Thinking About Buying A Home? Home Buyer Tax Credit Ends Friday

remax lkwdTime is running out for buyers in the market for a new home: the government major tax credit is set to expire Friday, April 30. First time buyers can receive up to $8,000; some previous owners are eligible for $6,500. Given last week’s news that new home sales in March shot up at the fastest pace in five decades, it’s clear that scores of Americans are in the market. The real estate industry has been lobbying Washington to extend the credit, but so far to no avail. That news on top of rising home prices and increasing mortgage and interest rates have some concerned that the latest rise may be a temporary trend. WKOW

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7 COMMENTS

  1. $8,000 credit or $80,000 – who in lakewood can afford to buy when the typical new home sells for an “affordable $469,000”. I guess thats due to the granite counter tops, upgrades throughout. The answer to my question is apparently lots of people, since these homes and developments sell like hot cakes. is there something I dont know, some kind of mortgage scam or assistance that seems to allow anyone in town purchase these half million dollar homes that come with a $3k monthly mortgage and $7k annual taxes?

  2. Cause ReMax is the largest Real Estate company in the US. Many other news outlets ran this similar story today and many had ReMax in their picture.

  3. This is a tax CREDIT not a refund or a deduction which means you can use the $ towards paying your taxes due to the IRS.you would think that someone who is purchasing a 500K home has an income that would generate that kind of tax bill, but we know that is not true. Most homeowners are not paying any income tax and buying the home with lots of outside help, so a tax credit is not so benificial to them.

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