Thursday, February 19, 2009

NEW $8000. First Time Buyer's Tax Credit and Obama Foreclosure Plan!

Good afternoon :-)

Today we have some great news for all buyers, and especially first time buyers. We now have a NEW $8000 First Time Buyer's Tax Credit! You will find information and links below for the details on this exciting new incentive.

The basics are that the new stimulus package gives an $8000 tax credit to first time buyers and applies to principal residences purchased between 01/01/09 and 12/01/09.

The best thing about this tax credit over last year's 7500 first time buyer tax credit is that it does NOT have to be repaid.

The $7500. credit was more of a no interest loan and this is an actual credit if you stay in your home at least three years.

Another very important point to note is that the definition of a first time buyer is someone who has not owned (or spouse has not owned) a home in the past three years prior to the purchase.

The tax credit is for 10% of the homes purchase price, up to $8000. maximum.

Real Estate is ON SALE...which is GREAT news for ANY buyer!

Each day I review the new and changed listings on our MLS HOT SHEET in my area, and I am just AMAZED at what homes are listed for and selling for. It just makes me shake my head that there are not more buyers taking advantage of this market. And, by taking advantage, I do not mean taking advantage of other peoples misfortunes. I have so many really nice clients that I work with, and more than one has expressed that they are not interested in foreclosures, distressed sales, REO, or short sales, because they felt badly profiting from another person's misfortune. I can certainly understand and appreciate that viewpoint, but if you share this very compassionate concern, you really must know that one of the best things for this housing market and home values and prices is to move all of these homes OFF the market by selling them! This WILL help stabilize the market, which not only helps the Real Estate market, but the overall economy we are now facing.

Please see the links below to read all of the details of this new housing stimulus plan and how this may apply to your personal situation. There are inclusions, exclusions, exceptions, income limits, etc., of course. I would also strongly advise that you consult your tax professionals for the details.

From NAHB: $8000. Home Buyer Tax Credit at a Glance

And.....Frequently asked questions regarding the Home Buyer Tax Credit

And....The Laws Other Provisions

From THE WHITE HOUSE BLOG: Help for Homeowners

From RISMEDIA: Obama Unveils Plan to Stem Foreclosures

And......Will the Stimulus Benefit Homeowners and Buyers?

From H and R Block: Breaking News President Obama Signs $787 Billion Economic Plan, Most Sweeping Rescue Package In Decades. So what is the 2009 stimulus plan and how might if affect me and my family?

AND......Economic Stimulus 2009: Frequently Asked Questions

To Search Homes For Sale, Please Contact Me Directly Or Feel Free To Search On My Website!

I hope you find this information useful. I am only a phone call or email away of you need more help:-)

If I can be of assistance to you, please do not hesitate to call or email me.

It will be my pleasure!

By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.

My business is over 87% referral and repeat clients and I am so grateful it keeps growing from your loyalty and referrals:-)

My Direct Number at the Office is 847.516.6760

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