Here’s a 2010 resolution that’s so beneficial you simply must keep it: buy a Mobile Eastern Shore home! Now that the Home Buyer Credit Act has been extended and qualifying income levels have been raised, this is an ideal time to purchase a house.Continue reading
Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers.Continue reading
The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today.
Home Buyer Tax Credit Expansion and Extension
- The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
- A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010.
- To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
- Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
- Limitation on the cost of a purchased home is $800,000.
If you know anyone looking to buy their first Mobile Eastern Shore home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today.