Everyone likes to feel that they are getting a good deal and no one likes to buy something that they think will not hold its value. However, now there is a new incentive for a first time home-buyer to purchase their new home this year. A first time home-buyer is considered to be someone who has not purchased a home in the past three years by definition regarding the new tax incentive of up to $8000. This new incentive does not have to be paid back if not selling the home for at least three years. That is definitely a step up from the $7500 offered last year that had to be paid back over a fifteen year period. This is being looked at again and hopefully will be adjusted so those who benefited last year will not have to pay the money back either.
There are some income restrictions. If you make $75,000 or more per year as a single person or $150,000 or more per couple, the incentive will be paired down according to your income.
This new tax incentive is also up to 10% of the home purchase price but limited to no more than $8000. There are many homes on the Farmington Hills market today with such great listing prices, that this makes for a win win situation for the first time home-buyers who are out there today. They no longer have to sit on the fence and wait to see what the prices are going to do. They have a built in buffer to help them make a decision now. Their Farmington Hills home will have to be purchased and closed between January 1st and December 1st of this year.
Of course, it is always best to check with your Farmington Hills tax consultant as changes are being made all the time and your specific situation should be reviewed by someone who has the knowledge to do so. If you are considering purchasing in Farming ton Hills then go for it now; and, not only get a fantastic price on your new home but perhaps a bonus to boot!
Avg. Sales Price: $180,101
Avg. Days on Market: 128 *From final list
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