What it is in a nutshell:
The legislation extends the availability of the tax credit to purchases made before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500.
Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
Please keep in mind the income restrictions. That is a puzzle piece I find most people are not aware of.
Here's a recent Associated Press news article: http://www.google.com/hostednews/ap/article/ALeqM5hJJraNRE6DjWj2orF7SYJ12PADEAD9BPFFR01
Showing posts with label Tax Incentive; First time homebuyers; Corcoran Group; sales reports real estate; Manhattan; NYC; NY; weichert; Michele Peters. Show all posts
Showing posts with label Tax Incentive; First time homebuyers; Corcoran Group; sales reports real estate; Manhattan; NYC; NY; weichert; Michele Peters. Show all posts
Thursday, November 5, 2009
Monday, October 26, 2009
What's with the pricing?
This week the Cororan Group released their current sales report. Their figures report an overall decline in all contracted sales of 35% since February 2008 -- it does give one "pause". Also during the last six months, only about 3% of all deals were "at" or above the asking price. In other words, deals are being done with negotiation and the asking price is rarely the contract of sale price anymore. Let those prices simply be a guideline.
This is a time where astute research will pay off for the buyer. Be aware of "like kind" properties in comparing what is being sold because there is a difference between a cooperative and a condominium sale to state the obvious. Ask your broker to present you with the hard facts and not suppositions. All brokers have access to the same information and it is all to work for the public good.
Personally I am not in support of the $8,000 tax rebate for first time buyers. I believe there has been more than enough incentive to get people out of their rental "digs" and into their first homes. I believe we need to focus on helping middle income earners who are small business owners or independent contractors who are all fighting for their financial lives right now. I'd love to hear what you have to say about it.
Thank you.
This is a time where astute research will pay off for the buyer. Be aware of "like kind" properties in comparing what is being sold because there is a difference between a cooperative and a condominium sale to state the obvious. Ask your broker to present you with the hard facts and not suppositions. All brokers have access to the same information and it is all to work for the public good.
Personally I am not in support of the $8,000 tax rebate for first time buyers. I believe there has been more than enough incentive to get people out of their rental "digs" and into their first homes. I believe we need to focus on helping middle income earners who are small business owners or independent contractors who are all fighting for their financial lives right now. I'd love to hear what you have to say about it.
Thank you.
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