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Early End Likely for Spring Home Buying Season

Crofton area home sellers shouldn’t wait until March to list their homes for sale because buyers are out and about NOW.  They want to take advantage of the federal tax credit available to both first-time and some move-up buyers.

The usual spring real estate market is its hottest from March through May, but it’s likely to slow down after April 30 this year – the deadline for writing a contract that will qualify for the tax credit. (Settlement must occur by June 30, 2010.)

 

Family Moving

Who qualifies?

Anyone who has not owned a residence during the three years prior to the purchase is considered a “first-time home buyer” and is eligible for the $8000 tax credit.

There are income limitations in either case:  Unmarried buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.  However, some home buyers with income exceeding these limits may still be eligible for a reduced tax credit.

 

Which properties are eligible?

Any single family residence located in the United States that will be used as a primary residence and is purchased for $800,000 or less is eligible. Generally, a primary residence is the place where an individual spends most of his/her time. This includes single-family detached homes, condos or co-ops, townhouses or any similar type of new or existing dwelling.

Family sold

 

Cost to home sellers:

There is no cost to home sellers, so this tax credit is a huge benefit to you as well as to home buyers.  That’s why I suggest you get your home on the market as soon as possible to take advantage of this boost to the spring real estate market.  There probably won’t be a better time for selling your Crofton area home in the near future!

 

Check out homes for sale now.

Just click on the Search for Homes link or the tab at the top of this page to find out what’s on the market at this time.  If you like, you can register for a free email subscription to find out about new listings as they come on the market.  For home buyers, the benefit is obvious.  However, sellers and future sellers can benefit also from being keenly aware of other homes for sale. 

Don’t miss the 2010 Spring Home Buying Season by waiting to list your home for sale!

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FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area.  It’s my way of keeping current residents informed about their community while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton).  Please feel free to contact me any time for more information.

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