Another Reason to Buy a Home in 2009

Another Reason to Buy a Home in 2009

Have you been dreaming about buying your first home? Have you wanted to take advantage of all the opportunities that have recently become available such as short sales & foreclosures? Well, if you are a first-time home buyer, 2009 is your year to buy the home of your dreams!

Congress recently enacted a "bigger and better" bill for qualified first time home buyers. The new $8,000 tax credit is available for first time home buyers who purchase a home after January 1, 2009 and before December 31, 2009. Unlike the previous $7,500 tax credit, this credit does not have to be repaid as long as the home remains your primary residence for 3 years or 36 months after the purchase date.

According to the Treasury Department's new release, "last year, almost one out of two home buyers bought for the first time. What does this mean for the local market? The addition of new buyers will help reduce inventory by filling vacant homes and allowing the sellers of existing homes to move on to another property."

Plan Overview

• You must be a first time home buyer. The law defines "first time" as not owning a primary residence in the previous 3 years
• You can purchase a new or resale home. The home can be a single family detached, townhouse, condominium, manufactured home or houseboat
• The closing date must be after January 1, 2009 and before December 31, 2009
• The tax credit is equivalent to 10% of the purchase price up to a maximum of $8,000
• To take full advantage of the credit, the home buyer will have to own the home for 3 years. If it sold prior, then the credit will have to be repaid
• More information

Time is of the essence, call us today to begin taking advantage of all the buyer opportunities that are currently available!