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Buyers Get 2nd chance: Tax Credit extended, Military Incentives added!

The $8,000 tax break for first-time buyers, which was set to expire at the end of this month, will continue until April 30. Buyers would have to have signed a contractual purchase agreement, but not necessarily close on the sale. Another 60-day cushion beyond the end of April would be provide to complete the closing to June 30, 2010.

The measure removes the first-time-only stipulation opening the tax benefit up to existing homeowners who've lived in their current residence for at least five years but want to relocate to a new primary residence. The incentive amount for those buyers is $6,500.

The income limits for both first-time buyers and existing homeowners would be $125,000 for individuals and $225,000 for couples - up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.

The tax break would only be offered on homes priced at $800,000 or less, and beneficiaries who sell the home or stop using it as their primary residence within three years would be required to repay the credit.

The tax credit is also set to be extended for another year for military personnel serving outside of theMilitary heros honored on Veterans Day United States until June 30, 2011. What a great way to honor our military heros with Veteran's Day approaching this week.

Please join me on November 10, 2009, in wishing the United States Marine Corps a Happy 234th Birthday.

I'd also like to extend this tribute to all of the men and women serving in all branches of the U.S. Military - Army, Navy, Air Force or Coast Guard. Thank you all for your tireless dedication to keeping our country safe. Veteran's Day is November 11th. Please remember to thank a veteran this week.

We are Relocation Specialists with Carolina One Real Estate in Charleston, SC. Contact Top Real Estate Agents, North Charleston, SC Relocation Experts, CRS, GRI, ABR. Licensed Realtors® in South Carolina at 843-849-5217 to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. We can also be contacted at info@CharlestonRelocationExperts.com. To view all North Charleston SC and surrounding homes for Sale Click Here and then click on Search for Homes.

Michele Reneau, ABR, GRI, CRS

www.CharlestonRelocationExperts.com

Follow us on Facebook at www.facebook.com/CRETeam

Comment balloon 4 commentsMichele Reneau • November 09 2009 05:32PM

Comments

Hi Michele. I did not hear of the additional extension of one year for military personnel. Could you provide the source as I would like to share this with some of our local military heros. Thanks, James.

Posted by James K Barath, CMPS, FICO Pro, Certified Military Housing Specialist (LeaderOne Financial Corp.) over 8 years ago

James-It was on the local news. Here's a link: http://www.wciv.com/news/stories/1109/676578.html

You can also google "tax credit extension for military" and tons of links will come up.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) over 8 years ago

The income limits on the extension are really liberal, aren't they? Thanks for the info on the military extension. I hadn't heard about that either.

Posted by Rich Cederberg, eXp Realty Agent Albuquerque (eXp Realty) over 8 years ago

Rich-I think increasing the income limits is a great way to try to impact the more expensive (and sitting) price points. Spread the word on the military extension. That is great news for our military service members.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) over 8 years ago

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