Thursday, November 19, 2009

Real estate update & then some

Okay, the $8000 First Time Homebuyer tax credit has been extended and the $6500 "move up" buyer tax credit has been implemented. They both expire on June 30, 2010. Your contract to purchase a home has to be written by April 30, 2010 and closing by June 30. There are some additional guideline changes, home prices included increased, and some income level increases, so be sure to check with your tax professional when planning to take advantage of this incentive.

The $6500 tax credit is good for any present homeowner who has purchased and lived in their existing home for 5 of the last 8 years. You do not have to be buying a more expensive or larger home to take advantage. It is the government's desire to stimulate the other portion of the housing market, instead of just first time buyers. You could actually be moving down. This is a benefit for seniors because if you've been concerned about not getting an increased amount of money for your home, here's $6500 to help you.

On another note, I've learned that Moe's doesn't give senior discounts. The management where I've been patronizing was misinformed. They do give military discounts though. Still, I'll probably be patronizing Atlanta Bread Company (Market Sq. area) more often because of this. Plus ABC has wi-fi which I happen to be using right now.

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