By Guest Contributor Judy Campo, Manager, Coldwell Banker Residential Real Estate, Coconut Grove office
House hunters have less than six weeks left before deadline for the $8,000 tax credit!
This can be emotional roller coaster for frustrated buyers who are hoping to take advantage of the federal government’s tax credit and be under contract by April 30 and close by June 30.
Competition is fierce on homes priced $300,000 and under, and when multiple offers are being considered a cash buyer will most likely get the deal. Adding to the problem is removing the short sales and foreclosures which make up about 60% of the homes available for sale because these homes probably will not close on time. This leaves fewer homes available and is causing buyers concern that their dream home cannot be found.
If you are still interested in taking advantage of the tax credit, get in touch with a Realtor ASAP to help you select homes in your price range and put you in touch with a lender. The credit for a first-time homebuyer is equal to 10% of the cost of the home (up to $8,000). Repeat buyers qualify if they have owned and lived in the same house for a minimum of 5 consecutive years. Vacation homes and rental properties do not qualify. Restrictions on annual income are $125,000 for singles and $225,000 for couples filing jointly.
Please remember that buyers can’t use the tax credit for down payments and/or closing costs — credits are claimed on an individual’s income tax return. For more details on the $8,000 tax credit, check out www.irs.gov or 800.829.1040, www.realtor.org, or www.federalhousingtaxcredit.com.
On the positive side, if you can’t find your home before April 30, you may still be able to qualify for a home because of lower prices and low interest rates just above 5% for a 30-year fixed rate. Call your favorite Realtor NOW!
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