Patrick Burns

New $8000 Home buyer Tax Credit for Anyone Who Has Not Owned a Home in the Last Three Years (and there's More)

Over the past few weeks our market has begun to change.  We've had extremely low interest rates and great pricing for home buyers for quite some time, but some recent developments have set the stage for big opportunities for new real estate buyers.

First, the flow of new foreclosures in the market has slowed down to a trickle.  This should tighten supply and help firm up property values.  Second, people who have not owned a home in the last three years can now take up to an $8000 federal tax break when they buy a home.  This credit does not have to be paid back as long as the buyer stays in the home at least three years. 

This is obviously a great deal for first time home buyers.  Imagine having an additional $8000 for renovations, furniture, or simply to pay off bills.  Qualified buyers can receive this credit on top of a great deal on their new home and a fantastic interest rate on their new home loan.  In addition to all this, there is also a Noth Carolina program which can save qualified buyers up to $2000 per year on their taxes every year they own their home.

An opportunity like this has never been offered before and these potential tax credits expire in about three months.  I don't believe there will be a better time for first time buyers to buy real estate in the foreseeable future.

If you would like to learn more about these tax breaks or if you would like a FREE list of qualifying homes including foreclosures, please call Patrick Burns at 336-346-1251 or send a note using the form below.

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