Don’t you just hate it when a really good sale ends, or a great deal passes you by? You shake your head and tell yourself that next time you’ll get on the stick and act rather than snooze. Well, I’m here to yell “WAKE UP”. It’s now March 18th and the clock is ticking…..only 44 days left to get your tax credit. If you’ve never owned a home before, you’ve probably heard about the First Time Homebuyer Credit and are either shopping for homes right now, hopefully using a Realtor®, or are already under contract, waiting to close on your first home. The truth is, current homeowners should wake up and pay attention to a great deal being offered right now.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. Do you understand what an opportune time this is for moving up, moving over, or moving out? You can keep your existing home if you’ve lived in it for five years out of the past eight. This is a perfect time to become a landlord. However, existing homeowners who prefer to first sell their current home before purchasing a new one must move quickly to take advantage of the tax credit. The mover 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 sale price of the home being purchased can not exceed $800,000.
What this all means is that many more buyers who now qualify for a tax credit are in the market and are out shopping for homes. More importantly, inventory is down in the Boulder area, especially in the lower end of the market, under $400,000. So what are you waiting for? List your home with a RE/MAX of Boulder agent now. If you’ve even remotely considered moving, now’s the time to do it. Don’t let the first time buyers have all the fun.
The countdown is under way. As of today, you have 44 days to be under contract by the April, 30, 2010 deadline, and closed by June 30, 2010.
Call us today at 303.449.7000 or 800.825.7000 or visit www.BoulderCO.com