It's time to sell that cute little starter home with two bedrooms and 1 bath that you bought after you got married and before you had two children. It’s time to pass that along to another young couple and find a larger home in a school district of your choice with a separate bathroom for the kids.
You may have heard that the Senate & House extended the 1st-time home buyer $8,000 tax credit. They ALSO added a $6,500 credit for home buyers who have lived in their current home at least five years.
Both have to have written contracts by April 30th and must close by June 30th.
I know that you’re nervous about trying to buy a home while selling yours at the same time. The thought of double mortgage payments scares me, so I know it scares you. Here is a post I’ve written about how best to buy and sell at the same time – it can be done!
Your home is likely to be purchased by a 1st-time buyer, so you really need to take advantage of this opportunity now that they’ve extended the deadline. And, the legislature added the $6,500 credit to existing home-owners needing to upgrade in an effort to stimulate the inventory of higher priced homes – something the 1st-time buyers couldn’t afford.
So, it’s time to make the move up, because:
- Your home will likely be purchased by a 1st-time buyer taking advantage of the stimulus extension;
- You can cash in on the $6,500 credit since you’ve owned your current home for five+ years, and finally,
- Rates are great.
So, what are you waiting for? The stars may not align like this again for quite some time.
Helpful links regarding the tax credits:
Quick chart of features (pdf file format)
Form to amend taxes if you close in 2009 (pdf file format)
Visit my website, LoriCain.com or call 918-852-5036!