Sage Realty, one of the Philadelphia area’s only exclusive buyer agencies, reports that over half of its buyers in 2009 qualified for the first-time homebuyer tax credit. Amounts vary, but most buyers qualified for the full $8,000 credit. The first-time home buyer tax credit program was recently extended and expanded and now includes existing homeowners who can qualify for up to a $6,500 tax credit. Linda Walters, owner of Sage Realty, says, “it’s like found money for almost anyone thinking of buying either a first or a replacement home (see photo below).”
Homebuyers who earned too much money will not be able to take full advantage of the $8,000 but may be able to claim a portion of the credit. Unlike last year’s program, this credit does not have to be repaid over time. Most analysts agree that the current program is not likely to be renewed, so Sage is recommending to its buyers that they start looking now in order to enter into the agreement by April and close on the home by the June deadline.
Sage Realty, one of only a few exclusive buyer agencies in the Philadelphia metropolitan area, fills a growing niche in the residential real estate market. Exclusive buyer agencies provide focused representation to home buyers without conflict of interest. For more information on exclusive buyer agencies or answers to many questions on the first-time homebuyers tax credit, visit www.findahomeinpa.com/
