The extension and expansion of the home-buyer tax credit is good news for buyers, sellers and REALTORS in southern New Hampshire. The federal government hopes that the extension will have a positive effect on the real estate market. The first time tax credit had a big impact on the lower end of the market in southern New Hampshire towns like Derry, Salem and Londonderry. The expansion of the credit to move up buyers means that the upper end of the market should benefit, especially in a town like Windham NH with higher priced homes. At one point in October there was only two home available for sale in the $200,000 to $275,000 range in Windham. The inventory was depleted as a result of first-time buyers rushing to put homes under agreement before the November 30th deadline. Now all buyers have a chance to benefit from the program. This should help with the inventory of higher priced homes in town. Here are the details:
The time limit for the program has been extended. You must have a home placed under agreement before April 30, 2010. The closing on the property must take place before June 30, 2010. First time buyers will still qualify for up to $8,000. Income limits have been raised so that single buyers can earn up to $125,000 and still get the full credit while a married couple can earn $225,000. A FIRST TIME BUYER MAY NOT BE WHAT YOU THINK! Under the program, you are a first time buyer if you have not owned a home during the last three years.
Now, buyers that want to trade up can also qualify. Those who have owned and occupied a residence for the at least five of the past eight years can claim a $6,5000 tax credit if they close on a purchase before the end of June. Also, this program does not require you to pay the money back to the government as earlier versions did. Prudential Dinsmore Associates, REALTORS are not accountants or tax advisors and if you plan to participate in the program we urge you to consult with a tax planning professional before you purchase a home. Here is the IRS link to the program information.
If you want to explore your options, why not contact Prudential Dinsmore Associates, REALTORS today.