The Economic Recovery and Reinvestment Act enacted in February of last year was extended and expanded in November of 2009.
“A further extension to the bill is highly unlikely, so homebuyers should act now to take advantage of the credit,” Renner says. “This is an opportunity that homebuyers do not want to miss. If someone is planning to buy a house in the Austin area I would urge them to act before the April 30th deadline.”
Most first time homebuyers (those that have not purchased a home in the past three years) should qualify for the $8,000 tax credit. A credit differs from a deduction.
“It means cash in your pocket,” Renner says.
Current homeowners should remember they may also be eligible for up to $6,500 of tax credit if they purchase a new or existing home before the same deadline. Move-up homebuyers also have to beat the deadline by entering into a purchase contract by April 30th, even if they have not sold their current home. Homebuyers must close on their next home by June 30th.
“We are already seeing the rush of activity pick up in home buying just like we did last October and November when buyers thought the credit was coming to an end back then,” Renner continues. “There is still time to get your home on the market and take advantage of the frenzy.”
Many builders are gearing up for this last push of the government’s home buying giveaway.
“DR Horton is putting scores of new homes on the ground to meet the demand. Even if the home is not completely built a home buyer can put the home under contract by April 30th and as long as it closes by June 30th the credit applies,” Kenn says. “I spoke with management at DR Horton, and they are really wanting to help home owners take advantage of this once-in-a-lifetime opportunity. Another prominent Austin builder – Lennar Homes is an advocate of my ‘Move Assistance Programs’ (www.MoveAssistancePrograms.com)
New or resale, single family, condos and townhomes all qualify for the credit as long as they become primary residences.
With tax day fast approaching, homebuyers can either choose to either apply the credit to their 2009 tax return, filed on or before April 15th, 2010 or file an amended 2009 return. The other option is to apply the credit on the 2010 return, filed on or before April 15th, 2011, according National Association of Realtors.
Renner says he is available to answer any questions people may have about the Federal Housing Tax Credit, and he has released a new video (http://www.youtube.com/
Kenn Renner of BuyAustin.Com has been helping people buy and sell real estate for over 25 years. For help buying or selling real estate in Austin, TX, call or text Kenn at 423-5626.
Kenn Renner moved to Austin, Texas in 1992, after visiting and finding Austin a bargain real estate area. Impressed with the people and the opportunity that existed in this area. Kenn Renner is an expert in the area of real estate. Since 1983, he has sold over $220 million in real estate. $90 million in the past five years. He has been a frequent guest on “House Hunters,” an HGTV show that features buyers looking to purchase their dream home.
Renner is releasing his new book with Realty Press International as the publisher. Renner’s book is appropriately titled “First Time Home Buying Secrets Revealed” (www.FirsttimeHomebuyingSecrets.com)
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Keller Williams Realty, Lake Travis
1921 Lohmans Crossing
Austin, TX 78634
Phone: (512) 423-5626 (call or Text)