All Entries Tagged With: "Housing Tax Credit"
Top 3 Reasons Why Now is the Time to Buy Real Estate
Strong indicators show that we are in the best market to purchase a home. Whether you are interested in buying a home as an investment, as a first time home buyer, or to move up to a bigger home, it doesn’t matter. It’s still a great time to buy for everyone. There are many more reasons why, but to make things easy, I can boil it down to three main factors.
1. Housing prices are declining. The old saying, “buy low, sell high” applies here. There’s no need to wait it out for the lowest price. In fact, waiting it out could do you more harm than good. You will miss a lot of great deals out there waiting for the market to bottom out. Because real estate is for long term investing, your purchase will pay off even if you didn’t buy your home at the lowest point in the market.
2. Mortgage rates are at a low. CBS Financial Analyst, Ray Martin, appeared on the CBS Early Show saying, “Rates on a 30-year, fixed-rate mortgage are at a level we won’t see again in our lifetime.” Be full warned, when housing purchases increase, rates are going increase as well and historically they have increased rapidly.
3. $8,00 First-Time Home Buyer Tax Credit. Buy before December 31, 2009 and you’ll get an $8,000 tax credit if you’re a first-time buyer. Know the definition of a first-time home buyer! You can previously have been a home buyer and still qualify. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law test the home ownership history of both the home buyer and his/her spouse. See First-Time Home Buyer Tax Credit.
Not sure how to proceed? I’d meet with your mortgage broker and find out what you can afford to buy. Credit score needs some work? No problem, a good mortgage broker can help you improve your credit score. Then, call me. I can help you find the best home at the best price.
Susanne Quirk is a Realtor® with Cobblestone Realty specializing in residential homes in Jupiter, Juno Beach, Palm Beach Gardens, Florida. Contact Susanne at (561) 386-0350, e-mail, or visit our website www.TheJunoBeachRealtor.com to learn more.
First-Time Home Buyer Tax Credit Explained
Here is a simple explanation of the home buyer tax credit for 2009. Kiplinger Editorial Director, Kevin McCormally, not only explains the tax credit for 2009, but also clarifies the “tax credit” for 2008.
Susanne Quirk is a Realtor® with Cobblestone Realty specializing in residential homes in Jupiter, Juno Beach, Palm Beach Gardens, Florida. Contact Susanne at (561) 386-0350, e-mail, or visit our website www.TheJunoBeachRealtor.com to learn more.
Top 3 Reasons Why Now is the Time to Buy Real Estate
Strong indicators show that we are in the best market to purchase a home. Whether you are interested in buying a home as an investment, as a first time home buyer, or to move up to a bigger home, it doesn’t matter. It’s still a great time to buy for everyone. There are many more reasons why, but to make things easy, I can boil it down to three main factors.
1. Housing prices are declining. The old saying, “buy low, sell high” applies here. There’s no need to wait it out for the lowest price. In fact, waiting it out could do you more harm than good. You will miss a lot of great deals out there waiting for the market to bottom out. Because real estate is for long term investing, your purchase will pay off even if you didn’t buy your home at the lowest point in the market.
2. Mortgage rates are at a low. CBS Financial Analyst, Ray Martin, appeared on the CBS Early Show saying, “Rates on a 30-year, fixed-rate mortgage are at a level we won’t see again in our lifetime.” Be full warned, when housing purchases increase, rates are going increase as well and historically they have increased rapidly.
3. $8,00 First-Time Home Buyer Tax Credit. Buy before December 31, 2009 and you’ll get an $8,000 tax credit if you’re a first-time buyer. Know the definition of a first-time home buyer! You can previously have been a home buyer and still qualify. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law test the home ownership history of both the home buyer and his/her spouse. See First-Time Home Buyer Tax Credit.
Not sure how to proceed? I’d meet with your mortgage broker and find out what you can afford to buy. Credit score needs some work? No problem, a good mortgage broker can help you improve your credit score. Then, call me. I can help you find the best home at the best price.
Susanne Quirk is a Realtor® with Cobblestone Realty specializing in residential homes in Jupiter, Juno Beach, Palm Beach Gardens, Florida. Contact Susanne at (561) 386-0350, e-mail, or visit our website www.TheJunoBeachRealtor.com to learn more.
$8,000 Housing Tax Credit Now Available
Home buyers in the Jupiter and Juno Beach areas should be aware that there is now a tax credit equal to 10% of a homes purchase price for up to a maximum of $8,000 available with the new Federal Housing Tax Credit that was just passed by Congress.
Homes that are purchased between January 1, 2009, and December 1, 2009, are eligible. Previously know as a “first time buyers credit,” it is, in fact, a credit that is also available for anyone that has not purchased a home in the last three years.
The biggest change between this $8,000 credit and the previous $7,500 tax credit is that this one does not have to be repaid.
The tax credit can be claimed on your 2008 income tax forms even if the purchase took place in 2009. Single tax payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
With the combination of local home prices at very low levels and really good mortgage rates that are available, should give a number of local residents a push into the housing market.
There are many homes that are on the market in Jupiter and Juno that may have once been considered “out of reach” are now very affordable.
We have enjoyed living in this area and have made it home for our family. We would not consider ever leaving. We hope that you feel the same way and get the opportunity to buy a home here and make it yours too!
For more information on this program and others that are available, contact a local Realtor®.
