Great news for Boulder County real estate and the nation… congress approved the extension & expansion of the homebuyer tax credit to further stimulate the housing market. The due date has been extended until April 30th, 2010 (originally scheduled to end Nov 30th 2009), and the tax credit requirements have been expanded to include current home owners as well as first time home buyers, and it now includes folks earning a higher income as well (up to $125,000 for singles and $225,000 for married couples compared to $75,000 and $150,000).
The tax credit amount can be up to $8,000 for first time home buyers and up to $6,500 for current home owners who decide to move. The amount is determined by the price of the house and by the purchaser’s income. The tax credit applies for homes purchased up to $800,000. There are plenty of Boulder homes for sale in this price range.
As a current home owner, you can qualify for the tax credit if you have lived in the house you now own for at least five consecutive years within the past eight years. Even if you’ve owned property in the past you may still qualify as a first time home buyer if you have not owned your primary residence for the past three years. Call The Bernardi Group to get an honest home evaluation to see what your Boulder County home could sell for today, and what else is available for you in and around Boulder.
The National Association of Realtors reports that since the enactment of the original First Time Home Buyer’s Tax Credit, over 40% of all sales activity so far this year can be attributed to the tax incentive. Now that the Tax Credit is extended to give more time, and expanded to include more people, the outlook is very hopeful that this will help stimulate the housing market in Boulder and the Nation significantly. Let’s just see how long these great interest rates will hold. Right now is the best time to buy, and if you need to sell it’s a good time to capture the increased number of buyers out there due to the tax incentives and low interest rates.
Contact us today if you or anyone you know needs real estate help….
Email: info@bernardirealestate.com / Phone: 303-402-6000 / Website: www.bernardirealestate.com
