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Tips for Buying or Selling Real Estate in 2010
Low interest rates, home buyer tax credits and affordable prices create an attractive environment for anyone thinking about buying their first home, moving up or down sizing this year.
Home sellers who tune in to current conditions and what buyers want can also achieve their goals in 2010.
Home Buyer Tax Credit Program
First-time home buyers who sign a contract by April 30, 2010, and close by June 30, 2010, qualify for an $8,000 tax credit. The program's maximum income limits have been increased from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples. For those who have owned their home for at least five years and want to trade up to a different primary residence, a separate $6,500 tax credit is available. Also, homeowners who owe more on their current mortgage than the property is worth are eligible for a loan-modification program with their current mortgage company or loan servicer through the Making Home Affordable Program.
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