Path to the $8000 Federal Tax Credit: On 12/2/2009 Credit is gone! Need to be in new home 12/1/2009!
10% of Sales Price of Your Primary Residence Up to $8000! (10% of Home Sold for $80,000 or Greater)
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Buyer Qualification | Single Filer:$75,000 Joint Filers: $150,000 Reduced Credit for Single Filer: up to $95,000 Joint Filers: up to $170,000 | Must be Primary Residence | Not owned a Primary Residence in the Past 3 Years Consult Tax Accountant |
Seller Qualification | Seller not a Blood Relative | Step Relative does Qualify | Consult a Tax Accountant |
Property Qualification | Type of Residence: -Detached Home or -Attached Home or -Condo or Co-Op Located in United States | Purchase between 1-1-09 and 11-30-09 Occupy/Occupancy Permit by 12-1-09 (Moved In) | Not a Second or Vacation Home Can not sell for 3 years without some Penalty. Consult a Tax Accountant |
Apply for Refund | IRS Form 5405 | Claim Credit with an Amended Tax Return or Claim Credit in 2010 | Consult a Tax Accountant |
Why Buy Now? Appears we are the point where Interest Rates, Home Prices, and Supply = Greater Affordability
At this writing the Fixed Interest Rate is 5.12% for Conventional loans and 5.24% for FHA loans.
Average Fixed Interest Rate over the last 30 years is 8.75%
Home Prices are approaching 2005 or 2004 prices depending on SW Washington or Portland, OR location. Inventory is beginning to decline when 2009 months of inventory is compared to 2008 months of inventory.