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The 2009 Home Buyer Tax Credit has persuaded home buyers across the country to get off the fence and into the home market. In fact, according to NAR,
pending home sales across the country have experienced nine consecutive months of gains.
Not only is this good news for seasoned Realtors who are helping clients benefit from attractive government incentives, but also for individuals considering a career in real estate - now is an ideal time to break into the industry, educate potential home buyers and create your own niche.
In fact, the U.S. Congress also believes that the Home Buyer Tax Credits are helping to stimulate the U.S. housing market, which is why a new legislation has passed to:
- Extend the First-Time Home Buyer Tax Credit (up to $8,000 for those who qualify) through April 30, 2010
- Expanded tax credit availability to include current home owners who may qualify to receive up to $6,500 towards the purchase of a new or existing home between November 7, 2009 and April 30, 2010In order to qualify for the extended First Time Home Buyer Tax Credit, buyers must not have owned a residence in the past three years and must put their credit towards the purchase of a single family home, condo, townhome or co-op between November 7, 2009 and April 30, 2010.
To qualify for the expanded tax credit, a current home owner must have lived in their primary residence a minimum of five consecutive years, within the last eight years, and plan on purchasing a new or existing home between November 7, 2009 and April 30, 2010.
For first time home buyers, the maximum credit is $8,000 and for current homeowners the maximum credit is $6,500. The allowable credit amount is determined by the buyer's income and the price of the home.
And there's even more good news for buyers who participate in the extended Tax Credit program. As long as the buyer lives in the property for a minimum of three years, they will not need to repay the tax credit. However, if the buyer sells the property before the three-year period, they will be required to repay the full amount of the Tax Credit.
The Home Buyer Tax Credit program has been a powerful incentive that has turned potential buyers into proud home owners. And its an ideal marketing tool for individuals who are
considering a career in real estate.
These advantageous government incentive programs won't last forever. However, by helping buyers benefit from these programs now, you can build a base of contacts and references that will serve you well throughout your career. Especially in a market that is gradually and continually stabilizing.
"As inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010," said NAR Chief Economist Lawrence Yun. "That would mean broad wealth stabilization for the vast number of middle-class families."
To learn more about the exteded Fist Time Home Buyer credit, visit www.federalhousingtaxcredit.com. Ready to set your real estate career in motion? Check out the benefits of an
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