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Lisa Carey Real Estate Blog at Carey Cottage, Tallahassee

First Time Home Buyer Tax Credit

February 2nd, 2010 12:51 PM

Thinking of buying your first home?? Don't miss the deadline of April 30, 2010, to get your new house under contract and receive the $8000 federal tax credit. You must close by the end of June to qualify. Tallahassee inventory is starting to decrease as more and more buyers take advantage of the tax credit. The time to look is now.

Need a bigger push? Consider this - it is anticipated that sometime in the early summer, the federal government will decrease the amount of $$ sellers can contribute to a buyer's closing costs with an FHA loan. FHA loans are most popular with first time buyers. Rather than putting 10-20% down, FHA loan user's need only put in 3.5% of the sales price. Right now, sellers are allowed to contribute up to 6% of the sales price as closing costs. In most cases, that will cover the majority of your closing costs for a $160,000 home. In the near future, we anticipate that contribution amount will decrease to 3%. So, now is the time act!

Need more info - email me at Lisa@CareyCottage.com

Posted by Lisa Carey on February 2nd, 2010 12:51 PMPost a Comment (0)

Why Sell Today?

February 25th, 2010 11:13 AM

Here's the current thought . . . Realize that the price a homeowner can get for their home today is greater than it will be on May 1st.

Any buyer who is not in contract on April 30th this year will miss out on the Home Buyer Tax Credit ($8,000 for a first-time buyer and $6,500 for the move-up buyer). That does NOT mean houses will not sell after April 30th. It means that the buyer will demand a better price.

If you need to sell, sell now.

Posted by Lisa Carey on February 25th, 2010 11:13 AMPost a Comment (0)