Orlando First Time Home Buyers your free $8000 Tax Credit is set to expire really soon. That's right in less then 48 days the first time tax credit will expire and you will have missed out on one of the greatest home buying perks ever!
Plus if you are a move up buyer you can qualify for the $6500 tax credit but again that expires in 48 days as well. If you are on the fence now is the time to get off it and behind it instead!
So how do you qualify for the $8000 or $6500 tax credit?
First Time Home Buyer is someone who hasnt owned a home in the past 3 years
You purchase a home with a value of $80,000 or more (otherwise your tax credit is 10% of the purchase price)
Be under contract on a home by April 30, 2010 and close by June 30, 2010
If you are a move up buyer:
You must have been in your current home for a minimum of the past 5 years
Purchase of homes priced above $800,000 are not eligible for the tax credit.
The income limit for a single taxpayer is $125,000; $225,000 for married joint filing taxpayers.
If you are in the market to purchase a home in the Orlando area dont sit on the fence. Prices couldnt be better, the interest rate is still at an all time low for a 30 year fixed rate mortgage and there is free money from Uncle Sam!
Contact my team and I if you are ready to purchase your first home or move-up property today! We can even help you qualify for down payment assistance programs up to $35,000.
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
Heather, any thoughts on what will happen to the market once this thing expires? I have big concerns that the market is going to start tanking as soon as we pass that April 30 deadline.
Im a little concerned I think this fall/winter will be slow. I think that's what kept these usually slow months busy. I cant say that my buyers would not have bought without it but it was a motivator to get them to move faster.
Perception is reality...And I think that's what the tax credit did to help change the mindset of buyers especially...As far as the numbers are concerned, I didn't see a big difference with sales...Cherise
Heather,
With the tax credit expiring we need something else to mmotivate the Buyer......maybe they actually make the Lenders we are supporting lend money......a novel thought.