We've reached the half-way mark for 2009, and a point that starts the official count-down for the $8,000 firt-time home buyer tax credit -
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit. Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Announced this week at BusinessWeek.com, Real Estate Professionals should remind potential home buyers of the obvious, "Now is the time to buy, but that opportunity may be slipping away..."
For many, the dream of home-ownership is well within reach. Mortgage rates are low, home prices are at historic lows, and the government is offering never seen before incentives for first-time home buyers.
While the inventory of homes to buy is still large, the levels are in fact shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply...
Anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
As your local First-Time Homebuyer experts, we want you to know we're here for all your real estate needs. Please contact us should you have any questions or would like to start looking at homes.
Jason and Amber Gardner (971) 832-1234 | www.TheGardnerTeam.net | jasongardner@johnlscott.com
Courtesy of Realtor Magazine and your local Realtors, The Gardner Team
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Selling Homes, Land and Luxury Estates in Sherwood and the Surrounding Areas
Jason & Amber Gardner | www.GardnerTeam.net | 971.832.1234
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Do you think they're going to extend this deadline? I was speaking with some fellow agents, and we all have a gut feeling that as we approach this date the deadline may be moved.
I actually wrote a post about the deadline being extended just a couple weeks ago. In an effort to insure buyers continue to take advantage of the opportunity NOW and not wait, it's possible that we may not hear much about any type of credit extension until the time comes. Although we want to see it extended, buyers should act now, for if it is removed - many will be kicking themselves for waiting or thinking they had more time when it's all over.