Extended Home Buyer Tax Credit Goes into Effect Today! Charlotte NC
November 7, 2009 by Victoria Stankard · 3 Comments
There’s good news on the housing market horizon and for all those who have not yet taken advantage of the $8,000 first-time home buyer tax credit (part of the $787 billion economic stimulus package) that was set to expire on November 30, 2009. As of today, the IRS is implementing the tax-related provisions of the The Worker, Homeownership and Business Assistance Act Of 2009, which extends and expands the home buyers tax credit up until to April 30, 2010!
Who Qualifies for the Extended and Expanded Home buyer Tax Credit?
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. With the new expanded deal, home buyers who have lived in their prior residence for at least five consecutive years may also receive a credit of $6,500 under the plan.
Also, under the expansion, couples earning up to $225,000 and individuals up to $125,000 would qualify compared to the $75,000 limit for individuals and $150,000 for couples of the previous deal. The new credit also raises the maximum allowed home purchase price to $800,000. In order to get the credit, home buyers must close escrow by April 30, 2010.
Tax Extention and Expansion will Give a Boost to the Housing Market
The extended and expanded home buyer tax credit is very good news for the overall housing market.“The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the home buyer tax credit has helped to shore up the economy as it begins to recover,” said Baucus, a Montana Democrat. “This would enable an even greater number of potential home buyers to take the credit.”
Hopefully, by extending the tax deal to current homeowners it will help boost sales and stabilize housing markets during slower winter sales months. According to the National Association of Realtors (NRA), about 1.2 million first-time home buyer transactions of new and resale homes were successfully completed due to the tax credit, which has reduced housing inventories and raised home values. NRA also estimates that 350,000 of them wouldn’t have purchased their homes without the credit.
Tax Credit Applies to the Purchace of Primary Residences
The extended and expanded home buyer tax Credit may be applied to single-family homes, condos, town homes and co-ops as long as they are a primary residence and as long as the buyer occupies the primary residence for three consecutive years the credit doesn’t need to be repaid.
Using Tax Credit to Buy Real Estate in Charlotte, North Carolina
There has never been a better time to buy real estate in Charlotte, North Carlina and take advantage of the extended and expanded tax credit. If you would like more information about the home buyer tax credit or are in the market to purchase a home in Charlotte, NC as your primary residence, contact Leigh Brown, the premier real estate expert of the Charlotte metro area.
Victoria Stankard is a freelance journalist, SEO copywriter and co-owner of Get Found Now, an online marketing and search engine optimization company. She and her husband, Michael Stankard, live in Tampa, Florida with their two children. Victoria writes for industry leaders who desire a strong Internet presence. If you would like Victoria to write for your current website/blog or create a dynamic, search engine friendly WordPress website/blog that will rank high in the search engines, email Victoria at: victoria (@) getfoundnow.com.
Leigh Brown, aka The Real Estate Diva, is a native of Concord NC in the Charlotte area. She grew up on a farm at the edge of Cabarrus County, still goes to the same church she grew up in (home of the world famous Mallard Creek Barbecue!), but has become a leader in area real estate through constant learning and continually upgrading technology to better serve buyer and seller clients. Leigh does indeed have a reputation as a barracuda-when it comes to protecting client interests. Her softer side is reserved for her husband and two kids who provide a constant source of joy-and entertainment
I am so glad this finally went through! Hopefully this will continue to boost prices and sales as we come out of this recession