Good News, Becomes Great News….

With the $8,000. First-Time Buyer Tax Credit set to Expire on Nov 30th, 2009, it was replaced by an even better program! Here is the Good News - First-Timers are still able to take full advantage of the $8,000.00 tax credit - as the program has been extended. The Great News - Current Homeowners can now qualify for tax credit of their own if they sell and purchase another home.

Here’s What You Need to Know if you’re a First-time Buyer:

• Have a home under contract by April 30, 2010 Close the sale by June 30, 2010
• Individuals must earn less than $125,000.
• Married Couples must earn less than $225,000.
• Tax Credit is equal to %10 of the purchase price up-to $8,000.00
• Must live in the house for 3 years or repay the tax credit

Here’s What You Need to Know if Currently own a house:

• Must have owned a house for 5 of the last 8 years (primary residence)
• Must sell their current home, then purchase another
• Have a home under contract by April 30, 2010
• Close the sale by June 30, 2010
• Individuals must earn less than $125,000.
• Married Couples must earn less than $225,000.
• Tax Credit is $6,500.00
• Must live in the house for 3 years or repay the tax credit

Current Market Conditions Create the "PERFECT REAL ESTATE STORM"

1. LOW HOME PRICES

2. LOW INTEREST RATES (around 5%)

3. FREE MONEY (via the tax credits)

THE MARKET HAS NEVER OFFERED A MORE PERFECT OPPORTUNITY.

The Reality of the $8,000.00 Tax Credit

How does this sound? Your House Payment FREE for the first year. This is true when a 1st time buyer purchases a home in Robertson County under $120,000. and takes advantage of the first time buyer tax credit of $8,000.00 (or 10% of the purchase price which ever is less). After running the calculations, the average house payment (including principal, interest, taxes and insurance) for homes under $120,000. will be offset by the $8,000.00 credit. Giving you the first year FREE.
Many people have inquired about the first time buyer tax credit (ftbtc) and wonder if it's really a good deal. I have looked closely at the program and compiled a few pros and cons:

Pro's

• The tax credit is real money and real money in 1st time buyer's pocket (when they file their tax refund).
• It's not just for first time buyers, if you haven't owned a home in the last three years you're eligible.
• No forms to fill out or applicaions to complete, all inclusive with your 2010 tax return.
• No qualifications for the home being purchased, no government inspection required.
• No Income limits, you don't have to be poor to qualify
• It's your money.
  

Con's

• The money is not available when most 1st time buyers need it, for closing costs.
• The tax credit may be recended if the house is sold within three years of purchase.
• It's your money, if you qualify and don't use it - you automatically lose.
• For home purchases that close by the end of November 2009 (tick-tock)
  

THE BOTTOM-LINE: If a first time buyer doesn't take advantage of this program, chances are it will cost them money. I haven't seen landlords or parents offering free rent for a year .)

Call or email me for a list homes in Robertson County under $120,000.(615) 347-6175 or searcys@realtracs.com