Charlie’s Blog – July 17th

What Does the Federal Tax Credit Mean to You?

  1. Any home that is purchased in 2009 is eligible.
  2. The 2009 tax credit is up to $8,000 (10% of purchase price not to exceed $8,000).
  3. First time home buyers are eligible or homebuyers who have not owned a home in the previous 3 years.
  4. Maximum income is $75,000 for a single, $150,000 for married couple filing jointly.
  5. Home must be owner-occupied-may be a condo or townhome.
  6. There is no repayment for the tax credit in the future.
  7. If your tax credit exceeds your 2009 obligation, this excess will be carried forward to a 2010 tax credit.
  8. Is it complicated to apply for? There is no pre-purchase authorization. You simply claim the credit on IRS form 1040 via a new form 5405 attached to your 1040.

We are happy to walk you through the process and find your dream home. Our boutique real estate agency of veteran professionals, having an average of 18 years experience each, has been selling real estate in the consistently progressing Chattanooga and North Georgia market for 81 years. The present mood and feel of the economy is upbeat, positive and progressive. Supply in homes and condominiums is exceptional and demand remains strong. Chattanooga feels good about itself and it shows all over town. Because of our reasonable average sales prices ($141,000 entire MLS metro area), the incredible beauty of this mountain/valley/river location, low property taxes and lack of state income taxes, the market for those out-of-the-area buyers remains alright as well as there being good local demand. We are in a growing economy in which Volkswagen is building a major new facility and a major new chemical production plant is locating in the area. The French plant Alston is relocating 350 nuclear engineers to its downtown Chattanooga plant.

We at Herman Walldorf and Company have it all for you. I invite your call so I can put you in touch with one of our professionals. We are internationally connected, being longtime members of Leading Real Estate Companies of the World and luxury home specialists who can even have properties shown to you in another city. We can also sell your property, therefore, in any market across the world for you -call and we’ll explain that, too.

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