I can't think of a better time than now to buy a home.Â Currently, interest rates are at a 50-year low, selection is plentiful, and prices are where they were several years ago.Â On top of all this, there is a federal tax credit for first-time homebuyers of 10% of the purchase price...up to $8000.Â This is not a tax deduction; it is a tax credit...money in your pocket!Â But you have to hurry...the tax credit offer is scheduled to expire on April 30th.Â You must be under contract for a home purchase at that time.Â A first-time homebuyer is classified as anyone who has not owned a home in the last 3 years.Â
Additionally, there is a federal tax credit for existing homeowners:Â If you've ownedÂ a home 5 out of the last 8 years, you can qualify for up to a $6,500 tax credit when you purchase another home.Â You must be under contact by April 30th for this program, too.
Of course, you'll want to contact your tax professional for all the details and to make sure you qualify before you make your purchase.
If you decide that you'd like to take advantage of this very unique time for buying a home, please give me a call.Â I'd love to help!
Irongate Inc. Realtors