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Winter is coming and with winter comes a normal and expected drop in real estate sales in the Northeast. But during a rough economy, this drop has the ability to turn into a complete shut down. Enter the NAR saviors who successfully lobbied
Congress to extend the tax credit until Spring of 2010!
They threw us a lifeline and we caught it.
New Hampshire real estate will survive this winter! The tax credit did a wonderful job stimulating first home purchases, enabling others to sell their homes and upgrade. I think we all feel it has, in some way, helped to stabilize our economy and push us towards a recovery. By offering $8,000 cash back to first time home buyers, we were able to get more people into the market who might not have been there in the first place just because of FEAR. Most real estate agents can't understand why more people are not out there looking at homes. This is the BEST market we have seen in our lifetime for buyers! Wait ten years and you might double your investment worth! And now, we all have a chance to take advantage of the tax credit, not just first time home buyers. The Tax Credit is now Expanded to Previous Home Buyers Looking to Upgrade!
But there are more changes than that. Take a look at the new tax credit extension and expansion below. If you have any questions, give me a call! And if you were on the fence before, this should get you moving. Feature
| Jan 1 - Nov 30, 2009
| Dec 1 - April 30, 2010
| First Time Buyers $ Credit
| $8,000 ($4,000 married filing separately)
| Same | First Time Buyer's Eligibility
| May not have had an interest in a principal residence for 3 years prior to purchase.
| Same | | Current Home Owner $ Credit | None | $6,500 ($3,250 married filing separately)
| Current Owner Effective Date
| None | Date of Enactment
| Current Owner's Eligibility
| None | Home being sold must be primary residence consecutively for 5 of the past 8 years.
| Termination of Credit
| Purchases after Nov. 30, 2009
| Purchases after April 30, 2010
| Binding Contract Rule
| None | If contract is signed by April 30, 2010, you have until July 1, 2010 to close and still get the tax credit.
| | Income Limits | $75,000 - Single $150,000 - Married Additional $20,000 phase out | $125,000 - Single $225,000 - Married Additional $20,000 phase out | Limitation on Coast of purchased Home
| None | $800,000 | Purchase by Dependent
| No Provision
| Ineligible | Anti-Fraud Rule
| None | Documentation must be attached to tax return.
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