Extended tax credits still wooing house hunters.
Home prices continue to fall in many parts of the country, which means buying a house this year could be tough. But for folks in the right circumstances, the extended First-Time Homebuyer Tax Credit could be a big enough incentive to start packing. It’s worth a look, even for military members who move often and need to be even more cautious.
Two versions of the stimulus are still ripe for the picking. The first version, in effect since February 2009, offers up to an $8,000 tax credit for first-time homebuyers and buyers who haven’t owned a home in the previous three years. A newer version, introduced last November, provides a $6,500 tax credit for homebuyers who have lived in their current homes for five consecutive years during an eight-year period ending on the date they buy the new home. To claim either credit, the deadline to put a contract on a home is April 30, 2010, and closing must occur by June 30, 2010.
To read more visit
https://www.usaa.com/inet/ent_utils/McStaticPages?key=home_guide_Homebuyer_Credit&EID=corp_athome_2010_02-03
Source: usaa.com Advice Center/Home 02/19/2010
The Arkansas Realtors Association indicates gains in monthly home sales for November and December 2009. November’s gain came in at a respectable 12% while December’s revealed a colossal 53%.
The current home buyer’s incentives which end April 30, 2010, were credited for the improvement. The leading counties in the results were Pulaski, Saline and Benton.
(via KARN NEWS RADIO, January 21,2010)
The housing market in 2010 will likely continue to recover at a gradual pace, with housing starts up about 40% and home sales up about 10% from 2009 levels. Low mortgage rates and reduced home prices that have driven home-buyer affordability measures to their highest level in at least 40 years, and the expectation that a modest economic recovery will translate into job gains throughout the year are driving the pickup in activity.
(via Free Enterprise)
This is a great time to purchase a home because fewer potential buyers results in less competition for homes. A good offer on a house is more likely to stick because there are fewer people to start a bidding war.
In Central Arkansas, Ft Smith area, Jonesboro area, and Northwest Arkansas there were 11,868 homes for sale as of November 30, 2009.
Also, there are low interest rates to consider according to ZILLOW.com. The average interest rate on a 30-year fixed mortgage on November 30 was 4.52%.
On top of the large selection and low interest rates, there’s a tax credit to consider. First time home buyer tax credit of $8,000 has been extended to April 2010. Also, people who already own a home can claim up to $6,500 under the new credit.
Source: Arkansas Demoncrat Gazette, Dec 6, 2009
The $8,000 tax credit for first-time homebuyers has been extended to June 30, 2010. Also, a $6,500 tax credit is available through June 30, 2010 to buyers who have owned their principal home for five of the past eight years.
For both the extension for first-time homebuyers and the new $6,500 credit, real estate contracts must be signed by April 30, 2010.
(via Arkansas Democrat-Gazette)
To help keep the housing market recovery moving, the National Association of Realtors has argued for extending the dealine beyond Nov 30, for the stimulus-package tax credit allowing first-time homebuyers to reduce their federal income taxes by 10% of the price up to a maximum of $8,000.
The US Senate is considering a plan to extend and expand the credit to June 30. It also would remove the first-time homebuyer requirement and raise the eligibility income limit to $150,000 for singles or $300,000 for couples.
(via Arkansas Democrat-Gazette Oct 16,2009)
The U.S. recession is bottoming out and a recovery is near, economists for the Conference Board said recently after reporting that the index of leading economic indicators rose 0.6 percent in August 2009, the fifth straight increase.
The leading indicators are designed to forecast economic activity about six to nine months ahead. “These data add further evidence to the growing view that the official end date of the recession is likely to be sometime in the third quarter,” wrote Michelle Girard, an economist for RBS Securities.
Source: Daily Record, Vol. 56, No.153
First time home buyers and those who haven’t owned a home in the past three years are running out of time to cash in on the $8,000 first-time home buyer tax credit. The deadline is November 30,2009. If you don’t close on your home by then, you’ll miss out on one of the major buyer opportunities in the current housing market.
Source: Arkansas Democrat Gazette
