Tax credit extension and expansion…Does it mean ‘real’ money to you?

By
Real Estate Agent with Greenridge Realty Inc.

Yesterday President Obama signed into law the bill that extends and expands the First-Time homebuyers’ Tax Credit, but does this mean ‘real’ money to you?

If you are a First-Time home buyer, and you don’t  procrastinate, you should be able to find a home, get it closed in time to take advantage of the tax credit, the important dates to keep in mind are: April 30th 2010. You have to be under contract by this date to qualify, and you have to close by: July 1st 2010.

There is also a provision for current home owners built into this tax credit, allowing anyone who has used the home they are selling as a principal residence consecutively for 5 of the previous 8 years.  This tax credit is $6500 (married) or $3200 (filing separately)  This is where it gets a little difficult, for those who think they are going to wait until spring to list their house, get it sold and have a house under contract by April 30th, they may have a rude awakening, as homes need to be very aggressively priced to sell quickly in this market.  My advise to you would be to get your house on the market as soon as possible, to allow enough time to get it sold, closed, and time for you to find a new home in time to take advantage of the credit.

It is a myth that homes don’t sell in the winter, they most certainly do, as a matter of fact, more times than not, my best month of the year has come in March, due to the activity that commonly increases at the first of the year.  Below  are some reasons why this may be the perfect time to have your house on the market.  Read through this list, and if you are considering a move and want to take advantage of the new tax credit, don’t wait until spring, call your Realtor today.

Remember….”The early bird gets the worm”, and in this case….the cash!

________________________________________________________

winter chalet

10 Reasons To List Your Home During The Winter

by Jim Remley, Pro Performer Seminars

1. Fewer Showings-Yes there are less buyers, but those buyers that are

left are usually very serious about making a purchase.

 

2. Less Competition-Most people wait until spring and summer to list

their home, which means during the fall and winter you will have far

less competition than at any other time of the year.

 

3. Homes Show Better During the Holidays-Buyers love homes that can

tell a story. The holidays are a great time to show homes because the

home is usually dressed up for the holiday celebrations!

 

4. January is the Biggest Transfer Month-Did you know that more

corporate moves happen during January than at any other time of the

year? This may be a great reason to list your home now.

 

5. Timing-By putting the home on the market during the winter you

may be able to more easily hit your moving goals!

 

6. More Time To Get Top Dollar-By starting to market your home early

you may be able to secure a higher price.

 

7. Great Time To Shop-If your home sells quickly you will be able to

shop for your next home during the winter, this is a great time to find

a bargain!

 

8. More Advertising-Because most agents and offices have less inventory

during the winter your home may be advertised more often than

during the spring and summer months!

 

9. More Attention-Most agents will be able to devote more specialized

attention to your needs during the winter because they have less

clients to manage.

 

10.The Market-Today’s interest rates are at forty year lows. This gives

buyers more spending power, and will be even more important when

you begin shopping for your next home!

close

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Topic:
Home Buying
Location:
Michigan
Tags:
tax credit
first time home buyer
real estate

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Rainmaker
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Kathy Judy
Tri-Cities Real Estate - Ontario, OR

thanks Randy useful stuff that I'm going to share with our agents

Nov 07, 2009 01:49 PM #1
Rainmaker
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Randy Poll
Greenridge Realty Inc. - Newaygo, MI

Thanks Kathy,

In our area, there are many people who go south for the winter, have lake homes and cabins that they close up for the winter, or just don't want potential buyers tracking snow through their houses, so they just leave their homes off the market for the winter.  Hopefully the timing of this extension will make them rethink this decision, especially if they want to take advantage of this new opportunity.

Good luck, and have a great Holiday Season!

Randy Poll (Greenridge Realty Inc.)

Nov 07, 2009 02:02 PM #2
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Randy Poll

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