2/21/2010
With less than three months until the homebuyer federal tax credits are set to expire, time is running out on an unprecedented opportunity for both buyers and sellers. Many potential homebuyers are unsure if they qualify for the tax credit, so several Coldwell Banker Residential Brokerage Dallas/Fort Worth (CBDFW) offices throughout the Metroplex are offering seminars that will provide valuable information.
"Coldwell Banker sales professionals and representatives from Coldwell Banker Home Loans, where available, are teaming up to provide you with valuable information you need to take advantage of the tax credit. Multi-lingual agents will also be available at specified locations,” says Sue Meyer, president of CBDFW.
If you’re in the market to buy a home and have questions about the recent tax credit extension and expansion, reserve your space for a free seminar. Visit CBDFW.com for a list of available seminars in your area that are being held through the end of March.
Under the new extension, homebuyers have until April 30, 2010 to enter into a binding contract and must close on the home by June 30, 2010.
The $8,000 maximum amount of the tax credit remains the same for first-time homebuyers but the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples. The changes make nearly all first-time home buyers eligible for the credit.
In addition, the new guidelines make most current homeowners eligible for a tax credit of up to $6,500 when they purchase their next primary residence. Current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. The income limits for current homeowners are the same as those for first-time homebuyers.
“For a buyer to be in a binding sales contract by April 30, and have the home purchase completed by June 30, they need to act almost immediately; we want to make every eligible potential homebuyer aware of the advantages of the tax credit,” says Ms. Meyer.
She adds “The tax incentives, combined with attractive home prices and low interest rates may make this the ideal time to purchase a home, and for sellers who have been thinking about upgrading, downsizing or relocating, this is a great time to put their house on the market.”
For a list of seminars available in your area please visit CBDFW.com
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