President Obama has signed the Homebuyer Tax Credit into law. (The Worker, Homeownership, and Business Assistance Act of 2009)   http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111OX8AYa   This new tax credit not only extends but expands the previous tax credit which was due to expire on November 30 of this year.  The new tax credit will now expire on April 30, 2010. 

 

                                                                         A few of the main points are below:

 

• The first time homebuyer tax credit remains at $8,000.
• Repeat homebuyer tax credit is $6,500.
• First time homebuyer is anyone who has not owned a principal residence for the last 3 years.
• Repeat buyer is anyone moving up or repeat buyers purchasing a primary residence of any kind.
• First time homebuyer tax credits is equal to 10 percent of the home up to $8,000.
• Repeat homebuyers tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. 

This tax credit could stand to have a tremendous effect on the St Simons Real Estate market.  It not only allows more time for those first time homebuyers who are still on the fence to buy but also makes it very advantageous for anyone to buy a home in Glynn County or in the surrounding areas. For example, Michael Harris with Chapman Hall Coastal has an awesome listing at a great value located at 114 Winton Drive in Brunswick very near the airport and FLETC. This property is on a quiet street and is on the marsh! 2,200 square feet and listed for $319,000.  http://www.1st-place.com/brunswick/homes/detailreport.cfm?xxqH0IgX1pfQQtORxxKMxo8HgsfcQNib10DThYAaj9vcVYTKhQvWhYgdm8%2BAEI6exxqF040SiMaOFY3KghbWhZIX1g%3D%3D 

Imagine buying this home and then getting $8,000 back from the government to use for decorating or to replinish your savings account. This is just one example of how the tax credit can benefit you.  Log onto www.chapmanhallcoastal.com today and start your search for a new home in the Golden Isles.

The previous tax credit has already had an incredible effect on the overall housing market. Because of the previous tax credit, first-time home buyers reached the highest market share on record during the past year, according to the National Association of Realtors. (NAR) There has never been a better time to buy a home on St. Simons, Brunswick, or anywhere along the Golden Isles!

 Contact John Hallman with questions @ john@chapmanhallcoastal.com or 912-634-0595.