Congress and the President have extended the $8000 First-Time Homebuyer Tax Credit and expanded the credit to benefit sellers. Some articles have noted that this is for "move up" sellers, but there is no reason a seller can not use the credit for a "move down". It is a credit on your next purchase as long as the purchase is for a principle residence after Nov. 6, 2009 and on or before April 30, 2010 to have a binding contract or have the purchase by June 30, 2010. If you’re thinking about selling, now may be the time to get the highest price of your home because of the rare opportunities created by the tax credit:
Increased pool of buyers. The tax credit has stimulated the real estate market and gotten many buyers off the fence.
Current inventory of homes in the Northwest Suburbs. More buyers in today’s market havefewer homes to choose from.
Existing homeowners who have lived in their current homes for five consecutive years out of the past eight are eligible for up to a $6500 tax credit when they purchase a new home.
The pool of home buyers for the spring market may become drastically smaller as the tax credit deadline nears which could mean longer days on the market and lower sales prices.
Local housing authorities such as the Illinois Housing Development Authority (IHDA) and area jurisdictions are now offering buyers mortgage loans that are specific to the First-Time Homebuyer Tax Credit. These loans may no longer be available after May 1, 2010.
Apply the tax credit on your new home purchase. Eligible properties include anything that will be used as a principal residence, including condos, townhomes, and single-family homes.
Now all you need to know is what is your current residence worth! or
call Jan McNulty, RE/MAX Suburban
847-274-0535.
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