An $8,000 opportunity for first time home buyers!


An $8,000 opportunity for first time home buyers!
By Scott Rogers • February 14, 2009
Just a few hours ago, the long-awaited (by some) stimulus package made its way through Congress, and it will likely be signed by President Obama by the end of the weekend. The stimulus plan affects many areas of our economy, as described in this AP press release, but one section in particular should stand out for first time home buyers. Potential first time home buyers will now have an $8,000 reason to buy a house in the next nine months! Here are a few of the fine details of this new (soon-to-be-finalized) legislation: You must buy a home between January 1, 2009 and November 30, 2009 to be eligible. Only those who have not owned a home in the past three years are eligible for the tax credit. The $8,000 tax credit will be applied to the 2009 tax year --- you'll actually receive the $8,000 financial benefit in Spring 2010 (whenever you file your taxes). The $8,000 tax credit does NOT have be re-paid, unless the home is sold within the first three years. There are certainly several other fine points to know (it is, after all, a 1,000+ page piece of legislation), but those are the main points to remember. If you are a first time buyer, or if you know one, this makes it a great time to consider buying a house. (Oh yeah, low interest rates, lots of housing choices, and lots of negotiation power with sellers are also a good reasons to get in the buying market.) Receive Updates by Email Recent Articles: Why Are Housing Inventory Levels So Low In Harrisonburg And Rockingham County? Higher Mortgage Interest Rates Might Be Resulting In More Buyer Competition In Moderate Price Ranges 64 Townhouses Coming (Soon?) To Crossroads Farm One Of The Best Market Indicators Right Now Is How Quickly Houses Similar To Your Home Are Going Under Contract Buyers Should Choose Their Words Carefully When Talking About A House While Walking Through It Nationwide Median Sales Price Declines For First Time In More Than 10 Years... But, What About Locally? Buyer Demand Exceeds Supply In Varying Degrees By Price Range Pending Home Sales Data Points To Slower Months Of Home Sales Ahead Detached Resale Home Sales Decline 39% In Two Years, Down To... Pre Covid Norm What A Great Time To Sell Your Million Dollar Home
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Mar 29, 2023 (unless otherwise noted).
Comments (1) or Subscribe