Hannah Jung's Real Estate Blog | Cary, NC-Raleigh, NC | Relocation
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Direct: (919) 740-0006
Coldwell Banker Advantage
6020 Creedmoor Road
Raleigh, NC 27612
All the people that I know whether they are home buyers or not, as informed citizens, know already that the tax credit of $8,000 for 1st time home buyer has been extended by Obama Administration until April 30, 2010. Well, but what about the $6,500 existing home owner credit?
Some do, some don’t and even if some do know of this, I am constantly finding myself explaining and clarifying of who qualifies and what the requirements are. So, here are some things that I get asked all the time:
1. Who qualify for the existing home credit of $6,500? Here is the direct quote from National Association of Realtors:
“Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.”
2. Can the purchase be 2nd residence?
No. $8,000 1st time buyer credit always been a primary residence requirement, duh.., what else could it be, I mean they have never owned a home… and as you read from the above, the existing owner credit also requires the purchase to be the primary residence.
3. Who qualifies as a 1st time buyers?
Obviously someone who have never owned a home ORwho have not owned a home in last 3 yrs. (did you know that??) Ok, so you have been an apartment for last 3 yrs, let’s get you on a house hunting outings^^
4. Extension is to April 30, 2010. Do I need to close by then?
No. As long as you get under contract by April 30, 2010, you will have until July 1, 2010 to close.
5. Is their purchasing price limit?
Yes. Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. um….
6. What is the income limit?
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits –for single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
So far these are the FAQ’s of the new and extended tax credit. If I come across more good questions to post, I will edit this post.
ShareExpected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.
The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.
More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.
NAR’s Government Affairs Division has compiled facts on the changes made to the current tax credit. NAR members sent more than 500,000 letters to leaders in Congress and made nearly 13,000 telephone calls to Senate offices last weekend to encourage support. So far this year, REALTORS® have spent nearly $14 million lobbying Congress, according to federal campaign finance records compiled by the Center for Responsive Politics.
Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association.
Listen to NAR President Charles McMillan’s podcast announcement.
NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year.
Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)
I have just posted a link to a Crime Map of the Triangle on my website: www.HannahJung.com click on “Resources” tab and click on SpotCrime under Links.
Why should you list your home to sell with me?
I make a marketing DVD for buyers to distinguish your home from the other homes for sale.
See my sample DVD content on my website: DVD Sample Content
Ok, people… Its closing in, the deadline for you to be eligible as a 1st time home buyer to cash in $8,000 Tax Credit! You mush close, or have a settlement on a property before the 30th of November. This means, if you have been looking to buy a house, you will need to be in contract like NOW… (ok, no pressure, just emphasizing) It is smart to count about 4-6wks for a lender to get your loan ready after a contract gets both parties signatures.
I am going to find a “count down” clock widget somewhere to post in this blog and to my website, http://HannahJung.com
So, have you heard?
Lennox at Brier Creek is a master-planned swim club community featuring four sophisticated townhome collections to fit your every need.
The Signature II Collection is a fresh take on our award-winning Signature Collection of townhomes. Ranging from 2,123 to 2,162 square feet and starting from the $240s, these homes boast a two-car garage, covered porches, a chef’s kitchen, nine-foot ceilings and a game room with full bathroom!
Amenities at Lennox are practically endless with two pools, private parks, pool-side picnic areas, clubhouse with a gathering place, business center, recreation and fitness center. Conveniently located off of Brier Creek Parkway behind Wake Medical Center, you can enjoy a sidewalk stroll to local restaurants, shopping, movie theatre, elementary school and a community center that features a park, gymnasium, walking trails and outdoor concerts!
Click through the following link to view more details on why Lennox at Brier Creek is such a great place to live: http://www.townhomesofbriercreek.com/
In addition to the Signature II Collection, there are three other townhome collections offered at Lennox at Brier Creek including:
Be sure to contact me for more info and a visit! I am a independent Real Estate Agent affiliated with Coldwell Banker but I work very closly with sales agents at Lennox and I know how to get you the best deal possible having sold multiple homes by Standard Pacific Builder here in Brier Creek and in Morrisville!
Hannah Jung: 919-740-0006
Hannah Jung: hhj@nc.rr.com
Avg. Sales Price: 379,000
Avg. Days on Market: 69
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