I Don’t Like Taxes, But I Know A Good Thing When I See It!
April 23rd, 2009 . by Jon ModeneAlong with TARP and STIMULUS, and all kinds of other new, wasteful government programs, the munificent leaders in our nations’ capital have proffered a little stimulus to the housing market.
Now, if you read this blog, you know that Perrysburg real estate has taken it on the chin.
Many have put off buying -
Many have given up on buying -
Many buyers are confused.
But when the Feds want to shovel $7 or $8k into your hands, just for doing something you were going to do . . . well, Mama did not raise a dummy. You follow their rules when buying, and take the money.
Facts on the ground:
- Northwest Ohio real estate prices have dropped by 25-30% in many areas.
- Interest rates are under 5%.
- Financing is still available with as little as 3.5% down.
- First Time Home Buyer Tax Credit.
Here’s a summary of how the tax credit works:
- Tax credit is 10% of the purchase price of your home ($8,000 maximum).
- Must be your principal residence.
- Buyer, or spouse, must NOT have owned another principal residence within the previous three years.
- Property must be the buyers’ principal residence for 36 months after purchase to avoid repaying the tax credit.
- Tax credit begins to phase out if modified adjusted gross income exceeds $75,000. No tax credit is available if your modified adjusted gross income exceeds $95,000 ($170,000 if you file jointly).
- You must purchase between January 1, 2009 and November 30, 2009.
- Any amount of the tax credit not used to reduce your income tax owed may be added to your tax refund check.
ALL the juicy and monetary details are HERE.
Now, reading the rules, applying them to Pburg, we are talking about a lot of possible homes – perhaps in Perry Commons/Pheasant Run or Three Meadows, or even a Forrester/Wehrle resale.
You can always let me know if you need help - the Jon Modene Team closed 17 houses last month and we fit in at least 3 more this month!
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