"Great home for the first time home Buyer"
If you are thinking about using the extended and expanded home buyer tax credit to purchase a home this year you better act fast. Now is the perfect time to get a great deal on a home in Summit County or surrounding areas. The tax credit can be used on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. The prices of Single Family homes and other types of properties (i.e. Condo’s, Duplexes, Town homes) have come back down to price points we were seeing in 2006. You have a little more than a month to locate your new home. Check out the MLS on current listings in Breckenridge, Keystone, Copper Mountain, Frisco, Silverthorne or Dillon.
What does this mean? The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:
- Homes must be closed by July 1, 2010, under contract by April 30, 2010.
- Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
- There are income restrictions, $125,000 for singles, $225,000 for couples.
- The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
- The credit will need to be repaid if you sell your home within a time period of 36 months.
Leadville is only 30 minutes to Summit County and there is a perfect 3bd/2ba home for Sale for $230,000. The Summit Stage runs between Copper Mtn. and Leadville for $5, so you don’t have to even worry about the commute. What are you waiting for now is the time and it is running out! Contact Leah Baxter, or email leah@leahbaxter.com at ReMax in Frisco to start looking for your new home if you intend on using the tax credit.
Phone direct-970-389-6367
