Having jitters about Buying First Home? Many people have the dream of homeownership. This could be the time to realize that dream. There are income tax credits that will expire on April 30, 2010. These credits could be up to $8,000. WOW! That is something that may not happen again.
If you sign a binding and written contract prior to April 30, 2010, you could qualify for a tax credit of up to $8,000. This applies to single people with incomes of less than $125,000 or married couples with incomes of less than $225,000. This tax credit makes this the most opportune time in history to purchase a home. This tax credit will not be extended. What other reason do you need to jump into the real estate market at this time? If you don’t take advantage of this opportunity you will kick yourself later.
If you already live in a home you are probably thinking, this is no good to me. Wrong again homeowner! If you have lived in your current home for 5 of the past 8 years you can receive up to $6,500 in tax credits for a “move up” purchase. This is the opportunity of a lifetime that even your children may not see.
You really need to get moving. You have to sign the written binding agreement prior to April 30, 2010 and close on the home by June 30, 2010. The thing to do is contact your tax professional or your local Coldwell Banker since other restrictions may apply. This offer will not be extended so get moving. You will look back on this as the smartest move you ever made.