US lawmakers passed a set of economic assistance measures on Nov 6, 2009 which includes an extension of the unprecedented $8,000 tax credit for first time home buyers, defined as someone who has not owned a home within the last 3 years. It also opens the door for current homeowners who have owned and occupied their current home for 5 of the last 8 years to obtain a $6,500 rebate. Qualified buyers now have until April 30, 2010 to fully negotiate a contract, and until June 30, 2010 to close and fund the purchase to obtain the credit.
This is GREAT news if you are someone who needs to sell your Albuquerque real estate this winter. Contrary to some negative reports that the tax credit is going to people who have bought a home anyway, I can attest to my first hand experience with many buyers who feel a strong incentive to find and close on a house in time to get that big chunk of cash.
It’s even better news if you are someone who needs to sell your Albuquerque home now, or in the next few months. Typically, Nov, Dec, Jan and Feb are the slowest months for Albuquerque real estate sales in the year. But this year promises to be different with the added historic opportunity for homebuyers to take home cash in their pocket AND buy in a buyers market.
If you need to sell your home in the next six months, I encourage you to consider listing your Albuquerque home for sale NOW, to take advantage of these unduplicatable market conditions. It may still take time to sell your home, but the more buyers who see your home, the more likely you are to get the best price possible!
Who knows, maybe you want to upsize or downsize? There couldn’t be a more perfect time, with more buyers coming into the mainstream AND extra dollars in your pocket when you buy another home!
Contact me today if you have questions about the value of your Albuquerque home, or about how this tax credit works.
