Whether you’re just starting out, building a family, or downsizing, finding the right home can make all the difference. It provides comfort, stability, and with the right choices, a great investment.
Current economic conditions have us all feeling a bit cautious but national news reports aren’t always giving you a clear picture – especially if you’re a prospective buyer in New York State.
Right now is a great time to buy in New York State. In fact, with record low mortgage rates, a great selection of inventory, and, most importantly, the Homebuyer Tax Credit, it’s never been easier to “Feel at Home in NY.”
Extension: First-time homebuyers are eligible for an up to $8,000 tax credit extended through April 30, 2010. The purchaser must be in contract by this date and will have until June 30, 2010 to close.
Expansion: Current homeowners are eligible for an up to $6,500 tax credit through April 30, 2010. Homebuyers who have a binding contract on or before that date will have until June 30 to close the transaction. Income limits for eligible homebuyers have been expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return. Click here for details.
The Internal Revenue Service (IRS) has released the new form that eligible homebuyers need to claim the tax credit. To see the Form 5405, click here. For instructions for the form, click here.
The IRS has also isssued tips clarifying the documentation requirements. These tips can be found here.
Check out the 2009 First-Time Homebuyer Tax Credit Facebook page for information from the IRS, U.S. Department of Housing and Urban Development, the Federal Housing Administration, the National Association of REALTORS and more. Click here for an informative video from the IRS.
The value of a REALTOR relationship
For Buyers
REALTORS have access to the most up-to-date property listing information – making them your best resources for finding the right home. They help you determine what you can afford and assist you in navigating the purchase process. A REALTOR will help you navigate record low mortgage rates, the incredible selection of homes to choose from and the tax credit.
For Sellers
REALTORS can help you set a realistic price, figure out approximate net process, and handle almost all aspects of conducting the sale itself – from phone inquiries and appointments to open houses and showings.
Click here to find a REALTOR today who will help you Feel at Home in NY!