Thursday, March 12, 2009

NORTHWEST AUSTIN HOMES: $8000 Tax Credit- How to get a 10% rebate of your homes value.

NORTHWEST AUSTIN HOMES: $8000 Tax Credit- How to get a 10% rebate of your homes value.

This is a follow up to my last article $8000 Federal Income Tax Credit: First Time Home Buyers can get an $8000 tax credit for buying a house this year.

Over the last couple of days, I have been thinking a lot about this $8000 tax credit that is being offered to first time home buyers that purchase a house, condo, town home etc. in 2009. While it seems like a good deal for people that are planning to purchase a home anyway, I have been thinking about if it will actually stimulate those people who were not already looking to purchase a house. For most first time home buyers in Northwest Austin, they will be looking to spend between $175,000 and $225,000 which is basically the range of average sales prices in the area. As you get closer to Balcones Woods or Great Hills and closer to Downtown Austin, it is more difficult to purchase a home in this range but for the most part, that is the range. When someone purchases a home for $200,000 in 2009, if they are a first time home buyer and they fit into the other criteria, they will receive a tax credit of $8000 this is equal to 4% of the sales price. That is pretty good if you consider the money will not have to be repaid and it is basically given as cash, especially if you file the credit on your 2008 taxes. You would get the money back pretty quickly. If the purchase was made with an FHA loan (with 3% minimum down payment) you would actually receive more money with the rebate than you initially put down on the property in the first place. Pretty good deal.

Now lets look at a great deal. The legislation allows for a tax credit up to 10% of the purchase price up to $8000. This means that is you were to buy something for less than $80,000, you would actually receive $8000 or 10% of the purchase price. That is pretty amazing if you think about it. During times of decent appreciation it could take up to 2 years to gain this much equity in a home. Now is a unique time to actually get 10% of the purchase price of your home rebated back to you in a short amount of time. For some it makes sense to file with their 2009 taxes but either way 10% is substantial.
Are there available Northwest Austin Homes for less than $80,000? Lets check it out. Here are Homes under $80,000 in Northwest Austin.

Contact me today to speak more about how you can take advantage of this limited time opportunity.

Posted by Brian W Martin REALTOR for The Pinnacle Group of Keller Williams specializing in helping First Time Home Buyers make great decisions to purchase Real Estate in Northwest Austin, TX

No comments:

Post a Comment