$8000 First Time Homebuyer Credit
First time homebuyer, defined as ‘not having owned a principal residence in the past 3 years’, now can receive a Federal Income Tax Credit of $8,000 (or 10% of purchase price, which ever is lower) when purchasing a primary residence in 2009. Some restrictions, such as: must own the property for three years, gross income restrictions apply, etc. If you do not owe $8000 in Federal Income Tax this year, the government will send you a check for the difference. Will this have the following effect on the housing market: 1. stabilize prices? 2. increase sales/reduce inventory? 3. reduce foreclosures? 4. improve the ability to get a loan?
Click here for more information - http://www.fsbo.com/tax-credit-85/
March 5th, 2009 at 9:02 am
Hello to all
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March 24th, 2009 at 10:05 am
This is a GREAT incentive that will continue to feed first time homebuyers into the buying pool. This is very important - coupled with the current drop in mortgage rates, we can expect to have more buyers in today’s market than we have seen in the last 15 years - and this is a stated fact!
As a FSBO you need to learn how to leverage all the possible incentives to drive traffic into your home…take advantage of this $8,000 tax credit and market this with your property! You might want to look into the current FHA guidelines and also promote low downpayments, seller paid closing costs, seller downpayment assistance programs, etc. Simply make it easy to buy your home and it will get sold quickly!
I would highly recommend getting some free content and advice before launching your marketing efforts as a FSBO. Sites like How To FSBO will give you some good ideas before you go out and do it yourself!
April 2nd, 2009 at 8:55 pm
I think this is going to really help those of us who are trying to sell right now! Any added incentives will sweeten the pot for a buyer. I’ve been searching for ways to get an edge on the competition in my area and this site has a ton of great advice that FSBO’s can use http://kristinbalsley.com/blog/ for marketing, staging, etc.
April 6th, 2009 at 10:17 pm
Hurray for the tax credits - keep the incentives coming!!!
On a side note, please come check out a new FSBO real estate forum that has just opened up - feel free to post comments and receive help and advice from other people selling their own home!