The news is out…Congress has voted on and passed a bill just today (11/6/09) that will not only extend the first-time homebuyer tax credit of $8000 per family, but will also give additional tax breaks to certain homeowners trading up. Passed overwhelmingly by Congress, the bill would provide a $6500 tax credit to homeowners who are buying a new, primary residence beginning December 1st. The language mandates that to get the credit, the homeowner must have owned their home for five consecutive years of the previous eight. BUT there are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 and $250,000 for couples annually. There is also an anti-flipping provision: Any homeowner who collects the credit and sells within three years must return the money. The FTHB was extended to cover consumers signing a contract by April 30 and closing by June 30.
If you or anyone you know is interested in taking advantage of this unprecedented attempt to give a “shot in the arm” to the otherwise slagging real estate market, you now will have the opportunity to do so! What a great way to end the year, with your own personal first home or home up-grade!!
Please be sure to let me know if I can help you in any way…I would be pleased to discuss the possibility and would be delighted to assist you with Cashiers homes, Sapphire Homes or Lake Toxaway Homes! Even here, in the mountains of Western North Carolina, we have very good buys that would be appropriate for first time home buyers or those folks looking to upgrade their current home!