Brief Opportunity:Owner-Buyer Tax Credits

Have you heard about the new tax credit  for buyers who are not first-time buyers?  (Yes, the $8,000 tax credit has been extended for first-time buyers, but) Congress also passed a $6,500 tax credit for buyers who currently own.  This is for all the people who have been waiting to move up to a larger home, downsize to a more manageable home, or move on due to life or job changes. 

Prices in Chester County and nearby parts of Lancaster County have more or less stabilized in the past year.  Morgage interest rates are quite low (5-6%).  If you add this $6,500 tax credit, it makes this a great time to sell your current home and look for a new one.

Heads up: You need to act quickly, because this window of opportunity closes April 30, 2010.  That’s the last day for you to get your new home under binding contract, then you must settle on it by June 30th.

There are certain qualifications you must meet: must have owned your home for at least 5 years, can’t buy new home over $800,000,  income limits, and new home can’t be vacation home, but must be used as primary residence.  Just call or email Laurie at 610-322-5843 or lknecht@comcast.net  if you’d like a Tax Credit Chart mailed or emailed to you with further details.  

 Also contact Laurie if you’d like her to help you get your home on the market as soon as possible so you’ll have plenty of time to find a buyer and your new home before this wonderful window of opportunity closes!

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