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The Federal Stimulus Bill of 2009
(American Recovery and Reinvestment Act of 2009)
Great news for first-time home buyers. The Federal Stimulus Bill of 2009 provides great incentives for those interested in purchasing a home this year. With homes in most towns and cities of Massachusetts at an all-time low price, this is the time to get serious and start looking. While some might refer to this as a "Buyer's" market, it might be best to call it the "Procrastinator's" market. And while prices might drop slightly as the market turns, the home of your dreams may be purchased by someone slightly quicker to make a move. Don't delay any longer if you are seriously interested in finding your dream home
According to the updated legislation:
- Up to $8,000 for new buyers: The credit is equivalent to 10% of the purchase price up to $8,000 and does not need to be repaid
- Who qualifies: The credit is for first-time home buyers purchasing a principal residence.
- first-time home buyer defined: is someone who has not owned a principal residence for 3 years before buying a new home. Buyers who own a vacation home, but not a principal residence within the past 3 years, would still qualify for the credit.
- 2009 buyers only: Credit can be applied to purchases made from January 1, 2009-December 1, 2009
- Income limits: Single filers with a modified adjusted gross taxable income less than $75,000 or for married couples (filing joint return) with earning less than $150,000 will qualify for the credit. Those earning more may qualify for a reduced credit.
- Recapture: Buyers must own and maintain the home as their principal residence for at least 3 years or credit will be recaptured. If they sell the home before then, they must return the credit to the government. Certain exceptions to this may be made such as in the case of death or divorce.
This is great news for buyers who have already purchased a new home this year - provided that you closed after January 1, you may still qualify for the $8,000 tax credit.
Additional resources: National Association of Realtors®
So, if you are ready to purchase a home please call or email me today to get started. |
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Arlington
| Boston
| Cambridge
| Malden
| Medford
| Somerville
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Bart Foster,
RealtorŪ
KELLER WILLIAMS REALTY Boston-Metro
476A Columbus Ave • Boston, MA 02118 
Direct: 617-230-2370 • Cell: 617-230-2370
Fax: 866-230-6164
Bart@BartSells.com
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