Do you qualify for the soon to expire move up tax credit?
If you are currently a homeowner and are contemplating either downsizing or a move up, it might make sense to find a home quickly in order to take advantage of the Move Up Tax Credit. You must own your own home and have lived in it for five consecutive years out of the past eight years. The price on the new home cannot be more than $800,000 and you must have it under a ratified contract by April 30 and that contract must close not later than June 30. In an ammendment to the $8,000 First Time Homebuyers Tax Credit, existings homeowners who qualify are able to obtain a tax credit of up to $6,500 on a replacement home. In order to take advantage of this credit the homeowner does not have to have sold their existing home, but the new house will have to be a primary residence.
There are lots of homes for sale on the Charlottesville Virginia and Albemarle County real estate market to choose from right now and many are at very good prices. In addition now is the time to take advantage of low interest rates before they head up.
