Time is running out for $8,000 Exemption!

Time is running out!

Pocketwatch for blog

The US government has an $8,000 tax credit for you if you have not owned a home in the last three years. It is called a First-Time Homebuyer Credit, but it is for anyone who is buying a primary residence that has not owned a home since 2006. This means that you can deduct $8,000 from your 2009 taxes and may end up with $$ in your pocket in 2010. Please see your CPA or Tax adviser for guidance.

The single most important rule in this stimulus program is that your escrow must close by November 30th, 2009. This gives you less than 120 days from the publication of this blog to close. Since many affordable homes are in the distressed market, foreclosures and short sales, time is literally running out for buyers. These properties tend to have longer escrow periods and must be approved by various entities. A short sale can take as long as 5 months to clear escrow.

Now is the time to contact Hilo Brokers, LTD to see what bargains are available in this market. There are plenty to be had all over East Hawaii in all classifications.  Whether you are looking for a Farm property, waterfront home or a cottage, there are fantastic deals available in today’s market place. At Hilo Brokers, LTD, we can offer you turn key assistance in making your purchase and you can rest assured that we will find the best home for your real estate dollars and if it is your first home in 3 years, you can take advantage of this Government incentive for home buyers. You must act quickly if you want to be assured of qualifying and receiving your $8,000 credit.

House made of money

For more details on the tax credit and what it can mean to you, check our past post about this incredible program: $8,000 Tax Credit Used for Closing Costs & More

ContactHilo Brokers, LTD today and get the ball rolling!

MLS Market Snapshot – Get this Week’s Local Market Conditions

I’m pleased to announce another complimentary service. If you’ve had any of the following questions about local Big Island real estate, check it out:

  • How do actual selling prices compare to listing prices in the area?
  • How are homes within a 5 mile radius selling?
  • Unsold Homes in the area?  Time on the Market?
  • Where can I get answers to any pressing questions I may have?

And … receive automatic periodic updates.