Obama did it again. The $8,000 tax credit for first-time home buyers has been extended! That’s right, if you’re looking to buy a home in Austin, the government is giving you more time to take advantage of the home buyer tax credit.
In fact, those who aren’t first-time home buyers can now even benefit from the government’s plan to boost the real estate market. You can buy a home in Austin and receive a $6,500 tax credit, even if you already own a home.
How does it work?
- The $8,000 tax credit is for first time home buyers (who have not owed a home over the last 3 years) and $6,500 for home owners who have lived in their home consecutively 5 out of the last 8 years.
- The tax credit DOES NOT have to be repaid (as long as you keep your home for a
minimum of 3 years) - Qualifying beyond that requires that a couple earn less than $225,000 per year.
Qualifying individuals must earn less than $125,000 a year.
I own a home now do I have to sell it first to buy a new home?
- The bill simply states that you have to have lived in your home for 5 consecutive years out of the last 8 years. Which means you could lease your home or sell your home to take advantage of a new home purchase and tax credit.
What do I do now?
Whether you’re considering becoming a first-time homeowner or simply want to move to a new – or next – home, the deadline to be UNDER CONTRACT is April 30, 2010.
The 2010 Real Estate Tax Credit Extension for Austin residents offers an ideal opportunity for those who want to take advantage of the area’s healthy economy and undervalued home prices. If you’ve been checking homes for sale in Austin, then you already know what a terrific buyers market we have.
While you’re searching homes for sale in Austin, we here at Austin Realty Consultants welcome you to tap our expertise. We have what it takes to help bring your new home buying together with ease. We’re also well versed on the 2010 Real Estate Tax Credit Extension for Austin residents. All told, when it comes to buying real estate in Austin, we will help you find and purchase your dream home while the tax credit and interest rates are in your favor. Contact us for more info.
