Extended and Expanded Tax Credit!

President Obama signed into law the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
The new bill calls for an incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. First time homebuyers – or anyone who hasn’t owned a home in the last three years – would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The National Association of Realtors has put together some good documents to help you understand and explain the tax credit to your clients. They include an FAQ and an overview of the tax credit changes.

As always, call me to find out if you can take advantage of this great opportunity of the tax credit and extremely low interest rates.

All Real Estate is Local.

One of the hardest things about being a Real Estate Agent in Fort Collins is educating buyers and sellers about the facts of our local market. Obviously, Northern Colorado is not immune from what happens with the national economy, but I think that we have many unique characteristics that help us to weather the storm better than others. Remember, real estate is like the weather, you can't check the forecast in Texas when you are trying to decide what to wear today in Fort Collins, and you can't listen to the national media when trying to figure out what is happening in the Northern Colorado real estate market. I routinely compile information on how our local market is doing. For your free copy of the latest information, just give me a call or shoot me an email.