Home Buyer Tax Incentives Will End
Good Monday Morning!
It looks like Spring has been put on hold for a bit. The good news is that we now have most of our lakes and reservoirs filled to normal levels and our mountain snow pack is looking much better.
The current buyer tax incentives for both first time homebuyers and move up homebuyers will end on April 31st of this year, unless extended again by the Feds. The first time home buyer tax credit is for $8,000 and the move up buyer credit is for $6,500. Currently, if you are in contract by April 31st and close by June 31st and you meet the criteria for either credit then this will apply to this years Federal tax. There is much speculation at this time that the tax credits will not be extended again and as a result we are certainly watching a surge of buyer activity as the deadline quickly is approaching. The tax credits have certainly benefited many and they have also added some heat to a very ill national housing market. But, the real benefit to buyers during our current down housing market is not the tax credits. With mortgage interest rates continuing to be at historic low levels and home price remaining extremely low and most likely dropping to even lower levels, the true savings to the consumer lies here. It is important at this point for would be homebuyers to not get caught up with the fact that tax credits are going away, but to focus on the fact that we will most likely not see home purchase opportunities be this favorable again in our life times.
Have An Awesome Week!
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AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
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