“It’s kind of a mad rush right now for everybody to get that tax credit,” said Joey Marino, a Realtor for Whipple Financial Services (supposed to be Whipple Realty, that’s our sister company) in Perry Township, who adds that his sales are 50 percent higher than a few months ago as home prices start to rise in the township areas outside of Canton. “I have people calling me, saying they want a contract by the end of April 30th. … I’m selling a majority of my properties right now.”

And it’s true. We are seeing a lot of activity. I think the market is on a rebound and we’ve seen the end of the downward moving prices. Now that the credit has expired, we may see a drop off in sales, but if people still continue to purchase, I think this economy could turn around completely

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For qualified service members who are ordered on a period of official extended duty , these deadline dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

“Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Read more about the tax credit extension and who qualifies…

source

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Who Qualifies

First Time home buyers can qualify up to $8000 if they:

• haven’t owned a home in the last three years
• make less than $125,000 individually or $225,000 as a couple (you may qualify for part of the credit if you make more)
• buy a primary residence that costs $800,000 or less

Current home owners can qualify up to $6500 if they:

• lived in their primary residence for five concurrent years out of the past eight
• meet the same income thresholds as first-time buyers

Military Service Members:

• Members of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty get an extra year to take either credit. And if you or your spouse has been deployed overseas for 90 days or more in 2008 or 2009, you have until April 30, 2011 to claim the tax credit.

Caveats:

• You’ll need to stay in your new home as your primary residence for three years.
• You can’t buy your home from a family member.
• If your spouse has owned a home before, you will qualify for the $6500 credit.
• Many members of congress say this the LAST tax credit for home buyers we will see in a long time.

The National Association of Realtors says first-time buyers accounted for more than 45 percent of home sales in the past year. If we see those kinds of numbers for 2010, I believe we could really see a huge impact on the market and possibly work towards a speedy recovery.

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UPDATE: There is more and more talk every day about this extension. Nancy Pelosi mentions a possibility of extending it to all home purchases, while other bills have been introduced to extend to the end of 2010 with a gradual reduction.

With the tax credit deadline fast approaching, the tax credit is almost out of reach. The inventory of available homes are starting to dwindle as first time buyers are getting all the good deals as soon as they come available.  Any new buyers may as well forget about good deals that can be found with foreclosures or short sales because they take too long. There is barely enough time to find a home and get financing in our area. If you’ve planned on buying and taking advantage, you better act now.

I feel that the market is being helped by this “cash for houses” plan and to see it go will also see a downturn in the housing market and economy. With 1,400,000 new buyers this year thanks to this stimulus, it’s going to be sad to see it go.

Take action and write to your congressmen to extend this stimulus until the market is working on it’s own.

**There is no official approval for an extension or new tax credit for next year.

This is an article by the Canton Repository on the possibilities of an extension and the current market.

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• A first time home buyer is someone that has not owned a property as their principle residence in the last three years.
• In order to qualify you must make less than $95,000 singly or $170,000 as a couple.
• You must live in your new home for 3 years or more.
• The tax credit is actually 10% of the purchase price or $8000 dollars, whichever is less.
• You can not purchase a home from your or your spouses family.
• You can file for your tax credit now if you haven’t filed your 2008 taxes.
• The $8000 does not have to be repaid!
• You must close on the property before November 30th 2009.  It may take 60 days to close making Sept 30th the last day to find a home.

Call or fill in some basic information below to start looking now!

In order to make home buying easier and have free representation, you should find a free buyer’s agent!

Call today in Stark and Summit counties to get started looking. Joey Marino ~ cell:330.412.2221 ~ joey@whippleauction.com

Check out www.federalhousingtaxcredit.com for more details.

First time home buyer’s get started here.

**I am not an accountant or tax professional. Please contact one concerning the details of this tax stimulus.

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