Billings Real Estate Blog

Who qualifies for the $8,000 first time home buyers tax credit?

In February 2009, congress passed the 2009 stimulus package which increased the credit to $8,000.  Congress also changed a key provision so that a first time homebuyer no longer needs to repay the tax credit so long as they don’t sell their home within three years of purchasing it.
$8,000 dollars will be credited to you through your taxes that does not have to be repaid! 

Who is a first time homebuyer?

The bill describes a first-time homebuyer as someone who has not owned a primary residence for at least a 3 year period prior to the purchase of a home.  In the case of a married couple, neither one of them can have owned a primary residence for three years to qualify as first time homebuyers.  However, ownership of a vacation home, rental home, or any home not used as a primary residence will not disqualify you.  Be sure to consult your tax advisor if you qualify.

People are asking if the “flipping market” is over in our local area.  We believe we are in a different market than we’ve seen for a number of years, but it’s the best time to buy investment properties.   Why??? The interest rates are the lowest in over 40 years.  Our pricing is indicating a buyers’ market, which has not been seen in our local area for approximately 18 years.  So is it the time to purchase real estate?  Yes, indeed!  Within a few years, we could see appreciation rates in real estate much higher than other investments’ rate of return.

The housing market in Billings, Montana remains stable despite national declines. Here is the Montana market at a glance for 2009.

Please click on link below to view related article.

http://www.montanasnewsstation.com/Global/story.asp?S=9683285