$8,000 tax credit ~ extended and expanded
November 6, 2009 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips
Home Ownership
Home Ownership
$8,000 tax credit ~ extended and expanded
Great news for home buyers and sellers alike. The $8,000 tax credit for first time home buyers has been extended to April 30 2010 and a new $6,500 tax credit for homeowners who have used the home being sold as their principal residence consecutively for 5 of the previous 8 years.
This will bust open up the real estate market!
This will bust open the real estate market as it will encourage the move up buyer to take the leap! As long as a binding purchase contract is written by April 30 2010 the purchaser has until July 1 2010 to actually close on the property.
Income Limits raised!
The income limits have been raised as well which will include more people:
$125,000 – single
$225,000 – married
Limitation on cost of the home being purchased is set to $800,000 and that sure can buy a lot of home.
Prices-Rates and Homes – all the ingredients are there
Prices are fantastic and interest rates are incredible couple that along with the tax credits and buying a Southern New Hampshire home becomes a must do. All the ingredients are there and now all you have to so is pick up the phone and call 603-548-7728!
Click the link for a comparison chart of the old tax credit compared to the new tax credit
Call your southern NH REALTOR
Call your southern NH REALTOR, me of course, and set up an appointment to discuss how the $8,000 tax credit can impact you or learn how it can benefit you to sell your southern NH home.
Jay and Monika McGillicuddy, NH REALTORS
603-548-7728 or 603-548-7685
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
In my opinion this is doing the economy a lot of harm rather than “stimulating” it. I mean giving $8000 tofirst time buyers is 90% of the time just going to benefit those who were thinking of buying an house anyway. I mean $8000 is nice but a mortgage is a huge commitment and considering the economic climate not many people are willing to commit or have the funds for it.
It sure has helped those that are thinking of buying, you’re right on that but it has also made others think about jumping into the housing market. If folks can afford the mortgage payment it makes more sense than renting in many cases. That said i sure hope any one thinking of buying talks to a mortgage rep so they can explore all their options.
This tax credit has the same premise as the cash for clunkers scheme, it is trying to get the people to take a step closer and go for investing big that they would have been hesitant previously. It the tax credit helps and gets more people to wisely go sign up for a mortgage then it gets the house market going a bit better, the banks and lenders just have to make sure not to give mortgages to people who cannot afford them.