Extended and Expanded Home Buyer Tax Credit
As of Novmeber 6, 2009, the First Time Home Buyer Tax Credit as been extended and there is now a $6500 Tax Credit for some Home Buyers who are not First Time Buyers.
To get a quick overview of the changes and qualifications, you can check out this video on youtube:
http://www.youtube.com/watch?v=IMzTpn3FvA8
Happy Home Buying!!! If you are in need of a professional Realtor, call me. I am an Accredited Buyer Representative with over 17 years experience in the San Antonio area real estate market!
Home Seller? If you have been planning to sell your home soon, now might just be the time to do it! These tax credits should definitely help to bring more buyers into the market. Give me a call. I would be glad to assist you!
Tuesday, November 10, 2009
Sunday, September 27, 2009
Extension or Expansion of the $8000 Homebuyer Tax Credit
The National Association of Realtors is asking Congress to extend the Homebuyer Tax Credit past the November 30, 2009 deadline. There was even some discussion about expanding that Tax Credit to all purchasers! It is my opinion that the Tax Credit should be extended. It definitely has increased real estate sales and stimulated the economy in major sectors, but I think the credit should be reduced to $5000. I, personally, would also like to see this Tax Credit expanded to include all purchasers of principal residences, meaning investors would not qualify. I think this would help stimulate the economy over the next several months until the housing market gets closer to a full recovery.
The National Association of Realtors is asking Congress to extend the Homebuyer Tax Credit past the November 30, 2009 deadline. There was even some discussion about expanding that Tax Credit to all purchasers! It is my opinion that the Tax Credit should be extended. It definitely has increased real estate sales and stimulated the economy in major sectors, but I think the credit should be reduced to $5000. I, personally, would also like to see this Tax Credit expanded to include all purchasers of principal residences, meaning investors would not qualify. I think this would help stimulate the economy over the next several months until the housing market gets closer to a full recovery.
Wednesday, February 25, 2009
Home Buyer Tax Credit 2009
Congress has passed the Recovery and Reinvestment Act which includes up to an $8000 tax credit for some home purchasers! The actual tax credit is 10% of the sales price of the home purchased or $8000, which ever amount is less. This is amazing, especially when combined with the extremely low interest rates now hovering around 5% for a fixed rate mortgage!
To qualify for this credit, you must be a first time home buyer or you must not have owned a home over the past 3 years. These qualifications must also be met by your spouse or any co-borrower on the loan. You must purchase the home between January 1, 2009 and November 30, 2009. You will not have to repay any of this credit, unless you sell the home within 3 years. Also, if your tax liability for the 2009 tax year is less than the tax credit you qualify for, then the remainder of that credit is refunded to you! WOW!
To qualify for this credit, you must be a first time home buyer or you must not have owned a home over the past 3 years. These qualifications must also be met by your spouse or any co-borrower on the loan. You must purchase the home between January 1, 2009 and November 30, 2009. You will not have to repay any of this credit, unless you sell the home within 3 years. Also, if your tax liability for the 2009 tax year is less than the tax credit you qualify for, then the remainder of that credit is refunded to you! WOW!
Wednesday, February 11, 2009
Mortgage Relief in Grief!
It's extremely important to use some of the TARP funds to bring mortgage relief to those homeowners in distress and facing foreclosure. Some ways of bringing relief are attempts to reduce the homeowners' current mortgage payment to one that they can afford. There are several ways to accomplish this goal. The government may offer new loans or modified loans with a very low fixed rate interest. They may extend the term of the loan to up to 40 years. They have also mentioned reducing the homeowners' principal balance. Now this is where I must draw the line unless that reduction in principal is required to be repaid upon transfer of the property. Just think about this example: You have difficulty paying your mortgage for any number of legitimate reasons, whatever they may be. Your neighbor is lucky and still has his job and is able to continue paying his mortgage as agreed. If the government reduces your loan balance by $25,000 or so, what is to keep you from selling your home for $25,000 less and thus, negatively effecting the value of your neighbor's home?? Furthermore, a reduction in interest rate has a far greater impact on decreasing the monthly payment in comparison to a reduction in principal balance. Let me know your opinion!
Wednesday, January 28, 2009
Real Estate 2009
As we begin the new year, with a new President, a distinctively different real estate market, and a dishevelled economy, I am beginning a brand new blog-cast. Not only will I keep you up-to-date on real estate activity and changes in the San Antonio market, but also keep you abreast of changes the new administration will be implementing which might impact the national real estate market and industry.
Just for fun, you might want to click on the YouTube video at the top right of this page. Check out the words I wrote...
Feel free to chime in and let me know what you think!
Just for fun, you might want to click on the YouTube video at the top right of this page. Check out the words I wrote...
Feel free to chime in and let me know what you think!
Subscribe to:
Posts (Atom)
