Time Running Out on First-Time Homebuyers Tax Credit

Time is running out on folks who want to take advantage of the government’s first-time homebuyer tax credit program. First-time homebuyers can qualify for up to $8,000 in tax credits while current homeowners who wish to purchase a larger home can qualify for up to $6,500. In order to qualify, homebuyers have to sign a sales contract by the end of April 2010 and close on the home before the first of July. After great success last summer and early fall, lawmakers extended the tax credit program late last fall, but there is no indication that they will extend the program again. Lawmakers have shown disappointment that the extension did not produce the same boost in home sales that the initial phase of the program created. There are different theories about why the extension has resulted in lackluster response, but at least one analyst has an opinion about it. Nicolas Retsinas, director of Harvard’s Joint Center for Housing Study, believes that people assumed that Congress would continue extending the program, causing prospective home hunters to wait for warmer weather to look for their next home. “The credit’s influence and impact has waned considerably,” he said. Because time is running out on this program, a refresher on who can qualify for the tax     credit is helpful:

  • Buyers who have not owned their own homes in the last three years may earn up to $8,000 in tax credits
  • Buyers who have owned their homes for five consecutive years in the past 8 years may earn up to $6,500
  • Buyers who earn less than $125,000 annually or $225,000 or less for couples
  • Homes priced at $800,000 or more do not qualify for the tax credit

If you’re looking for Louisville real estate and you wish to take advantage of the tax credit, time is running out! Since time is short, you may want to contact an experienced Louisville realtor like Louisville Properties who can save time by only showing you homes in your price range and neighborhoods that interest you the most! For more information from an experienced Louisville real estate agent, call 502.744.9504 today. Resource Link: http://money.cnn.com/2010/03/30/pf/taxes/homebuyers_last_chance/index.htm?hpt=C2

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
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