It's mind boggling: Interest Rates are at a near record low for home mortgages, Home prices are lower today than five years ago, and First Time Buyers qualify for an $ 8000 "gift" from the Government, Yet the home Buyers are still in hiding! Through a very pro-active campaign to reach out to Renters who should own a home, we are finding that potential Home Buyers are just plain scared with the uncertainty of the economy and the stability of Their own employment. How do you overcome that?
Real Living Inc. has introduced a fantastic program to combat this insecurity pocessed by Today's Buyer with it's exclusive Peace Of Mind Program. If Real Living Home listing is purchased through by a Buyer represented by any REALTOR and financed through Real Living Mortgage, Inc., The Home Buyer will have Two Years of coverage that if an involuntary loss of job did happen, Their Mortgage payment will be covered for six months! That is truly Peace of Mind!
I think it is amazing that we have the Government offering this fantastic Stimulus to First Time Home Buyers and Those who have not owned a personal residence in 3 years-The $ 8000 Home Buyer Tax Credit but that few Home Buyers understand it. Through the premature news reports when this Law was just a bill, Many people are confused with amounts, the terms, and truth. Just the other night I was showing a home to a couple who were first time Buyers and they were under the impression that this tax credit was just some kind of write-off on their income taxes. They were told by a mortgage broker that they would not be getting the $ 8000 in any monetary form. I also still here Buyers talk about how they have to pay back the tax credit-like it was set up in the old $ 7500 Buyer Tax Credit. One Buyer, who wasn't a first time Buyer, was possitively sure they would receive a $ 15,000 tax credit. Even had one older lady who owned a home, but didn't buy a home in three years, think that she qualified as well.
This is a great offering that anyone who is renting should try to take advantage of and those of us in the housing profession: REALTORS, Mortage Brokers, Title Companies, and others need to first educate ourselves and then educate the public. I think the Government could have done a little better of a job educating the public. Bottom Line: First Time Buyers will receive 10% of the Purchase amount of their home, up to $ 8000 as a refundable tax credit. This amount will be a direct dollar-for-dollar reduction of their tax liability and the remainder will be refunded to them. Any way you look at it-They will get up to $ 8000 as a reward for Buying a home before December. Let me say that again. YOU NEED TO BUY AND MOVE INTO THE HOME BEFORE DECEMBER 1st, 2009 !
There are some income limitations that may reduce or eliminate the Tax credit. Check with the IRS for details or call 920-265-0320 for a FREE Information Packet.
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Real Estate Broker with 23 years experience, Mark Cherney is not only the Broker and Co-Owner of Real Living Bay Realtors, but is also a top producing Realtor in the Green Bay Area for two decades.
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