ABCNews is reporting that the first-time home buyers credit has actually spurned the Real Estate market as hoped. The deadline is fast approaching, November 30th, and first-time home buyers are out shopping. The market is experiencing something that it hasn’t seen for years: bidding wars. It’s happening this way because contracts must be signed by the deadline so people are in a rush to close on their dream home before they miss out on the credit. First-time home buyers, using the tax credit which is part of the $787 billion economic stimulus bill passed in February, can reduce their federal income taxes by 10% of the price of the home, up to a maximum of $8,000.
Bidding Wars Return to the Real Estate Market
Posted On October 20th, 2009 by Grace | Comments Closed Louisville is the best place to live in America!
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FIRST-TIME HOME BUYERS TAX CREDIT
Posted On April 29th, 2009 by Grace | Comments ClosedNow is a great time to buy! What is that? Among the many reasons is the First-Time Home Buyer Tax Credit. The American Recovery and Reinvestmen Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence anytime in 2009 before December 1st. The amount of the tax credit is equal to 10% of the home’s purchase up to a mazimum of $8,000. So what exactly is a “first-time home buyer?” A “first-time home buyer” is someone who has not owned a principal residence during the three-year period prior to the purchase. All homes that are used as a principal residence qualify for the credit, which includes single-family detached homes, attached homes like townhomes and condos, mobile homes, and houseboats.
The Great Depression vs Today
Posted On October 29th, 2008 by Grace | Comments ClosedThe current financial crisis is being compared in the press to The Great Depression of the 1930′s. To put 2008 in some perspective, consider the following statistics:
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