New home buyers are expected to take advantage of this, buying mostly under $200k homes. Hopefully this could help in all price ranges as those that more easily sell their lower priced homes then can buy more expensive homes and this activity should help spur activity in all price ranges as people move up the price ladder.
Almost immediately after passing this "stimulus" bill, the administration announced that now they will be looking at further stimulus bills to help with foreclosures and housing in general. Let's hope they do much more for homeowners and home buyers as many of us feel that the housing mkt is what got us in to this mess and it will be housing that can pull us out.
When its all said and done, homes still are great investments compared to the stock market and other investments and they have the added benefit of an investment that brings a great deal of happiness and one you can truly enjoy every day throughout your lifetime. Nothing comes close.
Tell everyone you know that hasn't owned a home in past few years, or are a first time buyer, about this incentive... It is a large amount of money... Right in your pocket. Rates are still well under 5% and home prices have never been better!
Information provided courtesy of Kim Jones of MetLife via Kristen Valentine
Keller Williams Realty - Atlanta Partners
Awarded 2008 Consumers Choice Award
You can also find other info on the White House site home page.......http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/
I answer YES below because of somthing I had read and then I went looking for the ruling to prove it.
Here is what I found;
The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
I hope this will help you!
Frankly, I haven't read the bill so I won't attempt to answer your question.
REALTORÂ® / Consultant - Keller Williams Realty Atlanta Partners
If you would like a reference for a good CPA please let me know. Also, if you do not have representation for your 2009 home purchase it would be my pleasure to assist you.
Keller Williams Realty Atlanta Partners
You can amend your taxes if you file before "the deadline" to take advantage, if you purchase before then. Otherwise, you'd be able to take advantage of the credit in the following year.
The NEW package is a true credit whereas the previous "tax credit" was just an interest free loan. Contact me if you have any questions.