What are you waiting for? Do you know what you could be missing? The Homebuyer Tax Credit is about to expire. There are now just 46 days until you have missed your chance to get in on this historic opportunity. The Homebuyer Tax Credit was extended for first time home buyers who sign a binding contract by April 30, 2010 and close on the purchase of that home by June 30, 2010. This tax credit also applies to current homeowners who would like to purchase a new primary residence. Under these new terms, a “current” homeowner must have used the home they sale as their primary residence consecutively for five of the past eight years. The new home must not exceed a cost of $800,000. With this credit for purchasing a new home, the current home owner would receive a tax credit of $6500, or $3250 if they are married and filing separately.
These tax credits are only available for a short time, and are most likely not going to be offered again in the near future. Not only do first time home buyers have the advantage of the tax credits, they also have the option of an FHA loan that may allow them to put down a smaller amount than would normally be required with a conventional loan. The other advantage to purchasing a home at this point in time, is the great opportunity to get in on very low interest rates. I remember when we purchased our first home, and interest rates were 12%. I never would have imagined that it would have been possible to have interest rates drop below 5%. I also know that there are many wonderful homes on the market that are selling below their tax values. It is truly a buyers market, and one that will not last forever.
What are you waiting for seems to be the talk in the office. Let us know if we can help you take advantage of the tax credits, the low interest rates, the great inventory of available houses, and the best company, Urban Durham Realty, to help you find your dream home.