Mike's Blog

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Move-Up Buyers Get Ready!!

That's right move-up buyers...get ready!!

We've all been wondering- when will move-up buyers get a tax credit like first time homebuyers. I mean- does it really take a genius to figure out that opening the tax credit to experienced homeowners would be incredibly beneficial to the real estate market... and thus the economy is return.

Well your time may be here!

Included in the latest proposal in Congress is the addition of a reduced($6500) credit for homeowners who have been in their home atleast 5 years.

This is probably bigger news than the actual proposed credit extension itself. This sets up existing homeowners to help them buy a move-up home. 

Get your home search on!

So if you are a single homeowner making less than $125,000 p/year...or a married couple making less than $225,000...get searching. That new home could well be within your reach now. Buy before the end of 2009 and get your $6,500 in your 2009 tax return!!

Remember- this is still a proposal. THIS HAS NOT YET BEEN APPROVED. Keep checking back here for the latest information. As news is released- we will report it here!

Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor1@gmail.com

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Comment balloon 5 commentsMike Hogan • October 29 2009 09:39PM

Comments

Great post and great news!  I love the style to your blog with your buttons and links, very fresh and clean looking.

Sincerely,

Kathleen

Posted by Kathleen Cooper, EXIT Realty Partners - Broker, REALTOR® (Kathleen Cooper, Best Option-EXIT Realty Partners, REALTOR®) over 7 years ago

You're right Kathleen- this is GREAT NEWS!!  But it is still just a proposal and hasnt been approved....yet. Let's keep our fingers crossed.

And thanks for the kudos!  :)

Posted by Mike Hogan, MBA (The Hogan Group at Keller Williams Realty) over 7 years ago

Mike, great post!  From what I read and I believe that they have to have lived in their house for  5 consecutive years for the past eight years and enter into contract no later than April 30, and close before July 1, 2010. It is great news for move up buyers or even buyers downsizing.  Their kids are married, have a house of their own and the parents are stuck in this large size home with with too many rooms to clean. 

I think the proposal, if passed, is a real incentive for sellers as well although I don't think they were totally at a disadvantage during the first-time homebuyer tax credit expiring on November 30.   Think about how many sellers have benefited from the sale of THEIR house to first-time homebuyers! The IRS reported that  1.4 million taxpayers have benefited from the First-Time Homebuyers Tax Credit of up to $8,000.  Perhaps if the $8000 tax credit wasn't available, their houses may have not sold but on the flipside, they could've sold their house and walked away with $6500....

Great post!! 

 

Posted by Gina Chirico, Real Estate Agent - Essex County, New Jersey (Lattimer Realty) over 7 years ago

Gina- Thats really a great point you make about seller's benefitting. Many of the investors I represent have really benefitted from selling first time homebuyer type homes over the past few months. Now imagine how many sellers will benefit from an expanded number of buyers being able to take advantage of the credit. This is true economic stimulus.

Posted by Mike Hogan, MBA (The Hogan Group at Keller Williams Realty) over 7 years ago

Mike, if passed its a win-win situation!  Fingers crossed......Fingers crossed for homebuyer tax credit extension

Posted by Gina Chirico, Real Estate Agent - Essex County, New Jersey (Lattimer Realty) over 7 years ago

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