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
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
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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
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