Wednesday, December 9, 2009

First Time Homebuyers Fueling the Surge

The first-time home buyers tax credit no accounts for nearly half of home sales according to an industry report released recently.

A whopping, 47% of all Americans who purchased homes this year had not owned one during the previous three years, (National Association of Realtors (NAR))--a statistic that was up from 41% of sales in 2008 and 36% in 2006.

The credit which was was recently extended through the middle of 2010 and expanded to include many existing homeowners, gives the first-time homebuyer incentive with a credit of up to $8,000 to buyers which they could deduct from their income taxes. This credit is fully refundable, even if the buyer has less than $8000 in taxable income.

"With the expanded criteria, many people looking at homes are eligible, " says Rich Ferretti of Jamison Realty in Charlotte, NC "This is a great time to be buying."

If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market check out or call Rich Ferretti at 704-564-0807.

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