Charlotte-The Move Up Buyer, First Home Buyer and Tax Credits

in Buy a Charlotte Home, Charlotte, Charlotte First Home

Charlotte NC

Good Housing News- Tax Credits For Move Up Home Buyers, First Home Buyer Tax Credits Extended

Its estimated that the first home buyer tax credit added 350,000 transactions that would not have closed in 2009… and the $6500 move up credit has the potential  of being larger.

$6500 Move Up Credit? Move early in '10

$6500 Move Up Credit? Move early in '10

Move-up home buyers, defined  by Congress as those who lived in their homes for 5 consecutive years of the last 8, now qualify for a $6500 Tax credit, if:

  • you sign a purchase offer before April 30 for a new home and close by July 1, 2010. That means you need to get your home listed early, and sold, under contract atleast (probably to a first home buyer) prior to April 30.
  • the purchased home is under $800,000, and it is your primary residence
  • you earn under $125,000 individually, or $225,000 per couple
  • It is thought that  as many as 70% of Americans may qualify for this credit

Suppose you sold your home in September,and are building a new one to deliver in March? If the above qualifications fit you, you qualify.Like wise “Mary bought a home in 2002, lived in it for 6 years, and rented it out the last 2. She plans to buy a new home in January, 2010, she qualifies.   Most of  the details come from this excellent Business Week article.

What does this mean to Charlotte home sellers in 2010?

Lets get it sold by April 30, so you can have a contract to buy a new home by April 30, with a closing before July 1, 2010… make sense?

Seriously, do you plan to move in 2010? Lets talk now and get your home on the market.

Charlotte First Home Buyers

By now, most have heard of the First Home Buyer Tax Credit, and that its been extended. The original bill expired Novemeber 30, but was extended until April 30, 2010 ( house under contract) and July 1, 2010 for the house to be closed.  What is a first home buyer? According to the IRS regulations,  one who hasn’t owned a home in the last three years, if you are married that includes your spouse.  The income qualifications have been raised, you can now earn up to $125,000  individually, 225,000 per couple and qualify for the 10% up up to $8000 tax credit.

So, first time home buyers- lets get started.

Charlotte Real Estate News, Market Snapshot

November Home sales, region wide were way up, 35% higher than November 2008. Home prices, measured be cost per sq foot, were down 3.6%.  There were 16 homes closed for over $1M in the last 30 days(to December 12), 8 were in closed in south Charlotte, Eastover, Myers Park and Sharon Hills, One at Ballantyne Country Club, one at Highgate, 6 at Lake Norman- 2 at the Point and a beauty at Sailview, and one at Teeter Farms-I showed this one last summer listed at 1.7M, we thought it worth, tops $1.3, and Sellers laughed at us. It closed a few weeks ago at $1,112,000.

Related Posts

First Buyer Credit Extended, Move Up Credit Created

Charlotte Home Sales Up in Ocotober

Uptown Charlotte Condos under $250,000

—————————

What DO Buyer Agent’s DO? Besides tour property? They provide good information to base sound offers on… they uncover hidden gems, the save Buyer’s time, and in most cases money.  Call me today, we’ll be showing you property this weekend. Follow me on Twitter @TerryMcDonaldRE

Terry McDonald

704-351-1519

The McDonald Team
Wilkinson and Associates, Broker

  • Share/Bookmark

Charlotte Real Estate News

in Buy a Charlotte Home, Charlotte First Home, Homes Sold- Market Reports

Charlotte home prices and sales up

Charlotte home prices and sales up

5% Plan to Move in the Next Year

In an nationwide survey taken by Move.com, they found one in twenty Americans say they plan to buy a home in the next yer, and this survey was taken before, before, the first home tax credits and move up credits were passed November 6.

Buyers Reasons for Buying?   Low Low prices said 25% of the potential buyers, , a belief that prices have bottomed out, followed by interest in foreclosures, and low interest rates. Investors are also returning to the market, with twice as many looking now as in March 2009.   Details on this story

Charlotte’s affordability index remains one of the best in the nation- and Charlotte  home prices have risen in 5 of the last 7 months according to Case-Shiller.

47% of Home Buyers Were First Home Buyers

In a survey of home buyers from July 2008, through June 2009, the NAR found that 47% of home bueyrs were First Home Buyers

— wheee…. this is the first confirmation of my $250,000 balance number with produces 46-48% of Charlotte sales, the somewhat speculative number I’ve been using for nearly a year.

