Our prices are amazing, however our bargain properties here are starting to sell, so you’ll want to buy before prices go up again. The tax credit has been extended and even better news: It’s no longer just for first time home buyers. Details follow:
| Feature | First-Time Homebuyer
Tax Credit |
Repeat Homebuyer
Tax Credit |
| Amount of Credit | The amount of the tax credit is the lesser of 10% of the cost of the home or $8,000. | The amount of the tax credit is the lesser of 10% of the cost of the home or $6,500. |
| Eligible Homeowner | Must not have owned a principal residence in the three years prior to purchase of the eligible property. | Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. |
| Eligible Property | Any single-family home (including a condo or townhouse) may be an eligible property under the tax credit, provided it will be used as the homebuyer’s principal residence. | |
| Maximum Price of Purchased Home | $800,000 | |
| Income Limits | To be eligible for the full tax credit, the homebuyer must have an adjusted gross income of $125,000 if filing singly or $225,000 if filing jointly. Homebuyers with incomes above those levels (up to $145,000 and $245,000 respectively) are eligible for a reduced credit. | |
| Repayment | There is no repayment of the tax credit by the homebuyer. The homebuyer can claim the credit to reduce their tax burden. If the $8,000 or $6,500 is greater than the tax owed, then the homebuyer will get a refund check for the difference. However, if the eligible property is resold within three years of purchase, the entire amount of the tax credit will be recaptured on the sale. | |
| Effective Date | The first-time and repeat homebuyer federal income tax credits are effective for purchases between now and April 30, 2010, provided the purchase is closed by July 1, 2010. | |
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Source: National Association of Realtors® |
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Another of the many bonuses of living on Mercer Island: We’ll have a new art gallery! In the Avellino Condominiums just south of the north end QFC. The “MIVAL” (Mercer Island Visual Arts League) Art Gallery. Here you’ll find fantastic paintings, ceramics, and other objets d’arts by our very talented local artists. And the art is available for sale at reasonable prices. You can leisurely enjoy beautiful art without being hassled as in many art galleries, and when you find one you can’t live without, you’ll be able to purchase it.
As always, I love to hear from you, and I will be happy to answer any questions you may have. I will also find you the ideal home/condo for you, and I’ll be able to sell your current home for “top dollar”-please call me for a free market analysis and consultation. Just call/text/email me-I actually answer the phone when you call (no prompts to push numbers and wait).
Avg. Sales Price: $1,893,471
Avg. Days on Market: 160
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