ADVISE FOR REALTORS® APPLIES TO HOMEBUYERS…HOMEBUYER TAX CREDIT: from your Cleveland Relocation Specialist
Author: Jim Norbuta // Category: Cleveland Ohio, Cleveland Real Estate, Cleveland relocation specialist, Homebuyer Tax Credit, Relocation, home buyers-
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Today’s article from RISMEDIA is excellent advise if you want to take advantage of government programs to stimulate the housing market. We have recently posted Market Reports for Cleveland Real Estate communities and will continue to add more markets in the coming days. Reports are already posted for Chagrin Falls, Bainbridge Township, Auburn, Aurora, and Burton. Future reports will include Solon, Twinsburg, Streetsboro, Chesterland, Orange, and Pepper Pike, and Beachwood.
RISMEDIA, January 8, 2010—The countdown is under way. As of January 1, you have four months to promote the expanded U.S. Homebuyer Tax Credit and get your qualified buyers under contract by the April 30 deadline.
Fueled by the original November 30, 2009 deadline, sales of existing homes had increased steadily since April, with the exception of a slight dip in August. NAR surveys show that about 30% of all closed transactions during that period involved first-time buyers.
In November, Congress extended the tax credit and amended it to include some repeat buyers in hopes of securing a more sustained real estate upswing. However, the narrow window suggests none of us should count on another extension.
Here are some ways to ensure that you and your clients make the most of this opportunity.
Update Your Message
You’ve probably already begun updating marketing materials that show you’re the expert on the new rules. Your target audience should now include repeat buyers who can qualify for a $6,500 tax credit if they’ve lived in their home for five consecutive years of the last eight. Make sure homeowners understand that as long as they’re buying a new primary residence, they’re not required to sell their current home right away—or at all. In the meantime, they’re able to take advantage of today’s lower home prices and historically low interest rates.
Clear Your Schedule
As the new deadline looms, buyers will be looking for more attention and more of your time for showings. First-timers who were excluded from the $8,000 credit by the old income limits will be looking to join the action, too. The new limits are $125,000 for individual filers and $225,000 for joint filers. With the possible influx of repeat and first-time buyers, you’ll want to make sure you have systems in place to ensure everyone’s needs are met.
Be Diligent at Every Step
You don’t want any delaying issues to emerge, so stay on top of your closing checklist. Insist that lenders, inspectors, listing agents and other involved parties also stay alert, because your most motivated buyers will want to act quickly. Also, be sure to know the inventory inside and out on properties priced up to $800,000, which is the new home-price limit for the tax credit.
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If you are looking to purchase a home in the next few months, please give us a call. We show all properties listed by any real estate broker and most for sale by owner homes. If you find a home on any website, we can schedule a showing for you. Most importantly, our purchase analysis for buyers includes the street, neighborhood, and the local community facts. The details you need to make a good decision.
For families and individuals involved in a relocation transfer, you’re timing is excellent. The Greater Cleveland Community has so much to offer and is one of the most affordable major metropolitan areas in the country. The school districts in Chagrin Falls, Bainbridge Township, Aurora, and surrounding areas are very highly rated.
FindingClevelandHomes.com website contains information on mortgage rates, lenders, and local community groups. Our services are designed for Cleveland Executive Relocation & the Cleveland Luxury Home Market and are provided to all of our clients.
Jim & Joan Norbuta, Realtor®
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