Stay tuned, more later in the week.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Related Posts

South Charlotte -October Market Snapshot

Charlotte NC Homes- Bubbilicious-The Over $1M Market

Charlotte Home Prices Passed Bottom and Trending UP

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Remember, to qualify for the $500 Gift card, give us a call before visiting a new home community-704-351-1519- we’ll often get the right agent on the phone right then… and get you started. Sign up here for your Fast Start Guide to Buying Your First Home

Search for Charlotte Homes- Charlotte Townhomes and Condos

  • Share/Bookmark

Charlotte NC Home Sales Up In October

in Charlotte First Home, Homes Sold- Market Reports

Some homes prices up and some downCharlotte Homes Sold (Single Family Homes) Rose 12.5% in October

As dramatic as this is, it isn’t the 20% reported by the Charlotte Observer, which included townhouses and condos, and appears to include the much wider CMLS area.   (Odd, I would have thought those additions would lower their numbers.)

I pull my stats from the same Carolina MLS, but I limit it to the 9 counties closest to Charlotte, see those details below. My figures show average home prices falling 8.4% from October 2008 to October 2009.

I’ve already reported regionally on October’s home sold numbers here at   Weddington-Waxhaw Homes Sold and  at South Charlotte Homes Sold I’ll look at Lake Norman and other areas next week.

Lets dig in and look at the First Home buyer and Luxury Home market, compare it with the Total Market.

Charlotte Homes Sold Under $250,000

In 2008, there were 1221 homes sold, and in 2009, 1450 homes sold, representing an 18.75% increase, 50% higher than the total market increase, reflecting first home buyer tax credits perhaps? Interestingly home prices fell only 1.36% in this market, to an average $76.68per sf

Charlotte Homes Sold Over $500,000, the custom luxury home market

In 2008, there were 117 Charlotte homes sold over $500,000, and in 2009, it was 115, representing a 1.71% decrease in sales, or 118% Worse than the  market average reported above.  Home prices in the Over $500K category fell 16% year over year to an average square foot cost of $160/sf in 2009.

The 115 Homes sold over $500K in October is 33% less than sold in October 2007, and 45% less than the peak year of 2006- not coincedental are  reports that 2006 was the peak year nationally for  “junk” loans.

So, while Charlotte October home sales in the “first home” category Under $250,000 have done very well, the luxury home market, over $500K, remains almost in a train wreck.

Related Posts

Charlotte’s Over $1M Market-Bubblisicous

Charlotte Homes Sold Over $1M- A Market Report

Matthews Homes Sold- a Real Estate Market Report

All data is derived from the Carolina MLS, but all figures reported are mine. The Stats come from the following counties and areas within the CMLS: Mecklenburg, Union, Cabarrus, Stanley, Iredell, Catawba, Gaston, Lincoln, the top half of York, and all the MLS areas of Lake Wylie, Lake Norman, and Mt Island Lake.

:::::::::::::::::::::::::::::::::::

Smart buyer’s with good information, and a good Buyer agent,  Make GREAT deals happen!  Call me today, 704-351-1519 to get you started, or signup in our Search for Charlotte Homes- don’t worry, no one will bother you and no spam, guaranteed.

If you like this post, why not Digg it? Delicious perhaps?

  • Share/Bookmark

First Home Buyer Tax Credit Renewed! “Move UP’ Home Buyer Tax Credit CREATED!!

in Buy a Charlotte Home, Charlotte First Home

First Home Buyer Tax Credit Extended, Move Up Buyers Get New Tax Creditfirst home buyers enjoying their home

It is official. President Obama signed the bill Friday. The bill extends the existing first home buyer credit through April 30-and creates a new credit, I call it the “Move Up” home buyer tax credit of $6500 credit for qualifying “move up” buyers, and it  increases the income limits to qualify… welcome changes and a shot in the arm for home Buyers and Sellers.

The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010-however this is a “contracted by” date and you must close by July 1, 2010.

It also includes a tax credit of up to $6,500 for qualified move up buyers- you must have used the home as your primary residence for 5 of the last 8 years- and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples.

Home buyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2010. The tax credit is limited to homes with a purchase price of $800,000 and below.

More details as we learn them but this is more that we had last February… lets go buy a home!!!

———————————————-

Our Charlotte Real Estate partner

Quick Charlotte Home Search

Or Call the McDonald Team at 704-351-1519

  • Share/Bookmark

Charlotte Homes For Sale- First Home Buyer Video

October 23, 2009

How Do you get started? First home buyers share on this video from Lennar- they sent it to me on my You Tube Channel, see if it helps you. What they say here applies to any new home…Lennar is a quality builder, as are Eastwood, True, Ryland and some others. We represent buyers [...]

Read the full article →

← Previous Entries

Blog Listings