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F e a t u r e d L i s t i n g |
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| List Price: |
$499,900 |
| Contact # |
678.679.1651 |
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| Office: | 678.679.1651 |
| Cell: | 770.315.6447 |
| Fax: | 678.679.1651 |
| Email: | Contact |
Opportunity of a Lifetime for First-Time Buyers!
New Housing Stimulus Plan Creates Home-Buyer Credit
Effective October 1, 2008... The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price not to exceed $7,500.
Homebuyer Tax Credit
By Danielle Hale, Research Economist
Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First-time Homebuyer Tax Credit is now available. However, this limited-time tax break ends June 30, 2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit.
Who is Eligible?
First-time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible for the credit. A first-time homebuyer is someone who has not owned his/her principle residence for a 3-year period before the date of purchase, and someone who has never taken advantage of the DC first-time homebuyer credit. In the case of married couples, both must be first-time homebuyers. For other groups purchasing a home, the statute is unclear. Purchasers should consult a tax advisor.
How does it work?
The credit directly reduces the total amount of taxes owed and is refundable. When the buyer files his/her taxes, for the year he purchased his home (2008 or 2009), he will be able to subtract the amount of the credit from his Federal income tax liability, increasing his refund or reducing the amount he owes.
How big is the tax credit?
The tax credit is equal to 10% of the purchase price of the home up to $7,500. The full credit is available for single buyers whose adjusted gross income is less than $75,000. If the buyer's adjusted gross income is greater than $75,000 and her home purchase qualifies her for the full credit, the credit phases out according to the chart below.
For married couples filing jointly, the credit begins to phase out at an adjusted gross income of $150,000 per this chart.
What about Repayment?
The tax credit is not completely free money for buyers to keep. It has a payback provision that makes it similar to an interest free loan. Two years after the credit is claimed, buyers begin repayment so that the credit is paid back in full over the course of 15 years. For those qualifying for the full credit, the payback amount is $500 per year. Those getting less than the full credit pay equally over the 15 years (which is a rate of 6.67% per year). If a qualifying home is resold before the credit is repaid, the seller will have to immediately pay the outstanding balance of the credit. If the home is sold at a loss, then nothing more is owed.
What's valuable about a credit you have to repay?
Money today is worth more than an equal amount of money in future, which economists call the time-value of money. First, money loses its purchasing power over time due to inflation. Second, you can use the money today to earn interest and repay the principal later-all the while keeping the interest for yourself. For this reason, multimillion-dollar lottery winners prefer taking a lower lump-sum amount than the multimillion dollar amount spread out over many years.
Are there other conditions I should know about?
- Buyers cannot claim both the DC and the national First-time Homebuyer tax credit
- Purchases by non-resident aliens and purchases financed by proceeds from a qualified mortgage issue are not eligible.
- Any single family residence located in the United States that will be used as a principal residence is eligible. Generally, this is the place where an individual spends most of his/her time. This includes single-family detached housing, condos or coops, townhouses or any similar type of new or existing dwelling.
- The credit will not result in an individual owing additional federal taxes under the Alternative Minimum Tax.
- Home purchases between relatives and other gifts of residences are not eligible for the credit.
- Other tax benefits of homeownership are still in place. Mortgage interest deduction, capital gains tax exclusion, and property tax deduction are some well-known examples.
For more specific questions about the tax implications of the credit, please consult a tax professional.
Buying a first home is a big step!
Buying a first home is a big step. Fortunately, Realtors® are willing and able to help buyers through the process. In addition to the many benefits of homeownership, the homebuyer tax credit and more affordable prices make now an especially opportune time to purchase for the buyer who is mentally and financially prepared for the commitment.
Other Resources for First-time Homebuyers:
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In the news: October, 2008
There are many signals to identify that the bottom has been reached in the housing market, and there are finally positive articles coming out regarding the pace of sales getting better. More importantly, most every financial wizard is telling people to “BUY REAL ESTATE NOW!” You must remember, these are the same people that have been saying “do not buy real estate” for 2 years!
The following facts are happening now, and they will help form the turn in the near future:
1. The Bailout ($700 Billion) is taking place, and will be filtering into the credit market… this will create the floor of pricing and help in confidence of the general public.
2. Oil has dropped to the mid $60’s per barrel (it was $147/barrel in July!). This will help with energy bills over the winter, and keep the monthly bills lower.
3. In Atlanta, Gas is in the $2.30’s, and was over $4.00/gallon just 2 months ago! June is when the brakes could be felt, and gas had just reached $4.00/gallon.
4. Interest rates are still incredibly low, and will most likely stay here for a while.
5. Fannie Mae and Freddie Mac have been taken over, and will be adjusted to be stronger and be able to make more loans to more people than what was beginning to happen.
6. Supply of homes is coming down in most areas…Atlanta is about 10 to 12% lower than its peak about 1 year ago.
7. Builders are not building as much (dramatically down), and what is being built today has been adjusted for being deals in today’s climate.
8. Financially challenged banks are being shut down and taken over by the FDIC…this is bad right now, but the good will emerge from the FDIC regulating and selling off the bad assets at attractive prices and stimulating more sales…this simply needed to happen.
9. Recession talk…who would not think we would not be in a recession?! Banks haven’t been able to loan as many people money…people have been losing jobs…stock market going crazy…how in the heck could we not be in one…and when we know we are in one, is when we are digging out of it!
Buyers have 3 to 6 months to get the best deals…and then the market is going to be moving up due to reasons 1 – 9 above. Remember, it is riskier to buy at the top of the market vs. buying at the bottom…we are nowhere near the top, and most likely at the bottom…BUY NOW for investments!
Big change does not happen overnight…it takes time for these to filter out into the minds of the general public. The general public also must see the changes happening prior to believing them. If you have all 9 facts happening above, and give them 3 to 6 months to begin to make change, just imagine what good effect that can have on the housing market.
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 Posted by Carol M. Flammer Forbes Magazine made some good predictions for Atlanta homebuilders and residents last week. While other cities, like Las Vegas and Phoenix are expected to see home prices decrease by up to 50%, Atlanta is predicted to see significant increases as early as 2009. (This reiterates that NOW is the time to buy Atlanta Real Estate. Discounts on current new home inventory are available now. They won’t last forever!)
Although Forbes mentions the number of Atlanta foreclosures in early 2008, our continued steady job growth rate promises an end to our housing slump. In fact, next year home prices are expected to jump up by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by as much as 18.4% and job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number nine in the group of ten “lucky cities” that are predicted to experience long term recovery that will begin next year. Other cities where home prices are expected to rise include Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte, and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the Atlanta housing market once again.
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 11/21/2008. The listing information on this page last changed on 11/21/2008. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of GAMLS (last updated Fri 11/21/2008 12:00:00 AM EST) or FMLS (last updated Fri 11/21/2008 12:00:00 AM EST). Real estate listings held by brokerage firms other than Results Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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