If you are considering buying a home in Charlotte, now is a great time. Why? The homebuyer tax credit for first-time buyers has been extended until April 30, 2010.
What does this mean for homeowners? Here are the basics:
• First time homebuyers who sign a contract by April 30, 2010 will receive a tax credit of $8000.
• If you are not a first-time homebuyer, you are eligible for a $6500 tax credit if you have lived in your residence for at least 5 years and want to “trade up” (buy a new primary residence).
• Eligibility is for couples who earn up to $225,000 per year, and individuals who earn up to $125,000 per year.
• The tax credit is not available to those buying a home price higher than $800,000.
• If you live in the house for less than 3 years, you would be ineligible for the tax credit, and would actually have to repay the credit.
This is a great opportunity for homebuyers, but it is critical to act NOW. Buyers must sign a contract by April 30, 2010 and close by the end of June to qualify for the tax credit.
If you are ready to take advantage of the tax credit program, give Showcase Realty a call! We can show you how to make it work for you!