$8000 Tax Credit Extension is Approved

6 11 2009

Grand Rapids Real Estate Market Update

$8000 first Time Home Buyer Tax Credit Extension The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. This current extension does have a few changes, for the better in my opinion. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.

Many people have used this tax credit to help with their home purchase and it has helped the market recover, so this latest extension is welcome. Here is a list of Tax Credit Highlights.

For more information about the Grand Rapids real estate market, visit my website at GRRealEstateInfo.com or contact me any time.


$8000 Tax Credit Ending Soon – Grand Rapids Real Estate Update

10 09 2009

$8000 Federal Tax Credit is Ending Soon

Grand Rapids Tax credit If you are thinking of purchasing a Grand Rapids home or condo and want to use the First Time Homebuyer’s $8000 Tax credit, time is running out. To qualify, you can’t have owned a home in the last 3 years and you must purchase a home before December 1st 2009. This is a real credit and does not have to be repaid. Many clients have taken advantage of it this year.

In order to close on a home by the end of November, your should be looking right now. My website provides all of the listed homes on the MLS Database and the search is free. Feel free to use it and if you have any questions, let me know. Once you find your home or condo, you will need to have an accepted offer before the end of October, just to be on the safe side.

If you don’t know where to start and would like to talk to a lender, give Scot Veneklase a call at Exchange Financial. Scot can be reached at 616-957-3480.

Click Here for a 2009 Tax Credit Q & A

$15,000 Home Buyer Tax Credit

11 02 2009

UPDATE ON $15000 HOMEBUYER TAX CREDIT: Well no sooner do I post about this excellent incentive for homebuyers than I come to find out that the $15000 Home Buyer Tax Credit is not going to happen. What a shame. They are going to keep it at $8000 and make it for first time home buyers only. I’ll definitely be keeping an eye on this and posting updates here.

I have to say this though. This $15000 tax credit for home buyers would have been an actual stimulus. I’ve had several of my clients calling/emailing me inquiring about this. People want to do something but are sitting on the fence. This home buyer tax credit incentive had the potential to get folks to jump off the fence and start buying some Grand Rapids real estate! Shame on the government. The country is in need of actual stimulus programs, not special interest, pet projects aka: pork.

$15000 Home Buyer Tax Credit

The latest “Stimulus” bill now underway has a $15,000 tax credit for home buyers. ($15,000 or 10% of the sale price). This enhances the recent $7500 First Time Home Buyer Tax Credit in a few different ways and if passed, will make a big difference to homebuyers in Grand Rapids. Yesterday, Feb 10th, the Senate passed this bill however it hasn’t been finalized yet. The next step is for joint members of the Senate and the House to try to arrive at a compromise between their respective bills. Once that has been sorted out, they will vote on it and send it to the President for his signature. The general consensus is that some sort of tax credit will be incorporated into the bill but we will have to wait for the final version to be sure just what it is.

Major changes to the home buyer tax credit are as follows:

  • Maximum tax credit increased from $7500 to $15,000 or 10% of the sale price.
  • Everyone is now eligible for the tax credit where before, you had to have been a first time home buyer and that was defined as someone that had not purchased a home in the last three years.
  • You are no longer required to pay this back.

Keep in mind that it has not been approved yet and it is the government we are talking about here, so expect something to change. :). Here is the amendment  from Sen Jackson’s website.

If you have any questions about the Grand Rapids Real Estate market or would like to research your next move, visit my website to search for homes or contact me any time.