Time is running out!
Don’t miss the opportunity! The tax credit has been available to first-time home buyers, but you may not be aware that the recent expansion of the tax credit has created an incentive for existing homeowners. Current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
There is not much time. The average selling period is three months so it is critical that repeat buyers put their current home on the market right away to secure a buyer and find a new home by the April 30th deadline.
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits: $125,000 for single buyers and $225,000 for couples. In addition, the sales price of the home being purchased can not exceed $800,000.
Call us for the details!
Stay warm, Susan
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