Buying A Home? Learn More About Tax Credits!

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

Three years ago my husband and I purchased a home (our first) in Mayport, Florida. I’m sure ya’ll have heard about it by now – but in order to get others up-to-date – the house was going into foreclosure due to the Navy cutting my husband’s orders to the USS John F. Kennedy (CV-67) ported in Mayport short and moving us to Virginia Beach. Whoops!

To make a long story short (too late) – we moved to Virginia Beach and listed our home in Mayport “for rent” and got a renter within 2 weeks. Renter stayed in the house for a year – paid her rent late for the last 2 months and then we let her sign a new contract (dumb) which she promptly broke two months later (after not paying her rent for month two). So – we kicked her out.

The house stayed empty for over a year. The house has been empty since last January. The house is now sitting in transition I guess waiting for our bank to approve a short-sale contract. We bought the house for $185,000 – we are short-selling it for $105,000.

It’s currently a “buyers market” out there because houses are being foreclosed on or short-sold because people just can’t pay their mortgages for various reasons. If I had it to do over again I would’ve waited to buy and since we would’ve eventually gotten stationed here in Virginia anyway I would’ve bought a house here and taken advantage of the 2010 Homebuyer Tax Credits that have been offered (and even extended!) There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010.)

The first-time tax credit was working, but what housing and our national economy needed was incentive for the move-up buyer. According to The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year’s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991. In the same profile it was noted that an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

The Coldwell Banker website provides a video that gives an overview of the tax extension and expansion. This video is only 3 and a half minutes long but gives a nice quick breakdown.

According to the video – real estate has led our country out of recessions since the 1950’s. Let’s hope that it works for this recession also. Visit the website and other real estate websites to learn more about buying a house. Make sure that you will be there awhile or know that you can absolutely find a tenant if you cannot live there yourself.

Visit my sponsor: 2010 Homebuyer Tax Credits

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