Hoboken Real Estate | Home Buyer Tax Credit | Get The Facts

Real estate is heating up steadily and it is because of a combination of factors.

• One - the home buyer tax credit is expiring
• Two - interest rates are very low and we're not sure when they'll go up
• Three - Spring market is soon upon us
• Four - Distressed sales opportunities

Combine all of these incentives and the natural increase in market activity during spring, and we are going to see a very busy season. If you look in my past posts I've been reporting that sales activity and interest is way way up. Multiple offers are becoming more common and we're seeing some properties be snatched up after only a few days on the market... it will be very interesting to see how this projects into 1st and 2nd quarter sales.

If you are looking to buy in the near future, you need to know a few things.

Reminder : Important dates are April 30th and July 1st! Below are the facts:

Facts about the Homebuyer Tax Credit:

• You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must closed before July 1, 2010.
• First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
• Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1, 2010.
• The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
• If the purchase price is more than $800,000, the buyer is not eligible for the credit.
• There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
• You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.

Create your own profile on my website and start searching for properties all over New Jersey. Save searches, view full pictures and details without having to contact various companies or create many profiles - RE/MAX.com is one of the leading consumer websites for real estate in the industry. Plus, RE/MAX.com is one of the few sites that feeds off of all of the multiple listing services and compiles status updates and new listings almost immediately.

Go to www.myhobokenproperties.com