Real Estate News

Home Buyers and Sellers

NEW ALERT!

$14,000 towards your next home!

The NEW georgia dream "Neigborhood Stimulus Program" which went into effect on April 19th 2009 allows home buyers to recieve $14,000 towards buying a foreclosed home. The money can be used to cover their DOWN PAYMENT and go towards repairs on the foreclosed home. Only certain lenders are NSP affiliates. Contact us for more information on the program details and to connect with an NSP lender. The NSP $14,000 credit can also be combined with the $8,000 federal tax stimulus program below! What a great time to buy a home!

New Tax Credit for Homebuyers Available

American Recovery and Reinvestment Act of 2009

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before Aril 30th, 2010.  Repeat home buyers will recieve a  $6,500 tax credit. The credit does not require repayment.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

Georgia Tax Credit up to $3,600

Similar to the Federal tax credit proposed by Senators Johnny Isakson and Joe Lieberman, there is a TAX CREDIT in the works for Georgia homebuyers - in the form of HB 261 - a Statewide Homebuyer Tax Credit. With the current crisis of Georgia's housing market, the passing of this bill could positively impact Georgia's economy.

Basically, the tax credit would be available to ALL BUYERS, not just first-time homebuyers. The bill would provide a tax credit of 1.2% of the purchase price, up to $3,600, to be paid out over a period of 3 years, with equal credits each year. For example, if buyers purchase a $200,000 home, they would receive a tax credit of $2,400 - at a rate of an $800 credit per year over three years. (A $300,000 home purchase would net the entire $3,600 credit, at a rate of $1,200 per year over three years.)

Almost every property will be eligible for buyers to take advantage of this tax credit - as long as the property was already on the market when the bill passes and is signed by the governor:
· New residences
· Previously occupied residences listed for sale prior to the signature of the Governor that are still for sale after the signature of the Governor.
· An owner occupied residence in default on or before March 1, 2009.
· A residence where a foreclosure has taken place and is owned by mortgagor or mortgagor's agent.

As of now, this bill has passed the House - it passed on Thursday, March 12, 2009 with a vote of 162 - 4! Clearly the outpouring of support across party lines shows that it is much-needed legislation. 

 Guide to Buying vs. Renting

Today's News!

Similar to the Federal tax credit proposed by Senators Johnny Isakson and Joe Lieberman, there is a TAX CREDIT in the works for Georgia homebuyers - in the form of HB 261 - a Statewide Homebuyer Tax Credit. With the current crisis of Georgia's housing market, the passing of this bill could positively impact Georgia's economy.

Basically, the tax credit would be available to ALL BUYERS, not just first-time homebuyers. The bill would provide a tax credit of 1.2% of the purchase price, up to $3,600, to be paid out over a period of 3 years, with equal credits each year. For example, if buyers purchase a $200,000 home, they would receive a tax credit of $2,400 - at a rate of an $800 credit per year over three years. (A $300,000 home purchase would net the entire $3,600 credit, at a rate of $1,200 per year over three years.)

Almost every property will be eligible for buyers to take advantage of this tax credit - as long as the property was already on the market when the bill passes and is signed by the governor:
· New residences
· Previously occupied residences listed for sale prior to the signature of the Governor that are still for sale after the signature of the Governor.
· An owner occupied residence in default on or before March 1, 2009.
· A residence where a foreclosure has taken place and is owned by mortgagor or mortgagor's agent.

As of now, this bill has passed the House - it passed on Thursday, March 12, 2009 with a vote of 162 - 4! Clearly the outpouring of support across party lines shows that it is much-needed legislation.

VIEW THE HOUSING BILL HERE:   http://www.legis.ga.gov/legis/2009_10/fulltext/hb261.htm