Hudson Valley Happenings Blog : One Great Reason To Buy A House Before July 1, 2009!

One Great Reason To Buy A House Before July 1, 2009!

First Time Homebuyers can be helped by the newly signed Housing and Economic Recovery Act of 2008
in the form of a tax credit of  $7500.  

This credit is available to first time homebuyers (this includes anyone who has not owned a principle residence for the past 3 years) and who's modified adjusted gross income falls below certain limits ($75000 for an individual or $150000 for a couple.)  The tax credit will be a direct deduction of the amount of tax you owe for the year it is claimed.  You should contact an accountant for exact interpretation of this law.  What a great help this would be in that first year of adjusting to owning a home.  

It is my understanding that the tax credit will need to be paid back so it is not a grant but more of an interest free loan.  You will begin repaying the credit two years after you take it.  Your $500 per year payments will be due with your income tax return and will continue until you sell the house or pay off the credit.  If you sell before the full amount is paid off you will owe the rest of the credit back if you sell at a profit.  If you do not make any money on the sale the remainder of this credit will be forgiven.

You must purchase a home before July 1, 2009 so you really should get moving.  This is a great reason to consider going ahead with the purchase of that new home!  I know a lot of you have been hesitating with the uncertainty of the market but I would not want you to miss out on this opportunity.  Inventory of available homes are up, interest rates are still low, and it is a buyer's market.  

For more information on what this can mean to you please contact me.  Working with an experienced buyer's agent can help you to choose what is best for you.  If you are looking for a home in Orange, Ulster, or Sullivan County NY I would love to be your Buyer's Agent.  If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.
I'm Paddy Pizappi - Work the Me and You'll be Happy!
845-800-7086
I'm Paddy Pizappi - Work with Me and You'll be Happy!

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Paddy Pizappi, Associate Broker for Buyer Representation
 RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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11 comments • Paddy Pizappi PineBush & Hudson Valley NY Real Estate • July 30 2008 02:44PM

Comments

Hi Paddy,

Great news, you are way ahead of me. I just say the act however haven't read it as yet.

Thanks for the heads up....will spend some time reviewing the benefits for prospective clients.

Posted by Harold (Hal) Place (A1 Connection Realty, Inc.) over 2 years ago

Thanks Hal I actually got the heads up from my broker this morning and read up on it.

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Paddy- I hope this credit/loan will entice people off the fence. We have so many hesitant buyers. With the economy the way it is- fuel oil, gas, food- It is a scary time for first time home buyers. I hope this bill has a better impact than the economic stimulus package did. We'll see.

Posted by Barbara Carter Ulster County Real Estate Professional (Associate Broker Exit Realty Services) over 2 years ago

Hey Paddy, that was a very interesting read. Thank you for the heads up. I didn't know about this. Regards, Carolyn.

Posted by C Tann-Starr (CarolynTannStarr.com TannStarr.net REMAX People Realty) over 2 years ago

Barbara, I hope that people will see the value in the long term investment.  Let's face it you have to pay for food, gas and everything else anyway and rent money will never amount to more than a bunch of receipts.  They key is to buy within your current means and not above it.  Too many buyers made that mistake in the past few years.  There is nothing wrong with a nice small starter home or a condo to start with. 

Hey C- How was the zoo? This is going to help us I think. 

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Paddy  this will be the push some first buyers will need to make a purchase.

Posted by Jennifer Fivelsdal, Mid Hudson Valley (JFIVE HOMES REALTY LLC) over 2 years ago

I agree Jennifer I have several who are just about to go for it and this will help a lot! 

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Interesting. I have read some on the bill but do not understand the full particulars. Thanks for the update Paddy...

Posted by Michael Thornton - Nashville, TN area Home Inspector (Complete Home Inspections, Inc.) over 2 years ago

Thanks for the comment Michael I hope that it does what they intended it to do. 

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) over 2 years ago

Wow, now that is some incentive!  There is a lot going on with bills in the last couple of days.  I need to get caught up!

Posted by Cristal Drake, Realtor Fullerton Real Estate (Prudential California Realty) over 2 years ago

It is exciting Cristal I hope it works to the homebuyers advantage.

Hi to Verda I deleted your comment because it contained a link and I was not comfortable leaving it there since I could not verify who you were or ask about it.  I will be glad to have you repost a comment if you will email me and let me know you are a real person and the link is not a virus in disguise.

Posted by Paddy Pizappi PineBush & Hudson Valley NY Real Estate (RJ Smith Realty Real Estate Solutions) about 1 year ago

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