It’s been all over the news but now it’s a reality.
All the speculation about what the President was going sign, if it would include a $15,000 home buyer credit, a credit for all buyers and not just first time home buyers really stalled real estate sales in January and February. Buyer were delaying closings and making offers contingent upon a $15,000 home buyer credit becoming a reality. That of course did not happen. I know one agent who lost 3 sales because of it.
What we did get in this American Recovery and Reinvestment Act of 2009 was an $8,000 tax credit, available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
This credit does not require repayment and the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded.
So when we hear that the housing stats are lower then anticipated I really blame that on all the speculation and hype about the Housing Stimulus package.
This link will show you difference between the 2008 and 2009 tax credit for home buyers
FIRST-TIME HOMEBUYER TAX CREDIT
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NH Real Estate Professionals Jay and Monika McGillicuddy
Jay and Monika McGillicuddy, covering southern NH and the Seacoast area. If you’re thinking of selling or buying a southern NH or Seacoast area home give us a call…we’d love to help make your home ownership dreams come true.
Jay and Monika McGillicuddy, NH REALTORS
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According to the first time hope buyer credit info on publication 17 it states that you had to have purchased you home after April 8 2009. Whats the deal with that? Why April? Why not January 1, 2008? I bought my house on March 6th but could not move in Until April 15th because the house was not inhabitable. I assume i do not qualify.
The credit for the home buyers including the first home buyers has been given by the Obama Government. The much awaited boost for the real estate industry has come but still the industry hasn’t improved much. New home buyers are hoping to get more concession in future as the real estate sector will be forced to give to let themselves alive. Hope this situation will not take much longer to recover otherwise the real estate sector has to die in future.
A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks