Charlotte Real Estate Talk » Tax Credit

In Charlotte, North Carolina the Tax Credit is Great for Homeowners Looking to Downsize

Scott Pridemore — Fri, 22 Jan 2010 05:06:30 +0000

When the First Time Home Buyer Tax credit was extended and expanded most people thought the expansion was only for home owners who wanted to move up, those who wished to buy a bigger, more expensive home. In fact, the expansion simply includes those who have owned a primary residence and lived in it for at least five years consecutive years out of the last eight years. If current home owners in Charlotte, NC want to downsize they can use the tax credit toward their new home, regardless of whether it costs less than the home that they are selling, regardless of whether it is a smaller home than the one that they are selling.

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better. Many people, especially those whose children have grown and left the nest, want to downsize. After-all, who doesn’t want to enjoy Charlotte to the fullest and make life simpler these days?

If you have been considering selling your home in Cotswold, Myers Park or any of the amazing Charlotte neighborhoods and moving into a smaller space, consider doing so before the tax credit expires. Place your new Charlotte home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket in 2010.

Time to Close in Charlotte, NC to Use First Time Home Buyer Tax Credit

Scott Pridemore — Mon, 21 Dec 2009 03:14:24 +0000

Congress passed new legislation to stimulate the U.S. housing market, while addressing the nation’s economic situation, by extending the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. There is no doubt that the first time home buyer tax credit is great for people interested in communities in south Charlotte, NC, but there are a few things to know before you assume that you qualify for the full $8,000.

What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies. It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply whether you a looking at homes near Freedom Park, Homes in Myers Park or homes for sale in Cotswold.

What is new and improved with the extended and expanded tax credit? The tax credit is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly. A home must be a primary residence and valued at $800,000 or less. Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The tax credit is a real boon for first time home buyers and does not have to be repaid. If you qualify for the tax credit and have been considering purchasing a new home, there could not be a better time. Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call local Charlotte, NC expert Scott Pridemore. The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Extended Home Buyer Tax Credit presents opportunity in Charlotte, NC Real Estate Market

Scott Pridemore — Sat, 19 Dec 2009 01:30:15 +0000

Across the nation and here in the Charlotte, NC, people are taking advantage of the move-up/repeat home buyers tax credit. A tax credit of up to $6,500 can be claimed by qualified existing home owners. Whether it is a home in Cotswold, a home in Myers Park, South Park or other great communities in Charlotte, there are certain requirements to be met to take advantage of the tax credit available to homeowners.

The key information on the tax credit is the timing for the purchase of a principal residence. It must occur after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). With the mix of incredably low interest rates and the extended home buyer tax credit, Charlotte home buyers are taking advantage for sure. As an expert in the local Charlotte real estate market, I like to help people with their real estate needs in the community, whether one is looking for information on homes for sale in Dilworth or simply trying to learn more about neighborhoods or new developments.