Tax Credit and the Move-Down Buyer

By
Real Estate Agent with RE/MAX Realty Centre

  Some people refer to the $6,500 tax credit for current homeowners as a "move-up buyer" tax credit. However, while many repeat buyers are using the opportunity to get into a larger home, buyers may also be eligible to claim the tax credit if they purchase a smaller, less expensive house.

Current homeowners looking to downsize as they become empty nesters or prepare for retirement can claim the $6,500 tax credit as long as they meet the income requirements and have lived in their home for at least five consecutive of the last eight years. In addition, the home that they are purchasing must cost $800,000 or less.

 



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Ambassador
561,594
Julie Chapman
Lennar - Jacksonville, FL
New Homes Sales

Rob and Jeannie,

Excellent post and a great reminder - there are a lot of buyers moving down for all the right reasons.....

Jan 23, 2010 07:08 PM #1
Rainer
114,392
Renee L. Norton
Birmingham, AL

You are right.  With the economy we are currently experiencing, it would be wise for a lot of homeowners to take advantage of low prices and downsize.

Jan 23, 2010 07:10 PM #2
Rainmaker
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David Monsour
Coldwell Banker Select Professionals - Gettysburg, PA
ABR - www.realty-insights.com

I'm seeing most people wanting to downsize as well.  Some are looking to get into single family living.  The only benefit to these situation is that these people typically have equity in their homes.

Jan 23, 2010 07:11 PM #3
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Rob & Jeannie Steward

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