Tagged: first time homebuyers tax credit

November 8th, 2013 Real Estate Law No Comments »

First Time Homebuyers Were Very Active In Purchasing Homes in New Jersey in 2009 According to Survey

By now you probably know about the First Time Homebuyers Tax Credit that has been available to first time homebuyers and homebuyers who have not owned a  home in the past three years and you may have even heard that the first time homebuyers tax credit has been extended until spring of 2010.  But is this tax credit really working?  Well in New Jersey it seems to be.

According to the New Jersey Association of Realtors (NJAR) the number of first time home buyers rose in 2009 to account for 52% of the total real estate purchases that took place in the state of New Jersey.  In 2008 first time homebuyers accounted for 49% and in 2007 they accounted for only 36%.

Many people are saying that now is the perfect time to buy a home especially in the northeast area such as New York or New Jersey.  When compared with other national real estate market statistics the northeast seems to be experiencing an overall better housing market than the rest of America in many aspects such as house value along with the amount of equity earned in from the house.

When the first time homebuyers who bought homes in New Jersey recently what was the biggest reason for the move it was because of the First Time Homebuyers Tax Credit and because of low mortgage rates.

Currently if you are a first time homebuyer purchasing a home in New York, New Jersey or anywhere else in the United States you may be eligible to receive up to $8,000 back for the purchase of your first home.

If you would like to know more about the purchase process and are currently residing or wish to reside in New York or New Jersey you can contact our real estate law office for any questions you may have regarding the legal aspect of purchasing a home.  Steven T. Decker Staten Island real estate lawyer can be reached at 718.979.4300 or 800.976.4909.

 

November 8th, 2013 Real Estate Law No Comments »

Housing Tax Credit Extension Approved | It is Time to Take Advantage of the Housing Credit

It is finally official after months of protesting to the lawmakers real estate agents, builders and banks finally voiced their concern for the housing market loud enough that their concerns were taken into consideration and were granted the tax credit extension they were looking for.  The First Time Homebuyers tax credit will now be extended until mid 2010 (military members who are deployed will have a longer period of time to take advantage of the tax credit) and will not also include additional housing tax credits for current homeowners looking to sell their house and purchase a new house.

The decision to extend the tax credit to existing homeowners purchasing homes was decided becuase 60% of buyers currently own a home or have owned a home within the past 3 years whereas only 40% are first time home buyers.  Congress figures that by extending this credit to current homeowners it will boost home sales even more, by an estimated 10%, over the next few months.

If you are interested in taking advantage of the housing credit you will want to start your search for a home sometime within the next few months because you want to allow yourself enough time to find a house that you like and can see yourself living in for the next few years.  You will also want to allow enough time to get approved for a mortgage, if you plan on obtaining one, and to make sure the title is clear of all violations.

Finding the best Staten Island or Brooklyn real estate lawyer is key to making sure that your real estate transaction goes smooth and is done properly.  To contact Staten Island real estate attorney Steven T. Decker regarding your Staten Island, Queens, Brooklyn, Bronx, Manhattan or northern or central New Jersey property purchase you can either call 800.976.4904 or 718.979.4300 or you can fill out our form on the web and someone will get back to you about your purchase.

November 7th, 2013 Real Estate Law No Comments »

First Time Homebuyers Tax Credit Bill for Service Members | Military Personnel Purchasing a Home in New York and New Jersey

Late last week the House Way and Means Committee unveiled the a bipartisan bill that is currently being taken into consideration by the House of Representitives.

The Service Members Home Ownership Act of 2009 would correct a problem that was previously occuring for military members with the First-Time Homebuyers Tax Credit.  Many military members were not taking part in purchasing their first home and taking advantage of the $8,000 first time homebuyers credit because of the concern that they would have to pay back the money they receive from the tax credit if they get transferred to a different station before they have owned and resided in the home for 36 months.

The first time homebuyers tax credit has a clause in it that prevents first time homeowners from selling their house or renting out their house before the initial 36 months has passed.  If you choose to move out prior to the 36-months or are not using the home as your primary residence you must pay back any tax credit that you received from the program.  The Service Members Home Ownership Act of 2009 would change the requirements for military personnel.

The main benefits that service members will see if the bill is passed are:

  •  Certain service members would be exempt from paying taxes if they are forced to sell their home at a depressed price. Among those eligible for the tax exemption would be wounded service members and service members who had to sell their home because they were permanately assigned to a new duty station.
  • Service members and certain federal workers who buy a home before December 1, 2009 will not have to repay the $8,000 tax credit if they sell their home or stop using it as their primary residence within the first three years if they are forced to sell or rent out their house because of government orders.
  • Service members, foreign service officers and members of the intelligence community who were deployed outside of the U.S. for 90 days or more between January 1 and December 1, 2009 will have be able to close on a house after December 1, 2009 and still be able to take advantage of the first time homebuyers tax credit.

This bill  is passing throught the Senate quickly and will possibly be signed and put into place within the next two weeks.

If you are a military member purchasing a home in New York or New Jersey and need a real estate lawyer in Staten Island, New York contact Steven T. Decker at 718.979.4300.

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