New Orleans Real Estate

New Orleans Real Estate – The Tax Credit has been extended!

November 10, 2009

So, I’m a few days late with the news, but what  a great weekend! Besides the Saints going 8 and 0, the first-time homebuyer tax credit has been extended until April 30th, and allows for an additional 60 days until June 30th to close on your new home! And, if that wasn’t enough, a $6500 tax credit now exists for existing homeowners as well!  For those of you unfamiliar with the $8,000 first-time homebuyer tax credit please visit my original post on the topic for details.

As for the new $6500 tax credit for existing homeowners, let’s take a quick look at the qualifications.

• Long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.(Source: www.irs.gov)

The government has also increased the income levels for individuals to qualify:

• People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. (Source: www.irs.gov)

For more information, visit the IRS website.

Now that the tax credit has been extended, there’s plenty of time to find your first home or even move to a newer home today! With interest rates still comparatively low, and a large inventory of homes for sale NOW is the time to BUY!! Give me a call @ 504-376-4233  to start looking for your new home today! Feel free to check out my Featured Properties page to browse my current listings!

This New Orleans Real Estate blog post brought to you by Chad Janusa, Realtor at Avalar Realty Louisiana. Please visit my New Orleans Real Estate Website.

To search for properties in the New Orleans area, visit the New Orleans area Property Search.

For all of your Real Estate needs, Chad can be easily reached via text or phone at (504)-376-4233 or via e-mail at chad.janusa@gmail.com

Metairie, LA, USA – Agent licensed in Louisiana – Each office independently owned and operated

Entry Filed under: Housing Market. Tags: chad janusa, new orleans, real estate, tax credit.