Auburn AL Homebuyers Catch a Break on the Tax Credit Closing Deadline
Auburn AL, June 30 –After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit for all Auburn AL first-time homebuyers closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). This will enable Auburn AL homebuyers who because of one reason or another couldn’t close by June 30 still receive the First-Time Homebuyers Tax Credit. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension to help all homebuyers across the nation and in Auburn AL. The new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.
The National Association of Realtors® today commended Congress for timely passage of bill to extend the home buyer tax credit closing deadline. They now head to the president for his signature. Extending the tax credit closing deadlines will help provide additional stability to real estate markets across the nation, said NAR.
Home buyer Tax Credit Deadline Approaching Fast for Auburn AL Home Buyers
The deadline for the tax credit is April 30, 2010. Call today to schedule a tour to see an Auburn AL home for sale.
With low interest rates and an abundance of inventory buyers are seeing that now is the time to buy an Auburn Al home. And for those who were previously on the fence, the extended 2009 first-time home buyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new home this year in Auburn AL. Local Auburn Al Home Company, Weichcert Realtor- Porter Properties is a full service real estate agency ready to meet the needs of those qualified buyers.
“This is a great opportunity to capitalize on the $8,000 tax credit for first-time home buyers who purchase a principal residence in Auburn AL”, says Stacey Salatto, Broker of Weichert Realtor-Porter Properties. “In addition, a $6500 tax credit or grant is available to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Unlike previous home buyer tax credits, this credit does not have to be repaid, but the deadline is fast approaching, so now would be a good time to purchase.”
For many interested buyers, this tax credit not only provides financial support, but it allows many to realize the dream of Auburn AL home ownership that they may not have qualified for previously.
The details of the credit are similar to the one offered in 2008 and include the following requirements:
Buyers must be under contract by April 30, 2010 and close by July 1 of this year
Buyers must ensure that they are qualified first-time buyers under IRS guidelines
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Each home buyer’s tax credit is determined by the price of the home and buyer’s income
The success of the tax credit thus far has led to its extension beyond the initial deadline. This is just one of many efforts under way to help people like you achieve the dream of purchasing in Auburn AL homes.
With all the requirements and restrictions for this credit, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation. Many of the agents in the Weichert Realtors -Porter Properties office has earned this designation and would love to help you find the Auburn home for sale to fit your needs.
To receive a free copy of the Real Estate Buyer’s Agent Council Homebuyer’s Toolkit, please call the Weichert, Realtors ® – Porter Properties office at 334-887-2070 or visit us on the web for more all Auburn Al Home Information.
Auburn AL Realty market data has changed with the rest of the country. In the past few months the real estate market has really picked up steam around the country.
“Existing-home sales in October rose to the highest level in more than two years, driven by the popularity of a credit for first-time home buyers,”**. This boom far exceeded expectations and gave hope to the sensitive realty market. The Auburn Homes Market is no different.
With Congress extending the tax credit and expanding the bill into 2010, economists are anticipating the continual rise of the housing market and the economy.
Both the Auburn Realty & Opelika Realty markets have continued a strong real estate presence in the midst of the current economic situation and Weichert, Realtors® – Porter Properties has continued to ascend in Lee County becoming one of the top agencies in the community.
Opelika and Auburn Realty Market Data Video:
Weichert, Realtors® – Porter Properties has steadily turned out solid numbers in 2009 and continues to move up in all categories of Auburn Realty and Real Estate, Lee County. The company has increased its market share 34% compared to 2008 becoming the 4th largest Realty agency for real estate sold in Auburn, AL & Opelika AL. It also has increased listings, dollar volume and average sales price according to the Lee County Multiple Listing Service (MLS), making its presence known in the Auburn AL Realty & Opelika AL Realty area.
Since impacting in 2007 with Weichert, Realtors®, Porter Properties has really stepped up its sales side of the company hiring a well-renowned and extremely knowledgeable broker, Stacey Salatto formerly with Century 21, Paramount and recruiting multiple agents bringing new business to the company boosting the existing Realty agent’s morale and productivity. Weichert, Realtors® – Porter Properties, an Auburn Realty Company, looks forward to continue success in 2010 and is ready to assist their future customers and clients with all their Opelika-Auburn Realty needs.
Auburn Homes Benefit from: Congress passes Home buyer Tax Credit Extension and Expansion
Auburn Homes and Opelika AL buyers and sellers found out great news yesterday afternoon.
Congress passed an extension of the First-Time Home Buyer Tax Credit into 2010 and expanded the bill to include current homeowners with a home sold or being sold as a principal residence consecutively for 5 of the previous 8 years, in turn benefiting the Auburn AL homes for sale and Opelika AL homes for sale community. Realtors across the nation are hoping this will continue the housing market increase they have been seeing over the last year.
The tax credit extension states that first-time home buyers will be able to cash in on the tax credit until April, 30 2010, also it expanded to include a credit of $6,500 to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010. The real estate industry on the Auburn Al and Opelika AL local level as well as across America feel this is a major victory for consumers, Realtors and the current housing market. For more information about the details of the extension and expansion of this bill please visit the National Association of Realtors website at Realtor.org. Also, please click on the links below to see the Podcast from the NAR President, Charles McMillan & the Home buyer Tax Credit changes.
Auburn Homes buyers and Sellers have a reason to celebrate!
Auburn Home Buyers/ Opelika Homes for Sale just became more affordable. Get Excited!
Home buyers in Auburn and Opelika benefit from: Congress passed the First-Time Home Buyers Tax Credit in January 2009 to help stimulate the U.S housing market & address the economic challenges facing our nation.
Time is running out to capitalize on this great opportunity for Auburn home buyers & Opelika homes for sale buyers. By granting a tax credit of up to $8,000. This is an opportunity for Opelika Auburn Home first time buyers. The November 30th deadline is fast approaching and now is the time to buy. Below are some of the criteria, qualifications & information on the tax credit:
1. Auburn Home Buyer: What is the credit?
A. The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.
2. Auburn Home Buyer: How much is the credit?
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009).
3. Auburn Home Buyer: Which home purchases qualify for the first-time home buyer credit?
A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.
4. Auburn Home Buyer: Can I apply for the credit if I bought a vacation home or rental property?
A. No. Vacation homes and rental property do not qualify for this credit.
5. Auburn Home Buyer: Who is considered to be a first-time home buyer?
A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.
6. Auburn Home Buyer: When do I have to buy a new home to get the credit?
A. The home must be purchased after April 8, 2008, and before Dec. 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.
7. Auburn Home Buyer: Can a taxpayer claim the first-time home buyer credit after entering into a contract for the purchase of a residence but before closing on the purchase?
A. No. Taxpayers cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase. (New 7/2/09)
8. Auburn Home Buyer: Would I be considered a first time home buyer if I owned a principal residence outside of the United States within the previous three years?
A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.
9. Auburn Home Buyer: Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a new home:
Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You are, or were, eligible to claim the District of Columbia first-time home buyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.
10.Auburn Home Buyer: If I claim the first-time home buyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?
A. If, within 36 months of the date of purchase, the property is no longer used as the taxpayer’s principal residence, the taxpayer is required to repay the credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be the taxpayer’s principal residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09)
Auburn AL, June 30 –After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit for all Auburn AL first-time homebuyers closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). This will enable Auburn AL homebuyers who because of one reason or another couldn’t close by June 30 still receive the First-Time Homebuyers Tax Credit. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension to help all homebuyers across the nation and in Auburn AL. The new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.
