Still Time to Qualify for Tax Credit!

These are historic times and one of the biggest benefits to ever hit the real estate industry is going to expire at the end of next month. If you are in the market to buy, or thinking of buying, don’t let this unprecedented opportunity pass you by. For first-time buyers, there are 8,000 compelling reasons to buy before April 30th! (6,500 compelling reasons for qualifying “repeat” buyers)

If you are thinking of selling, now is the time! With all of the buyers currently in the market, they need more inventory to choose from. If your home is priced right and marketed properly….it will move quickly.

Some quick facts on the Tax Credit:

1. You still have time but don’t procrastinate….buyers must be under contract by April 30 and closing must take place by June 30.

2. A first-time buyer is defined as someone who has not owned a principal residence in the past three years. First-time buyers can qualify for 10% of the purchase price, up to $8,000.

3. An eligible repeat buyer is someone who HAS owned and lived in a primary residence for five of the last eight years. Note – you do NOT need to currently be a homeowner as long as you meet this residency requirement. Repeat buyers can qualify for 10% of the purchase price, up to $6,500.

4. Income limits are $125,000 (individual) and $225,000 (married). A partial credit may be available for buyers falling in higher income brackets (up to $145,000/$245,000).

Visit www.Realtor.org for more information on the Tax Credit, as well as links to IRS forms to claim your credit.

Our agents are very busy and our sales are reflecting the activity in the market place. Since the beginning of our fiscal year on October 1, sales have been up almost 30% over the same time period from the preceeding year. Nothnagle agents have the tools, resources and training to get the job done!

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