$6500 Tax Credit Now Available for Move Up Buyers

If you’ve been on the fence about moving into a bigger home, jump off! But make sure you have the right person to help you land softly. Lower prices, more available homes and the exciting new $6,500 federal tax credit for qualified move up buyers create the perfect storm for those interested in buying a new home. But with the many recent changes in real estate the process has changed since you last bought a home making it more important than ever to have a knowledgeable professional to help guide you. At ERA Armstrong Team, REALTORS we’re able to help you through the process from listing your home, to selecting your next home, to inspection and closing. On November 6, President Obama signed legislation for a one-time $6,500 tax credit for move up homebuyers, offering you money for home repairs and the chance to buy your next home. This tax credit is available for a short time and is not likely to be offered again. To qualify for the $6,500 tax credit, you must have lived in your current home for five consecutive years out of the last eight. In addition, you must sign a contract on a home before April 30, 2010, and close on that home by June 30, 2010. Income limits to qualify for a tax credit are generous. For single homebuyers, the credits now phase out between $125,000 and $145,000; for married couples, the range is $225,000 to $245,000. Consult your professional tax advisor for more specific tax calculations. In addition, qualified military service members who are ordered on a period of official extended duty will be able to apply the tax credit to sales with a sales contract in place on or before April 30, 2011 and closed by June 30, 2011. With interest rates at all-time lows and a $6,500 federal tax credit for move up buyers, there truly isn’t a better time to buy a home. In most areas, housing prices have reached all-time lows, so now is the time to act. Never before has there been so many reasons to say yes to a new home. Just think—compared to even a year ago, you can get a much bigger home than you expected in a prime area of town. Don’t delay, interest rates will not stay this low forever, and you must sign a contract on a home by April 30, 2010 and close on that home before June 30, 2010, to take advantage of the $6,500 tax credit.