Buyer Opportunity Knocks!

This is the first in a series of occasional pieces by Medford Realtor Susan deRosas. deRosas lives in Medford and has been selling residential real estate for over twenty years. She developed www.MyAgentBook.com, a social network with hundreds of Realtor members across the country.

If you have been thinking about the possibility of moving up to your next home or jumping into the Real Estate market as a first time buyer…..the tax credits that have been recently signed into law provide quite an incentive. This is the Housing market’s Cash for Clunkers program. The first time buyers have been able to avail themselves of a tax credit for months now. The program has now been extended and expanded to include current homeowners. Now, many homeowners have many reasons that now may not be the time but if you are among those that plan to move into a new home at some point when the time is right; the time may be right, Right Now!

I recently closed on a transaction that had been under agreement for quite some time due to title issues. Really good thing for the Buyers! Had they closed on time they would not have been able to take advantage of the expansion of the tax credit which now provides for a $6500. tax credit for current homeowners. What was interesting as we approached the closing is that there was little information related to the date that the homeowners could begin taking advantage of the tax credit. There were SO many sources out there that stipulated that the current homeowner tax credit only applied to properties which closed on or after December 1st. There were no extensions available to these buyers and they met the residency and income guidelines. HOLD ON A MINUTE!! In actuality, the credit became available as soon as President Obama signed it into law. Therefore, buyers who closed after November 6th are indeed eligible. Providing, ofcourse, that they meet the other guidelines; income limits, purchase price, primary resident of home they are selling for 5 of the last 8 years. I found that the most straightforward explanation of the tax credits are located on The Massachusetts Association of Realtors website. This is a great reference that all of us should have at the ready!

Have questions for Susan? Leave a comment below or email her at rsderosas@comcast.net.