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Hutchinson Leader Article
Published November 25, 2009 | 
Homebuyer’s tax credit extended, expanded
Congressional action earlier this month extended the popular homebuyers’ tax credit to April 30, 2010. The program was expanded to include move-up or repeat homebuyers, a move that should help loosen the real estate market for larger and more expensive homes.
“We are all hoping it gets the rest of the market going,” Hometown Realty owner Cheryl Dooley said. “Those in existing homes haven’t been able to move up because they’ve been unable to sell their existing home. It could help a lot of the market, especially the step-up housing priced from $150,000 to $300,000.”
“For outstate Minnesota, I think this is just a tremendous deal,” Edina Realty manager Kevin Hanson added.
The first-time homebuyer tax credit is good for 10 percent of the first $80,000 of a new or used home’s purchase price, or $8,000 maximum. A person must not have owned a principal residence during the prior three years. Income limits increased to $125,000 for singles and $225,000 for married couples.
The same income limits apply for the move-up/repeat homebuyer credit. That program provides a credit equal to 10 percent of the home’s purchase price up to a $65,000 maximum, or $6,500. Homes priced more than $800,000 are not eligible.
Cancelling the Listing
Published November 16, 2009 | Late last week we got a call from one of our sellers who said they needed to cancel their listing. Now, we are usually concerned when sellers want to cancel, but this time we were all celebrating!
Why? The reason they wanted to cancel their listing for their home here in Hutchinson, MN was that they were rehired at Hutchinson Technology. Now they don’t have to move!
This was wonderful news for them and for our entire community. The fact that one of our major employers is once again hiring some of the people who had lost their jobs earlier is a good sign that the worst of times may be behind us.
So, this time when the seller called to cancel their listing, it was a good thing!
October 2009 Stats
Published November 11, 2009 |
Homebuyer Tax Credit Extended
Published November 10, 2009 | By now most of you have heard that the first time buyer tax credit has been extended to April 30, 2010.
In addition, there is now a tax credit for current homeowners who have used their home as a principal residence consecutively for 5 of the previous 8 years. This credit also runs to April 30, 2010.
This is good news for anyone who has been thinking about selling their current home and moving into another. The housing market here in Hutchinson, MN is well positioned for anyone wanting to buy another home.
There are some income restrictions to both credits, but most people will fall into the income limits.
If you have any specific questions about either of these tax credits, please call our office.
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