OBAMA BUMPS BUYER TAX CREDIT TO $8000
HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION, SHASTA COUNTY, TIPS FOR BUYERS
February 19th, 2009
First-time buyers that buy a home during 2009 may qualify for a tax credit 
of up to $8000 or 10% of the selling price, whichever is less. The tax credit, which is much better than a tax deduction, will not need to be repaid if the buyer stays in the home for more than 3 years. Last year, President Bush’s stimulus package contained a $7,500 tax credit that required repayment over 15 years.
Check with your tax adviser for details as there are income limitations and repayment obligations if you sell the home in the short term. The stimulus bill also raises loan limits which could help buyers in high cost areas.
More details should be available soon as the 1100 page bill is reviewed by analysts. Interest rates have dropped back to the 5% level according to local lenders that reported at yesterday’s Shasta MLS meeting. Also, investors can now have up to 10 loans out on investment properties, up from 5 under previous underwriting guidelines.
Locally, sales and inventory remain steady with 1520 homes listed for sale and more than 320 homes pending. Nearly 50% of home buyers in 2009 are expected to be first-time buyers. Investor/speculators will be the next largest group, followed closely by single women. Estimates place the sales volume for 2009 at over 5 million units nationwide. Less than 10% of the units sold will be new homes, according to industry experts.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
hi obama whats up?
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