Home Sellers....This Tax Credit is for YOU!

Like it or not, the Federal Government has extended and expanded the Home Buying Tax Credit. Considering the frenzy of home buying we have experienced in Orange County for the past few months it is clear that demand will remain high through the traditionally slow season. Homes often receive multiple offers even in the $600K to $800K range. Expanding the Tax Credit will bring more higher income Buyers into the market, thus increasing demand for higher priced homes.

Since a large portion of the inventory listed for sale are Bank Owned, or Short-Sales that may not even result in a close, Buyers have few choices. Seller's should be taking advantage of the low inventory and high demand for the expanded price points while Uncle Sam is pointing his finger at YOU!

The Tax Credit details are as follows: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

• First Time Home Buyers (not owned a home in the past three years) get up to $8000 tax CREDIT, or 10% of home price.
• Move-up Buyers (owned a home in 5 of the past 8 years) get up to $6500, or 10% of home price
• Qualifying maximum incomes for both CREDITS are Adjusted Gross Income of $125,000 Single and AGI $225,000 Married
• The home must be in contract by April 30, 2010 and close by June 30, 2010.
• Credits-NOT deductions. If Buyer owes IRS $1000 they get a check back for up to $7000

Sellers and Buyers of ALL shapes and sizes Uncle Sam wants YOU. Share the word.