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There's Still Opportunity to Avail of Home Buyer Tax CreditWednesday, February 17, 2010
With the $8,000 first-time homebuyer and the $6,500 repeat buyer federal tax credit set to expire on April 30, 2010, buyers and sellers still have time to take advantage of what may be a once-in-a-lifetime opportunity.
In order to qualify for the tax credit, buyers need to have a binding sales contract by April 30 and the home purchase has to be completed by June 30. First-time home buyers are eligible for a tax credit of up to $8,000, while existing homeowners who are thinking of selling their home and purchase another would be eligible for a reduced credit of up to $6,500. Home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase. Speaking at a Silicon Valley Association of REALTORS® tour meeting last week, Moise Nahouraii, broker manager of Referral Realty, said in addition to the tax credit incentives, the market is favorable for buyers and sellers because of the following reasons:
What can buyers do to make sure they can still complete the buying process before the April 30 deadline?
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley. The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics. Variations of this article have appeared in local area newspapers. For further information, please contact Rose Meily at SILVAR Public Affairs, e-mail , or phone (408) 200-0109. |
