Becky Babcock's Blog

April 30, 2010 is the deadline for first time buyers and move up buyers to have a contract on a home and be eligible for tax credits!  Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold as a principal residence for five consecutive years within the last eight years will qualify. To qualify as a first-time home buyer the purchaser or his or her spouse may not have owned a residence during the three years prior to the purchase. Each home buyer’s tax credit is determined by two factors, the price of the home and the buyer’s income. 

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close to be eligible for the credit. The buyer does not need to repay the tax credit, if the buyer occupies the home for three years or more. However, if the property is sold during this three year period, the full amount of the credit will have to be repaid on the sale.

For more information on these tax credits, consult with your CPA or tax attorney.  You may visit www.BeckysRealEstate.com/library.html and read more about this topic in the 2010 Home Buyer Tax Credit document.

Overall in 2009, sales numbers were up slightly and sales prices were down.  Expectations for higher interest rates the second half of the year plus expiration of the homebuyer tax credits April 30 should make the first half of 2010 a better time for sellers and buyers than the second half of 2010.  Check out the deals, including Cherokee, Fulton, Forsyth, Cobb, and Pickens Foreclosures at www.beckysrealestate.com.

In Lake Arrowhead GA, the number of home sales has actually increased from 2008 to 2009, with 44 closings in 2008 and 63 closings in 2009.  The number of lot closings remained the same, at 11 lots sold each year in Lake Arrowhead.  The range of lot prices for 2009 was $4000 to $265,000, and the range of home prices was from $53,000 to $651,145.  There were not any condo sales reported in MLS for 2009, although there are currently five condominiums listed for sale.  Currently, there are 78 homes and condos listed, ranging from $64,900 to $799,000.  There are 123 lots for sale, ranging from $4,500 to $399,000.