No, I don't mean the end of the world or the start of nuclear hostilities. I mean the end of the First Time Homebuyer Tax Credit, which is set to expire December 1 of this year.
To have a realistic chance of closing in time, you need to get your home under contract (have a purchase agreement signed by both parties and in hand, that is) in the next week or so. Banks and the appraisers working for them are going to be so busy from now on, closing times will be hard to come by. If you aren't working with a top-notch lender, you might want to think about changing. Or at least check in with him or her to make sure the time frame is still realistic from their point of view.
Talk to your favorite realtor NOW. Hopefully someone like yours truly whom you've come to trust and rely on.
Go get 'em, tiger!
There is, indeed, an $8,000 tax credit waiting for all first-time homebuyers who buy their home between January 1st and December 1st of this year. So if you have never owned a home (or have not owned one in the last three years) you may qualify for this tax credit when tax time rolls around next year.
Just what is a credit? As opposed to a deduction (which is a reduction in the amount of income which is taxed), a credit is an actual reduction in the amount of tax you pay. If you owe less in taxes than the credit is worth, you get the extra back in the form of a check or direct deposit.
Here's an example: next February after the Super Bowl when you sit down to do your taxes you find you owe the IRS $1500 in total taxes for 2008. "Crap" you say, or something to that effect. Then you smack your forehead, say "Hey! I almost forgot! I bought a house last year!", sink back into your chair, and have another pretzel and swig of beer, smiling. Because you bought that house, instead of you paying the IRS $1500, the IRS pays you $6500! Sweet.
There are some conditions, though. Here's the actual Form 5405 First Time Homebuyer Credit which has everything you need to know about qualifying and filing for your $8,000.
GET YOUR REFUND NOW!
Here's what might be the most important thing: the 2008 Form 1040 has a line for the First Time Homebuyer Credit (line 69). So even if you already filed your 2008 return, you can file an amended form, include the $8,000 credit, and get your check right away! You don't need to wait until 2010.
Life is good, no?
Call or email me, and we can talk about how to best go about buying your first home so you can take advantage of $8,000 right away! (Not to mention great prices and low home loan interest rates!!)
507-317-0177 or jim@MankatoHomesOnline.com
The last I heard, the official percentage of buyers looking online for homes was 84%. That's a lot of internet seekers! It's also why I focus so much of my efforts on attracting those buyers to my site, and why I've worked so hard to get www.MankatoHomesOnline.com onto the first page of Google search results for the most important search terms Buyers use.
So when someone searches Google for terms like these:
they will find my site on the first results page. (Many other ther search engines like Yahoo,com, Ask.com, and AOL.com get similar results.)
What does that mean to you? I get your home much more web exposure than the average Joe Realtor who simply puts your home on the local MLS, a sign in your yard, and hopes.
And that's just the beginning! More info in future blogs... keep watching.
So if you're thinking of selling your Mankato real estate, think of web exposure for your listing, and think of www.MankatoHomesOnline.com.
Jim Scheller
Nu Star Realty of Mankato
Visit my website: http://MankatoHomesOnline.com
Spring is of course the time when more people begin looking for homes than any other, at least in Minnesota. Especially if you're a young man thinking of low interest rates, many affordable homes available, and $8,000 in pocket money when tax time comes next year! Oh, to be young again, and free!
You do have to be a first-time home buyer to qualify for that eight grand, but still. Happily the government defined s first-time home buyer as a person who has not previously owned a home or a person who has not owned a home in the previous three years! Very nice.
And what's the latest in loan (mortgage) rates? If you're in the Mankato area with good credit, rates less than 5% are available. Here's a link to find out more: http://www.bankrate.com/ (Check the national overnight averages, or plug in your zip code to get more localized information.)
As far as the number of homes goes, well, there was a page and a half of foreclosure notices in the paper this morning. Even though there is talk of the economy picking up in some sectors, it looks like there will still be a steady stream of foreclosed homes coming onto the Mankato real estate market, in addition to all the homeowners who simply want to sell for reasons of their own. There's no lack of homes to choose from!
Visit my website: http://MankatoHomesOnline.com
Realtors are professionals, and many of them have been around doing deals for many, many years. They probably have an idea of which lenders, inspectors, appraisers, and closers in the area are solid and which you might want to think twice about using.
Take the time to get the advice of your Realtor when deciding about these things. At least get your Realtor's opinion while your getting the opinions of your friends, neighbors, relatives and everyone else.
You may be glad you did.
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