November 30th Deadline on 2009 Tax Credit for Buyers: What does it mean for Home Sellers?

Have you been considering selling, but afraid that nothing is selling?

With the $8,000 tax credit scheduled to end Nov. 30, the number of home buyers looking to take advantage of the credit (as well as the historically low prices and low interest rates) could possibly increase as the year winds down, especially as we start seeing glimmers of an economic upturn for the real estate market. If you've been waiting for the right window of opportunity to put your home on the market, this might be the time. I'd be happy to answer any questions you might have. Feel free to call me or email me any time. For more information on the Tax Credit, visit http://www.federalhousingtaxcredit.com/2009/faq.php.

I have observed a strong increase in pending sales of Kauai homes in the under $500,000 price range, so this trend should continue through October 1, as Buyers will want to have their offers acceptd in time to close before the November 30, 2009 deadline for the tax credit.

Some sellers have asked me why the tax credit is not helping sell higher priced homes. One important contributing factor is that married couples with a combined income in excess of $150,000 are not eligible for the first time homebuyer tax credit. Another reason is that buyers in the over $500,000 price range are often trading up and therefore not eligible as first time homebuyers.

Aloha,

JJ Leininger, RA, ABR

Makai Properties LLC

KauaiFineHomes.com