The Tax Credit Deadline Looms
Kathy Riggs March 14th, 2010
The Ides of March are upon us and St. Patrick’s Day is this week. The clocks jumped ahead this weekend and Spring is really just around the corner.
Well, April 30, 2010 is just around the corner and that is a date you need to circle in red if you are house hunting. Tax credits are available to new and existing home buyers; however, the ink on the contract must be dry by April 30. For the past year I have been plugging the tax credits available to home buyers. In the beginning only first-time homebuyers could qualify for a tax credit of up to $8,000 dollars; now existing homeowners are eligible for a credit up to $6,500 if they enter into a binding contract by April 30. The credit for existing homeowners was approved in November 2009. Either first time homeowners or existing homeowners who enter into a binding contract by April 30 have until June 30 to close on the property, and in today’s real estate world a closing takes from 30 to 60 days. (It’s always good to ask for a 45-day closing and plan for some grace days in case you need an extension.)
Spring and early summer is the real estate equivalent to the holiday shopping season. For families, it is convenient to make a move at the end of a school year. Not only is the tax credit a good reason to buy now, but interest rates remain low and it is a buyer’s market. Nothing guarantees the tax credit will get extended and in today’s busy world April 30 will be here before you flip the calendar. So call a REALTOR and start your house hunt today.
On the Lighter Side…
Real Estate Lingo Definitions: “House has charm and character” Translation: House is old and there will not be enough electrical outlets in one room for a computer, TV and DVD.
SHAMELESS PLUGS
Great business opportunity in a quaint location in a downtown area experiencing a spurt of revitalization. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information
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