To help you in your search for Durango real estate, the Wells Group is holding approximately 57 open houses this weekend all across La Plata County. This is all being done as part of the National Association of Realtors national open house weekend. To view the list of homes that will be open you can go to http://wellsgroupdurango.com/open_house_index.asp and get a list and view a map of all of the properties. As an extra incentive, the Wells group is offering to pay to a buyer at closing $1000 provided that you purchase one of the Wells Group properties that you actually toured and that you signed up in that property. You must go under contract on one of your registered homes by April 30 and then close on the purchase by May 31 of this year in order to receive the $1000 credit. For those of you that are interested in the first time home buyer credit provided by the federal government or the repeat buyer credit, this $1000 would be over and above that.
Team Lorenz will have a condominium priced at $175,000 available both Saturday and Sunday from noon to 3 PM. It is located at 343 E. 8th Ave. unit number 9. Just follow the red and white open house signs. This is a great location near the college and at that price is certainly a very good value.
We would love to see you at our open houses this weekend but if you are unable to make it please feel free to give Team Lorenz a call and one of our excellent buyer brokers would help you in your search for Durango real estate. That number is 970-375-7007.
Showing posts with label move-up home buyer tax credit. Show all posts
Showing posts with label move-up home buyer tax credit. Show all posts
Friday, April 09, 2010
Friday, November 06, 2009
More Info On Homebuyer Tax Credits
As predicted yesterday, President Obama has signed the legislation to not only extend the $8000 First Time Home Buyer Tax Credit but has added a new tax credit of up to $6500 for what we are going to call the Move-Up Buyer Tax Credit.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
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