Time is running out on the first-time home buyer tax credit!  November 30 is the current deadline to qualify for the credit.  Figures released for June show a substantial rise in home prices and sales.  The tax credit could be the reason for the up beat in figures.  Overall we are hopeful that this is a good sign that the real estate market is improving nationally. 

Because the homes in our area were never over-inflated, our local market has remained steady.  This is an added incentive for buyers to take advantage of the first-time buyer tax credit. 

A recent survey conducted by the Re/Max network in northern Illinios found that  most qualified buyers only understand a few of the program’s details.  Being a government program, the details can be confusing at best.  

Did you know….

* With the real estate numbers improving slowly, we hope the program will be extended.  However, at this time to qualify for the tax credit, the purchase must be closed no later than November 30, 2009. 

* You  CAN have owned a home previously, as long as you have not  owned a home for 3 years before making a home purchase that qualifies for the tax credit.

*Qualified buyers will receive the FULL benefit of the tax credit to which they are entitled.  For example, if a buyer qualifies for the full $8000 credit but owes only $3000 in income taxes for the year, their entire tax bill would be paid and they would also receive a tax refund check for $5000.

*Individuals with an adjusted gross income up to $75,000 can qualify for the full $8000 credit.  Couples with an adjusted gross income of $150,000 can also qualify for the full $8000 credit.  Qualified buyers with higher incomes can receive a smaller tax credit.  The credit phases out at $95,000 for individuals and $170,000 for couples. 

*The updated version of the tax credit DOES NOT have to be repaid – unless the home is sold within 3 years.

This is an excellent program that can benefit many people but time is of the essence!  Act now and take advantage of program. 

For more details and facts call one of our agents at 417-967-2221 or 1-800-753-0103.  We are always willing to work with you to help you find your perfect home.   Whether you’ve got questions about the first time home buyers credit, a property or any other real estate related question we are here for you.