Have you heard about the $6500 move up home buyer tax credit? So much focus has been placed on the $8000 first time home buyer tax credit that most eligible home owners don't even know it exists.
During the last minute extension to the $8000 first time home buyer tax credit congress added a $6500 tax credit for existing home owners. This credit is available to home owners who have owned and lived in their home for 5 of the last 8 years.
The concept is pretty simple sell your house and purchase a new one and you will get $6500. Congress wanted to make this tax credit more inclusive, so they increased the income restrictions and the properties available. It is estimated that over 80% of current home owners would qualify for the $6500 move up buyer tax credit.
Now while they call it a move up buyer tax credit, you don't actually how to purchase a more expensive home to receive the tax credit. You can purchase a less expensive property and still receive the credit. This might make it a great time to downsize. While the $6500 tax credit is a great deal, nothing lasts forever.
Barring any other extensions the $6500 tax credit will expire on April 30th 2010, but the difference this time is that you have until April 30th to have a home under a binding contract and until June 30th to close the sale.
So you think that now might be your time to take advantage of the $6500 tax credit? Well, what do I need to do? Remember you have to get your new property under contract prior to April 30th, so you need to get your home up for sale pronto.
That's where we come in, the Russell Home Team is ready to get your home sold and have ready to get the $6500 tax credit.
Call Michael today at 913-681-1383 for your no obligation Market analysis on your home. Not sure yet? Use the links below to see all homes for sale, get tax credit information and to get an estimate of your homes value.
The Russell Home Team specializes in Johnson County Kansas Homes and Real Estate for sale. We are tech savvy realtors with over 10 years experience. Please join us on our Social Networking Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
The Russell Home Team can be reached at 913-681-1383 or info@RussellHomeTeam.com or www.SearchjocoHomes.com
