Tax Credit Information
posted by WeKnowBrevard Blog @ 11:57am, Monday 16 November 2009.
Wow, is anyone else a little less than clear about the extended tax credit that President Obama signed recently? I thought you might be so here is the information that should clear it up for you. I’ve listed a couple of highlights for you:
1) $8,000 First time homebuyer credit extended for purchases made by and including April 30, 2010 with closing taking place no later than July1, 2010.
2) A current homeowner credit was added of $6,500 with the only stipulation being owning your current property for 5 consecutive years in an 8 year period.
3) Income limits for qualification increased from $75,000 to $125,000 for a single person and $150,000 to $225,000 for married couples.
4) Limitation on the price of purchase is set at $800,000.
The National Association of Realtors www.realtor.com that further explain this issue. That’s good news for all who are interested in buying. The bad news is that the inventory levels are shrinking daily of homes available to buy. The time to buy is NOW! Don’t waste a second thinking about it. I saw people sweating blood on whether their contract was going to be accepted on short sale properties in time for the credit. The minimum time frame for a short sales is 90 days, which means if you put an offer in on Dec 1, 2009 the soonest you would be able to close would be March 1st. That would be if everything went smoothly. The extension gives us more of an opportunity but not as much of an extension as it might seem.
We’re here to help you buy or sell your home. In the last month we have had 4 listed homes that have had contracts within 7 days of putting up the sign. Two of the listed homes we didn’t even get the sign up. It’s all about pricing your home properly. We also had a buyer this month that closed in 72 hours of her contract being accepted. You can trust us to take care of you on one of the most expensive & vital things that you will do in your life.
Until the next time……
Brad Kuhns, P.A.
Broker Associate
321-242-1444
The Kuhns Realty Group
Home Values in your neighborhood TODAY!
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