"Dream"
A guide to understanding the 2009 first-time homebuyer tax credit
The homeownership tax credit that the federal government enhanced earlier this year should be the perfect motivation to jump off the fence and get into the home buying market.
When you combine the tax credit with today’s continuing low interest rates, large selection of for-sale inventory, and low home prices, many of the pieces are in place that make this an ideal time to make your housing dream a reality!
In short...a non-repayable $8,000 tax credit is available to any first-time homebuyer purchasing between Jan. 1, 2009 and Dec. 1, 2009.
The following information provides you with answers to some frequently asked questions about the tax credit.
Owning a home is the American Dream. It not only provides amazing tax benefits but it also provides shelter and securities to families. Did you know that:
- Dollar for dollar, the rate of return on an individual’s cash down payment on a home is substantial? And that repeat buyers are able to put 19 percent more down on a new home due to appreciation?
- Homeowners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?
- When you own a home you can deduct the property taxes and mortgage interest from your income taxes?
- The gains that you make on a primary residence that you’ve occupied for two years out of five can be tax free?
Ownership is an Investment in Your Future
A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter. The average homeowners’ net worth is $184,000 compared to $4,000 for renters.
The Value of Your Investment
Despite some contrary media reports and some losses in value in the short-term, home values longterm have and will continue to rise. Real estate is a long-term investment. Over the past 30 years, the median price of existing homes has increased an average more than 6 percent every year according to the National Association of REALTORS®.
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