is in my market.
Staying positive makes for a postive outcome!
Thanks for your comment Mike.