For the first time in 5 years, existing home sales have increased for 4 months in a row, according to the National Association of Realtors.
Existing home sales- including single family, townhomes, condos and co-ops, rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level 4.89 million units in June, and are 5.0 percent above the 4.99 million unit pace in June 2008. The last time sales rose for 4 consecutive months was in June 2004, and the last time sales were higher then a year earlier was November 2005.
Did you have questions about the first time home buyers tax credit? Here is some information in a nut shell...
Who qualifies? First time home buyers who purchase homes between Jan 1, 2009 and December 1, 2009. To qualify as a "first time home buyer" the purchaser or his/her spouse may not have owned a residence during the last 3 years prior to the purchase.
Which properties are eligible? The 2009 First time home buyers tax credit may be applied to primary residences, including single family homes, condos, town homes and co-ops.
How much will the credit be? The maximum allowable credit for home buyers is $8000. Each home buyers tax credit is determined by 2 factors:
The price of the home- the credit is equal to 10% of the purchase priceof the home, up to $8000.
The buyers income- single buyers with incomes up to $75,000 and married couples with incomes up tp $150,000- may recieve the maximum tax credit.
Will the tax credit need to be repaid? NO!!! The buyer does not need to repay the tax credit. If he/she occupies the home for 3 years or more. However, if the property is sold during the 3 year period, the credit will be re-couped on the sale.
If you are thinking of buying or selling a home, or know of someone that is, please give me a call or drop me an email. My web site is www.ricksapovits.com.